Ladies and gentlemen, good afternoon. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the BLV Solutions Fiscal Second Quarter 2026 earnings call. Today's conference is being recorded. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one a second time. Thank you. And at this time, I would like to turn the conference over to Iwibudi Nair, Head of Investor Relations. Please go ahead.

Thank you, Abby. Good afternoon, everyone, and welcome to VIABI Solutions Fiscal Second Quarter 2026 Earnings Call. My name is Zibhuti Nayyar, Head of Investor Relations for VIV Solutions. With me on today's call is Oleg Hyken, our President and CEO, and Ilan Daskal, our CFO. Please note, this call will include forward-looking statements about the company's financial performance. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our current expectations and estimations. We encourage you to review our most recent annual report and SEC filings, particularly the risk factors described in those filings. The forward-looking statements, including the guidance that we provide during this call, and our expectations regarding the acquired business are valid only as of today. The AVI undertakes no obligation to update these statements. Please also note that unless we state otherwise, all results discussed on this call, except revenue, are non-GAAP. We reconcile these non-GAAP results to our preliminary GAAP credentials and discuss their usefulness and limitations in today's earnings release. The release, as well as our supplemental earnings slides, which includes historical financial tables, are available on Viavi's website at www.investor.viavisolutions.com. Finally, we are recording today's call and will make the recording available on our website by 4.30 p.m. Pacific time this evening. Now, I would like to turn the call over to Ilan. Ilan.

Thank you, Viguti. Good afternoon, everyone. Now I would like to review the results of the second quarter of fiscal year 2026. Net revenue for the quarter was $369.3 million, which is at the high end of our guidance range of $360 and $370 million. dollars. Revenue was up 23.5% sequentially, and on a year-over-year basis was up 36.4%. Operating margin for the second fiscal quarter was 19.3%, above the high end of our guidance range of 17.3% to 18.5%. Operating margin increased 360 basis points from the prior quarter and on a year-over-year basis was up 440 basis points EPS at 22 cents was also about the high end of our guidance range of 18 to 20 cents and was up 7 cents sequentially on a year-over-year basis EPS was up 9 cents moving on to our q2 results by business segment nse revenue for the second fiscal quarter came in at 291.5 million dollars which is at the high end of our guidance range of 283 to 293 million dollars revenue from spyrent was 43 million dollars which was slightly below our expectation of $45 to $55 million due to timing of certain opportunities. On a year-over-year basis, NSE revenue was up 45.8% as a result of the acquisitions of Inertia Labs and Skyron product lines. We also saw strong demand for lab and production and field products driven by the data center ecosystem. NSE gross margin for the quarter was 64.7%, which is 10 basis points lower on a year-over-year basis. NSE's operating margin for the quarter was 15.6%, compared to 8.7% during the same quarter last year. NSE operating margin was above the high end of our guidance range of 12.9% to 14.3%, primarily driven by higher fall-through. OSP revenue for the second fiscal quarter came in at $77.8 million, slightly above our guidance range, sorry, guidance of about $77 million, and was up 9.7% on a year-over-year basis. The increase in revenue for the quarter was primarily a result of strength in anti-counterfeiting and other products. OSP gross margin was 50.8%, up 20 basis points from the same period last year. OSP's operating margin was 33.4%, an increase of 100 basis points on a year-over-year basis. OSP operating margin came in slightly below our guidance range of 33.5% to 34.5% due to slightly higher variable costs. Moving on to the balance sheet and cash flow. Total cash and short-term investments at the end of Q2 were $772.1 million compared to $549.1 million in the first quarter of fiscal 2026. Cash flow from operating activities for the quarter was $42.5 million versus $44.7 million in the same period last year. mainly due to timing of working capital. CapEx for the quarter was $5.6 million versus $8.2 million in the same period last year. During the quarter, we successfully exchanged principal amount of about $100 million, 1.6 to 5% convertible notes due in March of 2026, for 7.9 million shares of IAVI's common shares at a price per share of $17.88. We have remaining principal amount of about $50 million on these notes, which will be paid in cash. The associated premium on these convertible notes will be settled in shares. Additionally, we prepaid in January of 2026 $100 million of the $600 million term loan B. This is in line with our continued financial discipline. During the quarter, we did not purchase any shares of our stock, as we prioritized our capital allocation towards debt management. The fully diluted share count for the quarter was 233.4 million shares, up from 224.8 million shares in the prior year, and versus 228.7 million shares in our guidance for the second fiscal quarter. Last week, we approved a restructuring and workforce reduction plan to improve operational efficiencies and better align workforce and resources with our current business needs and strategic priorities. We expect approximately 5% of our global workforce to be impacted and estimate to incur approximately $32 million of restructuring charges in connection with this plan. Upon completion of this initiative, we expect annual savings of about $30 million, which will mainly benefit our operating expenses. We intend to reinvest a portion of these savings with higher growth areas of our business. We expect to recognize majority of these charges by the end of June of 2026, with a plan to be substantially completed by the end of December of 2026. The savings of about $30 million include previously communicated $16 million of synergies from the acquisition of Spiran's product lines. Moving on to our guidance for the third quarter of fiscal 2026. We expect the third fiscal quarter revenue for VIB to be up sequentially as a result of continued strength in many of our end markets. For NSC, we expect quarter-over-quarter revenue to be higher as a result of continued strong demand for lead-in production and field products, which is driven by the data center ecosystem, as well as aerospace and defense customers. Our guidance for the third quarter also includes full 13 weeks of spire and product lines versus 10 weeks in the prior quarter. For OSP, we expect quarter-over-quarter revenue to be higher, in line with seasonality of higher demand for anti-counterfeiting and other products. For the third fiscal quarter of 2026, we expect VIAVI revenue in the range of $386 and $400 We expect total NSC revenue between $304 and $316 million. OSP revenue is expected to be in the range of $82 and $84 million. Operating margin for VRB is expected to be 19.7%, plus or minus 50 basis points. NSC operating margin is expected to be 15.5%, plus or minus 50 basis points. OSP operating margin is expected to be 35.3%, plus or minus 50 basis points. EPS is expected to be between $0.22 and $0.24. Our tax expense for the third quarter is expected to be around $9 million, plus or minus $500,000, as a result of jurisdictional mix. Our acquisition of Spirin product lines, as well as Inertia Labs, has resulted in greater profits in the U.S., which allows us to benefit from our NOLs. As a result, we now expect our tax rate to be in the mid-teens on a go-forward basis. We expect other income and expense to reflect a net expense of approximately $12.5 million, and the share count is expected to be around 245 million shares. During the third quarter, we expect to pay aeronaut liability for Inertia Labs of about $75 million as a result of their strong performance in calendar 2025. With that, I will turn the call over to Oleg.

