Welcome to the AAON Inc. First Quarter 2023 Earnings Conference Call. Our host for today's call is Joseph Mondillo, Director of Investor Relations. At this time, all participants will be in a listen-only mode. Later, we will conduct a question-and-answer session. I would now like to turn the call over to your host. Mr. Mondillo, you may begin, sir. Thank you operator, and good afternoon, everyone. The press release announcing our first quarter financial results was issued after market close today and can be found on our website, AAON.com. The call today is accompanied with a presentation that you can also find on our website as well as on the listen-only webcast. Please go to slide two of the presentation. We begin with our customary forward-looking statement policy. During the call, any statement presented dealing with information that is not historical is considered forward-looking and made pursuant to the Safe Harbor provisions of the Securities Litigation Reform Act of 1995, the Securities Act of 1933, and the Securities and Exchange Act of 1934, each as amended. As such, it is subject to the occurrence of many events outside of AAON's control that could cause AAON's results to differ materially from those anticipated. You are also aware of the inherent difficulties, risks, and uncertainties in making predictive statements. Our press release and Form 10-Q that we filed this afternoon detail some of the important risk factors that may cause our actual results to differ from those in our predictions. Please note that we do not have the duty to update our forward-looking statements. Joining me on today's call is Rebecca Thompson, CFO and Treasurer, and Gary Fields, President and CEO. Gary will provide some opening remarks. Rebecca will then walk through the quarterly results, and we'll then finish with Gary for some commentary on the quarter and outlook. With that, I'll turn the call over to Gary. Good afternoon. Overall, we're very pleased with our first quarter results. We reported record sales for a fifth straight quarter. Organic volume was up year-over-year, 23.5%. That was against a quarter a year ago where organic volume was up 21.3%. Our operations team is doing a great job managing the robust demand by increasing production capacity quickly while maintaining solid productivity. Backlog continued to grow. Quarter marked a seventh straight quarter of record backlog and a ninth straight quarter that backlog grew sequentially. Despite how successful we've been with adding production capacity, bookings continue to outpace production. The environment for us remains positive. Bookings trends are still on the rise, and our channel partners are very optimistic. Thus, we maintain a positive outlook for the year. I'll now hand over the call to Rebecca to go over the financial results. Thank you, Gary. I'd like to begin by discussing the comparative results for the three months ended March 31st, 2023 versus March 31st, 2022. Please turn to slide four. Net sales increased 45.5% to $266 million from $182.8 million. The largest driving factor to the growth was organic volume, which contributed 23.5%. Volume growth reflected the company's strong backlog at the start of the quarter, as well as a fourth straight quarter record production, which reflects the company's success of attracting and retaining employees, along with continuously adapting to parts shortages. In addition to volume, pricing contributed 22%. Moving to slide five. Gross profit increased 67.5% to $77.2 million from $46.1 million. As a percentage of sales, gross profit was 29% compared to 25.2% in the first quarter of 2022. The increase in gross profit was primarily due to realization of price increases, counteracting the increasing cost of materials and labor. Within the quarter, we incurred some one-time expenses related to the improvement of employee benefits. This explains the majority of the contraction in gross profit margin compared to the fourth quarter of 2022. Please turn to slide six. Selling, general, and administrative expenses increased 42.9% to $32.9 million from $23.1 million in the first quarter of 2022. As a percentage of sales, SG&A decreased to 12.4% from 12.6% in the first quarter of 2022. The increase in dollars is primarily attributable to salaries and benefits and profit sharing, which have increased as a result of our growing headcount, employee pay increases, and benefit improvements discussed above. Please turn to slide seven. Income from operations increased 92.1% to $44.2 million from $23 million in the year ago quarter. As a percent of sales, operating margin expanded to 16.6% from 12.6% in the first quarter of 2022. Moving to slide eight. Diluted earnings per share increased 103% to $0.67 per share from $0.33 per share. In the quarter, we benefited from a large excess tax benefit of $3.8 million associated with depreciation of AAON stock. Excluding discrete events, we continue to anticipate a tax rate of 24.3% through the rest of the year. Turning to slide nine. Our balance sheet remains strong. Unrestricted cash totaled $2.5 million on March 31st, 2023, and debt at the end of the quarter totaled $83.7 million. Within the quarter, we borrowed $12.7 million on our line of credit. Our leverage ratio of 0.47 was essentially in line with what it was a year ago and at the end of the prior quarter. The increase in debt was primarily related to investments in working capital. We had a working capital balance of $246.3 million at March 31st, 2023, versus $203.5 million at December 31st, 2022, and $169.5 million at March 31st, 2022. The investment working