Greetings. Welcome to EDAP TMS Third Quarter 2021 Earnings Conference Call. At this time, all participants are in listen-only mode. A brief question and answer session will follow the formal presentation. If anyone today should require operator assistance during the conference, please press star zero from your telephone keypad. Please note this conference is being recorded. At this time, I'll turn the conference over to John Fraunces with LifeSci Advisors. John, you may now begin. Thank you. Good morning, and thank you for joining us for the EDAP TMS's third quarter 2021 financial and operating results conference call. On today's call, we will hear from Marc Oczachowski, Chief Executive Officer and Chairman of the Board, Ryan Rhodes, Chief Executive Officer of EDAP US, and François Dietsch, Chief Financial Officer. Before we begin, I would like to remind everyone that management's remarks today may contain forward-looking statements, which include statements regarding the company's growth and expansion plans. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in such forward-looking statements. Factors that may cause such a difference include, but are not limited to, those described in the company's filings with the Securities and Exchange Commission. I would now like to turn the call over to EDAP's Chairman and Chief Executive Officer, Marc Oczachowski. Marc? Thank you, John, and good morning, everyone. I will start by providing a brief operational update before turning the call over to Ryan Rhodes, our new EDAP US Chief Executive Officer, for a deeper dive into the US business and strategy. François Dietsch, our CFO, will review our financial performance. I will start by recapping a few of the highlights. Year-to-date revenue for the nine months ended September 30th was EUR 30.1 million, or $35.9 million, representing growth of 14.4% over the first nine months of 2020. We were able to achieve these year-to-date results notwithstanding challenging headwinds created by the COVID pandemic. Total company revenue for the third quarter was EUR 9.4 million or $11.1 million, essentially flat with the year-ago period. It is worth noting that both revenue and gross margins were impacted by machine placement that for logistical reasons, were delayed into the first few days of the fourth quarter. This has happened in both our HIFU and ESWL business and in different regions of the world, including U.S. and rest of the world. Had these deals closed during Q3 as anticipated, we would have shown year-over-year revenue growth in the third quarter. These delays resulted from COVID-related delays and restrictions and were largely outside of the company's control. The good news is that we started the very first days of Q4 by recognizing equipment sales in both our businesses and we also added a strong pipeline of projects on which our sales teams will focus as the fourth quarter is the most crucial quarter of the fiscal year for EDAP. Let's talk about recent sales. Here, we are very pleased to announce a few notable Focal One placements since our last quarterly update, one of which occurred subsequent to the end of the third quarter. During the third quarter, we sold the Focal One device to the University of Washington which is consistently ranked as the best healthcare institution in Washington state. More recently, in early Q4, we sold a device to the University of California, San Diego. This represents our third UC placement following earlier sales at UCSF and UC Irvine. Later in the call, Ryan will elaborate on these placements as well as the broader progress of our pipeline. Regarding treatment volumes, a clear highlight continues to be the growth in U.S. treatment volumes. Through the nine months, treatment volumes are up 58% over the same period in 2020. This is important for two reasons. First, as we have said before, growth in U.S. treatment, in U.S. treatment volumes is a leading indicator of growing adoption by urologists of Focal One HIFU as a prostate cancer treatment alternative. Second, we believe the growth in the U.S. treatment volumes reflects the positive impact of HIFU category 1 CPT reimbursement code that went into effect on January 1st of this year. On the topic of reimbursement, CMS recently published the final Medicare Hospital Outpatient Prospective Payment System, or PPS rule, which is set to go into effect on January 1st, 2022. Despite the unanimous vote in favor of having HIFU reimbursement for malignant prostate tissue ablation upgraded to APC Level 6, we acknowledge that the agency has elected to keep HIFU reimbursement at Level 5 next year. It is worth noting that we have been operating at Level 5 since 2019, and as such, we believe we can minimize the impact of that decision will have on our sales or pipeline activities in 2022. At the same time, we have developed a comprehensive action plan to help demonstrate to CMS why HIFU technology has clear benefits to Medicare patients and is attracting interest among physicians. With this strategy in place, we remain confident that EDAP can secure increasing facility reimbursement to Level 6 starting in 2023. Regarding endometriosis, I will now provide a brief update on our endometriosis program. As a reminder, phase II study has so far enrolled a total of 38 women across five major hospitals in France, who will be assessed over a six-month follow-up period. We recently decided to increase