Thank you, Yvonne. The second quarter of fiscal 26 came in at the high end of our guidance, driven by strong growth in many of our end markets. The results were significantly up both year-on-year and quarter-on-quarter. NSC revenue in Q2 grew approximately 46% year-over-year, primarily driven by strong demand from the data center ecosystem and aerospace and defense customers. The data center ecosystem, which includes high-performance semis, optical modules, and NAMs, drove strong demand for 11 production products in support of AI data center build-out. In addition, we are now also seeing emerging strong demand for our fiber field instruments by hyperscalers and service providers to build, operate, and optimize the next generation of fiber networks to interconnect the data centers. The Q2 quarter-on-quarter and year-on-year growth was also helped by the acquisition of Spiron's HSE product line, which came in slightly below our expectations due to the timing of several opportunities. Given strong and growing customer demand, we expect the data center ecosystem revenue momentum to continue through the calendar 2026. Our aerospace and defense business also saw another strong quarter of growth, driven by continued high demand for our positioning, navigation, and timing products. We expect this trend to continue through the rest of the calendar year. The service providers business was generally stable during the quarter. We are seeing some opportunistic demand from the cable operators as they transition to new DAA architecture and AXS 4.0 standards. The demand for wireless infrastructure tests continues to be weak but stable. Looking ahead to Q3, we expect NSC revenue to be counter-cyclically up quarter-on-quarter, driven by continued strong and growing demand from data center and aerospace and defense customers. Now turning to OSP. OSP saw strong year-on-year growth driven mostly by recovery and anti-counterfeiting and other products. 3D sensing demand was in line with seasonal expectations. We expect fiscal Q3 to be up quarter-on-quarter in line with the seasonally higher demand for anti-counterfeiting and other products. In summary, calendar 2025 was a pivotal year for Viavi. Our diversification and investment strategy over the past five years, focused on data center and aerospace and defense P&T applications, has positioned us well to ride strong growth in both of these markets. We have exited calendar 2025 with robust bookings and revenue momentum and anticipate these trends to continue through the calendar year. In conclusion, I would like to thank the Viave team for its continued strong innovation and execution and thank our customers and shareholders providers for their continued support. With that, I will turn it back over to the operator for Q&A.

