Good day, and thank you for standing by. Welcome to the CGG Q2 2023 financial results conference call. I will now hand over to CGG. Please go ahead. Thank you. Thank you, good afternoon and good morning, ladies and gentlemen. Welcome to this presentation of CGG's second quarter 2023 results. The call today is hosted from Paris, where Mrs. Sophie Zurquiyah, Chief Executive Officer, and Mr. Jérôme Serve, Group CFO, will provide an overview of the quarter results, as well as provide comments on our outlook. Let me remind you that some of the information contains forward-looking statements that may change at any time. Following the overview of the quarter, we will be pleased to take your questions. Now, turn the call over to Sophie. Thank you. Thank you, Christophe. Good morning and good afternoon, ladies and gentlemen, thank you for participating in this Q2 2023 conference call. Starting with the slide five, let me start with some general comments on the evolution of our businesses and market environment during the quarter. Overall, commercial activity was solid across all our businesses and geographic location this quarter, with a strong rebound of our SMO, Sensing and Monitoring business, driven by increased land and OBN seismic projects, especially from the national oil companies. Fundamentals for exploration and development remain strong, with exploration continuing to gradually increase. The priority of our clients is to bring short cycle oil and gas to market, while increasingly looking for new potential lower cost and lower carbon reserves, especially offshore. This trend translates into continued focus on mature producing basins and is driving demand for high-end imaging and increased OBN data acquisition surveys, a backdrop that is favorable to CGG. We are particularly well positioned to support our clients with our three differentiated core businesses. Q2 commercial activity was high. Our geoscience business was awarded very large multi-year contracts, while Sensing and Monitoring had record quarterly order intake. At the end of June, our group backlog stands at $510 million, up 54% year-over-year, the highest backlog since 2020. Looking at our Q2 financial performance, we had a good quarter despite volatility in our Earth Data business, with around $20 million of late sales slipping from end of June to early July. Geoscience revenue at $80 million was up 14% year-on-year, driven by increased activity worldwide and our technology differentiation. Earth Data sales at $62 million were down 5% year-on-year, when adjusted for transfer fees and U.S. Land Library sales. Sensing and Monitoring was very high at $146 million, significantly up 222% year-on-year, mainly driven by OBN equipment deliveries. Overall, our Q2 revenue reached $289 million, up 20% year-on-year. Segment EBITDA was $104 million, a 36% margin related to business mix. Q2 net cash flow was -$79 million, including $45 million negative change in working capital, mainly related to SMO. Moving on to slide seven. DDE segment revenue was $142 million in Q2, flat compared to Q1 and down 27% year-on-year, with double-digit growth in geoscience and lower Earth Data sales compared to the exceptionally high second quarter in 2022. Profitability was impacted by a low level of after-sales this quarter. Going into the business lines with slide eight in geoscience. Geoscience external revenue was $80 million in Q2, up 14%, with growth coming from all regions. The geoscience business is back to pre-COVID, 2019 levels, thanks to strong demand, but also because of our technology differentiation and increasing market share. The market is active, with a high level of bid submissions worldwide and a more high-end data being acquired, such as with ocean bottom nodes, to image producing reservoirs. Backlog is up 19% year-on-year. The total production per head KPI continues to strengthen and is now up 10% year-over-year and back to 2019 levels. In parallel, we continue to actively add computing power to be able to run more and more advanced algorithms. As of the end of June, we reached 371 petaflops. On slide nine. In geoscience, demand for our unique elastic full waveform inversion is very high, driven by North America and growing worldwide in line with increasing OBN acquisition activity. Our differentiated images deliver highly impactful, precise images of the subsurface. On this example, from the Santos Basin in Brazil, you can see the stunning images of the subsurface provided by our acoustic full waveform imaging model to the left, and the 25 hertz elastic full waveform imaging model to the right. The carbonate reservoir in darker red, just below the salt in yellow, is remarkably clear, as is the green shale source rock below the reservoir. This level of structural precision and geologic detail directly from the data-driven seismic imaging, significantly reduces the risk of exploration, improves reservoir development, and is critical for optimizing well placement. Looking at our Beyond the Core initiatives, we see strong momentum for our Data Hub offering, with new pilot tests in progress for various clients. Many players are positioning within the CCUS market, including our traditional oil and gas clients. CCUS will further accelerate, especially as frameworks