capital was made to help facilitate the robust volume growth while also helping mitigate supply chain issues. We anticipate working capital will become a source of cash in the second half of the year. Along with improved earnings, cash flow from as-operations will improve significantly throughout the year, helping pay down debt and finance CapEx projects. Capital expenditures for the first three months of the year were $28.9 million, up 106.2% from a year ago. We continue to expect capital expenditures for the year to be approximately $135 million, which equates to more than 150% year-over-year growth. We monitor our growth trajectory and capacity utilization regularly and will continue to invest in long-term growth. With that, I'll now turn the call back over to Gary. Please turn to slide 10. As I said in my opening remarks, we're very pleased with the first quarter. Our operations continued to perform well in Q1, and I continue to commend the team for their performance. Every quarter in the recent past, the company is pushing more volume through our three plants than we've ever seen before. Organic volume growth was up 23.5%, and on a two-year stack, it was up 44.8%. We have made great strides at increasing our production capacity to allow for this growth. Total headcount was up 27.3% from a year ago and up 10.4% from the end of 2022. We continue to do a great job at onboarding new employees. More importantly, we are efficiently integrating them into our operations so as not to disrupt productivity and profitability. We are also investing in new equipment. Sheet metal production is running at high utilization rates. We're investing in new Salvagnini machines, both to replace old machines that will enable us to increase productivity as well as to add incremental sheet metal production. Supply chain issues continue to be a challenge. They seem to be slowly improving, but they still very much exist. This continues to weigh on productivity and output. Without them, volumes most likely would be stronger and productivity certainly would be better. That said, our productivity associated with dealing with these issues continues to improve. Lastly, volume growth was also a reflection of our pre-premier sales channel and the backlog our rep partners have been able to generate for us. AAON has never been more aligned with its sales channel partners and has never supported them as much as we are now. Last month, we had the grand opening of our Exploration Center located at our headquarters in Tulsa. This is the latest example of how we are supporting our partners. This is a first of its kind in the industry. The building is a 27,000 sq ft showroom that showcases our equipment side by side other market alternatives. Nowhere to this scale can customers go to see and compare AAON product next to market alternatives. Sales reps will use this to help customers better understand the value proposition that AAON equipment provides. Our sales channel has never been as strong as it is right now, and we're giving them more tools to help them to be even more successful. Please turn to slide 11. I want to discuss our gross margin performance and outlook. The 29% we posted in the quarter was in line with our internal expectations. As we stated on our fourth quarter call and as Rebecca stated today, there were some one-time expenses that weighed on the margin. We anticipated the first quarter to be a low watermark and continue to expect improvement throughout the year. In addition to certain expenses in the first quarter not recurring, we have more price coming. Meanwhile, input cost inflation is moderating. Productivity is also expected to improve throughout the year. Most headcount additions will occur in the first half of the year. As that new headcount is integrated, trained, and fully up to speed, we expect productivity will improve, which we expect will occur in the second half of the year. All in all, we maintain the view that 2023 gross margin will be better than the fourth quarter of 2022. Now moving to slide 12. Overall demand remains very strong. Bookings in the first quarter were the strongest of any quarter since the first quarter of last year. If not for a large price increase we had on March 30th of last year, which resulted in a big pull forward of orders, this past quarter would have likely been a company record. Despite the robust growth in volumes and significant increase in production capacity, bookings continued to outpace sales. Total backlog was up 30% from a year ago and up 9.5% from the end of the fourth quarter. Many factors are contributing to the robust demand, including favorable lead times, a narrowing price premium between our equipment and market alternatives, the attractive value proposition that AAON equipment has to offer, the strengthening of our sales channel. Robust growth at BASX and favorable secular market trends related to decarbonization, electrification, energy efficiency, and new governmental regulations. Please turn to slide 13. Our lead times have continued to extend. We still maintain industry best lead times, the gap has begun to narrow. We're doing our best at reversing this with the investments we're making in production capacity. CapEx is expected to be up 150% this year, of which a vast majority is related to increasing production, we're increasing headcount. Considering that, I'm optimistic that lead times have peaked. Please turn to slide 14. Demand continues to be fairly broad-based as far as end markets. Data centers and semiconductor markets are very strong. BASX had a very good quarter as far as