Good morning, and welcome to Blink Charging's acquisition of SemaConnect conference call. All participants are in a listen-only mode, and we will open up the floor for questions and comments after the presentation. Please note this conference is being recorded. A replay of this call will be available on the investor relations page of the company's website. At this time, I'd like to turn the presentation over to Vitalie Stelea, Vice President of Investor Relations. Good morning, everyone, and welcome to the call on topic of Blink's acquisition of SemaConnect. With us today we have Michael D. Farkas, Chairman and Chief Executive Officer, Brendan Jones, President, and Michael Rama, Chief Financial Officer. Please note there's a slide presentation included with today's call where viewers can follow along. The slides can be accessed on the investor relations section of the Blink Charging website. Today's conference call contains forward-looking statements as defined within Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934 as amended. Actual results may differ from those stated, and the most significant factors that could cause actual results to differ are included on slide one of today's presentation. With that, I'll turn the call over to Michael Farkas. Good morning, everyone, and thank you for joining us. Today, Blink announced the signing of a $200 million definitive agreement to acquire SemaConnect, a leading provider of EV charging infrastructure solutions in North America. This is a transformative acquisition for Blink and for the entire EV charging industry. As we continue to build our leading global vehicle charging ecosystem, this transaction will further solidify our leadership position through, one, complete vertical integration of supply chain. Two, engineering. Three, in-house manufacturing capabilities and many others. Very importantly, the U.S.-based assembly will allow us to instantly comply with the Biden administration's Buy America initiatives outlined in the $7.5 billion EV infrastructure plan. After the acquisition, we'll have about 9,500 host locations. Those are relationships with different property owner partners. More than 420,000 registered EV drivers and over 48,000 cumulative combined chargers deployed. Just think of the scale of our operations as we go forward. To give an overview of this transaction, please turn to slide four. Of the $200 million purchase price, $40 million is in upfront cash, another $40 million is deferred with 7% annual interest and a mandatory payment in full in either 36 months or upon raising at least $125 million in capital. The remaining $120 million of consideration will be issued in Blink common stock. We're expecting the transaction to close imminently, and there will be a three-month lock-up period on the shares we're issuing. Please turn to slide five. As you can see the extensive network of SemaConnect chargers and locations. You can see that the company has generated over $12 million in revenue in 2021 and has a significant presence not only within the coasts but also in Mid-America. This acquisition will add nearly 13,000 chargers to Blink's existing footprint, an additional 1,800 site locations, and more than 150,000 registered EV drivers. We are also looking to welcome 185 new team members from SemaConnect, of whom over a quarter of them are engineers. This is allowing us to grow our base of employees tremendously in times where it's not so easy to find good employees. Please turn to page six. SemaConnect brings to Blink its in-house research and development, hardware design, and manufacturing capabilities through its Buy America compliant manufacturing facility in Maryland and its state-of-the-art manufacturing facility in India. Current manufacturing capacity of 10,000 units per year for the two facilities can be expanded to over 50,000 units in the near future, which gives us production flexibility to serve our customers and rapidly increasing demand in charging equipment. The U.S. manufacturing facility positions Blink to significantly benefit from the $7.5 billion Biden administration EV infrastructure bill, which mandates that chargers be built in the United States. Post-acquisition, Blink will be the only EV charging company to offer complete vertical integration from research and development, ownership of our network, manufacturing of the hardware, selling the hardware to property owners, owning and operating those charging stations. This vertical integration creates unparalleled opportunities to control the supply chain and accelerate Blink's go-to-market speed while reducing operating costs. As you can see on slide seven, SemaConnect's portfolio of chargers include a wide spectrum of offerings from level two residential charging stations, commercial charging stations, and all the way up through high-powered DC fast chargers. It is a robust hardware product lineup which complements Blink's extensive software capabilities. This is important in a variety of ways. First and foremost, when it comes to DC fast chargers, SemaConnect has been developing that technology for some time now. These efforts will allow Blink to significantly accelerate our DC fast charger speed to market by about 18 months to two years, while drastically reducing our R&D costs for DCFC technology. Second, SemaConnect hardware will accelerate Blink's expansion across multiple municipalities and geographies, including California, where swipe credit card functionality is required by local mandates, and SemaConnect already possesses