total enrolment to 60 from 38 to strengthen the level of evidence brought by the study as the initial enrolment tracked faster and smoother than what we anticipated. Investigators will evaluate the safety and efficacy of HIFU for this pathology. We were extremely pleased to have Professor Gil Dubernard from the University Hospital in Croix-Rousse. He [is actually] in Texas this week for the AAGL Congress. Dr. Dubernard was invited by the Congress Scientific Committee this past Monday to present preliminary results from our endometriosis study. As a quick note, endometriosis was a major topic of focus during this year's conference due to its rising prevalence and impact on the health of so many women around the world. We believe the treatment of endometriosis could be greatly improved with application of less invasive procedures, and the use of HIFU technology could offer an important minimally invasive treatment option for these patients. I will now turn the call over to Ryan, who will give us more details on our U.S. operational strategy. Ryan? Thanks, Marc. I want to begin by stating why I came to EDAP and my enthusiasm for our ability to meaningfully improve the options for men facing prostate cancer. I've worked closely with urologists over 18+ years of my career both at Intuitive Surgical and before at Johnson & Johnson. Our understanding ability to risk stratify and target prostate lesions has radically improved over the last several years. Focal therapy with high intensity focused ultrasound offers a non-invasive ablation treatment with excellent functional outcomes and benefits. Focal One robotic HIFU is the most advanced platform for precise targeting of prostate tissue, and that's why it's being adopted by many leading centers for urologic oncology in the United States. Before getting into our sales and market development activities, I want to elaborate further on the reimbursement issue that Marc touched upon. Earlier this month, CMS published its final rule governing hospital outpatient reimbursement rates for calendar year 2022. Recall that Focal One is currently reimbursed under HCPCS code 55880. Ablation of malignant prostate tissue transrectal with high intensity focused ultrasound, including ultrasound guidance which is currently set at an APC Level 5 reimbursement. In August, the CMS advisory panel on hospital outpatient payment voted unanimously in favor of increasing reimbursement for HIFU prostate ablation APC Level 6 for the following year. However, while the HOP panel serves only as an advisory board to CMS, we reviewed the unanimous vote as a sign of increasing recognition of the value of HIFU relative to other prostate cancer procedures. Due to a variety of factors, most notably the significant impact of COVID on the U.S. healthcare system in 2020, the agency continued to rely on 2019 claims data when establishing 2022 reimbursement rates. Given the impact from the pandemic, the agency determined that 2020 claims would not be representative of the utilization or cost that would be observed in a normalized non-COVID environment. Although HIFU will continue to be reimbursed at Level 5, which in 2022 will equate to about $4,527 per procedure, we believe that when more current claims data is analysed, a higher Level 6 payment will be deemed more appropriate. It is worth noting that we have successfully operated at a Level 5 payment since 2019. Over this time, we have seen Focal One adopted by several highly regarded U.S. urology centers, and we have continued our ongoing focus to place Focal One at many more centers over the next year. We have seen this momentum over the past several months with additional urology programs adopting Focal One. Recently, University of Washington Medicine purchased a Focal One, becoming the first institution to offer patients robotic focal HIFU in the Pacific Northwest. Just subsequent to the end of the third quarter, we sold a Focal One device to the University of California, San Diego. Recall that we previously announced Focal One placements at University of California, San Francisco and University of California, Irvine, so this latest sale to San Diego represents continued penetration among the major academic medical centers in California. Both University of Washington and UC San Diego are just two of 35 approved fellowship programs for the Society of Urologic Oncology. These hospitals add to a growing list of renowned medical centers that we count as customers. Just as importantly, they can also act as reference centers that can champion our HIFU technology. Another highlight of the quarter was the American Urological Association annual scientific meeting, where several sessions presented growing clinical evidence supporting focal ablation of prostate tissue utilizing our Focal One technology. Of note, Dr. Baco and his colleagues presented an interim analysis of a randomized controlled trial evaluating focal ablation versus radical prostatectomy for intermediate-risk prostate cancer. The interim data suggests that one year post-treatment, Focal One achieved good oncologic efficacy and preserved erectile function and urinary continence better than radical prostatectomy. Another highlight was the HiFi study by Dr. Rischmann and colleagues comparing cancer outcomes at two years for localized prostate cancer in Grade Group 1 and 2 patients. They concluded favorably of HIFU with Focal One