Good morning, and welcome to the Element Fleet Management Q2 2026 financial results conference call. My name is Sumit Malhotra, Senior Vice President and Head of Financial Performance here at Element. Presenting to you on our call this morning are Laura Dottori-Attanasio, President and Chief Executive Officer of Element, and Heath Valkenburg, Executive Vice President and Chief Financial Officer. Following our remarks, we will be pleased to take your questions. Before we start, and on behalf of the executives speaking today, Element wishes to caution listeners that today's information contains forward-looking statements. The assumptions on which they are based and the material risks and uncertainties that could cause them to differ are outlined in our company's most recent MD&A and annual information form. Although management believes that the expectations expressed in the statements are reasonable, actual results could differ materially. Element also reminds listeners that today's call references certain non-GAAP and supplemental financial measures. Management measures performance on a reported and adjusted basis and considers both to be useful in providing readers with a better understanding of how it assesses results. A reconciliation of these non-GAAP financial measures to IFRS measures can be found in the company's most recent MD&A. With that, I would now like to turn the call over to Laura. Thanks, Sumit. Good morning, everyone, and thanks for joining us. Element delivered another solid quarter, reflecting the resilience of our business model and the consistent execution of our strategy. Our adjusted net revenue increased 10%, our adjusted EPS grew 12%, and our adjusted return on equity expanded to 19.6%, demonstrating both the quality of our earnings and the strength of our recurring revenue model. Our first half performance reinforces that we are executing against the priorities that matter most, delivering greater value for clients, operating more efficiently, and creating long-term value for shareholders. Three themes stand out. First, our core business continues to perform well. We delivered record first half revenue. Our services revenue re-accelerated during the quarter, and we advanced our capital-light strategy through our inaugural equity residual transaction. Second, we continue to deepen client relationships by helping organizations lower fleet operating costs, improve vehicle uptime, and navigate an increasingly complex operating environment through data, technology, and strategic advisory services. Third, we are extending Element's leadership in intelligent mobility by applying the capabilities we have built over the years to the next generation of fleet solutions. Turning to commercial performance, we added 42 new clients during the quarter, including 13 conversions from self-managed fleets, and we completed 247 additional service enrollments with existing clients. These results demonstrate the growing value clients place on our broad service offering. Our strategic advisory services team remains a key differentiator. During the quarter, the team identified about $ 482 million in potential client savings, with 41% already being actioned. Those are meaningful outcomes for clients and an important driver of long-term client retention. We also announced a strategic partnership with Waymo, a powerful example of how our purpose to move the world through intelligent mobility is coming to life. While autonomous mobility is an emerging market, the operational capabilities required to support it, including lifecycle management, maintenance, and operational execution at scale, it aligns closely with Element's core strengths. We are beginning our work with Waymo in San Diego, and we expect to support future expansion as our partnership grows. As you can appreciate, this is a measured and highly relevant extension of our core capabilities into an evolving mobility segment where Element has a clear right to win and can create meaningful value for clients and shareholders over time. We also continue to advance our digital and automation transformation. DigiAdvisor, our AI-powered decisioning platform, combines connected vehicle data, service information, and Element's expertise to support faster, more consistent maintenance decisions. It's another example of how our technology advancements are improving the client experience while increasing our ability to scale efficiently. Now, over the past several quarters, we've invested in digitizing workflows, automating manual activities, strengthening our data infrastructure, and simplifying how work gets done across the organization. During the quarter, those investments enabled us to initiate targeted organizational actions representing 8% of our workforce, positioning us to deliver approximately $20 million of annualized run rate savings in 2027. This reflects our ongoing focus on building a simpler, more efficient, and more scalable organization while continuing to invest in future growth. As we look to the second half of 2026, our priorities remain unchanged. We will continue to grow our core business. We will continue to deepen client relationships. Invest selectively in capabilities and mobility opportunities and maintain disciplined execution to create long-term shareholder value. With that, I'll turn the call over to Heath to