the functionality to do just that, while almost every one of our competitors is trying to fight it. Instead, we decided to just build the equipment as required. Upon closing the transaction, we intend to transition SemaConnect's chargers onto Blink's state-of-the-art network, which includes multi-language, multi-currency, and advanced connectivity features, allowing Blink to have an EV charging station for any location across more than the 20 countries that we're in and expanding quickly. Please turn to page seven. I mean to page eight. To summarize the investment highlights, we at Blink are very excited about the SemaConnect acquisition. With complementary values, business models, and equipment, SemaConnect was an ideal acquisition target for Blink. Together, our combined teams will be building an industry-leading EV charging ecosystem. Besides providing Buy America compliance, SemaConnect has proven technology and vertically integrated supply chain, all of which position us well for the rapid growth in EV charging demand and local initiatives and mandates, such as the Biden administration's $7.5 billion EV infrastructure plan. SemaConnect also has a robust customer base that has grown through partnerships and well-defined project management skills developed with years of experience. These and other factors have contributed to SemaConnect's attractive financial performance with best-in-class margins, multiple revenue stacking opportunities, and a recurring revenue model that will benefit Blink's financial performance well into the future. This will also allow us to reduce our costs on our hardware in our own and operate model that will allow us to achieve return on our investment much faster. We are very excited about the future opportunities with Blink, and with this, I will transition the pre-presentation to Brendan. Brendan, take it away. Good morning, everyone. I'm gonna briefly go over some of the investment highlights and then some other information for this important acquisition for Blink. When we look at SemaConnect first, it is a proven technology. It has comprehensive smart hardware and software solutions and has an extremely large portfolio of intellectual property with successful defense of patents. When we look at it from a vertically integrated perspective, it has end-to-end solutions complete with in-house design and certificates and manufacturing. If we look to the right on this slide, we'll see one of the products that's in design, which is a 90- to 180-kW DC fast charger all in one single unit, which has a very attractive design, and Blink will work to bring that to market very soon. Robust and customer base is also one of those. As Michael mentioned, 18 marquee customer accounts across the U. S. at prime retail location. In EV charging, land grab is frequently used as making sure that you have the sites to host charging. This will significantly enhance Blink's portfolio. Project management. They have one of the most complete, most demanding multi-family and workplace programs in the industry. It's governed by CARB under one level and EPA under a prior agreement. They are a major player in MUD's multi-family and other multi-use locations. We spoke briefly about the number of site hosts. The other aspect is partnerships. Strong partnerships with leading commercial and real estate firms across the U. S., another major advantage. Then the last item here is attractive financial portfolio. Best-in-class margins above anybody else in the industry. Recurring sales and SaaS model that has been checked and double-checked, and multiple revenue stacking opportunities across the entire portfolio. If we move to 10, Michael touched on this briefly. The complementary manufacturing and engineering capabilities are a highlight of this acquisition. This creates for Blink unmatched speed, cost, and flexibility in the industry today. We've talked much about vertical integration, but this is end-to-end in-house design and manufacturing. Its comprehensive, innovative product suite from chargers to networks to fleets and management will benefit Blink greatly. Significant product cost reduction is available to us with industry-leading margins, which is gonna change the way that we transact [IRA deals. Manufacturing capacity, as we spoke about, cost-effective, supply chain predictability, tight controls, and again, IP ownership. We can't ignore the fact that Buy America, SemaConnect today builds all their chargers in the U.S. after assembling them from parts in India. We'll be doing the same and modifying this program to encompass Blink chargers, making Blink SemaConnect one of the only manufacturers in the U.S. to be able to achieve this in record time. In-house design, increased engineering, product standardization and eight patents for a robust patent portfolio. When we flip to the next slide and examine SemaConnect from revenue synergies, we had an outside consulting company come in and say, "Where do the synergies align?" And they came in in the usual categories. Selling Blink hardware to SemaConnect customers. We'll get incremental revenue from each Blink charger that is upgraded on a SemaConnect site today. Then we'll get increased chargers at high utilization SemaConnect sites, optimized footprint with additional chargers at high utilization. And last, but certainly not least for the Blink model, we'll get increased owner-operated models and site hosts that wanna switch from owning a charger to signing an agreement with Blink to be able to manage that charger for them, either on a hybrid basis or Blink on a turnkey owner-operated basis. On slide 12, we can look further into synergies on manufacturing costs and procurement. Right now, we know based on data, that a reduction in Blink L2 hardware and cost of goods sold by leveraging SemaConnect's low cost manufacturing capability is in our future. If we look to G&A efficiencies, we see scalability across the organization. If we look at optimization through customer service, reduction in customer service expense, we estimate it at a minimum in the first two to three years at 6%, and that number will grow over time. If we turn to the next slide, 13, here's a highlight of what we expect. Global manufacturing, U. S., India, Taiwan. Global network, six languages, 19 countries. 