Good day. My name is Chloe, and I will be your conference facilitator. I would like to welcome everyone to Aeva Technologies' first quarter 2026 earnings conference call. During the opening remarks, all participants will be in a listen-only mode. Following the opening remarks, we will conduct a question- and- answer session. As a reminder, today's conference call is being recorded and simultaneously webcast. I would now like to turn the call over to Andrew Fung, Senior Director of Investor Relations and Corporate Development. Andrew, please go ahead. Thank you. Welcome everyone to Aeva's first quarter 2026 earnings conference call. Joining on the call today are Soroush Salehian, Aeva's Co-founder and CEO; and Saurabh Sinha, Aeva's CFO. Ahead of this call, we issued our first quarter 2026 press release and presentation, which we will refer to today and can be found on our Investor R elations website at investors.aeva.com. Please note that on this call, we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect our views only as of today and should not be relied upon as representative of our views as of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For a further discussion of the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC, including our most recent Form 10-Q and Form 10-K. In addition, during today's call, we will discuss non-GAAP financial measures, which we believe are useful as supplemental measures of Aeva's performance. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. The webcast replay of this call will be available on our company website under the investor relations link. With that, let me turn the call over to Soroush. Thanks, Andrew. Good afternoon, everyone. Q1 was a strong quarter at Aeva, where we achieved another one new quarterly revenue record as we continued executing on our growing commercial momentum. With the rise of Physical AI and more industries looking to leverage new levels of perception, Aeva is uniquely positioned with our FMCW LiDAR on chip technology to tap into a broader and more diverse range of applications than what is possible with conventional LiDAR. This quarter, it was especially exciting to see our commercial momentum progressing and expanding to more real-world deployments. This is not only helping drive our strong revenue trajectory, but we believe also further positions Aeva to continue our commercial growth with a growing list of customers. In automotive, we achieved important milestones with our customers on their path towards commercialization and production. With Daimler Truck, we began deliveries of our production intent Atlas product, which highlights the maturity of Aeva's technology and is a critical step for the OEM's work towards series production. In passenger vehicles, we successfully integrated first Atlas Ultra sensors in the top European OEMs development vehicles and are jointly working on the AV stack development with this passenger OEM. Outside of automotive, we are growing in defense across multiple fronts, including expansion with Forterra to use Aeva's technology in a second autonomous ground vehicle as they look to leverage our long range and velocity measurements, and notably our wavelength undetectability by night vision systems. We're also seeing interest in other applications in defense, such as drones for further expansion. In smart infrastructure, we recently unveiled Aeva CityOS, our AI-powered platform for real-time intelligent traffic management. The reception has been very positive. We have already won our first large-scale deployment in Georgia. On factory automation, we are seeing growing momentum with multiple customers. Our multi-year collaboration with Nikon is entering its next phase of commercial deployment, with Nikon recently launching its next generation robotic inspection laser radar system called APDIS MV5, which is powered by our Eve high-precision technology. This is part of a multi-year production agreement to use Aeva's technology for automated inspection in factories for automotive, aerospace, and energy industries. Beyond all of this, we continue to advance on new opportunities to use our technology platform across multiple Physical AI applications. Our focus remains on delivering on existing programs, further solidifying a leadership position with additional wins and scaling manufacturing to support the expanding demand for Aeva's differentiated technology. Let's dive more into Aeva's recent business developments. Starting first with Daimler Truck. As the exclusive long-range LiDAR supplier and primary detection sensor for Daimler Truck's production program, Aeva plays a critical role in bringing their highway Level 4 solution to market. We continue to work very closely with Daimler Truck as well as with Torc, which are developing the AV stack. The start of Atlas C-sample deliveries to Daimler Truck this past quarter marks a major step forward on the OEM's path to commercialization. This is our production intent sensor for Daimler Truck's series production trucks and will be used by the OEM to finalize the AV stack validation and operation ahead of their target launch in 2027 and the following production ramp-up. For Aeva, it also represents a major achievement that demonstrates the maturity and readiness of our technology for mass scale automotive grade deployments. We are on track to scale deliveries of our Atlas sensors to Daimler Truck over the course of this year, which will support the OEM's vehicle fleet rollout and