discuss our financial results in more detail. Thank you, Laura, and good morning, everyone. Element delivered solid financial results in the second quarter, supported by the durability of our business model, disciplined execution, and continued progress of our capital light strategy. We achieved double-digit year-over-year growth in adjusted net revenue and earnings per share, with return on equity expanding to 19.6%, demonstrating the capital efficiency in our business model. I will now walk through the components of our performance on an adjusted basis. Net revenue was $318 million, up 10% year-over-year, with solid contributions from each of our categories. Service revenue was $164 million, continuing the expected re-acceleration and increasing 8% from the prior year. The year-over-year increase was supported by growth in vehicles under management and higher services revenue per VUM. Vehicles under management ended the quarter at 1.56 million, an increase of 3% year-over-year. Consistent growth in VUM remains a key attribute in driving our top line performance, we continue to target annual VUM growth of 2%-4%. We remain encouraged by this performance, continued growth in VUM and services further strengthens the recurring and capital-light nature of our earnings profile. Net financing revenue was $136 million, up 7% from the prior year. The increase reflected growth in average net earning assets, benefits from our leasing initiative, and the continued evolution of our funding platform. The solid NFR growth was achieved despite the provision for credit loss associated with a client's specific matter we discussed last quarter. We are now fully provided for that exposure, due to the high quality of our lease portfolio, we expect annual credit losses will remain within our historical range of approximately 1 basis point- 2 basis points over time. Core NFR yield increased 35 basis points to 5.12%, demonstrating continued expansion while absorbing higher PCL. Syndication revenue was $18 million, an increase of 58% year-over-year. The increase was supported by higher syndication volumes, continued investor demand, and the reinstatement of 100% bonus depreciation. Syndication remains an important balance sheet management tool, our new equity residual structure adds a complementary funding channel. As the structure scales, Element can allocate volume across channels to enhance funding capacity, capital efficiency, and our return profile over time. I'll touch on that in more detail when I discuss our balance sheet. Originations were $1.7 billion in the quarter, down 9% year-over-year and up 19% sequentially. The year-over-year decline primarily reflected the expected normalization in activity from the originate to syndicate client we discussed last quarter. Excluding the impact of this client, originations increased 4% during the first six months of 2026 compared to the prior year period. As this client's activity peaked in the second quarter of 2025, the year-over-year comparison is expected to become more favorable through the balance of 2026. Sequentially, originations increased across all regions, reflecting continued commercial momentum and the conversion of our order pipeline into funded assets. It is also important to view originations in the context of our broader business model. Approximately 60% of our vehicles under management are service only and do not require Element to provide financing. In addition, quarterly originations can fluctuate based on the timing of client purchasing decisions, whereas our earnings are supported by a much broader set of drivers, including growth in our vehicles under management. Variability in originations can occur, we would note net financing revenue has continued to consistently increase year-over-year, benefiting from higher net earning assets and ongoing expansion in NFR yield. Turning to expenses, the $141 million total in Q2 was slightly down quarter-over-quarter and up 10% from the prior year. The year-over-year change reflected continued investment in Car IQ, Waymo, and our digital capabilities together with inflation and higher depreciation. As Laura noted, we initiated organizational actions in Q2 that were supported by prior investments in digitization, automation, and process simplification. Once fully implemented, these actions are expected to generate approximately $20 million in annual run rate savings, helping moderate expense growth in 2027 while supporting a more scalable cost structure, enhancing service quality, and enabling continued investment in strategic growth priorities. Adjusted operating income was $177 million, an increase of 9% year-over-year, adjusted operating margin was 55.6%. For the first six months of 2026, adjusted operating margin increased 60 basis points to 55.9%, reflecting positive operating leverage across the first half. Adjusted free cash flow per share was $ 0.39 in the quarter, down 3% year-over-year, reflecting higher cash tax payments in certain jurisdictions. Cash tax payments can vary between quarters, as demonstrated by adjusted free cash flow per share increasing 11% year-over-year during the first six months of 2026. Turning to the balance sheet, we ended the quarter with a debt-to-capital ratio of 76.5%, within our targeted range of 73%-77%. This reflects continued discipline in managing leverage and