Good morning, ladies and gentlemen, and welcome to the Baylin Technologies First Quarter 2025 Financial Results Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press *0 for the operator. This call is being recorded on Thursday, May 8 of 2025. I'll now turn the call over to Kelly Myles, Director of Marketing and Investor Relations of Baylin Technologies. Kelly, please go ahead. Thank you. Hello and welcome, everyone. Thank you for joining the call this morning to review our First Quarter 2025 financial results. On the call today from Baylin are Leighton Carroll, Chief Executive Officer, and Cliff Gary, Chief Financial Officer. We will be available for questions at the end of the presentation. Before we begin, let me make it clear that our comments today may include forward-looking statements and information, as well as, excuse me, answers to questions that could imply future expectations about the prospects and financial performance of the business for 2025 and beyond, and could include the use of non-IFRS measures. These statements are subject to risks, uncertainties, and assumptions. Accordingly, actual performance could differ materially from statements made or information provided today, so you should not place undue reliance on them. We also do not intend to update forward-looking statements or information except as required by law. I ask that you read our legal disclaimers and explanation of the use of non-IFRS measures and refer you to the risks and assumptions outlined in our public disclosures. In particular, the sections entitled Forward-Looking Statements and Risk Factors in our annual information form for the year ended December 31, 2024, and our other filings, which are available on SEDAR Plus. Our Q1 2025 results were released after market close yesterday. The press release, financial statements, MD&A, and annual information form are available on SEDAR Plus, as well as our website at baylintech.com and otcmarkets.com. I would now like to turn the call over to Leighton. Thank you, Kelly. As we report on our Q1 2025 results, I want to be pretty open about the environment we've been operating in. The end of the first quarter and the beginning of the second, honestly, have been the most volatile we've experienced in recent years with the unexpected large escalation in global tensions and certainly tariffs. The decision by the United States to implement the tariffs, reciprocal tariffs, subsequently delaying some changes in rates and exemptions, changing in policies, which has in some cases changed daily, if not almost feeling like hourly, has created a lot of uncertainty across various markets. We have obviously seen retaliatory measures from certain nations back to the U.S., which has only added complexity. This whole situation has tested our agility, our resilience, and really in some cases our relationships with suppliers and customers. While our financial performance did not meet what I wanted, I am proud of how our team responded. I am going to talk about that as we get into this because there are some, I think there are some interesting things that we have done that have really helped us navigate this environment and mitigate a lot of those impacts. Honestly, I think, and maybe this is hubris, but I think we have done a bit better than a lot of other companies in this environment. A few positives I want to highlight. Despite having lower revenue year over year, our gross profit increased. That is a cool thing. That is a product mix. That indicates that a lot of the things that we've been doing, retiring legacy product, rolling out new product, focusing on operational efficiency, even when you have this wildly unclear macroeconomic environment, we're generating higher gross profit relative to the revenue to a lower revenue number. I'm actually pretty proud of what we're doing there. Adjusted EBITDA at $0.7 million was our fifth consecutive positive result and 47.8% higher than Q1 of 2024. That's actually good stuff in a very challenging environment. Demand remains strong. Backlog at $29.4 million as of April 30. The mix has certainly changed, and we'll talk about that some more. Importantly, you can get yourself wrapped around the spokes of dealing with tariffs and everything becomes short-term and, oh my God, what are we going to do? I think this was an important point I wanted to make. While we have been doing a lot of work on tariffs, and I feel good about the progress we have made in managing and mitigating them, we have not taken our eye off the long-term strategy, how we get to sustained longer-term growth and higher levels of profitability. That remains front and center for our business. I am going to talk about each of the businesses just briefly before I turn it over to Cliff. Our Satcom business certainly had slower sales. This was driven by market conditions, uncertainty in the tariff environment, and even to the extent if you think about when the U.S. inauguration was, and then you had the phenomena of COVID and layoffs. We actually saw delayed orders. I think I talked on our last call, a very, very obvious one, which was it was a great order from the National Oceanographic and Atmospheric Administration. We expected that order a while before when we actually received it, but of course, they had significant layoffs and that caused turmoil within that department. As you can imagine, it caused us to see some delays. Understanding that you run a business and you have to take necessary steps, given the lower sales environment that we saw in Q4 of 2024, and then we had a less than optimal February in terms of new bookings, we decided