19 currencies, excuse me. 21 countries. A global portfolio. Common design, Blink branded, flexible, but locally adaptable to our markets on a global basis. If we flip to the next slide, this gives you an idea of what Blink combined with SemaConnect will look across the industry. We're just gonna highlight the first line here. In-house design, check. Manufacturing, check. Network, check. Owner-operated, check. Managed infrastructure, check. Charging services, check. Fully integrated fleet solutions. Blink will stand out as the most complete EV infrastructure company in the business today, and our competition will have to catch up with us. I now turn slide 15 over to Michael Farkas. Thank you, Brendan. Just to summarize the key points, the acquisition of SemaConnect by Blink and the combination of our individual capabilities creates a powerhouse in the EV charging industry. Blink gains vertically integrated in-house manufacturing with increased future capacity, which will allow us to instantly be Buy America compliant. In addition, it reduces our cost for each charging station dramatically. We also gain access to DC fast charger technology, which will significantly accelerate our speed to market and allow us to take advantage of the Biden administration's $7.5 billion EV infrastructure plan. We will roll out and transition all of our chargers onto our brand-new cutting-edge network that is built on the latest tech stack and allows for adaptability while allowing customers the same friendly experience all over the world. We'll continue to offer our flexible business models tailored to each owner with long-term site exclusivity, especially as demand and EV penetration continue to rise. We'll have a full package of EV charging solutions, which underlines our winning commercial strategy, and we believe talent is extremely important in today's world as we welcome the SemaConnect employees to our Blink family. We are excited about what our future holds for Blink and are looking forward to sharing with you our progress in the future. With that, this concludes our portion of prepared remarks, and we can transition to Q&A. Ladies and gentlemen, the floor is now open for questions. If you have any questions or comments, please press star one on your phone at this time. We ask while posing your question, you please pick up your handset if listening on speaker phone to provide optimum sound quality. Please hold while we poll for questions. Your first question for today is coming from Gabe Daoud. Please announce your affiliation, then pose your question. Hey, good morning, guys. It's Gabe here from Cowen. I know SemaConnect's revenue in 2021, $12 million. Is there a breakout between the hardware and the software side? Just curious how much of that is recurring. Then also, anything on SemaConnect's gross margin that you can talk to? Yeah, I'll jump in real quick. Michael. Yeah, I'll jump in real quick. Hey, Gabe. How are ya? Yeah, a majority of their revenues- Hey, Michael. Yeah. How are you? A majority of their revenues is hardware, but I'd say about 80%, 75%-80% is on hardware, and then there's a recurring nature. But what's attractive to this is as we provide and come in and provide options to their customer base now, we'll have an opportunity to you know, bring in the Blink model of own and operate, but again, give the option of flexibility to the customers. Thanks, Michael. And then as a follow-up to that, over time, how many of the, you know, 13,000 ports or so do you think you can convert to Blink-owned and operated? It's not only about converting the current charging stations, it's about needing more chargers in each of those locations. You know, as time progresses, we'll have a better understanding of it. Obviously, Blink wants to own and operate the majority of its charging stations. We're gonna go into all these customers and tell them of our deployment methodologies. It's important to us not to really just pitch what we wanna sell, but really sell the customer exactly how they typically purchase, you know, and how they invest capital in their locations. We don't wanna go to a property owner that's asset light and ask them to go in there and buy hardware. Obviously, those that outsource everything, you know, again, we're not gonna force a specific model on them. It's very important for us to really comply with the deployment methodologies that the property owners themselves and how they deploy capital at their locations and fall within those parameters. To answer your question, we hope that a lot of those locations which are now needing a lot more charging stations because more EVs on the road, that the additional charging stations would go under the Blink model. Got it. Okay, makes sense. Just last one. On the cost side, you