ties back to the broader funding initiatives discussed earlier. Our inaugural equity residual transaction with CPP Investments and Blackstone represents an important evolution in our funding strategy. It adds a complementary channel alongside traditional syndications and provides greater flexibility in how we deploy capital. Importantly, we're already seeing the benefits of this enhanced flexibility. In Q2, we returned $163 million to shareholders, including $120 million allocated towards the repurchase of 5.8 million common shares. In the first half of 2026, we repurchased 8.1 million common shares, representing 2% of shares outstanding and above the 5.4 million shares that we repurchased in all of 2025. We will continue to deploy capital with discipline, using our enhanced flexibility to be opportunistic during periods of market dislocation. In summary, our first half results demonstrate the resilience and strength of the Element business model. In the first six months of the year, revenue grew 13% on a year-over-year basis, EPS increased 18%, and free cash flow per share rose 11%. Services revenue continues to re-accelerate, as our partnership with Waymo launches in early 2027, we expect that our entry into the autonomous vehicle sector will add to our services growth. At the same time, our investments in technology and growth initiatives are now providing us with the ability to further improve our organizational efficiency and support positive operating leverage as the business scales. Our new funding structure also provides us with greater balance sheet flexibility that we will utilize on behalf of our shareholders. With a solid first half behind us, continued momentum in the core business, and enhanced capital-light funding capabilities, we remain well-positioned to deliver within our full-year 2026 guidance ranges. Thank you. Operator, we are now ready to take questions. Analysts who wish to join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. Using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, press star one again. We ask that you please limit yourselves to two questions and then re-queue. We'll pause for a moment as callers join the queue. The first question is from Nick Brady with Bass Global. Morning. This is Nick Brady filling in for Bass Global. Just on servicing revenue, I know growth picked up to 8% this quarter. Can you maybe speak to your mid to long-term target for that business? Can it return to a double-digit grower? If so, is that mainly from growth accelerating or monetization of additional services? Thank you. Yeah. Good morning, Nick. As we think about medium term growth, we've always guided the market to a 6%-8% revenue growth. The composition of that, the service revenue growth, over the medium term, will be a higher contribution to that growth relative to financing income. In terms of where that growth comes from, number one, it's expanding our portfolio, so growing our vehicles under management, and we target 2%-4% growth on an annual basis for VUM. Additionally, we always see the impact of inflation coming through with a lot of our service revenue driven by pass-through items. We continually drive increased product penetration of our existing products into our portfolio. That's a combination of our traditional products that we have, but also the new products that we have brought to market, whether it's route optimization or the new Car IQ product that we acquired. The additional one that I would mention are other initiatives, and something like the Waymo autonomous vehicle space is another area that will drive stronger service revenue growth into the future. Got it. Thank you. Just one quick follow-up question. You mentioned the core NFR yield continued to rise. How much higher can that yield get? Maybe what are the biggest drivers there? Is it mainly just cost of funds improvement or some of the other moving pieces? Thank you. Yeah. We were pleased with another really solid yield in our NFR for the quarter. Really, it reflects the continued benefit from our leasing initiatives. We set up our leasing business a number of years ago, and we're seeing the benefits of that coming through. Additionally, we are improving our funding costs. Just one example of that is during the quarter, we completed a senior notes offering, and the spread on that was 70 basis points over U.S. Treasury. That's actually our most efficient debt funding to date. This enables us to refinance higher debt costs at more attractive terms. As I said, a strong yield in the quarter of 5.12%, despite some higher credit loss provisions that we expect will normalize over time. In terms of the look forward on that yield, we think that these improvement items are durable drivers and should continue into the future. Having said that, it's important for us to balance increased yield with growth and new client wins, and the benefits of our lower funding costs can drive strong NFR yield, but also enables us the ability to pass some of that on to clients to drive growth into the future. The next question is from Bart Dziarski with RBC Capital Markets. Great. Thanks, good morning, everyone. Wanted to ask on the efficiencies identified by the strategic advisory services group. $ 480 million, I think that's one of the highest or higher quarterly numbers we've seen. Could you maybe walk us