it was necessary to implement temporary layoffs of about 30 employees to better align our cost structure and our capacity with our expected revenue streams going forward. Temporary was important because, A, it is the right way to do it, and if we get a rebound, we are going to be able to repair and grow quickly. That takes nothing away from the work that we're doing in that business on improving efficiencies and retiring some of the legacy product that is more challenging to produce. Our embedded line also experienced some revenue softness. We ship most of our products that we manufacture, which, by the way, we manufacture predominantly in China. We do manufacture in Vietnam and Malaysia, but we ship those products to Asian partners, and thus our business is not directly impacted by tariffs. In other words, Baylin is not paying the tariff. However, if we're delivering a product to one of our partners, to an ODM, say, or a CM in Malaysia, in Indonesia, in Taiwan, in China, and they're then shipped to the US, there are tariffs. Obviously, there's been start, stop. There's been a rush of customer conversations about how we handle certain things only to pause that with the 90-day pause. When you have a 90-day pause on reciprocal tariffs and a 10% baseline, there's not certainty, and that's causing certain buying behavior challenges. It has caused us, we have this nice level of backlog in that business, but the order flow through from that backlog was lower than we would have liked in Q1. Understanding that the pause was due to expire on July 8th, without having some level of clarity, we could see that behavior continue. Now, wireless infrastructure has been an interesting story. When I got here, I felt like it was the business with the most potential to growth, but from a go-to-market strategy point of view, was not necessarily focused on the right things. We had a bang-out 2024. That business grew 40% over 2023. It's continuing to grow, right? This is a cool thing. The multi-beams are gaining even further traction. We've had some very, very exciting developments with Verizon in that space, which I'm excited about. The other thing, which has historically been one of our strengths, and it's one of the things that I think the Galtronics Infrastructure Group always got right and was a strength, is small cells. Small cells were muted in 2023 and 2024. We're seeing good small cell flow through for the first time in several years, and that actually leans into one of our strengths. Knowing that we're so well positioned with Crown Castle, with T-Mobile, with AT&T, and now with Verizon, as well as obviously with the Canadian carriers, it's been a nice revenue stream for us. We produce the majority of those in China. I would tell you that Cliff, this guy named Leighton, a bunch of other people who work in this business, when we were going, "Okay, it's 30%." No, no, it's higher. Tariffs are going higher. Oh, no, no, it's 125%. No, no, it's 145%. Sleepless nights and a lot of stress were the result of that. What's interesting, and this has been a lot of work getting here, our effective rate is not 145% for the infrastructure products coming to the US. Our effective tariff rate is approximately 30%. We have taken further steps to lower this through multiple strategies. I can explain how all this works and how we got to 30%, but it's above board. We have had containers come through customs and border patrol. I never thought I'd say I was happy with 30%, but given the alternative, I'm happy with 30%. Looking ahead, we expect the external environment to remain unpredictable, just as the Trump administration seems to be unpredictable. However, we continue to adjust our operations to build greater resilience, and we are always looking at how we can be more effective. I do want to thank the employees, my leadership team, everybody at this business who has been busting it during this really choppy time. We're doing okay. Not perfect, but we're doing okay. We have done really well at managing what was a very challenging situation. Without the people at this company's support, we would not have come this far. I also want to thank our shareholders and lenders for their continued support and trust. We remain committed to the long term, which is creating long-term value, not just dealing with short-term wins. Obviously, we've had short-term volatility we've had to deal with, but we continue to focus on the long term as well. With that, I'll now hand it over to Cliff to walk through the financials in more detail. Thank you, Leighton, and good morning, everyone. Prior to discussing the first quarter of 2025 results and financial position, I'd like to address some important disclosure in our statements. Consistent with our 31 December 2024 reporting, we have noted a material uncertainty related to going concern, arising from the outstanding court order for the return to the escrow agent of $1.8 million plus interest, and the negotiation of our current lender of a new credit facility to replace the current one, which has most recently been extended to May 30, 2025. We're actively addressing both issues. We had expected to reach a longer-term agreement with our current lender prior to the end of March 2025, but the process was delayed further due to the changing tariff environment and its impact on our financial forecasting. Leighton will discuss that in more detail later in the call. Needless to say, we continue in discussion with our lender and expect a longer-term facility to be agreed in the near future. Let me now walk through the financial results for the first quarter of 2025. We began