Ladies and gentlemen, thank you for standing by and welcome to Franchise Group's Fiscal 2022 second quarter conference call. At this time, all participants are in listen-only mode. After the speaker presentation, there will be a question- and- answer session. I would now like to hand the conference over to your host, Andrew Kaminsky, Executive Vice President and Chief Administrative Officer of Franchise Group. Thank you, Jacinda. Good afternoon, and thank you for joining our conference call. I'm on the call with Brian Kahn, Franchise Group's President and CEO, and Eric Seeton, Franchise Group's CFO. Before getting started, I would like to mention that certain matters discussed on this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other provisions of the federal securities laws. These forward-looking statements are based on management's current expectations and are not guarantees of future performance. Actual results could differ materially from those expressed in or implied by the forward-looking statements. The forward-looking statements are made as of the date of this call and except as required by law, Franchise Group assumes no obligation to update or revise them. Investors are cautioned not to place undue reliance on these forward-looking statements. For more detailed discussion of these and other risks and uncertainties that could cause Franchise Group's actual results to differ materially from those indicated in the forward-looking statements, please see our Form 10-K for the fiscal year ended December 25, 2021, and other filings we make with the SEC. The financial measures discussed today include non-GAAP measures that we believe investors focus on in comparing our results between periods and among our peer companies. Please see our earnings release in the News & Events section of our website at franchisegrp.com for a reconciliation of non-GAAP financial measures to GAAP measures. Non-GAAP financial information should not be considered in isolation or as a substitute for or superior to GAAP financial information, but we include it because management believes it provides a meaningful supplemental information regarding our operating results when assessing our business and is useful to investors for informational comparative purposes. The non-GAAP financial measures the company uses have limitations and may differ from those used by other companies. Now I'd like to turn the call over to Brian. Brian? Thank you, Andrew, and good afternoon to our listeners, and thank you for joining us. Before we discuss the FRG business, just like to give a quick shout-out to Charlie Loudermilk, who passed away yesterday at the age of 95. Charlie happens to be the founder of Aaron's, and he also happens to have been an all-around good guy, among other things. He was larger than life, and his legacy does live on in many aspects of what we do at FRG and how we do it. Moving on to FRG business. I will provide a general update before turning the call over to Eric to provide financial details. We'll then be happy to answer questions. The Franchise Group's second quarter financial performance was within our expectations, but for the full year 2022, we're lowering our financial outlook for revenue to approximately $4.3 billion from $4.45 billion, Adjusted EBITDA to approximately $390 million from $450 million, and non-GAAP earnings per share to approximately $4 a share from $5 a share. Inflationary pressure is leading to lower profitability in our home furnishings businesses, while profit growth in pet, health and wellness, and education services are providing the diversification and scale that allowed FRG to declare another quarterly dividend at a $2.50 per share annual rate. Specifically, product and freight costs within our home furnishings businesses are reducing margins, and food and energy inflation is taking a larger share of our lower-income customers' wallet, which is reducing transaction volumes. This combination is meaningful. Although American Freight is emphatically expected to be a material contributor to FRG's long-term growth, the impact of inflation this year is likely to result in approximately $100 million less EBITDA than what the current store base would be expected to generate in the steady state. American Freight is expected to generate approximately $200 million less revenue than planned. That revenue loss comes with roughly 30% EBITDA flow through. Additionally, the nearly $1 billion of revenue that American Freight will generate will come at a cost of over 500 basis points of excess freight. That math totals over $100 million of EBITDA impact at American Freight this year alone. We are frequently asked how FRG will perform in a suboptimal economic environment. Shareholders, lenders, vendors, and franchisees all want to understand the downside, just as we want to understand the downside when we perform diligence on potential acquisition candidates or vendors. I think this environment will provide an excellent opportunity to enhance our credibility with all of our stakeholders by demonstrating that FRG is built to bend but not to break. FRG's cumulative profitability and cash flow are more reliable in the whole than in part, and that ultimately should make FRG more valuable as a whole than in parts. The primary difference between the business climate today and the one we shared after the first quarter is that freight costs and home furnishing product costs have peaked. We're now ordering new inventory at lower product costs and lower incoming freight costs. Some