Thank you. And we'll now begin the question and answer session. If you have dialed in and would like to ask a question, please press star 1 on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, press star 1 a second time. If you're called upon to ask your question and are listening via speakerphone on your device please pick up your handset and ensure that your phone is not on mute when asking your question to be able to take as many questions as possible we ask that you please limit yourself to one question and one follow-up again it is star one if you would like to join the queue and our first question comes from the line of Ruben Roy with Stiefel your line is open.

Thank you. I, Oleg and Elon, congrats on the continued progress and results. Oleg, to start, last quarter you broke out for us a little bit, you know, sort of the mix as your NSEE business continued to evolve. So thinking about it in terms of data center, I was facing events and telco, if you could give us an update on what the mix looks like, And then, you know, as we think about the guidance, if you could kind of dial in a little bit into the moving parts on the growth for the March quarter, that would be great.

Sure. So, you know, I think, you know, last quarter we kind of talked 45% service provider, 40% data center, 15% aerospace and defense. I think with the significant growth in data center, right, and the other, But I think we are now, I'd say closer, the other way around, 40% service provider, 45% data center, around 15% aerospace and defense. To be more precise, I think we're going to see, you know, service provider to kind of trend a little bit below 40%. The aerospace and defense trend up about 15%, and the data center trend up about 45%. And it's not because the service provider is going down, actually steady and showing slight recovery is just fundamentally the percentage allocation and the growth across different segments is vastly different. So that's kind of the mix. So I think now we are, I'll say, we're, you know, net of it, we're now only about 40%, a little bit under 40% exposed to service provider, additional telecom service provider. And I'd say 60% is driven by the data center ecosystem and the airspace and defense. In terms of the guidance on the Q3 that you've seen pretty strong numbers, it's continued very strong growth in the data center ecosystem that's, again, semis, modules, systems, and the NEMS, but also it includes a growing component of our traditional field instruments. And it's actually a meaningful pop in that we're, you know, we're now seeing the what I call next gen service providers who are doing interconnect of data centers and the data center operators themselves investing into our fiber monitoring and fiber measurement systems to monitor and optimize performance of their data centers. And, I mean, you know, if I looked at a year ago, you might have been single digits data center for our traditional field instruments. I think we are now looking at about a third of our revenue in the field instruments coming out from data centers. So it's been a truly amazing, you know, turnaround, and I think the recognition is growing that the fiber networks are generally crap and they need to be significantly improved. And we are seeing a lot of pressure from the hyperscalers on service providers to improve the performance, but they're also going further and they're putting a lot of what we call monitoring and policing on their networks to ensure that they pay for what they get what they pay for. So it's actually been another very positive development for us on the fiber instruments. That's on the NSEC.

Yeah, I guess I had a follow-up on that, you know, obviously with, you know, Corning and Meta, you know, sort of expanding their partnership and a $6 billion commitment on new fiber. I would imagine that that's, you know, something that, you know, would play into your longer-term opportunity set, you know, for the field instruments. But I guess if I think about that, and you made a statement, like, on your prepared remarks regarding your expectations for DCE growth to continue through 26, I mean, are things like that and, you know, like the scale across opportunities that you just mentioned giving you extended visibility on demand relative to you know sort of what the order book might have looked like you know 12 months ago i mean are you are you getting uh a longer look um on backlog and bookings at this point um the answer is yes i think uh uh on these truly big ones i mean as you as you've seen with the corning deal right uh it's another example i've been talking about that the uh hyperscalers are no longer

content just pay you the money and you deliver the services and products they are vertically integrating all the way back into their supply chain through either partnerships or strategic alliances like what you've seen with Corning and matter and we're seeing similar thing happening with us where you have a you know at the very least multi-quarter commitments and multi-year engagements, and, you know, so when it comes to data center, I would say traditionally we only have like maybe one, one-and-a-half quarter visibility. We have a pretty good view of this on the base demand from this type of activities up to three-quarters ahead.