the year in a challenging demand environment, which contributed to a decline in revenue. Q1 revenue came in at CAD 18.9 million, down 5.9% year over year and 9.2% sequentially from Q4 of last year. The decline was primarily driven by softness in the Satcom and embedded business lines, as outlined by Leighton. That said, despite the top-line pressure, we delivered strong improvements in profitability, a testament to the operational discipline now embedded across the organization. Gross profit for the quarter increased to CAD $8 million, up 3.6% from the same period last year. Our gross margin improved by 3.9% to 42.4%, reflecting the more favorable product mix. On the operating side, we maintained tight control over discretionary spending, with operating costs of CAD 9.1 million for the quarter being consistent with the prior year quarter. As a result, adjusted EBITDA grew to $0.7 million, up 47.8% year over year. This represents our fifth consecutive quarter of a positive adjusted EBITDA, and we are especially pleased to see that progress against the backdrop of softer revenue. Net loss from continuing operations was CAD $2 million for Q1 of 2025, which was consistent with the prior year. On our balance sheet, we ended the quarter with CAD $6 million in cash and a lower credit from banks at CAD 17.6 million compared to CAD 18.7 million at the prior quarter end. Our net debt declined from CAD 14.3 million at 31 December 2024 to CAD 12.1 million at the end of Q1 2025. Working capital declined CAD 3.1 million, mainly in accounts receivable, through a combination of the lower revenues and taking advantage of customer early payment programs. Working capital was the largest contributor to positive cash from operating activities of CAD $2.6 million, which was used to pay down the debt. To wrap up, it has been a challenge, but we have seen an appropriate response on our balance sheet to the change in our operations for the first quarter of 2025, and we remain focused on cash management. With that, I'll now turn the call back to Leighton. All right. Cliff, can you hear me? Yes. All right. Sorry about that. I had a Bluetooth on, and it decided to give me a challenge. I assume I'm back up to date. I was waiting for the transition. Look, the company's business has certainly been affected by the uncertainty on timing level, duration, extent of U.S. tariffs. Canadian goods, other than those that are compliant with CUSMA, are subject to a 25% tariff. By the way, whether you call it CUSMA or USMCA, even those goalposts have changed, right? When that first came out, 60% was the guideline. Then it went to 75%. That has now changed to significantly transformed, which, define what that means. You have to work on that to understand that. There's paperwork, qualifications. Even with something as simple as that, which if you think about our satellite products, which are manufactured in the majority in Kirkland, Quebec, the goalposts keep changing. How do you set your team up to be successful so we can help our customers import those goods to the US, understanding that 40-50% of what we manufacture goes to the US? It's been a challenging environment. Obviously, we had the reciprocal tariffs, and then there was the pause on reciprocal tariffs, and then there's a situation on China. It's been a really funky ride. Now, the company's been very proactive, and really, it's been an opportunity for us to look at diversifying our supply chain, really looking at our operations, how we handle what we do, where we're importing from, and are there opportunities to move production to deal with the tariffs while we mitigate their impact. For the embedded antenna business, there remains this risk because most of the people who manufacture the end products for our customers, like Google, like Amazon, like AT&T, like Verizon, Charter Communications, they're manufacturing in another Asian country. While there was a 10% baseline tariff left in place, all the reciprocal tariffs were paused. You don't have clarity on what that's going to mean. By the way, some of these partners who we work with, it's an ODM. If you live in the ODM contract management manufacturing world, you're not running around at Baylin-level gross profits, right? You're likely going to have a much lower gross profit and a 10% tariff if your customer is saying, "That's not my problem, that's yours," to these ODMs. That has significant impacts on their business. You can see the uncertainty that that would cause. We have certainly seen a slowdown in embedded, we believe, in no large measure due to the tariff uncertainty and even just a 10% tariff rate. We are continuing to work through this with each of these guys and trying to get this completely worked through. Wireless infrastructure, we're doing pretty well. What happened is with that business, we all had the sticker shock at 145. What we learned and have since tested, proven with our own product, and then validated with a friendlier competitor, if your product is underneath the US Harmonized Tariff Schedule, or HTS, excuse me, HTS code, specifically for aluminum and steel, you have an aluminum steel tariff of 25% for that component of the product that you manufacture. What that means is you are not subject to the full reciprocal tariffs, but a set of baseline tariffs. That combination, based on what we have been importing to the US for infrastructure, effectively comes out to approximately 30%. That's a good place to be. I'd rather it not be 30%, but 30% is livable for the business. Understanding the gross margin profile for our infrastructure business is the strongest of the three, and that it is growing and has a very tight cost structure. We are able to handle 30%, keep growing, and keep generating cash flow, particularly within this business. In the case of Satcom, most of the products we have are produced in Canada, right? Obviously, a good measure go to the United States. Being CUSMA or USMCA compliant allows us to not be subject to that tariff. There is a lot of paperwork involved, and it is an effort. Now, understanding we do have U.S.