Good morning, ladies and gentlemen, and welcome to the Recipe Unlimited Corporation second quarter 2022 financial results conference call. At this time, all lines are in listen-only mode. Following the presentation, we'll conduct a question and answer session. If at any time during this call you require immediate assistance, please press star for the operator. This call is being recorded on Wednesday, August 3, 2022. I would now like to turn the conference over to Frank Hennessey. Please go ahead. Thank you, Sergio. Good morning, everyone. Joining me on today's conference call is Ken Grondin, our Chief Financial Officer, and we are once again presenting via webcast. The second quarter saw a very strong return of guests to our dining rooms. Total system sales for the quarter was CAD 873.1 million, up 55% versus last year. This sales level was greater than Q2 2019, which included Milestones, and demand has continued to remain strong through the summer, even in a high inflationary environment. Our same restaurant sales was up 61% versus last year, and more impressively, was up 4% versus Q2 F19. Our franchise margin rate held steady at 4.7% for the third consecutive quarter, and our corporate margin rate was strong at 9.5%. Further, this quarter saw minimal subsidies, which makes the corporate rate even more impressive. With dining rooms reopened, we saw the impressive return of The Keg, which increased sales by CAD 117 million or 198% versus last year. All restaurant brands reported strong sales growth versus the previous year, including our limited service brands led by New York Fries with a 130% sales increase as customers once again returned to malls. Retail sales also grew in the quarter, up 9.8% versus last year. Margins in the retail sector were disappointing, but we have now reached agreement with most grocers on necessary price increases due to inflationary pressures, and we expect a return to historic margin rates by the end of the fiscal year. Adjusted EBITDA for the quarter was up 25% versus last year at CAD 37.9 million, with only CAD 300,000 worth of subsidies in Q2 versus CAD 26.7 million in Q2 F21. Net income before adjustments to the change in fair value and income taxes was up 34% for the quarter and up 97% on a year-to-date basis. We are especially proud of our operating teams who have met the surge of demand while navigating a challenging food cost and labor shortage environment. We have balanced our menu pricing to ensure that we maintain and enhance our value leadership position. While some of our sales lift has come from increased prices, much more has been due to higher check averages, due in part to more bundles being offered and purchased versus past discounting tactics. We believe our pricing and costing strategy, including temporary reduction in rebate rates to cover some commodity price surges, have enabled our franchise partners to better manage this inflationary food and labor market. However, in this environment, we feel it is appropriate to stay adaptable to the changing circumstances. In recent weeks, we have seen a leveling off of certain commodity prices, gasoline being one. Still, prices are at extreme highs and supply chains still have a long way to go to fully recover. For the balance of the year, we expect commodity prices to remain in the low double-digit range and not returning to low single digit until the second half of 2023. In the past several years, Recipe has made significant investments in obtaining data and insights. One of these data points is our social media scraper that measures and pulls in every day all social media commentary on any of our restaurants. We also get real-time feedback from our payment devices, which guests use to rate our restaurants when paying their bills. We receive hundreds of social media comments every day, and since we began this system, we have received over 750,000 written reviews from Canadians. Having this direct feedback from our customers is crucially important in the environment that we are all living. By studying keywords used in these commentaries, we are able to determine guest sentiment. We are very pleased by the positive feedback guests are giving us about their experiences and most importantly, about the positive value for the experience they are rating us since the reopening of restaurants. We know that opinions can change quickly, so we'll be ever vigilant to ensure we are always listening to the feedback from our guests and acting and adapting as appropriate. I'll now turn it over to Ken to give us a deeper review of our financial results. Thank you, Frank, and good morning, everyone. For the first part of the financial review, I will focus on Recipe's Q2 2022 consolidated results. I will finish with a summary of our segmented business performance as reported last night and posted on SEDAR. My comments will focus on the variance between Q2 this year versus Q2 last year, 2021. Total gross revenue for the second quarter of 2022 was CAD 336.6 million, compared to CAD 207.6 million in the second quarter of 2021, an increase of 62%. The increase in gross revenue was primarily driven by higher corporate restaurant sales due to fewer dining room restrictions and higher franchise revenues from both increased system sales and improved realized royalty rates due to a stronger franchise portfolio compared to 2019 and less royalty assistance programs. System sales were impacted by minimal dining room restrictions during Q2 this year, while