cost reductions are more material than others, but generally, we're headed in the right direction. Markets are ultimately a self-correcting mechanism, and we believe the supply and demand imbalance for product and human capital are both correcting in our favor, and we expect this trend to continue. Despite these changing trends in our favor, since the velocity of transactions are much lower than normal, it will likely take the rest of this year to sell the older, higher cost inventory through our system. We're also keeping an eye on energy prices as the surge in gas prices has deterred the marginal customer from getting in the car to make an incremental trip to the store. We've seen this phenomenon manifest itself with fewer transactions and larger transaction sizes as customers attempt to limit their need to buy fuel. We expect typical market forces ultimately to reduce gas prices back to within a normal range and provide relief for our customers. If we're wrong and fuel prices continue to increase, it would be worse for our customers and our same-store profitability. As a management team, we spend significant time diligencing acquisitions to further diversify and scale FRG, but we recognize the tremendous opportunity to drive material incremental cash flow and earnings per share from continuing to block and tackle as we drive franchise unit growth and execution within our current brands. More importantly, unit growth within our current brands is completely within our control and does not require any M&A or capital market cooperation. Franchising activity continues to accelerate across FRG. For the first six months of 2022, we sold 88 new territories and opened 54 new locations. We're starting to see cost of construction materials and labor improving and believe our franchisees will have an easier time opening stores over the next couple of years compared to the last couple of years. I'll be happy to answer any questions after Eric provides the financial details. Before I hand it over, I just wanna publicly thank all of our financial partners for their support over the last several months. FRG is very lucky to have the support of a great group of lenders and real estate partners. It's very easy to get lender support when the risk-free rate is zero and when the economy is humming, but I've always learned the most about people in stressful times. When the credit markets shut down completely last quarter, Oak Street Real Estate Capital stepped up and closed on the sale of our Badcock pieces anyway, and earlier this week, closed again on the Badcock headquarters sale. We also appreciate that our revolver lenders chose to give us a larger share of their balance sheets despite suboptimal market conditions and recently upsized our revolver. Our term loan lenders are the nimblest, most creative, and smartest partners we could ask for, and we appreciate their efforts on our behalf. Everybody plays his role really well, and everybody works well together, and the group we've assembled is uniquely positioned to help us take advantage of opportunities that are going to come our way in the current environment. Their patience will pay off, and I appreciate their support of FRG and their trust in our management team. Eric, I'll turn it to you to provide the financial details, and then we can wrap up with Q&A. Thank you. Yeah. Thank you, Brian. Before I address the results of operations, I would like to remind you that we will be making many references to pro forma items throughout this call. Our press releases and filings may refer to historical financial results for the acquired businesses prior to their acquisition by Franchise Group. These items have been adjusted to align with our fiscal calendar and accounting policies to the extent reasonable. Comparison to pro forma results will allow us to discuss and evaluate performance of the acquired companies when a comparable period is not available due to the timing of the acquisition. Moving to the second quarter results, I will start with a quick recap of our home furnishings businesses. In the second quarter system-wide, Buddy's had a negative same-store sales comp of 4.8%, with franchisee comps declining by 4.7% and corporate stores declining 5.4%. Buddy's opened seven new franchise stores and awarded three new locations, bringing backlog to 98 locations. Badcock comp down 11.4% for the second quarter. During the quarter, we closed on the sale of Badcock's retail and distribution centers for $94 million and $150 million respectively, and used the net proceeds to pay off the balance of the Badcock acquisition financing. Earlier this week, we closed on the previously announced sale of Badcock's headquarters for $23.5 million. The net proceeds will be used to reduce outstanding debt. American Freight comp down 13.7% for the quarter. We sold 10 new franchises in the second quarter, bringing total franchise backlog to 26 locations. Sylvan continued to perform well in the second quarter and delivered comps of 3.7% as it heads into the slower summer months. Sylvan opened one new location and sold seven new franchises in the quarter, bringing its backlog to 20 units. Pet Supplies Plus generated system-wide same-store sale comps for the second quarter of 5.8%. Franchisee comps grew 7.1% in the quarter, while corporate stores grew 4.2% for the quarter. PSP continues to accelerate its growth and brand building with eight new store openings and the sale of 20 new franchisee area development agreements in the second quarter, bringing total