and fiscal regimes in the various countries continue to become clearer. Geographically, we see stronger demand in North America, North Sea, and Australia. Most of the demand for our services in CCUS are around the screening for potential reservoirs, which includes both processing and geological integrated studies, as well as long-term monitoring design. We have been recently awarded CCUS imaging and monitoring design projects, a first for CGG, and an area we expect will continue to grow. Our HPC initiatives are progressing well, with the new UK HPC hub expected to be operational in Q3 2023, and the BioSimulytics contract, which was signed in May and starting delivery of HPC services in June. In the context of reducing our overall carbon intensity, our Houston HPC hub recently switched to green electricity, making a significant impact on our Scope 2 emissions. Moving on slide 10. Since the successful introduction of our Full Waveform Inversion algorithms, our market share has significantly increased as we have generated demand for the reprocessing of existing datasets, and particularly in the Gulf of Mexico. New OBN data also greatly benefited from our CGG proprietary techniques and these advanced algorithms, as can be seen on this example of Mad Dog field. These more precise images help our clients understand the reservoirs and better position their development wells, saving them millions of dollars. They also help identify potential new reserves that were not previously visible. Going into Earth Data, slide 11. Q2 Earth Data prefunding revenue was solid at $42 million, bringing the prefunding rate for the first half of the year to 84%. Earth Data cash CapEx was $64 million this quarter, down 15% year-over-year. After sales were $20 million this quarter, with around an additional $20 million slipping to close in early July instead of June. Clients continue to underinvest in the data required for exploration. Offshore exploration budgets have increased around 15%-20% year-on-year, spend remains prioritized around drilling. I expect we will continue to see gradually increasing data purchases as clients need to acquire new reserves to meet demand. We see this reflected in our year-to-date order intake, especially as the IOC's proportion of spend continues to grow. Slide 12. The Earth Data team in charge of operations had a very busy second quarter. In Brazil, we completed in partnership with TGS, Foz do Amazonas phase II. In the North Sea, we completed the NVG East-West 2023 survey and launched two OBN surveys, also in partnership with TGS. During the quarter, we also performed multiple reprocessing projects, including our StagSeis survey in the Green Garden area of the Gulf of Mexico, and launched our Uruguay reprocessing project, covering an area of 25,000 square kilometers, which is well prefunded by clients. Our objective is to continue expanding the strong positions that we have in our core basins, while developing positions in new basins with the most potential. Slide 13. In Earth Data, our Beyond the Core focus is on CCUS and minerals and mining. We kicked off the Arizona Multi-Physics airborne acquisition project, aimed at supporting the minerals and mining industry, explore for new areas and mainly for copper production. This project totals 27,000 line kilometers and is attracting high industry interest with that current six potential clients, and we have already secured a prefunder. In the Gulf of Mexico, we are capitalizing on the success of our CCUS phase I project and are expanding west in phase II, with the goal of providing multidisciplinary data to our clients to screen for potential storage reservoirs. Now going into Sensing and Monitoring. Slide 14. Our Q2 Sensing and Monitoring segment revenue was very high at $146 million, up 222% year-over-year. It came mainly from marine sales at $84 million, driven by deliveries of OBN products. Sales from Beyond the Core, which now include Geocomp that we purchased last year, were also up at $11 million, mainly for structural health monitoring projects. The profitability of SMO reached a high 23% adjusted EBITDA margin, thanks to the high level of sales, a favorable sales mix, and the absorption of fixed manufacturing costs. This represents a 42% fall through compared to a year ago. Slide 15. Q2 was a very busy quarter for our SMO business, both commercially and operationally. SMO saw a record quarterly order intake at EUR 238 million, and our manufacturing plants were busy producing large quantities of vibrators and OBN GPR nodes. Looking at our BtC businesses, SMO made significant progress during the quarter with first commercial successes in the U.S. for the earthwork and wind farm structural health monitoring technologies. Now let me give the floor to Jérôme for more financial details. Thank you, Sophie. Good afternoon and good morning, ladies and gentlemen. I will comment on our Q2 2023 financial results. Let me start with income statements on slide 17. As mentioned by Sophie, our segment revenue was 20% year-on-year at $289 million. The business mix was very different this quarter, with geoscience and Earth Data together, representing only 49% of the group revenue, while it is usually closer to 30. This was a result of a strong rebound in our Sensing