Good morning, and welcome to the Hilton Grand Vacations second quarter 2021 earnings call. A telephone replay will be available for 7 days following the call. The dial-in number is 844-512-2921 and enter PIN 13714034. At this time, all participants have been placed in a listen-only mode, and the floor will be open for questions following the presentation. If you'd like to ask a question, please press star one on your touchtone phone to enter the queue. If at any point your question has been answered, you may remove yourself from the queue by pressing star two. If you should require operator assistance, please press star zero. If using a speakerphone, please lift your handset to allow the signal to reach our equipment. Please limit yourself to one question and one follow-up to ask questions. You may reenter the queue to ask additional questions. I would now like to turn the call over to Mark Melnick, Vice President of Investor Relations. Please go ahead, sir. Thank you, Operator, and welcome to the Hilton Grand Vacations second quarter 2021 earnings call. Before we get started, please note that we prepared slides that are available to download from a link on our webcast and also on the main page of our website at investors.hgv.com. We may refer to these slides during the course of the call or on our question-and-answer session. As a reminder, our discussion this morning will include forward-looking statements. Actual results could differ materially from those indicated by these forward-looking statements, and these statements are effective only as of today. We undertake no obligation to publicly update or revise these statements. For a discussion of some of the factors that could cause actual results to differ, please see the Risk Factors section of our 10-Q, which we expect to file after the conclusion of this call, and in any other applicable SEC filings. We'll also be referring to certain non-GAAP financial measures. You can find definitions and components of such non-GAAP numbers, as well as reconciliations of non-GAAP and GAAP financial measures discussed today in our earnings press release and on our website at investors.hgv.com. As a reminder, our reported results for both periods in 2021 and 2020 reflect accounting rules under ASC 606, which we adopted in 2018. Under ASC 606, we're required to defer certain revenues and expenses related to sales made in the period when a project is under construction, and then hold off on recognizing those revenues and expenses until the period when construction is completed. To help you make more meaningful period-to-period comparisons, you can find details of our current and historical deferrals and recognitions in Table T-1 in our earnings release. For ease of comparability and to simplify our discussion today, our comments on Adjusted EBITDA and our real estate results refer to results excluding the net impact of construction-related deferrals and recognitions for all reporting periods. A complete accounting of our historical deferral and recognition activity can be found in Excel format on the financial reporting section of our investor relations website. Finally, unless otherwise noted, results discussed today refer to second quarter 2021, and all comparisons are quarterly against the second quarter of 2020. In a moment, Mark Wang, our President and Chief Executive Officer, will provide highlights from the quarter in addition to an update of our current operations and company strategy. After Mark's comments, our Chief Financial Officer, Dan Mathewes, will go through the financial details for the quarter. Mark and Dan will then make themselves available for your questions. With that, let me turn the call over to our President and CEO, Mark Wang. Mark? Morning, everyone. I'm happy to report another quarter of sequential improvement and strong results that we released this morning. We experienced a nice linear pace of contract sales recovery in Q2, with monthly sales versus 2019 levels improving each month of the quarter. That's a continuation of the trend we've seen so far throughout 2021 and into our current quarter. We remain very optimistic about our business and our pace of the recovery. What stands out this quarter is the driver of those contract sales. Specifically, it was a material improvement in tour flow that we saw in nearly all of our major markets. We've done a great job executing through the pandemic, and I'm very proud of our teams. As I've said in the past, ultimately, tour flow and customer acquisition are key drivers of the business. It's really encouraging to see a rebound in tours with the release of pent-up travel demand. There are still a few pieces left to solve for, namely the return of our Japanese owners and the recovery of our urban markets. With each passing day, we become more confident that it's just a matter of time before we see a recovery there as well. Of course, we're maintaining our vigilance and cleaning procedures to ensure that our guests feel safe and comfortable as they return to our properties. I'm also excited to report the results of yesterday's shareholder vote, which was an overwhelming approval of the Diamond acquisition. We appreciate this vote of confidence from our shareholders, and we're looking forward to closing the deal in the coming days. With today's results and the strong momentum that Diamond is also carrying, we're in a terrific position to start our journey as a combined entity. So let's get into some of the results for the quarter. Our contract sales for the quarter were $259 million, up 86% versus last quarter. We saw