backlog at PSP to 230 locations. The acquisition of Wag N' Wash has been going well and is almost integrated into the PSP system. There has been strong interest in the concept, and we believe we will be in a position to capitalize on this demand later this quarter when we expect the Wag N' Wash FDD to be approved. Vitamin Shoppe comps were up 2.1% in the second quarter due to continued increases in store traffic and increased customer interest in sports and nutrition products. Direct-to-consumer accounted for approximately 24.8% of the business in the quarter. Franchising continues to build momentum with eight stores sold in the second quarter, bringing backlog to 20 stores. On a consolidated basis for the second quarter of 2022, total reported revenue for Franchise Group was $1.1 billion. Net income from continuing operations was $41 million or $0.94 per fully diluted share. Adjusted EBITDA was $103.4 million, and non-GAAP EPS was $1.19 per share. FRG's overall financial results included the financial results of all acquisitions from the date of acquisition. In the second quarter, and for the first six months of fiscal 2022, all six business segments were fully included in our results and are detailed in our press release and filings. We are still in the process of transitioning consumer finance at Badcock from in-house to third-party partners and have excluded the non-core results of the finance business from Adjusted EBITDA and non-GAAP EPS. While we can't perform on the income statement for consumer lending, the balance sheet continues to reflect securitization debt and accounts receivable, despite most of the receivables having been sold to third parties. Once we discontinue originating customer loans, we believe the securitized receivables will be accounted for as a sale, and the related assets and liabilities will no longer be reported on our balance sheet. We ended the quarter with approximately $1.1 billion in outstanding term debt and cash of approximately $95 million. During the quarter, we increased the size of our ABL Revolver to $250 million and had approximately $130 million of availability remaining. All of our debt is SOFR-based, and with the recent increase in interest rates, our cash interest expense has increased accordingly, as expected to cost an incremental $10 million annually. In conjunction with our balance sheet and business performance, we believe we have sufficient liquidity to continue to meet all of our obligations and support all of our businesses for the foreseeable future. Operator, please open the line for questions. Thank you. Thank you. At this time, we will conduct a question- and- answer session. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. Please stand by while we compile the Q&A roster. Our first question comes from the line of Larry Solow from CJS Securities. Great. Good afternoon. Thanks, guys. Thanks for the questions. First question just on high level on guidance. I know you don't guide specifically to the businesses, but clearly the biggest driver here is the furniture business. Is it really specifically American Freight? Does that mean is that like the lion's share of this deduction, or is there anything else coming out at all, you know, in your general outlook, you know, that's significant? Yeah. Larry, I'd say that American Freight has seen the greatest impact from inflation. I think that relative- Right. to our guidance overall, the rest is Yep. really just noise. There's, you know, minor pluses and minuses, you know, in the other Right. businesses, but it's really, you know, amounts to noise outside of American Freight. Even Badcock specifically, I'm just trying to get my hands a little bit better on that because I know, I know you've taken out the EBITDA contributions from the lending piece of it. This $25 million. I think you've done like $50 million year-to-date in EBITDA or something close to that. I thought that the run rate number was more like $60 million, you know, because you had a little excess last year from government stimulus that you saw, and then obviously taking out the lending business. I'm just trying to get my hands a little bit better on because the Badcock numbers were actually a little bit. The first two quarters were actually kind of better than, you know, a little bit of an offset to American Freight, which was obviously worse. Any thoughts there on what sort of an annualized EBITDA number could look like, should look like? Is there anything artificial or one-time in this quarter? Yeah, no, it's a good point. That's why I said that the rest of the business is combined to be noise. Badcock on an overall EBITDA performance in the first half of the year, you know, outperformed by a little bit versus what we would've expected. You know, Badcock is a home furnishings business as well, as it says. Sure. In its name. It's seeing a lot of Right. The same inflationary pressures, not quite to the same extent that American Freight is. Right. American Freight, you know, their unit cost and their, you know, average selling prices are significantly below that of what Badcock- Right. Badcock is pretty deep value as well. You know, American Freight has seen more of it. We obviously set our projections for the year, you know. Yeah. Giving Badcock a cushion as well. It's important that you understand that, you know, all of the home furnishings businesses are seeing the same inflationary pressure. As far as the impact relative to our financial projections for FRG as a whole, that the bridge really comes from