Good morning, and welcome to the MDA Space Investor Conference Call and Webcast regarding its acquisition of Blue Canyon Technologies. Following the prepared remarks, we will conduct a question-and-answer session. Instructions will be provided at that time for you to queue up for questions. For those participating via webcast, the company has included a presentation that will follow along with today's discussion. Please note that today's call is being recorded and will be available for replay on MDA Space Investor Relations website. If anyone experiences audio difficulties during the conference, please press star followed by zero for operator assistance at any time. I will now turn the call over to Jim Floros, Vice President of Investor Relations at MDA Space. Please go ahead. Thank you, Joelle, and good morning, everyone. Welcome to the MDA Space conference call and webcast to discuss our acquisition of Blue Canyon Technologies. With me today on the call are Mike Greenley, our CEO, and Guillaume Lavoie, our CFO. Mike will open this with the strategic rationale for the transaction, and Guillaume will outline some of the financial details. After which, we will open the line for questions. I would like to remind you that today's call will include estimates and other forward-looking information, which may differ from actual results. Please review the cautionary language in today's press release, accompanying presentation, and public filings regarding various factors, assumptions, and risks that could cause actual results to differ. In addition, during this call, we will refer to certain non-IFRS financial measures. Although we believe these measures provide useful supplemental information about our financial performance, these measures do not have any standardized meaning under IFRS, and our approach in calculating these measures may differ from that of other issuers and therefore may not be directly comparable. Please see the company's most recent quarterly report and other public filings for more information about these measures, including reconciliations to the nearest IFRS measures. In addition, certain market and industry data referenced on today's call is based on management's knowledge of the industry and good-faith estimates. While we believe these sources to be reliable, we cannot guarantee their accuracy or completeness, and participants are cautioned not to place undue weight on such estimates. With that, I'll turn it over to Mike. Thank you, Jim. Good morning, everyone. As the global space economy is being reshaped in real-time, we continue an intense focus on accelerating our position as a global space leader. We have previously communicated the significant opportunities for MDA Space to grow organically, as well as our desire to grow inorganically if the right opportunity presented itself. We are excited to announce today the acquisition of Blue Canyon Technologies, BCT, from the RTX Corporation for a purchase price and enterprise value of $620 million in an all-cash transaction. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals. This acquisition marks a significant milestone for MDA Space. Let me explain why and why we believe the timing is right. The World Economic Forum projects the global space economy will reach $1.8 trillion by 2035, growing at roughly 11% annually compared to 2025. Bringing BCT into the fold allows us to further penetrate this growing economy in a number of ways, increasing the value of our total addressable market. Global government defense spending in space reached approximately $74 billion in 2025, a significant number that is rising. Funding for the U.S. Space Force budget for fiscal 2027 alone is proposed to increase to $55 billion, a nearly 80% increase compared to fiscal 2026. Governments are not treating space as a discretionary investment. They are treating it as a national priority. Historically, we have served the U.S. defense customers as a merchant supplier. However, BCT advances this dynamic as it provides us with an established U.S. presence, proven program delivery to U.S. defense customers, and a pathway to pursue classified work and compete for prime contracts in our own right. This is a strategic foothold in the world's most important defense market. Blue Canyon Technologies is a high-quality spacecraft and merchant supplier for the growing space economy. Based in Lafayette, Colorado, in Denver, a hub for the U.S. space industry, BCT has built a best-in-class technical workforce with more than 400 employees across two manufacturing facilities totaling 140,000 sq ft. BCT has demonstrated technical differentiation in a couple of different areas of focus. First, they have built industry-leading guidance, navigation, and control capabilities with high-precision, high-pointing accuracy, and low-jitter platforms that deliver exceptional spacecraft control. Second, they have developed a modular architecture through a standard suite of configurable, mission-proven spacecraft platforms with a range of modular subsystems and components that enable seamless integration for bespoke mission needs. In addition, BCT's flight credentials are exceptional. The company has launched more than 85 spacecraft and has more than 3,500 products on orbit, with 125+ years of cumulative spacecraft time on orbit and 2,700+ years of subsystems and component time on orbit. That covers 18 years of flight heritage that cannot be replicated quickly. BCT's customer base reflects this technical standing and flight heritage as the company serves a blue-chip, diversified mix of U.S. defense, intelligence, commercial, and scientific