Ladies and gentlemen, thank you for standing by. Welcome to the Weatherford International Second Quarter 2025 Results. As a reminder, this event is being recorded. I would now like to turn the conference over to Luke Lemoine, Senior Vice President of Corporate Development. Sir, you may begin.

Welcome, everyone, to the Weatherford International Second Quarter 2025 Earnings Conference Call. I'm joined today by Girish Saligram, President and CEO; and Anuj Dhruv, Executive Vice President and CFO. We'll start today with our prepared remarks and then open up for questions. You may download a copy of the presentation slides corresponding to today's call from our website's Investor Relations section. I want to remind everyone that some of today's comments include forward-looking statements. These statements are subject to many risks and uncertainties that could cause our actual results to differ materially from any expectations expressed herein. Please refer to our latest Securities and Exchange Commission filings for risk factors and cautions regarding forward-looking statements. Our comments today also include non-GAAP financial measures. The underlying details and a reconciliation of GAAP to non-GAAP financial measures are included in our earnings press release, which can be found on our website. As a reminder, today's call is being webcast, and a recorded version will be available on our website's Investor Relations section following the conclusion of this call. With that, I'd like to turn the call over to Girish.

Thanks, Luke, and thank you all for joining our call. I'll start with an overview of our performance and key highlights, and we'll then share our outlook on the markets. Anuj will then cover specifics on financial performance, balance sheet, detailed guidance, and I will wrap up with some thoughts on Weatherford's operating plans for this environment before opening for Q&A. As illustrated on Slide 3, our second quarter results were in line with our expectations outlined in April. Despite significant market headwinds, the impact of divestitures in Argentina and minimal payments coming out of Mexico, the One Weatherford team delivered strong performance. I'm incredibly grateful for the team's unwavering spirit, customer focus, and operating intensity that every single person brings every single day. For context, normalizing for the Argentina divestitures, our revenue and adjusted EBITDA would have seen a noticeable improvement on a sequential basis. North America and Latin America performed as expected, with both geographies down sequentially. The former was driven by the seasonal spring breakup in Canada and the latter due to the effect of the Argentina divestitures. In Latin America, our view on Mexico hasn't changed, and we still expect it to be down approximately 60% this year. However, we believe activity levels have now stabilized, and simultaneously, we have rightsized our cost structure in the country. As expected, project start-ups in Europe contributed to the growth in the ESSR region, further amplified by foreign exchange. I am very pleased with our team's performance in the Middle East and North Africa broader region with several noteworthy performances. The market in the Kingdom of Saudi Arabia has softened and will likely have a similar trajectory in the second half. However, we achieved sequential growth in the second quarter, underscoring our belief that we still have a longer-term growth opportunity. The market declines are primarily concentrated in the service-related segments, resulting in a higher decremental impact. While we are seeing margin dilution from tariff cost pass-throughs and rising pricing pressure, we have mitigated these impacts through volume-based cost adjustments and structural cost reductions. This resulted in adjusted EBITDA margins for Q2 at 21.1%, which slightly declined relative to Q1. Adjusted free cash flow of $79 million in an interest-paying quarter with minimal payments from Mexico is a testament to our unwavering focus on a North Star of cash generation. As shown on Slide 6, we have now paid 4 quarterly dividends of $0.25 per share and repurchased approximately $186 million worth of shares over the past 4 quarters, which includes approximately $34 million during 2Q. While this amount may vary each quarter due to market conditions, we remain committed to our buyback program and still have ample capacity under our $500 million authorization. Now turning to our segment overview on Slides 8 through 11. The operational and technical highlights showcase advancements in new market penetration, technology adoption, and continued innovation of our products and services portfolio. As noted in our earnings release, our continued success in securing high-impact contracts across key regions reflects the strength of our technology and the trust of our customers. In Offshore U.K., bp awarded Weatherford a 1-year contract to provide cementation products, completions, Drilling Services, Intervention Services, and Drilling Tools and a 1-year contract to provide Liner Hanger systems for the Northern Endurance partnership CO2 storage project. In the Gulf of America, Shell awarded Weatherford a 3-year contract to provide Intervention Services and Drilling Tools. In Norway, Weatherford completed a successful field trial of TITAN RS technology for Equinor, following the acquisition of Ardyne. The trial delivered a full casing cut and recovery solution for the plug and abandonment market, reinforcing Weatherford's leadership in advanced well abandonment. These highlights underscore the differentiated value of our technology across global operations. Now turning to our outlook. Last quarter, we provided what we believe was a prudent view for the balance of 2025, and we continue to believe this outlook is reasonable in today's market. We have tightened the range a bit on both ends as the visibility window improves. The overall international market has softened over the past year, a trend that could continue well into 2026. While commodity prices remained relatively stable, they have led to increased caution and a slowdown in customer spending. Trade discussions continue to cause significant uncertainty and may lead to demand destruction in the short to mid-term. In the first half, tariff impacts were modest as most inventory remained at pre-tariff levels. However, we expect a greater impact on both margins and demand in the second half. Concurrently, OPEC+ continues adding supply back to the market, increasing pressure on the global oil supply-demand balance. While some customers have signaled future spending cuts, others have not, leaving the outlook uncertain. We continue to believe we are in a distinctly different phase of the cycle with some markets in a clear downturn. Uncertainty remains a defining feature for this market and downturn. While the shape and timing of a recovery are unclear, we anticipate market headwinds will persist for at least another 12 months. While we haven't seen clear direction from all customers yet, it's reasonable to expect sluggish activity levels in the second half of 2025 and first half of 2026, if global trade reductions and increased supply create a need for customers to reduce CapEx. That said, we remain hopeful that the industry discipline of recent years will result in a milder global downturn than the last three cycles. We have continued to adapt our cost structure over the past three quarters, and this will further evolve as the market unfolds. Since Q3 of 2024 and excluding divestitures, we have reduced our head count by over 1,500 and lowered our annualized personnel expenses by more than $125 million. While much of this is offset by revenue declines, our swift actions have positioned us to continue operating efficiently. We continue to believe we are very well positioned to capitalize on stable or improving activity levels, but we are also taking proactive steps to ensure we can respond swiftly in the event of a more pronounced slowdown. Even with the potential annualized double-digit revenue decline, we expect to deliver EBITDA margins in the low 20s this year, which remarkably is still better than where we were three years ago. Giving precise outlooks on geo-markets and product lines remains challenging in this market; however, our overall outlook remains unchanged. With this in mind, we expect that 2025 North America revenues will decline by high single digits year-on-year and international will decline low double to mid-double digits. Adjusting for Mexico activity declines and our Argentina divestitures, we believe our 2025 international revenues will likely be down low to mid-single digits. I'd like to turn the call over to Anuj before I come back with closing comments.

