Good morning, ladies and gentlemen, and welcome to the Neogen Corporation first quarter 2025 earnings call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Tuesday, October 10th, 2024. I would now like to turn the conference over to Bill Waelke, VP, Investor Relations and Treasury. Please go ahead. Thank you for joining us this morning for the discussion of the first quarter of our 2025 fiscal year. I'll briefly cover the non-GAAP and forward-looking language before passing the call over to our CEO, John Adent, who will be followed by our CFO, Dave Naemura. Before the market opened today, we published our first quarter results as well as a presentation, with both documents available in the investor relations section of our website. On our call this morning, we will refer to certain non-GAAP financial measures that we believe are useful in evaluating our performance. Reconciliations of historical non-GAAP financial measures are included in our earnings release and the presentation, slide two of which provides a reminder that our remarks will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks that could cause actual results to be materially different from those expressed in or implied by such forward-looking statements. These risks include, among others, matters that we have described in our most recent annual report on Form 10-K and in other filings we make with the SEC. We disclaim any obligation to update these forward-looking statements. With that, I'll turn things over to John. Thanks, Bill. Good morning, everyone, and welcome to the earnings call for the first quarter of our 2025 fiscal year. At the beginning of September, we crossed the two-year anniversary of the closing of the 3M Food Safety transaction, which solidified our position as the largest player with the broadest product portfolio and geographic reach in an attractive and important end market. That transaction strengthened our company in the food safety end market, where we generate approximately two-thirds of our revenue from products and solutions that help protect the food supply. We provide an important and relatively inexpensive line of defense in the rapid detection of contaminants in the production and distribution of food and beverages. We believe the food safety market has a number of secular tailwinds. One of these tailwinds involves the expected increase in various food testing regulatory requirements around the world. We saw another example of this recently in the U.S., with the USDA's declaration of Salmonella as a known adulterant in raw, breaded, and stuffed chicken products, joining E. coli and Listeria as the other known pathogen adulterants in different food types. The USDA and other international regulatory bodies continue to focus on reducing severe illness and fatalities stemming from foodborne pathogens, and we anticipate the emergence of additional regulatory requirements in the future. Other key tailwinds in the food safety market include the increasing expectation from consumers to know what is in and not in their food, as well as the high cost associated with contaminated products reaching the shelves. Beyond the obvious tragic consequences that can result from consuming contaminated food or beverages, the cost to companies of the associated product recalls, litigation, brand damage, and even facility closures can be tremendous, as evidenced recently by several unfortunate high-profile outbreaks. These occurrences reinforce the value proposition of Neogen's solutions and industry expertise, which have never been more relevant than they are today. Our commercial teams have been engaging in an increasing number of these conversations with customers, offering not only the breadth of our products and services, but also the long-standing knowledge and expertise we can provide in structuring robust food safety testing programs. We expect these factors to continue to support growth in the food safety end market and a continuation of the progress we've made in expanding and, in some cases, winning back market share. In animal safety, we continue to manage through end market conditions we believe are at or near cyclical lows, particularly in the United States, where most of our business in this segment is focused. Our animal safety sales are influenced by net farm income, which, after peaking in 2022 in the U.S., declined in 2023 and is declining again in 2024. The majority of our business in this segment goes through large distributors, and despite weaker conditions, sales of our products out of the distribution channel have continued to grow. However, our sales to our distributor partners are subject to movements in the timing of orders and inventory levels, as well as any other factors or initiatives specific to individual distributors. In the first quarter, some of our key distributors reduced inventory levels due to order timing from the fourth quarter, while others did so as a result of some specific challenges they're experiencing in their particular business. We are not seeing the indications of a destocking trend and believe the sales out of our products support an improvement in our animal safety growth rates in the coming quarters. And of course, we'll continue to monitor the channel dynamics closely. In our genomics business globally, first quarter revenue was down on a year-over-year basis, but improved from the decline we saw in the fourth quarter. We began to round trip the impact of the strategic shift towards larger production animals in the quarter, and did see growth in our large animal business. This growth was offset by weakness in the companion animal side of the business, driven by lower