additional milestones ahead of series production. Moving now to the latest developments automotive with the global top ten passenger OEM based in Europe and other automotive engagements. First, on the top European passenger OEM program, where we are the exclusive LiDAR supplier globally outside of China for the OEM's next generation Level 3 production program. We have been collaborating closely with both the OEM and the OEM's AV stack provider, and in the past quarter began integration of Atlas Ultra in the OEM's development vehicles. This has been going on track and will be used to jointly develop and mature the AV stack. We expect to deliver additional sensors this year to support the OEM's ongoing development and fleet rollout ahead of target start of production in 2028. The top European passenger OEM selection of Aeva for its large-scale Level 3 program continues to serve as a strong vote of confidence in our technology and our growing maturity to the rest of the automotive industry. We are encouraged by our ongoing engagements and over Q1 continue to grow our pipeline. This includes our progress on the development program with a global top 5 passenger OEM that we announced last quarter. The work is focused on the configuration, integration, and validation of our Atlas Ultra sensors for the OEM's next generation global vehicle platform. We have successfully completed the initial set of milestones and will continue working with this OEM toward the next generation vehicle program. Separately, we have kicked off our collaboration with NVIDIA following their selection of Aeva as the reference sensor for the DRIVE Hyperion platform. Aeva is the reference LiDAR sensor globally outside of China, which has the potential to effectively make Aeva a core LiDAR supplier to many leading passenger and commercial vehicle OEMs using the NVIDIA platform globally. As part of this, we are working together on one common platform comprising of the same sensor suite, meaning one common set of cameras, radars, LiDARs, and NVIDIA compute and autonomy software to offer to these leading OEMs and AV players. In the past quarter, our teams have made good progress on the integration of our FMCW technology into DRIVE Hyperion stack, including working together to implement our velocity data path in the DRIVE Hyperion platform. In summary, we continue to advance on multiple automotive engagements, including other passenger programs and high volume ADAS Level 2 for commercial vehicles. We continue to believe that Aeva is well-positioned to secure additional wins given our differentiated performance, balance sheet, and commercial momentum, bringing further validation of Aeva's capability and maturity. Switching gears to other Physical AI applications. Aeva is quickly expanding in defense with Forterra, a leading provider of autonomous ground systems for defense and other complex operational environments. Since announcing our win with Forterra last quarter, I am pleased to share that Forterra is expanding use of Aeva 4D LiDAR to its newest autonomous ground vehicle called MESA. MESA integrates four Atlas sensors for surround view and leverages our long-range and velocity detection, vehicle positioning, and stealth operational capability in GPS-denied environments. Beyond the growing demand for AGVs, we're seeing new interest in drones and working on opportunities to expand further with existing customers as well as new engagements with defense companies and organizations on both autonomy applications. Over the past quarter, we have also been expanding deeper into the smart infrastructure market, particularly around Intelligent Transportation Systems or ITS. This is a growing market opportunity as municipalities across the U.S. look to modernize infrastructure to be safer and more efficient. In just the U.S. alone, there are around 15 million intersections and more than 300,000 traffic signals. This is why we launched Aeva CityOS, a full stack intelligent traffic solution that combines 4D LiDAR with Edge AI processing and analytics in collaboration with our partners. Compared to traditional ITS solutions which rely on cameras, radar, or inductive loop sensors, CityOS leverages the advantages of Aeva's 4D LiDAR to enable operation in all lighting conditions and deliver more advanced detection while preserving privacy. We are very encouraged that CityOS is quickly gaining traction with DOTs and municipalities across the U.S. We have already secured our first large-scale deployment in Georgia with an expansion to 30 additional intersections in the Greater Atlanta area. This expansion comes after a successful initial rollout across multiple intersections surrounding Centennial Olympic Park and others. The area is one of Atlanta's busiest pedestrian corridors, where we believe CityOS can help improve roadway safety and traffic operations. Aeva's ITS team is also actively working with other programs and municipalities on new opportunities. We believe that our differentiated solution will drive additional deployments over the course of this year. In precision sensing, we are incredibly excited to see Nikon's first commercial laser radar product powered by our Eve precision sensing platform. With Aeva, Nikon's next generation APDIS laser radar system is capable of faster measurements in a smaller, more flexible size, which enables Nikon's major automotive OEM customers, aerospace, and energy production partners to shorten production times, cut costs, and improve quality for