Thank you for joining us for the V2X Third Quarter 2024 Earnings Conference Call and Webcast. Today's call is being recorded. My name is Dave, and I will be the operator for today's call. All participants are currently in a listen-only mode. After the management's presentation, I will open the call for a Q&A session. Now I will pass the call over to your host, Mike Smith, Vice President of Treasury, Investor Relations and Corporate Development at V2X.

Thank you. Good afternoon, everyone. Welcome to the V2X third quarter 2024 earnings conference call. Joining us today are Jeremy Wensinger, President and Chief Executive Officer; and Shawn Mural, Senior Vice President and Chief Financial Officer. Slides for today's presentation are available on the Investor Relations section of our website, gov2x.com. Please turn to Slide 1. During today's presentation, management will be making forward-looking statements pursuant to the safe harbor provisions of the federal securities laws. Please review our safe harbor statements in our press release and presentation materials for a description of some of the factors that may cause actual results to differ materially from the results contemplated by these forward-looking statements. The company assumes no obligation to update its forward-looking statements. In addition, in today's remarks, we will refer to certain non-GAAP financial measures because management believes such measures are useful to investors. You can find a reconciliation of these measures to the most comparable measure calculated and presented in accordance with GAAP on our slide presentation and in our earnings release filed with the SEC, both of which are available on the Investor Relations section of our website. At this time, I'd like to turn the call over to Jeremy.

