Hello, ladies and gentlemen. Thank you for standing by for Emeren Group Limited Second Quarter 2023 earnings conference call. Please note that we are recording today's conference call. I will now turn over the call to Mr. Yujia Zhai, Managing Director of The Blueshirt Group. Please go ahead, Mr. Zhai. Thank you, operator, and hello, everyone. Thank you for joining us today to discuss our second quarter 2023 results. We released our shareholder letter after the market closed today, and it's available on our website at ir.emeren.com. We also provided a supplemental presentation that's posted on our IR website that we will reference during our prepared remarks. On the call with me today are Mr. Himanshu Shah, Chairman of the Board, Mr. Yumin Liu, Chief Executive Officer, and Mr. Ke Chen, Chief Financial Officer. Before we continue, please turn to slide two. Let me remind you that remarks made during this call may include predictions, estimates, and other information that might be considered forward-looking. These forward-looking statements represent Emeren Group's current judgment for the future. However, they are subject to risks and uncertainties that could cause actual results to differ materially. Those risks are described under risk factors and elsewhere in Emeren Group's filings with the SEC. Please do not place undue reliance on these forward-looking statements, which reflect Emeren Group's opinions only as of the date of this call. Emeren Group is not obligated to update you on any revisions to these forward-looking statements. Also, please note that unless otherwise stated, all figures mentioned during the conference call are in US dollars. With that, let me now turn the call over to Mr. Himanshu Shah. Himanshu? Thank you. Great to be here, and good day to everyone. Strategically, Emeren is positioned well, and we do have a strong balance sheet. The two strategic acquisition that we made 10 months ago in U.K. and Italy have been operationally accretive to our results. Says a lot about our discipline acquisition methodology. Our equity buyback also has been accretive to our shareholder value. We're out of our almost 5 gigawatt hour of storage pipeline and team focus going forward, which is a step in the right direction. Our team is also executing well, as can be seen from our second quarter results. Now, I would like to turn the call over to Yumin and Ke to talk about our operating results. Thank you, Himanshu, and thank you everyone for joining our call today. I will begin by presenting a high-level overview of our second quarter 2023 results, followed by an in-depth discussion on our guidance. After that, Ke will provide a comprehensive review of our financial results for Q2. We delivered a strong quarter and made good progress on our key strategic initiatives. Q2 revenue grew 312% year- over- year to $33.8 million, driven by strong contribution across all of our business lines. Gross margin was 37.4%, driven by improving mix of higher-margin projects, particularly in Europe, where we are benefiting from a tailwind of high energy prices. These results show a net income of $8.3 million, which was a record high for us in the last five years. In our project development business, building on our successful track record in Europe, we sold two major projects in Poland and Hungary for a total of 62 MW. Following quarter, and in July, we successfully closed the sale of an 11.5 MW solar project to the Swiss-based energy company, MET Group. This marked our first major product sale in Germany and represents a significant milestone for our company, as Germany stands as one of the foremost renewable energy markets in the world. In addition, during the quarter, we saw strong revenue and margin contribution from our recently acquired solar farm in Branston, U.K., due to the favorable energy prices. This results given us confidence in our IPP strategy in Europe. Further, in Q2, we executed on our storage pipeline strategy and began the monetization process of our storage pipeline with an inaugural 260 MW of battery energy storage system projects in Italy. This effort was part of our recent announced strategic partnership with Matrix Renewables to develop up to 1.5 GW of portfolio of battery energy storage system in Italy. These solar storage system projects add a new revenue stream with attractive margins to our business, and we look forward to sharing further progress in our upcoming quarters. Over the past two years, the European market has been our top strategic priority, and we are very pleased with the progress we have made thus far. We have a very strong pipeline here, and it continues to represent Emeren's largest market opportunity going forward. In China, we continue to make progress in our realignment strategy to the rest of the world as develop, build, own, or sell, compared to the original strategy as develop, build, own, as IPP. Last quarter, we announced that we are refocusing our efforts to five coastal provinces that have the most favorable power prices, supported by a strong economy and regulatory environment. We anticipate selling all of our solar assets outside of these five provinces, and some in these five focus markets, which will help strengthen our balance sheet. In Q2, we successfully closed the sale of a portfolio of rooftop distributed generation projects located in Henan Province, totaling 29 MW, to CNBM Ruchi Energy, a prominent