You can ask them right now. Hi, everybody. Can you hear us okay? Yes. Hi, this is Craig from RedChip. Hello. Hello, J.W. Really, really good. Thank you. How are you doing? Good. Really, really good. Can you see the slides for J.W.? Yeah, I can advance the slides. Yes, we will do that. In fact, I'll do it right away. Before I do, I just want to make sure I welcome all the couple of people who've already come in. Welcome. This is the Venu Holdings webinar. We'll be getting started in 14 minutes at a quarter after the hour. Thank you very much for joining, J.W. Yeah, let's get that deck up on the screen. Let me call it up here. I'm going to share my screen. All right. VENU team, can you see your deck? Yep. We can. Yep. That's perfect. Okay. Now, great. Perfect. Now, let me see. I am not sure what slides we're using. Okay. It would be helpful if I could see the slides over to the left, like in a so I can see what's coming. Because otherwise, I'm not going to know what to talk to. What could I do in that regard? I'm thinking. I am thinking. I'm just simply scrolling right now. This is your latest deck. Does he wear the— Okay. Keep going. Got it. Yeah. I very seldom ever talk to this. Why don't you and I go through the deck right now? You note the page numbers that you want to use, and then write them down. When you're done with one, cross it off and tell me to go to the next one. Hey, Craig, just give us one second, please. All right? All right, Craig. Are we starting at 4:15, or are we starting at 4:05? Now, right now. Yep. 4:15 sharp. I will press record. Great. Yeah. At that time, I will press record. I will introduce J.W. and anybody else that you want me to introduce, just let me know. Yeah. Because honestly, Craig, what works well for me, this is not the presentation I typically give here, but it's okay. What I'm going to do is I'm just going to give the company's overview. As I start to go through the company overview, we can either do one or two things. You can either follow along with me with the slides, or we can send this deck. We can tell people, "If you want to have a deck of what J.W. just talked about, email us, and we'll email you the deck. Yeah. Fine. Of course, we will be telling the persons here today how to get more information about the company: VENU@redchip.com. That handles everything. The deck that is now on the screen was downloaded from the landing page that we've created for VENU. Totally. This works great for that. It's not the one I use for my presentations, so that's why it's really awful. I see. I see. All right. Let's go over what we're going to do today again real quick. Sorry, I'm a little distracted. No, listen, you're distracted. This is our fault. Let's see here. Should I—where are Kristen's at? I wish there was a way we could—. Yes, while we're waiting, J.W., let me just welcome the many more people who have joined early. Thank you for joining. This is the VENU, Venu Holding Corporation webinar. We'll be getting started at 15 after the hour. That is in less than eight minutes. Welcome to those of you who have just joined. This is the Venu Holding Corporation webinar. We'll be getting started in about five minutes at a quarter after the hour. Hey, Craig, we're just going to need a couple of moments here. We're actually going to switch over to a different computer. If you wouldn't mind, we're going to share the screen for our presentation. Is that all right with you? Absolutely. Absolutely. I will stop sharing right now and wait for you to share. Welcome, everyone, to the Venu Holding Corporation webinar. We will be getting started as soon as possible. Thank you. All right, J.W. It is 15 after the hour. If you are ready, I will begin. Craig, that sounds good. All right. We are underway. Hello, everyone. This is Craig with RedChip. This is Craig joining today's event, Venu Holding Corporation, which trades on the New York Stock Exchange American under the ticker VENU. With us today, we have J.W. Roth, founder, chairman, and CEO of VENU. We will begin with a brief presentation in a moment, and then we will answer your questions. You may submit a question by email at VENU@redchip.com. Before we begin, please allow me to read the safe harbor statement. This call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to future financial and/or operating results, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management, constitute forward-looking statements. Any statements that are not historical fact should also be considered forward-looking statements. Of course, forward-looking statements involve risks and uncertainties. I now turn this webinar over to J.W. Please go ahead. Great. Thanks for doing that. Thank you, everybody, for joining. Before we get started, I want to play a short video that kind of sets up sort of who we are and what we do and give you a sense of what we're going to talk about today. Enjoy this for a minute. I'm sorry. Bear with us a second. We've got some technical difficulties. Music is the ultimate uniter. It belongs to all of us. This is more than just live music. This is VENU. My name is J.W. Roth, founder, CEO here at VENU. I've always been a music fan first and foremost. I was the kid camping out for Stones tickets and singing along in the pouring rain. It's those moments that inspired me to build a live music company that is fan-founded and fan-owned. As a publicly traded company, VENU is redefining the