CW@Home presentation. This morning, I have the privilege of speaking with Jin Kang, Chief Executive Officer of WidePoint Corporation, a managed service provider to the U.S. federal government, as well as a variety of commercial customers. WidePoint trades under the ticker symbol WYY. Jin, welcome. Thank you. Thank you, Scott. It's always a pleasure speaking with you, and thank you very much for your time. Of course, of course. Before we get into some of the specific programs and initiatives WidePoint is currently involved with, could you, with a broad brush, explain to our audience what a managed solution provider is and what services you are currently providing to the U.S. government or some of your commercial customers? I guess, are you a cybersecurity company? Are you a government consultant, a hardware provider? Help us get our arms around what you're doing. Sure, thank you. I think, you know, all of those things are true. We are, you know, we're in the business of helping our customers secure, manage, and provide visibility into their mobility, mobile technology assets, and technology assets that allow our customers to work from anywhere in the world. Of course, in this post-pandemic environment, it's critically important, and it's a critically important function to provide for our customers, right? All of our solutions are, Software as a Service model. we call our service, the overall arching Mobility as a Service or MaaS is delivered in a very, you know, highly integrated fashion and includes identity management, which is cybersecurity, mobility management, which is handling all of your mobile devices, data analytics, and IT as a Service. The four elements that go into a little more detail on this are that our identity management solution provides the most secure multi-factor authentication solution available on the market. It forms the basis of the federal government's zero trust architecture. This solution has been certified by the U.S. federal government and has been implemented in all of the federal government departments, including the Department of Defense. One, a solution that is quantum computing resistant. A second part of our solution is our managed mobility solutions, which provide 360-degree support for our customers' mobile technology assets from the time that they acquire the assets to the time that they use it until the time that they put it out in recycling and end-of-life processing. The third part of it is our data analytics solution, which provides full visibility for how the asset is used, location, cost, operating conditions, assignments, usage, contracts, etc., etc. Our fourth leg of our solution is IT as a Service. this is where our customers completely outsource their management of their IT infrastructure to us, including their cybersecurity requirements. We utilize our proprietary Intelligent Technology Management System, or ITMS, which recently received FedRAMP-authorized status. It's FedRAMP Risk Authorization Management Program authorization status, which means that we meet the highest level of federal requirements for cybersecurity. Mobility as a Service solution is what we provide, and we provide security, manageability, and visibility to our customers' technology, mobile technology assets. Great. I think that's a pretty good overview. There were a few specific opportunities that you seem particularly excited about on last week's earnings call. I think the first, the Department of Homeland Security, CWMS 3.0 contract. CWMS stands for Cellular Wireless Managed Service for the newbies out there. Can you talk a little bit about why you feel like WidePoint is well-positioned to be a winner here, the potential size of that business opportunity, and maybe some expectation around timing? Yeah, yeah. You know, the CWMS 3.0 is the single largest contract for WidePoint, represents roughly 60% of our revenues. We've had previous iterations of CWMS, you know, 1.0, 2.0, and then we even had the predecessors to the CWMS, you know, 1.0. We've been involved in this contract and supporting the Department of Homeland Security for almost 20 years. We feel that we are in the best position to win. We have the inside track here. There were various requirements that were released as part of the draft requests for proposal responses. We replied to that in July, end of June, beginning of July of this year. In that RFP, they talk about various requirements like the company must have facility security clearance, which we have. Company must have FedRAMP-authorized status, which we have, and none of our competitors have. They also said that the past performance of only the prime contractor can be used, meaning WidePoint or whatever the company that is bidding on the contract. To make the competition field even smaller, they said that this is going to be a small business requirement, which means that any companies that are over 1,500 people in terms of staffing cannot bid on that. All of those requirements kind of point to DHS liking the incumbent, WidePoint. They also made this award best value to the government. A lot of times, the federal government will go with the lowest price technically acceptable, or what they call LPTA award. This time, they made a conscious decision to say, we want best value. The lowest price won't necessarily win. Usually what that means is that they favor the incumbent. The scheduling of the CWMS 3.0, as I said, the draft RFP was released at the end of June, and responses returned in the beginning of July. They