volume production. This product is a start of a multi-year production agreement to use Aeva's technology in Nikon's products. More broadly, the flexibility of our Eve precision technology is driving new interest to use Aeva across manufacturing and factory automation for a diverse set of industries, from automotive to energy production and semi-capital equipment manufacturing. We are engaged with multiple customers on additional opportunities and working toward converting those to design wins as we expand in precision. With that, let me turn the call over to Saurabh, who will discuss our Q1 financial results. Thank you, Soroush, and good afternoon, everyone. Consistent with how Aeva is delivering on our commercial objectives, our Q1 financial results also reflect our growing momentum. This includes achieving a new record revenue quarter of $6.3 million in Q1, which represents an increase of around 90% year-over-year, driven by scaling sensor shipments across multiple markets and progression on development milestones for major customers. The non-GAAP operating loss was $25.8 million in Q1, which is about flat year-over-year and highlights our ability to maintain operating expenses at similar levels versus the prior year while continuing to scale the business. Gross cash use, which we define as operating cash flow less CapEx, was $28.1 million in the quarter. Our total available liquidity at the end of Q1 was $224.5 million, which consists of $99.5 million in cash equivalents, and marketable securities, and $125 million in an undrawn facility that is fully available to draw at management's sole discretion. We continue to believe that our performance and liquidity position differentiates us from peers, and together with our ongoing financial discipline, enables Aeva to support ongoing programs as well as secure new wins. With that, I will turn the call back to Soroush for closing remarks. Thank you, Saurabh. In closing, I am really proud of how Aeva is expanding its leadership position with increasing real-world deployments of our unique perception platform across a wide range of industries. Looking ahead, as we continue to see growing commercial momentum and an increasing list of opportunities to pursue, we are keenly focused on execution, both with existing programs and new engagements. We're also scaling our manufacturing to support more customers and the increasing demand for our products and differentiated technology platform. With that, let's now turn to Q&A. Thank you. If you would like to ask a question, press star one on your keypad. To leave the queue at anytime, press star two. Once again, that is star one to ask a question. We do ask yourself to limit to one question to allow time for everyone to ask theirs. We'll take our first question from Colin Rusch with Oppenheimer & Co. Thanks so much. Guys, you know, can you just give us an update on the progress with SOA and CPO solutions for data center? You know, we continue to see data management and transport expense ramping pretty aggressively for all applications. Just wanna see, you know, where you're at from a commercialization perspective with that and how we can think about that coming to market over the next few years. Hey, Colin, this is Soroush. Happy to answer that. Obviously, you know, the AI data center market is a massive market and a number of opportunities. I think, maybe just quick background here. I mean, as most of us know, the first wave, you know, of the AI data center market really started with all the semiconductor companies and the GPU and compute processing driven by faster compute needs. The second wave, and bottleneck arose from, you know, memory and high bandwidth storage, right? I think as we're now going to higher and higher speeds, what's become clear is that there's a certain limitation on how much we can transfer data between data centers and racks. I think, this next bottleneck really is gonna be relying heavily on optical interconnects because that's where copper hits a physical limit to transfer data within data centers. I think, you know, this is obviously a significant, I think, next wave that's coming on. It's, you know, a massive opportunity. Why this is relevant for Aeva, I guess as you mentioned, is because we've spent the past decade creating and perfecting, you know, some of the best high power sources and proprietary silicon photonics technology, and making it so that it works to meet the harsh and requirements for automotive, right? We did it because it simply did not exist. I think what we are seeing now is those components, our proprietary technology for high-power sources and silicon photonics, has a significant advantage potentially for both performance and cost efficiency compared to what's on the market. We're seeing some strong, very strong interest for high-power sources and photonics from some of the big players in the space, from folks that are making the GPUs, like the obvious NVIDIA and AMD, to some of the hyperscalers, Amazon, Meta, others. I think Aeva has a unique technology there in how we do those sources and the silicon photonics. We are looking to now to take those investments we've made in the past number of years and apply it to the CPO market. I think initial data is really promising on the performance of those high-power sources. You know, we're looking to apply that as we can talk more about this in the next year as we will. I think it's overall a massive opportunity for us where we are definitely gonna be