and our footprint. Turning to slide 10, the chart on the left depicts our residential revenue per connection, which increased 1% year over year. This growth reflects annual price increases, offset by ongoing industry-wide declines in video attachment rates. The chart on the right highlights total residential revenue between copper, cable, and fiber. you'll see our fiber revenue is up 13 percent or 11 million versus prior year which helps offset the legacy revenue stream pressures we are experiencing in cable revenues are down roughly 10 percent versus the second quarter of 2025 as ken highlighted we are increasing investment and sales capacity in our cable markets to stem these declines overall total residential revenue declined 6 million compared to prior year. Roughly 2 million of this decrease reflects the divestitures of primarily copper-based markets. Beyond that, we are continuing to experience faster declines in copper. In response, we are deploying fiber across our ILAC footprint at a record pace to help mitigate those headwinds. Slide 11 summarizes our financial performance. total operating revenues declined six percent in the quarter or four percent excluding the impact of divestitures discrete adjustments to wholesale revenues that benefited 2025 are driving roughly half of the year-over-year decrease the remaining decline reflects continued legacy revenue stream pressures partially offset by growth in fiber connections and modest improvement in revenue per connection. Cash expenses were flat as savings from ongoing cost management initiatives were offset by cost to support our growing expansion markets and inflationary increases. The decline in adjusted EBITDA for the quarter reflects top-line pressure from divestitures as well as legacy revenue streams. Capital expenditures totaled $179 million in the quarter, reflecting higher construction activity and a robust funnel of addresses under construction. Slide 12 reflects our guidance for 2026, which has been updated. We are projecting total telecom revenues of $1 billion to $1.025 billion down from our prior guidance, primarily due to the headwinds we are experiencing in our copper and cable markets. We narrowed the adjusted EBITDA range to $310 million to $330 million, as these legacy revenue challenges are largely falling to the bottom line. As Ken noted, we increased our 2026 Fiber Service Address Guidance Range by 50,000, and now expect to deliver between 250,000 and 300,000 new Fiber Service Addresses. To support this increased address delivery, we have increased our CapEx guidance range to $625 million to $675 million. Before turning over the call, I want to thank the entire TDS team for their continued execution and focus. Their efforts across fiber delivery, customer growth, and operational transformation are critical to the progress we're making toward achieving our long-term objectives. I'll now turn the call over to Anthony.