number of new puppies and increased inflationary pressure on customers. We are continuing to focus on driving growth in the direct-to-producer beef and dairy segments, while also targeting actions to rightsize the cost base to better align with the current level of revenue. With respect to our integration progress, the ERP-related challenges that we've been experiencing in our primary distribution center have been resolved, and we no longer are constrained by shipping. That being said, we do see opportunity to drive improvements in the efficiency of that operation, and our teams are focused on executing a number of initiatives there. On the production side, we've completed the relocation of the former 3M sample collection product line. While we've been in the process of ramping up our production, we haven't been able to fully keep up with end user demand, which weighed on our sample collection sales in the quarter. We currently have all lines operational, with a line of sight to reach normal production levels in the third quarter. Our new Petrifilm facility is progressing well, and the first of our two major shipments of equipment is expected to land in Lansing in January. It will take several months to uncrate everything and get it moved into the new building, but the receipt of the equipment is clearly an important milestone in that process. With the recent shipping challenges behind us, regaining market share is a top priority. The response to our initial efforts in this area have been encouraging. We are a known and trusted partner in the industry with leading products that are globally validated, and most customers are primarily focused on a demonstrated period of reliable supply. Because of this, share recapture will not happen overnight, but the progress we've made so far is in line with our expectations. Our commercial teams are executing detailed tactical plans that are driving constructive dialogue with previously impacted customers, and we're looking forward to continuing to demonstrate our capabilities as a reliable, knowledgeable source of leading food safety testing solutions. I'll now turn the call over to Dave for some more insights into our results for the quarter. Thank you, John, and welcome to everyone on the call today. Jumping into the results, our first quarter revenues were $217 million. Core revenue, which excludes the impact of foreign currency, acquisitions, and discontinued product lines, declined 1% for the quarter, while foreign currency was a headwind of 390 basis points compared to the prior year. The first quarter is historically our seasonally lowest of the year, with this year's first quarter seeing the impact of lost sales related to our shipping challenges in the second half of fiscal 2024. At the segment level, revenues in our Food Safety segment were $159 million in the quarter, a decrease of 4% compared to the prior year, including core growth of 1%. The core growth was led by the indicator testing, culture media, and other product category, which benefited from strong growth in our Petrifilm product line, as well as in food quality, nutrition and analysis, and culture media. This growth was partially offset by a decline in sample collection as we fell behind demand during the process of ramping up production in our own facility. The bacterial and general sanitation product category saw modest growth in pathogens, which was offset by declines in general sanitation and microbiology. Within the natural toxins and allergens category, modest growth in allergens was offset by a decline in natural toxins. Quarterly revenues in the Animal Safety segment were $58 million, which includes a core revenue decline of 8% compared to the prior year quarter. Within biosecurity, strong growth in rodent control products was offset by declines in insect control and cleaners and disinfectants. The vet instruments and disposables product line had a slight core revenue decline, while the animal care and other product category had a larger core revenue decline, driven in part by supplier-related product availability issues. Worldwide genomics revenue was down mid-single digits on a core basis. Solid growth in beef markets was offset by the shift away from small production animals in the U.S., the impact of which we have mostly anniversaried as of the end of Q1. From a regional perspective, core revenue growth in the first quarter was mixed. Growth was led by Latin America, which saw double-digit growth with a strong performance across most key product categories. The growth was driven by continued build-out of inventory across the distribution channel, as well as some new business wins. Our business in Europe was roughly flat on a core basis, with growth in Petrifilm, cleaners and disinfectants, culture media, and vet instruments offset by declines in sample collection, general sanitation, and genomics. Asia Pacific core revenue was down slightly on a year-over-year basis, with growth in Petrifilm, cleaners and disinfectants, and food quality offset by declines in pathogens and general sanitation. Our U.S. and Canada region saw the largest carryover impact from the shipment delays last year, with core revenue down in the mid-single-digit range. Despite this impact, Petrifilm and culture media had solid growth, which was offset by declines in most other food safety product categories. In the Animal Safety segment, strong growth in rodent control products was offset by declines in the other major product categories.... Gross margin in the first quarter was 48.4%, representing a decrease of 260 basis points from 51% in the same quarter a year ago, and an improvement sequentially, due mostly