live entertainment experience, one world-class venue at a time. We build premium music venues designed for the ultimate fan experience, blending luxury ambiance and unforgettable performances. As one of the fastest-growing live entertainment companies in the world, we are disrupting the music industry. Our venues are built for the music lover who craves more, more comfort, more access, and more rock and roll. We are just getting started with new venues planned nationwide. VENU is setting the stage for the future of live entertainment. This is music reimagined. This is VENU. That gives you a little sense of what we do. My name is J.W. Roth, and I thank you for joining today. I want to start with just kind of setting up our business. The music business is roaring. It's never been hotter than it is today. We are coming out of a time and coming into a time where ticket demand is at its all-time high. The number of new artists and the genres of new music have never been higher. We've got a time in history where we're in an industry where supply and demand are at their all-time highest. As you know, supply and demand meet in exchanges, right? In the world that I live in, the exchange is the venue. It's where artists meet fans and fans meet artists. We're all dilapidated, and therefore want. They're not to the expectation of the fan. That's where I saw the opportunity to step in and build VENU. I do not come from the music or hospitality space. I am the founder at Roth Premium Foods. Roth is one of the fastest-growing protein companies in the United States. Today, we service almost every grocery store in America every day. Roth produces well over 200 tons of proteins for U.S. consumption every four days. That has been my background. While you would know many of our brands, the brand that you would know the most is Whole30. Whole30 is the number one health and wellness brand in the world. And it is owned and distributed by Roth Premium Foods. About five years ago, I sat down with my family, namely my wife and my kids and our partners at Costco and Walmart and Tyson. I said, "Look, I see an opportunity to build something even bigger than Roth. I see an opportunity to step in and disrupt an industry that is primed for disrupting." That is the venue space, the exchange where artists meet fans. Been a music fan my entire life. I could see that necessity. Over the course of a year, I transitioned out 22 of my sort of key people out of Roth, and we backfilled them. It took about a year to do it, but we established a company called VENU, with the idea being to go and build sort of what the NFL had been able to do and what Major League Baseball had been able to do in creating fan-centric stadiums and fan-centric venues. We decided to do that and started down the path to do that and figure out and draw out what that looks like. Started with B.C., B.C. has an architectural firm in Atlanta. They were sort of the catalyst of the new stadium in Las Vegas and the Mercedes-Benz Stadium. They are sort of the best architects in the venue space. I sat down with them. I said, "Look, if money was not an issue, I want to work with you to create what I think would be the greatest venue imaginable." We started with, and I know this is going to sound a little goofy, my backyard. In my backyard, I built a small venue. I think I have the world's largest residential fire pit, an area with elevated food and beverage. It is a multi-seasonal venue in my yard. I sat down with them and I said, "Look, people love to come to my house, and they love to watch music here, and they love to listen to music here. I want to build my backyard on steroids. I do not care what it costs. I want to start with the best and we'll worry about the money later. We created on paper what is today the Ford Amphitheater, consisting of 92 fire pit suites, 130 upscale above suites, owners' clubs, seafood, and chop houses. It's an unbelievably beautiful piece of art on paper. When I sat down and I tried to sort of create what that would look like in a business forum, it wouldn't pencil, obviously. It cost well over $100 million. There is just no way it would pencil. I wasn't going to cheapen it at all. I wanted to get it in concept form, and then I was going to start to figure out how I was going to make it pencil. I couldn't go raise money because people would think I was crazy trying to raise money to build something that wouldn't pencil. I financed it myself. I built the Ford Amphitheater in Colorado Springs, Colorado. About a year ago right now, the Ford Motor Company came along and paid the biggest naming rights in the history of outdoor live music to put their name on it. My job was to see how I was going to make that pencil. I started with taking a page out of the playbook of the NFL, Jerry Jones specifically with the Cowboys, and out of Major League Baseball with a business guy that I'd always admired, that Steinbrenner family and the New York Yankees. I started with the public-private partnerships. Public-private partnerships in the NFL and Major League Baseball represent about 40% of the cost to build these stadiums. That's where I started. I sat down with a company called Ryan Companies in Dallas, Texas. Ryan Companies is the largest public-private partnership firm in the world. I sat down with them and I laid out my vision. At the end of the day, they loved it. They thought, "You know what? This could work." Today, I