Thanks, Chris, and good morning. Momentum continued throughout the second quarter, with our focus still squarely on fully optimizing our tower operations and monetizing our spectrum. In the second quarter, we saw cash site rental revenue increase 65% versus Q2 of last year. We also continued to demonstrate sequential tower tenancy growth. finally we continued advancing our spectrum monetization strategy by closing transactions with both t-mobile and verizon during the quarter before i get into the details of the quarter i want to mention the receipt of tds's proposal to acquire the shares of array that it does not already own as previously disclosed our board has formed a special committee of independent directors who've retained independent advisors to carefully evaluate the proposal and make a recommendation as to what is in the best interest of arrays shareholders We won't be commenting further or taking questions regarding the proposal today. Starting with slide 16, you'll see continued sequential improvement in our tenancy ratio, which increased from 0.98 to 0.96 at the end of the prior quarter. As a reminder, DISH generally stopped making payments under its contracts with us in December. In addition, DISH Wireless and other DISH entities have filed for bankruptcy. arrays ceased recognizing revenue from dish in the first quarter and all outstanding 2025 balances have been fully reserved as a result dish co-locations are no longer included in our tenancy ratio excluding this impact we are encouraged by the consistent and steady growth in our tendency ratio as noted on slide 17 cash site rental revenue in q2 increased 55 percent year-over-year from all customers and when normalized for the dish impact this increase was 65 the addition of t-mobile interim site revenue drove the year-over-year increase to 81 percent or 92 percent when normalized for dish as t-mobile works through its integration process we will see the interim site revenue decline which began in the quarter importantly our existing pipeline and application volume remains strong and will drive continued revenue growth both this year and into the next turning to slide 18 integration with t-mobile continues to be at the forefront of our focus and strong progress continues to be made as a reminder t-mobile has until january 2028 to finalize its 2015 committed sites under the new mla given the ongoing integration work we are narrowing our range of projected tenantless towers post t-mobile integration to 1000 to 1700. Our ground lease optimization work remains one of our top priorities, and we continue to see notable progress reducing the cash burden of these negative cash flow assets. We still expect this work to be a multi-year effort focused on cost avoidance, lease up, evaluating long-term demand, and decommissioning where it makes sense. This process is well underway and allows us to assess all potential outcomes for the tenantless tower portfolio, including removing from the portfolio a subset of sites with no path to economic viability. As shown on slide 19 and presented in prior quarters, we have reached agreements to monetize roughly 70% of our Spectrum holdings. During the quarter, we closed on multiple transactions, including the $168 million sale of the 600 MHz, 700 MHz, and AWS licenses to T-Mobile in May, and the $1 billion transaction with Verizon in June. The remaining transactions with T-Mobile are expected to close by the end of 2026, dependent on regulatory approval and closing conditions. As stated in prior quarters, we continue to work to opportunistically monetize our remaining spectrum, primarily C-band. Our C-band spectrum is a highly compelling 5G asset with a mature ecosystem ready for carrier deployment, and we believe, given no near-term build-out requirements, we have ample time to realize its value. slide 20 summarizes the results of our partnership or non-controlling investment interests as a reminder 2025 investment income and distributions were impacted by several one-time factors including the impact of the iowa partnership selling their wireless operations to t-mobile and distributions received from verizon related to their transaction with vertical bridge equity income for the six months ending june 30th was 75 million with the q1 results elevated due to prior period adjustments recorded by the managers of certain investee entities slide 22 summarizes array's financial results revenue growth year-over-year continues to be driven largely by the t-mobile mla but with solid additional growth from our other customers the prospective classification shift noted in prior quarters related to property taxes and insurance inclusion in our cost of operations rather than sgna drove over half the year-over-year increase in cost of operations sgna expenses continue to include costs to support the wind-down the legacy wireless operations we have seen a decline in these costs in the first half of 2026 but as we have indicated in the past we expect these wind down costs to persist throughout 2026 but at a declining level additionally for the quarter you'll see elevated strategic alternatives costs related to the evaluation of the proposal the array board received from tds to acquire the remaining public shares of array given the classification of strategic alternatives costs These are subtracted from Array's calculation of adjusted OIBDA. On slide 23, we've updated our guidance for total operating revenue, adjusted EBITDA and OIBDA, while guidance for capital expenditures remained unchanged. We have narrowed our total operating revenues range, increasing the low end to $205 million from $200 million driven by an expectation for higher T-Mobile entrance site revenue based on the current pace of integrations. The top end of the revenue range remains unchanged. For adjusted OIBDA, we've increased our guidance range to 60 to 75 million, up from 50 to 65 million previously. This upward revision reflects the higher revenue outlook, combined with expectations for modestly lower operating expenses. The expense benefit is driven in part by lower cost of services, consistent with our current assumptions regarding the pace of T-Mobile integration. Adjusted EBITDA guidance is increased to a range of 220 to 235 million, up from 200 to 250 million previously. This increase reflects the higher adjusted web to outlook discussed earlier, as well as updated expectations for both equity income and interest in dividend income. With respect to equity income, we've increased our estimate to 145 from 140,000,000 reflecting year to date performance trends and budgets received from certain partnerships. As a reminder, these are passive investments and our forecasting approaches generally aligned with recent operating trends and partner provided expectations. We've also increased our interest in dividend income estimate to $15 million from $10 million. This revision is primarily driven by a higher cash balance through the timing of cash inflows and outflows related to the spectrum transactions. In closing, we recently marked Array's first anniversary as a standalone tower company. I continue to be incredibly proud of the dedication, commitment, and hard work our associates demonstrate every day as we execute on our strategy, drive operational efficiencies, and deliver growth. I want to personally thank the team for their contributions over the past year, and I'm excited about the opportunities ahead and the continued progress we will achieve together. I will now turn the call back to Walter.

Thank you, Anthony. As I noted in my opening remarks, TDS continues to make solid progress advancing our strategic priorities. Our execution over the first half of 2026, alongside the momentum we are seeing across the businesses gives us confidence as we move forward into the year. I'd like to again thank all of the outstanding associates across the TDS enterprise for their continued dedication and hard work in serving our customers and supporting the advancement of our business. Operator, please now open the line for questions.