through what are the additional savings being identified and how that's impacting the value prop of Element with its clients? Thanks. Yeah. Thanks, Bart. Our strategic advisory services team is, in fact, doing a fantastic job. The savings, again, come from, I'd say, a real broad review of, again, how our clients operate, whether that's from acquisition of the vehicle, uptime of the vehicle, maintenance, et cetera. That is where a lot of this has come from, I would say, with the investments we've made in not just our people, but really our technology and our AI-enabled tools. On previous calls, we've talked about our Nova agent. I'd say we've been able to bring more great ideas or insights for cost savings to our clients, which has helped, and the macro environment as well. When we look at the percentage of savings, not just that we've identified, that have been enacted, has been at a good percentage, I think that represents a bit of the environment and how our clients are more interested in finding the savings that they can find. Super. Thanks, Laura. Just looking at slide 16 on the service penetration for top products. Thanks for providing that disclosure. There's about seven listed there, I think Element currently offers 22. Could you maybe, for the remaining 15, just I know the blended penetration will be lower, but give us a sense of what that looks like, and then how the discussions with clients are going in terms of increasing that penetration over time. Thanks. Yeah. Good morning, Bart. The ones that we've presented on the slide there, I would say, are your more mature or longer-running products that exist in the fleet management industry. Therefore, the other products that we have do have a lower penetration rate, and therefore more opportunity to drive those across the platform. They're items such as the Car IQ product that we're bringing to market and some of the more newer technology products. They would have a penetration rate that is sort of more in the low single digits to 15% range. Plenty of opportunity for us to drive that higher across the portfolio over time. The next question is from Steven Boland with Raymond James. You probably expect this question, but just on the equity residual structure that you put in place, can you just give us a little bit of the mechanics on that? Is that two separate transactions within getting rid of the residual as well as the upfront paper? You also mentioned that the emergence of income comes over a longer period of time. Maybe just a little more description on that, please. Yeah. Good morning, Steven. Certainly glad to have the transaction done and our first transaction done. This is what we refer to as an equity residual transaction. It is under a multi-year committed program with CPP Investments and Blackstone. Firstly, I would say that the partnership validates the quality and low-risk profile of Element's assets and adds a complementary off-balance sheet funding channel alongside traditional syndication. It will complement our syndications. From a financial impact, although the transaction closed in June, from an accounting perspective, it was effective 1 May. Ultimately, what that does is approximately $700 million of receivables move off the balance sheet on 1 May, reducing the interest income for the final two months of the quarter. While it does impact the timing of revenue during Q2, the overall attractiveness of the economics and the structure are quite compelling for Element. Compared to traditional syndication, there is less revenue recognized upfront, and a greater portion is earned over the life of the leases. We will begin receiving distributions from the structure from July 1, and those revenues will flow into the income statement over the approximate four-year average life of the assets. In addition, we are also receiving the cash flows. We also retain a portion of the tax attributes, helping to manage cash taxes over time. That is some of the mechanics of the structure. Ultimately, as with syndication, the program is primarily a balance sheet management tool, but has a number of strategic benefits for us. Number one, it diversifies our funding sources. This adds an off-balance sheet tool that complements syndications. It also extends our capacity. Many of the assets that were in this structure are not actually eligible for traditional syndications, so we can put them down this structure. Ultimately, that gives us flexibility to allocate assets across syndications or this structure or other channels based on what works best from an economic market conditions, capital efficiencies. I'd also say that, as I said, the economics are attractive. We retain the client relationship, we retain the management and servicing revenues, and then we retain a 49% economic interest in the future lease cash flows and associated tax attributes. As we saw in Q2, the structure reduces the capital required to support asset growth and creates flexibility for us to invest in the business and return capital to shareholders. Ultimately, that enabled us to have a sizable share repurchase of 5.8 million shares in the quarter, $120 million, while maintaining our debt to capital ratio of 76.5%, and taking advantage of what we believed was an attractive share price during the quarter. Overall, we're delighted to have the program stood up. It's another