stated that the final RFP would come out at the end of July. Here we are in the mid, you know, August now. The final RFP, the request for a proposal package, should be coming out any day now. Their response, their current schedule is they want to have all of the proposals and the cost proposals and the oral presentations done by probably end of August, middle of September, and to have an award by the end of September. We're about a month and a half out. Based upon the vagaries of the federal government acquisition process, it probably will take a little bit longer than at the end of September. WidePoint's current contract, the CWMS 2.0, expires at the end of November this year. However, the Department of Homeland Security already has executed task orders that go until the end of November 2026. The reason why they do this is because as they go through the acquisition process, sometimes there are hiccups, protests, and so forth. Ideally, what the federal agency likes to do is to have the contracts overlap. The 2.0 goes out until November of next year. The CWMS 3.0 gets awarded towards the end of this year or beginning of next year. They start issuing the task orders on the 3.0, the new contract, and as the old one expires, they'll just keep adding new task orders onto the new contract vehicle. I know that was a very long description, but we're very optimistic about our chances of winning that. Yeah, I know it sounds like you guys are extremely well-positioned given some of the criteria around the new contract. Another area where you guys have seen some positive momentum is MobileAnchor, including a new contract award from, I believe it was the Department of Energy at the end of this past July. Can you help the investors on the line understand what MobileAnchor is and maybe who the product is tailored for? Yes. The MobileAnchor product is an extension or an enhancement to our current identity and access management solution. The solution that is currently implemented is currently implemented on smart cards. The smart cards look something like this. Let me see if I could bring a prop in here. It looks like this. If you've been to any federal government agencies or even in the airports, you'll see that many of the TSA agents will carry an identification card, and it has a little smart chip on it. That smart chip contains all of the identification information that is assigned to that particular individual. They use that card to get physical and logical access, physical access and door readers and server rooms and those kinds of things. What they do is they slide that card into a reader, and you can use that card to gain logical access like emails, payroll, asset management, inventory management, those kinds of things. What we have, what MobileAnchor product does is it places the digital certificate onto your mobile device, right? Since we manage more of these devices for the federal government than anyone else, it makes logical sense to be able to now issue those certificates that are on the smart chips onto the mobile phones. Now the users are going to be using the smartphones as their physical and logical access. They won't have to carry around both of these things. They will only need the mobile device to do that. As far as we know, we are the only one that is able to issue those certificates without using what they call an MDM container right to the phone versus having it issued through an MDM. One, it makes the process faster and simpler and more streamlined. You don't have to pay for another MDM software. It was the Department of Energy that we won that contract with. We also won a small project with the Department of Education. We won another contract with a Fortune 100 defense contractor. I can't name the names there, but it is a commercial entity. We're seeing a lot of traction there on our MobileAnchor product. That's great news. Jin, how many devices within the federal government do you manage? Do you have a ballpark number? Yeah, we haven't released that information. The reason why we don't release that information is because we don't want our competitors to get wind of how many devices that we're managing. I will tell you that it's in the, you know, close to seven figures. I think that that's right. We have another opportunity that's coming up, which I can talk about. It's another commercial opportunity, and that particular opportunity is well over seven figures, $2 million - $2.5 million. That's all a SaaS opportunity. This is where our customers, our potential client, will take our software and manage all of the devices that they have under contract with their customers. This is one where they, one of the major cellular carriers in the U.S. Wow, you guys have a lot going on. A lot of good things, a lot of good things. I got more to ask about. Also in July, you were awarded your fourth task order under the Navy Spiral 4 contract. What is your opportunity within Spiral 4? I think the total contract value is about $2.7 billion. I'm curious what WidePoint's opportunity is within that broader contract, and when do we start to see some of that revenue flow through the P&L? Great question. As you said, we won our fourth Navy Spiral 4 contract. Those contracts were won in the second quarter, and they have been implemented. We did see some revenues in the second quarter. Most of the revenues and the regular monthly recurring revenue will continue to come in in Q3. We should get to the full ramp up towards the end of Q3. We feel that we have