and Monitoring business this year, while last year, our Earth Data business benefited from an exceptional M&A transfer fee of more than $50 million. This unusual business mix translated into lower segment EBITDA at $104 million or 36% margin. This quarter, EBITDA was also impacted by circa $10 million extra costs linked to the agreement we have with Shearwater. Segment operating income was high at $77 million, a 20.7% margin, due to a + $37 million favorable net book value adjustment following the completion of three multi-client surveys this quarter. IFRS 16 adjustment was $5 million. IFRS, sorry, operating income was $82 million. Net income for the quarter was +$39 million. Moving on to the cash flow statement on slide 18. Q2 2023 segment free cash flow was -$20 million, after a -$45 million change in working capital, mainly related to our Sensing and Monitoring business. Versus last year, we have a similar change in working capital. The drivers are different. Last year was mainly due to the inventory buildup in our Sensing and Monitoring business, while this year this is driven by a very high level of sales in May and June, which is expected to translate into significant positive cash flow in H2. Two other points worth highlighting when comparing our free cash flow versus last year. The exceptional transfer fee we mentioned earlier on was actually cashed in, in Q2 2022. Q2 last year was also positively impacted by some M&A activities for $18 million. It was the second leaseback of our headquarter in Massy, partly offset by the acquisition of Geocomp. Regarding Q2 2023 CapEx, they stand at $78 million. Industrial CapEx was $11 million, including our new Blaenau HPC data center. Research and development CapEx was $5 million, pretty stable. Multi-client cash CapEx was $64 million, 60% prefunded for the quarter, 82% prefunded for the semester. Overall, Q2 2023 net cash flow was minus $79 million. H1 2023 cash flow, net cash flow was minus $78 million. Looking at our full-year financial guidance, despite the potential unfavorable euro-dollar and pound-dollar exchange rate, we confirm our guidance for both EBITDA and cash break-even before change in working capital. Moving on to slide 19, the group balance sheet and capital structure. The group liquidity amounted to $225 million at the end of June, excluding $95 million of RCF, which was still undrawn. Before IFRS 16, gross debt was $1,189 million. Net debt was $969 million. Net debt is actually $110 million higher than as of December 2022, coming from the - $80 million net cash flow of the semester, an additional $20 million asset financing, as well as a negative impact of $10 million linked to the foreign exchange. After IFRS 16, group gross debt was $1,283 million, and net debt was $1,063 million at the end of June 2023. Segment leverage ratio of net debt to EBITDA was 2.6 x at the end of June. I hand the floor back to Sophie for conclusion and an outlook I mean, on the market performance. Thank you, Jérôme, let me finish with the slide 21 conclusion. This quarter confirms the generally positive market trend of the first quarter. Both geoscience and Sensing and Monitoring activities are back to pre-COVID levels, while Earth Data is strengthening but remains volatile and selective. Our clients remain focused on increasing their activities while gaining efficiency and optimizing their CapEx spend. OBN technology and CGG's high-end imaging respond well to these drivers. Looking forward, we anticipate continued increasing demand for our high-end offerings, with geoscience remaining solid, Earth Data gradually strengthening with continued volatility quarter to quarter, and in SMO Sensing and Monitoring, we see a growth cycle starting to emerge in select locations, mainly led by NOC activity, both in land and marine. In this context, I am confident in our ability to deliver our 2023 financial objectives, and I am increasingly positive in the longer term outlook for CGG. Thank you very much for your interest. We're now ready to take your questions. Thank you. To ask a question, you will need to press star one and one on your telephone keypad and wait for your name to be announced. To withdraw your question, please press star one and one again. To ask a question, that is star one and one on your telephone keypad. We will now go to our first question. One moment, please. Your first question comes from the line of Kevin Roger from Kepler. Please go ahead. Yes. Hi, good evening. Sorry for the first question, Sophie, in a way, I'm struggling to reconcile what we see on the market with, for example, the offshore player, Saipem, Subsea 7, SLB, et cetera, all of them talking about a very strong cycle in offshore. On your side, in terms of late sales, we are still at a very low point, EUR 20 million this quarter. Even if we include what you have signed only July, it's still a relatively low level, probably, if I'm not mistaken, one of the lowest level that you have ever achieved, even during the COVID, in a way, you were not at such low level. How can we reconcile in a way, the current market environment with all the bullish statements that are made by the offshore player and the late sales that we still see on your side? As a kind of follow-up, I find interesting in the