-based competitors, they do not have to do this paperwork. Understanding many of our customers are picking up FBO, our customers do not have to do that paperwork if they take from our competitors. Obviously, even with the fact that we are compliant because of the extra bureaucracy, it does have an impact on the business, and it has caused delays in fulfilling orders, and we have had a bit of order slowness. Now, I will say order volume in January was good. Order volume in February was not strong. Order volume in March was pretty good. If I average those three out, it is not where it needs to be, given where the size of the business was. Obviously, we looked at it, looked at revenue and profitability, and we took steps to reduce cost structure through the temporary layoffs. Look, I think we all know that everyone is navigating this tariff landscape and the amount of uncertainty that we have. I will say we have done a—I feel confident in saying we have done a good job of controlling what we can control, preparing, even in anticipation of the unknown, with contingencies, and have implemented ways to take costs out of different business units and reduce the tariff burden in each. By the way, one of the things I did not mention, and we have done this, but to a limited extent in the infrastructure space, is we have increased pricing to select customers. We have had AT&T, Verizon, T-Mobile basically all came out and said, "Hey, tariffs are your problem, not ours," right? They do not care that we produce in China. And by the way, not all of our competitors do, right? For small cells, we have two competitors who are both pretty decent and strong companies. One produces in Mexico, one produces in Korea. They do not care where we produce. That is your problem. It is up to us to manage it. For other customers, and it depends on the product set and product line, we have been able to do price increases. What I have found interesting is when you explain to those customers, "We're not going to increase prices to 145% to reflect a 145% tariff. We're going to increase prices to reflect the fact that we have managed this down to 30%," the sigh of relief they have. They're willing to pay the higher price at this point because they know that for this particular set of products, and in this case, it's particularly DAS and stadium products, really just about everybody produces those in China. The fact that we're able to have done the work that we have, know that we can get it to the United States at a reasonable level, those increases are being accepted. Really funky environment, and you've got to play it. It's a little bit of hand-to-hand combat dealing with individual customers and, in some cases, helping them understand how to be compliant. What have they got to do on the paperwork? In other cases, "Hey, you're not going to be impacted by tariffs." In other cases, "We're going to change some pricing, but it's not going to be this crazy sticker shock, and you're still going to be able to procure product and keep moving forward." Let me talk about each business briefly, and I think I beat the tariff horse to death. Overall, look, the embedded antenna line had an amazing year last year. It grew 23% on 2024 over 2023. Given what's going on with the uncertainty, the embedded team will have a good year, but we expect that revenue will be in line or slightly lower than in 2024. We have certainly seen that in Q1. The point of this, though, is the backlog remains actually really high. It is just the flow-through has got to start happening, and I think the uncertainty has caused that a level of slowness. To be clear, it is not a crawl. We are still sending orders. We are still very active. By the way, we have a really good book of active bids and projects going on in that business. I feel great about the long-term future. It is a little annoying that we have the uncertainty, but I think from an overall 2025 point of view, it is probably going to be slightly lower. It is still going to be nicely profitable, and we are going to do whatever we can to try to get it back on plan. Wireless infrastructure, despite tariffs, it is just kind of a cool thing. It is thumping. The strategy is working well. Multibeams and the small cells are doing well. We've obviously had some nice stadium deployments going into Estadio Azteca in Mexico City. It's kind of a cool thing in front of the World Cup. Lots of good stuff, and we're having some really productive conversations with new European customers, and we need to turn that into revenue. The strategy, it feels like it's really working because we're seeing the order flow through. Look, it's up to us to manage the margin profile, but given how much we improve the margin profile in this business, we've been able to, and what we did to mitigate the tariffs, we're able to handle it, stay nicely profitable, and keep growing. I actually feel 2025 is going to be a better year than 2024. 