a differentiated solution. The reason why we say that is because all of the winners of the Navy Spiral 4 contract are all the carriers: AT&T, T-Mobile, Verizon, Hughes Networks, MEBTEL, and Republic Wireless, I believe, and then us, WidePoint. All of those winners are carriers, and we are the sole non-carrier provider. If you're looking for a multi-carrier solution, you would most likely come to us, right? We're honest brokers, and we've always acted as honest brokers. We have the system to be able to track multi-carrier solutions and also look at invoicing to make sure that the invoices are accurate and those types of services. You probably won't have AT&T auditing the Verizon invoices and such. We feel pretty good that out of the $2.7 billion contract ceiling, we should be able to capture a significant, I would say significant being, if we could capture 10%, I think that we would be pretty happy with that. Yeah, as I think you should be. A topic that came up frequently on the earnings call last week was your pipeline for Device as a Service or DaaS. I know this is something that you guys are very excited about. Can you talk to us a little bit about that pipeline for potential new business in the space and, you know, maybe the broader DaaS opportunity? Yeah, I think the DaaS opportunity is, you know, large and continues to grow. Much of our DaaS opportunities are in the commercial sector, with the exception of now the new sensors that could be coming out. I'll talk a little bit about that. Sure. Including, we're talking all of these DaaS opportunities are commercial with Fortune 100 companies in various industries: finance, healthcare, energy sector. We're not really, we're sort of market agnostic when it comes to DaaS because I think everybody needs this service. We're talking all of these opportunities that are out there. A lot of these folks, even though they're commercial, want to make sure that the system they're using to provide and support the services is the most secure solution that's out there. Having our FedRAMP-authorized status for our Intelligent Technology Management System gives us a huge leg up. A lot of these opportunities are large opportunities and they're all SaaS deals. Licensing is a situation where we will sell the licenses to our platform and we'll either operate it on their behalf or we will train them and they will use that system to operate for themselves. We have a lot of large opportunities. I think we alluded to our partner CDW being named the official supporter for the LA Olympics and Paralympics in 2028. We see a large opportunity there. In terms of the census, there's the 2030 census and the RFI, we received the RFI actually last week. It's on the street. Anybody can go there and take a look at the RFI for the census project in 2030. We feel like we are the incumbents for that. We manage the largest managed mobility project in the world. This particular census involves 700,000 devices and enumerators. We acquired all of these devices, set up all of the devices, configured them, did the logistics to send it out to them, and helped process all of that, providing [24x 7] help desk. Once the census was done, we did the reverse logistics, brought them all back, wiped them all down, recycled them in the inventory, recycled some of the devices, and sold them on the secondary markets and so forth. We did that all during a pandemic without losing a single device. We know that our solution can scale. It was also the first time that the census was conducted using mobile devices. They tried it several times before and they were unsuccessful. They did this during a pandemic and it was a very successful project. We feel that we again have the inside track on the census 2030 along with our partner CDW, our prime contractor partner CDW. We feel pretty good about our opportunities. Of course, there's a potential census 2025. I was just going to go there. Yeah. Who knows? No reason to think you wouldn't be as well positioned for 2025 as you are for 2030. Right. If they have to spin up something really quickly, you know, why not go with a known commodity, right? We feel pretty good about that. I think that there may be an outside chance that there might be a 2025, but we're ready, right? We're ready for that. Our ITMS solution is ready and it could scale. Yeah, no, it makes a ton of sense. Now, given the programs that we just discussed, it seems like we have kind of a backlog of potential work here. How should investors be thinking about timing and that potential revenue impacts on the second half of 2025 and 2026? I want to be clear, I'm not asking for any kind of guidance, but just directionally, how should we be thinking about that? Yeah, directionally, I mean, you know, we have our contract backlog of something like $260 million, something like that, in change. A lot of that has to do with our CWMS 2.0. As we reach towards the end of that period of performance, you should see the contract backlog continue to kind of edge down. What will happen as the contract backlog continues to, you know, go down, what will happen is that when the new CWMS 3.0 starts up and the task orders are being issued to that, you should see that backlog continue to build. Based upon the current estimate, the CWMS 3.0 is going to be a 10-year contract versus a 5-year contract. It's going to be a $3 billion contract versus $754 million. Essentially what they've done is that they doubled the size of the CWMS 2.0 contract, right? Right now the current