We will now begin the question and answer session. Please limit yourself to one question and one follow-up. If you'd like to ask a question, please raise your hand now. If you have dialed in to today's call, please press star 9 to raise your hand and star 6 to unmute. Please stand by while we compile the Q&A roster. And your first question comes from Rick Prentice with Raymond James. Your line is now open.

Here we are, guys. Good morning.

Good morning, Rick.

Hey, everybody. Hey, thanks for the updates. First question is a high-level question, 30,000, well, I guess 300,000 kilometers up, the satellite question. Can you elaborate a little bit on, Ken, I think you said you think fiber is a great solution, but can you give us your thoughts on how does satellite reflect into competition for fiber versus copper versus coax? And on the other side, what does it mean for wireless and towers, particularly because I think people view TDS and Array Digital as maybe a more rural-type company, so maybe also address kind of the rural aspect.

Good morning. In the markets where TDS has deployed fiber, we're not seeing a material impact from satellite. As you just saw in our reported marketable addresses, and we're seeing strong demand across the business with a nice sequential improvement of fiber net ads. So what you're seeing from us is we're increasing the pace of our fiber bill. And what we find every day is how important it is for TDS to be first to fiber. So where you're seeing us really deploy the most amount of crews right now is to our EACAM markets, where that is obviously copper. And along the route, getting to those EACAM markets, we have the ability to deploy fiber. So that's where we have record crews right now. And we're in the peak summer months, and we're going to continue to see that build capacity increase. And where we're deploying fiber in those copper markets, we're seeing very strong demand for our products and services. So to us, that's the biggest thing we can do right now in the marketplace is to continue to focus on that copper plant with our fiber build and bring fiber into those respective marketplaces.

Sure. And, you know, from the array perspective, what I'd say is that nothing we have seen or heard suggests anything other than that terrestrial networks are going to be the bedrock of mobile data delivery and that macro sites, from our perspective, continue to be the most efficient and reliable way to do that.

And, you know, as far as macro sites go, we think we have a great collection of assets, and we are very excited to continue to help our customers deploy their networks on them. um second question for me um vicky i think you mentioned no stock back stock buyback in the quarter because of the restriction with the tds offer how should we think about when can you get back into the stock buyback market given what the process might be related question on a calendar basis and also the quiet period for spectrum transactions with the previous auction we think ended back on july 13th another auction which we're glad to see another auction coming quiet period probably starts first quarter next year so how are you thinking about those calendar questions when can you get back into stock buyback and um is there now kind of an open window for c-band discussions yeah okay rick um let me just start also big picture um first off i'd like to say We're really pleased with where we are today.

We've executed on a lot of our transactions. We've got T-Mobile, AT&T, Verizon transactions closed and behind us. We've put in our strong balance sheets, which is giving us a lot of flexibility going forward. Having said that, as you mentioned, we were not in the market for our share buyback program. um we are very committed to executing on that program uh as soon as we're able to do so and the business and market conditions um you know uh warrant so but um you know we have 520 million authorization left uh as of the second quarter and um we remain committed to executing on that I can't comment on when. I can't speculate on when. As you know, we have TDS has a pending offer to Array, and we are not commenting on the timing of that potential transaction.

And then on Spectrum? so in terms of the c-band we don't have a specific process update to share um but we will say is that you know we're encouraged by the results of the aws re-auction in terms of the implication it may have for the value of the spectrum which we continue to believe is extremely valuable um it's available to deploy now there's an existing ecosystem for it um and it's adjacent to the upper c-band so that provides the opportunity for easy deployment for whoever acquires the lower end of that range you know as you pointed out um you're not in a quiet period right now is imagine we're going to whenever the whenever you know permitted by regulation to explore the sale of that spectrum to interest parties but i don't like again that you know we're not going to be a forced seller um they believe the cost of maintaining that spectrum uh by building it out if you need to be is very reasonable relative to the overall value of it and so our position on that has remained unchanged it's good to have probably that c2 c3 c4 kind of blocks which like you said kind of can help bridge that gap between lower and upper c-band you agree great guys your next question comes from the line of sebastiano petty with jp morgan your line is now open hi everyone thanks for uh taking the question just if you could help us on the tds telecom eboda guide i mean it looks like the second half run

rate implies $350 million annualized TDS telecom EBITDA. I mean, what's the confidence underlying that inflection that you're seeing there? And I have a follow-up.