taking advantage of. Perfect. Just moving on to other Physical AI applications. You know, we're seeing factories as a prime target for optimization, given the fact that you've got a couple of partners and started delivering with Nikon now. Can you talk about the potential acceleration in that market segment, you know, with metrology solutions and how we should think about, you know, new build versus retrofit applications for the sensors? Happy to. I think in general, we are seeing for, you know, the industrial market and general Physical AI, significant demand across multiple segments for us. I mean, as you saw in the earnings today, you know, it's not just about automotive right now where we are seeing significant traction, but in the other Physical AI, including both in the industrial market for Eve sensing. We have now the first commercial product of Nikon coming online into the real world and shipping. Nikon already does a few hundred million dollars in just robotic inspection and metrology alone. We obviously, you know, we're taking higher speeds there than automotive with a mix of volumes. Also we're seeing interest and demand from others, importantly in the EV sensing market for example, semi-capital equipment manufacturing, where there's significant investments. It kind of relates back to some of the infrastructure on the AI side we talked about. Folks are using our sensors already in some of those semi-cap factories for various things, wafer measurements, you know, quality control, all that. I think that opportunity is definitely picking up. You know, we already shipping in the 1,000+ type of sensors in the EV side. You know, there's orders, you know, coming in for that as well with much higher volume. This is definitely an area that we're gonna continue to grow. Separately on the other side of Physical AI, I guess on the ITS and smart infrastructure, we're seeing growing demand for CityOS. Within the past quarter, we've already had some wins. We are starting to deploy some of the large scale deployments in Georgia. Multiple segments and of course, defense is the other one that's we're seeing double-digit growth pretty quickly there. We're excited by all the progress. All that means though, obviously we're focused on scaling and manufacturing in the next phase as we bring up the products to mass. Awesome, guys. Thanks so much. We'll move next to Sujeeva De Silva with Roth Capital. Your line is open. Hi, Soroush. Hi, Saurabh. Congratulations on the progress here. Just, you know, with getting closer on the passenger auto OEM moving toward working on the software and the stack development. I'm just reminded earlier in the auto industry where there was challenges of the software development between the auto OEM and large programs, maybe Volkswagen and Cariad, those kind of concepts. I'm just curious how you think it's happening differently now that it's going to be more likely to hit production schedules and move forward versus having challenges. Any color there would be helpful. Suji, happy to answer. obviously on automotive, we are, you know, firing on multiple cylinders, right? within commercial vehicles, we shipped our Atlas C-samples to Daimler Truck. We just announced that today. It's a critical milestone for the industry because it's, you know, these are the production intent sensors and products, and I think it's gonna be one of the first OEMs that we use, you know, for, you know, redundant chassis with production intent hardware and sensors for the AV stack. On the passenger car side, in the last quarter, obviously, you know, we just announced the win with the top 10 European OEM, top 10 global OEM, which is based in Europe. we have made, you know, very good progress across the teams. We are working together with them and one of the AV stack partners. We've delivered the first Atlas Ultra samples for integration. I think the key right now is in the next number of months, we're gonna be working together on, you know, implementing the sensor data into the stack and also doing fleet operations, fleet runs on the vehicles. And I think all that is pointing to the program being really progressing well on track. You know, if you also look at the timeline, you know, we're not that far away from SOP, right? You know, by 2028, the timeline target is in the SOP, and we're progressing all pretty well to that. It's kinda around the corner. The teams are working very intensely together, with on-site support and, you know, multiple times weekly engagement. All that I think is progressing good. On the pipeline side, you know, we are also seeing growing interest on the pipeline with both passenger, when we talk about the top 5, but also on commercial vehicles and on ADAS applications. Not only Level 3 autonomy, but also high volume ADAS Level 2 as well. That's great. My other question, Soroush, is on the defense market and drones. Defense market, curious, you know, your go-to-market strategy. You partners there, are you a sub con? How are you tapping that opportunity? Specifically on drones, it sounds like it's a very interesting opportunity, but I'm curious, does the Aeva product translate to the, you know, the flying vehicle drone market easily, or are they kind of changes that we made? Any color there would be helpful. Thanks. I think in defense is a definitely area that we're seeing significant growth and demand in the market. I think in the past, you know, consecutive 2 quarters since we announced even our first win in defense has been