funding tool to our toolkit. It improves the capital efficiency. It supports the capital-light growth strategy. From a modeling perspective, I think the key points are that interest income impact begins the May 1st, and then we'll start to receive the distributions from the structure from July 1. I know that's a long answer, Steve-- I've been waiting for that. --and an area of interest for you. I appreciate that. Absolutely. Maybe I'm not sure who wants to take this one. Going back to my notes, just in terms of Dublin operations, that operating income was supposed to have an impact, 2028. I know we're probably halfway through that. Maybe just a little bit of what's happening in Dublin and what have they taken over or what's the operational update you can provide on that, please? Yeah. Hey, Steven, it's Laura. Maybe I'll take that one. Happy to report that that is progressing really well. Probably worth revisiting a bit why we launched it when we started, I guess, almost 2.5 years ago. The objective really was that we wanted to create this global leasing center of excellence, the concept was we wanted to bring consistency, not just how we structure transactions or price risk or manage the portfolio, but it was also about improving efficiency, allowing for us to, I'd say, make faster decisions so that we can deliver a better experience for our clients and a better one for our commercial team in serving our client base. I'm happy to report that everything is rolling out as expected. We talked about some of the improvements, I'd say, that we've seen in our net financing revenue and yield. I think that that, I'm going to say, reflects some of what we've done. I'd just say that we are on track to deliver the targets that we had laid out when we first started talking about our Dublin initiative, that relates to, we talked about our revenue targets and adjusted operating income benefits that would have run rate numbers as at 2028. Heath, feel free to share those numbers in the U.S. dollar equivalent. I think it's actually going really well. I'd even go as far as to say, when I think of the last quarter, we spoke about our decision where we reduced exposure in that one originate to syndicate client. I do like to believe that the way we're set up now, that really just reflects sort of the discipline now in how we are deploying our balance sheet. Even if it does have a short-term impact on a metric like originations, we are set up in a way that we've got better portfolio management and a structure that allows for just more consistent execution across the business. Just to add to what Laura said in terms of the numbers that we called out, $ 30 million-$ 45 million increase in net revenue, $ 22 million-$37 million in adjusted operating income, both by 2028. We're on track to deliver those numbers. The next question is from Graham Ryding with TD Securities. Just wanted to touch on the Waymo mandate. Just any context you can provide on the contribution to your vehicles under management and revenue from this mandate. Will we notice sort of a contribution on the servicing side. What's your visibility or potential for this partnership to grow? Is that the intention here? Yes. Graham, I'm more than happy to take that one. I'm going to have to apologize in advance if I over-talk this one. Heath again can step in and provide more detailed numbers, if we're required. Needless to say, we are extremely pleased with the strategic partnership that we announced with Waymo. It's something we've been working on for a good 2.5 years, and we believe it's just a really strong validation of our capabilities and our long-term strategy. Again, we know AVs are a new technology, but we also know that a lot of that requires the same capabilities that Element has built over the years. Also grade everything we do, I talked about it a bit in my prepared remarks, but whether that's fleet operations, maintenance, lifecycle management, et cetera, these are things that we do and we've done really well. It does feel like a lot of work, but it does feel like a natural extension of what we already do really well. We're going to begin by supporting Waymo in San Diego, and we do expect there to be additional markets that will come online. I just say that as they do, the operating model, we expect it's going to evolve by city. Ultimately, we continue to do what we do best, and it's how we enable just these efficient fleet operations. Now, every time we go into a city, it does require some, I'm going to say, incremental investment from us. That'll be things like charging infrastructure that needs to be set up, could be, again, localized operational support. For the first one that we've announced that is in San Diego, all of those investments that are required, they've already been contemplated in our 2026 guidance. From a, I'm going to say, an economic perspective, we expect that it will add to our services growth immediately starting in 2027. I'll hand it over to Heath when I'm done, he can maybe give a little bit of insight into the numbers, at least just for the San Diego one, keeping in mind all of these will be a bit different. I would just point out, though. Again, this will be great from a revenue generation perspective, but the margin will be somewhat different from what our traditional fleet management business delivers, that's