the same quarter last year 96.5% of operating weeks were impacted. Adjusted EBITDA was CAD 37.9 million for the quarter, compared to CAD 30.4 million in Q2 2021. The increase was driven by increased corporate and franchise contribution from higher system sales, partially offset by lower government subsidies and an increase in food and restaurant labor costs. Note that government subsidies in Q2 were only CAD 300,000 compared to CAD 26.7 million in Q2 2021. For Q2 2022, the company generated net earnings of CAD 16.6 million or diluted EPS of CAD 0.28, compared to net earnings of CAD 19.4 million or diluted EPS of CAD 0.33 in 2021. The decrease in net earnings in EPS was primarily due to the increase in deferred taxes and the reduction in fair value of the Keg partnership in KRIF units, partially offset by an increase in operating income and the gain on the divestiture of the Prime Pubs brand. Turning to segmented results for the quarter, total sales from corporate restaurants increased from CAD 92.8 million in the second quarter of 2021 to CAD 186.6 million in 2022. The sales increase from 2021 was largely driven by fewer dining room restrictions and higher average spending by our dine-in customers. Total adjusted EBITDA from corporate restaurants was CAD 17.8 million in the second quarter of 2022, compared to CAD 2.8 million in 2021. Adjusted EBITDA as a percentage of corporate system sales was 9.5% in Q2 2022, compared to only 3.2% in 2021. The CAD 15 million increase in the quarter was driven by higher corporate restaurant sales and the benefit of closing or selling underperforming restaurants, partially offset by a corresponding increase in the cost of sales and a decrease in government subsidies. Total system sales from franchise restaurants increased from CAD 381.7 million in Q2 2021 to CAD 584.8 million in 2022. The increase from 2021 was driven by fewer dining room restrictions compared to 2021 and a return of guests to our dining rooms. Total adjusted EBITDA from franchise restaurants increased from CAD 17.3 million in Q2 2021 to CAD 27.4 million in 2022. The increase in adjusted EBITDA from Q2 2021 reflects the increase in system sales and higher net royalty rates. The increase in the franchise adjusted EBITDA rate as a percentage of franchise system sales from 4.5% in 2021 to 4.7% in 2022 reflects a stronger franchise portfolio and less royalty assistance programs. Turning to the retail and catering segment. Retail sales reported within the retail and catering segment relate to the manufacture and distribution of fresh, frozen, and non-perishable branded and private label food products. Catering sales relate to food and beverage sales from Recipe's Catering Divisions operating under the Pickle Barrel and Marigolds & Onions banners. Sales from the retail and catering division in Q2 were CAD 101.7 million, compared to CAD 87.3 million in 2021, representing an increase of CAD 14.4 million or 16.5%, primarily due to Recipe's catering for the RBC Canadian Open in June 2022 and increased sales to retail grocery customers. Adjusted EBITDA from the retail and catering division in Q2 was CAD 4.3 million, compared to CAD 6.4 million in 2021. The decrease in contribution was attributed to significantly higher retail food input costs without sufficient grocery price increases, partially offset by the catering contribution from the RBC Canadian Open event. The company continues to execute its growth strategy in the retail segment, which includes growing its market share in a number of retail categories. During 2021 and 2022, the company continued to experience sales growth in its retail segment and has gained over 50% market share in a number of categories. Particularly, the popularity of the frozen and fresh ribs category has experienced higher than anticipated growth. The ribs category traditionally has higher gross margins than other grocery categories, and rib margins have continued to be challenged in 2022 due to higher protein input costs. Price negotiations with our grocery partners have been ongoing, and each price adjustment requires a few months to be completed. Price adjustments were beginning to be deployed through the end of the first quarter of 2022. However, food input costs have continued to rise throughout the second and now the third quarter, which depresses margins and will require further price negotiations with grocery partners. Management anticipates that it will take until later in 2022 for grocer price negotiations to be completed to reasonably recover gross margins on sales to grocers. Turning to the central operations segment. The central operations segment consists of sales generated by Recipe's off-premise call center business, representing fees generated from delivery, call-ahead, web, and mobile-based meal orders. Central operations segment adjusted EBITDA consists of franchisees, property and equipment, rent, and vendor volume rebates, reduced by central overhead costs and royalties paid to The Keg Royalties Income Fund. Adjusted EBITDA from the central segment before net royalty expense was a loss of CAD 7.9 million in the quarter, compared to a positive EBITDA of CAD 4.5 million in 2021. The decrease is due to lower call center fees being charged on mobile and web orders, increased marketing costs at The Keg, including some one-time expenses, higher administrative labor costs driven by hiring that was deferred during the pandemic, additional central costs from The Burger's Priest and Fresh