American Freight. Right. It seems like The magnitude for what you're thinking about. Right. For Badcock, though, is directionally correct, though. Right. Just correct me if I'm wrong, because it seems like American Freight, it's that cheaper furniture that's much more sensitive to price, both on the fact that your freight expenses are now significantly relative to the overall price of the good. More importantly, your customers who normally you're attracting are now being basically priced out. It's not a normal type of recession. Usually, prices are lower, not higher, so that consumer is getting hurt more than. Yeah. Totally correct for a lot of reasons. Look, American Freight, if you look at their freight costs that are loaded onto the product cost compared to pre-COVID, because, you know, these last couple of years don't really give you much in terms of really good information, but their freight costs are up almost 200% from where they were. Right. Backstock is up more order of magnitude 50%. Big difference. There is a very large difference. You're also correct that, you know, at American Freight, what you would typically see is, you know, in a recession, you would see the, you know, the lower income customer. You know, everybody. You have the jobless rate going up, unemployment's increasing, so you have a trade-down. You know, the higher income customer now becomes your customer. Right The lower income customer who you may lose is replaced. That's not really what's happening now. We're not seeing unemployment go up. What we're seeing is the low income customer having their wallet squeezed, and then we're compounding their problem as we've been increasing our prices, as we've been getting price increases from our vendors. We're not doing that again for the back half of the year, which is, you know, part of the reason for our guidance. You know, as we continue to increase prices to that low income consumer, we're just having more and more customers say, "No, I'll wait." You could increase the pricing. You're gonna end up taking more from the customers who continue to buy from you, but you're just gonna lose more customers. We've got 370 stores going to, you know, 1,300 stores. This is an opportunity for us to get back into being that value of home furnishings business that has spread by word of mouth. I think you know that the American Freight stores, they're not at the corner of Main and Main because they don't have to be. The best form of advertising for American Freight is word of mouth because you get a great deal, and then you hear about it from a buddy, and then you go to the American Freight store. Well, if all of a sudden, you know, American Freight isn't offering those great deals, that could end up having a bigger impact. We're just not going to increase prices. We're gonna eat the cost increases that we have embedded in the inventory now. You know, we see costs coming down and in some cases, very significantly. We have one of our larger and better vendors, you know, decreasing prices of product costs, you know, 30%-40% in major categories. So, you know, we'll shift our purchasing as much as we can to those vendors that are reducing their prices as dramatically as that and see where we go. On the other hand, you know, the higher income customer, he or she is not losing their job, so they don't need to trade down. We see this quite a bit in the applications. Again, we use a third party virtual rent-to-own provider, and we see in the applications that, you know, a score of 600 or more in FICO scores are actually the applications are up. It shows you that, you know, that customer, you know, is fine. The scores below 600, we're seeing applications down, just applications, forget what actually gets completed. Applications are down on average over 20%. The lower the FICO score, the bigger the decrease in applications. You're absolutely seeing it and it's very clear to us, and we're not going to do anything to make it worse for that customer because that customer, you know, we want that customer to be a customer for life. Right. No, I appreciate all that color. Can you just briefly switching gears on just Vitamin Shoppe, Pet Supplies Plus? I think you mentioned like 2% and 6% or maybe a little bit less on the same store growth. Are those numbers, they're aided by price, I imagine, right? You get some decent price at both those companies. Just trying to figure out what that sort of volume growth or, you know- Yeah. Volume. It's not as dramatic. The inflation is not nearly as dramatic in either health and wellness or pet supplies as it is in home furnishings. Units year-to-date, both at Vitamin Shoppe and PSP. Traffic's down at PSP. Units are down at Vitamin Shoppe, but you know, pricing is up. You're talking, you know, single digits on both sides that end up leading to, you know, positive same store sales. PSP's got higher tickets, but, you know, lower traffic. Right. Is PSP down? I mean, because usually you get same store. You know, historically, pet supplies has kind of grown. You know, pet industry has grown, but we have heard that there is some less, you know, like, people buying the dog food and the food, but some less of, like, the bones and more discretionary stuff. Are you guys seeing that also? Absolutely. Okay. Right. Okay, great. Just quick comment. I saw that, you know, nice to see, encouraging to see that you've added, you know, a good up to 20 in Vitamin Shoppe and I think 26, you said, in the backlog for franchise, because I know both those businesses