improvements in our pace against 2019 in each month of the quarter, ending at 80% of 2019's levels in June, and we've seen a continuation of that momentum thus far in July. And And if you exclude Hawaii and our urban markets, where we only recently reopened, our contract sales recovered to 92% of 2019's levels by June. VPG for the quarter was just under $4,400, up 29% compared to 2019, owing to process improvements and the mix shift to owners. We also saw our first positive contribution from average transaction price since 2018 due to solid sales of our new projects, which are in higher price markets like Maui, Cabo and Okinawa. These factors enabled us to drive strong flow through again this quarter, with EBITDA margins several hundred basis points ahead of where we were in 2019 on lower levels of contract sales. As I mentioned, the standout contributor to contract sales this quarter was our tour flow, which doubled from the first quarter levels. Average occupancy for the quarter was 81%. That's a big uptick from the 50% that we saw in the first quarter, and it isn't far below the 89% occupancy we had in the second quarter of 2019, which is a major accomplishment, considering Japanese travelers haven't yet returned to Hawaii. As we look out to the rest of the year, occupancy trends remain very encouraging. In key markets like Orlando, Las Vegas, South Carolina, and even Hawaii, we're seeing on-the-book occupancy levels equal to 2019 through the rest of the year. So it's clear that the trend of people returning to travel that we saw exiting the first quarter continued into the second quarter, and in some cases, it accelerated. This is a great sign that bodes well for our business and the pace of the recovery. When we combine that with our continued execution driving VPG strength and our cost efficiencies, it leaves us confident that we'll achieve 2019's run rate EBITDA as we exit this year. Looking at our markets, our regional resorts continue to shine, and we are performing well above 2019 levels on strong occupancy and tour flow, which we expect to continue. In our two largest markets, Las Vegas and Orlando, trends were similarly strong, and by the end of the quarter, had returned to 2019's pace of contract sales. In these markets, we typically have a pretty even level of occupancy across the quarter, but this year we saw a large step up in June. This coincided with the elimination of capacity restrictions in Las Vegas and the lifting of mask requirements at Disney during the month. These are good signs about where we are in the recovery cycle, since people are willing to return so quickly to these high traffic markets and are a positive indicator of future trends as attractions and entertainment options return. In Japan, we continue to engage our owners and drive contract sales through our end market Japanese sales centers. To date, the government has maintained its strict stance around the pandemic, which we believe will remain in place at least through the Olympics. Even with this headwind, our contract sales in Japan have been consistent at about 70% of 2019's levels. Our new Sesoko project has had great traction since we launched pre-opening sales earlier this year, and intervals in Hawaii have remained popular with the Japanese buyers despite the current travel restrictions in place. Turning to Hawaii, similar to our other markets, we saw a material improvement in our contract sales this quarter, driven by strong domestic occupancy and tours. We've had success with placing some of the tours that would have historically been filled by the Japanese guests. Our contract sales to domestic buyers in both May and June were record highs and well above the same period in 2019. That drove a nice improvement in contract sales at our Hawaii sales centers, which exited the quarter at two-thirds of our 2019 contract sales base. The Hawaii government has recently loosened restrictions as well, freeing up all inter-island travel and eliminating the testing requirements for vaccinated inbound visitors, which should make it even easier for domestic travelers to visit the islands. Regarding Japanese tourists in Hawaii, based on conversations with our Japanese owners, we're confident that after 2 years of being locked out of the islands, we're setting up for a big release of pent-up demand from Japanese owners and travelers once the restrictions are lifted, like we've seen with the robust trends in our other markets. Our best thinking today is that we'll see the beginning of return to the island as we move into the fourth quarter, ramping up through the first half of 2022. Finally, in our urban markets, we've seen some improved trends as restrictions have been eased, although we still expect these markets to recover more slowly than the rest of our system. We have a few properties left to reopen in New York and expect them to be back online by the end of the third quarter, marking our return to full operating capacity as a company. Moving to our customer segment. Both owners and new buyers contributed to the inflection in our tour flow, as we saw throughout the quarter. New buyers were particularly strong, with tours up 120% from Q1 levels and returning to 50% of 2019's pace.... While owner tours were up significantly from the first quarter to reach 75% of 2019's levels. This is a great sign to see new buyers return, and we've got a robust pipeline of over 400,000 packages built up to drive further improvement in that tour flow. From a marketing perspective, our package sales pace has returned to 2019's levels, which fuels that new buyer