Thank you, Girish. Good morning, and thank you, everyone, for joining us on the call. Girish has already shared an overview of our second quarter performance and an update on our capital return program. For a more detailed breakdown of the second quarter results, please refer to our press release and accompanying slide deck presentation. My comments today will center around our cash flow, working capital, balance sheet, liquidity, and guidance. Turning to Slide 22 for cash flows and liquidity. For the second quarter, we generated $79 million of adjusted free cash flow at a 31.1% free cash flow conversion rate versus 26.1% in Q1 2025. As you know, our free cash flow is generally weighted towards the second half of the year. We do not expect 2025 to be any different, but there is a significant expectation of payments from Mexico that we do not have precise visibility on. Net working capital efficiency, measured by net working capital as a percentage of revenues, moved slightly from 26.3% in Q2 2024 to 26.7% in Q2 2025, due primarily to a lower revenue base and minimal collections in the quarter from Mexico. We expect our net working capital efficiency to improve going forward. Regardless of the stage of the cycle, we continue to work towards our goal of maintaining net working capital efficiency levels at 25% or better. We have continued to execute on and initiated a series of cost reduction actions across the company. In this context, we took an additional restructuring and severance charge of $11 million in Q2 following the $29 million in Q1. Several actions have already been completed, and we expect to implement additional measures throughout the remainder of the year as we stay agile and adapt to evolving market conditions. While many of our actions are tied to volume, we're also using this moment to drive long-term productivity through shared services, automation, and generative AI. At the core of this effort is our continued investment in infrastructure systems as a non-negotiable priority. These systems are critical enablers of efficiency, scalability, and bottom line impact, and we remain firmly committed to protecting and advancing them. We have always maintained that it is critical for us to invest in the future, but at the same time, that will never be a crutch to not perform. I'm very pleased to see both things happening. During the second quarter, CapEx was $54 million versus $77 million in the first quarter, driven by adjustments to align with market conditions and completion of spending related to our Brazil Sub-sea intervention contract. We expect CapEx to decline further and fall within our targeted range by year-end. In Q2, we repurchased approximately $34 million worth of shares and paid a $0.25 per share quarterly dividend. In addition, we also bought back $27 million of our 8.625% notes and will continue to do so opportunistically in the market. Our net leverage ratio is less than 0.5x. We have approximately $1 billion of cash and restricted cash. We reduced our trapped cash by over half during the quarter, and our liquidity is approximately $1.3 billion, which is the highest level since emergence. With this, we feel very confident in the strength of our balance sheet and the corresponding flexibility it provides to manage the company through this cycle. Turning to guidance, let me start with Q3. Third-quarter revenues are expected to be modestly down, with U.S. land in Saudi as the primary headwinds. This should be partially offset by the seasonal rebound in Canada. We are expecting $1.165 billion to $1.195 billion in revenues. Looking at the broader second half of 2025 versus the first half of 2025, we believe Brazil, North America offshore, UAE, Kuwait, Iraq, Australia, Azerbaijan, and Indonesia will experience notable growth. And while we are hopeful for a slight uptick in Q4, we remain very cognizant of the broader slowdown and hence, expecting a generally flattish revenue trajectory in the second half as well. Adjusted EBITDA for Q3 is expected to be between $245 million and $265 million, and margins should tick up slightly from Q2 levels, driven by cost stabilization. We expect free cash flow to be flat to slightly up from Q2 levels, followed by another increase in Q4. Payments from Mexico will be the differential factor on the timing of cash flows, and these are not substantially included in our Q3 free cash flow guidance. For 2025, we've tightened the guidance range with the midpoint of revenue and EBITDA guidance remaining unchanged. We expect revenues of $4.7 billion to $4.9 billion, adjusted EBITDA of $1.015 billion to $1.06 billion, and free cash flow conversion to increase 100 to 200 basis points year-on-year. Our effective tax rate can vary quarter-to-quarter depending on the geographic mix, and we still anticipate this will be similar to 2024 in the 20% range for 2025. CapEx is expected to trend down over the course of the year and land in the 3% to 5% of revenues for the full year. Thank you for your time today. I will now pass the call back to Girish for his closing comments.