over radical prostatectomy, as reflected in intermediate results from data at 42 centers when comparing salvage treatment-free survival rates at 24 months. Turning now to our U.S. infrastructure, we are continuing to build out the U.S. team, including regionally focused business directors and both business and clinical managers who are separately responsible for driving capital sales and utilization within existing accounts. These additions are already having an impact as we continue to grow our pipeline. Additionally, we are seeing a positive impact on utilization at existing installs as those institutions build momentum with their programs. Overall, I'm very pleased with the trajectory that our U.S. business is on, and I believe we are well-positioned to drive significant growth in 2022. Now our CFO, François Dietsch, will provide some details on our financial results. François? Thank you, Ryan, and good morning, everyone. Please note that all figures, except for percentages, are in euros. For conversion purposes, our average euro-dollar exchange rate was 1.1747 for the third quarter of 2021. Our total company revenue for the third quarter of 2021 was EUR 9.4 million, essentially flat to the same period in 2020. Looking at revenue by division, total revenue in the HIFU business for the third quarter of 2021 was EUR 1.9 million, a decline of 25.6% as compared to EUR 2.6 million for the third quarter of 2020. The decline was driven primarily by continued weakness in hospital CapEx spending. Total revenue in the Litho business for the third quarter of 2021 was EUR 2.5 million, an increase of about 3% versus the third quarter of 2020. Total revenue in the distribution business for the third quarter of 2021 was EUR 5 million, a 13.4% increase compared to EUR 4.4 million for the third quarter of 2020, thanks to the Exact Imaging and laser sales development. Gross profit for the third quarter of 2021 was EUR 3.6 million compared to EUR 4 million for the year-ago period, where profit margin and net sales was 38.4% in the third quarter of 2021 compared to 42% in the year-ago period. The decrease in gross profit year-over-year was due to lower sales effect on fixed costs in the HIFU business. Taking into account only the variable cost, our margin rate and net sales for Q3 remain consistent with our usual level of margin considering the current mix of products. Our operating expenses were EUR 5.5 million for the third quarter of 2021 compared to EUR 4.3 million for the same period in 2020. The increase was driven by the ongoing build-out of our U.S. team and commercial infrastructure. Operating loss for the third quarter of 2021 was EUR 1.9 million compared to an operating loss of EUR 0.3 million in the third quarter of 2020. Net loss for the third quarter of 2021 was EUR 1 million, or EUR 0.03 per diluted share, as compared to a net loss of EUR 1 million or EUR 0.03 per diluted share in the year-ago period. As of September 30, 2021, we had cash and cash equivalent of EUR 45.4 million or $52.6 million as compared to EUR 24.7 million or $30.2 million at the end of December 2020. The number of outstanding shares was approximately 33.5 million shares at the end of September 2021. We now turn the call back to Marc. Thank you, François. In summary, through the first nine months of the year, we increased revenues 14.4% over the comparable period in 2020, demonstrating that we are successfully navigating through this difficult hospital CapEx environment. At the same time, we continue to build our U.S. pipeline, and we remain optimistic that we will announce additional sales and key placements in the near term. We're also very excited that Ryan has joined us. As you heard today, he has already begun to implement actions and plans to support our market access and commercialization strategy in the U.S. All in all, I believe we are very well-positioned to establish HIFU and our robotic Focal One device as a leading therapeutic tool in ablating prostate tissue. I would like to thank you for your interest and support. We will now open the call to your questions. Operator? Thank you. At this time, we'll be conducting a question and answer session. If you'd like to ask a question, please press star one from your telephone keypad, and a confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Thank you. Our first question is coming from the line of Frank Takkinen with Lake Street Capital Markets. Please proceed with your questions. Hey, thanks for taking my questions. Wanted to start on the sales funnel a little bit more. Heard your different comments. It feels like it's growing solid. Can you just bring us a little bit deeper on maybe penetration into the 150 tier- one accounts that you've spoken to in the past? How many of those do you have active communications with? Maybe if you could even share with us a little bit on the number of late-stage conversations, just to give us a little better feel for what we could see coming down the pipeline in the fourth quarter as well as into 2022. Yeah. Hello, Frank. I mean, that's a great question. As Ryan elaborated in his part today, we are getting organized. We're increasing the structure, and we have significantly again increased our pipeline of projects. Now, giving too much details in what discussion we are is probably not appropriate on a kind of call like that with, I mean, again, for confidential reasons b ut again, I mean, everything is being put together to continue increasing discussions with most of those tier- one hospitals. As you've seen, I mean, we've already announced two placements among these kind of tier- one hospitals. And again, we will have more to come in the near term. Okay, that's helpful. Maybe just a little bit more on the investment in the commercial organization. Where do we stand right now on a U.S.