presentation, the comment that you made on the technology development that you are making that improve the performance in terms of imaging and so are driving a way for reprocessing. As a kind of follow-up, the fact that you improve the technology in such magnitude, does it kill in a way your other business for late sales? Because people will just make reprocessing instead of acquiring new data. That will be the first global set of question. The second question, just to understand, because on the other side of the story, it's clearly getting traction. For Sercel, it's a huge jump that we have this quarter at almost EUR 150 million. When I see marine at EUR 80+ million, is it related to the nodes, just to be sure? Because you have signed the mega crew for the coming quarters, what should we expect in terms of magnitude, in terms of top line for Q3 and Q4? Is it still EUR 150 million around or kind of one-off, and we go back to EUR 110 million-EUR 120 million, something like that? Thanks a lot. Thank you, Kevin, and thank you for the very, very precise and challenging questions. By the way, I am asking myself exactly the same question as you are, so we're on the same page, and I have some hypotheses and some answers. First of all, I want to correct, for everyone, the level of after sales. I could tell you Q1 2021 was $19 million. Q2 2021 was $20 million. We've seen before this level of $20 million. It's not great, but again, you have to add the $20 million that really we should have had, was all signed and ready to go and got delayed by just a few days. That's $20 million. Truly, the number you need to look at is $40 million. Is it enough? Probably, I'd like to have a higher number, now if you compare to the previous quarter or to the year before, if you correct for the transfer fee, it's still an improvement. We are seeing an improvement. It's not as large as, for example, the offshore rig guys or even what Schlumberger, SLB, was stating. I suspect it's because within that exploration portfolio, if you want, we don't all see exactly the same market. I think the clients are starting to, with the drilling side of the exploration well, and they are experiencing quite high inflation from those rigs, and that money is going there as a priority. In a way, the after-sales, which is planning for the longer term and the longer cycle exploration, is still a little bit in the back burner. The encouraging sign that I pointed out to is the IOC, because the IOC used to be the big buyers of this after sales and doing that long-term exploration. They're kind of coming back. They represented less than 20% of our revenue mix during COVID times, and they're ramping up to now becoming 30%, where in the traditional, the good times, they were 40%. There's still room to grow for IOCs to come back. Do I think they will come back? Yes, I think they will come back. Again, you need those exploration CapEx to be adjusted enough to include the inflation from other parts of the supply chain to really give room to this data sales. That's the first question. The second question on SMO, huge, huge jump. Yes. The EUR 84 million is a mix of streamers. We are seeing some improvement in streamers. There's replacement streamers that are being bought, and then it's a combination of streamers and OBN, and we do expect to see quite strong quarters. I'm not going to give you the exact numbers, but strong quarters for Q3 and Q4. Thank you. Um- Oh. Follow-up question? Yeah. No, it was, it was just in a way to, to rebound, you know, because, and sorry to be brutal in a way, but even when we talk about IOCs, for example, we, we are hearing that Shell is more and more worried about their portfolio in terms of potential project dysfunction in the coming years, et cetera. It means that even because they are stressed on their portfolio, they are not acquiring data on your side. It's just that at the end, then, sorry for that, but I'm really struggling what could pick up, in a way, a big jump in your late sales, because in a way, you were mentioning the fact that they are, IOCs are coming back, but 30% of EUR 40 million remains quite low in a way. Yes, you have to remember, they need. They have already things in all the clients, have already things in their portfolio, right? They have different options. They can try to high-grade whatever they have in their portfolio. High-grading means, you know, trying to optimize their the breakeven cost, right, the breakeven oil price. They're doing that. They're looking at potentially buying out others, you know, you're looking at the case of Eni buying Neptune. There are different options, and right now, the favorite one is not necessarily to engage in that long-term exploration cycle. I do believe this is gonna have to, to come back because what they're doing today is not gonna be enough to meet the demand. I think there's a general consensus that demand for oil will be much longer than everybody's anticipating, and you do need that sort of longer cycle exploration to come back. Perhaps, maybe another color of why, you know, we didn't benefit necessarily as a proportion of the, of the spend this quarter. It depends as well on the, on the footprint and the positions we have. If you look at the Brazil, we have a huge data library. In