mentioned reducing Level 2 COGS by about 30% or so. What's the timing on that to realize that? Moving forward, what does Blink pro forma gross margin look like maybe this year or next year? Is there anything you can talk to there? Thanks, guys. Obviously on a pro forma, I'll jump to the pro forma, what it looks like obviously going forward. You know, this year we'll, given the, you know, when we expect to close the transaction, we'll be able to, you know, recognize, you know, for this remainder of the year, for the next six months. We'll show a combined basis a bit of an increase in our gross margins. But obviously those synergies will take, you know, a bit of time to integrate and to process through. But at least on a standalone, we'll see the overall gross margins increase just by the addition of Sema's numbers. To add some clarity to Michael Rama's comments there. We'll be going to an immediate consolidation on the manufacturing and IT side to have one vision. In that vision it's to accelerate the technology and the manufacturing aspects. That is our first priority as a company 'cause it's one of the biggest values in the deal. We begin working on that today. Okay. Okay, got it. Thanks, Brendan. Thanks, guys. Your next question for today is coming from Stephen Gengaro. Please announce your affiliation, then pose your question. Thanks. I am with Stifel, and good morning, everybody. I think two things from me, if you don't mind. I think the first, just to start with, can you speak to us a bit about valuation, like how you arrived at $200 million? I'm just kinda curious to sort of your thought process and what supports the value. Actually, great question. If you do just basic comps on public companies and their scale and size, and even some of the private valuations of recent transactions, even with the major dip in the market as of late, we believe we bought the company very well. SemaConnect on its own, if it was a trading company capitalized, it could be worth 2-3x what we paid for it. Okay. Are you thinking about that on a revenue basis or a gross profit or chargers installed? Like is there? Across the board. Is it all the above? It's all the above. Okay. Thank you. The second thing is you have a really good slide in the presentation as far as your vertical integration and your business models relative to five or six other comps. When I look at those check marks across the board that you present, which areas are strengthened most by the acquisition and where do you think sort of Blink was stronger than SemaConnect? Okay. Obviously, in-house hardware design and manufacturing, those were Sema's strengths. Also, they have a robust portfolio of hardware. They were a little bit more advanced on the DC fast charger development than us. They have an amazing client base as well as us. There's, without a question, tremendous synergies between the two companies. Being able to build Blink designed hardware in Sema's facilities and reducing our costs dramatically and allowing us to instantaneously participate in the Biden administration's programs, really was just a, you know. It was a gimme. I mean, it was just without a question it made sense for us. The value of the combined companies, we believe it's not just 1 + 1 = 2. It's more like 1 + 1 = 7. It really allows us to really truly compete with any other company out there from a technological standpoint, from a scale and size standpoint. What's really important right now, and this is being felt throughout the entire industry, not only ours, but across the world, is finding really good quality people who know what they're doing, have experience, and have done this before. That is one of the biggest jewels of the SemaConnect acquisition. It's the people. Great. No, that's helpful. If I could just slip one more in. With Blue Corner getting done, I think last year in this transaction, how do you feel about sort of the ability to integrate these two businesses into Blink, particularly in what's a rapidly growing market? It seems like a challenging endeavor, but just curious how you think about that. Well, if you look at Blink, our history, we've grown through acquisitions. We're now a consolidation of over 10 companies. There's no other EV charging infrastructure company globally who has anywhere near the experience of acquiring, consolidating, companies as we have. Now we're growing in scale and size in the acquisitions that we can accomplish. We've done this before. We're very experienced in integrating companies like nobody else in the industry. We believe as successful as we were, with what we've done with Blue Corner since we've purchased them, their revenues have gone up significantly. The amount of charging stations they have, tremendously. I mean, it's just, night and day from when we bought them and where they are today from a scale and size. We believe we can do the same thing with SemaConnect. Great. Thank you for the detail. You're welcome. Your next question is coming from Matt Summerville. Please announce your affiliation, then pose your question. Morning. Morning. It's Matt from D.A. Davidson. Couple of questions. First, I wanna be clear, Michael, how much of SemaConnect's footprint today is actually owned and operated by them? Brendan, do you have that number? Well, I couldn't hear the question, to be honest. Could somebody repeat it? Yeah. Sorry. I wanna just put a finer point on how much of Sema's footprint today is owned and operated by them. It's a very small percentage. SemaConnect has always been a sales model, very