Thanks, Anuj. I remain highly optimistic about Weatherford's future over the next several years. As market conditions continue to evolve, we are staying agile and ready to pivot as needed. The market has changed, and our approach must continue to adapt. Despite the headwinds, we remain focused on defending margins and maximizing cash generation. Over the past several years, we have been preparing the company to navigate potential market disruptions. First, our balance sheet is stronger than ever before with total liquidity of $1.3 billion, and we have approximately $1 billion of cash. Second, our cost structure has radically transformed since 2020 with further value creation opportunities ahead. Third, we remain committed to our shareholder return plan. We set the dividend at a level that is sustainable through the cycle, and we intend to remain opportunistic, disciplined, and thoughtful in our share repurchase program. Moving forward, we will be flexible with our operating structure, support costs, and CapEx, adjusting as needed to align with market conditions. Our cost optimization program is being designed to go beyond volume adjustments. It's a multi-year program focused on achieving sustainable productivity gains through technology and lean processes, not just flexing headcount due to market conditions. Also, working capital efficiency remains a core focus area to drive free cash flow conversion to a sustainable 50%. The new Weatherford transformation is an ongoing journey, and the initiatives already position us to navigate this part of the cycle far better than in the past. It's now clear that the market will be more challenging than many expected just six months ago. However, I'm confident that our team will stay agile, adapt effectively, and emerge as a stronger company through this period. And now, operator, please open the call for questions.

The first question comes from David Anderson with Barclays.

I'm doing well. I wanted to focus a little bit on Saudi. It's your largest international market; it's been going through quite a bit of transition this year. The rig count has fallen, potentially ramping up. You're expecting further softness in the second half. I was wondering if you could provide some more color around some of the moving parts in the Kingdom. And you mentioned you're growing against this backdrop. Maybe talk about how you're doing that. And then while we're here, if you could maybe talk about when you see this start to turn positive again in KSA and potentially kind of what does international start to look like in 2026. So recognizing it's very early, all sorts of moving, all sorts of challenges out there, but a little bit of color on that would be very helpful as well.