bookings. The K-12 education vertical is solid. Healthcare and manufacturing are also still very good. We continue to see robust demand in the grow facility market and while new construction warehouse is slowing, the end market remains good for us due to retrofit work. Overall demand for us is solid across most of the board. Sentiment among our channel partners remains positive. Compared to a year ago, it may not be quite as strong, but overall sentiment is still very positive. Macro data is also still solid. Construction spending is now well beyond pre-pandemic levels, and construction starts are at the strongest levels in years. The ABI and the Dodge Momentum Index, which track the pipeline of non-residential projects early in the planning stages, have recently peaked, but they still imply the pipeline is still at historically high levels. Please move to slide 15. Parts sales grew 38.5% in the quarter. On a two-year stack, they were up 88.6%. The business declined to 5.3% of total sales. That was due to the robust growth of equipment sales. We remain optimistic through the rest of the year. Despite the positive outlook, parts continue to feel effects from the supply chain issues. As those issues dissipate, we expect parts sales accelerate. Long term, we continue to anticipate this business will become a larger part of the company, both on a sales and profitability basis. Please turn to slide 16. Before finishing up and handing off the call for Q&A, I wanna provide some information on our outlook for the rest of the year. Based on the size and improving margin profile of the backlog, increasing production capacity and productivity and strong order trends, we anticipate sales and earnings will improve sequentially through at least Q3. We continue to anticipate pricing will be a low double-digit contributor to sales growth for the year. For gross profit margin, we anticipate gross margin will improve throughout the year. For SG&A, we're making several investments that will help position the company better for long-term growth. This will limit the operating leverage you usually tend to see with SG&A. We continue to think SG&A as a percent of sales will be slightly higher than what we realized in 2022. CapEx will be approximately $135 million. In closing, I wanna finish by thanking all of our employees, our sales channel partners, and our customers. I also wanna remind everyone we will be hosting an investor day on May 17th and 18th at our headquarters in Tulsa. You can find more details on this event in the Investor Relations section of our website. We will also be attending Wells Fargo's Industrials Conference on June 13th. I hope to see some of you at these events. Thank you. I will now open up the call for question and answers. If you would like to ask a question, please press star one on your telephone keypad now. You'll be placed into the queue in the order received. Please be prepared to ask your question when prompted. Once again, if you have a question, please press star one on your phone now. Our first question comes from Brent Thielman of D.A. Davidson. Hey, thanks. Good afternoon. Good evening. Yep. Hey, Gary. Hey, just, I mean, looks like still real robust orders and backlog here. I didn't see a breakdown of Quarterly on product for BASX. Maybe if you could just talk to what you're seeing in terms of underlying demand on both sides there in either business line, Gary. Then also, you know, what are just sort of the strongest end market drivers for the company today considering this huge book of business you're building? The pace at BASX is a little more brisk than the pace at Legacy. There's good, strong bookings at both. When I look back historically, going back, say, five quarters, if I take out the effect of a price increase having pulled forward, then bookings overall were at the highest level related to bill that they had been in all those quarters. Legacy stayed just about pace with that. We're still not able to produce as much as we're able to book, so the backlog continues to just accumulate a little bit at a time. I will say that it's coming more in parity for two reasons. Well, one particular reason is the increase in output volume. I mean, that's really the key thing. The bookings have not really bent over anything at all. We're just continuing to increase production. We've got more things in place now. Our headcount is up. It continues to accumulate, and we're layering in people at the same pace that we're able to get more parts. As there's been a lot of talk in a lot of business publications recently about the supply chain issues easing, if not, you know, being a non-issue. I don't wanna call them a non-issue. I'll just say that the big sticking points are behind us. We just fight with some kind of small things from time to time, but they are still a bit disruptive. Okay. Gary, one of the questions I think that dovetails nicely into the next one, but one of the questions we seem to get is, you know, when eventually industry lead times normalize, whenever that is, can AAON sustain the market share gains that you've ultimately seen? I'd just love to get your response and perspective on that. Yeah. We've had sales meetings. We had a eastern half of the United States sales meeting in March. We had a western half about last week or week before. Excuse me a second. We had all the sales channel partners together. In between those two sales meetings, we had a meeting with the principals, introducing them to the grand opening of the new marketing center. All of them assure us that while we did gain some business because of lead