tour channel and replenishes our pipeline even as we convert existing packages into tours. But we've also improved the quality of our pipeline over the course of the pandemic, as we've learned to do more with less. We focused on better segmenting our prospects and owners to make every one of those tours count, leading to both improved top line efficiencies through better close rates and reduced expenses from removing less profitable tours. In fact, Q2 close rates for new buyers were still up nearly 175 basis points versus 2019's level, and our owner close rate was up 450 basis points. These efforts have driven the VPG outperformance we've seen in both segments, including this quarter. We face very difficult comparisons to the record Q2 VPGs last year, which were distorted due to the pause in the operations. But a strong contribution from average price in our owner segment and a solid close rate performance from new buyers were key to holding our overall VPGs to nearly $4,400. Looking forward, we still expect VPGs to normalize with mix as our new buyer trends catch up to owners and trend back toward a more balanced mix of owners and new buyer sales. But this theme of sourcing efficiency will carry forward into the post-pandemic world and will be a key driver of NOG, which this quarter returned to growth of 50 basis points. Looking at our other businesses, those new members and better activity levels drove higher revenues at our club and resort segment, although it was offset by higher expenses as we balance our staffing levels to service the increased demand that we're seeing. Our rental business performed exceptionally well due to the uptick in demand. It was only a few million shy of our 2019 revenue levels. Expenses remain higher over the medium term due to the elevated developer maintenance fees, but we've been happy with the margin performance in that business. Our forward bookings for the remainder of the year are still well ahead of 2019's levels, which should support trends for the rest of the year. Overall, we're carrying great momentum across our business, which aligns well with the anticipated closing of the Diamond Resorts acquisition. We received regulatory approval from the SEC in June, along with structuring an upsized financing package at favorable rates, which Dan will cover in more detail. Yesterday, we received shareholder approval to proceed with the transaction, which leaves us on track to close the acquisition in early August. Our planning has progressed well, and the teams have been working diligently to prepare for day one and beyond. The longer-term integration plan focuses on two areas, which will progress on parallel tracks. The first area is cost efficiency, driven through consolidation with the standardization of our organization, systems and processes. We expect to generate meaningful savings from the large amount of overlap between our business model, as we mentioned in our announcement. The second focus is to drive growth through expanded market presence and enhanced consumer value proposition. We'll begin rebranding the Diamond properties under our new Hilton Vacation Club brand in the coming months, and we'll leverage this brand along with a wider range of price points and options to attract a broader market in new buyers. Importantly, the key is that we view these initiatives as creating material accretive growth in the coming years. Diamond has continued to outpace the industry in their recovery, and the strength they're seeing across their portfolio of regional properties mirrors the trends we're seeing at ours. So clearly, our goal is to minimize disruption and not impact their momentum as we integrate our two businesses. We'll provide additional details in the quarters ahead as we move through the process, but we're excited to be nearing the finish line on closing this transaction. So as we look at the business, we're very optimistic. Trends in Q2 improved on the momentum that we saw exiting the first quarter. Our largest markets have rebounded nicely, and both of our customer segments are performing well. While some challenges remain, namely the return of Japanese to Hawaii and the recovery of our urban markets, we see their resolution more as a matter of when rather than if. With regulatory and shareholder approval of the Diamond acquisition, our focus now turns to the closing of the transaction and implementing our integration plans. We look forward to sharing the results of our combined business with you on our next call, and I'll now turn the call over to Dan to walk you through some of the financial details. Dan? ... Thank you, Mark, and good morning, everyone. As Melnick mentioned in his introduction to our call, our results for the quarter included $42 million in sales deferrals impacting reported revenue, and net deferrals of $22 million, impacting both Adjusted EBITDA and net income. All references to consolidated net income, Adjusted EBITDA, and real estate segment results on this call for the current and prior periods will exclude the impact of deferrals and recognitions. Let's review the results of the quarter. Total revenue in the second quarter was $376 million, up 41% sequentially from the first quarter. We saw sequential improvements in all of our business lines, led by over an 80% sequential improvement in our real estate revenue. Q2 reported Adjusted EBITDA was $92 million, which was up from $60 million last quarter. EBITDA margins for the quarter were 24.5% and were up 230 basis points from Q2 2019 levels. The improvement was driven by strong results from our real estate