Ladies and gentlemen, good day, and welcome to the Q1 FY26 Earnings Conference Call of Gateway Distriparks Ltd and Snowman Logistics Ltd. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as of the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your phone. Please note that this conference is being recorded. Today on the call, we have Mr. Prem Kishan Dass Gupta, Chairman and Managing Director, Mr. Ishaan Gupta, Joint Managing Director, Mr. Samvid Gupta, Joint Managing Director from Gateway Distriparks Ltd, Mr. Kartik Sundaram Aiyer, CFO, Mr. Rajguru Behgal, Chief Business Officer, Mr. Manoj Singh, Chief Strategic Officer. From Snowman Logistics Ltd, Mr. Padamdeep Singh Handa, CEO and Director. Mr. N Balakrishna, CFO. I would now hand the conference over to Mr. Prem Kishan Dass Gupta, Chairman and Managing Director from Gateway Distriparks Ltd. Thank you, and over to you, sir. Thank you. Good afternoon, ladies and gentlemen, and thank you for joining us today. It is my privilege to address you at the outset of our quarterly earnings call. I hope everyone has had an opportunity to look at our investor presentation and press release that is uploaded on our website and stock exchanges. I'm pleased to report that our performance during the quarter has seen strong year-on-year improvement. This is largely attributable to the absence of the Red Sea disruption that adversely impacted the first quarter of the previous financial year. Our volumes have been consistent, along with a slight increase in market share in the regions where we operate. There are some geopolitical and geoeconomic conditions that remain, but we expect them to stabilize soon. India has already closed a trade deal with the U.K. and is expected to close similar deals with the U.S.A. and EU, which will improve EXIM volumes. It may not lead to immediate impact, but it will be good for long-term business as Indian exporters' competitiveness improves. The business remains stable, where our EBITDA per TEU for the rail business was around INR 9,100 per TEU, slightly down due to the higher empty and underframe running, lower double stacking, and increased imbalance due to lack of exports. Our CFS business sees some improvement with an EBITDA per TEU around INR 1,500. Our focus on expanding our inland container terminal network continues. However, land acquisition continues to be a challenge. These delays are unfortunate, but we remain committed and are largely actively engaging on multiple fronts to finalize new locations by exploring domestic opportunities as well as asset-light models. Snowman continues to maintain its position as a market leader and adds further capacity in Kolkata, Krishnapatnam, and Kundli, in NCR. We have plans to add more capacity in both owned and light asset models and continue our expansion in the 5PL vertical as well. With that, I now hand over to the moderator for the Q&A session. Thank you. Thank you. We will now begin the question and answer section. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from question queue, you may press star and two. Participants are requested to use handsets while asking a question. Participants are also requested to limit themselves to three questions at a time to give others in the queue a chance and can rejoin the queue thereafter. We'll wait for a moment while the question queue assembles. The first question is from the line of Rehan Saiyyed from Trinetra Asset Managers. Please go ahead. Hello. Am I audible? Yes, sir. Yeah. Hi. Also, good evening to all of the team, and thank you for giving me the opportunity. Sir, in the first place, your voice is breaking, so I just want clarification on the P&L side. Like, on the operating expenses increase YoY despite revenue growth, so are these specific costs having influence in fuel, rent, power, technology or investment that we should expect to continue in FY26 or going forward? Sorry. There's some echo, some disturbance coming when you're speaking something longer. Can you try again? Sir, your voice is not audible. Can you just please use your handset to answer the question, please? Ma'am, I'm using the handset only. Actually, there is some echo from your line. Now you can go with the question, please. Okay. Now I'm audible? Yeah? Yes, sir. Yeah, I'm better. So I want some more clarification regarding the operating expenses increased YoY despite revenue growth. So are there any specific costs having influence in fuel, manpower, technology investment that we should expect to continue in FY26? These are general increases yearly as manpower and minimum wage and fuel increases keep the hikes happening. So it's part of that only. Okay, so it's like a recurring excess we are seeing in this quarter. Yeah. But then this quarter had more underframe and Empty running. So we do expect some improvement in margin going forward as the overall imbalance also improves. Okay, and my second question is around the supply tech. The company has made significant investment in digital platforms and IoT-based monitoring. Could you please share any quantifiable impact on cost saving or service levels from this initiative so far? It's hard to quantify, but we continuously keep investing in IT just to stay