Hello, and welcome to the TI Fluid Systems PLC announcement of half year 2022 results conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Hans Dieltjens, CEO and President of TI Fluid Systems PLC. Please go ahead, sir. Good morning, everyone. Thank you for joining us today, and welcome to TI Fluid Systems PLC's results presentation for the first half of 2022. I am Hans Dieltjens, CEO and President of TI Fluid Systems, and I'm joined today here by our CFO, Ron Hundzinski. If we skip the disclaimer and take it as read and turn to slide 3 for the agenda. This morning I will walk you through the key highlights of the last six months and an update on our strategy and then hand over to Ron, who will take you through the group's financial performance. Following that, we will provide an opportunity for questions and answers as always. I will begin by highlighting the strong commercial success in our electrification strategy with bookings of EUR 600 millions of lifetime awards for battery electric vehicle product lines. This confirms the continuous successful execution of our Take the Turn strategy. Secondly, the company effectively managed through the significant headwinds that our industry continues to operate in. The microchip shortage worsened by the conflict in Ukraine and recent COVID-19 related lockdowns in China. These factors have hindered the ability of OEMs to fulfill customer demand and led to unprecedented inflationary cost pressures. Please skip the title slide 4. Turning to slide 5. In H1, our revenue grew by 2.4% compared to a market volume decline of 1.8%. On a constant currency basis, revenue decreased by 2.4%, 60 basis points below market volumes. Q2 revenue significantly outperformed the market by 330 basis points at constant currency. This was mainly driven by thermal program launches as well as pricing recoveries. Mainly during Q2, the company has made significant progress on negotiations with our customers to recover a good share of the inflationary cost increases we have been facing. We expect these negotiations to continue through the rest of the year as inflationary pressures persist, and we remain confident of success indeed. In addition to the inflationary environment, the market volatility and macroeconomic headwinds have presented operational challenges which have impacted our margins and working capital, specifically inventory levels. However, we have continued to manage our cost base to mitigate these challenges and delivered an Adjusted EBIT margin of 5.4% and an adjusted free cash flow of EUR -1.6 million. We have made significant progress on product development for electric vehicles, and we are very pleased to announce that we have opened our first of five e-Mobility Innovation Centers in Rastatt, Germany. These centers will enhance our collaborations with customers to develop thermal products, systems, and modules tailored to their needs. I'm also delighted to share that our new EV bookings stand at a strong EUR 900 million of revenue on a lifetime basis, including EUR 600 millions of battery electric vehicle awards. These include two high volume platforms with European and American OEMs, as well as various programs with Chinese OEMs. Now turning to slide 6, we see global vehicle production for the first half of 2022, which shows that the market decreased by 1.8%, with customer demand curtailed by the persistent macroeconomic headwinds. Our revenue increased by 2.4% at actual rates and decreased 2.4% at constant currency basis. Important to note is the significant outperformance in Q2 of 330 basis points at constant currency as the business here recovered from the one-time event and the disproportionate effect of the China COVID-19 lockdowns. Vehicle production increased in North America and was down in all other regions. In North America, our revenue increased by 8% year-over-year on a constant currency basis and outperformed North American light vehicle production by 330 basis points. The revenue increase was driven by our ongoing focus on EV-related programs with new business launches and program ramp-ups. This outperformance was mainly in Q2 as the delayed launch activity in Q1 materialized in Q2. Now our European revenue was 4.3% lower year-over-year on a constant currency basis compared to a more pronounced decrease of 9.7% in European vehicle production, this resulting in an outperformance of 540 basis points. The revenue increase was primarily driven by successful launches of new EV programs in both divisions. In Asia Pacific, our revenue decreased by 6.9% year-over-year on a constant currency basis, or 670 basis points below Asia Pacific light vehicle production. The underperformance was driven by the disproportionate impact of lockdowns and mix on China light vehicle production, mainly during quarter one. Let's skip slide seven, the title slide. Turning to slide eight, we see that the group continued to demonstrate the strong success of our Take the Turn strategy. As earlier mentioned, we are very pleased to have booked EUR 900 million of new EV business wins and EUR 600 million of BEV. This represents a significant portion of our total business wins. We remain very proud of this accomplishment, and it is a testament to our successful pivot to the industry megatrends. On slide 9, you can see a recent example of our increasing business with Korean OEMs. A BEV HEV launch where we have started the supply of coolant and brake lines for the