time, that those customers now appreciate the value even more since they've got this equipment on their buildings. Being able to sustain those customers long term is very probable. I don't think that as lead times come together, that it's gonna be as impactful, it won't be impactful in a negative way, but we did gain because of the lead time initially. The next thing is that with the regulations that took effect January first, 2023, all of our competitors had to raise the energy efficiency of their equipment considerably to get over that threshold. AAON had been over that threshold for a long time and had been priced according to that. In order to meet these 2023 regulations, there's more cost content in the units to do it. A lot of the price premium had been associated with the difference in energy efficiency, and now they're much closer to us, so that's narrowed the price premium. The other value items that are innate to the AAON equipment become more visible, standalone on themselves. There, there's fewer things that you have to evaluate. There's less premium difference. For all these reasons, I think that our trajectory is sustainable. That's great. Just the last one, understanding the investment facilities, people you've had to make to support the growth and future growth for that matter. As you move into 2024, do you anticipate seeing sort of improved SG&A leverage from what you're talking about doing this year? You know, it's probable that we'll get some leverage on that, but with the growth trajectory we're on, we're gonna have to stay very aggressive at CapEx. You know, what we're putting in place this year solves a lot of problems, but if we continue to grow at this rate, for the reason that it takes about three years to plan and then get into production a new facility, we'll have to continue to invest there. Some of that hits SG&A and some of the planning processes and so forth. You know, the other thing to bear in mind is that we utilize a profit-sharing plan for our employees. Everyone below the senior leadership team level is eligible for profit sharing, and that's 10% of our pre-tax profits. As we become more profitable, there's more attributed to SG&A because of that one event right there. We will get some leverage eventually, but I don't look for it to be significant or right away. Understood. Okay. Thank you for taking the questions. I'll pass it on. Our next question comes from John Brechts from Oppenheimer. Your line is open. Good afternoon, everyone. Good afternoon, John. Gary, can you talk a little bit about your pricing for the remainder of the year? I think you've been increasing prices 1% per month. What do you see for the remainder of the year? We increased prices 1% per month through April. Mm-hmm. When May first occurred, we did not. We hit the pause button. Our FP&A team has done a real good job of projecting where our financial performance will be, and they've gone back and calibrated that against actuals so that we know that their algorithms are very accurate or, you know, as accurate as possible in a projection theme. With that, we're certain that we have achieved the financial performance that we've always set as our goals. With price increases that are in place now, we believe that the gross margin will continue to increase quarter-over-quarter throughout the year, so that when we end the year, it'll end at the highest gross margin as a total year that we've had. We also believe that the total year will end up in parity or slightly north of what it was in Q4 of 2022. Okay. What are you seeing on the competitive front in terms of pricing? Are your competitors continuing to raise prices? Only seen one recently that announced another price increase. Haven't seen anything else. People put price increases in late in the fall or earlier in first quarter, coming into effect about now. Those were more or less in line with the accumulation of our 1% price increases per month. Okay. Okay. Lastly, in the quarter, revenues from BASX was about $30 million, I think that was down from $39 million in the fourth quarter. Is that just a reflection of seasonality, or is there anything else? No. That was supply chain. It was a timing issue because everything that we revenue from them is on a WIP schedule, and we had equipment that we couldn't quite finish because we had little bits and pieces that had not arrived in time. It's a little bit of a kind of a stairstepping process. Mm-hmm. You got a big unit that's, you know, waiting on a few parts in order to, you know. Yep. ... get to that complete stage. I look for their revenue to be increasing throughout the year. Okay. Okay. You know, is there anything you can say about their backlog, versus last year? I don't have the exact percentages in front of me. It's tremendous increase. The opportunities just keep coming our way. They keep landing these things. A lot of their backlog has requirements for shipping, you know, out in the future a bit, not in accordance with standard lead time, longer than that because people wanna secure that position because they're critical path to their project being completed on time. I think that everything we dreamed about when we bought BASX as far as how it would occur with our balance sheet coupled with their appreciation in the marketplace, those have all come to fruition. It's probably one of the most outstanding transactions that I've ever been involved in. Okay. All right. That's good, Gary. Thank you much. Yep. Our next question comes from Christopher Moore, from CJS Securities. Your line is open. Hey. Good afternoon, guys. Thanks for