contract is the 2.0 is $750 million and change. If you would multiply that, because it's a 5-year contract, then you would multiply that by two, I get $1.5 billion, right? Sure. If you go 10 years, the 10-year contract for CWMS 3.0 is not $1.5 billion, it's actually $3 billion. We see the volume of the contract increasing and doubling. It's not going to happen all overnight, but I think some of it will happen probably, you know, first quarter, because I think that these items that they're going to put out are going to be new projects potentially related to, you know, securing the northern and the southern borders and using wireless and cellular technology and satellite technology to, you know, help monitor, you know, the border and those kinds of things. Of course, there's going to be an increase in, you know, staffing for ICE and CBP, because you've already heard that they're, you know, recruiting people. I think Dean Cain signed up to be an ICE agent. If Superman's on it. That's right. Superman is on it. I was surprised that he's almost 60 years old and they still took him. There you go. All right. Great. That's very, very helpful. Now, one thing I have heard in conversations with other companies that contract with the federal government, as I think is typical with a change in the executive branch, you can get some disruption and delays. Are you guys seeing any of that in your business? Because it certainly sounds like it's all systems go. Yeah. For us, we haven't experienced any negative sentiments from our customer side. Because we're in the Mobility as a Service industry, cybersecurity and mobility management and data analytics are a nonpartisan issue. As part of our mobility management, one of the things that we do and we pride ourselves in is that we help save taxpayer dollars. For the DHS, I think at last count, we had saved them something like $380 million in taxpayer dollars. This is all through managing all of these mobile devices and making sure that these devices are on the right plans and making sure that these devices are secure and you have clear visibility. A lot of times when we go into a new organization, you'll find somewhere between 7%- 15%, 20% of devices that go unused. Of course, the customers are paying for that. As you can imagine, let's say at a modest $50 per month per device, if you have 1 million devices that are not being used, that's a big chunk of change per month, right? $50 million x 12 is $600 million all across the federal government. One of the things that we did with DOGE when DOGE was prominently in the news, we had sent a one-pager to Elon Musk and I think Vivek at the time. The next thing we see is that OPM has now gone through this process and we have located all of these unused devices and we turned them off and we saved X million dollars. While that's good, I think it was good that they do that. What we do is that we keep the good hygiene going 12 months, every day to make sure that you're not, essentially if you do an audit every 12 months, you're losing that savings opportunity for the 12 months that you've already spent that money on, right? Right. We keep all of those things very clean, making sure that the inventory is accurate, making sure that the devices are on the right plans. We give you complete visibility for them, right? Who's using it, why they're using it, what department's spending the most money and data and so forth, and how many of these devices have been compromised and so forth, right? We keep that nice clean hygiene for our customers so that they don't have to go through an annual audit or biannual audit and find out that they've been paying millions of dollars more than what they should be paying over the last 12 months or 24 months. Yeah, no, that makes sense. I'm sure every contract is a little bit different and even every product and service you offer may be a little bit different. Could you just give us an overview of how you bill your customers? Is it on a per device per month basis? Is it a simple, kind of one size fits all subscription, monthly subscription? What does that kind of look like? I'm just trying to get a sense of what visibility you have as CEO and maybe what kind of visibility the investor has. Yeah, so the way we invoice our customer, as I said, Software as a Service model where we license our software to the customer and we operate it on their behalf. It's based upon the number of devices that are being managed, so it's each unit per device per month. That's our bread and butter. I think that things are changing a little bit in terms of our Device as a Service opportunity where the customer will pay a fixed monthly rate for everything soup to nuts on their smartphones or their mobility requirement. If they have 50,000 or 100,000 staff members, these devices, they would pay a fixed monthly fee for having these smartphones or laptops, mobile hotspots and what have you. They would pay a fixed monthly fee for a specific setup and we would bill them for that. We have mitigated the risk associated with actually holding inventory and actually acquiring the devices. We will partner with these large logistics companies, these hardware, software vendors like CDW to do the acquisition. They would do the inventory and the acquisition portion. We will provide the management portion to the customer and a fixed monthly fee. Great. Something that comes up in my conversations frequently when I introduce WidePoint to potential investors is the margin story. The company reports