to some reclass and one-time items that impacted Q4. Adjusting for transaction and integration-related costs, as well as discontinued products, the year-over-year gross margin decline in Q1 was 90 basis points. The decline was driven primarily by lower volume and continued higher distribution costs. Adjusted EBITDA was $44 million in the first quarter, representing an adjusted EBITDA margin of 20.1%, a year-over-year decline of 280 basis points. The decline in Adjusted EBITDA margin was driven by lower revenue in the quarter and the decline in gross margin, with additional negative impact from having the full cost to exit the various transition agreements, including some impact from higher shipping, a portion of which are reflecting in operating expenses. First quarter adjusted net income and adjusted earnings per share were $14 million and $0.07, respectively, compared to $24 million and $0.11 in the prior year quarter. The declines in the current year, Q1, were driven primarily by the lower Adjusted EBITDA. We ended the quarter with gross debt of $900 million, 67% of which remains at a fixed rate and a total cash position of $120 million. Compared to the fourth quarter, the lower first quarter cash position was driven by higher capital expenditures, a semiannual interest payment on our senior notes, and a negative impact from working capital. The working capital increase was largest in payables, which was mostly timing driven, and inventory, where we built stock of higher running products. Q1 represented the high point in the year for CapEx spend. We believe we are still on track with the free cash flow guidance we provided in July, but are off to a slower start than we had anticipated. Moving to our outlook for the 2025 fiscal year, we are maintaining our previously issued guidance. First quarter revenue developed in line with the expectations we communicated regarding lower than normal first half seasonality, and we are encouraged by the performance we saw in September, which was an improvement over the first month of Q1. We expect our first quarter Adjusted EBITDA margin to be the lowest of the year, and expect margin improvement in the balance of the year to be driven by higher revenue volumes, gross margin improvement, including actions in our shipping and distribution operations and operating expense efficiency. As I noted on capital expenditures, we anticipate our first quarter spending to be the highest level of the year, followed by the second quarter. We also continue to believe higher Adjusted EBITDA, combined with lower CapEx and the 3M working capital load and not repeating, will result in free cash flow for this year being positive. I'll now hand the call to John for some closing thoughts. Thanks, Dave. In a separate announcement this morning, we shared that Doug Jones, our Chief Operating Officer, has communicated his intent to retire in the early part of calendar 2025. Doug has had a long career across a number of industries, and his experience has been a great value to Neogen, particularly his broad commercial expertise and contributions to the integration of the 3M transaction. In preparation for Doug's coming retirement, we have begun the search for a Chief Commercial Officer, who will report to me and have responsibilities for our global sales, marketing, and communications organizations, with Doug assisting with the transition once that role is filled. Our new Vice President of Global Operations will transition to report to Dave Naemura, our CFO, who has worked closely with the operations team here at Neogen, as well as other organizations in the past. This realignment will provide a dedicated focus on our commercial activities, while also enabling Dave to work more closely with the operations and supply chains teams to further untap improvement opportunities. Our Head of Latin America also recently announced his impending retirement after a long career with Neogen, and we have hired his replacement, Enrique Carballido, who brings commercial experience from a number of multinational corporations in the diagnostic space, most recently as the Head of Latin America for Bio-Rad. Finally, we recently announced the addition of a new member of our board, Thierry Bernard, who is the current CEO of QIAGEN, a leading global provider of molecular diagnostic solutions and insights. This addition brings the valuable insights and perspectives of an independent public company CEO to our board, including those gained from experience in the food safety industry in prior roles. The goal of these additions and organizational realignments is to continue to bring experience and capabilities into Neogen that puts us in the best position to execute on the significant opportunities we have in our primary end market of food safety. We are the established leader in this market and look forward to continuing to build on that position to drive sustainable long-term growth. Now I'll turn things over to the operator to begin the Q&A. Thank you, ladies and gentlemen. We will now begin the question and answer session. Should you have a question, please press star followed by the one on your touchtone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment, please, for your first question. Your first question comes from David Westenberg with Piper Sandler. Your line is now open. Hey, guys. Thank you for taking the question. So you've had 3M for a little while now, and there's definitely some great products that fit with your overall portfolio. How are you looking at maybe investments this year in sales and marketing, R&D, et cetera, in terms of allocation towards food safety overall, now that you have this new