Brazil, Brazil is not as hot as it was a couple of years ago. I mean, will it come back? Absolutely, yes, because this is an area that's super productive and has a lot of potential. There are some cycles to where clients focus their interest. If you look at exploration and development right now, the big focus is on Guyana and Namibia. Namibia is not a multi-client play. It's mostly proprietary acquisition, so we don't get to play in that space, for example. You know, when Brazil picks up again, we'll be there. The Gulf of Mexico has been very active for us, so this is work great. It's not like it's been slow, let's put it that way, in Brazil, for example, maybe reflected in those numbers. multi-client is not, again, I point out volatility because that's what you need to continue expecting, right? It's not gonna be like a smooth, straight line quarter to quarter on the after sale side. Thanks a lot, Sophie. Thanks a lot. Sure. Thank you. We will now go to our next question. Your next question comes from the line of Baptiste Lebacq from Oddo BHF. Please go ahead. Yes, good afternoon. Thanks for taking my question. Just one question, trying to understand the fact that you keep your guidance regarding free cash flow for the full year. If I'm not wrong, in H1, you generate a positive free cash flow, excluding working cap at $30 million. You are quite, let's say, positive regarding deliveries from SMO in Q3, and generally, Q4 is very strong in late sales. How could you keep this guidance in this context? Is something that I miss regarding the free cash flow for the H2? Thank you. I'll let Jérôme comment, but there's, I think parts of it is gonna be the phasing of sales, right? We do see a number of sales being more back-ended than we had planned. If you go doing the sales, sort of the last month, I mean, you end up with a high level of receivables as well. That is definitely impacting the working cap. Jérôme, you can comment. No, I think you said it. I think, more back-ended sales force on our post data business, as well as some late deliveries for Sensing and Monitoring business. Guidance concerned. Well, perhaps your question is the guidance was positive outside of working cap. Yes, exactly, because if I'm not wrong, your guidance is ex working cap. In H1, free cash flow, ex working cap is at +$30 million. Clearly, in Q4, you will have increase of deliveries from SMO, plus historically, a very strong Q4 in terms of late sales, but history, let's cross the finger for Q4 this year. That's my question, because if you have some advance, let's say like that, and how could you lost your advance versus the- You also have the paying of the CapEx. I mean, you have more CapEx in H2 than in H1. Okay. The question, I mean, do we want to do better? Probably we'll aim at doing better. At the same time, we have unknowns. Yeah, we have unknowns on the working cap. Our really internal goal would be to be breakeven, you know, including working cap. And there's always unknowns about the, you know, how we land on the working cap. Yeah, well, I mean, we always aim to do better than what we guide. Thank you. Maybe another question, if I can, it is regarding the pre-funding level, which is going down this quarter. It's clearly surprising when you listen to your comments regarding interest from clients, and so on. How do you see the evolution of the pre-funding? I know it's very tricky to give an indication, but what is your view regarding the pre-funding in coming quarter? I've always said, To have a good pre-funding level, it has to be north of 70%. That's a good number. It's not a number you should look at on a quarter-to-quarter basis, because it could be very volatile. You make a sale of pre-funding, all of a sudden you recognize a high level of pre-funding on a survey that's already started. If you want, that's kind of a catch-up, and that could bias your numbers. Really, you need to look at a rolling 1 year, if you want, at a yearly basis. That's why I was commenting on the year-to-date number, which is 84%. We always aim to be north of 70. A good survey is not a necessarily a survey that has 100% pre-funding, because what you want, you want to be able to sell it again and again and again. Usually our best surveys are the ones that are around 70% pre-funding and then have potential, a lot of potential of after sale. I wouldn't read too much into the 66 for the quarter. Really, that H1 is a bit more representative, and I think I always talk about the 70%-75%, and I think this year will end up better than that number. Probably north of 80%, I would say. Okay. Thank you very much. It's a ratio. Don't forget, it's a ratio as well of your, of your pre-funding revenue to your CapEx. If you look at that ratio for that quarter, Q2 typically has a higher CapEx because you have the summer season, so you have a bit of a higher CapEx. Maybe not, we didn't get that catch-up that I was describing in that quarter, so that makes it facially look lower, but there's nothing to read into it. Okay. Thank you. Thank you. Thank you. Once again, if you would like to ask a question, please press star one and one on your telephone keypad. We will now go to our next question. The question comes from the line of Jean-Luc Romain from CIC Market Solutions. Please