a significant contributor of our shipments and also revenues, some of them, you know, a double-digit% of product revenues. I think Forterra is obviously one customer, our first one in there, you know, we talked about that they're expanding on multiple vehicle platforms. These are more ground vehicles or AGVs, where we have significant advantage with our technology as well as our wavelength compared to time of flight. That's why this is accelerating pretty quickly. If you recall, this kind of moved on from obviously engagements and then to win to shipments and deployments with a matter of less than 60 days or so. It's moving pretty quickly. Beyond that, as you mentioned, this is obviously not the only area on defense. We are acting as the tier 1 supplier to these defense companies and innovators. Obviously we're not the prime, but we are the tier supplier to them. We are seeing significant interest and growth also in the drones applications. We already have some engagements there. Our technology with this long range has some significant advantages and the velocity, with the fact that also it's stealth in terms of detectability by night vision. We are seeing that, and we're having some engagements with some of the, I would say, larger, you know, prime organizations that have a significant investment and budget for drones applications. As we can also talk about that, we will. We'll move next to Matthew Pacchioli with Canaccord Genuity. Your line is open. Hi, guys. Congrats on another great quarter, and thank you for taking my questions. Maybe just to start, you know, I think on the last call you guys had mentioned 4 commercial wins in 2026 you were targeting. Is it safe to assume that CityOS is, you know, 1 of those wins? Could you just provide us an update on, you know, how those conversations are going? Yeah, Matt, happy to. I mean, to be honest, we have had multiple wins since the beginning of the year. I think the way also how we count that matters for us. You know, with Forterra as the first win in defense, if you look at also NVIDIA and CityOS, we have had multiple wins. You know, we are counting right now, I think Forterra and NVIDIA on that. We're already ahead of track in terms of the four goals. You know, that was obviously aggressive because it was, you know, 100% or double from last year, I think, in terms of the targets for goals, but we're well, well ahead of the schedule. I think more importantly, as we are growing and maturing also as a company, you know, we see that it's gonna be less about just the number of the wins. Of course, these are the targets we had for the set for this quarter. You know, really responding to the growing demand across multiple segments and focusing on those main leaders with high volume and near-term potential as well, to expand that. I think we are overall progressing very well on track on the four targets we have. Great. Appreciate the clarity there. Maybe just as a follow-up, you know, on CityOS, appreciate, you know, the commentary on just the market size behind that. Do you guys kind of foresee any potential bottlenecks associated with, you know, getting this product out globally? It seems like it could be very dependent on kind of timelines and funding of municipalities and such. You know, if you could just provide some color as to, you know, how those deployments are going and how those timelines and sales cycles work? Yeah. Happy to. I think, as a data point, as a timeline, you know, we started entering this market really towards end of last year. It's only been a few months since that timeframe, you know, with the team that we have brought on and the ecosystem capabilities that we have. We've been able to introduce this new solution, which is importantly a total solution. It's a comprehensive solution, not just LiDAR. It's sensors, compute and perception software and analytics software, working together with our partners to deploy that. Obviously, ASPs there for the solution is much higher than automotive. I think in the span of a few months, we've had multiple, you know, wins there. We talked about already our first win with Georgia and deployments. You know, it's one of the first large-scale deployments in the state, over 30 intersections, which is significant. Also, you know, the team is continuing to grow this, I think fairly quickly in the space, and part of it is because of the experience and conversations that have been happening for some time. The other part is there is this growing interest and demand from both at the state level and municipalities level to modernize traffic management and traffic flow. It's, you know, these are things that have been around for a number of years with very basic technologies like inductive loops in the ground to detect vehicles. Obviously, that's very ripe with better perception and sensing right now. There's, you know, significant, I think, budgets and resources allocated for that. From a timing standpoint, we're seeing that already. You know, right now our focus, you asked about internationally, is in the U.S. Obviously each country has different rules and regulations, over time, I think we may expand to other areas. U.S. alone, you know, has over, you know, 50 million intersections and, you know, a few hundred thousand signalized traffic signals today. You know, you do the math. These are multi-billion dollar opportunities, that's why it's one that we are going after. We do expect that it's gonna continue to contribute also to our growth