acquisitions, the impact of government subsidies received in the prior year periods, and lower vendor purchase allowances due to closed restaurants, the sale of Milestones, and some strategic food cost inflation assistance provided to franchisees, as Frank discussed. During the 26 weeks ended June 26th, 2022, management successfully opened eight new restaurants and exited 17 locations, with one net new restaurant opening in the second quarter. In addition, 29 locations were sold as part of the pubs' divestiture in the second quarter. The company ended the quarter with 1,123 restaurants. Recipe's restaurant closures were part of a pre-COVID long-term strategic plan, where management identified locations that no longer fit the long-term plan of the company and/or restaurants that were underperforming. For corporate restaurant locations that no longer fit the long-term strategic plan of the company, management is taking steps to exit these sites. For franchise locations that are underperforming, the company will work with franchisees to help them achieve sustainable success, which may include the company providing financial support in the form of royalty or other financial assistance. It should be noted that the majority of the strategic and planned restaurant closures that were identified in 2019 were completed in 2020 and 2021. There will be future restaurant closures, but most will correspond with replacement locations in the same markets. Our portfolio plan for 2022 is to finish the year with net new unit growth for the full year, with most new units coming in the third and fourth quarters, subject to successfully meeting construction and training schedules around the busy holiday period. Turning to total net debt. The company's net debt at the end of Q2 was CAD 338.8 million, a decrease of CAD 35.5 million from Q1 2022, and our available liquidity was CAD 521.1 million. The decrease in net debt was due to debt repayments of CAD 20 million and CAD 15 million in cash generated during the quarter. This concludes the financial commentary of the call. I'll now turn the discussion back to Frank. Thank you, Ken. In the quarter, we sold the pub business as part of our portfolio realignment. Our focus going forward is to support our brands that continue to be relevant to guests and to overall have a portfolio of brands that have the ability to generate same-restaurant sales growth, free cash flow, and new unit growth. We also want to continue to invest in asset-light businesses. Today, Recipe is 83% franchise. We look to increase that percentage as we seek new acquisition opportunities. Our debt leverage is at 2.3 x, which demonstrates we are in a very strong position to take advantage of opportunities that fit our criteria. Finally, I wanna revisit my comments from last quarter on the subject of dividends. As I stated last quarter, it is the strong desire of the company to resume the payment of dividends as soon as possible. To be clear, the strength of our business and our balance sheet would support an immediate reintroduction of the dividend. However, in Q1, the company received COVID-related government subsidies as a result of dine-in closures and other government-mandated operating restrictions. The current legislation is unclear with respect to how prior subsidies in the tax year will be treated in the event the company reintroduces a dividend in this fiscal year. More specifically, it is possible that the company will be required to repay the subsidies received in Q1 in the event that we pay a dividend at any time during 2022. We intend to provide specific guidance as to the timing of our reinstatement of dividends upon our Q3 release. With that, I'll turn it back to Sergio to answer some questions. Thank you. Ladies and gentlemen, we'll now begin the question and answer session. Should you have a question, please press star followed by the number one on your touchtone phone. You will hear a three-tone prompt acknowledging your request, and your question will be posed in the order that they are received. Should you wish to decline from the polling process, please press the star followed by the number 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 George Doumet from Scotiabank. Please go ahead. Yeah. Good morning, guys. Congrats on the strong restaurant economics and the recovery rates. I just want to talk a little bit about the central segment. The results there were below expectations. I think you gave some color. I think Frank, you spoke to vendor volume rebates levels being lower due to higher input costs. Can you maybe give us a little flavor there, like the sense of magnitude and that's the first part of the question. Second part, maybe for Ken, should we expect contribution? I think it was in the first half of the year -CAD 22 million of the EBITDA. Should we expect a similar level of contribution from central in the second half of the year? Thanks. Thanks, George. I'll try to tackle the first part of that question. Yeah, I think, you know, listen, through the first half of this year, but particularly in the second quarter, just like, you know, the entire world saw, you know, there was some real rapid increases coming from basically a lot of commodity-based products. You know, we certainly have had supply chain disruptions and interruptions due to just, you know, pure COVID things. A lot of the real spikes were commodity related. Some of that was just, you know, crop issues, and then the war also driving