Thank you, Mike, and good afternoon, everyone. Thank you for joining us today. Before we get started in advance of Veterans Day next Monday, I'd like to recognize all veterans for their service to our nation, particularly the over 4,000 that are part of the V2X team, enabling critical missions across the globe. We thank you for all that you've done and continue to do for our nation and our company. I'd also like to acknowledge the over 16,000 global employees at V2X for their unwavering dedication to ensuring our customers' mission success. Please turn to Slide 2. V2X reported strong third quarter results with revenue of $1.08 billion, representing 8% growth year-over-year. One of the primary differentiators of growth enablement is our global reach. Being in every single time zone with the ability to operate at scale across all environments is not easily replicated. We are positioned in key theaters where missions matter and are receiving strong funding support. This was demonstrated in the third quarter with Indo-Pacific revenue growing 31% year-over-year. Revenue growth is being driven by increased demand to support the DoD's priorities to enhance U.S. readiness in the region. We are also seeing additional opportunities for growth in the region via foreign military sales that align to improving the capacity and capabilities of our allies. We are investing to capture this growth and believe V2X is positioned exceptionally well as a trusted partner to deliver value-added solutions and further expand in the region. Adjusted EBITDA in the quarter was $82.7 million, up 28% year-over-year with a 7.6% margin, reflecting higher volume and strong program performance. Adjusted diluted EPS was $1.29, up 77% year-over-year. Adjusted operating cash flow in the quarter was also strong at $130 million, demonstrating the high cash flow yield expectations of our business. Our customer intimacy and ability to deliver full spectrum capabilities across the mission life cycle has resulted in V2X securing approximately $5 billion of recent awards. We are making excellent progress ensuring these programs are set up for long-term success and sustainable performance. I am pleased to report the F-5 adversarial aircraft program, our Navy Pacific IT and Communications contract or NCTAMS PAC, and our Saudi Arabia Aviation Support Training program reached full operational capability in quarter three. In addition, our previously announced Warfighter Training Readiness Solutions or WTRS program supporting the US Army has kicked off. We are currently on track to reach full operational capability of the Army Training Aids, Devices and Simulator task order in the second half of 2025. In total, these wins to support mission-critical programs validate our strong positioning in the marketplace and our franchise programs that are expected to contribute to our financial performance for years to come. Given our year-to-date performance and awards, we are raising the low end of our 2024 revenue guidance and adjusted EPS. We are reaffirming adjusted EBITDA and net cash flow from operations. Please turn to Slide 3, where I will discuss how our unique positioning in the mission life cycle is yielding growth. Today, V2X enables some of the most important missions with end-to-end capabilities facilitated by our global reach. The fact that we are with our customers at every phase of the mission execution allows us to deliver best-of-breed cost-effective technology solutions that enable successful outcomes. Starting at the top of the wheel with high-impact readiness and integrated supply chain management. Both of these represent opportunities for us to prepare the war fighter for their mission and then equip and deploy the war fighter for their mission. Both of them are critical to the soldier and allow us to be in a position to understand their unique requirements, whether it's training, equipping, or deploying. The recent $3.7 billion WTRS program is illustrative of this capability. As I previously mentioned, we are currently transitioning the program and are currently assessing requirements to support training in Australia, the Netherlands, Lithuania, and Sweden. Another example of this capability is our recent award of the Defense Logistics Agency $11.9 billion JETS multiple award IDIQ contract. The JETS contract provides an opportunity for V2X to leverage its operational know-how and technology expertise to deliver mission-ready technologies such as 5G and smart warehousing that enhance DLA's ability to provide combat logistics support. Moving to the next capability, Assured Communications. We enable connectivity and communications throughout all aspects of the engagement. For example, V2X ensures our soldiers can communicate securely across the air, land, sea, and cyber domains. Several recent wins, which I'll discuss in greater detail shortly, are further examples of our assured communications capability. Not only do we connect, but we also protect and provide holistic support to our soldiers by deploying through our global mission solutions. For example, V2X provides situational awareness and command and control systems that protect thousands of critical assets. This is achieved through almost 100,000 alarm points operating 24/7, augmented by thousands of sensors. Further demonstrating this capability was our new eight-year $100 million contract awarded during quarter three to ensure the operations and readiness of an important overseas missile defense system. As you move up and to the left, this is where the assets have been deployed, returned from the field, and V2X resets them to zero hours and zero miles, extending the life or enhancing the platform effectiveness through system modernization and technology insertion. An example of these capabilities is the new $60 million contract awarded to V2X during the third quarter to keep over 100 P8 Poseidon aircraft ready for their next maritime patrol, anti-submarine warfare, or ISR mission. We see additional opportunity to support the fleet requirements of international allies. We are also seeing continued expansion in our platform modernization solutions that are solving problems on today's multidimensional and evolving battlefield. Our engineering and rapid prototyping capabilities are delivering new systems that are maximizing legacy platforms with new functionality at significant cost benefits to our customers. Our platform-agnostic approach, engineering prowess, and knowledge from living in the mission is allowing us to deliver differentiated, cost-effective technology solutions that enable successful outcomes. As you can see, the depth and breadth of the V2X portfolio is differentiated, and I believe that we are in the early innings of what we can achieve. By harnessing our end-to-end capabilities, shoulder-to-shoulder intimacy, and global footprint, we are uniquely qualified to deliver on national security priorities. Please turn to Slide 4, where you will see how our capabilities and wins are enhancing assured communications for global missions. V2X remains focused on delivering technology solutions that solve mission gaps and enable seamless communications. This focus is yielding results, and some of you had the opportunity to see this firsthand at the AUSA symposium with the GMR 1000. The GMR is facilitating real-time situational awareness across air and ground platforms. We believe the demand for this technology is growing and are investing to enhance size, weight, and power. Beyond the GMR, I am pleased to announce recent wins valued at $270 million that are extending V2X's reach for ensuring secure communications across key regions, including the United States, Europe, Indo-Pacific, and the Middle East. For example, in Europe, we were recently awarded a $32 million three-year contract ensuring the connectivity of the U.S. Army networks across the region. In the Indo-Pacific region, we just completed the phase-in of the NCTAMS-PAC program, which is the largest DoD communications hub in the Pacific, allowing secure communications across air, land, sea, and cyber domains. Additionally, our recent win of the $141 million Fleet System Engineering Teams contract is delivering end-to-end C4I system solutions to the U.S. Navy. This ensures that no U.S. Navy strike group deploys without V2X. In the United States, we secured a contract ensuring the integrity and availability of classified and unclassified networks for the Air National Guard. Finally, as a reminder, V2X continues to run the largest cyber center for the Army outside the United States. Located in the Middle East, this program provides 24/7 connectivity for our soldiers to conduct their missions in that region. As you can see on the slide, V2X's capability and reach goes beyond the programs I just mentioned. Our comprehensive solutions and expertise spanning sensors, networks, and radars keep our customers connected for all aspects of their multi-domain missions. Before I turn it over to Shawn, I'd like to briefly outline some of our optimization efforts to build on our success and drive sustainable growth for V2X. First, we continue to build and enhance the breadth and depth of our pipeline as a result of our collective capabilities. Waters is a great example of our solutions that leverage the collective capabilities. We are building on that success to expand our addressable markets in all areas of the company. We see great value in the markets we serve and the importance they have to enduring missions. Pipeline expansion is core to the first step of optimization. Second, we are investing in this expanded pipeline to ensure that we address opportunities with talent and solutions that will differentiate V2X offerings. Third, to support our pipeline, our offerings will leverage our deep engineering expertise throughout the lifecycle wheel I just talked about. This ensures differentiation and a value-added solution for our customers. Lastly, optimization of our tools and processes will continue V2X's ability to be cost-effective in our markets and drive overall mission performance, while ensuring our employees have the tools and capabilities they need to drive continuous improvements. Now, I'd like to turn the call over to Shawn for a review of our financials.