leader in China's renewable energy sector. We anticipate on closing the sale of additional projects in the upcoming quarters in Henan and Hebei provinces. Looking to the remainder of the year, we expect strong performance, driven by product sales and contribution from our recent acquisitions. Our full year guidance for net income continues to be between $22-$26 million, with gross margin anticipated to exceed 30%. For revenue, we now anticipate results to be near the lower end of the previously stated range of $154-$174 million due to the project timing. Our net income guidance reflects impressive annual growth of approximately 300%, a milestone we are extremely proud of, as our focus remains on profitability, given the volatile nature of our top line due to the project timing. We expect our Q3 revenue to be between $27-$30 million, and the gross margin to be in the range of 35%-38%. Regarding our solar development and storage pipeline, over the course of quarter, we conducted a comprehensive review of our global project pipeline and implemented a standardized tier system that spans across both development and storage pipelines. This realignment has led to the establishment of a more rigorous requirement for projects that are reported in our pipeline. As a result, we will now track and report an advanced-stage and an early-stage pipeline metric. The advanced-stage pipeline represents projects with a significantly high likelihood of success completion, thus serving as a reliable predictor of our future revenue. Meanwhile, the early-stage project metric encompasses projects for which we have determined a reasonable probability of success. By end of 2023, we anticipate an advanced-stage solar project pipeline of at least 3 gigawatts, of which we now anticipate monetizing approximately 400 megawatts of projects in 2023. Beyond 2023, we are targeting to monetize 500-600 megawatts a year. In addition, we expect an advanced stage storage pipeline of 6 gigawatt hours by the end of 2023. In conclusion, we are optimistic about our revenue growth this year and beyond, driven by a robust project pipeline. Our strong position in rapidly growing solar markets, fueled by rising clean energy demand, increased PPA price, and supportive government policies, further boosts our prospects. With expertise in solar project development and extensive industry network, a solid balance sheet, we are making significant progress towards becoming a leading global solar company. We are committed to delivering the value for our shareholders. Now, let me turn the call over to our CFO, Ke Chen, to discuss our financial performance. Ke? Thank you, Yumin, and thanks everyone again for joining us on the call today. I will now go over our financial results for the second quarter. Our revenue of $33.8 million increased 312% year over year, and 163% quarter by quarter. The growth in revenue was mainly driven by strong project sales in Europe and our IPP assets. Gross profit was $12.7 million, and the gross margin was 37.4%, up from $1.6 million and 12.4% in Q1 2023, and up from $3.7 million and 45% in Q2 2022. Gross margin was at the high end of our guidance range, primarily driven by improved mix of higher-margin projects, particularly in Europe. Operating expenses were $7.6 million, up from $4.6 million in Q1 2023, and up from $3.9 million in Q2 2022. The increase in operating expenses primarily results from the recognition of $2.1 million one-time loss from the divestiture of our China rooftop projects in Henan Province. Net income attributed to Emeren Group Ltd common shareholder was $8.3 million, compared to net loss of $0.2 million in Q1 2023, and a net loss of $0.2 million in Q2 2022. Diluted net income attributed to Emeren Group Ltd common shareholder per ADS was $0.14, compared to zero in Q1 2023, and zero in Q2 2022. Cash used in operating activities was $2.4 million, which was mainly for the continuous development of Poland and Hungary COD projects. Cash provided by investing activities was $0.1 million. Cash provided by financing activities was $1.2 million. In terms of our financial position, cash and cash equivalents at the end of Q2 were $60.5 million, compared to $66.7 million in Q1 2023. Our net asset value, or NAV, is approximately 5.98 per ADS. Our debt-to-asset ratio at end of Q2 2023 was 10.1%, compared to 11.3% at the end of Q1 2023. Lastly, regarding our stock buyback program, we purchased approximately 1.4 million of our common shares during the quarter, and plan to continue to execute on the program over the coming quarters, which has about $15 million remaining in authorization. Now, we would like to open up the call for any questions. Operator, please go ahead. Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. One moment for questions. Our first question comes from Donovan Schafer with Northland Capital Markets. He may proceed. Hey, guys. Thanks for taking the questions. I want to first start off with the storage pipeline, because, you know, that really stood out for me with the target of hitting 6 GWh. You know, at this point, it almost makes it seem, in some ways, even bigger than the solar pipeline, you know, kind of depending on how you measure it. I mean, I know that can only back up, you know, 6 GW for one hour, so not really an apples-to-apples comparison. But, so my first question is just the size of it. Does this reflect any kind of shift in strategy in terms of, you know, are you guys moving towards being more of a storage developer than a solar developer? Or, you know, or is a lot of this, you know, maybe combined? And my second question, following up on that, is just a lot of this is around the storage market in Poland, it looks like. You have it at 3 GW in your advanced stage pipeline. So just, is there something special about the market in Poland that makes it a good storage market? You know, do they have special incentives? Is it a high demand market to get around grid congestion or security concerns? Or, you know, what's making Poland such a big, big part of that? Okay, the very interesting questions. The number one, I will say that the storage, we initiated the storage development, storage product development back to about 18-24 months ago. And in the U.S., at the start, as literally speaking, U.S. market is a pioneer on the storage development, starting like 2015, 2016. And Europe, we started also around 12-18 months ago on storage development. And we do see storage sector becomes a very strategic and important play for our whole company. I will not redefine the company as a storage company only, but it is a very important sector in our company. The second point is, the major, two major market we are developing storage in Europe are Poland and Italy. Even you did not ask, but the Italy, just very recently, the government announced the full support to storage market, including upcoming clear policies, how developers can develop and benefit from the support of the policies. Poland is a, has been a very strategic market, important market for the company, too. One of the reason is Poland is moving from a centric of coal-fired production to a renewable energy country, with the 80%+ of the coal-fired power production going to promote solar, wind, and all other renewable energy. At the same time, they are in big demand of energy storage projects. That is why we committed to develop a big solar storage, solar pipeline together with the storage pipeline. We are confident that the country not only is in big demand, but also we see big benefits developing those projects and provide good contributions to the company from those at one stage and early stage storage pipelines. Okay, thanks. That's helpful. And then I wanna talk about the 29 megawatts of rooftop projects that were sold in China. What, and I guess linking that to there, there is a $2 million loss on disposal of PP&E in the EBITDA reconciliation. So just was that, was the loss, that $2 million loss attached to that sale of projects in China? And if so, you know, just if you can talk at all about what kind of drove the, the loss on that, you know, was it were these older projects from years past when solar panels maybe were more expensive? Were there some other factors just kind of and, and maybe if that is likely to happen with other assets in China? Just trying to kind of link, connect the dots there and understand it a bit better. That'd be great. Yes, Donovan. First of all, we actually this deal were good in terms of cash flow for us, and we sold at a very good price. But compared to when this was built more than three years ago, again, the cost at that time is much higher than the cost of today. So that's because, again, accounting treatment, so that's a loss based on accounting treatment. But from a cash flow point of view, this is a very good deal for us, and we expect collect very good cash inflow for this project sales. And yes, we are expecting to continue to sell some of this legacy project to again collect some cash. But from accounting point of view, we do expect some of this accounting losses. Okay, thank you. That's helpful. If I could just squeeze one more in, you know, on gross margins. Gross margins looked really great for the quarter, and that was nice to see. And I imagine, you know, IPP revenue is about 30% of revenue for the quarter. So I'm imagining this is sort of seeing, okay, you know, you've been building more of this IPP portfolio. You've got Branston, which has become a big part of it, and then, you know, didn't have a strong contribution in Q1 because, you know, it's, that's not a sunny time of the year. But now, Q2, boom! Here we see it. So I'm just curious if you can help us kind of separate out gross margins. You know, what were the... Do you have the information? Could you share what the gross margins were for the IPP business? Because I know those tend to be very high. And then if you strip that out, you know, what would the gross margins be for the rest of the business, just excluding IPP, the IPP business? Yes. In Q2, you actually mentioned that. Again, Q2 is a good season for the solar generation. So again, IPP margin is very high, around about 70% gross margin. Our project development is over 30%. And also, again, we did mention the service, different service, gross margin, that also pretty high, above 50%. That's our related to our Italy business. Well, the blended gross margin was, you know, 37. 