taking a couple questions. Certainly. all right. Maybe, you know, the $135 million in CapEx, I think roughly $100 million of that is for capacity expansion. Can you just kinda help with the math in terms of, you know, the additional capacity on a, on a relative basis that, you know, this investment will make or provide? We'll dissect it by the four different facilities. We'll start with the smallest facility, Parkville, Missouri, where we manufacture electronics that are control items for our unitary equipment predominantly. The expansion there will more than double their output capabilities. When we move to the next location, Redmond, Oregon, BASX, we're building some things that while they had doubled the facility right before we purchased them, in fact, it wasn't quite finished when we got them. They found a way to improve productivity a lot by building, call it a little bit of an annex building, to move one of their processes that was taking up some space that would be better utilized if they were in their own annex facility. That has the ability to probably raise their production above what they already had another double-digit percentage, but I'd say, you know, low to middle, you know, maybe 20%-25%. In Longview, two years ago, we put a new building in place, and you've seen the revenue of the coil products, you know, AAON Coil Products in Longview. You've seen it go up substantially. We had in our mind, in our planning, a five-seven year runway before we would have to build the mirror image half of the building. As you recall, we built three permanent walls and one temporary wall. With BASX acquisition and being able to move one of their significant data center products down there for manufacture, which we've started doing, that used up a lot of our surplus. That building actually, it wasn't out of capacity, ceiling, but it was coming much quicker than we wanted, so we're starting to build the other half of that building. That will give us, let's say right now, that building is probably capable of somewhere around $150 million-$180 million in finished products a year, something in that range. Okay. It'll more than double that. In Tulsa, kind of an interesting conundrum here. When I first came to the company, I'd walk the plant floor, and I'd see all this space that just wasn't being utilized well. I took that to a team of people, and they named themselves Space Force. They've done a tremendous job of repurposing that space. They've gained us probably in excess of 30%, maybe even as close to 40% more usable space. We ran into another problem. When we brought all these people on to use that space, we didn't have any parking places. We bought some land adjoining one of the buildings, so we have more parking. I mean, it's funny how some of these little things just manifest themselves like a, uh-oh, I didn't think about that. Now we've closed on that property, so we have plenty of parking spaces. The other thing was that when we're onboarding employees, we were fairly constrained on the space we had to do that. You can see we're growing, you know, employees quite aggressively, we needed more space to do that. We thought the employee experience would be enhanced if we had a discreet location for HR. If they had anything they wanted to discuss with HR, they weren't standing in front of, you know, maybe their supervisors or their peers and, you know, have to answer that question, "Why'd you go to HR today?" One of the buildings we closed on is about maybe a city block and a half, close to two city blocks away from the main campus. We'll be relocating HR over there, both for improved onboarding processes and for the discreet nature of it. The other thing that we got with that property was a large building that at one time, when we initially started pursuing the property, we envisioned it as potential additional warehouse facility to because our inventory has increased so much, we needed warehouse. Well, we did a reevaluation of the use of that building here recently, and we've decided that we're going to add a coil manufacturing facility in that building we just acquired to supplement the Longview coil manufacturing. That'll do two or three things for us. Number one is it'll minimize the freight damage that happens when you're moving coils two or three times, handling them and moving them 300 miles as opposed to a couple of blocks. The other thing it'll do is it'll give us the ability for a quick response when we have a change order. It just gives us a lot more coil manufacturing capacity. We're just barely staying pace with coil manufacturing and the demand of the Tulsa facility and how fast it's growing. Like I say, we just kind of repurposed our thoughts on that. I don't know exactly. We just started putting the plan together a few days ago, and they're gonna present me a written plan tomorrow on exactly what the pace of construction of that'll be as far as getting the equipment in there and getting it up to go. Those are kind of the major things we're doing. We currently have probably, I'll just say in summary, we probably got 40% surplus capacity in the facilities as a whole. At the growth rate we're going at, that's not very long. We're just trying to stay out in front of this thing and make sure that we've always got surplus in front of us. You know, I suffered through that period of time back there in 2017, 2018, when we didn't have enough production capacity, and that's just not a spot I wanna see us in again. Got it. Back of the envelope, are we talking about an additional $400 million-$500 million in capacity from this