ahead of the curve. Like, we have OCR technology at ICT now. We were the first to do RFID and GPS. But again, it's very hard to keep quantifying things like this. It's a continuous improvement that we keep working on. Okay. The last question from my side, you highlighted the use of rooftop solar and renewable energy integration at warehouses. So could you share your targets for renewable power usage in the next two to three years and its potential impact on margins coming we have seen coming forward? So all our majority of our warehouses, say 80%-90% of all our locations in both Gateway Snowman put together have solar. We've done this under the OpEx model so far where someone else invests and we just take the benefit. We take like a discount to the grid rate. But now going forward, we're evaluating doing it ourselves where we invest in the solar, and then it'll be about INR 2 or INR 2.5 compared to something in the average is about INR 4.5 right now. Then we're also looking at electric tri cycles, electric vehicles for movement. That will also it's about the CapEx is almost double, but the OpEx is about 1/3, 1/4. So there are savings there also. Other than this, we're also looking at LNG vehicles. So that's also similar lines to EV. We're already running CNG vehicles. We have about 65-70 vehicles. So that also is focused more on the greener side. Okay. That's it for my side. Thank you, and good luck for your upcoming quarter. Okay. Thanks. Thank you. A reminder to all the participants, you may press star and one to ask question. The next question is from the line of Achal Lohade from Nuvama Institutional Equities. Please go ahead. Yeah. Good afternoon, team. Thank you so much for the opportunity. My first question is, if you could help us understand in terms of the competitive intensity, the overall EXIM growth, if we have gained, maintained market share? So the trend for the last couple of quarters has been roughly the same. So whatever market share we've been reporting, it's broadly along the lines of that only. No fresh competition intensity has increased. Anything like discount levels also remain more or less the same. Right. If you could help us understand, if I see the numbers right, 31.9% growth of revenue in rail segment, which implies a realization of INR 34,200, which is down about 3% YoY. Is it entirely to do with the lead distance, or is it to do with anything specifically on the pricing part? No. So it's more of a mix of empty versus laden. So we've done more empties in the last quarter due to the imbalance. So you'll see a decline in revenue per TEU because of that. Would it be possible to get some sense how the empties are usually and what was it in first quarter? We're not really sharing the breakup publicly for empty versus laden. Right. But on an average, how much would that be typically? Would that be 15%, 20%, or could that be 30%, 40%? I mean, but like I said, we're not getting into the split of laden versus empty. Understood. And you said margin was INR 9,100 per TEU. I presume this, again, includes the other income. But ex of other income, how much would that be? Would that be closer to INR 9,000 per TEU? Other income was, yeah, but other income was very low this quarter. It's only about INR 2.9 crores, out of which majority of it is business-related only. So we're not measuring it other side. Right. And in terms of the outlook, how do you see that in terms of the margins? So there's scope to increase double stacking. Possibly, we will go back to 9,500 in the coming quarters. Right. And if I may ask, in terms of the volumes, how do we see last two, three quarters we are seeing, rather four quarters, we have stuck in that 92,000-94,000 TEUs on a quarterly basis? If you could give us some sense in the near term and from a medium-term perspective, how we see this? Generally, Q1 is weaker. I know last year was weak because of the Red Sea more than so. But for Q1, even to stay at the same level that we did for Q4, it's a good achievement. For even the rest of the year, we should see some growth coming in. We're still targeting a double-digit growth for the entire year. Okay. So which implies a very steep ask for the balance nine months. Is that still doable according to you? Yeah, I think it's possible. Okay. Got it. If I may ask a further question with respect to the DFC, what is the update you have with respect to the connection at JNPT and How does it impact us? Yeah. Hi, Rajguru, this side. So right now, we have the same status. The last stretch of 100 km, it is yet to get operational. So what we are expecting as per DFC, so it will get operational by, on their side, we are saying the 31st December 2025. But when we spoke to them, so we are expecting that it should get completed by 31st March 2026. Right. And when it gets connected, does it benefit us, hurt us in terms of given we are not really much present at the JNPT? So it is too early to say because there are multiple factors that will come into play. How the shipping lines are going to do their vessel rotation and how the cargo which is going to Pipavav and Mundra, how the exporter-importer, they are going to ship. Because ultimately, it is the extra distance of 300 km vis-à-vis