customers across a broad range of missions. BCT also maintains a facility security clearance from the Defense Counterintelligence and Security Agency. That clearance is a strategic asset as it provides a pathway for MDA Space to pursue classified U.S. work that we cannot currently access. BCT is an established, profitable business with demonstrated revenue growth spanning two main lines of business, spacecraft and subsystems and components, with 75% of their revenue attributable to defense applications. The growth BCT has experienced the past few years is expected to continue into the future, as it is supported by a strong opportunity pipeline of $3.5 billion. This pipeline is incremental to MDA Space, supported by increasing requirements for space defense, as well as growing demand for defense satellite platforms. I will now turn it over to Guillaume to walk through how BCT's financial profile aligns with that of MDA Space. Thank you, Mike, and good morning, everyone. Let me cover some financial details to help guide what the combined entity might look like on a pro forma basis for 2026. As Mike stated, we are acquiring BCT from RTX Corporation for a purchase price and enterprise value of $620 million in an all-cash transaction. The transaction is fully committed and financed at signing through senior secured debt and is expected to result in 2026 on a pro forma basis to a leverage within our stated target range of 1.5x to 2.5x net debt to last 12 months adjusted EBITDA. As part of our ongoing capital allocation framework, we will evaluate opportunities to optimize our capital structure over time, subject to market conditions and broader capital deployment priorities. BCT has experienced strong growth over the past few years and expects 2026 revenue to be approximately $160 million. At the midpoint of MDA Space guidance, this would increase 2026 revenue by more than 10%. With adjusted EBITDA margins for BCT aligned with our 2026 outlook of 18%-20%, this transaction would be accretive to our adjusted EBITDA in 2026. BCT's 2026 capital expenditure requirements would represent a minimal increase to our overall spending profile on a pro forma basis. More importantly, BCT is expected to be free cash flow positive. As we expect this transaction to close by the end of 2026, I want to highlight that we expect that BCT will be accretive to adjusted EBITDA and adjusted EPS in 2027, the first year of the combined business. There are additional potential synergies, including leveraging BCT's portfolio to benefit MDA AURORA, MDA MIDNIGHT, and mission operations for MDA CHORUS. Such synergies have not been included in the above financial profile, increasing our confidence that this transaction will be highly accretive to MDA Space and our shareholders. In summary, combining MDA Space with Blue Canyon Technologies accelerate our position as a global space leader. BCT's complementary technologies and capabilities expands our total addressable market in the fast-growing space economy, adding $3.5 billion to our total MDA Space pipeline, which represents an increase of approximately 12%. The ability to leverage key talent and manufacturing facilities in a U.S. space and aerospace hub, BCT also positions MDA Space to further expand our opportunity set within the substantial U.S. defense market as we expect to unlock opportunities to pursue classified work in the U.S., something we cannot access before. In addition to new avenues to sell MDA Space platforms, both as a system supplier and as a prime contractor. Lastly, BCT is an excellent fit for MDA Space and meets our long-stated goal of acquiring a high-quality asset within the United States. With that operator, we are ready for questions. Thank you, ladies and gentlemen. We will now begin the question and answer session. Should you have a question, please press star followed by the one on your touch-tone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment, please, for your first question. Your first question comes from Konark Gupta with Scotiabank. The line is now open. Thanks. Morning, congratulations on the deal. Maybe just first question. BCT business seems to have a lot of exposure to spacecraft. That expands into that market for you guys quite substantially. Are you retaining their management, or how are you planning to tackle that spacecraft business? Yep, that's the intention. We need a solid footprint in the United States. These guys are a solid company. They're run well by a team that knows their business. They have good customer relations and good business relationships with the other members of the space community in the United States. We would just continue operating and then look for expansion opportunities in the future. As I mentioned and Guillaume was mentioning, in terms of facilitating their technology roadmaps and development into the U.S. market, and in terms of enhancing the offering that we have in the U.S. by having MDA AURORA, MDA MIDNIGHT, and the like being available through that business into the U.S. government market. Okay, thanks. With respect to capacity, you guys have recently expanded your Montreal facility quite heavily. You have about 140,000, I guess, square feet of space, right, in Colorado now. How do you synergize between those three facilities for manufacturing these components? BCT's capability and facilities in the United States is for them to deliver their business into the U.S. market. That is a very full and productive and efficient operation that they have in Colorado, in the Denver, Boulder area. So that's being used to deliver into the U.S. market. The Montreal