have just a little over $1 billion in small municipality partner communities putting in 40% of the cost. Now I'm from a venue that was $100 million and would never pencil to a venue that costs $60 million because 40% comes from the municipalities. The problem is, it still doesn't pencil. I took a page out of the playbook of the Ritz-Carlton, and I decided that I was going to start building these venues on a piece of ground that the municipalities contribute. In a separate entity, I was going to create a condominium structure. In my particular case, the amphitheater is the condominium structure. Inside that condominium structure, there are condominiums. Those condominiums are my fire pit suites. I broke up the venue into condominiums that are owned by private individuals and corporations, fractional ownership. I went in and I started the process of selling those. Didn't know if it would work or not, but that was the plan. I put a marketing plan together, and I went out and I started down that road. In 14 weeks, I sold them all. Today, we sell between $15 million and $20 million in fractional ownership in the venues that we're building around the United States, with most of that fractional ownership municipality funds going on to our balance sheet. When we started here about five years ago, we started adding to our balance sheet with the idea of never having any debt associated with the operating company. Today, we've crossed $200 million in net tangible assets, and we had about $15 million- $20 million in net tangible assets on a monthly basis with the goal of crossing $1 billion this year. As that became realized, now all of a sudden, we went from not being able to pencil this to 40% coming from municipalities, about 40%-45% coming from fractional ownership. When I was all said and done, I took the land that was contributed by the municipalities. I did a sale leaseback. Those sale leasebacks then provide the balance of the capital to build these. They're secured by the naming rights, and they result in a significant development profit. We will realize development profits this year of over $25 million, over $50 million next year, and over $100 million the following year as I complete these venues. While we have about $1.1 billion- $1.2 billion in construction going on right now, we have seven more municipalities that we are working with that we will be announcing here over the next couple of quarters that will result in over $2 billion worth of follow-on construction in new venues. We went from a business that was hard to pencil to a business that is extremely profitable. While my background is in business, I didn't feel comfortable running this business. As you noticed in our P&L, we had some significant losses last year. Most of that is non-cash consideration that I used in going out and bringing on some key people. Started with Will Hodgson. Will is now our president here at VENU. Will is the past president and architect of House of Blues. Built House of Blues from zero to $60 million in EBITDA. It took me a year to chase him down and finally convince him to move over, but he did. Now he is the architect behind the content and programming of our venues. I did the same with Terri Liebler, 22-year Live Nation veteran. She came along about a month later, and today is our Chief Revenue Officer, Chief Marketing Officer, and runs sponsorship and partnerships for the company. We are excited about our business, and we are in a roaring place and at a roaring time. Over the course of these next 48 months, we will complete or complete 20 new venues and becoming our own content provider and our own programming provider. I did not feel comfortable operating these venues. I made the decision early on that I was going to de-risk the business, much like I did at Roth. Instead of buying grocery stores and selling food at Roth, we just build great brands. Same thing applied here. I just wanted to build premium seats, but then I wanted to turn the operations over to a great partner. We did that with AEG and the Anschutz Entertainment Group, as well as Live Nation. My operating partners are the best in the world. We operate them together on a 50/50 split after they pay a significant rent. That is a little bit about our business. I'm going to open this up for questions, but before I do, I'm going to play a video that kind of gives you a sense of what it was like when the Ford Amphitheater opened. One Republic came in and sold out three shows in a row. They were a fantastic way to open the Ford Amphitheater. We're very proud of how we opened it up. We're very proud of the business that we have built and the business that we are building. I'm going to have Kristen help me here give you a sense of the first night. This has been an honor to play here on the inaugural venue. It is beautiful. The fire pits, I've never seen anything like this. I feel like I'm in Abu Dhabi or something. Thank you guys so much. Drive safe. Speak good to each other. Stay warm. We'll see some of you tomorrow night and the next night and the next night. Okay. That gives you a sense of what we do. Craig, you want to open this up for Q&A? Yes, absolutely, J.W.. Thank you for that presentation. Submit your question, participants, to VENU@redchip.com. Of course, we announced several days ago that you can submit your question to VENU@redchip.com. We have already received many questions. We're going to start