similar to other companies out there. The key point in that is after doing some work with SemaConnect and looking at their portfolio, these customers have never been presented with another option. They've always had the sales model. Michael's points earlier about the capital investment needed to get up to what now will be the new scale is going to be difficult for a lot of these site hosts. We will introduce all of them to the hybrid and the owner-operated model. Based on data, our belief is that we're gonna have a high penetration rate of conversions on that. If you use for example to really validate this point, Massachusetts, 30 days ago, passed a law that any development on a parking lot, whether it being resurfaced or a brand-new parking lot, must have 10% EV chargers on that lot. Well, that number's gonna go up as EV penetration goes up in Massachusetts 'cause they're gonna ban internal combustion sales by 2035. That capital is ripe for the Blink business model. While the percent is low today, all the data indicates it will be much higher tomorrow in their portfolio of customers. That's helpful. As a follow-up, can you talk about the process involved in scaling manufacturing from, you know, 10,000 to 50,000? What's required to get that 5x increase in output, and over what timeframe you're looking to accomplish that? Yeah. To be very precise on that, the capacity already exists in terms of the buildings' framework. You have to add some tooling on the L2 front, and then some on the DC fast charger. Beyond that, buildings, initial staff, manufacturing capability is all in place right now. You'll see the fastest come out of the L2 line, which is very easy to up capacity right now today as we stand, and then we'll continue to add it over time. We're secure in the facilities, the land, the people, everything else, so we don't have to go out and acquire any more of that right now. We just have to add some tooling. Understood. Then just as a quick follow-up, I'd be curious as to what you find particularly attractive about their DC fast charging infrastructure versus, you know, what you have on a homegrown basis. Maybe if you can kinda compare and contrast where they're at from a development standpoint versus where Blink is at. Thank you. Sure. We produce it. Number one, most of the companies out there, especially who work on the DC fast charger side, they buy their chargers from someone else, giving up that margin. We are gonna produce our chargers, our DC, in the future on our own, and we keep that margin, improving Blink's revenue. Then on the owner-operated model, then we reduce Blink's cost for. Especially as we look at the Biden administration's $5 billion for national infrastructure, we win one of those awards, we're using our network, our hardware, to install that, and that'll improve our gross margins and our operational efficiency and significantly impact our ROI by reducing that timeframe. That sets Blink apart in the industry. Thank you, guys. Your next question is coming from Sameer Joshi. Please announce your affiliation, then pose your question. Yeah. Good morning. Sameer Joshi from H.C. Wainwright Congratulations, Michael, Brendan, and the team on this pending acquisition. I just have a question on the process before some other questions. The $120 million that you're going to pay later, is that going to be in the form of equity or is it going to be follow-on equity raise? And part two of that question is, are there any shareholder approvals required for this? Okay. The $120 million is gonna be equity in Blink. All you know, shareholder votes and everything that was needed to be done, you know, were along the way. Okay. This is a transaction that's closing imminently. This is not weeks or months. This is imminent. Got it. Just on the Buy America qualification, the SemaConnect has operations, manufacturing facilities in India, and then there's assembly facilities in the U.S. Are you comfortable of them retaining and you retaining the Buy America qualification for the product it carries? Yes, without a question. Based upon how we're currently assembling, yes. I think Brendan mentioned partnerships that SemaConnect brings to the table as part of the synergies and their contribution. Can you talk a little bit about those, what kind of partnerships those are? Are those manufacturing or supply chain or customer partnerships? Sure. I'll highlight two partnerships that are of note. First is in the U.S., the number one partner for CBRE is SemaConnect. At CBRE locations, it is SemaConnect chargers that are selected and installed in that. If you think about that location, the diversity of that portfolio will now be entering in both the hybrid and the owner operator model into that constellation. On the reseller front, they are also in a strong relationship with Gilbarco's C-stores as a reseller arrangement and the chosen charger to go in those locations. Those are just but two of a multiplicity of great partnerships that we will inherit into the larger constellation of Blink companies. Just last, I think in the previous answers, you said that there won't be like scaling up is going to be not that hard. In terms of capital requirements, so that scaling up from 10,000 to 50,000 per year capacity, how much additional capital would be required? You know, obviously, as Brendan mentioned, you know, we already have the facilities, we already have the personnel. We have to, again, modestly probably increase staff or whatever it is and some tooling as you mentioned. You know, so