Thanks, Jeremy, and thanks to everyone joining us this afternoon. Please turn to Slide 5. Performance in Q3 continued to be strong. Revenue increased 8% on a year-over-year basis to $1.08 billion, setting another record for the company. This growth continues to demonstrate our ability to be in the right place, at the right time to execute high-priority missions. We continued our strong performance, delivering double-digit revenue growth in the Indo-Pacific and Middle East regions, with revenue increasing 31% and 13% year-over-year, respectively. Adjusted EBITDA in the quarter was $82.7 million, increasing 28% from prior year and delivering a margin of 7.6%. EBITDA was also up $10.4 million sequentially. This performance was driven by growth, productivity improvements, and program achievements consistent with our expectations. Interest expense for the quarter was $27.2 million. Cash interest expense was $25.6 million. Adjusted diluted EPS was $1.29, up 77% from the prior year. Third quarter adjusted net cash provided by operating activities was $130.1 million, up 35% year-over-year. This performance reflects the strong cash generation capabilities of V2X and our normal cadence of cash flow being greater in the second half of the year. Please turn to Slide 6, where I'll talk about our year-to-date results. Year-to-date revenue was $3.164 billion, increasing 8% year-over-year. Adjusted EBITDA for the first 9 months of the year was $224.1 million, increasing 5.8% from the prior year and delivering a margin of 7.1%. Interest expense for the 9-month period was $83.5 million. Cash interest expense was $77.8 million, an improvement of $9.3 million compared to the prior period. This demonstrates our continued focus on improving our overall cost of debt and cash interest expense. Year-to-date adjusted diluted EPS was $3.01 based on approximately 32 million weighted average shares. Year-to-date adjusted net cash used by operating activities was $7.2 million, adding back approximately $25 million of M&A and integration costs and removing the contribution of the master accounts receivable purchase or MARPA facility of $63.3 million. Turn to Slide 7. During the quarter, we continued to demonstrate progress deleveraging the company. The net leverage on a sequential basis improved by 0.29 turn to 3.27 times. We remain on track to reach a net leverage ratio at or below three times at the end of the year, consistent with our prior commitment. Net debt improved by $61 million sequentially, and our liquidity position remains strong with a zero balance on our $500 million revolver at quarter end. We have made excellent progress enhancing the capital structure and cost of our credit facilities, which combined with debt paydown is improving cash flow and earnings. We believe there is additional opportunity to further improve our cost of debt. Please turn to Slide 8. Total backlog was $12.2 billion in the third quarter. Book-to-bill in the quarter was approximately one and reflects only the initial $225 million startup funding for the Waters program. As a reminder, we expect to incrementally book activities associated with this contract as they are transitioned. As Jeremy mentioned, we reached full operational capability on the Saudi Arabia Aviation Training Support Services program. Backlog only reflects the initial phase-in of this program, which is modest compared to the approximate $400 million award. Please turn to Slide 9. Given our strong year-to-date top line performance, we are raising the low end of our revenue guidance range to $4.225 billion to $4.275 billion. Additionally, we are raising the low end of our adjusted EPS guidance range to $3.95 to $4.20 based on an improvement in our tax rate to 21% from 23%. We are reaffirming adjusted EBITDA and adjusted net cash from operating activities. We had exceptional year-to-date results, and Jeremy outlined some of the optimization efforts and near-term investments that will build upon our success, delivering strong technical capabilities while strengthening business and financial performance. V2X is aligned to well-funded areas of the budget and high-priority missions, and we believe our recent wins, backlog, and capabilities will continue to fuel growth and value for our shareholders. We are very pleased with our overall performance, proud of our teams, and well-positioned for the future. I'd now like to open the call for your questions.

We will now begin the question-and-answer session. Our first question comes from Tobey Sommer with Truist. Please go ahead.