-based commercial organization as far as sales personnel goes, and where could we see that number expand to over the next, call it, 12-18 months? Yeah. We've added a couple notable hires as of recent. A couple of folks that actually worked with me back in my tenure at Intuitive Surgical. We're excited about that. We've looked deeply at the markets as you referenced earlier, you know, looking at academic centers, urological oncology programs, NCCN-participating hospitals, et cetera. We feel that we've got the territories well laid out and we're actively recruiting now on both sides, on the capital and clinical side. We've added two people, and we're in the process to adding several others. We're looking obviously for highly skilled, highly capable individuals to come join the company. I think we're excited with some of the momentum we have, and we'll look to be deeply focused obviously on growing our sales as we roll into the coming year, 2022. Perfect. That's helpful. Last one for me. Ryan, appreciate all the color on the APC Level 6 versus Level 5. Can you share with us a little bit more on what was not seen in the 2019 cases that you expect to see in the 2021 cases that can justify that move up to Level 6 for 2023? Yeah. I think a couple obvious things jump out. One is obviously our treatment volumes were higher when you comparably look at the year 2021. I think just to understand that CMS uses an average cost of charges as it relates to these treatments. There's a geometric mean cost, average cost. They look at these things. They have a methodology of weighting these in their calculations. We kind of do our own analysis as well. We, in some cases have actually worked closely with hospitals at their request to really look at and monitor and educate them on the process of capturing appropriate charges. I can't. It comes back to the charges established. I think the way to look at it is, our analysis using outside consultants, which show that the proper average charge rate would clearly put us into this APC 6 category. Hence why, if they even looked at the 2020 data as we think they should have, there would have been a notable difference in the average cost of charges. That's kind of how it works. They start this process, that is CMS, in the springtime. You know, we're working through the process as well. We're gonna be having or requesting a conversation with CMS, just, you know, putting some color on how we believe that they need to look at the appropriate data. I think we're well positioned to be at an APC 6 Level when we look at year 2023. Perfect. That's helpful. I'll stop there. Thanks for taking my questions. Thanks, Frank. Thank you. The next question is coming from the line of Jason Bednar with Piper Sandler. Please proceed with your questions. Yeah. Hey, everyone. Thanks for taking the questions here, you know. Good, good. Marc or Ryan, you know, hey, glad to hear the fourth quarter is already off to a good start. You know, you did reference today and in the release yesterday, just good leading indicators of demand. It sounds like the funnel's building. I mean. Can you speak any more directly to what those leading indicators are? Just, and are there these developments? Are they coming by way of some of the early stepped up commercial investments that have been made this year, or do you think these commercial investments, you know, we end up. We need to wait until 2022 or maybe even deeper into 2022 before we see them start paying dividends? Yeah. I mean, you know, I look at it in a few ways. Obviously, we're adding headcount and that would lead you to believe that we'll have more people interacting with future customers. That helps tremendously. We also have an install base of customers, so we support them. Many of them, as noted, are growing the volume of treatments. You know, there's the marketing effort too, which I think we're just getting going with. I think our marketing story or at least our story back to patients and physicians as providers is an exciting story. I think a lot of academic programs, and we mentioned earlier tier one hospitals, see that focal therapy as a category fills a critical gap that may exist for low risk and intermediate risk patients. I think we're seeing that the argument for Focal therapy, there really isn't a big argument. It's getting established a strategic direction with the institution that adding Focal therapy, if you're not doing it already, is important. If you look categorically how you deliver Focal therapy, we believe with robotic Focal HIFU, the Focal One system, we have the best offering in the market. We believe we have the right technology at the right time for those centers. We continue to socialize that with these pipeline accounts and are very engaged, and we look to engage further as we build out our sales organization. All right. Excellent. Thanks for that, Ryan. Also just curious if you could elaborate on some of the challenges that exist out there in the marketplace right now. It's