facility provides us with a high volume production environment for our MDA AURORA product, and the foundation for our MDA MIDNIGHT product. We will be using that to be able to sell worldwide. When we build satellites in Montreal, we sell them commercially around the world into our largely commercial pipeline with some defense around the world. In this case, we'll be able to deliver full satellites in the United States built from Colorado, into the U.S. market. Okay, last one from me. From synergy standpoint, is there any room for exploring synergies on the supplier side, your supply chain and BCT supply chain? Well, yeah, BCT actually is a candidate member of our current supply chain. It will provide an opportunity for some additional vertical integration in our MDA AURORA product. That's going to be an interesting synergy to explore for us as we go forward into the future. In addition, yes, there would be synergies in our supply chain and their supply chain in some areas. Yes. Okay. Thank you. Your next question comes from Aravinda Galappatthige with Canaccord Genuity. Your line is now open. Good morning. Thanks for taking my questions, congrats on the acquisition. Two from me. One, just to give us a sense of the momentum in the business, can you sort of develop a little bit on the top line trajectory over the last couple of years, as well as perhaps the signings trajectory? Then secondly, are you able to disclose the backlog in the business at this point, or is that not something you're prepared to do right now? Thank you. In terms of the growth pattern, they've had steady growth over the last couple of years, and forecasted continual growth. We're doing an acquisition in the middle of a growth trajectory, which is excellent. I think that'll be further enhanced, as we've indicated, by enhancing the offering that is going to be available through that business to the United States government market. We would certainly anticipate that BCT, Blue Canyon Technologies, is able to fully enhance and participate in the growth trajectory that MDA Space is already on. I don't have a backlog number available, I think we'll leave that for a future date when we close and start talking about all the financials. Thank you. I'll pass the line. Your next question comes from Benoit Poirier with Desjardins Capital Markets. Your line is now open. Good morning, Mike. Good morning, Guillaume, congratulations for the announcement this morning. Thank you. Just maybe to start, could you talk a little bit about how this opportunity arose for you guys? How it arose to us. The owners of BCT were running a process, we got engaged in that process, and we ended up being the leading candidate in the acquisition process. Okay. That's great. Thanks. Maybe could you walk us through the approval process given the defense leg right now? The closing is expected in Q4, what are kind of the milestones that need to be met in order to close the transaction? Thank you. Yeah. Just as we said, subject to normal government regulatory approvals. The typical government approvals that would be required to acquire a business in the United States. There's two or three approvals that are required during that period of time. Okay. Thank you very much. I'll pass the line over. Thanks. Okay. Your next question comes from David McFadgen with ATB Cormark. Your line is now open. Hi, guys. Yeah, a couple of questions. Sorry, that $160 million, it's not Canadian or U.S. dollar. You just cut out when you said that. That's U.S., David. Okay. Raytheon, I imagine Raytheon's a U.S.-based company, right? Like U.S. headquarter, U.S. management board and so on, right? Yep. Correct. Okay. If a Canadian company is going to buy this, you need to set up a sort of a hands-off special board, right, to maintain independence, because it's going out to the U.S. government market, correct? There's two levels to that, but it's called a FOCI mitigated structure, a Foreign-Owned Controlled Interest, FOCI mitigated structure in the United States. It's a standard process that we will have to follow. Yes. Okay. Do you expect any negative impact from the business given it will now be owned and controlled by a Canadian company? No, I wouldn't think so. The U.S. is certainly very public in seeking foreign investment in the United States, especially investments that are going to enhance and increase advanced manufacturing in the country. We would be following the lead that the U.S. government has set that they would like to see. We would be participating in that. We would in sort of general conversations that we would have had with the U.S. government over recent months and years, not related to this particular transaction, but just in general. Certainly, there seems to be favorability based on our decades-long relationship, collaborating in the United States with both NASA and all the U.S. defense primes. We're well-known, our technologies are proven, it seems to be a welcome idea that we would show up a little bit, become more present in the market. Okay. Just on the EBITDA margin, can we assume it's 20% or maybe slightly higher, Guillaume? Well, David, we just commented on that. It is really aligned to our MDA Space margin. We are going to keep the range as is at 18%-20%. You can pick your spot, but that is very positive from our standpoint, right? At the end of the day, there is a lot of space companies out there that are not profitable. I think that us acquiring a company that is profitable and that is not dilutive to our adjusted EBITDA margin is really a fantastic thing. I think that is really what we should focus on. Okay. When