Thank you. With the strong contract awards, book-to-bill and funded backlog growth, I'm curious what kind of rate of organic growth you think would be reasonable for the company to attain as we go into next year, because the timing of how you're going to be ramping these new awards, we could probably use some color to inform the modeling into 2025.

Hey, Tobey, this is Shawn. Good to hear from you. We are currently in the planning phase, as you would expect. We're anticipating growth in 2025. It’s important to remember that we’re facing a couple of ongoing challenges with the program sunset. We've maintained a strong operational tempo in various contingency and logistics support globally. I don't want to jump ahead, but we feel optimistic about our backlog and the visibility it offers. However, I won’t share specific numbers right now since we're in the midst of planning with several assumptions, and there are factors that could change rapidly regarding our expectations.

Okay. If I could ask you to double-click in the IndoPACOM and how big a slice of the company does that geography represent? And maybe could you give us some color in your commentary around incremental opportunities that you talked about?

Yes. So we did a little over $80 million in the quarter in the region, excellent growth, as you've heard, and that's been a consistent theme, which is great. We do expect to grow there next year. Obviously, there are exercises that are being planned, the timing of which and the value of which we don't know. But I think we saw good growth in Quad and in other places where we're positioned, and I think we'll continue to see that as we go forward. But like I said, it's about $80 million in the quarter, and it's consistently built through the last year or so.

Hey, Tobey, it's Jeremy. I would add to that, that I think I mentioned in the last call, the Pacific Deterrence Initiative that they funded. I think the presence that we have in that area and the overall strategy by our government and our allies in that area afford us opportunities to be in a position to be a recipient of some of those initiatives as they move forward. And like Sean said, I think the exercises are one thing. But as they continue to build out their strategy IndoPACOM, obviously, with a strong presence there, it helps out quite a bit.

Thanks. Last question for me. I was wondering if you could expand upon the overseas opportunities that you see and maybe you could help us narrow the subset of the kinds of things that you could eventually win from our partners around the globe?

Yes. I think if you listen to the call, you'll hear me talk about in Europe, expanding opportunities there in terms of Assured Communications, same thing in the Middle East, and the same thing in IndoPACOM. But again, we react to situations as they evolve, like in the Middle East. I think there's a long-term strategy in IndoPACOM that we will be obviously benefiting from. But again, as items evolve in the Middle East, we always see ebbs and flows with regards to that activity. And again, obviously, in Europe, with Ukraine, there is always an opportunity there for us to continue to support our allies.

Thank you very much.

And the next question comes from Ken Herbert with RBC Capital Markets. Please go ahead.

Yes. Hi. Good afternoon. Nice results this quarter. Hey, yes, Shawn or Jeremy, maybe you had a really nice sequential step-up from the second to third quarter adjusted EBITDA margins. Can you provide any more sort of color or granularity on maybe what drove that increase? And was there anything in terms of one-time EACs or other benefits that might have contributed to the margin improvement sequentially?

Yes, I would say that our expectations have been met. At the beginning of the year, we indicated that our margins would be back-end weighted due to the timing of various programs, deliveries, and EACs. The team performed as anticipated, delivering consistent results. We observed about $6 million in EAC improvements during the quarter, which reflects our ability to deliver products and services on or ahead of schedule to meet our objectives.

I think it's Jeremy. I think also the team does an excellent job. They are very good executors. And we implemented early on this quarter, program management executive committee. That committee is four program managers to share best practices across the globe. And as that continues to take its maturation path, we're going to continue to see the best program managers of the company sharing those best practices with other program managers, and we'll continue to drive continuous improvement.

That's great. Thank you. Shawn, in your prepared remarks, you mentioned that there are some options to potentially increase leverage or interest in 2025. It might be a bit early, but could you provide us with an update on your expectations for interest? How much further deleveraging should we anticipate as we finish this year and heading into 2025? Additionally, could you discuss some of the options you are considering for further improving the balance sheet?

Yes, the current interest rate is just below 8.1%. We will consider our options for the Term Loan A as we approach 2025, depending on how rates perform. The team has made significant progress, and we recently revamped our previous discussions. We are always exploring different options and scenarios. We'll keep an eye on how rates evolve and what opportunities may arise, but we feel positive about our current position.

And Shawn, just remind us, what's the guidance in terms of fourth quarter leverage in terms of where you expect to end the year?