were basically starting at zero just like last year, right? Or close to 0. Good to see that start to pick up. That's it, I'm all set. Thanks. Yeah, you got it. Thank you. Thank you. One moment. Our next question comes from the line of Michael Baker. Okay, thanks. Can you hear me, guys? Yes. Thank you, Michael. Great. All right, first, I'll start off. I guess I'd be remiss if I didn't ask you about Kohl's. You have put out some press releases regarding that, so I think it's fair game. In some ways, it fit your criteria of what you might buy just 'cause of the cash flow generation and the fact that you could sort of buy it, you know, without any incremental equity. On the other hand, you know, Franchise Group doesn't feel like Kohl's is a franchisable model. I guess, could you explain the thought process. You know, what you were thinking to even be involved in that. If you want to answer, why didn't it work out. It seems like it could fit, you know, ultimately, what happened. Yeah. Good questions. Yeah, I'll make a couple comments. I think I can help you. You're right. First of all, you know, we don't view Kohl's as a franchisable business, and we struggled. The first couple of times we were approached with the concept, it didn't really make sense for us because it didn't fit Franchise Group as a franchisable business. But ultimately it was the structure of what was proposed to us that it's just the transaction structure that was too good to ignore. You know, if we have, you know, the opportunity to, you know, to engage in a transaction that brings that much potential cash flow to Franchise Group, you know, without actually having any net cash investment risk out of FRG, that kind of transaction we have to at least explore. You know, ultimately, I know we did put out a couple of releases, one, you know, outlining what we might do and then also saying that, you know, we weren't going forward. Ultimately, the goalpost moved a little bit from where we started as far as not having any net cash investment risk out of FRG. It didn't move by so much that it made sense to just walk away from. You know, offhand, you know, I think if we had proceeded, it would have been a structure where we would have had, you know, at a minimum, all of our risk, all of our cash risk, paid off very quickly, months, not years. You know, ultimately the goal would be to use that free cash flow to accelerate the growth of, and diversification of Franchise Group with franchisable businesses. Yeah, obviously the transaction did not go forward. I think we, you know, likely did see a lot of benefit from going through the process, but, you know, it's not a transaction that we ultimately culminated. I guess a follow-up to that would be, you know, what now? Plenty of dry powder. That was gonna be a big one. You were willing to do it. It didn't go forward, so now you presumably have a lot of dry powder. So, you know, how's the acquisition pipeline now? Is it better because businesses are struggling? Is it worse because maybe it's hard to get financing? How should we think about, you know, the next steps for Franchise Group? Well, all of the above is correct. I think that the environment there are plenty of fish in the sea, plenty of opportunities for us to explore, some bigger, some smaller. You know, look, our lenders, and I mentioned them in the script, you know, our lenders were fantastic in that transaction. I have to say, as I sit here today, I think our lenders are probably more disappointed than we were even that the transaction didn't end up going forward. I mean, they were there for us, and they are very anxious to help us with whatever comes next, and we're gonna take them up on that. You know, I think we're certainly back within our comfort zone as far as leverage, even underlevered. You know, if the right opportunity comes up, I think we will be prepared to take advantage of it, for sure. You're absolutely correct, though. You know, capital markets, you know, were quite chaotic. The cost of capital is extremely high generally. If, to the extent that our cost of capital is going to be high, the threshold for what we're going to need to get in return for accepting that cost of capital, you know, that threshold goes up as well. Yeah, look, I think that this environment that we're in, you know, has and will continue to create more opportunities. As we've discussed many times on these calls before, you know, there's an opportunity cost to doing that next transaction because it, you know, if you're gonna lever up, you know, we need to delever before we can really engage in anything else meaningfully after that. I think we're gonna be, you know, very mindful about what that next, you know, larger transaction is. While we're at it, you know, we can certainly look at tuck-ins and other verticals to add on a smaller basis. Makes sense. Thanks for that. If I could just finally one more just switching gears. On American Freight, you know, one thought is that this was a little bit perhaps recession-resistant model. I guess it's turning out not to be the case. If you could just, you know, talk about the long-term expectations, if you will, for American Freight, why this is still a good business. And part of that, if you could talk about the idea that, you know, inflation now coming down, when does that start to flow through the P&L? Presumably from your guidance, not this year, it sounds like in the process, maybe next year. If you could just, you know, delve into that a little bit. Sure. Yeah, you're correct. We