Kia Niro DE. These products have an estimated average content per vehicle or CPV of around EUR 50, with a total lifetime units estimated at about 500,000 units based on customer planning volumes. This share of representation complements the growing BEV and HEV market presence in Asia Pacific for TI Fluid Systems. Now turning to slide 10. As a key part of the group's C3 strategy, five e-Mobility Innovation Centers have been earmarked to be opened across Europe, North America, and Asia during this year and next year. The first of these was opened in Rastatt, Germany, and provides a unique collaborative environment that will facilitate the design, the development, testing, simulation, and visualization of thermal management systems and components for electrified vehicles all under one roof. This will enhance business capacity and the ability to flex schedules in line with customer demand, fully optimizing resources and delivering economical and energy-efficient solutions. These centers will provide our clients with a one-stop shop to meet their fluid innovation needs. With that, let's turn to slide 11. As previously announced, we are actively working on reducing our carbon footprint to make our business more environmentally friendly and sustainable. We are developing a comprehensive global renewable energy plan to support reduction of our greenhouse gases emissions. Our energy conservation initiatives across our manufacturing plants is progressing well, with ongoing data gathering and workshops to educate our workforce on best practice around energy usage. We have started collecting data around Scope 3 emissions and expect to complete our scoring by year end. We are also reviewing our current greenhouse gas emissions reduction target with the potential to revise it for consistency with the COP26 and the 1.5-degree scenario. Now, during 2021, we completed the assessment of 300 of our global top managers propensities to be inclusive. Building on this, we are now conducting roundtables to discuss practical applications of inclusivity. The group has launched new scholarships initiatives to support women studying STEM in the regions we operate in. As announced in March, we have introduced gender diversity targets along with tools to improve the hiring and retention of diverse employees. We are continuing our efforts to increase the number of women on our board, and we're very pleased with the hiring of Jane Lodge, who joined the board in June 2022, sorry. The ISO 45001 safety management scheme is also being expanded in 2022 to include approximately 30 additional plants, with all global plants to be covered by end of 2024. Now I will invite Ron to take you through the details of our financial performance. Thank you, Hans, and good morning, everyone. Turning to slide 13, I will follow up again on our revenue performance. As Hans mentioned earlier, our revenue decreased year-over-year by 2.4% on a constant currency basis and increased by 2.4% at actual rates for H1. For the total H1, we saw an underperformance of 60 basis points below global light vehicle product production, driven by the Q1 underperformance of 320 basis points. Although I'd like to point out the Q2 outperformance improved to 330 basis points as we expected when we announced our Q1 trading update. We significantly outperformed automotive vehicle production in Europe by 540 basis points, which together made up 38% of the group's revenue. Year-on-year revenue in North America grew by 8% at constant currency and outperformed automotive vehicle production in the region by 330 basis points. North America made up 27% of the group's revenue. In Asia, our revenue growth was disproportionately impacted by COVID shutdowns. This region's underperformance was mainly due to BEV growth in Chinese OEMs at the expense of ICE products. Asia Pacific made up 33% of our revenue. Currency translation had a net positive impact of approximately EUR 75 million to our revenue in H1 of 2022. Turning to slide 14, we show our adjusted EBIT and Adjusted EBITDA performance for the first half of 2022. As you can see, our margins have been impacted by the ongoing challenges of inflation, component shortages, and COVID shutdowns. Our Adjusted EBIT was EUR 84 million or a 5.4% margin. Adjusted EBITDA was EUR 160 million and generated a double-digit margin of 10.3%. Commercial negotiations are ongoing with our customers as we seek to pass on inflationary increases, but there is a lag in realizing these compared to incurring the cost. Slide 15, I'll talk about segment revenue and Adjusted EBIT margins. Both segments were impacted by recovery lags on pricing negotiations. Year-over-year, FCS revenue increased by 2.4% at constant currency to EUR 877 million. The increase in FCS revenue was largely driven by successful BEV business launches and program ramp-ups in Europe and North America. FCS Adjusted EBIT margin was 5.3% and was impacted by cost increases on materials, components, and labor. We have made progress on pricing recoveries, but we are still experiencing some delays on the timing. These impacts have offset the savings arising from efficiency gains and restructuring benefits. Looking at the right-hand side of the slide, FTDS revenue decreased by 7.8% at constant currency to EUR 683 million. This decrease was driven by BEV market growth in Asia Pacific, where the segment has less content, as well as ramp downs in North America. In terms of margins, FTDS