revenue as either managed service or carrier service, and both have materially different margin profiles. How do you kind of unpack that for investors and help them understand what the, you know, what the real margin opportunity here is in the business? Yeah, that's a great question. We try to do that in every one of our SEC filings to let our investors know that there's two lines, two main lines of revenue, the first being carrier services and the other being managed services. For all intents and purposes, the managed service revenue is the real business. The carrier services revenue is pass-through, is invoice payment, invoice processing revenue. When an investor looks at any of our filing, they should just ignore the carrier services portion, which is, as I said, just pass-through revenue, and really look at WidePoint for the non-carrier services revenue. They will get a clearer picture of how the size and the scope of our company. We are about, I would, for 2024, we were around $58 million in non-carrier revenue with gross margins of somewhere around 33%, 34%. We're continuing to improve our gross margins. As we close on some of these DaaS opportunities and some of our managed services revenues, you should see that margin continue to tick up. Our goal is to get that to 50% as we exit 2025 or 2026 and into 2027. It's probably like a 12 months, 24 months effort, but you should see our gross margins continue to tick up. Looking at our revenue, just ignore the carrier services revenue, just concentrate on the non-carrier services revenue. I think you can get a much truer picture of what the company is really doing. Right. I think that's some really helpful added color. I know, as I said, in my conversations, there's some confusion. As I think about valuation and the way I model the business, my valuation is purely based off of what you're doing on the managed service side, which I think is the right way to. That's the right way to think about the business. In terms of go-to-market strategy for both on the federal government side and the commercial side, are you using partners in a lot of cases to get involved in this work, or are you using a direct sales force to pitch business? Yeah. We do have our direct sales support and staff, but it pales in comparison to the budgets and the reach that our partners have. We have made an active part of our strategy to engage and invest in our partnerships with large systems integrators and strategic partners. That is paying a lot of dividends. Specifically, I can talk to CDW that we have partnered with, winning the U.S. Census project, Census 2020. They are also in alignment with us, or we're in alignment with them in their DaaS, Device as a Service strategy. we see a lot of opportunities spinning up because of that. By partnering, we can leverage our partners' significant sales and marketing resources along with their extensive customer networks. I think you'll see a lot more of those opportunities coming. We have announced in the past a lot of opportunities that we had won with CDW. Some of the Device as a Service with this defense health agency—I can't name the name, but it's a defense health agency. That was a teaming opportunity with CDW. We also won the NASA NEST contract with Leidos, our partner also over at the U.S. Army Corps of Engineers. There are a lot of large opportunities that we won. The reason why we're successful teaming with these large integrators is because we have the certification and accreditation that the federal government and these large acquisition departments require. Now with our FedRAMP-authorized status, we will be even more sought out for that requirement. As far as I know, for mobility management, we're the only game in town for FedRAMP-authorized. I think that there are a few that are in the cycle to get the FedRAMP-authorized status, but I can tell you that it is a long, drawn-out process. You are part of it. You've been following this for a long time. It took us roughly three years to get this thing done. We feel pretty good about it. Maybe dig in and give people a look at what that process entails and what the benefits coming out of that work are. Yeah, the process is that they have to look at all of our documentation, our system security plan, our SSPs. They have to run scans on our software and system to make sure that there aren't any loopholes or backdoors and such. There are specific tools to do that. You have to go through this process. Of course, even before you start that process, you have to get a sponsor from the federal agency that says that you need that. Once you get through that process, and as I said, it has been a long drawn-out process, you have a third party, 3PAO, third party, I'll get you the acronym, but essentially it's a third party auditor that goes through your code and your system and your network diagram and site visits and all of this stuff to make sure that you're operating your system in a very secure fashion, right? We've gone through that process. It's an expensive and lengthy process. Once you're through that process, what that means is that your system and the people that are operating your system and all of the environment in the network meets all of the stringent cybersecurity standards for the federal government. That's a big stamp of approval. Various organizations may have what they call authorization to operate, ATOs, with various agencies, but FedRAMP goes across the entire federal organization. That's a big deal. That's great, great