I'm very pleased with how our teams have performed in the Kingdom. We have discussed the market's softness for several quarters, starting with a shift in Q1 last year when Saudi adjusted its direction, reducing from $13 million to $12 million. Since then, we've observed a steady decline in rig count, with multiple announcements, including a recent one that will impact the third quarter. There's clearly a downward trend. However, we have consistently noted that we are underpenetrated in several businesses. Through our company's transformation and the introduction of new technologies, opportunities have emerged. We have been able to enhance performance by closely collaborating with Aramco and demonstrating where we can deliver value. A couple of years ago, we secured the LSTK contract, which is already accounted for. Now, the focus is on introducing technology and maintaining close relationships with our customers, along with strong execution. As I mentioned earlier, we expect to see continued softness for the remainder of this year, anticipating a decline in Q3 compared to Q2, although I remain confident about our performance. We expect a similar decline for us as well, as the rig count impacts everyone, and we believe this will persist until year-end. We're optimistic about a potential transition in 2026, but we are cautious not to rely on that, as it seems more likely to happen in the second half of '26. If you look at the broader international markets, Mexico has stabilized somewhat, which means we don't foresee a negative shift next year as we did this year. Other markets, especially offshore, are expected to experience softness through '25 and probably into early '26. The earliest recovery we anticipate is in the latter half of '26, but it's crucial to understand that we don't expect a dramatic decline.

Our next question comes from Scott Gruber with Citigroup.

I want to ask about the implied Q4 guide, solid guide overall, but the implied Q4 has a 3% to 4% bump in sales close to 100 basis points better margin. Is this largely year-end sales? That looks normal for year-end sales, but just in a softer crude environment, those can be a little bit lighter? Or are you seeing some improvement in those countries which are still growing?

Yes, Scott, we have discussed the two ramps previously. While you were momentarily cut off, I think I understood your question. We mentioned earlier that we had ramps built into the year. Looking at our Q2 performance compared to Q1, we observed a ramp driven by project start-ups. Excluding the Argentina divestitures, this ramp was notable, around mid-single digits. Similarly, we expect a ramp from Q3 to Q4 fueled by two factors. First, there’s seasonality; typically, we observe year-end sales, although we anticipate them to be somewhat subdued this year due to uncertainty with tariffs. Additionally, we have significant project start-ups on the horizon which we have strong visibility on. This is the basis for our guidance. While there is always some uncertainty, we are reasonably confident in this ramp since we have existing orders.

Our next question comes from Jim Rollyson with Raymond James.

Girish, going back to U.S. land, has obviously been a challenging area for the last couple of years, and it seems like it's only gotten a bit worse this year with the macro situation. Maybe just my recollection is for Weatherford, you guys have been more tied here recently to the production side versus drilling or completions, but maybe you could refresh on that mix and what you're seeing. Also, if there's any quantification you might have, you mentioned tariffs; if there's any quantification you have on the impacts you're seeing there too.

Yes. Jim, U.S. land has been a very steady sort of decline. You're absolutely right. We are far more product-oriented in U.S. land as well as far more production product-oriented. So artificial lift, obviously, is a very big part of that for us. The core U.S. land piece was actually up just a tad going from Q1 to Q2; obviously, the broader North America was offset by the Canada spring breakup and the decline. Look, what we see happening in Q3 is a further decline, and that's really driven by the tariff impact. We were able to consume a significant amount of free tariff inventory that we had in Q2. Interestingly enough, it created a bit of a rush to get some of the orders filled before the tariffs potentially hit. There's still a lot of uncertainty about how exactly that will play out. If we do see an uptick on that, it will be because we've got more certainty. More than likely, we'll also have a little bit of dilution because of that tariff impact. We don't really see the U.S. land market changing dramatically over the next few quarters. Our focus, as we get into Q4, will be on clarity on tariffs, and we'll get into more of a stable situation versus the continual decline that we've seen. Our focus has remained on improving our cost position, defending margins, and we're really not going to chase price. It is a hypercompetitive market. We will continue to focus on margins, drive value, and then manage that through, but it is a challenging market, no question at this point.

The next question comes from Saurabh Pant with Bank of America.