very topical for all companies right now, you know, shipping, freight, labor costs, things like that. You know, how is EDAP navigating some of these dynamics? I think related to that point, just talk about your confidence in HIFU gross margins improving off the levels that we're at today? I mean, so far we're navigating pretty well in the environment. Of course, we're very cautious about all those points. Again, there is such a momentum and excitement. As Ryan said, you know, the technology really fills an important need and gaps that exist today in the treatment of prostate cancer so that, you know, we continue to benefit from that momentum, and that will increase as we get more structured and more organized in the U.S. market and as we continue to grow the pipeline. Okay. Got it. Just one more from me on the reimbursement side. It sounds like, you know, CMS still did leave, just the way they phrased some of their updates, they left the door open to some future adjustments for HIFU, moving up to that Level 6. I mean, I guess aside from having another year of claims data for CMS to use, are there any other, you know, next steps or areas where we could see reimbursement progress in the near term before we get to that next round of updates from Medicare? I guess any recent wins or progress you can point to with some of the commercial payers. I mean, we're held to really what CMS will release in terms of its final rule, which as we know, just came out beginning of this month. We, as expected, work very closely with our installed-base customers and specifically leading surgeons, or I should say doctors, urologists, who are actively using our product and technology. As noted, when we had met with the HOP panel back in August, we obviously met, we weren't the only company that met with the HOP panel, but we had physicians with us shoulder to shoulder as providers recommending the increases noted, you know, moving to APC 6. I think there's a strong clinical validation. I mentioned some of the data coming out and there's more and more data going on. There's more treatments going on. I think, you know, at this point there, we can't influence the final rule, but we can continue the conversations with CMS in preparation for the review they'll do next year. Remember, these rulings come out on an annual basis. As mentioned, they'll start the process in the springtime, and we'll be involved directly with that process all the way up until they announce the final rule for the forthcoming year. I think your part two of your questions in terms of supply chain or anything like that, I don't, you know, unless Marc has any comments, I don't see anything that has really disrupted us there. You know, we talked about the San Diego sale, and that sale was made and shipped in Q3. Unfortunately, it wasn't out of our control, we had an issue with the transportation company and en route to the hospital. That is really what happened on that deal that would have normally been recognized as a Q3 sale. It had nothing to do with COVID that I believe in. It was just a mix-up with the transportation company. We're excited for continuing the progress, working with CMS, and we're using all available resources to make sure that we are well positioned for the next review. All right. Very helpful. Thanks so much. Our next question comes from the line of Justin Walsh with B. Riley. Please proceed with your questions. Hi. Thanks for taking the questions. To start off, I know that you guys had the one sale in the Focal One in UW in the third quarter, and then you just mentioned UC San Diego in the fourth quarter. Can you confirm there weren't any other Focal One sales in the third quarter? And then also, maybe confirm how many ExacQ sales do you have, and ESW systems? Yeah, I mean, as we just said, and as Ryan just mentioned, we had only one sale in Q3 at University of Washington, though, the second one, University of California, San Diego, was sold and shipped in Q3, but will be recognized as a sale in Q4 for transportation and logistical reasons. In terms of number of ExacQ and ESW, I will let François answer. François? Yes, we sold five ExacQ devices over the third quarter. In lithotripsy, we sold three equipments. Got it. Perfect. Thanks. All right, my next question is the AUA results were really intriguing. I'm wondering if there's any sort of specific feedback you got from physicians and if your clinical data package has helped with engagement efforts recently, particularly as you're moving to improve penetration in the U.S. Yeah. Just a couple of notes on that. You know, AUA, unfortunately this year became a virtual meeting. We were well prepared to be there physically, and really at the last minute, they changed it to a virtual format. That was a real disappointment, because we had a lot of activity planned. In fact, we even had some hands-on courses that were set up specific to that meeting. Back to the conversation on data. I think the data is again, you know, it shows strength in a couple of very key areas. One is oncologic control. The data supports that we can deliver safe and efficacious oncologic control, when compared, you know, looking at cancer control outcomes compared to surgery, radical prostatectomy. On the second note, it reinforces the benefits that we talk about routinely in the area of the functional domains, urinary control and sexual function outcomes, where