Got it. If I could speak one in for Elon, just on the restructuring, Elon, Is that impacting any specific product area or group, or, you know, is this just sort of your annual, you know, look at the business? And, you know, obviously there's a lot going on in D.C. in aerospace and defense that maybe you want to focus more on. You know, maybe if you could help us out on how to think about battery structuring, that would be great. And that's it.

So, Ruben, thanks for the question. Generally, it's across multiple functions just to make sure that we operate, you know, under a much higher efficiency. So it's not targeting, you know, specific areas. And I wanted also to highlight that some of the savings we do plan to reinvest in those higher growth areas that I just discussed. So some of it would be a trade-off.

Yeah, I think, you know, clearly if we look at where most of the cost is coming out, it's coming out of the slower or stagnant product segments. So it's really the point here is to free up resources and take some of it as the financial leverage, but others as the ability to invest and grow, could move wood behind the arrow on things like data center ecosystem, airspace and defense, things like that.

Right, and in addition to some support function optimization.

And our next question comes from the line of Brian Koontz with Needham. Your line is open.

Great, thanks. A lot of activity in defense and aerospace at late. Oleg, I hope you could double-click on, you know, what you see as you're involved in with your product lines and how you think about that business going forward.

So I think the biggest driver is what we call resilient P&T, position and navigation timing. In essence, it's alternative GNSS, so everything that allows you to operate in the absence of GPS signal. And as you can imagine, it's drones, drones, and more drones. It's very much targeting all autonomous systems like drones above ground, robotic vehicles, surveillance, heavy industrial machinery, underseas, and seaborne drones. So it's pretty much anything that's above ground, underground, underwater, in the air, robotic system. So, that's mainly where a lot of these products are going to. On the other hand, there's also our P and C timing is, you know, we're seeing emerging opportunities in data centers because we're seeing more and more as you increase the speed in the data centers, you need accurate timing for synchronization. And if you think about traditional distributed clock model from one end goes across all the racks, it may be fine when you're 100 gig data center when you're going to 1.6, 3.2, the latency becomes unbearable. So we're looking, we're seeing demand for timing in multiple entry points into the data So you almost delivered precise timing directly to the rack or the individual server banks. So we see that business as, you know, I would say gaining longer-term momentum, particularly in the data center, but I would say short-term and near-term opportunities is a very strong growth in the drone systems. But also our traditional avionics communication and the, you know, spectrum management is also seeing a lot of opportunities.

Great. Thank you for that. And in the optical domain, you talked a lot about strength in data center, driving out performance here. Any evidence you can share with us around the cadence of optical innovation, getting to 1.6T broadly within the data center, between the data centers, where are you seeing the most demand for your products, and what are maybe some new areas of growth, some green shoots that you're excited about in the optical data center domain?

Well, I'd say every segment we see growing, I mean, clearly the semiconductors or memory vendors that they are driven by speed and the version of PCI Express, which is chip to chip interconnect, right? So and I mean, today we're moving from 800 to 1.6, from PCIe 5.0 to 6.0 and then 7.0. So there is a very heavy engagement with the semiconductor vendors from, you know, big ASICs to optical ICs development. Then so that's kind of where you bring in the bleeding edge product for a lab. And then the volume really comes in as those things go into production with the module vendors. You know, you're, you know, dozens of companies in Asia making pluggables and, of course, the big leaders in North America for cross points, which is optical switches and various modules, and then all the NAMs who are providing equipment into these data centers. So I would say there's two groups. One is the lab, heavily driven. Everything to do with 1.6 and PCI Express 6.0. And in production heavily with all of our things, making anything from testing passive and active components to the final product, but also including testing fiber, as we're now seeing emergence of hollow core fiber and multi-core fibers. And this is a whole new thing. And that's why part of the reason you see companies like Meta investing directly in the making long-term agreements with fiber providers is to get, you know, exactly develop these kind of products. And those things require a lot of testing and monitoring and in production and final test. So it's a, I mean, I would say every cylinder in this whole fiber value chain is, I would say, firing at full speed.

And that's broadly stronger in the lab today than field?