with those, J.W., if that's okay with you. Oh, just one more thing. Because of the high number of participants today, participants, please do not use the raise hand button. We cannot have spoken questions today. If you have a question, just type it into an email and send it to VENU@redchip.com. J.W., we did get this one. Your financing model incorporates fractional ownership sales, public-private partnerships, and sale- leasebacks. How has this structure impacted your ability to scale without relying on traditional debt or equity dilution? I mean, it's the key to our whole business, right? I mean, at the end of the day, without fractional ownership, you're still short on the capital side. For example, in Colorado Springs, we built a $60 million venue with a $45 million set of owners' clubs and entertainment facility bolted to it. You've got a $105 million facility. In order to make that pencil from an operating standpoint, you would have to have that cost down in the 30s. As you roll these out across the country, it is absolutely impossible to do without public-private partnerships and then fractional ownerships with a sale- leaseback. What we have been able to do is take what would be almost impossible and turn it into a situation where we have zero occupancy cost. Thanks, J.W. Looking at your balance sheet, the contribution of real estate and pre-sale revenue is notable. How should investors think about the underlying asset value and its role in supporting long-term equity value? Yeah. There are two pieces to our profitability, right? There is NAV, and the net asset value that we are building is almost unheard of in our space. No one has ever been able to do it or even come close. The reason that is, is because of the use of fractional ownership and of public-private partnerships. Think of one sort of channel of profitability being development profit. That's when we build these, and we make between 10%-20% in development profit every time we build a new venue. On the other side of that, think of the P&L and the operational profitability of these. We have seven sources of revenue from ticketing to ticketing fees to food and beverage to parking to sponsorship to naming rights, so on and so forth. At the end of the day, almost without exception, everybody that walks through that gate makes us about $35 in profit from those seven sources. The way we set our business up and the way we de-risk our business is to set ourselves up as a participatory landlord, which is what we are here at VENU. We're participatory in the sense that because we don't have occupancy cost, I'm able to participate in a percentage of the revenue and a percentage of the earnings. Of that, about 50% ends up in profitability. You have development profit on one side, which is what we make as we sell our venues and build our venues. On the other side, as we sell tickets and operate these venues with our partners, we are profitable to the tune of around $17 per person that walks through the gate. Best way to get your head around that is to assume that we sell between 55 and 65 shows a year and that our occupancy is about 80% or so of our venue. If you have a venue, let's just use simple math, 10,000 folks, profitability would be 10,000 × 50 × 0.8. That'd give you roughly your profitability for the year. You've projected substantial revenue growth over the next three years. Can you walk us through what's driving that ramp and how you're thinking about margin expansion along the way? Yeah. It all starts with market expansion, right? When I set out to do this, I had one goal in mind. A lot of people have smiled and said, first they smiled and said I wasn't going to get it built. They smiled and said, you can't do more than one. First, we did get it built. Not only did we get it built, but I sat at Pollstar this last week when the industry nominated it for Venue of the Year worldwide. We have a phenomenal venue, and we're building five more of them. At the end of the day, the profitability and the growth of this company came down to one thing. That was, did the Ford Amphitheater work? Did it work in terms of, can you duplicate that? Can you duplicate that with private- public partnerships? Can you duplicate that in the sense that you can contract and partner for your programming content? We have answered those questions. Once those questions are answered, the only question that is left is, can you roll these out? I started with going to Ryan Companies. We made this announcement here a few days ago, actually a couple of weeks ago, that I signed a deal with Ryan Companies to build eight of these, contract for eight of these a year. When you look at sort of the pro forma and what we are projecting to do, most of it's contractual. Your naming rights are contractual. Your operating agreements are contractual. Your public-private partnerships are all contractual. It creates a lot of transparency into our numbers. We're doing things that nobody in the space has ever done before. A little bit of it was sort of gambling, right, in the very beginning, but I gambled with my own money. At the end of the day, now the gambling is over, and we're rolling out what we have been able to prove as a successful model. Thanks, J.W. With over $200 million in projected fractional ownership sales this year, how do those transactions flow through to the income statement and balance sheet? What should investors know about recurring