Yes. So at or below 3. So 3.27 today. The team did a wonderful job from a receipt standpoint in Q3. We look to continue to do that to end right around, like I said, at or below three by year-end, Ken.

Perfect. Thank you very much.

Thank you.

And the next question comes from Peter Arment with Baird. Please go ahead.

Hi, good afternoon, Jeremy and Shawn. Nice results.

Hi, Peter.

Hey, Jeremy, you made some comments on the INDOPACOM region, up 31%, really impressive. Middle East, I guess, was up kind of mid-teens as well. Can you maybe give us a little more color on kind of the operations that you're seeing there? Any changes or any pickup in activity?

Yes. As I mentioned earlier, we will have a clearer picture of the exercises in INDOPACOM and 2025 as the year goes on, likely around mid-year. With the government funding the Pacific Deterrence initiative, we can expect ongoing efforts in that region. I'm pleased with our current growth and optimistic about our future prospects there, given our established presence and the capabilities we’ve provided to our customers. In the Middle East, our activities are heavily influenced by current events, which make it a challenging and ever-changing environment. However, our presence enables us to respond quickly to their needs, and we have seen benefits from this so far this year. It is a dynamic situation, and it's hard to predict how it will unfold. Nonetheless, we are committed to supporting our customers and their initiatives to aid the warfighter.

Got it. That's helpful. Regarding some of the significant contracts you secured this quarter, particularly the warfighter training readiness contract, could you clarify if this is expected to ramp up in the second half of 2025? When do you anticipate it reaching its run rate?

Yes, Peter, that's correct. We expect to see growth in the second half of 2025. The initial booking for the contract was $225 million, and we anticipate it will begin ramping up around mid-2025. The team is doing an excellent job, and Jeremy mentioned that they are exploring additional opportunities in other countries. Overall, we are very optimistic about the progress the team is making on this program and look forward to delivering outstanding capabilities to our customer.

Yes. So those will come through in what we call PDLs. We're already putting together PDL offerings for that customer like I referenced. But the big one will come midyear, as Shawn said. But I'm very pleased with the team. I'm very pleased with the customer. The cooperation during the start-up review was extraordinary. And so I'm very confident and comfortable with where that program is as it heads towards full operational capacity.

And the next question comes from Joe Gomes with Noble Capital. Please go ahead.

Joe Gomes. Thanks for taking my question. Really nice quarter.

Thanks, Joe.

Thank you, Joe.

So I wanted to start on the 8% quarterly revenue growth. What percent of that was from organic growth, expansion of on-contract versus new program performance?

It's a combination, Joe. The timing of the full transition on the Saudi job definitely played a role in the quarter's growth. However, the majority of the growth came from ongoing contract activities, particularly in INDOPACOM and the Middle East. Our strong presence in these areas allows us to effectively meet our customers' needs, which significantly contributed to the growth this quarter.

Okay. And one of the markets and geographic areas that was down was the European revenues were down 22% in the quarter, down about 10% year-to-date. And just trying to get a little more color on what is driving the weakness, at least through the first couple of quarters here in 2024 in the European market.

Yes. There is one specific program that is down, and it is a modest number. The key point is that we maintain a strong presence in Europe. There is a previous program that is experiencing a slight decrease in volume compared to last year, which has contributed to this situation. However, we are excited about other growth opportunities related to our hardware capabilities in Europe that we have not fully rolled out yet. These initiatives are in progress, and we feel optimistic about our future in Europe. Jeremy, do you have anything to add?

And I think one of the locations is absolutely core to the US government. We're excited to be there. It's a long-term contract. There's a lot of ceiling on it. And we will continue to drive performance on that contract. And like I said, it is a key asset for the US government.

Okay. And then I'm going to try one other way on 2025. I know, it's early and you guys mentioned you're in the process. But if we look at the midpoint of the revenue guidance would suggest revenues would be up 7% year-over-year, 2024 over 2025. I'm wondering, one, can you repeat that type of performance in 2025? And two, if I'm looking at the adjusted EBITDA margin, again, at the midpoint, it's about 7.2%. Where do you think that margin could grow to?