Mundra and Pipavav. So that will also come into play. And what pricing shipping lines are going to come up and what the pricing the port authorities are going to come up vis-à-vis Pipavav and Mundra. So that nis something which will determine how much volume will get shifted. But we have a pan-India license, and we have that advantage that after CONCOR, so we are only one of the private operators who have the regular services towards JNPT. And definitely, we will foresee an advantage once this corridor starts. Understood. Thank you. I have more questions, but I'll fall back in the queue. Thank you. Thank you. The next question is from the line of Aditya Mongia from Kotak Securities. Please go ahead. Hello everyone. Thank you for the opportunity. I hope I'm audible to you all. Yes, sir. Thank you. I'll go ahead with my question. The first question is, we've talked about the double stacking portion declining for you in the quarter. A, could you quantify the quantum of double stacking for the quarter, and B, why is it declining? So it's 39%. It is basically declined due to lack of exports. There's also realignment of trade. Certain volumes have increased towards Mundra rather than Pipavav, which is further increasing their balance. Also, there's a slight echo on your line, so I just request if you're on speaker or something to use the handset. Understood. I hope this is better from my side. The second question that I had was if you could share the individual market shares that you typically do for the key markets of Ludhiana, NCR, and others. That would be helpful. Yeah. So basically, we have been able to retain the same kind of market share at NCR. We have retained between 16%-17%. And Ludhiana, we have retained 27%, and at Uttarakhand, it is 37%. Okay. The third question that I had was more on the guidance of INR 9,500 of EBITDA per TEU. At some point of time, this was INR 10,000 kind of guidance. And all the numbers have fallen to about INR 9,100. I understand there is an empty mix issue inside. But we just wanted to get a sense of how to think through the steps that need to be taken to get to INR 9,500, and what is the outside chance of doing better than that? INR 9,500 would be our normal only. So that would just be with slight better trade volumes, like export increasing, and there were some double stack restrictions during the months of May and June. So that is no longer there. So we should probably get back there quite fast. INR 10,000+, we are kind of set, but it would be connected to Bombay, the DFC. And also, we are factored in Jaipur coming in. But still, that being said, we can still look towards the INR 10,000 even when Bombay comes in. Okay. The last question that I had was I just wanted to get a more comprehensive response on Jaipur and outside. What are the key cases, including outside Jaipur, wherein there is some issue linked to land acquisition? And what have been the progress in the last quarter gone by? Because I see several disclosures issued which talk about beyond Jaipur, certain other issues in Snowman and the CFS side of things. So it would be useful to get a comprehensive response from the company on this thing. Yeah. There's only one other land issue going on, which is in Krishnapatnam. So basically, GDL sold some land to Snowman, and part of it got registered, part of it didn't get registered because there's some old survey from old records from the 1920s, which are being questioned by the local government over there. So we filed an appeal over there to get this land registered, but it's not stopped any operations at all. So we don't believe that this will have any effect for us. But it is an old case, and we can't do anything about it. And we believe we're in the right because when GDL bought the land, it got registered without any problems. It's only when Snowman was trying to acquire from within GDL. So that will get sorted out soon, hopefully. Jaipur, we've already disclosed what's there. There are no other land issues going on in the group. Generally, what we say, land acquisition remaining a challenge, that's the same issues that we mentioned that either it's pricing or clear title, that we don't want any encroachment on it. It should have specific road access, connectivity to a railway station, the right length and the width, and near a manufacturing hub. So those are the constraints. And we generally see lesser and lesser ICDs have been coming in, which is why we started exploring the asset-light model also. And we are in discussions with a couple of people where we'll do the rail part, but they'll run the terminal. So hopefully, we can update you on that soon. Any update on the sale of the land at the CFS? That will be my final question. Thank you. Sorry. The CFS sales, you are referring to? So the CFS portfolio, there were some land parcels or let's say some CFSs that you would want it to discontinue and sell as land for other purposes to players outside. Is there any progress being made on that aspect? So we are in discussion with some people, but we've not found the right valuation. And it's not a distressed sale, so we don't want to sell it at anything. And meanwhile, it's still generating good cash flow. So only