in the near term as well. We'll move next to Richard Shannon with Craig-Hallum. Your line is open. Richard, you may need to check the mute function on your device. How is that? Is that working now? Yep. We can hear you. Sorry about that. I wasn't on mute, just glad it's working now. Thanks guys for letting me ask a couple questions here. My first one, Soroush, is regarding kind of similar questions here, regarding both the top 10 OEM for which you have a win in the top 5, which I guess I'd characterize it as an advanced engagement here. I'd love to get a sense from you what to expect from announcements and updates in the next couple of earnings calls here, either in terms of finalizing designs and hearing about forecasts with the top 10 OEM or getting to and announcing a win with the top 10 OEM. Just want to get a sense of what we see here in the future. Yeah, yeah. Happy to talk about that, Richard. Obviously on the top 10 OEM, you know, this is a production program that we have already won and, you know, we have already started the first, you know, phase of development there. That's been going, progressing very well. I think in terms of what's coming down, I think, I guess as I mentioned a bit earlier, the key focus right now is enabling the OEM and the AV partner to go and build the fleet with the full AV stack, including the FMCW technology, and do the validation across different regions and make sure that all the KPIs are met and get that ready for launch. You know, it's a short kind of timeframe between now and 2028, it's in the automotive world that's pretty much lightning speed. That's moving pretty quickly. I think in terms of what, you know, what to expect, obviously, as we make those progress, I think into those milestones for the fleets, and we can talk about that, we will. I think at some point, that's expected in the next number of months that's coming online, actually. That's important. On the other, you know, opportunities, top five and others, we are engaged. Obviously, we delivered on top five the ADAS Ultra sensors as well. You know, we're working through with the integration and the validation and testing. I think there, obviously, that's not a one program yet, and we have to see how that progresses with the final decisions towards RFQ. We're working towards the next-generation vehicle. We're also, beyond these, are engaged in multiple other Level 3 automated driving, but also ADAS, which is really Level 2, which typically LiDAR doesn't, you know, really penetrate. We see as some interesting opportunities where these will be very, you know, high volume opportunities across passenger and commercial vehicles. Multiple OEMs, they're engaged. Some are in RFI and some more in RFQ. We expect that in the next few months, some of those will make decisions as well. You know, we are feeling good and well-positioned, and I think our goal is that obviously as part of our goals for the four wins this year, that, we have, automotive wins included in that. That's what we also expect that at least, you know, additional win in automotive, for, you know, hopefully the rest of this year that's come online. I think overall, all indications have been pretty positive for the developments we have had so far. Okay. To your last comments there, Soroush, you mentioned this briefly in the press release as well here about looking at Level 3 or even ADAS Level 2 here, which is interesting 'cause you've typically talked about and seem to be targeting more advanced levels of autonomy. You typically, I think have talked about a, you know, a bit of a higher ASP than what other solutions might offer here. Being able to hit that pricing envelope is pretty interesting there. Love to get a sense of whether you see, you know, the pricing looking, you know, attractive for you. Any way that you would characterize or quantify the number of programs you're looking at for the kind of these lower levels autonomy. Thank you. Sure. I think you're definitely spot on there, Richard. I think, you know, in the space, Level 2 and ADAS, you know, typically and historically has been enabled more by vision and maybe radar solutions. I think one of the advantages as we have obviously is, you know, we kinda have a laser radar product, right? It's we call it 4D LiDAR, so with additional velocity. I think we have multiple engagements there on the ADAS side. What I'm excited by is the fact that our solution beyond just price, which is, I think is an important piece. As we are, you know, getting into, you know, towards the automated production, we have always said that our economies of scale will enable us to go after, you know, higher volume markets and lower level ADAS is part of that. I think from a price point structure standpoint, it's definitely made possible by our investments we have made on the core technology, our core vision, as well as ADAS and Ultra lines. I think, you know, we see that both, you know, both on commercial vehicles and passenger, and I think at least, you know, between the programs that we have, I expect one of those to make the decisions this year coming up. I think those would be for, you know, basically think of it as more advanced automatic emergency braking scenarios where cameras suffer like nighttime, pedestrians, automatic braking. Typically those are higher volumes, in the, you know, 100,000+ type run rate that we talk about. We've reached the end of our Q&A session for today's event. Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.