some of those prices up. We've had to make some very conscious choices about the pace by which menu pricing can be implemented to our guests and to avoid kind of a lot of price shock and to be more measured in our response. We have kind of stairstep pricing as we've approached some of the brands. In some cases we've, you know, especially in places where we think these are more commodity-based, and so it will be temporary. You know, we have taken some of our rates down to try to mitigate some of the short-term until we can get our full pricing into the system. Twofold. One, you know, we think once the pricing is in, we feel pretty good about where we're at right now on menu pricing in our brands. You know, we expect that rate to recover as commodity prices decrease again. Yeah, we think it's temporary. Yeah, there was also some other aspects going on in that line with the sale of Milestones. Overall, you know, we expect that rate to come back to historic levels. I'll let Ken talk about the rest. Yeah. George, your question on kind of expectations for the second half. As you know, we don't give guidance, but I will comment that there are some structural changes within the central segment that, you know, will have us having a kind of, you know, some different cost structure flowing through central. As we said, we will have some more permanent changes to our rebate structure because of closing restaurants and selling brands like Milestones. There are some additional costs in central that, you know, did not resemble pre-COVID because of the acquired brands and just other aspects of our cost structure that we over time expect to be made up in our other three segments, corporate, franchise and the retail and catering segment. We do not expect the, you know, the net loss in central to be as high as the first half, but it'll continue to be, it won't be a positive number for the rest of 2022. All right. Yeah, thanks for the color there. Maybe for Frank, a lot of your peers have called out some issues with securing availability. It's not just pricing but availability for key food supplies. Can you maybe characterize how the situation looks like for Recipe? Yeah, I think, just because of our size and our, you know, our relationships, you know, we tend to try to make sure we're always first in line. You know, that doesn't mean we haven't had disruptions in it. You know, there's been some in some cases, some plants have gone on strike, and so that just interrupts your supply. You know, the situation seems to be improving and stabilizing. You know, I think what you have going on, George, is that in many food manufacturing facilities, they've also faced, you know, a lot of the staffing issues of everyone else. You know, you've seen production fall off in some cases. That was going on a lot in the early part of Q2. Again, we're starting to see some stabilization there. You know, we're getting the specs that we need and we just need some of these commodity prices to start declining a little bit, but that's gonna take some time. Okay, thanks. Just one last one, if I may, on capital allocation. Maybe it's more of a technical question. Is it possible that we can see buyback activity happen sooner than, I guess, the reinstatement of dividend or are they kind of in the same bucket? Yes. They're in the same bucket. Okay. A buyback it would be. Yeah, same unclear rules as it applies to dividends, at least in this fiscal year. George, it's Ken. If we were to do a buyback or a normal course issuer bid, the treatment of that buyback is recognized like a dividend for the purposes of the subsidy clawback rule. The same reason we can't pay a dividend through the rest of 2022, we can't exercise any buybacks either. Okay, got it. Thanks, guys. Thank you. Your next question comes from John Zamparo from CIBC. Please go ahead. Thanks. Good morning. I wanted to ask about transaction count and how that compares to Q2 2019. Obviously, you referenced same-restaurant sales are nicely above, and that's encouraging to see. I'm curious how transaction count has fared, and are there any significant divergences by restaurant concept? Yeah. It's obviously something we look at very, very closely. You know, I think the good news is that we're not seeing anything material happen there. I think that's part and parcel of the fact that you know, we're not alone in just taking pricing. It's going up in all restaurants, but it's also going up in grocery. It does depend on the sector. We do have some brands that are having, you know, maybe more of a decline of guest counts, but we have other brands that are their guest counts are above 19 levels. It really is a bit of a mix. We've been so far very happy with the elasticity impact. It's not nearly as what we thought it may have been. We feel good about it, but again, as I said in my prepared comments, you know, we need to continue to watch that and watch guest sentiment and really make sure that we are providing and continue to provide good value, but do that in a way by not discounting our business. I think the teams have done a really great job of that. Okay, understood. On franchisee profitability, I wonder what you can say about how your franchisees are faring versus historical levels, either on dollars or margins. Ultimately, what I'm wondering is this an environment where you feel confident in getting to your target openings of 40 for this year? Yeah, we're still pushing hard on that. I mean, it's, you know, there's, you