you know the treatments as compared are very different. We don't take out the prostate gland, we treat the cancer, or I should say we ablate the tissue in the prostate gland and where surgery obviously is removing the gland. We're excited because one of the studies, the BACCHUS study, is a randomized control trial, Level 1 evidence. It is European data. It's not the only study out there that shows and points to the efficacy of HIFU as a means to ablate prostate tissue. We believe, again, more and more data will be coming out, and we're excited too now that we have more American centers that have purchased Focal One robotic focal HIFU, and we'll be tracking their data and likely submitting both abstracts and manuscripts in future journals. Our data set, I think, continues to build momentum and gain strength. Got it. Thanks. One more question from me. Obviously, there's still a lot of overhanging uncertainty with how the pandemic has evolved. I'm wondering if you can provide any color on what you're seeing from hospitals from a CapEx perspective at this point. Yeah, you know, I think hospitals have returned in some capacity to a more normalized buying cycle. I won't say it's 100%. It varies by institution, by region. As expected, we work through their processes, you know, in order for us to sell or place a system in their institution. I would say that, you know, what may be different for us is I really and our teams truly believe we are a strategic value add revenue enhancing service line to a hospital. Meaning that, there's a gap that exists for men diagnosed with localized disease, early stage and intermediate stage disease and Focal HIFU would be a suitable option for a subset of these men. As you can imagine, there are a number of companies out there selling capital equipment. We are one of them, but I think our value add story is very strategic as compared to other, maybe other capital purchases that may be going on in a hospital institution. We're about building out a focal therapy program in the domain of men being treated with prostate cancer. The conversation can be different and interpreted differently, knowing that, there's a large number of men every year who are diagnosed with the disease, not including the many who are walking around with the disease today. Anyway, we're excited to continue the momentum as we work through the buying committees, et cetera, in these various institutions. Got it. Thanks for taking the question. Thank you. As a reminder, if you'd like to ask a question today, please press star one from your telephone keypad. Our next question is coming from the line of Swayampakula Ramakanth with H.C. Wainwright. Please proceed with your question. Hi. This is RK from H.C. Wainwright. So Ryan, in your remarks, you were stating how CMS was looking at 2019 claims. Based on that, they had provided for Level 5 again in 2022. Just trying to understand, when they go into this decision-making again next year, would they be looking at the 2021 numbers then? And how are the 2021 numbers currently looking, so that, you know, we can get into level six, come 2023? Yes, you're correct on that. They look at 2021 data, that'll be happening next year, starting in the springtime. We feel just doing our own analysis, and again, we use outside consultants to work with us, that when they use the weighted average cost, et cetera, in terms of all charges, that we look favorable as others in our space, likely. We look favorable categorically to move up in the payment structure, the APC 6 payment structure. That's all I could say at this point. You know, again, we believe if they would've looked at the 2020 data versus 2019, we would be deemed an APC 6, so six-level facility payment. I don't think anything's changed. In 2021, we're doing more procedures which is very good, which is good because they have more numbers to work with. I think our hospitals also are getting better educated on capturing all the appropriate costs for providing this treatment. Thank you for that. You know, you talked about some of this data that was presented at AUA. Do you have any idea of when that will be published as publications in terms of paper publications so that you can utilize them for your conversations with the private payers? I mean, RK, these studies, I mean, the one from Dr. Baco is from Norway. It's not over yet, so these are preliminary results. We have to wait until the end of the study when it's concluded so that it could be published. It's the same for the HIFI study, which is the French study in the context and frame of reimbursement in France. Same, this was a preliminary result. The end of the follow-up period will be next year, and then they will of course go into the process of publishing. It's gonna take some time still until we'll get paper published, but they will continue releasing and presenting results as the follow-up moves forward. Thanks. Thanks, Marc. Thanks for that. Thank you. At this time, I'll turn the floor back to management for closing remarks. Well, thank you, everyone. Thank you for joining us today. We'll continue updating you, and we'll continue moving forward in our strategy to increase and accelerate our high production plan in the U.S. and rest of the world. You all have a great day. Thank you, everyone. This will conclude today's conference. You may disconnect your lines at this time. We thank you for your participation.