because there are some different operational services that are involved in this business. We still do expect to have some pretty attractive returns. Before I hand it over, I did say I would talk long on this one, I apologize, but before I hand it over to Heath, I do think it's worth pointing out that for us, this really is more than just this one single, I'm going to say, commercial agreement that we have with Waymo. For us, we really see this as an opportunity for Element to be established as the fleet manager of choice for autonomous mobility. We think it validates our strategy, and it should really open up a long-term growth market for us. I want to thank you for the question and hand it over to Heath, if he wants to provide maybe a little more insight into the numbers than I've done. Yeah. Thank you, Laura. I think you summed it up beautifully. We're pleased to have this opportunity and partner with a company like Waymo. In terms of some of the financing, or financial elements, the first thing I'd say is this is going to be different than a traditional fleet. From a VUM perspective, while the contribution to VUM would be modest, the actual revenue per VUM is a lot higher than a traditional fleet. The complexity of the services performed, as well as the high utilization of these assets, means that on a per vehicle basis, the revenue is a lot higher. We expect, as we go live with our San Diego site in 2027, that that will add a few points of services revenue growth for the 2027 year. We'll be looking to scale it from there as we scale both the number of vehicles, market expansion, and operational scope. Okay, great. Appreciate the thorough replies there. If I could add one more, just when you talk to investors and you sort of get feedback on what's sort of driving the shares and the valuation, what are the key pieces you think you need to execute on here over the sort of near to medium term in order to drive the multiple and your shares higher? Where does VUM growth rank in that priority list? Yeah. Our focus certainly is to drive growth across all of our revenue line items, to continue to drive our margins higher. No doubt that there's a focus on service revenue growth, we're pleased to see the re-acceleration of service revenue up 8% for the quarter. That is certainly a focus for us. In terms of how VUM plays into that, VUM is certainly a key metric for us. We target 2%-4% growth on an annual basis, which will drive service revenue as well as financing revenue. You then overlay the impacts of inflation, you overlay the impacts of increased product penetration, new products that we bring to market, an item such as autonomous vehicles and our partnership with Waymo. That's a real focus for us to drive service revenue higher. You overlay all of the work we're doing to create efficiencies in the business through digitization, which will drive higher margins over time. The next question is from Munish Garg with CIBC. Hi, good morning. My first question is on originations. To reach the bottom end of the range of guidance for 2026, you would approximately need $ 3.3 billion of originations in H2. Can you discuss the visibility you have into that acceleration year-over-year? Yeah, absolutely. Good morning. Originations for the quarter were $ 1.7 billion, which was down 9% year-over-year, but up 19% sequentially. As expected from a year-over-year comparison perspective, that was affected by the originate to syndicate client we've previously discussed, and that activity peaked in the second quarter of 2025. If I exclude the impact of that client, originations in the first half have increased approximately 4% versus the prior year. Last quarter, we also highlighted some timing shifts in client ordering. Certain clients were moving activity into later periods of the year. We did anticipate that dynamic together with the originate to syndicate client, would impact the second quarter orders and originations. Encouragingly, though, we're now seeing that trend is normalizing. We've got good visibility into our pipeline and July orders and originations were very strong. Based on the strength of our order pipeline and improving ordering activity, we expect the originations momentum to build through the second half of the year. Thank you. I'd summarize that. Yeah, go ahead. Sorry, I was just going to say I'd summarize that by saying we do need to increase growth in originations in the second half of the year. We've got good line of sight into doing that and expect a stronger second half as you saw across all geographies in Q2. Yeah. Thank you. Thank you so much. Maybe one more on the expenses. On the 8% workforce reduction and approximately $20 million of annualized run rate savings in 2027, when do we expect the savings begin to appear? How much should be visible in the second half of 2026? How much of these savings will be reinvested in other growth initiatives rather than flowing through the margins? Well, thanks, Munish. What I'm going to do, maybe I'm going to start and I'm going to do a bit of my Waymo spiel here, and then I'm going to hand it over to Heath once again to maybe to really answer the question that you have. I do think, just with the announcement that we made, that it's worth talking a bit about because it really is part of the transformation that we've deliberately, I'd say, been