Yeah. For 2025 specifically, you're talking? Yes. So listen, I don't want to get into absolute values from a top line standpoint. I'll say as we're doing our planning, 2025 is not different than other years, right? There's always recompetes. We feel very good about the volume of recompetes we have in there. And I'll remind folks we've said previously, it's fairly modest, 5%-ish type as we go into the year. There's always the timing of what we would call Joe, sales from new bookings. And you heard us talk earlier this year about muted award environments, things like that. Hard to say how some of those things will play out. So I'll stand by what I said earlier, which is we will grow in 2025, and we feel good about our positioning. Relative to the margin, when I think about 2025, I look at the stuff that's in the backlog I see it probably similar to how we're seeing 2024 from an overall margin stand, plus or minus, obviously, right? But the backlog is strong. We have pretty good visibility into those things. We know the recent awards, what we expect them to contribute. I'll remind folks that when we start new contracts, they tend to start at lower margins than where we end up. And so we'll be going through some of that, obviously, in 2025.

Okay. Great. Thanks for taking my question. Again, really nice quarter.

Thank you.

Thank you.

And the next question comes from Trevor Walsh with Citizens JMP. Please go ahead.

Thank you, team, for addressing the questions. I appreciate the time. Regarding the $5 billion of new awards that you mentioned phasing in, including the Saudi Arabia aviation support, are there any potential issues we should be aware of as we approach 2025? Specifically, could there be any concerns about revenue not being realized or things not going as expected due to external factors? I want to avoid any surprises next year.

I don't think there's any sitting here right now, Trevor. I don't see anything that would tell me that. But listen, obviously, it's a dynamic environment, funding priorities, things like that can certainly shift. Any time we're dealing with international customers, which we are on the Saudi job, like you just mentioned, things can change. But as we sit here today, there's nothing that I can think of that impacts our line of sight to those backlog programs.

I would just add that I think we need to get through tomorrow and find what the sitting President's priorities are. But again, I think because we are part of enduring missions that are mission-critical, I don't see any material change to who sits in the chair. But again, it's always nice to know what their priorities are and making sure they're aligned with our global footprint.

Great, I appreciate the information on that. I also noticed in one of the slides a mention of the pending F-16 contract for cockpit upgrades. I'm curious to know if you can provide some perspective on whether this will resemble the GMR, starting with a smaller set of assets and the potential for expansion, or how it is shaping up in terms of quantity.

I think it looks a lot like GMR in the sense that we are moving from the development phase and into a phase where we are going to see an opportunity for that program to grow. Obviously, there's a lot of F-16s out there. And so I view it in the same breath. You kind of go through that development phase, you go into LRIP and then obviously, you move it into production. So again, I'm very bullish about this program. I like the technology. I like what the team in India has done. I think they have created an opportunity for our customers that is differentiated. And so I'm looking forward to that program as it grows and matures.

The only thing I'd add there is I think as we sit here today, that will look like an IDIQ contract probably. And so I don't know that you'll see a huge booking and order straight away. We'll see depending on how many they end up putting on contract, but that's what we're seeing right now.

Thank you, that's very helpful. My last question is for Shawn. Can you explain your thought process regarding the revenue guidance for the full year, which suggests an upward trend? Similarly, I'd like to understand the EPS guidance, especially with the interest contributing positively to it. However, I noticed that the adjusted EBITDA has remained relatively stable. Could you clarify the dynamics behind this, specifically why that number has not changed while the others have increased?

Yeah. So consistent with what we said, we've seen our cost-type work increase throughout the year. So we were at 60% in the quarter. Obviously, based on what we've experienced, what we have in backlog, that tends to be at a little bit lower margin. And so you see a lot of that top line growth coming from some of those types of programs, hence, the change in the guide for the second time this year. And then we're very happy with the overall program performance. Like I said, the productivity that we saw in Q3, we think we're well positioned to meet our commitments here in Q4. But you are seeing some of that mix play out, I'll say, again, consistent with what we thought it would be in the back half of this year.

Great. Thanks. Appreciate it.

Thank you.

Thank you.

This concludes our question-and-answer session. I would like to turn the conference back over to Jeremy Wensinger, for any closing remarks.

Shawn, thank you for joining the call. We had a wonderful quarter. I'm thrilled with the team. We have great executors running our lines of business, in terms of Kent Trees and Binny Caputo. They are great leaders, and they're doing a wonderful job in terms of execution. We're focused, obviously, on finishing the year and making our commitments. But again, I'm proud of the team for the quarter they delivered. And I look forward to talking to you again here real soon. Operator, back to you.

The conference has now been concluded. Thank you for attending today's presentation. You may now disconnect.