Girish, maybe I want to touch on Mexico a little bit. I think it was good to hear about stability in that market. That market has moved quickly. Obviously, we know that. But maybe talk to that a little bit; Girish, that stability, how you're seeing at that market? Do you think we improve in the near term? Medium term? Your line of sight to that market? Then also on the cash side of the equation, right? I think you said you've got minimal payments coming out of Mexico, but then you do expect a ramp towards the end of the year, right? We are seeing headlines coming out of the country saying the government might be raising money for PEMEX to just meet their balance sheet and operational obligations. So maybe just talk to those two aspects in Mexico.

Sure. Yes. Look, first of all, it's exciting that we get to the fourth question before Mexico comes up. So I think that's great. Look, Saurabh, we've had a very significant decline in Mexico, and that's reflected in the Latin America numbers. It's reflected in the broader enterprise numbers. The share of Mexico has dropped by more than 50%. As we pointed out, this year, we expect it to be down 60%, but we think activity levels have now stabilized. We really don't see a significant inflection from here to the end of the year. Given the nature of the Mexico business, there's always the sort of one well that moves from one month or quarter to the other. It causes a little bit of variation given our size. But in a broader aggregate sense, we feel pretty good about the stability of the business, and we feel very good about how we have structured our team to respond to that activity level. We are now getting into a much more operational cadence and rhythm working very closely with our customer base, PEMEX, and multiple other customers in the country to drive operational effectiveness. On the cash side, it has been a very challenging period, as everyone understands. Our team has done an outstanding job across the rest of the world and in managing working capital to deliver the results with very few payments coming in. We are hopeful that the second half will see a significant change. We are extremely heartened by some of the commentary coming out, and we have a high degree of confidence both in the government and in PEMEX that they will continue to work with us and the rest of the industry in managing the payment stream and getting everyone paid. However, it is very unclear as to the precision of timing, which is why we thought it prudent to provide guidance but be more explicit that we did not anticipate a significant bolus of payment. We expect that sometime in the second half, and we'll update you as we come back with Q3 earnings.

Our next question comes from James West with Melius Research.

So Girish, I'm curious about your thoughts on the M&A environment now that your balance sheet is strong, you have cash, and given the current market volatility. I'm interested in your pipeline and what you're seeing regarding technologies or businesses that could be good additions, whether as tuck-ins, bolt-ons, or potentially transformational. Additionally, Anuj, I'd like to hear your initial thoughts on Weatherford, its position, and your outlook for the company going forward.

Thanks, James. First of all, congratulations on the new role. Welcome back in this capacity. So James, look, I think the M&A landscape is really interesting. There are some very interesting opportunities, and all of you have heard me on this call for a couple of years with my view that I think the industry has an opportunity to improve returns through consolidation. It has to be done sensibly and with the right returns focused. So that's what we have focused on. We've got a very robust pipeline. Our predominant focus is really going to be far more probably on the well construction leading into the production segments. If we do something in the drilling side of it, it will really be something that augments our leadership position where we've already got it. We see a very robust pipeline; however, these things are always a function of several variables. Most importantly, we are focused on making sure that it truly creates value through cash flow accretion and that we have sensible valuations. With the way the markets evolved over the past few months, that's become a tad bit more challenging. However, there are plenty of opportunities, and what we will see in the next few quarters is the ability to progress on some of those conversations with the intent that it has to have a strategic fit and the ability to create exaggerated value beyond just the obvious math. That's how we look at it. I'll let Anuj take the second part.

Sure. Thanks for the question, James. So today is my 3-month anniversary, so I'm very happy to be celebrating here on this call. You asked two questions: first is why Weatherford? There’s a solid foundation in place. We have a very strong balance sheet here. We have a hardworking culture. There's a lot going on in the company to improve upon and ensure that significant opportunity exists. My key priorities are: first, capital allocation and long-term balance sheet strength. Second, it's to drive free cash flow and margins; right now there's a lot of focus on cyclical costs, but we're also looking at structural cost improvements to drive longer-term efficiencies. Also, there are numerous initiatives underway to optimize working capital. The aim is to create a cash and margin mindset throughout the company. Third, simplification; building out our processes, utilizing systems and technology. Speed is a strategy; improving these technologies and systems essentially allows us to move swiftly and remain nimble. Lastly, to be a very strong business partner to create more operational bandwidth, which ultimately will enable greater bandwidth for Girish as well to focus more on broader strategic themes.