and rental businesses, as top line trends improved and we maintained solid cost controls. As we noted in our press release, we had $2 million in COVID-related benefits in the quarter pertaining to employee retention credits granted under government assistance programs in the U.S. and Japan that were included in Adjusted EBITDA. Removing this benefit would put your comparable Adjusted EBITDA for the quarter at $90 million. Net income for the quarter was $31 million. Within real estate, contract sales were $259 million, or 71% of Q2 2019 levels. On tour flow, that more than doubled from the first quarter. VPG was just under $4,400 and remains elevated versus 2019 levels. But it has started to normalize and was down 6% sequentially and down 8% against all-time high levels we saw in the second quarter of last year. For the quarter, our total close rate was approximately 19%, down 360 basis points versus the elevated levels from the prior year. Although we anticipated this contraction as the business continues to recover towards historical levels, we are really pleased that we held new buyer close rates flat year-over-year against difficult comparisons and above levels achieved historically. That close rate performance drove a slightly higher mix of sales to new buyers this quarter, although it was roughly consistent with the mix of two-thirds owner sales we've seen since the start of the pandemic. Our fee-for-service mix for the quarter was 42%. On the consumer lending side, our provision for bad debt was $28 million, and our overall allowance on the balance sheet was $203 million, or 18% of gross financing receivables. Real estate SMG&A was $90 million for the quarter, or 34.7% of contract sales, which was down 500 basis points from Q2 2019. Real estate segment profit was $51 million, which was up substantially from the $21 million we reported in the first quarter. The strong contract sales performance, coupled with strict cost controls, drove profit margins of 29.1%, up 750 basis points sequentially and up over 75 basis points from Q2 2019 levels. So a great job driving improved flow through in real estate this quarter. In our financing business, second quarter segment profit was $26 million, with margins of 70%, versus a profit of $30 million and margins of 70% last year. Profit was lower based on a lower average receivable balance this year, although our receivables balance has bottomed and should continue to show sequential improvements from here. Our gross receivable balance was $1.1 billion. On average, cash down payment year to date is 10.8%, and our portfolio average interest rate has increased to 12.62% from 12.56% last year. Over the past three months, we've seen continued sequential improvement in our delinquency rate to 2% of our receivables portfolio versus 3% at the end of 2020. Delinquency rates are now lower than those experienced in both 2018 and 2019. Our annualized default rate was 6.5% versus 6.3% at the end of 2020. Turning to our resort and club business, our member count was nearly 329,000 members, and now have returned to positive growth at 50 basis points as of June 2021. Revenue of $48 million was up 7% from the first quarter of 2021, driven by increased revenue per member due to higher levels of activity on the release of pent-up travel demand. This resulted in resort revenue of $19 million, which was up versus Q1, as well as versus the second quarter of 2019. Segment profit was $37 million, with margins of 77%, versus profit of $33 million and margins of 85% last year. The 2020 results benefited from lower resort expenses owing to the pause in operations in Q2 last year. Rental and ancillary revenues were $54 million, up nearly 70% from Q1, driven by significant improvement in demand for leisure travel. Although all markets experienced an uptick in demand, our properties in Hawaii and Las Vegas saw the most material increases from Q1 2021. Rental and ancillary expenses were $36 million in the quarter, with segment profit of $18 million and margins of 33%. Bridging the gap between segment Adjusted EBITDA and total Adjusted EBITDA, corporate G&A was $21 million, which was up $6 million from last year's shutdown influence levels. License fees were $19 million, and JV income was $4 million. Our adjusted free cash flow in the quarter was -$13 million, which included inventory spend of $47 million. As of June 30th, our liquidity position consisted of $318 million of unrestricted cash, $189 million of availability under our revolving credit facility, and $450 million of capacity on the warehouse. ... During the quarter, we completed several financing transactions to support our pending acquisition of Diamond Resorts. With strong support from the credit markets, we were able to upsize our planned $675 million senior unsecured notes offering by $175 million to $850 million, while maintaining pricing at the tight end of expectations, 5%. On the same day, we successfully marketed a $1.3 billion Term Loan B at LIBOR plus 300, also at the tight end of expectations. This facility will be funded upon closing of the acquisition of Diamond. Two weeks later, we decided to launch a $425 million bond deal, which was upsized to $500 million and priced inside the $850 million notes at 4 7/8. This was driven by a solid order book that was just over 4 times oversubscribed. These transactions, coupled with our amended credit facility, have refreshed the balance sheet and will provide us with a solid foundation to support our integration efforts, as well as setting us up for success as we operate the new combined