when the right valuation comes in, we'll consider selling it. Thank you very much for your responses. All the very best. Those are my questions. Thank you. Thank you. The next question is from the line of [Vlad Alexandra] from Artha India Ventures. Please go ahead. Yeah. Hi, good evening. So my question is regarding the segmental revenue trends for Snowman. So for the transportation and warehouse segments, there has been a slight change, like a single-digit change quarter on quarter. But for the trading and distribution segment, I can see a change of around 54% quarter- on- quarter. So that seems to be far more than the other two segments. So could you please tell me some more about the nature of this change, what mainly drove it, and how sustainable that will be for the coming quarters? Yeah. Hi, Padamdeep Singh. So we have seen positive growth in our Snow distribution business. That is attributed by the new customers as well, which were onboarded last quarter. And with the existing customers also, there has been a solid growth. So it is clearly reflecting on the segment itself. And that also has given us some boost in our warehousing and distribution. The voice is not clear, [Robin]. I'm sorry to interrupt, sir. Okay. Is it clearer now? Yeah, a bit clearer. Is it a bit better now? Yeah. Great. So I was saying that we have seen good increase from our existing customers, plus a couple of new plants which were added last year, I mean, last quarter of last year. And they have also started gaining some momentum. So overall, the segment of SnowDistribute, wherein we do the entire 5PL, has helped us gain that momentum and maintain it. And as we see the projections from all these customers, it looks like there will be a positive impact going forward as well. Okay. So can you please give maybe some guidance for the three segments? How much growth will be expected in the coming quarters for the revenue? So typically, quarter one is a little higher than Q2, if we see historically as well. And we expect to maintain the same pace as what we have done in quarter one and continue thereon to meet our annual budgets. So quarter one was high for the transportation, trading, and distribution segment, but then transportation and warehouses weren't as high. So are you saying that that same trend will continue, that it will just be single-digit growth for transportation and warehousing? So in transportation, we are strategically managing a little lesser numbers because we wanted to weed out the low-margin businesses. Sorry to interrupt, sir. Hello. The voice is off. So in transportation, as I said, we strategically made an informed decision wherein we wanted to weed out the low-end margin or negative margin businesses, and thus the growth is not reflecting, but as per our targets from next quarter onwards, we are going to work back on that, and it is going to show a positive trend. Okay. And for warehousing as well? Warehousing has been doing good. We just onboarded our two facilities, which are Kolkata and Krishnapatnam. They will definitely be adding revenues. Plus, we have taken a warehouse on asset-light model in Kundli, which will also start contributing from the month of August. And then a couple of them are in pipeline as well in new locations. So that will help to add further more. Yes. Sorry to be repetitive, but if you could give some figure, what would be expected from these new warehouses, in percentage terms or absolute terms, just an estimate? I mean, if I say for the quarter, just an estimate, maybe we'll have a utilization percentage increase by approximately seven to 10,000 pallets. Okay. Yeah. Okay. Thank you. Thank you. Thank you. The next question is from the line of Kunal Tokas from FVC. Please go ahead. Hello. Am I audible? Yes, sir. Yes. Okay. My first question is about your 5PL business. It would be great if you could tell us what the scope of your work is geographically for some of your clients like Tim Hortons or BR or Keventers? Typically, we do the end-to-end supply chain management for them. And in that, it includes right from procurement activities for customers like IKEA. We also do the factory audits of the vendors. It includes warehousing, distribution. I mean, distribution per se goes to their outlets. Right from procurement to planning to execution, everything falls in our portfolio there. We also do, for a few of the clients, vendor. I mean, we do evaluate vendors. We do find out new vendors and offer them products. And then for customers like IKEA, Tim Hortons, and Keventers, we do a little bit of import as well from across the globe and then bring it to our bonded warehouse and then distribute it to them or sell it to them. What region? Yes, sir. Thank you. And what region would you be handling for those clients? Are you catering to them on a pan-India basis or handling specific geographies only? So for Baskins, there are specific geographies, but all other I mean, Baskins and Unilever are specific geographies, whereas for IKEA, Tim Hortons, and Keventers, we're doing pan-India basis. Just to confirm, you said for Tim Hortons, BR, and Keventers, you do pan-India? Tim Hortons, IKEA, and Keventers. I'm sorry to interrupt, sir. Your voice