you look at BCT, what capabilities do they give you that you do not have right now? Or is it really just access to the U.S. government market is what they give you? The leading capability is that we have a proven 18-year-old proven space technology deliverer to the United States. It is the market access. We have been clear the last two to three years that in M&A, we will always look for two things. One would be vertical integration opportunities to be able to pull key technologies into our supply chain, from our supply chain into the business to increase control over our pipelines. The second would be for geographic distribution, primarily in the United States or Europe. This definitely fits that pattern. It gives us the geographic distribution into the United States, while at the same time, they are very culturally similar to MDA Space in terms of legit world-leading technologies in the area that they operate in. I mentioned that in some of my remarks, especially their guidance, navigation, and control and vehicle stabilization technologies. They are very high-quality provider of technologies into spacecraft management and control. As a result of that, they have participated as a regular member of our supply chain or potential supply chain in terms of quoting us for various components and elements into the MDA AURORA product, for example. The opportunity for MDA MIDNIGHT into the future. This serves two purposes for us. The primary purpose is the geographic access, but there is a small secondary impact as well, which would be some elements of vertical integration opportunity with some of the technologies that they provide and are legitimate world leaders at, that we do not produce, we buy. There is some vertical integration opportunity for us as well. Okay. Do they supply some components to the AURORA satellite now? David, like Mike said, we've considered them to participate in our supply chain. I think there are some active bids right now. Like Mike said, it's another opportunity for us here in terms of continuing to have a little bit more vertical integration. I wouldn't say it's material at this stage. I think it's more an opportunity for the future. Given everything that Mike has said, they're likely a perfect fit for us to support the MDA AURORA platform into the future. MDA MIDNIGHT as well, especially with the precision stuff. Yep. Yeah. Right. Okay. Thank you, guys. Okay. Thank you, David. Seems like I cut out there for a minute, thanks for that. No problem. Your next question comes from Thanos Moschopoulos with BMO Capital Markets. Your line is now open. Hi, good morning, and congrats on the acquisition. Mike, with respect to the pipeline that you articulated is coming with the business, can you provide some colors? Is that very weighted towards defense? Is that more weighted to prime opportunities versus merchant supplier? Just any color on the characterization of that pipeline would be helpful. Yeah. Most of their pipeline is defense. As we noted, about 75% of their revenue is defense. Most of their pipeline is defense to U.S. primes and/or to some select government opportunities. Most of the opportunities in their pipeline would be merchant supplier for technologies or spacecraft platform opportunities. Introducing our full satellite solutions into their business as we enter 2027 will provide significant opportunities for further pipeline enhancement. To what extent would you see an opportunity to take their technology, like the breadth of satellite bus capability, which is a bit different than what you have with AURORA, and bringing that to some of your international customers and opportunities? That may be the case from time to time. Their core base is in a satellite class that's smaller than the ones that we work in. MDA AURORA would be a larger satellite, larger platform, and theirs are typically smaller. This does now provide us internationally with the access to a smaller satellite technology solution should we see opportunities to use it while we introduce a larger satellite solution to their capabilities in the United States. Okay. Finally, just on CapEx, not being meaningful, is that just a function of they already have a good base of well-established capacity? Is that a smart way? Associated with it? What's the dynamic there? I think that's correct, Thanos. They do have CapEx, like any advanced manufacturing business. Compared to our overall guidance of CAD 250 million in 2026 at the midpoint, it's not a big increase. We'll see what comes next, right? Like Mike said, we will have some opportunities there to grow the top line and generate revenue synergies that might come with some CapEx investments that would be required. As we take ownership of that business, it doesn't have a significant CapEx requirement. Great. I'll pass the line. Thank you. Thank you. Thank you. Your next question comes from Adam Samuelson with Jefferies. Your line is now open. Yes, thank you. Good morning, everyone. Maybe just to follow on the last question a little bit on the pipeline opportunity. You've outlined this business growing at a low double-digit kind of CAGR over the last number of years. How are you thinking about the growth profile of this business over the next three to five years, given the pipeline that you see in front of you? Yeah, I think that it's certainly consistent with I view it as consistent with MDA Space's growth profile. The opportunities in the U.S. government market are large and expanding, as I indicated. Us having world-leading digital communication satellites capability. With us acquiring SatixFy last year and being vertically