37. So what kind of was... Is it just that a lot of it was the 30% for projects? Because if, you know, the numbers you gave, if you kind of combined all that, you'd think you'd even get into, like, the 40%. So was there- is it the EPC services? Is that part of what kind of- Yes- Drag the down? The EPC, yeah, EPC revenue is the- Yeah. Yes, you're right. EPC revenue is over $88 million, but the EPC margin is very low. Yeah. Is it, is it sort of, between 0 and 10, but still positive? I mean, was it positive for the quarter? It's a 1%, almost break even. Okay, got it. I, I know how that ties into all your models, so I totally understand that. All right, thanks, guys. I'll get back in the queue. Thank you, Donovan. Thank you. One moment for questions. Our next question comes from Phil Shen with Roth MKM. You may proceed. Hey, guys, this is Matt on for Phil. Thanks for taking the questions. First, I just wanted to get your outlook for energy pricing in the back half of the year and where you think that could go in 2024, and if you continue to expect to benefit from higher energy pricing. Let me answer your question in two ways. One is, for example, we do have our major contributor, 50 megawatts Branston project. We do have four-year PPAs starting from April 1 this year, going there all the way, four years locked PPA, with very favorable PPA price. All other, talking about the merchant price in the European market, we see the current price is absolutely a lot lower than 12 months ago or even than, like, 8-9 months ago. Okay? Going into the average country by country, about $70-$90 per megawatt hours. But going into 2024, we do see the uptrend of the price going from the current number to as high as 25%-40% higher compared to today. Okay? That literally led us to believe our IPP strategy in Europe is absolutely sustainable, and we are applying our IPP strategy continuously in Europe. Okay, great. Another, another point on this one is the demand for renewable energy, solar specifically, is so big in the Europe, and we have been seeing all those strong support from all the governments in Europe. That will help on the demand side, while, when the demand is high, the price remains to be very, very good throughout 2024, based on the forecast. Again, our Branston project, we signed a four-year PPA with much, much higher price than current Emeren price. So we'll benefit from that. Okay, yeah, great. Thank you. Appreciate the color there. And then moving to the U.S. utility-scale market, just as a whole, we've been doing some work recently that there could be some slowing because some developers might be having difficulty accessing liquidity for project financing and working capital, resulting in some project delays. Are you seeing this at all? And if so, how big of an issue do you think this could be for the industry looking ahead? Very good question. You are absolutely the expert on this one. The, we do see from no matter West Coast or East Coast, PG&E, PG&E, all those utilities, they put on hold of their approval process for the interconnection queue. Okay? That is also one reason that we mentioned that we have a lot tighter control on our tier system, qualifying our products into the advanced tier or the one stage, okay? We absolutely consider that as part of the, our, quality or part of our considerations, okay? I do see that the speed of the development may get picked up sooner than later, within the next 6-12 months in the U.S. You know, we feel proud about one big thing we present today, which is a very profitable quarter because of our contribution from the European business. Our U.S. is low, as we see, same as many other companies who reported the last three, four weeks. But we reported today a very strong quarter, thanks to our balance, our strategic business operation in Europe. Again, I would like to add again, we talk about this, we have strong balance sheet. That's part of our competitive advantage. I believe we talked about this in the last quarter. We have deposit, put, refundable deposit with this U.S. utility projects. So again, we have a strong balance sheet. We can compare to others, we can carry this on, and you will see the results of our U.S. results in the second half and the next year. Okay, great. I appreciate the color, guys, and I'll pass it along. Thank you, Matt. Thank you. One moment for questions. Our next question comes from Amit Dayal with H.C. Wainwright. You may proceed. Thank you. Good afternoon, everyone. With respect to the storage pipeline, you know, can you clarify if the solar pipeline and the storage pipeline are tied in some fashion? Just trying to see if, you know, when you are successful in converting your solar projects, does that also imply that you will convert the storage projects as well, or are they a little independent? Very interesting question. The, we have two different portfolios when we talk about megawatt hours on the storage. One is the solar, attached to solar, called Solar Plus. But here, when we say that the one stage, at the one stage of the storage pipeline, the majority, or almost all of them, are independent storage projects. And those are not solar attached. Okay. Understood. Thank you. That is also a trend we are developing. In different countries, we have different strategies, developing different sizes. Even in the different states in the U.S., we have different approach on the size of the solar storage facilities. But most of them are independent storage projects. You didn't see anything from storage in 2Q, right? No. Amit, actually, we talked about this. Last year, we start our storage initiative. Actually, in Q2, we already recognized the revenue and profit. We talked about the Italy projects- Yes. We continue to see this monetization in Q3 and Q4. Overall, this year, we expect between 8%-10% of that profit