investment? Yes. Okay. In back of the envelope, that's probably a good number to use. Yes, sir. Got it. Just the last one for me. You talked a lot about bookings, you know, they continue to outpace production. Can you maybe just give a little sense of the degree to how much they're still outpacing production compared to recent quarters? As I kind of touched on a little bit early on, when we look at the whole business, including BASX, which is now fully integrated into the thought process of the whole company, we had a huge price increase that went into effect, first quarter of 2022. Caused a lot of pull forward. If I normalize that, I would say that bookings versus billings are really close to the highest level they've ever been in Q1 of 2023. They just continued to increase quarter-over-quarter throughout the year. We're gaining momentum while, you know, you hear all these signs of things slowing down. There's nothing slowing down for us. At the same time, we've gained production capacity. You know, you're seeing a great thing here, an opportunity for us to grow at a very robust rate. I do believe that that'll begin to bend over a little bit for two reasons. I think the market will slow down just a little bit overall. I think our chances of continuing to book at a brisk rate are very, very high, but our production continues to increase. We had planning procedures to add considerable people the first half of the year, which would allow us to continue to accelerate. If seasonality happens to reemerge, which we've not really seen in a very long time, but if seasonality happens to emerge, then we could burn some of this backlog down, which would actually be a good thing because we would shorten our lead times up even a bit more. Very helpful. I'll jump back in line. Thanks, Gary. As a reminder, if you do have a question, please press star one on your telephone keypad now. Our next question comes from Julio Romero from Sidoti & Company. Your line is open. Thanks. Hey, good afternoon, Gary and Rebecca. Good afternoon, Julio. Hey, good afternoon. Just wanted to ask another one about pricing. Curious about the decision not to continue to pass along any price increases in May. Are you starting to see some pushback from customers on price? I'm asking that because that kind of seems to be different from the message of managing price to market rather than cost. Well, we looked at the market, and we believe we have reestablished a gap between us and them. We are demanding a premium for the equipment. What makes it a little hard for your side of the table to see is how much of that price increase is in the backlog that's yet to materialize in the financials through the financial performance of the company. We got to be way out in front of this thing and see, you know, where we're at. We know that we are, again, a premium to the market, and we know that the premium is less than it used to be, but it continues to be justifiable. We considered market pricing as well as financial performance when we made this decision. Got it. Yeah, no, that makes sense. Maybe turning to the parts business, I know you said, more to come once supply chain eases. Maybe just give us a sense of how much pent-up demand is there for parts and how much of that we'll be able to flow through once supply chain does ease. Well, parts business is growing at a very brisk rate. If we didn't grow the equipment business at such a brisk rate, the percentages would be, you know, quite a bit more in line with our expectations. Begins to normalize, which it's already begun to normalize. It's just not totally there, it's doing much better. We will see continued acceleration in the parts business. I don't believe we'll hit our goal percentage of equipment sales to parts sales ratio in 2023. I think that might be a worthy goal to set for 2024, though. Got it. Maybe just last one for me. Just a broader question about the operating environment. Just if you could talk about how the operating environment has changed relative to your last call in February? Well, I don't think there's been much change in the operating environment since then. Supply chain issues had already begun to ease maybe towards the end of Q3 going into Q4 last year. Electronics were still a little bit sticky. Those have become less sticky. Now it's, you know, just miscellaneous parts and pieces that aren't, you know, great big dollar volume things, just had not historically been sticky at all. They're kind of related to people's labor, how much labor they can get as opposed to the materials they can get. There, there's still, you know, some of these smaller manufacturers that we source, you know, pressure sensors and refrigeration valves and things like that, you know, they just continue to... They're increasing their deliveries to us, but it's not to the point where you can just take your eye off of it and say, "Hey, I ordered 1,000 of these, and I know I'm gonna get 1,000 of them in normal lead time." You know, it is getting better. I look for it to continue to improve throughout 2023, and I'm hopeful that we're not talking about supply chain issues in 2024. Aren't we all? Thanks very much. Taking the questions. Yep. Seeing no further questions in queue, I'll turn the call back over to our host. I'd like to thank everyone for joining today's call. If anyone has any questions over the coming days and weeks, please feel free to reach out to myself. Have a great rest of the day, everyone. We look forward to speaking with you in the future. Thank you. Bye-bye. The meeting has now concluded. Thank you for joining, and have a pleasant day.