integrated down to the chip level now on digital satellites. Proven with a product, the ability to take that out to a full digital communications satellite. Able to use those digital technologies in other types of satellites, such as earth or space observation or space control, like in MDA MIDNIGHT. We have a strong offering that is highly relevant to the U.S. government market. As BCT is able to represent that into the United States government market and be able to produce and support that, in addition to their own very strong range of high-quality products, I would expect solid continued growth at, I would call, MDA Space typical growth rates. It'll take a little while to settle all that in. It's not going to be instant, but everyone has to get used to what they're talking about, of course. Be able to bring that conversation to the expanded customer community. I definitely expect it to catch. Dealing with the customer base and program base today, is there any specific programs or customers where you're a merchant supplier that are over 10% of the BCT revenue base? I'm not sure of the numbers in terms of percents by customers. The deal team would know that, but they're not on the call right now. It's a diversified customer base, though. They do supply to a number of parties across the market. Again, it all feels very similar to MDA Space. Our satellite systems business five years ago was largely a merchant supplier business that was selling high-quality satellite components to the satellite manufacturers all around the world. Over the last five years, we've introduced the full satellite products into that business for low Earth orbit, then seeing the massive expansion that we've seen in our business. This provides us the opportunity to repeat that process. We're very used to having those merchant supplier relationships, providing technologies to other businesses, a broad range of other businesses, maintaining those relationships while we expand full satellite solution opportunities with governments and other space networking customers. Great. Just a quick clarification on the approval process. Is this going to require CFIUS review in the U.S. to close? I would expect so, yes. Yes. All right. Thank you. Thank you very much. Yes. Thank you. Your next question comes from Erin Kyle with CIBC. Your line is now open. Hi. Good morning. Congratulations on the acquisition, and thanks for taking the questions. Hi, Erin. I was wondering if you could just elaborate on why the asset was available or why RTX was divesting it. Is there any program losses or anything that we should be aware of, or what contributed to the process for them? I think we don't have tons of insights into RTX's decision cycle. It seemed like it was just an asset that they wanted to be able to put out on the market. It's a very strong asset, strong business. Represents a solid return compared to what they paid for it. They had made that decision. We wouldn't have insights into their core thinking. Maybe just to follow on to that. Is there any carve-out complexity from RTX or transition services agreements that we should be aware of? Carve-out complexity is excellent and straightforward. RTX acquired Blue Canyon. They kept it as a standalone business. It received some corporate support, obviously, in terms of integration and things into the RTX business, because you got to integrate financials and that kind of thing to be able to make that work. It's a surprisingly great standalone situation for us to be able to pick up and continue on. There will need to be a small transition services agreement, it is not very complex at all. Great. Thank you. Last one from me. How does this impact your appetite for M&A on a go-forward basis? As you consider vertical integration and geographic expansion have been historically what you've said, this expands into the U.S. On a go-forward basis, would you look to target the U.S. on further expansion? If you're looking geographically, would you float back to Europe? How should we think about that? We've been looking at the United States and Europe over the last significant period of time. We do have a strong shortlist of candidates, in both of those regions, in the two categories of acquisition that we mentioned. That activity will continue, for sure. As we move forward into the future, with this business in the United States, and we look to have a strong MDA Space presence in the U.S., other things could appear that would fit the MDA Space offering, that could click together to make a stronger MDA Space in the United States. We'll certainly be open to that as we go forward into the future. We do have an active corporate development team. They're looking at a number of things in the United States and Europe. Thank you. I'll pass the line. Yeah. Ladies and gentlemen, as a reminder, should you have a question, please press star one. Your next question comes from Konark Gupta with Scotiabank. Your line is now open. Thanks for taking the follow-up. Wondering, BCT, as you said, is focused on smaller satellites, and different forms of spacecraft. I don't think you guys really had a lot of competition with them in the past. What would be their competitive landscape like today? Yeah, they would definitely have competitors in that market. I think from the emergent supplier part of their business, in terms of their key technologies, they really are a differentiated high-quality satellite component leader. We're really pleased with that. Like I say, it really fits well our ethos and mindset. They will compete for those various elements, but when the customer wants