versus one-time revenue? Yeah. Let's start with the most important part of that question, which is how do these things, how does recurring work? When we sell a fractional ownership, nine times out of ten, that fractional ownership goes to a buyer that is going to use that venue or use that suite roughly 30% of the time. The other 70% of the time, that buyer is sending that revenue back to us. What revenue am I talking about? I'm talking about the tickets. They assign that asset back to us, and we manage that asset. Not only do we sell the fractional ownership, pays for the venue, also creates a development profit, but then the buyer of that condominium or that piece of fractional ownership sends us the asset back to manage. We manage that asset. In managing that asset, we take about 30% of the overall income that that asset generates, and we have zero costs against it. It actually is impacting both the balance sheet, and it's impacting the P&L every single time we sell a fractional ownership. Remember, we sell fractional ownerships to the tune of $15 million-$20 million a month now. With that said, I want to add one other piece of that. We always sold these fractional ownerships for cash. For example, when I did Colorado Springs, sold $40 million in about 14 weeks all cash. When we started McKinney and Broken Arrow, I sold just a little over $100 million worth of them for all cash. All of a sudden, what happened? The bank started showing up. The SBA started showing up. They came along and they said, "What would it be like if we provided regular mortgages for these condominiums where investors could come along and actually borrow money to buy these?" In other words, put 25% down, and the ROI would be staggering if that could happen. We started down that path. Today, we are watching an accelerated growth of our sales based purely on our ability right now to be able to finance these suites on behalf of our fractional ownership partners. You've highlighted that VENU retains 100% of naming rights and 50% of profits via your partnerships. How material are those revenue streams, and are they reflected in how analysts or investors are currently valuing the business? Yeah. I mean, obviously, the naming rights to a big degree. Here's why. When we do our sale- leasebacks, one of the very first things that an investor in the sale- leaseback would be looking at, just like a bank would, is how do you plan on servicing this agreement? What we have been able to do is take those naming rights that we sell and we keep 100% of and pledge those to the sale- leaseback, allowing for the development profit to happen. At the same exact time, it's not taking from or needing the assistance of our operational side of our P&L and the profitability or the revenue from our operations. That naming rights is a super important piece to not only the overall health of the business, but it also is an important piece to eliminate all occupancy cost. From a capital efficiency standpoint, what do you think is most misunderstood about Venu's financial model or how quickly your projects reach break-even? If anything was going to be sort of not completely understood today by the investor is what happens when this thing goes to scale. Everybody was amazed at the fact that we build these for almost zero in the end of our own money. In fact, at the end, we have a development profit. There's number one. Number two, it is sometimes hard to get your head around the fact that very first year, very first show, we made money, and we have never looked back. We have not had a single quarter go by at a unit level that we have not made money. We're talking made money from day one when we opened the amphitheaters. The reason that is, is because our operating partner takes the majority of the risk. I do not take the risk on booking shows. I do not take the risk on guaranteeing artist fees. I do not take any of that risk. I sit back and I allow our operating partners to operate the business, sell the food and beverage, sell the parking, sell the sponsorship. At the end of the day, we add it all up. We take the expenses out and we split the profits. Very hard for me to lose money when you run a business that way. We noticed that your venues are designed for year-round programming. What kind of flexibilities does that give you from a revenue perspective, and how has it influenced demand from promoters or artists? It is a game- changer, right? No one's ever done it. Again, I stole the idea from my backyard. I built a backyard that underneath the concrete, I have sort of a little mesh system under there and I have big boilers that are buried in my yard. They create water temperatures of about 140- 145 degrees. You pump that water through that mesh system. It heats the concrete. You have infrared that comes down and keeps the pieces warm. I have a wall that goes around, keeps the wind out. You have the fire pit suites. I said to BCA, "I want to build the same exact thing, but I want to do it at mass scale." They brought some engineers in. They ran a bunch of analytics. At the end of the day, they figured out how to build wind walls, how to create fire pit suites, how to steal from Jerry Jones and the Dallas Cowboys the infrared system that heats the VIP sections of the AT&T Stadium, and then build the mesh system like I have underneath the concrete. At the end of the day, we increased the ambient temperature inside our