Yeah. Hi, Sebastiano. This is Chris. Hi, Chris. So, yeah, we did revise our guidance across the board for revenue adjusted EBITDA, CapEx, service addresses. With respect to adjusted EBITDA, we are seeing increased pressure from legacy revenue stream declines, and our adjusted EBITDA was also impacted by divestitures. However, what we are seeing nice momentum is on our fiber revenue growth. So we reported residential fiber revenue growth of 13% in the quarter, and we expect that to continue to grow as we're even fueling more service address delivery in the back half of the year and expect those revenues to come. And so that's on the top line side in the back half of the year. And then also on the spend side, our transformation efforts, we are seeing savings there and that's helping to offset the increased costs associated with inflationary increases, increases to support our growing footprint. And as Ken said, we're also investing a lot more in our sales capacity. So that transformation program is helping mitigate those costs as well. And our midpoint is guiding to a 2% reduction in costs for the full year. So again, it's what's driving that turnaround is the fiber revenue growth and our cost transformation program.

And that would imply some of that goodness would dictate to 2027, and no reason to think, not that you're guiding, but no reason to think that that momentum and the cost efforts, that should persist into 2017. Is that fair, Chris? Absolutely. Got it. Thank you. And I guess for Vicky and the broader TDS fiber, I mean, telecom team, obviously, M&A remains a key focus of yours on the fiber side. To the extent, could you comment on what are the valuations or the conversations in that market look like have they changed at all uh over the last six to 12 months obviously you know to rick's question satellite broadband competition fears you know remain a bit of an overhang across the broader ecosystem not sure if that's dictating to you know a bid ask spread uh occurring on fiber assets um and then to the and also another question um just on m&a and i guess anthony for you i guess um i know vicky you've said in the past M&A on the fiber side is the most paramount. But Anthony, how are you thinking about M&A or just overall, you know, the landscape on the tower side? Obviously, you know, valuations on the public market side have kind of come in here. I wasn't sure if that's dictating to the private market as well. Thank you all.

Yeah. Spaciano, as you know, we did sign an agreement earlier in the quarter uh we expect to close next quarter on a very attractive small tuck-in uh that's adjacent to our current footprint at tbs telecom um and this was uh 11 000 fiber service addresses uh that was for 25 million so if you do the math i think that shows that you know we are really um Looking for opportunities where we can make the economics work and we can see the growth, the future growth in the footprint, as well as in the customers that are being covered up with our bundled products that Ken and Chris have talked about. So we'll continue to, and we are actively active in this space in looking for these types of opportunities, both in the small and the medium-sized sector.

And, you know, from Array's perspective, we keep an eye on what's going on in the private markets and the prices that we see are, you know, a bit high for what we think are other uses of our time and energy. We're laser focused on improving Array's operations across multiple dimensions, including improving our ground lease situation. and those are much more attractive uses of our money at these prices than buying our portfolios on the private market.

Great, thank you.

Your next question comes from the line of Vikash Harlalka with New Street Research. Your line is now open.

Hi, thanks so much for taking my questions. When I look at the FCC broadband map, it looks like there has been a significant increase in fiber overbuild activity in your footprint. Can you just tell us like what you're seeing in terms of overbuild activity? And then if an overbuilder starts building in your footprint, do you still deploy fiber in those markets or do you pull back on the front? Can I have a couple of follow-ups?

Yeah, what we're seeing from an overbuilder perspective is we've seen some activity in some of our cable markets. But what I will tell you about our cable markets is today they're 22% fiber already. And as we were going through to look at our edge out opportunities that we updated the market at in the first quarter, we used that same process to run our cable markets through. And what we found was there were tremendous opportunities still to fiberize in our cable markets. We've approved some of that in some of our markets recently. And I think we're going to continue to see that activity from us over the next couple of quarters. Where we see a very economical path to fiber in those cable markets, we'll look to expand. But we have seen some fiber builder activity in cable, but we think we still have a great opportunity with fiber ourselves.

Got it. And I may have missed this in the prepared remarks, but your broadband churn both in the fiber and the cable side increased year over year. Any color on what drove that?

So we saw a sequential fiber churn improvement in the second quarter to 1.2, and our overall churn improved in the second quarter sequentially as well. In our fiber business right now, we feel like we're very competitive in the marketplace and we're right where we thought we would be from a churn perspective.