toys in the portfolio? Hey. Hi, David. It's Dave. Hey, good question. You know, I think what you've heard from us over the last year is a couple things: a lot of commercial investment, particularly building out the international regions. We think there's continues to be a lot of opportunity, and now that we have critical mass, post 3M acquisition, we've been putting a lot of energy there. And also, you know, you've heard us talk about Petrifilm as a platform. It's very exciting and clearly an R&D priority for us to invest in, and of course, in Q1, announced the new reader as well, the new feeder for higher volume processing. So I think, you've heard that from us, and your take is right. It's very exciting, and I think, hopefully you'll continue, we'll continue on that theme. Yeah, and look, thanks, David. We've talked a lot about capital allocation, right? Where we're gonna spend our money, and it's something we do and look at as a group and understand, and you know, we see the profitability profile of those products and really you know, a number of our other products in the food safety, and that's where we're gonna continue to invest. It was a thesis of the deal. That's why we're still excited about the deal. That's why we're gonna continue to put money behind it. Yep. No, that definitely sounds right. And then in terms of debt and how we're thinking about debt over the course of the next three years, I know you don't give, you know, three-year, four-year, out-year guidance, but just in terms of the priority to pay that down, I still think that is a big capital priority for you, though, you know, I know you guys continue to think about tuck-ins on a pretty ongoing basis. Yeah. Yeah, look, I think you've heard us consistently talk about capital allocation priority, first funding the integration, which is vital, but then on a net basis, reducing leverage. And as we do so, that frees up M&A capacity, right? So I think no, no change there. We gotta keep getting the integration work done, which we made obviously huge strides in 2024. And, you know, as the years progress here, you know, we think we'll be on an okay path. The guide implies around three times net leverage at the end of the year, of the fiscal year, a little higher than where we thought we'd be a few years ago at this time, but clearly manageable and I think reflective of our priorities. Perfect. And then just one last one here. You know, the stockout of the Petrifilm, you know, that is now well behind you. Can you talk about the customer recovery ratio, where, what kind of inning you are in terms of winning all those back? Is there still a big group that you have left to win back, or did you get them pretty much all back over the last, you know, say, year or so when, you know, now that you're, you know, you've had product on a pretty consistent basis? And that's my last one. Thank you. Yeah, I think, thanks, David. I think there's two pieces of this. One is Petrifilm specifically, which is what you asked about, and in Japan, where we had the major issues, we've won those customers back, right? And we're actually seeing growth in Japan. I mean, that's been a good story for us. I mean, that was. You know, I think we had multiple quarters of decline, and we finally started to see that business turn around and return to growth, and it's a really strong team. I think on the broader business where we, you know, struggled a little bit for a couple of quarters regarding our EWM system at the warehouse and hurt customers, that continues to be a focus for us to win those customers back. That's gonna take a little bit longer. You know, we knew that, we need to rebuild trust. I've had a number of discussions with customers, and like I said in my opening remarks, what they wanna see is consistent supply. We've done that for a quarter, and they wanna see us do it again. And so we're still on that journey. That's why we talked about, you know, for the year, how it was gonna pace out, and the first quarter was gonna be our lowest and, gonna be a challenge for us. But, you know, we understood that and that we think that, you know, we're on the right track. Thank you. Your next question comes from Brandon Vazquez with William Blair. Your line is now open. Hey, good morning, everyone. Thanks for taking the question. Can we, let's maybe start on the customer losses that you guys were just touching on. John, are you able to quantify at all what the customer losses were over the past couple of quarters? I know when you guys lost customers in Japan, you were able to give us a number. So, curious if you can quantify it at all, and then, maybe just spend a couple more minutes talking about when you're sitting down with these accounts, what are they saying in terms of what they wanna see from you consistently? And then, if you're getting a good sense that once I show them one or two quarters of supply, they will come back predominantly for most of the share losses that you kind of lost in those accounts. Brandon, it's Dave. Just real quick, maybe quantifying a little bit. As we entered the year, you'll recall we talked about what we thought the share headwind would be is a couple points, at least a couple points of growth for the year. I think what we saw in the first quarter was reasonably consistent with that. The data we look at, we think our share headwind impact was about eight million in the first quarter. That was globally, the majority of that in the US, and I'll let John talk to kind of the customer interaction and how this is coming along. Yeah, thanks, Dave. So, Brandon, a lot of discussion with the customers I have is, first, they wanna express to me their