venues by about 35-37 degrees. In other words, if it's 40 degrees outside or 35 degrees outside and snowing, you're going to sit inside with a short sleeve shirt on at 70 degrees and enjoy a concert. It's never been done in history. We are building literally tens of thousands of seats across the United States right now that have the multi-seasonal component. I sat down with the largest artist agencies in the United States over the course of this last year. In my indoor venues, I book about 200 shows a year. Today, we're going to increase that to about 600 shows a year as we roll these amphitheaters out. You've had some early success with Luxe Fire Suites. Can you speak to how demand has trended and what kind of buyer profile you're seeing in that space? Yeah. Look, at the end of the day, I would love to have whoever's on this call attend one of our events where we talk about our Luxe Fire Pit Suites. I sell between $15 million and $20 million worth of them every four weeks. It is the hottest thing in music. On the front of the cover of Pollstar, Pollstar is the Bible in our world. On the cover of the annual report that comes out this next week is a photograph of our Ford Amphitheater with all of the fire pit suites lit up. It's an ambiance that is not found anywhere else in any other type of venue. I say this all the time. While we sell music, we really don't. We sell experience, and we sell ambiance. Jerry Jones is probably the best at this I've ever seen in my life. Obviously, he sells football. He owns the Dallas Cowboys. There are two ways you can watch the Cowboys, right? You can watch it from some dump of a stadium, or you can watch it in an AT&T Stadium that Jerry Jones built. Believe me, you want to watch it in Jerry Jones' AT&T Stadium because he creates an ambiance, an experience you won't get anywhere else. Naming rights and sponsorships are increasingly valuable assets in the live entertainment space. How are those conversations evolving in your current markets, and what role do they play in your long-term monetization strategy? They're super important, right? Naming rights probably more so than anything else because they're a pledgeable asset. When you have a 10-year or 20-year agreement with the Ford Motor Company, you could take that 20-year agreement or 10-year agreement with the Ford Motor Company and walk into any sale- leaseback and get your deal done. Sponsorship is the same way. Sponsorship is when you think of the COGS against the sponsorship, they're zero or pretty close to it. Same on naming rights. They're a very, very important piece of the business. They're also a credibility piece and an optics piece. When you drive up to a venue and it's sponsored by the local used car lot, it doesn't have nearly the impact as when you drive up to a venue and it's sponsored by the Ford Motor Company. From a credibility standpoint, from a partnership standpoint, from an optics standpoint, naming rights and sponsorship is important. That's why I turn down most. I cannot tell you how many naming rights deals I get across my desk, and it's a lot more than the money. I'm looking for a lot of different things and different piece parts as I make those decisions. I can tell you they're important decisions for us. It's important decisions for our stakeholders, and it's an important decision for our balance sheet. This is the final question that we received. As you look ahead over the next 12- 18 months, what should investors be paying the most attention to in terms of milestones, execution, or market catalysts? Number one thing investors should pay attention to, and that is the municipalities that I sign because that tells you everything. A lot of people just look at it and they go, "Okay, let me look at the P&L. Let me look at the balance sheet." If you're going to look long-term at our business, you want to know where the markets are. You want to know what I'm signing because you can then put your pencil to it. You can say, "Okay, he's going to make X number of dollars developing that venue in wherever it is." At the end of the day, you're going to say, "How big is that venue?" Okay, he's going to put 70 shows in there. He's going to have 80% occupancy. He's going to make $17, $18, $19 per person that walks in the door, and he's going to have it filled 80% of the time. If there's one metric that an investor should watch, it is market expansion. Thank you very much, J.W. For more information on VENU, reach us at 1-800-REDCHIP or email us at VENU@redchip.com. Please visit the information page created by RedChip for VENU. It's venuinfo.com. There you can view and download the investor presentation and fact sheet and sign up for news alerts on VENU. RedChip is excited to announce the launch of RedChat, our advanced AI assistant designed to empower investors with instant in-depth insights on more than 2,000 small-cap and micro-cap stocks. You can try it right now on venuinfo.com, for example. Watch Small Stocks, Big Money, RedChip's program featuring exciting small-cap companies every Saturday night at 7:00 P.M. Eastern on Bloomberg U.S.A. Finally, join RedChip's next webinar with Bullfrog AI on Wednesday, April 23rd, at 4:15 P.M. U.S. Eastern. Register for all RedChip webinars at redchip.com/events, where you can also view an archived version of today's webinar. Thanks again to our many participants today, and thank you very much, J.W. Appreciate it. Thank you.