executing on over the past 2+ years. As you know, we made a lot of important investments in our capabilities, and they're capabilities that we do believe will differentiate Element over the long term. That's like acquisitions that we made in Autofleet and Car IQ and all of the continued investments in our digital platforms, automation, and AI. I'd say, this part is important, we talked about this because everyone felt like, "Why aren't your expenses coming down with these investments?" What we did say, I want to highlight, is that we really didn't want to realize, I'm going to say, productivity gains until we were confident that the technologies that we were delivering could give our clients the experience that they needed, and we wouldn't put any of that at risk. It was all about kind of proving our capabilities first, how we redesign the work, that's what you're seeing today. We've actually moved at a, I want to say, a faster pace than even we were expecting, and that's why we were able to announce the productivity benefits that you're seeing. When we look ahead, I think you should think of this as an ongoing exercise as we continue to digitize all these processes and responsibly deploy AI. We're going to continue to do that. You'll see improved productivity over time. It's just really important to note, because I know everyone wants this for tomorrow, but we do have to do this thoughtfully, and at a pace that doesn't compromise the client experience, because ultimately, that is what differentiates us. We have to make sure we're going at a pace. Next year, we talked about the $ 20 million of annualized savings. The good news is that allow us to continue delivering as our clients expect, and I think as the market would like to see. Maybe with that, I'll hand it over to Heath for more detail on that. Yeah. Thank you, Laura. As per normal course, we'll provide 2027 guidance later in the year. Specifically for this objective, we will initiate these changes in the back half of the year. There'll be some small impact for 2026, but the key benefit will be for 2027. $ 20 million is a material part of our expense growth in any one year. While there will be some investments such as the Waymo partnership, this program of work will ultimately moderate the expense growth for 2027. Once again, analysts with any further questions may press star then one. The next question is from National Bank. Yeah, thanks. Good morning. I did want to just follow up on that OpEx savings into next year. The $ 20 million would be about 140 basis points based on sort of like just normal target net revenue growth. Which is above the operating margin expansion that you're kind of guiding to this year. Is the expectation that you will take some of those savings and continue to reinvest in things like Waymo or building out more AV or more channels to sort of use those savings to further accelerate revenue growth? Yeah. Morning, Jaeme. I'd say it'll be a balance across both. The efficiencies that we're building into the business, will drive margin expansion, and we expect continued margin expansion into 2027. At the same time, we will be investing in key priorities to drive long-term growth, such as autonomous vehicles. If I switch over to VUM growth, looking at the breakdown of VUM growth serviced only vehicles continuing to expand nicely, and it's the service and finance and finance-only vehicles where we're seeing some VUM decline. Is that tied to that originate to syndicate client? Is there something else going on there? What can you sort of give us in terms of how that breakdown is shaking out and offer a little bit more color on the drivers? Yeah. In terms of the different buckets, the key driver will be our, or is our Armada relationship. You'll recall that that started off as financing and then shifted to service only. There's a migration of that client from funding to services as the original vehicles that were funded roll off. That's really the key driver. There's some there from the originate to syndicate offering. Excluding those two impacts, we are seeing growth across both funded and service only. Then just to close up on the VUM. As discussed earlier, we target 2%-4% VUM growth, which we believe gives us a good increase in our portfolio to drive the required top-line growth. We're currently at 1.56 million units, up 3% year-over-year. While that's down a very modest 4,000 units for the quarter, I'd say that's normal course activity, and that you have across clients ins and outs during the period. More importantly, we've got good line of sight to our pipeline of deals, and we expect the VUM will continue to increase across the back half of the year. This concludes the question and answer session. I would like to turn the conference back over to Laura Dottori-Attanasio for closing remarks. Thank you, operator. Thank you all for joining us today. Before we close, I do want to thank our Element team members around the world for their dedication, focus, and hard work. The results that we discussed today are only possible because of the way our teams show up for our clients, for one another, and for the business every day. Thank you all, and we look forward to speaking with you again in November for our third quarter earnings call. This brings to a close today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.