Got it. And then I just want to follow up on Sebastiano's question about fiber valuations. Could you just provide us like any color as to, what's the framework you use for evaluating fiber asset valuations?

Yeah. When we look at fiber opportunities, we really look at where they are, what is the competition in the marketplace. We look at the percent of fibered up or is there a viable economic path to fibering up. As you know, we are driving towards the goal of, you know, fiber across our entire network and driving copper out of our businesses. So as we're looking at opportunities, we're looking for contiguous tuck-ins or something that's going to advance our current clustering strategy. I would say our clustering strategy has been very successful where we've been investing in anchor markets and overbuilding the fiber. in new markets, but we see really strong growth in the area, the population area, as well as density to expand for the future. So that's largely what we're focused on.

Got it. Thanks so much.

Your next question comes from the line of Michael Rollins with Citigroup. Michael, your line is now open.

Thanks for taking the question and good morning. I was curious, going over to Towers and the leasing opportunity, as now you've had time to incrementally engage with all of your customers, is there a way to frame the longer term leasing opportunity in terms of, you know, whether you want to describe it in revenue or activity dollars or co-location? Like, where do you see that growth path taking the business to?

Well, I, you know, I think that what we're seeing is a trend going up, right? And I think a little bit of a color that I give on this is that, you know, if you take a look at the towers that, you know, we anticipate ultimately having been naked at the end of this T-Mobile integration or the ones based on what they originally said. We are seeing demand on both those towers and on the towers in our portfolio that already get tenants. So we believe there's a significant amount of growth that is possible in both of those towers. And what the end point is going to be, there are a lot of factors, and I'm not going to speculate on what they are, but I will say that I think we have a strong potential for growth across our world. I mean, our team is laser-fropping stuff.

Thanks. And when it comes to the investments in cellular that you have, is there any changes from the controlling partners that you're seeing in terms of how they value these stakes, whether they want to clean, you know, these minority outstanding investments up at some point that can help close whatever bid-ask spread has been there historically?

Yeah, you know, without getting into any specific conversations, right, I'd say that, you know, as you pointed out, there continues to be a bit of a bid-ask spread, right? We have a low tax basis in these. If you were to do a net present value calculation of these, taking a look at historical growth rates and cost of capital, you'd find a value ascribed to these assets that is significantly higher than just taking the EBITDA multiple of a wireless company and putting it on top of that. And that's the way that we feel. But that said, as we've said before, we remain open to offers that reflect the value that we see in these businesses. It's net of all other considerations.

Yeah, these are valuable assets for us, and they generate significant cash flow for the business.

Thanks very much.

Your next question comes from the line of Sergei Dlujevsky with Gamco Investors. Your line is now open.

Good morning, guys.

Good morning, Sergei.

My first question is on TDS Telecom side. So, obviously, you guys have been making investments in sales and marketing, including increasing door-to-door sales force. I guess, what is your assessment of your sales efficiency today? What are some of the things that have worked well for you year to date? And what are some of the initiatives that you're still kind of contemplating on sales and marketing and go-to-market front that potentially could improve your conversion rate on fiber even further? basically converting fiber passings into paying customers?

Yeah, I think the first thing is address delivery because that's ultimately how we create sales. So as you've seen in the first quarter and then again in the second quarter, we had very good address delivery. And obviously with the EA cam, a lot of the addresses that are now coming in to our sales cycle are ones that would traditionally be in the ILEC markets in copper. So it's a great opportunity for us to migrate those copper customers over to fiber. So address delivery has been very, very strong, and that has helped us see sequential improvement in our fiber net ads. Second thing is with our game plan here, we've always had a very, very robust pre-sale execution to where as soon as we know that the new market is coming open for sale. We immediately put our door-to-door teams and our marketing efforts in, and that has helped us with that low 20% pre-sale penetration, which I think is key to your successful fiber business. You did mention we've been putting a tremendous amount of sales capacity into the market. One of the things that we've been doing is not only increasing the productivity significantly at our own door-to-door teams, but we've been going out to find vendors that can give us selling capacity in our cable markets, in our ILAC footprint with all of this new copper plant now turning into fiber, as well as our expansion markets. So the more open for sale that we bring in, the more vendor capacity that we've brought in. We brought on several new vendors, Sergey, in the second quarter, and we just brought another one on in the very beginning of July. So we have done a turf analysis. We've looked at our entire geography, and we say we need more and more door-to-door, both internal and external vendors, especially with the pipeline of addresses that we expect in the back half of the year. The other big development from us has been our dot-com business. We've seen significant improvement. Why that's so important is because it's the most important channel because it's your lowest cost of acquisition channel and has the greatest overall reach. We have business transformation efforts underway to do tremendous work on our website as we go into the back, the very later part of 2026, but 2027, I think we'll see the full capabilities of it. The next thing that I think is super important is we've brought in some new leadership from a sales perspective. Most recently, we brought in someone to run our multi-dwelling channel business because 22% of the addresses that we're bringing ultimately into the market or MDU. This is where we're seeing housing growth. We expect to, we want to win here and we've added that additional capacity in on top of our focus on single family. So a lot going on in sales and a lot going on in terms of address delivery.