frustration, right? And so, and I tell them, "There's no one more frustrated than me in the way that we were not able to meet their needs." Pretty much right after that, we talk about what are the things that we've done and the improvements we've seen. So we share that with them. And I'll give you a good example. One is regarding MDS. We've already had efficiency improvements in that line in six months being under our roof than when it was in 3M. And I think that's what gives me a lot of excitement, is we spent a lot of time and energy in the last two years of working on integration to carve the business out and bring it into ours. Now what we're starting, significant teams in the engine are starting to refocus that energy and time from integration efforts to efficiency and growth efforts, which is what I'm really, you know, excited to see the team do. I can show those points to customers. I show them the Petrifilm, how we've increased the availability of the product line. I can show them the efficiency on MDS. I can show them the progress we're making. And, you know, those are the things that allow us to continue to have discussions. The majority of the time, it's. I listen, we have a discussion, and then we re-sign the contract. You know, those are the way that those, a lot of those discussions have been progressing. Okay, great. And, Dave, maybe back to you now with one quarter under the belt and maybe one month under the belt into the next quarter, and knowing the conversations that you're having with customers at this point, just curious if there's any, you have a range out there for guidance for the year. Curious if conversations are leaning you towards one way or another on the range, or even if you could just talk about what gets you to the high and the low end of those ranges through the rest of the year. Yeah. Thanks, Brandon. I think here, just with the first quarter behind us, and yes, a view of September, which, you know, for a first month of the quarter, you know, we saw some improvement for the first month of Q2 versus Q1. I don't think it informs that we would narrow the range, per se. There's still uncertainty around the timing and pace of share recovery. There's uncertainty more broadly in our end markets. And so I think the things we talked about when we set the guide, you know, kind of still exist, kind of one quarter in here. And most importantly, when we talked about the guide, we talked about this year being a little more second half weighted. So historically, you know, maybe we'd be 48% in the first half, 52% in the second. We see that shifting to a little more second half weighted, which I think, you know, creates the, you know, the need for the volume ramp, makes it a little bit bigger. So I think we still remain where we are, and to your point, as the year develops here, hopefully, we can help color it a little better. Okay. And maybe I'll throw a last two quick ones out there. John, is there any feedback in the early days of the high-volume Petrifilm feeder that you could share with us at this point? And then, Dave, just for you, just so that we can kind of talk about it on the broad call, any impacts that we should keep in mind from the past two hurricanes in the Southeast? Thanks, guys. Sure, you bet. I only have one anecdotal story for you, Brandon, where we had a customer that was testing it, and we said, "Okay, it's time to take it back." And he said: "There's no way you're taking it back." So that, that's my one anecdotal story. I think, you know, if I could add something else, this quarter's been challenging for us as an industry. When you think about relevancy of our business, we've had, you know, two major outbreaks with major companies, that have had, you know, devastating impact on their consumers. And it just goes to show, you know, what we do and why we're important. And, you know, one of the things I'll tell you is we had a meeting where, you know, one of the things we did for our research, our tech service teams was, like, we put up the number of people that were affected by, you know, that died to foodborne illness in the United States, and, you know, our job is to make sure that doesn't happen. And while we continue to see these things go up, the issue is you have to continue to look forward. A lot of these companies didn't have a problem for a hundred years until they had a problem, and I think that's why it's important, you know, when you look at what we do with our environmental monitoring programs, our risk assessments, to help these customers continue to look forward and not backwards and rest on kind of where they are, because the world's constantly changing. And whether, you know, to your point, whether it's environmental change, you know, where all of a sudden you've got plants that it wasn't never flooded before, or it wasn't as humid, now it's more humid. Those are all risk assessments that we have to update, help our customers update, to continue to protect the food supply. So I'll let Dave talk specifically about the hurricanes, but, you know, I just wanted to make sure that... Two major things happened in this quarter, we need to keep an eye on. Yeah, Brandon, and I don't have a quantification of the, you know, recent storms in the south. Obviously, you know, the results of Milton here are pretty fresh, and so it's something we're keeping an eye on, the logistical impacts and other things at this stage, but I don't have a quantification at this time. Ladies and gentlemen, as a reminder, should you have a question, please press star one. Your next question comes from Thomas DeBourcy with Nephron Research. Your line is now open. Hi, guys. Can you