will coming from the storage business. So we are very positive about our storage development here, and you will see more in the coming years. Understood. Thank you for that. My other question was around, you know, the margin outlook. You know, some of them you've already addressed, but, these 35%-37% type margin levels, can this be sustained in 2024, also? Or, you know, can you help us maybe get some clarity on what are the drivers behind margins? Is it depending on, you know, whether IPP or project sales, you know, come through in different percentages for the quarter. Like, you know, just trying to see. I know there is, you know, it's a fluid situation for you guys, but, you know, is 35%-37% a little bit higher than normal? Or, is that potentially going to be a normal level for you, you know, into 2024? Yeah, that's a lower margin we are target. Again, I would say it's between 27% and 30%. Again, because our nature of project development, we focus on RTP, NTP sale, and the light IPP model. So that we believe that will be our margin target going forward. Okay. Yeah, that's all I have for now, guys. I take my other questions off then. Thank you. Thank you. Thank you. One moment for questions. Our next question comes from Pavel Molchanov with Raymond James. You may proceed. Thanks for taking the question. I remember you have talked over the past year about looking at some new European countries to enter. I think, you know, maybe Czech Republic, Greece, Turkey, but it seems like you've remained focused on your existing geographic footprint. Can you talk about that? Interesting question. Though we are continuously looking at new market to expand our business in Europe. We are looking at the several countries now, but it's a little bit too early to talk about it before we ink a deal in the European countries. But literally speaking, we are looking about three to four countries in Europe. And also, as I mentioned, we are also looking to expand our business into Australia, the Asia Pacific area. That's the plan. And also the plan is for both solar and storage. It's a combined strategic play for the company inside out. Oh, Pavel, I just would like to talk about storage because, you probably know, U.S. storage market is relatively, in advance compared to Europe. Europe a little bit behind, and in Europe, you know, U.K. is the maybe number one right now, but the coming market is Italy and Poland, which we have a leading position. So that's why we focus on those two market and to monetize or get a leadership in those two markets. That's why you see our storage pipeline increase quite a lot in those two countries. Speaking of storage, you know, we're watching battery costs coming down, you know, quite substantially. I would love to get your thoughts on the battery market and also if you're observing module prices down 30%, according to some estimates, in the last 100 days. Is that consistent with your analysis? Absolutely. The, we do see the CapEx from, the, the two things you mentioned. That, for example, today's price is over $300, and we do see that the, this price should be going down the next 12-18 months or even sooner, to, like at least 25%-30% lower. And that is the first part of the story. And CapEx on the solar side, led by module price decline. We do have, since the... You're right, about, over 30% decline, but in the last three months, I would say about 20%-25% in general. It did not really happen too much in the U.S. yet, but in Europe, absolutely, it happens, even goes below the price we can purchase back to before COVID. Why are European prices so there are no tariffs, but of course, that's always been true. Why do you think European module prices are so cheap right now? I think oversupply has been built up throughout the whole industry, no matter it's modules or battery storage. And the oversupply will continue to be the case in the next, I would say, a longer term, not only talking about 12, 18 months, will be longer. That drives the price either at a stabilized low or even go lower. But we feel very comfortable at this time as it is, it is a comparatively pretty low, as we feel comfortable about it. Okay, last question. Your IPP revenue, $10 million in the quarter, but you sold some IPP assets. So will that number come down from current levels? Yes and no. The one is, we talk about IPP portfolios. We have U.S., Europe, and China. We sold the China one, okay? The U.S. and literally mostly Europe will continue to be very strong. But China, we sold or will continue selling some Henan, Hebei provinces. The solar farms, the legacy ones, is Henan, Hebei province, okay? The IPP, we talked about the government subsidies in those legacy solar farms, and that is one of the reasons we are considering, or we implemented the sales strategy. But at the same time, we are also building new solar projects in China, in the focus market, okay? We do see some, I would say, revenue coming down as we sold some in Q2, but the impact to the whole scheme is minimal. Yes, Pablo, whole year, the IPP revenue is still about maybe 20% of our total revenue. Got it. All right. Thank you very much. Thank you, Pablo. Thank you. Thank you. And as a reminder, to ask a question, you'll need to press star one one on your telephone. One moment for questions. Our next question comes from Donovan Schafer with Northland Capital Markets. You may proceed. Hey, guys. Thanks for, you