Our next question comes from Doug Becker with Capital One.

Girish, you mentioned pricing pressure; which countries and what product lines is this most acute? Also, how would you frame the benefits from the incremental cost-out measures being taken?

Yes, Doug. Look, pricing we've talked about in the past; North America is clearly some place where we're seeing that. We see a lot of pressure, especially as the volumes come down and the rig count goes down. We're very used to it. On the international side, I would say we are starting to see a few pockets, and it's in multiple regions. However, I remain hopeful that the discipline the industry has maintained in the past few years will prevail. Given the fact that the industry didn't build up a whole ton of spare capacity, I think it will keep us in good stead as we go through it. Clearly, there is a little bit greater emphasis on that. We remain focused on maintaining margins; pricing is the first lever on that. From a segment standpoint, it's probably most noticeable in the service businesses, which have seen the most decline. So that's what's happening, and from a cost standpoint, what we are doing right now is driving cost focus systematically, ensuring scalability along with margin benefits. Up until now, it's really been offsetting revenue declines. Given the detrimentals on the service piece, we haven't yet been able to match that. We expect to see productivity improvements of 25 to 75 basis points per year.

Our next question comes from Derek Podhaizer with Piper Sandler.

So you highlighted the $1.3 billion of liquidity and $1 billion of cash. You continue to reduce debt opportunistically. Can you expand on your strategy with the balance sheet from here, thinking about continued debt reduction and potentially refinancing?

Yes, sure. For us, that really hasn't changed, but I'll let Anuj talk a little bit more about the specifics.

Sure. I'd like to emphasize the comments you made, Derek, around our balance sheet. We have $1.3 billion of liquidity, the highest we've had since emergence, with over $1 billion of cash. The team has done a great job of bringing down our net debt-to-EBITDA ratio, which currently sits at 0.49x. Overall, we have a very robust balance sheet that provides us with optionality and flexibility. Our intent is to target a gross leverage-to-EBITDA ratio of about 1 turn long-term. We will continue to opportunistically reduce debt as we find it feasible and economical. Our current actions in H1 reflect repurchasing around $61 million of our 8.625% notes. We are strategically positioned for refinancing our notes in times that are favorable.

Our next question comes from Ati Modak with Goldman Sachs.

Argentinian asset sales, is there a way to quantify that? Are there other parts of the portfolio that could be optimized as you think about the strategic aspects of cost in the business?

Yes. I'll talk for the second part first, Ati, if that's okay. We've discussed this multiple times; we really want to focus on the intersection of product line and country. We have systematically been working through businesses that were unprofitable—thought to be strategic but didn’t make money. So we've exited most of those. On Argentina, it was the most significant one. The pressure pumping business and some of the slickline and wireline businesses in Southern Argentina were atrophying, so we executed on that earlier this year. There are a few more that we have, but they're much smaller. The combined set of divestitures in Argentina is a bit difficult to quantify; the delta between Q1 and Q2 would have been an order of magnitude of around 5% of our sequential revenue increase and EBITDA increase.

Our next question comes from Josh Jayne with Daniel Energy Partners.

I wanted to focus my question on MPD. Could you talk about the opportunity set today for Weatherford? You highlighted a 3-year deepwater development project in Mexico and also one awarded by Aramco for onshore and offshore. Are customers still evaluating incremental opportunities that MPD equipment at the same pace they have been? Could you speak to how MPD equipment is evolving and how you expect it to improve going forward?

Yes, sure, Josh. Look, it's just a product line we continue to be extremely bullish on. A lot of the research papers we've been putting out point to the efficacy of MPD not just to improve drilling outcomes but in various areas. This concept of transitioning from managed pressure drilling to a more holistic managed pressure wells is significant for the industry. We have a robust leadership position in deepwater MPD. We are seeing a fair degree of interest and various tender and quotation activities, with multiple systems quoted, combining capital sales and rentals. However, we do not expect any of this to materialize into revenue until the second half of next year. We anticipate significant upticks in activity going forward as we see MPD become a differentiator for rig operators with the capability upgrades. So there's a big push on that, but it will take more time for that to bear fruit. Great. Thank you all for joining. Again, I appreciate all of the interest, and we look forward to coming back in 90 days with an update on the third quarter. Thank you.

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