Great. Thank you. And maybe a question or two on the tower side. So I guess with several spectrum, obviously the auction is over, but prior to that, there were several spectrum transactions involving satellite players like SpaceX and Amazon. So with those transactions, do you see potential to expand the universe of parties interested in C-band spectrums that you guys have?

So we would, you know, I think that, as you pointed out, there's growing demand from spectrum for a growing number of parties. And, you know, we certainly would, we're not going to discriminate in who we sell the C-band spectrum to. We're focused on achieving the highest possible value for it. And if it's not a traditional party, then we'd be more than happy to sell it to them.

Got it. And another question from kind of on the operational side, and obviously you're increasing tenancy of your towers, maybe if you can provide more color on the initiatives that work well for you during the course of the year and also some of the new things that maybe you're trying or started implementing that potentially could lead to further improvement, and maybe somewhat of a step change in your tenancy ratio?

Yeah, so there are two elements on the tenancy ratio. Of course, there is the number of co-locations and the number of towers. So we've been doing a number of things to increase the number of tenants, right? I think you saw the announcement that we made with Verizon about the new deal that we had. We think that has been helpful in stimulating demand from Verizon. you know we have stood up we have insourced our sales team over the last 18 months that sales team has been doing excellent work to support our customers needs and encourage co-locations with us by being a good partner in addition we have stood up a vertical sales business and we're basically we didn't have one before and we've been getting a lot of traction uh throughout the country areas we serve um from a variety of players a lot of them just expanding from you know ice craters to WISPs, facilities, you name it. So we've gone from, you know, basically not having that at all to actually being able to do that. So we're seeing a lot of things on the tenant side. Now, as you probably noticed, our tower, the count of towers has been going up as certain legacy grant programs that, you know, occurred from in the U.S. cellular days has been developing. Now, eventually that's going to conclude. And at the same time, we are evaluating every single tower continuously on its economic viability. And the worst of the worst of those towers that don't have a path to economic liability, we will exit from our portfolio. And that's going to reduce the denominator and therefore increase the overall tenancy ratio. And, you know, let's say we've already started to get some of the worst of those ones on the path to decommissioning and being out of our portfolio. So we have two things that are driving on either side. And we're quite encouraged by that. I think that we also have the potential to get more revenue, if not additional tenancy from some of the deployments that we're seeing, from potential deployments that we're seeing, for example, if and as AT&T deploys 600 megahertz spectrum and as other companies deploy more spectrum and develop their networks further. So that's how we think about it.

Got it. Thank you. And we have a follow-up question from Sebastiano Petty with J.P. Morgan. Ken, your line is open.

Hi, thank you. I guess, Ken, too, just discussing the EACAM markets, you know, and converting the copper subscribers over to fiber. I mean, what's the penetration rate maybe in some of these EACAM markets as we kind of think about what's the migration opportunity versus penetration opportunity in those markets? And that's my follow-up.

Thank you. We're not sharing the overall penetration rate, but what I can tell you is as we have been bringing fiber into these markets, we're seeing very nice early cohort penetration, and we're seeing the penetration curves that we had anticipated, and we're seeing very strong demand in these markets. So we're not sharing externally what the penetration target is, but I will tell you we're seeing very, very strong demand as soon as we bring fiber into these unserved markets.

And there are no further questions at this time. I will now turn the call back to John Toomey for closing remarks.

Thank you, and thanks, everyone, for joining us again today. As always, please reach out with any additional questions, and I hope everyone has a nice weekend. Thank you.

This concludes today's call. Thank you for attending. You may now disconnect.