know, I think we're kinda heavy into the last quarter on those openings, which ideally don't want to be, but there's just some, you know, contract stuff and trying to get contractors and things like that, just sort of where that's playing out. Yeah, I think again, depending on the banner, the franchisees are in a little bit different place. I think we're trying to preserve margin dollars, but the rate may not be where it was. You know, again, some brands have done extremely well. You know, I'd say our limited service brands are continued to do very, very well, and profitability is very healthy there. Yeah, I think the biggest thing, if you ask the franchisees, you know, what their kinda number one concern is, it's staffing levels and making sure that they're continuing to get staff. We feel like on the food inflation side, with the pricing that we've taken, that we've got that. We feel comfortable about where we're at. A lot of our efforts centrally here are around and designed to help the franchisees on the staffing levels, national hiring days, et cetera, utilizing the foreign worker program. Yeah, that's kind of their big concern at this moment. Okay. On food costs, you've mentioned in the past that, because of your buying power, it's meant that you have the ability to defer some food cost increases. I just wanna better understand that. Is that still the case? If so, I mean, should we interpret that as you might see a disproportionate increase in your food costs versus what commodity markets are showing in Q3 or Q4? Or would your food costs react quickly to some of the reductions we've seen in commodity prices? Yeah. That's. There's a lot there, and without getting into entire dissertation, I mean, some of our brands at, you know, Swiss Chalet, St-Hubert, for example, that are primarily chicken. I mean, chicken is very much regulated in this country, and it's really completely tied to corn pricing. That tends to lag whatever's going on in the markets by, you know, six to eight weeks. That's probably the one which would respond probably the quickest to a change in pricing in markets. I would say that, you know, been mindful of watching other large, larger, in some cases, U.S. public companies in full service space and their forecast on pricing or on inflation. I would say that ours is relatively consistent with what they are reporting. On our size and our buying ability, we think that is significantly better than what smaller businesses, smaller chains, or certainly what independents are feeling. I think they're feeling the full brunt of food inflation. Okay. I appreciate the color. Just one last one, it's a follow-up on George's question about the net central figure. I think this is where a lot of us have challenges in forecasting 'cause there's a few inputs here. If we look back to Q2 2019, it was, I think, -CAD 4 million, it's now -CAD 20 million before the net Keg royalty. I just wanna get a sense of versus 2019, what the split is on higher corporate SG&A versus that change in vendor rebates. I know you're not gonna guide to what vendor rebates are gonna be or the change in vendor rebates are gonna be back half of the year. Can you give some commentary on how much of that delta versus 2019 is the change in rebates? John, it's Ken. I would say the change in rebates is about a third of that change. Okay, that's very helpful. Thank you. Thank you. Your next question comes from Peter Sklar from BMO. Please go ahead. Good morning, Frank and Ken. Frank, sorry, I'm back on the central segment. Right at the beginning of the Q&A call, when you got that first question on the central segment, you entered into discussion on, you know, how commodity prices have increased and how you've been measured in terms of menu board price increases. I didn't understand what that had to do with the cost structure or the, you know, expenses you're taking in or the net expense in the central segment. Yeah, let me clarify, Peter. Basically, what I was saying is that as these price increases come through to us, where we feel we have no option because it's, you know, primarily commodity based, in some cases, we've absorbed some of the shock of that to provide time for our restaurants to adjust menu pricing. We just, you know, when we have full service restaurants out there, we can't just change menu pricing overnight. They'll allow that time to happen to get the pricing increases passed through. Also, we're watching how much pricing we're actually putting through that's based solely on commodity increase. You know, the reason for that is that if we feel something is transitory versus structural, then we wanna make sure that we're not putting permanent menu price increases through, that's gonna hurt the long-term value to guests and hurt long-term sales potential in some of these brands. That's why I'm saying it's temporary, and it tends to relate to commodity-based products. I'm not sure if that was helpful. Yeah. When you say you're absorbing some of the shock, like, is this you're absorbing, like, for your corporate restaurants or your franchisees or both? No, it's in our rebate rates. Peter, it's all restaurants, corporate and franchise, and it's absorbed by us taking less rebate on some of those commodity items. Sorry, I don't follow you. You're taking less vendor rebates, and so that benefit is passed through to your corporate and franchise restaurants. Is that what you're saying? The cost impact that goes through is lessened to the