hear me all right? Yeah, Tom DeBourcy, I can hear you. Okay, great, so my question is, I guess, you know, around the Chief Commercial Officer position that you, you know, you're creating. I know, you know, it's kind of being carved out of an existing role, but, and I guess kind of it seems like it ties together at an opportunistic time where, you know, maybe both your end markets have been cyclically weaker and now we're kind of going back to a period of, you know, you know, strengths and revenue generation opportunities. You know, you may be meeting with more customers that are more receptive to offerings, and so how are you thinking about both, you know, the C-suite role, but then also what else Neogen could do in terms of, I guess, you know, additional revenue generation, and, you know, new customer acquisition? Yeah, great. No, thanks, Tom. A couple things with that. I think that's why we're splitting it to a chief commercial officer role and not a chief operating officer role, because we see the opportunity to continue to focus. And the reason we're able to do that is because Doug did such a fantastic job when he was here building out his team. And we have a really, really strong vice president of operations that we are very happy to have on board. Jim's been with us over a year, or right around a year, and is making tremendous impact. And so it gives us great confidence in him running the operational side and really then hiring someone that's gonna focus fully on demand, on demand generation. And you know, I've, for those of you who know, I've worked with Doug for over a decade. He, he's done a great job. We're really happy that, you know, he's got the opportunity to retire and do some other things that he wanted to do. And I'm even happier that he built such a strong team that's allowing us to make these types of organizational moves in a way that is planned and allows us to meet the needs of the business going forward. Got it. And just as a follow-up to the cost side, the ongoing portfolio review, you know, as I think about part of the 3M business you acquired, seems like there were some areas where you might have some overlapping products, and whether there's some consolidation opportunities or maybe they serve different customers. But then also, you know, how you're looking at, you know, potential lower margin products and whether exiting those products or selling some products may be a good return on capital. Yeah. No, I think that's right, Tom. And we've done some of that already. I mean, it's not something that we went out and publicized, but we paired some of the... We've already worked with customers on a new bar to pair some lines that we've got from 3M. But we also have to look at that with our own portfolio, right? And that's something that we told you we've been working on for the last year. And while we don't have anything to announce today, it's something that we continue to focus on and continue to evaluate because we're looking at where we get the greatest return for our capital. So capital allocation right now is really important for us, and making sure that we are investing in the areas for the greatest return is what we're laser-focused on right now. And then, just maybe the last question, geographically, you know, China has continued to be a focus, you know, on the animal health, animal safety, you know, side, whether it's African swine fever or other issues that obviously have been happening the last few years. Just, how do you view kind of the importance of that market for Neogen's growth? That'll do it for me. Yeah. I think, Tom, looking at the Asia Pacific region as a whole is more important for us. Like, it is a tremendous growth opportunity for us in a lot of different markets. We've got a really strong team in Japan. We've got a strong team in Korea. We're building out a strong team in the Philippines. We've got a strong team in Thailand. We've got a strong team in China. So we're not reliant on just China for our growth. And as you know, China's been challenging, which has been good because we have such a broad mix and such a broad sales mix across that region. So we're really focusing on Asia Pacific. As Dave talked about earlier, really all of our international regions, that's where we're placing our money to expand those teams internationally, because we have such low market share. And we've seen really good opportunities for that. You know, you continue to see, you know, we've seen Japan, which is our largest market, single country outside the U.S., turn the corner and start to grow again, which we're excited about. You know, we've continued to see significant growth in LatAm. We continue to see growth in Europe. And, you know, if those markets continue to outgrow North America, we're gonna continue to invest in those markets. Great. Thank you. That's it for me. Appreciate it. There are no further questions at this time. I will now- Thanks, Tom. There are no further questions at this time. I will now turn the call over to John for closing remarks. Again, thank you very much for joining, and like we talked about, as we saw this quarter, it shows the relevancy of Neogen to protect the world's food supply, because we saw major companies have very significant issues that have affected a lot of consumers in the U.S. specifically, so we're continuing to show that we are the leader in the space. We continue to develop new and innovative solutions to help those customers understand what their risks are and how to mitigate those within their facilities, so thank you very much, and we will see you again at the next call. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.