It's a lab in production. But I would say starting last quarter, we are seeing what we normally call field is becoming a, I mean, the hyperscalers themselves. So it's the actual data center is becoming a huge user of field instrumentation. I mean, for example, when you would go to the traditional fiber service providers, they never really care about putting in monitoring of the fiber. Well, if you go to one of these AI data centers, you see at the edge, they want to monitor every incoming, you know, wavelength, right? And would they light up or dark fiber? So, they know as they turn on or up the bandwidth, they know exactly characterization and bandwidth and latency they're going to get out of each fiber strand. And, of course, there is a SLA agreement, service level agreement there. They signed with the service providers. So, they're monitoring that these things are coming in within a very narrow spec, and they maintain the narrow spec of performance in every fiber. And that's a big departure from the old-fashioned, well, you know, it works, it's good enough. If it's a little bit, you know, lossy or has a higher latency, so what? Well, that's not something that these guys accept. And the beauty of it is they're deploying these things directly. It's using the same fiber tools which were developed for traditional service providers. They are really finding converts among the hyperscalers. And that usually means when they deploy it, there's a lag maybe by a couple quarters before the service providers recognize, oh, wait a second, I'm not being measured, so I better measure myself before I get nailed for my performance problems. So, we see it as a very positive trend to ensure a very high resilient fiber network interconnecting the data centers.

Okay, that's great.

And our next question comes from the line of Andrew Spinella with UBS. Your line is open.

Thanks. Oleg, can you expand on that a little and give us maybe some color on how your data center business breaks down across lab production and field?

You know, we don't break those things individually because given any quarter, the mix may be a bit, you know, up or down. Because think about it, if you're really launching 1.6, let's say, or PCI 6.0, 7.0, you will see initially big mix towards the lab instruments. As these chips get rolled out and they go into production, you're going to see a lot more production. So it's kind of a tick-tock type of thing. So it makes – that's why we don't really break these things down within that category. We'll just call it generally data center ecosystem, which includes semis, modules, systems, and field instruments that are used in data centers themselves.

Makes sense. I'm thinking about how to model that business into like fiscal 27 and beyond. And I wanted to ask you, this might be wrong based on what you just said, but I would think about lab as being maybe more consistent as the customers continue to invest in the next generation, fiber monitoring, growing as the number of data centers grow, but maybe production being more cyclical and having some bigger swings up and down as various generations get introduced, trying to think about how I should think about production, assuming that's a bigger growth driver right now, how to think about how that evolves over a cycle?

So it's a good question. So lab instruments are driven by number of customers and number of projects, right? And ultimately, the best way to look at is the R&D CapEx, semis, system vendors, and module vendors, right? The production is heavily driven by volume that is demanded, right? And you can see the volume of pluggables and the racks and all this. I mean, that is, but, you know, if I look at the, where are you going to see higher percentage of growth, It's clearly going to be the production because it's, you know, as you increase the number of units you build in every generation and, let's say, every node, and that's you need to basically for every tranche of volume, you need to increase capacity. So it's heavily linked to the, I would say, production run rate, okay? And the, I would say, field instrument is, I'd say, linked to the number of data centers being built. Yeah.

That's very helpful. Probably we think about the longevity of this cycle is probably…

And from what I see in terms of the, you know, pretty much every ounce of capacity that was kind of abandoned by service providers when they cut back about three years ago on investment has been totally repurposed into the data center, and it's a fraction of what they need and what they if you take all their announcements, how much they're going to spend, how much they're going to invest, what you have in terms of production capacity, you're going to see significant growth over the next two years, right? And of course, to keep up with it, you need to keep introducing, we now see the new technology technology notes turning over every two years. So you no longer, let's say, between 100 gig and 400 gig, you have six years. You really now have two years between, you know, 1.6 and 3.2.

Got it. Makes sense. And I want to ask one financial question, just on the NSC op margin guide, I guess it's roughly flat, from fiscal Q2 to Q3, could you give me maybe some of the push and pulls on that given that the revenue is up 20 million are you asking gross margin operating margin or I'm sorry the guide for the NSV out margin Elon is for essentially flat sequentially from Q2 to Q3 right so your question the dynamic of the higher operating margin oh oh I guess That's the guide for the NSDOT margin is 15 in the past.

That's right.