2024 was a bang-out year for us. We'll have to see. Obviously, the margin profile within this business may not meet the same levels on a percentage basis as last year. We got to keep working on how we mitigate tariffs, improve our operational efficiency, and try to keep it in line. The satellite business, we do expect it to generate lower revenue in 2025 compared to 2024. The level of uncertainty that we've seen, particularly in Q4 sales, which we don't produce overnight, and seeing a little bit of softness in Q1, it should be lower than 2024. Now, we continue to see good opportunities in broadcast. It is interesting. Military spending has, and the level of opportunities has, increased. What I think is unique about that is if you look where it's increased, with all of the changes the U.S. administration has done, we're seeing more opportunity with European government agencies than I think we've seen since I've been here. You can't just win it overnight and turn it around overnight. These are longer sales times, and it takes a little bit to produce. We have had some nice wins. We had a really nice win, excuse me, in March with a European group, which is why I explained that March was a pretty solid sales month for us. It's interesting. We're seeing more in different places, and it comes back to the fact that we do high-power satellite. We're not trying to compete with the Starlinks of the world. To me, that's a fool's errand. Specializing in high power for unique applications: military, government, commercial, and communications broadcast. That is paying off. It was on us understanding we were seeing lower revenue. Okay, let's take some cost out. Let's make some challenging decisions, and let's keep grinding and get this business to drive even better profitability than it has historically. Honestly, I would tell you, I think being Canadian is helping us in this space, not just with NATO countries, but even with other countries in Asia for opportunities. The focus on the high power is kind of our baseline, and that is an important piece that is not going to go away. We are continuing to work and hopefully get better efficiencies over the course of the year. As we close out today's call, look, I want to acknowledge the reality that this has been—I mean, I have had to lead businesses through COVID. I've had to lead businesses through the recession of 2008, 2009, etc., from real estate. Here we are, another unique, interesting time, particularly for an international wireless and satellite OEM. It has been funky. The team has been really—I can't thank the team enough for rolling up their sleeves, being creative, working hard, losing sleep, and helping us mitigate the impact of tariffs. I'm happy with where we are. I'm annoyed by tariffs, but I like our long-term prospects, and I like the strategy that we've got. I feel we're continuing ahead in a good direction. That concludes our formal remarks. Operator, happy to take questions. Thank you so much for that. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star button followed by the number one on your telephone keypad. You will hear a prompt that your hand has been raised. Should you wish to cancel your request, please press the star button followed by the number 2. If you are using a speakerphone, please give the handset before pressing any. One moment, please, for our first question. Our first question comes from Daniel Rosenberg from Haywood Capital. Please go ahead. Hi, good morning, Leighton. I was just—Hey, Daniel. My first question—Hey, Daniel. Daniel. Thanks. My first question was just around the balance sheet. I saw on your release the credit facility. You were able to extend the contract, but not as long-term as you would have hoped. I was wondering if you could provide an update on that and how you're thinking about the balance sheet, please? Yeah. Part of this is timing. We had a timing originally. We're going to April 30th, and we're having really productive conversations with RBC. The beginning of April happens. Reciprocal tariffs, reciprocal tariffs, abbreviated 10% tariffs, 145% tariffs, and we're going, "Oh, dear Lord." We're going through this period. Keep in mind, RBC needs time. They're dealing with a material extension. You go through credit committee. You have to have forecasts. We're sitting in effectively the second week of April, and every forecast we had given RBC needed to change. Hard stop period. RBC is, "Can we have a new forecast?" I'm like, "Guys, I don't want to give you bad numbers. We got to figure this out." It's going to take some time. This has kind of been the cycle with people who run businesses hate uncertainty, particularly in regulatory environments, right? I know I just stated the obvious, but this is why. Because we had things to do with RBC, and we had to—and the way we run our shop is we're really open and transparent. It was just, "Guys, we are going to have to reforecast." That means based on where we think we're going to get tariffs. Fortunately, we were able to go from 145 down towards 30. 