business. Ultimately, our debt balance as of June 30, 2021, was comprised of corporate debt of $2.4 billion and a non-recourse debt balance of $650 million. It is important to note that the cash associated with the two bond offerings, $1.35 billion, is on our balance sheet as a part of restricted cash. Turning to our credit metrics, at the end of Q2, our first lien net leverage for covenant compliance purposes stood at 1.69 times. Our interest coverage ratio for covenant compliance purposes at the end of the quarter was 5.52 times. We will now turn the call over to the operator and look forward to your questions. Operator? Thank you. Ladies and gentlemen, at this time, we will be conducting a question-and-answer session. If you'd like to ask a question, you may press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would 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 key. In the interest of time, if you could please limit yourself to one question and one follow-up so we may get to everyone's questions, and then re-queue for additional. Our first question comes from the line of David Katz with Jefferies. Please proceed with your question. Hi, good morning, everyone. Thanks for taking my question. Appreciate it. I wanted to ask about the, you know, Diamond. We're obviously waiting with bated breath, as I'm sure you are, to get Diamond closed. Can you just talk about, you know, the to-do list immediately upon closing and, you know, give us a sense for, you know, what that might look like once you get done? Sure, David, this is Mark. Good morning to you. Look, we are extremely excited about this opportunity, and, and, you know, the teams have been working tirelessly to develop our plans, and, we have a very, very detailed integration plan that that charts out, you know, how we're going to be integrating the two companies together. But probably, let me provide a little bit of color on how we're looking at the rebranding process. And as you know, the rebranding of Diamond and launching a new membership offering are really essential to driving the revenue synergies. You know, our plan right now is that we're gonna be introducing a new compelling membership offer, as early as next year, the first part of the year. And the plan is really to position all of our consumer-facing promotions and all of our marketing is gonna be all unified under the Hilton Grand Vacations company brand. So as we talk to customers out there, as we promote our products and offerings, it's gonna be all under the Hilton Grand Vacations brand. Today, as you know, Hilton Grand Vacations has its own point-based club and membership program. Diamond has its own point-based membership program. But early next year, we're gonna be offering one new membership program under the HGV flag, and we're gonna be using one consistent currency for points. And so, that's gonna really help us better manage the value proposition and importantly, create a lot of value in what we're gonna be offering. From a property standpoint, you know, HGV today has two brands. We've got the Hilton Grand Vacations brand, which is our upper upscale brand. We have the Hilton Club brand, which is our luxury offering. As we announced earlier in the year, we are going to be launching and converting the Diamond properties over to our new upscale brand, the Hilton Vacation Club. And, so that'll start in earnest, as soon as we close, we're looking to have the first tranche of properties, converted over the, the first half of next year. So anyways, you know, similar to Hilton Honors, just stepping back on the membership side, similar to how Hilton Honors works and connects all the brands that Hilton has today, the 18 brands, you know, we're creating this new membership program that's gonna really improve the value proposition, and we're gonna go to one single currency. It's gonna allow us, our members, to have substantially more access and flexibility, more properties. So we'll go from 100... We'll go from 60 properties to 150 properties. Our customers are gonna be able to upgrade across the brands, and/or they can also own multiple brands. Other features, you know, we're gonna have Hilton features involved in this, enhanced Honors and Hilton usage. We're going to be introducing Events of a Lifetime into the program, which we have not had in the past, and that's something that Diamond has been very proficient at. So we're really excited. So I'd say the bulk of the activity is between now and the beginning of next year as we relaunch and start rebranding the properties and we launch our new membership program. So hopefully that gives you a little bit of you know, color on how we're going to proceed on this. It does. And while I have follow-ups, I'm gonna respect Mark's rules and get to the back of the line. Thank you. All right, thanks. Our next question comes from the line of Patrick Scholes with Truist. Please proceed with your question. Hi, good morning. Not so dissimilar to the question I asked to Marriott Vacations, and also on the TNL call yesterday. How should we think about the loan balance, portfolio, you know, going into next year? And I guess why don't we just use the legacy portfolio, without the acquisition. How should we think about that balance versus what you were for 2019 and as it relates to expectations for the interest income from that? Thank you. Hey, Patrick, it's Dan. Thanks. With regards to our portfolio balance, we're in a bit of a different dynamic than the two other individuals that you asked a similar question to. We're—as you know, in 2018, we announced a large inventory investment