Right. Revealed up 20 million. I was just curious if there are some mix or anything that's coming.

So there is some obviously mix associated with it, but also in terms of the operating expenses, remember that in the first calendar quarter, all the kind of what we call fringe expenses, like Social Security, et cetera, get reinstated. So you get a higher operating expenses in the first calendar.

You approve all this statutory cost. Reloping to December.

So that's a major kind of gap between the last quarter and this quarter. It's quality seasonality.

Yeah, statutory costs.

Thank you.

And as a reminder, this is star one if you would like to ask a question. And our next question comes from the line of Tim Savajo with Northland Capital Markets. Your line is open.

Hey, good afternoon and congrats on the results and especially the guide. And I wanted to kind of focus in on that a bit. I guess, Oleg, you described it as counter-cyclical and that you usually see declines. But I guess I'd like to try and parse out, you've got 13 weeks of SPIRINT, you know, at your Q1 run rate, or sorry, at your December quarter, I'll just say, run rate. That gets you to about, I don't know, $55 million, sort of the high end of where you were, where you got it last quarter. Is that a reasonable assumption to try and get to spire contribution versus organic growth in fiscal Q3?

So, Tim, I can chime in here and, you know, in terms of the thinking. So, first, for last quarter, in the very first few weeks of the quarter, they actually did not have much revenue. The second aspect to call out, and I think, you know, we did discuss it in the past several times. When you think about the seasonality for the Spirant business, usually the first half of the calendar year is the weaker part, and the stronger part is the second half of the calendar year. So it's a little bit lower than you're thinking, you know, for Spirant, for the March quarter. But, again, that does not change our full-year thinking about the revenue for Spiron, so not much has changed in terms of what we see in the dynamics of their forecast and thinking.

Yeah, generally they always had first half of the calendar year was lower, second half was stronger. Now, last quarter there were some government orders that got pushed out into this quarter. Between the shutdown and, of course, you know, this one-time grant to the government employees of Christmas holidays, I mean, there basically was fewer days between the middle of December and the end of December to get the orders placed. So some of the volume actually pushed out into the March quarter. As a result, we expect March quarter relatively to be stronger for them than it normally would have been, and the December quarter was a bit weaker than it normally would have been.

Right. That's kind of what I'm trying to get to is to the continuation of this organic growth. And it sounds like I'm a little high with my first pass. And, you know, I think it was a $200 million run rate you were looking for. And if it's stronger in the first and the second, I'd imagine it's below that $50 million level. And if that's the case, you know, you're looking at mid-single-digit sequential growth organically for VIAVI in Q1 in a normally seasonally down quarter and coming off 15% sequential growth in the December quarter. So that's pretty extraordinary. What's driving all that? And am I looking at that right, number one?

No, no, you're looking exactly right. So remember, the old, I'll say, old VIAVI before data center, aerospace and defense, we were heavily influenced by service provider dynamics. And the days when service providers were over 80% of NSC, remember, first quarter is they don't release their budgets for the year until the end of February. So as a result, you would have a very weak NSC quarter. By the way, service provider is no different, again, than it was normally. there's always it is seasonally weaker but the strength in the data center aerospace defense and also the sparring business is not only offsetting it's actually more than offsetting that's why the net net the quarter is going to be up or for NFC okay makes sense and one final piece of that question which is You know, again, going back historically, you typically see a nice seasonal uptick, at least on the service provider side, in your fiscal Q4.

Should we assume that's a genuine directionally true for the business? Are there any changes as your mix and exposure becomes more aerospace, you know, defense and AI data center driven, what does that do to that normally stronger Q2, sorry, fiscal Q4, especially in light of the strength of your March quarter guide?

That's right. So actually, as much as maybe the service providers, a bit of a headwind this quarter, they're going to be tailwind next quarter. So with a continued strength in data center and airspace and defense, you're actually going to have a tailwind also on the service provider. Our expectation that the June quarter is going to be stronger than the March quarter.

Awesome. Thanks again. Congrats. Thank you.

And that concludes our question and answer session. I will now turn the conference back over to Zubutineer for closing remarks.

Thank you, Abby. This concludes our earnings call for today. Thank you for joining and have a good afternoon.

Ladies and gentlemen, this concludes today's call and we thank you for your participation. You may now disconnect.