Adjusted EBIT margin was 5.5%, lower than the prior year, mainly driven because of conversion on lower sales. Like the FCS segment, FTDS was impacted by inflationary operating costs and delayed recoveries. Overall, we delivered a blended group-Adjusted EBIT margin of 5.4% for the first half of 2022. Moving to slide 16, we delivered adjusted net income of EUR 9 million in the first half of 2022, which again was impacted by the flow-through of lower revenues and increased costs. On the left-hand side of the slide, we have a reconciliation of reported profit for the period to adjusted net income. The major reconciling item in 2022 is the restructuring cost of EUR 11 million, which includes a EUR 6 million charge related to the asset impairment and other costs associated with the suspension of trading of our two plants in Russia. Our adjusted basic EPS per share is EUR 0.0175. In keeping with our stated dividend policy, the board has approved a 2022 interim dividend of EUR 0.01 per share. Now turning to slide 17, we see that the lower Adjusted EBITDA was a significant contribution to the negative adjusted free cash flow. The working capital impact is mainly due to increased inventory and receivables caused by the sudden COVID-related shutdowns in China and short-notice customer call-outs. This effect is expected to reverse in the second half of 2022. Our net restructuring cash outflow of EUR 12 million, which relates to continued execution of our restructuring plan and includes EUR 1.1 million specific to the suspension of trading activities in Russia. Now moving to slide 18, net debt at the end of June was EUR 664 million. This is an increase of EUR 64 million from December 2021 balance closing position. This increase is due to an adverse exchange rate impact by the US dollar-denominated term loan and lower cash position. Net leverage was 2.1 x Adjusted EBITDA for the last 12 months, the increase being driven by lower Adjusted EBITDA. The group maintains a solid level of liquidity with EUR 671 million at the end of June, including cash and equivalents plus the revolver. Thank you, and now I'll hand the call back to Hans. On slide 19, I would like to summarize by saying that we at TI Fluid Systems continue to do what we say we would do. We are continuing to prioritize the health and safety of our employees alongside our sustainable business models. Our revenue continues to outperform underlying light vehicle production volumes in Europe and North America, and we continue to post positive profit margins. With our strong balance sheet and cash position, we are pleased to be able to continue to invest in our electrification strategy and remain committed to our environmental and social initiatives. With that, I thank you for your participation today. I would like to open the phone line now for any of your questions. Thank you. Ladies and gentlemen, if you would like to ask a question, please press the star or asterisk key, followed by the digit one on your telephone. Please ensure that the mute function on your telephone is switched off to allow your signal to reach our equipment. If you find that your question has already been answered, you may remove yourself from the queue by pressing star two. Once again, please press star one to ask a question. We will pause for just a moment to allow everyone the opportunity to signal. We will take our first question today from Christoph Laskawi of Deutsche Bank. Please go ahead. Your line is open. Hey, thank you for taking my questions. The first one will be sort of on current trading and indications that you see in Europe. Another supplier has famously said last Friday that actually they're seeing deteriorating call-offs and production schedules, not only near-term but also towards the end. Is this something that you could confirm, or is the environment that you had in mind for Europe mostly unchanged in what you see in current indications of the OEMs? Then the second block would be on the BEV and HEV order intake that you had. Could you allocate that a bit to FTDS and FCS? I would assume that the BEV part is almost 100% FCS. If you could just confirm that. Lastly, on the FTDS business, which has underperformed, you highlighted it was ramp-downs in North America and quite strong BEV growth in Asia. When do you expect the underperformance to reverse? Are there projects that are ramping up in the coming quarters, moving back to trend? Or should we essentially model FTDS a bit lower for longer? Thank you. Okay. Well, thank you. Thank you, Christoph. On your first question, the EU schedules reductions. What we have seen in Europe, as in many other areas in the world, is we see fluctuating schedules still ongoing. We didn't see the level that you were describing currently in Europe. We continue on a similar pace of volume forecast for our European business as we have mentioned before. For the BEV/HEV allocation between FTDS and FCS, there's about EUR 600 millions of lifetime award when it comes to BEVs, and there is about EUR 220 million when it comes to plug-in hybrid, but it's mostly located in the FTDS part of our business. The EUR 300 million of HEV was mostly in the FTDS part of our business. Your last question was the ramp-down in North America and BEVs in Asia, and how does this affect FTDS? Well, what we saw in Asia is because we have a large portion of our FTDS business in Asia. Due to the shutdowns, there had been some refocus on