is not audible properly. Can you hear me now? Is this fine? Yeah. Now it's better. Tim Hortons, IKEA, and Keventers is pan-India. Baskins and HUL is regional. Okay. Understood. And second question is about a comment you made early in the call that you are pivoting to a model where you own the asset. Does this also apply to your transportation business in Snowman? We have a mix of it. We do own trucks, and we also take on asset-light models. The same model pertains to transportation as well, wherein we own approximately 300 vehicles, and then a similar number is on lease basis or on trip basis with us, which is through our SnowLink platform. As you grow, do you want to maintain a certain ratio, or will you onboard more third-party vehicles rather than your own? So most will go towards the third-party vehicles, and then we will maintain our fleet almost approximately to the numbers we have today. Okay. And just a last question on warehousing. So the 6% growth rate, can you decompose it in terms of new capacity added and rate increases or decreases, whatever was the result? So in the last quarter, we have seen rate hikes from most of our customers, and we have been able to achieve that. That has ended up giving us a better yield than last quarter and last year's same quarter as well. In terms of the capacity target, approximately 15,000 pallets is what we have added. I heard your voice. Own warehouses. I'm sorry. I'm sorry to interrupt. Sorry. That's okay. So. It's all right. I understood what you were saying. Okay, so I was telling that we have. Okay. You understood. Fine. Thanks. Yes, sir. Thank you very much, sir, and have a good day. You too. Thank you. The next question is from the line of Disha Giria from Ashika Institutional Equities. Please go ahead. Hello. I hope I'm audible. Yes, ma'am. Yes. Thank you. Hi, sir. So in your presentation, you had mentioned that there are certain new opportunities available in the domestic segment for Gateway Distriparks. So if you could just specify them a bit? So while EXIM volumes remain stable, we are looking at different ways to increase our volume. So within our existing customers and network, there are some opportunities. We have to procure domestic containers. Right now, we have a fleet of 800, but it's a bit aged. So we're looking to get some new containers and then start moving things in the domestic segment. We've already crossed about, say, 600-700 TEUs on it last month, average. So we should be expanding on this front. Okay. My next question is, over the past one, one and a half years, you had an expansion plan. The stepping stone of it was the Jaipur ICD. Now, it has been delayed due to the land issues and everything and connectivity issues. Meanwhile, there's another competitor who is willing to enter into the same industry and has a very huge FY30 target, which they plan on achieving. So how would you compete with the additional competition? How will you meet your expansion initiatives? Because you already have two big players in this industry. That's CONCOR and Adani. With the third big player coming in, how are you going to compete? And how will it impact your expansion strategies? Which announcement are you referring to for FY30? Can you just elaborate on that? I'm talking about JSW's logistics expansion plan. Okay. See, people have been announcing ICDs since before we started also. So we've been focused on our growth story. We've had problems in the last couple of years that we've not been able to identify the right location. But we do have plans, and it's not just one or two locations. We've identified probably the next six, seven ICDs that we want to open up. But it will take some time, and we don't want to get stuck in a situation like Jaipur again. So we are being extra careful. We're looking at some asset-light models also, apart from domestic, where we mentioned earlier that someone else operates the terminal, but we operate the rail. So no CapEx from our side as well. Sorry? In the Gati Shakti scheme? No. These are some private trade terminals that someone is looking at. Gati Shakti also, so far, we've not found anything suitable. But if some good proposal comes in the Gati Shakti scheme also, we'll be happy to look at that as well. Okay. All right. But there have been issues in our expansion plan, and it has delayed it significantly. If I am correct, the Jaipur ICD at the start was supposed to be operational by FY2025. Then it got delayed to 2026, and then now 2027 expected timeline. And if we plan on having the six, seven more ICDs, how will that pan out? Any timeline as such? Yeah. It takes two years to build up an ICD. So six, seven, I'm talking over a period of five to seven years, not even immediate. We're focused on two in the near term. But this is not an issue with us. It's an industry-wide issue. If you look all across, everyone is struggling to find land to expand in the right locations. We can expand in a place which has 500 or 1,000 TEUs per month, but it won't make sense. So we're trying to target key market areas along the northwest and central parts of India. All right. Okay. That is it from my end. Thank you. A reminder to all the participants, you may press star and one