know, allowing time for some follow-up questions. I wanted to dig just a little bit more into the Polish storage market again, just 'cause I know, you know, it looks like it's a very big opportunity for you guys. I know, you know, you have a legacy, kind of, like, kind of relationships, and you guys have been in the Polish market for a long time. But I'm curious if you can elaborate on, like... So, to take a counter example, I know Spain, for instance, you know, Spain is kind of notoriously a terrible market for storage because, you know, it doesn't have capacity markets, it doesn't have markets for things like voltage in a regulation or other ancillary services, so there's almost no financial incentive to do storage projects in Spain. So, in Poland, in the Polish market, you know, do they have a capacity market? Is it a capacity market? Do they have, you know, these storage projects, an asset owner operating a storage project, can they get compensated for all these ancillary services, or are there more just sort of like direct subsidies or something? Like, what's the economic case for batteries and how that's structured in the market in Poland? I think the Poland market, we know the demand is there. The utilities, with the high demand of the renewable energy and transferring the 80%+ of the coal production to the more renewable energy, they absolutely in big demand of the storage. So that is the given. The second is, we do know people are active, purchasing or giving pretty good values of the storage projects, including we are even in the process of setting our first storage deal in Poland. Okay? Going into the details of the what you just discussed, the revenue streams, I think as we know, the utilities and the government, they are developing the scheme as of now. I think we expect that will be coming. Just similar, as I mentioned, Italy, U.K. as a friend, but Italy will start, immediately starting the, as early as next quarter. And Spain, you are right, but that is why if you see our, our deck of the pipeline, we are very cautiously developing Spain's storage market. But- Yes, I did- We are very committed. We are very committed, and we are very confident that the Italy and Poland will become our two major storage market, at least at the near term, for the next six months or so in Europe. Okay, and then I also just wanted to ask, because when you made the Branston acquisition, you also highlighted and talked about some of the, you know, additional assets you would hang on to as IPP assets in Europe. And so you've got 60 MW in Europe. I think 50 MW of that is Branston. So I know it's a small piece of things, like the remaining 10 MW, but if I recall correctly, I think those were in Hungary. It might have been Poland, but you were gonna... And I don't think they had PPAs you were gonna sell at the merchant price. I know this could jump around a bit, but I'm just curious, you know, can you share with us what kind of gross margins you're getting from the other, you know, outside of Branston, from the other IPP assets? And if you're still planning on accumulating some of the ones in Hungary or Poland or other countries in the pipeline right now. I think we explained before that we made a little bit revision of our strategy on IPP in Hungary as of the economic situation of the country. Although the country still maintained the triple B minus credit rating, but we are at- and also we are active developing projects in the country, but we decided not to keep a big IPP portfolio in the country. So that is one part of the story. Another one is in Poland. We already started the construction of our IPP portfolio. The first under construction is a little bit less than 20 MW, including several projects, and we are planning to build them and get them online in the Q1 next year. Okay, so that is part of the portfolio, and little bit less than we predicted, but there are many different considerations why we slow down a little bit of the IPP construction, including, as I mentioned, Hungary, the big change on the Hungary strategy, but also on the considering all the lower CapEx and also the target portfolio in Poland, we do face a little challenge of the interconnection. So when we get in interconnection approvals over our planned IPP assets, we will construct them. So our IPP strategy in Europe continues. And also, as I mentioned, you talk about the price of other than Branston. Branston has a four-year PPA that will end another three and a half years. In other countries, for example, in Hungary, that is one of the countries we see 2024 price will be around 30 or 35-40% higher as forecasted than the price today. Okay? Similar to several other countries, we see about a minimum 20-25% tariff increase in the countries in general on the merchant basis. Does that get you to that, like, 70% kind of gross margin for assets like that? Or, is it kind of, we have to think about that differently? I would think the merchant basis of the Branston with a high PPA price for the four years, it definitely give us a good margin. And in general, on merchant basis, I think the average margin should be around 50%. That's 55, 0 or 1, 5? Five, zero. Okay, fantastic. Okay, thank you, guys. Appreciate it, and I'll take the rest of my questions offline. Thank you, Donovan. Thank you. Thank you. Seeing no more questions in the queue, that concludes our call for today. Thank you, everyone. Thank you.