the battery electric vehicles that did very well. We saw a mix change in Asia. Now, do we see that mix change continues? We do think that there's still gonna be a strong mix change there, but I think you probably are aware that mainly China also initiated additional incentives for HEV vehicles. We do expect that this will pick up as we go forward. With that, we do think that the outperformance of FTDS or the performance of FTDS will remain in line with our expectations going forward. Thank you. A follow-up to that, if I may. Is your market share in China on the HEV or PHEV side roughly similar to the your ICE business? Or are there significant differences between the two? Well, currently, we see what you see in Asia, well, in China is you mainly have three big players when it comes to battery electric vehicle production, right? We will be, and we are not present yet on these. Our awards are all for future launches with other OEMs that will grow now rapidly in China. You can see from a market share perspective that we're currently a little bit under where we estimate to be in the future. As the other OEMs ramp up their volumes, we will definitely come to similar market shares as we currently have on our ICE portfolio. Thank you. Just lastly, a housekeeping and clarification question. To make sure I get your comments right on Europe. In the end, you stick to your view that H2 production will be bigger than H1 in Europe, right? Well, what we have overall said is that we foresee still lower volumes than that IHS is putting out. As you know that the global volume, IHS was 80.8 million globally. We do think we're gonna be slightly at or slightly above last year's volumes were at 77 million. With that, you wouldn't see the 9% of growth that is predicted by IHS, but you would maybe see 1%, maybe up to 2% of growth going forward that we expect actually similar in Europe. You would see a very minor amount of growth in Europe to our expectations and to our calculations. Thank you. Thank you. Next, we move to Dominic Convey of Numis. Please go ahead. Good morning. Yeah, a couple questions, if I may. Just firstly, around the cost recoveries, can you just clarify the total amount that's being negotiated retrospectively that relating to H1 volumes? Second, I'd just be interested to just fully understand the accounting treatment of these, given that they'll obviously relate to volumes in the first half. Then extending from that really just as a profit bridge for the second half, taking your points about global light vehicle production in the second half of the year, and you obviously expect to outperform in H2 rather than more so in the first half. Is the EUR 20 million there or thereabouts of expected profit improvement in the second half essentially that negotiated cost recovery? Well, I will start answering question number 3 and then hand it over to Ron to talk about the cost recovery, total amount and the accounting treatment. The profit bridge to H2, what is obviously we foresee outperformance and we foresee further margin enhancements, given our outlook and what we put out there. There is several elements that play here. Firstly is the recovery. As I explained previously, some of the recovery has a lag factor into it as you look backwards for especially raw material prices and then apply indexes as you go forward. Now, given we are further in the year, some of that lag is disappearing, so we will see some pickup of this in H2. We are further negotiating with our customers on the recoveries, and we do expect H2 to be better than H1 on recoveries. Our H1 was somewhere in the mid-60% of recovery, and we do foresee that H2 is close to 75%-80% of recovery, adding obviously to the business. There is a slight volume increase, as I explained, for H2, which will obviously also add to the business performance going forward. Okay, with that maybe. I don't really have anything to add, Hans. You're right, the tailwinds will be recoveries in the second half and some volume increases as well in the second half. Remember, we have some of the BEVs now starting to get some momentum on volume. That'll help us. Those are the drivers of the margin expansion in the second half. The accounting treatment, you had a question on that. The accounting treatment on recoveries is, I should say, somewhat complex. Some of it is price increases, some of it's negotiated, a reduction in give backs, basically, that we would have provided to the customers, other settlements, so on and so forth, volume adjustments. Basically, on recoveries, it's not just on cost. You negotiate with the customers on all fronts that you have on the table with the customers. At the end of the day, what you're trying to do is reduce and recover pricing out of them through different mechanisms. Or another way to look at this is a good portion of it is price increases, but not all of it's price increases. Some of it's negotiated accruals that we had to price down, but then we didn't have to give back to the customer. I think this is very common for all suppliers. When you go back to the customers in this type of environment, you put everything on the table to try to get your margins, you know, back again from where they were when you have such a high inflationary environment. Thank you. Just one other question, if I may, just in terms of the debt covenants. Can you just remind us what they are? From memory, they're not too onerous, but I'm thinking