to ask a question. And they are requested to limit themselves to one question at a time to give others in a queue a chance and can rejoin the queue thereafter. The next question is from the line of Prithvi Ranga from Avendus Spark. Please go ahead. Hello. I'm audible? Yes, sir. You're audible. Thank you so much for taking my question. Just a couple of quick questions from my side. So if you can, sorry, I had missed out on the earlier part. So if you can just. Sorry, your voice is not clear properly. Can you hear me now? It's a little muffled, and there is some background noise from your side. If you can please just give me a segmental EBITDA per TEU for the rail and CFS business and also a broad outlook on the CapEx going forward this year and through FY27. That would be great. Sorry, I can't really understand. If you're on speaker, I just request that you can go on handset. Yeah. Just a couple of bookkeeping questions from my side. I'm audible now? Yeah. That's fine. Yeah. If you can please share the EBITDA per TEU segment-wise for rail and the CFS business and also a broad CapEx outlook for FY26 and through FY27. That would be great. Yes. Rail is at 9,100, and CFS is at 1,500. We had announced at the start of the call. The CapEx plans remain the same. Basically, we are looking at about INR 30 crore of CapEx per year. This is not counting any new terminals. As in when a new terminal comes in, that will be at an average of about INR 150 crores per terminal. So we've earmarked INR 300 crores for two terminals. And then the balance works of Jaipur, whenever that comes in, will be about INR 60-70 crores. Okay. Thank you so much for taking my question. I'll be back in the queue. Thank you. The next question is from the line of Bharat Gupta from Fair Value Capital. Please go ahead. Hi. Thanks for taking my question. Sir, a couple of questions with regard to Snowman. So right, we have added some capacity with respect to the pallet size. So can you just describe what kind of opportunity size you're looking at over the next three years? What kind of the CapEx we will be incurring? And also in your opening remarks, you mentioned about the pricing hikes you have taken in the segment. So just can you describe on the same? I mean, our plan is to continue to spend something around INR 100 crores from our, I mean, investments into our own facilities and then build a couple of asset-light models alongside. So maybe three to four facilities in the next two years and in the next three years, probably five to six facilities is what is on the horizon right now. And the other question was on price increase. So price increase, I mean, it's in the range of 5%-7% in general, looking at segment to segment it varies, but that's in general what is coming at present. Right. So overall, in terms of the pallet size, I think 1.5 we have currently. But overall, if you look three years down the line, how do you see the overall level of pallet reaching out? We go beyond 200+, I mean, 200,000 pallets plus. All right. And so secondly, just to get a sense about what's your thought process with respect to 5PL, given how it's a low-margin business as compared to the warehousing, which is one of the traditional business for us, and what kind of risks are associated because we are involved in the complete value chain for all the customers we are catering to. So how do you read it? What's the strategic thought process behind investing in 5PL right now? See, 5PL gives us additional stickiness to the customers. That's the first part of it. It adds to my warehousing. It adds to my distribution business, which is the core for Snowman. And then we add upon other opportunities of creating margins from the trading of products. So net in net, it's a very healthy business to be in. We have to be thoughtful of the customers we pick, and we are very careful with whom we are engaging. And then the long-term, I mean, we look at the longevity of the relationship as well before we and the customer we get into a contract and start operating. Sure. Last question, sir, if I can squeeze in. With respect to the Quick com and Ecom, just to get a sense, what will be the revenue contribution coming out from this towards the logistics team? And I believe this has been one of the segments which has exponentially been growing. So how do you see that trend playing out with respect to the industry and with respect to us? Quick commerce is also Ecom, I mean, and Quick commerce is a part of our business as of now. And they have been contributing to the extent, I mean, we have an exposure with them. And we've been fairly well. That's what I can tell you at the present. Any quantification, sir, with respect to our overall revenue exposure towards them? I would not be, yeah, segment-wise numbers and all. We will not be sharing. Sure. Got it, sir. Thanks for answering my question, sir. Thank you very much. Ladies and gentlemen, that was the last question for the day. Participants that have missed out due to the time function can reach out to the management and SGA team for the Gateway Distriparks and Snowman Logistics for any further information. With that, we conclude this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.