30 still has material impacts in terms of mix, particularly in the infrastructure line. The infrastructure line is the growth workhorse that was really starting to—I mean, you could see it, right? Before all this, we were running around a 7.5% tariff, and the volumes were picking up. The traction was picking up. The quality of conversations and the breadth that we're having with people in our industry, it was really starting to go. It was kind of a neat time. You had this, "Oh my God, 145. What does that do to the business?" because we did not get clarity that we were going to be at 30 for a while. It took us working on it, understanding the changes, looking at the HTS codes, talking to brokers, talking to tariff specialists. I have talked to a number of other CEOs of large manufacturers and importers who manufacture or import from China to the United States. What have they done? How do we share ideas? Through that process, and people like Cliff and our ops teams working very hard, we realized we could fit into this structure. Did so. Two containers came over, confirmed we are at 30. Now we need to reforecast. What do we think this will do? Where can we change prices? Where can we not? What do we think that will do to the demand curve? What will this do to our margin profiles? Reforecast through the end of the year, now into 2026, so we can have a productive conversation with RBC, right? The obvious thing here, and I know I'm being a bit long-winded, is RBC and Baylin, we have a good relationship, and we were working on a very material long-term extension. The tariff uncertainty really caused uncertainty for RBC and for us. It has taken us a while to get to that level of certainty. We are working on a material extension. It just had to get extended to May, and we've got a little more work to do. I think Cliff and I both remain confident we're going to get something done here that will be longer than the month-to-month merry-go-round that we've been on recently. Okay. I can appreciate that, and it certainly adds a degree of complexity to trying to do anything in this environment. I guess as an extension, you mentioned trying to forecast demand curve. As you think about a 30% impact, if that does hold, what's your best guess on how customers react to bearing that price increase? What are the kind of conversations you're having around the product sets and how it impacts your demand? Yeah. It's interesting. We've actually—our auditors are RSM. We have actually had great support from RSM. We've worked with third parties. We've looked at how we do transfer pricing or landed costs. The effect is, even at 30%, our—remember, 30% is landed cost, right? There were ways we could actually take cost out. It still has to be paid for, and it has to be auditable, legal, above board, but actually reduce our landed cost a bit, have 30% on that, and then have—particularly for, say, our DAS products, which largely go through distribution—have a modest price increase. When you explain that and your partners are expecting originally 145, and now they're at 30, we're actually able to price a little bit underneath that and still have a pretty strong margin profile. I've had nothing so far but positive response. I've only talked to a few of the distributors. I have a big conference next week in Chicago. We'll be there with the team, and it's packed with meetings, and you can get—excuse me—guess what the front and center will be. Based on what we expect, we actually expect a little lower in DAS sales because the prices are increasing. Conversely, small cells and multibeams, because of the work that we had done on margins, were able to absorb that fairly well. Because we've been able to reduce our landed cost a bit, effectively, we're not going to have massive margin degradation. I know this is—and I'm not revealing everything because I don't want to—but we feel pretty good with respect to the top—what I call the top two-tier product sets that have been driving the greatest margin value for us in being able to mitigate the impact of what 30% means, reduce that so we still have a very strong margin profile. Yeah, it's annoying because it adds costs, but the volumes we're seeing in those programs are growing. We have opportunities and have had conversations with carriers—this is a unique place to be—where they want volume discount rebates. That could reduce your margins. If you sell X number of products of a certain category and maybe you get $500,000 to $1 million at one margin profile, I don't have to be the smartest at math to know that slightly lower margin on that same set of products at a $10 million level is more bottom line for Baylin. We're having those conversations because they see the value in some of our products. That's a cool place to be. I actually feel like Baylin would be rolling without this tariff nonsense. I do feel like we're going to be in a solid place. It's up to us to keep managing, and Lord knows it could change tomorrow. The team has done—I'm not trying to pat ourselves on the back, but I'm really proud of the work the team did to help us manage through this, reduce our landed costs, reduce the impact of the tariffs, manage customer expectations. When you look at our forecast, we feel good as a business—excuse me—going into 2026 and growing beyond based on what is working now and, to be honest, what we have coming in additional product development. Okay. Thanks for all that context, Leighton. I'll pass the line. Thank you so much for that question, Daniel. Since there are no further questions at this time, please continue, Mr. Leighton, for our closing remarks. I think I've said it. This has probably been my most unscripted. I have people who work with me try to help me get a script to stay on, and I'm sure they're pulling their hair out because I haven't stayed on it. Baylin could have been in a position where tariffs were really destructive for the company. We're now in a position where I can say confidently, we'll weather the storms. We're going to be fine. It's going to be challenging, particularly as we're going through still dealing with a lot of customer turmoil this particular quarter. I like where we're going, and I like the growth we're continuing to have. With that, I appreciate everyone's time and attention. Guys, have a great rest of your day. This concludes today's call. Thank you for participating. You may now disconnect. Thank you.