in owned inventory, which was really shifting the mix of what percentage of our contract sales were fee-for-service to actually own slash develop. So from that perspective, remember that the portfolio under fee-for-service stays with the developer, and we only service those portfolios. We do not garner the benefit of the financing and the mortgages. So as we shift to owned, which, you know, started in 2018, you know, you'll see our portfolio start to grow, and that will be consistent with Diamond because all of their inventory is actually owned as well. So what you'll see, what I would say is, we have officially bottomed out from our portfolio, and we expect to grow from here. Now, 2021 and 2021 is clearly not going to be back to where 2019 was. You're looking to be in a similar neighborhood in 2022, probably slightly below, because you do have to build back up. As you'll recall, the pre-COVID portfolio balance was about $1.3 billion, and we're now down to $1.1 billion. But we anticipate growth going forward, especially on that front. Okay, thank you. Then just a quick housekeeping follow-up. After the issuance of the shares with the Diamond transaction, just for modeling purposes, what would be the diluted share count? And I note in your earnings release, you don't give it for what it was at the for 2Q. So what should we be ballpark using for modeling? Well, gosh, I want to say just round numbers, 88 million plus 34, 30- Okay. Okay. Fair enough. Thank you. As a reminder, ladies and gentlemen, it is star one to ask a question. Our next question comes from the line of Brandt Montour with Barclays. Please proceed with your question. Hi. Hello, everyone, and good morning, and thanks for taking my questions. Quick follow-up, Mark, to your explanation of the new sort of umbrella membership program for the combined system. I guess the question is, you know, does that program require legacy HGV deed owners to opt in or, or, upgrade into that program or trade in into that program? And do you need a certain level of that activity in, let's say, Hawaii, for, you know, because there's a lot of Japanese owners in Hawaii, for, for, an, like, a U.S. potential buyer to, to buy and to be able to access Hawaii? Just explain that a little bit more because it's obviously pretty complex. Thank you. No, you're, you're right. It is, Brent, anyways, very good question. It is complex, and obviously, I, I just touched on some of the complexity and some of the strategy. To what, what's gonna happen going forward is, you know, anybody that's bought in the past, whether it's a HGV member or a Diamond member, their rights to what they purchased in the past will not be disrupted at all. So they will continue to have their current rights under their current program, current membership. What we're launching is a new membership. So the new membership, the requirements to divide into the new membership is you can either buy the membership outright, or if you upgrade going forward, whether you upgrade into any one of our three brands, you will then get the new membership. This is really incremental. We're gonna be basically starting from zero and building a new member, we're gonna be offering this new membership going forward. Hopefully, this will be, you know, an incentive to drive additional upgrades. We think the value proposition will be much better for our new buyers is we'll have, you know, wider price points, and we also know that this will help our ability to reach even deeper into the Hilton database. Okay, that makes a lot of sense. Thank you for that. And then also on Diamond, just, you know, what you've learned over the last three months about their business and, you know, I guess specifically, you did mention that their recovery is mirroring yours. If you could add any color to that, you know, how the Diamond consumer is faring and how that business has performed over the last few months, that would be helpful. Yeah, you know, we said it in our prepared remarks that they're performing very well. And their recovery is, you know, based on what we've heard over the last couple days, and really at the top of the industry. And I think a lot of it has to do with, you know, first of all, great execution. But their footprint, you know, of drive- to and regional markets is really playing out well in this recovery of the pandemic. You know, obviously, after we close, we'll be in a better position to share more on the business, and we look forward to really updating everybody on the progress going forward. But we're very pleased with the momentum of their business, and it really sets us up well as the momentum of our business has also been very, very positive to, you know... The timing couldn't be better really to put these two companies together. Brandt, this is Dan. Just on that point, Diamond's planning to release their quarter, their second quarter earnings, I believe, tomorrow, and post it on their website, very similar to what they did in the first quarter. So you'll be able to see that directly from them, tomorrow. Perfect. Thanks, everyone. As a reminder, it is star one to ask a question. There are no further questions in the queue. I'd like to hand the call back to Mark Wang for closing remarks. All right. Well, thanks, everyone, for joining us this morning. And thanks again to all of our team members for their hard work and dedication in providing our guests with a safe and memorable experience when they're traveling with us, and we look forward to talking to you in a few months. Thank you. Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.