it's already built in, ready to go effectively. We think that the investment would be nominal in conjunction with the expansion to up to 50,000 units. Got it. Thanks for taking my questions, and congratulations once again. Thank you. Any other questions? Your next question is coming from Noel Parks. Please announce your affiliation, then pose your question. Hi. It's Noel Parks from Tuohy Brothers. Good morning. Morning. Hey. Just a couple questions. You mentioned that your plan was to convert the SemaConnect operation onto your network. I'm just curious, do you anticipate that being a pretty straightforward conversion? I'm just wondering what sort of the degree of compatibility. Of course, you have done a lot of work with the next generation of your network recently. Yeah. We've analyzed that, as well as Michael mentioned. We've analyzed and what we need to do on not just the SemaConnect network, but as we transition every entity over to the new Blink Network, as you just referenced. We've confirmed that we can do it with little difficulty in most use cases over the air. There may be a requirement on the margin, on a very small percentage basis, where we have to go, actually go to the charger. But in the higher use cases, we've already confirmed we can push it, and then have the new Blink Network across the globe. We've already have this timed out in dates that we'll be prepared to release later on. Okay, great. Just a couple things. I apologize if you touched on this before and I just happened to miss it. I was thinking about, first of all, the set of product launches that were ahead of us just on the Blink product lines just from your introductions earlier in the year. I was wondering if those are gonna be affected by the acquisition. And also just as a broader question, I guess from comments that the company had made in the past about being a little bit leery of a possible commoditization of charging hardware itself. Can you give a sense of what is it in the technical benefits you saw in SemaConnect that persuaded you the advantages of full vertical integration, you know, outweighed any risk on the technology obsolescence side? Great question. You know, Sema has many positive aspects. It's not just, you know, their equipment. It's not just Buy America. It's not just their customer base. It's not just their employees. There are many positive reasons why Sema, Blink transaction makes sense. And it's across the board. Key here is people. Believe it or not, you know, we're growing at such an extreme rate as you can see from our prior quarterly filings, and we need to grow. Yes, for a while we've been talking about commoditization of the hardware. We're still far away from that. As I mentioned in a lot of conversations, we're still three, four, five years away from the commoditization of the hardware. Being able to monetize all of the customers that Sema has, being able to introduce new deployment methodologies to their customer base, you know, being able to consolidate networks on a global basis and putting all of the Sema hardware on their EV, Blue Corner, all on one global network. Imagine taking different tech teams that are all working on their own networks, consolidating them, refocusing others on other areas. Now it's a much stronger team. It's across the board. Every aspect of this transaction makes sense for us. Also, what's very important for us is if we're able to reduce our cost per port dramatically, have the highest margins in the entire industry. That's great for margins when we're selling, but what's more important, it reduces our cost in getting that equipment in the ground, and it takes faster for us to get payback. We could go through this in many different aspects, but it's across the board. Just it's a win-win-win for everybody. Great. Thanks for the details. You do have a follow-up question coming from Gabe Daoud. Gabe, your line is live. Thanks, guys. Just one more quick one. Sema's $12 million in revenue in 2021. What is the growth rate on that for 2022? You know, just to give you a couple data points. For 2020 they did about $8 million. They did $21.2 million in 2021. They're growing, you know, similar like how we're growing. The expectation is that their trends will continue and you know, as they move forward in time with the continuing evolution of EV infrastructure space. Got it. Thanks, Michael. Yep. There are no further questions in queue. I would like to turn the floor to Michael Farkas for any closing comments. Hello, everybody. Thank you for joining us. We believe these are some extremely exciting times ahead of us. We're very excited about being able to be one of the lowest cost producers of charging equipment, being able to comply with Build America and the Biden administration's intent and $7.5 billion programs. This positions us better more so than we believe any other EV charging infrastructure company in the States. We have the broadest breadth of offerings, deployment methodologies, hardware, state-of-the-art network, and really a seamless solution that's global in nature, where any customer, any EV driver, whether in London, Paris, New York, L.A., Athens, they're gonna have the exact same experience, wherever they are. We believe with interoperability and all the other things that we're offering, we will definitely be one of the largest global players in the space. Thank you, everybody. Thank you, ladies and gentlemen. Thank you, Michael. Thank you, ladies and gentlemen. This does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.