go ahead. Good evening. You mentioned a backlog of EUR 510 million at the end of 2Q, of which, if I'm correct, 235 is for Shell Science. Does that mean that we have a 275 backlog for SMO? Would that backlog be, what, sold over the second half of this year in SMO? That's my question. Could you tell more about the improvement of, on, on streamers? It's been quite a long time you didn't sold any. How would you see the market for replacement now? Okay. Maybe I'll respond to the question on the streamer replacement cycle, and I'll let Jérôme take the backup question. Streamer replacement cycle, I did mention that it's gonna have a different shape than perhaps we anticipated before the COVID. Before the COVID, we thought, okay, the service companies might replace, you know, the full streamer set on each vessel, right? A full streamer set is somewhere around $30 million each, $30 million-$35 million. I don't think it's gonna happen that way. I think it's happening now as a partial replacement of different streamer sets, and we're starting to see some signs of that. We have our sort of... We've always had a maintenance, if you want, some sections that we're reselling as replacement, We see a little bit more of that. That's encouraging. If you add the sale that we had to KIGAM in Q1, I do expect we'll have probably better streamer sales this year. We're not. I can't talk yet about a streamer replacement cycle. The good thing is that on the marine side, we have the very, very strong OBN market that we're able to capture, and that's more than compensating, if you want, for this, the streamer set, the streamer cycle that's delayed. That cycle will be a longer cycle and not as high that we would have hoped before the COVID. Jérôme? Your question on the backlog for SMO, we are about a bit less than one third of the 510 that Sophie was referring to at group level. Okay. Can I add one follow-up? Sure. You mentioned no transfer fees this quarter and big transfer fees last year in the second quarter. Does the acquisition that Eni is making of Neptune and to another extent the smaller acquisition of Talos in the Gulf of Mexico, could it generate transfer fees for you? We're absolutely watching the M&A in the space. My first evaluation showing be, there will be some, but It won't be a significant number. Okay. I would consider this as the sort of recurring, ongoing type of transfer fee, not the exceptional that we had last year. Thank you very much. Sure. Thank you. Once again, if you would like to ask a question, please press star one and one on your telephone keypad. We will now go to our next question, which is a follow-up from the line of Kevin Roger from Kepler. Please go ahead. Yes, a follow-up, if I may. In terms of balance sheet, situation and deleveraging, there has always been some speculation around potential disposal and notably, Sercel. Any comments here, Sophie? I always have the same answer. It's opportunistically that we would consider. If you remember when we discussed this, when you last asked me the question, it was a very low cycle. It was, we were at a low point. There was really no point considering it. As, you know, SMO improves, it's something, and we're looking at potentially other strategic directions, this is something that is one of the options we look at. What would be the other options that you will consider? These options are going to be reviewed by the board in September. Okay. Okay, thanks. Thank you. We have one further question, and the question comes from Daniel Thompson from BNP Paribas. Please go ahead. Hi, good evening, Sophie. Just one on the SMO market. We obviously have the Saudi mega crew equipment orders placed and taking quite a long time for those to get awarded. I was just wondering, within the Middle East and the land market, are there any other major mega crew surveys in the headlights over the next 6-12 months that you think could come to market and that you're working towards? Thank you. Yeah, thank you, Daniel, and good evening. Actually, interestingly enough, Saudi Arabia has announced another mega crew for 2024, it would be one land mega crew, but twice as large as the mega crews from this year. It would be like sort of a super mega crew. Of course, the date announced is 2024. This could be slipping like the others have been slipping by quite substantially. That's one that's in line of sight. Interestingly, in Saudi Arabia, there is also, they've announced a streamer survey in the Red Sea, that's another one. The other opportunities that we're looking at is North Africa. Those could be actually quite large. Also the sort of Asia, India area. It's not just the Middle East that we're looking at. There's more regions, if you want, where we can sell our equipment. Okay, thanks. That's helpful. Sure. Thank you. There are currently no further questions. I will hand the call back to you. Okay, well, thank you, and thank you. I really appreciate your question and you attending in a very busy last week of July, and I look forward to seeing you and engaging with you, responding to all your questions, I guess after the summer break. Thank you again for taking the time and for your interest. Appreciate it. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect. Speakers, please stand by.