really high performance, high-quality stuff, they're gonna win. We see them as being very competitive in their marketplace. Very efficient organization as well. I think that, like I say, they very similar mindsets to us. I think that in the satellite classes where they deliver today, they compete well, and I think that if we enhance their capability to deliver some of the other MDA Space product offering into their market, they'll be able to continue to compete well. Okay, thanks. Just a rough one, just the growth profile. If you look at the last three years for BCT, they have probably grown at 12% annually on average. A, is that 12% sustainable for the next many years to come based on the pipeline that you see with them and other opportunities you mentioned? Second, which part of the business do you expect them to drive that growth? I think that them by themselves, with their current offering, can definitely maintain steady growth in their business with their pipeline. When we introduce the MDA offering with them, through them in the United States market, you start to get into full satellite deals will be a potential. Larger satellite deals will be a potential. You're gonna be having a growing pipeline with larger opportunities. I would expect them to be able to maintain solid growth. After a period of time and getting used to our offering and the customer base understanding what we can do, I would expect to see a pickup in the growth capability because you'll be selling larger, higher quality objects into the market. Yeah. Thanks for the time. Your next question comes from Greg MacDonald with Stifel. Your line is now open. Thanks. Good morning, guys, and congrats again on the deal. Couple things, Mike. The press release says that the purchase price could be subject to price adjustments. There is nothing major there, right? Is there an earn-out or anything on this? Anything that we should know about? No, there is nothing weird there at all. I do not know, Guillaume, what would that mean, price adjustments? Yeah. No. It would be normal stuff aligned to market for deals like that. Frankly, we have a bunch of lawyers supporting all of our disclosures, so we just prefer to be cautious here. At the end of the day, it's a $ 620 million deal. Okay. That's what I figured. No fancy terms. Yeah. Got it. Thank you. Denver's a good market to be in, as you pointed out, that's space central. What about key person risk? Part of the benefit of deals like this is that you get people that are quite plugged in with the U.S. defense departments. Is there a strategy around that? Has anything been done yet? Can you talk about that a bit? Yeah, that's part of our integration plans that we will have. We will want to work with the team on retention and keeping people around, yes. In addition, it is, like I mentioned, a pretty standalone business. These folks have grown up and expanded this business. They operate it, and they will continue to operate it. In our interactions with the business, we feel there's a very strong fit. We are aligned in how we think. There's an immediate connection between the leadership team and our leadership team, that was experienced during the due diligence process. We're optimistic that the team will be excited about that. If you look at, for example, LinkedIn this morning as this was posted, the first several posts and comments on our notification of this were from BCT senior leadership being excited about the whole thing. We're very pleased to see that and thank them for that. We really appreciate their enthusiasm. That's great. It sounds like it. Last quick one for you, Mike. If you wanted to sell larger satellites through the U.S. division, would it take major investment in that manufacturing process? Help us understand, is there major retooling to do if you wanted to change the profile of product coming out of there? Yeah, I wouldn't call it major retooling. I think we might have to add some space and some equipment to do that, depending on the level of success. If we had that level of success, we would be more than willing to make the investments. The really beautiful thing about us right now is with the investments we've made over the last five years, spending several years developing our analysis of what it takes to do high-volume manufacturing, what it takes to build a standard satellite product like an MDA AURORA or the basis for an MDA MIDNIGHT at a pace of two satellites a day. Constructing our expansion, now setting up that tooling and seeing all those plans coming to life. We've got an established process and plan for how to build satellites. Getting additional space in another country and setting up a copy of our sort of assembly line and process and training people on that so that they can make the most out of it, is a relatively straightforward process. It's work, but it's not complicated work. It's like we know what to do. We know how to do it. We got to go set it up somewhere else. As we look to expand our capacity to deliver into the United States government market and the European government market, we've got a ready established technology set, a ready established assembly process, and the ability to replicate that in other places as necessary. No, that makes sense. Thanks again for the questions. Thank you. That's all the time we have left. I will now turn the call back to Jim for closing remarks. Thank you, everybody, for joining the call today and for all your questions. We'll keep you updated over the coming weeks, and we wish you a great day. Thanks, folks. Thank you. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.