do believe American Freight is recession-resistant. I think that the problem is this is not an actual recession. In a recession where you're going to see unemployment rates go up, that impacts, you know, lower income, middle income, and, you know, higher income customers. This is really just an impact of inflation. I mean, I'm not sure what the right term would be, but this is like three standard deviation type inflation that we're seeing. Unfortunately, it's not a recession. I think in a good old-fashioned recession, you'll see American Freight perform very well. You know, someday there will be another good old-fashioned recession. American Freight, in my mind, is still. It's the best unit economics of all the brands that we have right now. There's a ton of demand from franchisees. You know, we're limited by finding real estate and being able to get stores open. As I think you know, it's the only brand that we have where we are, you know, as eager as we can be to even open company-owned stores. Part of our plan is to open company-owned stores every year, whether we end up ultimately refranchising those or not. You know, whether it's two years, three years, five years, 10 years from now, you know, American Freight, you know, is ultimately likely to be the most valuable business that we own, contributing the most free cash flow of any business that we own today. That is, of course. It really is a fantastic business. It's just been hit with, you know, quite a storm that makes its very deep value products not so deep value in the customer's eyes. Our, you know, main customer can't afford the product. You know, we're seeing you know. If I told you we would be seeing units and furniture and mattress down over 50% compared to pre-COVID levels, not COVID peak, pre-COVID levels, and the business would still be generating the EBITDA that it's generating, I don't think I would have believed that myself, but it is. That's just how good of a business it is. It is withstanding, as I said, you know, at least three standard deviations of, you know, chaotic performance right now. Understood. Thanks for the color. Sure. Thank you. One moment for our next question. Our next question comes from caller Ian Zaffino at Opco. Thank you. It's Ian Zaffino from Oppenheimer. A couple questions here. I guess the first one, I guess you explained the comp or the same-store sales slowdown in Pet Supplies. Seems like its traffic was down, also discretionary was weaker. Can you tell us maybe why that traffic was down, what you're seeing there? Then also Vitamin Shoppe, I guess, also decelerated. What was that attributable to on a same-store basis? Thanks. Yes. Thanks, Ian. I think that it's really across the board. Although I know we've spent a lot of time talking about the home furnishings business because the inflation there has been such a dramatic impact. Across the board, you know, you're still seeing the average consumer for all of our businesses seeing, you know, food and energy inflation, and the cost to fill up the tank is greater, and they're trying to limit the number of trips to any store. That would include Vitamin Shoppe, that would include Pet Supplies Plus. I think that's why even though we're seeing the traffic down at PSP, we're seeing still higher average ticket prices and that's what's leading to the positive revenue comps. Vitamin Shoppe, same thing. People are making fewer trips to the store. You know, their units are down, the ticket's up, but the units per transaction are actually down as well. I just think that it's across the board. Look, Sylvan, even as we get into this summer, customers are taking vacations that they didn't take last summer, and so utilization is down. It's still comps positively, but you know, utilization is still lower. I think it's really across the board. Buddy's? The same dynamic. We have you know, fewer customers per store that are paying more on a monthly basis than they're used to paying, and so the business still generates plenty of cash. The business is doing well. There's a lot going on behind the scenes, you know, where, you know, under the covers with the actual customer activity. Okay, perfect. Stock is, you know, well off its high. We'll probably see some more downside coming up. Any consideration of a meaningful buyback here or anything like that as far as return of capital, take advantage of where the share price is at this point? Thanks. Yeah. We authorized at our, I think two board meetings ago, a $500 million buyback over the next few years. You know, we did not intend to do a 10b5-1. We wanna be strategic about you know when and how much we acquire. Certainly it's something that you know. Well, just to say we've not had an open window. Still don't have an open window. We didn't have an open window because of the Kohl's transaction, and then we got into the quiet period. You know, we haven't had an open window yet to speak of. But look, we now have the ability to weigh buying you know more of our existing businesses against buying other businesses. That's not a tool that we've had in the toolbox before. We have it now. We're very excited about that. You know, I don't think anybody knows our businesses better than we do, which is a good thing. I think we'll be opportunistic as we can be. Okay. Thank you very much. Sure. Thank you. I would now like to turn it back to Brian for closing remarks. Great. Well, thank you very much for joining us today, and, operator, please, end the call. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.