specifically, can you confirm whether they are pre or post IFRS 16? I'd have to get back with you on that. I know one thing, we're very, very light on covenants and not even close to them at all. That part I can confirm. Our liquidity is in great shape as well, so we're not concerned at all on the covenants at all. Thank you. Next, we take a question from Akshat Kacker of JP Morgan. Please go ahead. Morning, Hans. Morning, Akshat from JP Morgan. A couple of questions. The first one on cost inflation again. Is it possible for you to quantify the gross headwind that you had on the P&L in the first half of 2022, just including everything across raw materials, energy, labor, and logistics? If you could just also talk about your inflation expectations on the P&L for the second half or for the full year in 2022. On capital allocation, please. Can you just remind us of how you think about the balance sheet and cash on hand today? Just your priority between dividends, deleveraging, and strategic M&A as you've hinted at expanding into more opportunities and verticals of thermal products and systems before. Thank you. Yeah, the cost inflation that we saw in first half year was in the mid EUR 60 million in total, comprising of raw material, logistics, labor, and energy costs mainly. The expectation for H2 for us, obviously this will depend on the final volumes of H2, but we expect it to be slightly higher to equal of of H1, sorry. Then, on capital allocation, we have always indicated that our first priority here is to assure that we have a strong balance sheet, so that given the current conditions, we can you know cover any headwinds that are in front of us. That is clear. We would we're still looking in that to M&A. We have a good pipeline when it comes to M&A. I would like to ask you to stay tuned on that as we move forward on that. Dividends are according to policy. As you could see in the announcement, we continue to implement according to the policy that we have set forward on it. Great. Thank you. Thank you. We now move to Sanjay Bhagwani of Citi. Please go ahead. Hi. Thank you very much for taking my question also. I'm sorry if you already discussed this one. I was in the queue, so I may have missed it. Could you maybe provide some color on your energy intensity? What percentage of cost is basically the energy cost? Of which, how do you split between the natural gas, if you may? Now that you probably would have started negotiating the contract for the next year for the energy cost, so if you could provide some color on that, what sort of pricing dynamics are you seeing as you negotiate, if you are already? Thank you. Yeah. On the energy intensity or on the cost, we have about 2% of our sales that we spend on energy. What we saw, this is about 3% now, globally, and especially for Europe, we could see it about doubling in Europe, right? Now, if you ask about contracts for next year, we are in the midst of negotiating these. There is not necessarily a lot we can share about that yet, except the fact that everything is higher and that there is a lot of attention on trying to save also energy in order to offset some of that. Just stay tuned on that as we move forward, for we do expect some additional impacts when it comes to energy during next year. Thank you. I have one more follow-up on that. When it comes to passing on, is it like a set of commodities where you have these like for example, some of these commodities are indexed versus some of the commodities you are not indexed, and that's why you need to bear these costs by yourself. Could you probably provide a bit more color on that? How should we think of that? We do have commodities included in indexing. Actually, we are actively working to increase the share of indexing we have. The historical indexing was mostly related to raw materials, especially in our FTDS division, as they have been working for a longer period of time with that. As we go forward, we are increasingly negotiating also indexes on other elements of our business, as there is energy or eventually labor costs. What we are also doing is looking at new programs. Whenever we have a new program and also including this in the contracts of new programs so that these issues do get resolved for the future program launches. Thank you. That is very helpful. Thank you. We now move to Vanessa Jeffriess. Please go ahead. Hi. Thanks for taking my question. Just a follow-up to the inflation question. Can you possibly quantify the restructuring benefit you're seeing, and just remind us of the full year run rate? Okay. Maybe I'll pass this to Tom. The restructuring goes back a couple of years, Vanessa. This goes back to the 2020 pandemic that we started. It wasn't for us taking out some 500 employees at the time, EUR 50 million run rate, those are already embedded in our cost structure. They're out the door. Although with that said, we do have two more plants right now that is under restructuring, which will be a lot less in the run rate than what we did in 2020. The business basically took out EUR 50+ million from the 2020 run rate, but it gets a little complicated. Some compliance cost has come back in. ESG, for example, is adding compliance costs. We are seeing some costs come back in into the business. That's basically a high-level analysis of what was happening in restructuring. Okay, thank you. That's helpful. Can we just go back to the slide on the bookings? I was