restaurants. Ken, just again on the central segment, you talked about there's certain structural changes in expenses and, you know, that are like, it's seems like it's a permanent change. Like, what changes have happened? Is this allocation between your divisions in central, or is this new costs have kind of entered into the realm? Yeah, Peter, we've talked about some of this before. First off, our call center fees are less. You know, we've you know made a policy decision to change the rates we're charging on mobile and web orders. As you see, those fees are about half of what they were in prior quarters. It's the rates are about half on similar volumes of orders, so that's structural. We have some structural change because of rebates that we're no longer collecting on sales from restaurants we've closed or sales from brands we've sold, like Milestones and now the pubs. Those are structural. We've taken on some central costs from brands we've acquired, where we expect those costs will be offset by corporate and franchise contributions from those brands. In particular, Burger's Priest and Fresh are the ones that are most recent. You know, we've got some other, I'll call it, as you said, transitional costs related to, you know, hiring and overheads and travel, entertainment and, you know, being out in the market more, with our marketing costs. That are catching up compared to 2020 and 2021. Again, we don't have a normal quarter yet, Peter, so it's sort of mapping all of the transition versus the structural changes. You know, suffice to say central segment will continue to be a negative contributor, you know, for the next couple of quarters. Okay. And then lastly, Frank, like, if you look at the performance of your corporate restaurants and your franchise restaurants, you're almost back to pre-COVID levels in terms of, you know, revenues and EBITDA performance. I'm just wondering, can you comment? You know, I'd be curious to hear about your sense of the consumer on. You know, on the one hand, the consumer is really being squeezed, as you know, by high food and fuel prices, so the consumer has less discretionary wallet. You know, but on the other hand, like, there's a lot of pent-up demand, and as society is coming out of COVID, everybody really wants to get back to restaurants. It kind of seems that there's two forces at play here, and I'm just wondering if you could talk a little bit about that and what you're feeling about the consumer as you see them in your restaurants. Well, I think, you know, to the point about, you know, the consumers getting squeezed, you know, we watch all of that, and that's why we're being very, very careful about how we're pricing. And again, to the point that our franchisees' profitability, and that's why we look at that franchise royalty rate, and we're very, very happy where that's placed. We are mindful of all the other pressures that are going on with the consumer. That being said, you're correct. I mean, our revenue is, you know, from a sales point of view, we are running above 19 levels with, you know, with one less significantly larger brand not in our portfolio. We have said this in my prepared statement, that we have continued to see strong demand as we progress through the summer. We have not really seen a falling off of demand. You know, we opened basically our restrictions came off beginning of February. You know, I know people have talked about, yeah, there's a surge of people pent up, and that certainly we believe that to be true, but it seems to be sustained. We'd like to think, although we do not have good data for this, we'd like to think we're picking up share because people still feel that there's value in the experience in coming to our restaurants. You know, we don't have good data on that yet. You know, so far, we're very pleased with how sales performance has continued to progress through the summer. What about the, you didn't mention that, as I recall, you have a relatively large mix of patio restaurants. Do you think that's having an impact because people feel safer still being on patio versus indoor, and that kind of the society coming out of COVID is coinciding with, you know, summer weather? Yeah, I mean, listen, I think where we have restaurants that are, you know, that have patios and we've invested in those patios and made them, you know, even more special, and I think that's just table stakes as you go forward in this industry. You know, again, you know, go back to New York Fries and the huge increase in sales there, and that's in the mall environment. You know, I'm not sure. I couldn't put a number out here of what percentage of people are still COVID cautious out there. You know, we're seeing very full dining rooms and patios. Yeah. We can't put our finger on, you know, that there's it's just because of patios, because for our overall business, that's still roughly a smaller percentage of our business than our, you know, our in-seating dining in our full service locations. Right. Okay, thank you for your comments. Thank you. Thank you. Ladies and gentlemen, as a reminder, should you have a question, please press star followed by the number one. Mr. Hennessey, there are no further question at this time. Please proceed. Okay. Thank you, everyone. We hope you enjoy the rest of the summer, and we look forward to updating you on our Q3 results in November. Thank you, everyone. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and ask that you please disconnect your-