wondering if you could just talk about the drop-off in total bookings. Is that just lumpiness of first half versus second half? Yes, Vanessa, this is what you normally see, bookings come obviously as the awards are made ready at the OEMs or our customer base. I think you need to see it on a half year perspective, that the EUR 600 million or the EUR 900 millions of bookings, including for EV bookings, really, that's a strong performance. You will see that also continuing going forward. That's just lumpiness of the awards. Thank you. We have a target for the full year, Vanessa, and I would say that we're pretty much on target for the full year, Hans, of when we came into the year. That, that's good. As long as we hit our full-year target, we'll be very happy with that. Mm-hmm. Great. Thank you. Thank you. We next move to Harry Philips from Peel Hunt. Please go ahead. Good morning, everyone. A couple of questions, please. Just around your debt structure and obviously within a rising interest rate environment and just looking at how it's just sort of LIBOR-based to varying degrees. I mean, if interest rates go up, does your interest payments obviously go up or is there any sort of hedge mechanism you can do or any other mitigation you might be able to undertake? The second is just maybe coming back to a whole FTDS margin and as the business transitions more into EV, you've got the rolling off of obviously sort of mature margin rich or richer FTDS contracts and obviously sort of lower volume, but ramping up. Obviously earlier in the cycle, EV contracts are coming through. Just trying to think where FTDS margins go over the next couple of years, and where do they ultimately end up? Maybe that's a bigger question for another time, but certainly in the sort of nearer term, does FTDS sort of run below trend because of those dynamics? I'll handle the interest rate expense first, Hans. Okay? It's a good question, Harry. We've been tracking what the impact would be on us of rising interest rates. Initially, we saw the impact was gonna be in North America, because rates were rising faster there. And as you know, the European market was actually negative rates. We had a floor of zero on the term loan debt. Remember, in the structure, we have a euro bond that's fixed at 3.75. That's a fantastic deal we did last year in the springtime. That's not gonna impact us. It's really the term loans that we're watching, US- Yeah. Euro term loans. What we do know right now that for this year, we're estimating that it could be as much as about a EUR 4 million impact total to the company, increase in interest expense. We have looked at some hedging. There is some possibilities to do it. It's not cheap. It's expensive. We are taking a look at maybe paying down some loans to offset the headwinds. Those decisions are not finalized right now, for very solid reasons that I don't wanna get into. We are taking a look at it and seeing where interest rates are going now. Now interesting, if you actually take a look at the U.S. side of it, a lot of the market is pricing in price reductions or rate reductions in 2023 because of a possible recession. It gets complex as far as getting into a hedging transaction here when now the market's pricing reduced rates in 2023, if the Fed would actually lower the rates. The long and short of it though is we're watching it very carefully. We just haven't made a final decision on the US side. Like I said, it's only just recently that the European side has gone positive interest or positive rates to us. That's not as much of an impact. We haven't made a decision yet, Harry, but we're watching very carefully. Thank you. Okay. Yeah. Hi. Hi, Harry. For FTDS, here is how I think you should think of margins. The first element to recognize is that within the ICE business, there is globally some overcapacity. As you know, back in 2019, the global volumes were maybe at 89 million something. We're currently looking 77, maybe slightly higher, or if you believe IHS, it's likely above 80 million. There is some overcapacity out there, but it would obviously provide a little bit of pressure on the margins for this sort of business. However, this is not a new element, so we have been living several years now with this volume base. What we foresee is a stabilization of it. We don't think, and it's not that we're seeing that the margins will really be any different than what we saw historically, going forward as a balancing between the capacity and the usage of the investments that were already done. That's the last aspect of it, is that what you could see in the ICE business is that the amount of new investments is reducing, where obviously all our customers are funding the majority of their BEV business. Do you see a lot of carryover business, a lot of expansion of programs and support? While obviously puts us a little bit better positioned as these products have already been invested. Lovely. Thanks very much indeed. Thank you. As a reminder, to ask a question, please press star one. I confirm we have no further questions at this time. Okay. Well, if there are no further questions, and in closing, I would like to thank everyone on the call for joining us today. We really look forward to seeing you again in November for our quarter three update. Thank you. With that, operator, please disconnect the call. Thank you. Ladies and gentlemen, thank you for your participation today. You may now disconnect.