color. We've talked a lot about the revenue opportunities that you guys have in front of you here in the second half of 2025. Really, as you get into 2026, I'm curious, is there a fair amount of hiring or added OpEx you'll need to support revenue growth? I'm just trying to get a sense of what operating leverage starts to look like in 2026 and maybe into 2027. Yeah, as we add on new customers, we will need to hire additional staffing. Sure. Not at the level that, you know, it will be a dollar for dollar. Every opportunity that we signed going forward, we should see, you know, operating leverage. You know, so far, all of the Navy Spiral 4 that we've won, we didn't have to go out and hire additional, you know, staffing. Our Device as a Service, as i said, is a licensing model. It's very light in terms of staffing, unless, of course, our customers want us to operate the licenses for them, in which case they will pay a higher price. We feel, you know, our operating, you know, requirements for our operations will be, you know, further and further diminished compared to the revenue that's coming in. Perfect. I want to touch on the balance sheet quickly. You know, the company ended June with about $7 million in cash and no debt. I'm curious, what kind of cash do you need to balance, do you need to run the day-to-day of the business? What about near-term cash needs? Do you have the available cash on the balance sheet to provide the runway for some of this new business? Yeah, so in terms of our operations, I mean, we have more than enough network and capital to continue to operate without having to go into debt. We have a line of credit with Old Dominion National Bank, ODMB. We rarely touch that revolving line of credit because we are continuing to generate cash. We do have a little bit of hiccup with FEMA, and we are working diligently to resolve that. We're probably six months behind in our billing. That has to do with not WidePoint being able to generate the invoices, but it's the process that FEMA has to go through to approve the invoices. FEMA is organized into seven different contracting officer representatives, and each COR is having to approve the invoice. They all like to see it the way they want to see it. Recently, there's been a new hire, new contracting officer that's coming in. We're working to make sure that we get that straightened out and get all of the unbills out of the way, because that is the largest source of unbills. As you said, we ended Q2 with $6.8 million, which was probably a little bit higher than where we ended 2024. Really, our cash balance should be north of $10 million. The reason why it isn't is because of some of these unbills. We should see our cash balance continue to fluctuate as we add on new customers and we have to spin up new pieces. Sure. We're continuing to add cash to our balance sheet. We're looking at our cash balance at the end of this year being roughly $11 million, $12 million. We're continuing to make progress. We're not looking for cash. We're not looking to raise cash. We recently filed a Form S-8 and an S-3. The S-8 was for a bonus incentive plan, which was out of shares. The S-3 is purely a housekeeping activity to make sure that if there is an opportunity for us to go out and raise capital, we have the facility to do that. We don't have any plans of going out and raising capital. We would only do that tied with a potential M&A opportunity. We do not need cash for operations. We have zero bank debt. We rarely touch our line of credit. We're in pretty good shape and we have plenty of runway. I think my last question for this morning, Jin, is on M&A. You know, the company, I believe, was formulated through the merger of IT consulting companies back nearly 30 years ago and has a history of M&A. What is the appetite today? What does acquisition criteria look like as you think about potential targets? Good question. I think, you know, when the company was originally formed, it was formed with the vision of being a portfolio company. They brought in companies, professional services companies and such. They even bought a company that did Y2K remediation for, you know, old goats like me, you know, who understand what that is. We do have some professional services work, but it's usually ancillary to Mobility as a Service work. a lot of the expertise that they look for, subject matter experts for mobility and cybersecurity professionals, is what we usually bill out as professional services. In terms of M&A, I mean, we're always looking, without weighing too heavily on our operations. If we want to continue to operate and concentrate on organic growth, then we're going to continue to do that. We have been quietly looking around, and we haven't seen anything serious rise out of the M&A markets. In terms of what we're looking for, we're looking for a company in the mobility or the cybersecurity and data analytics side that kind of fits well with our current operations. We did the IT as a Service, IT Authorities back in 2020, 2021, and that added roughly $10 million to our top line and contributing to EBITDA. I'm going to say it's probably a pretty large contributor. We're looking for companies that are established that have revenue. We're not looking for companies that are pre-revenue companies that say that they're going to have a hockey stick revenue growth. Sure. There are a lot of them out there. When they hit that inflection point of showing that hockey stick, we're more than happy to pay a premium for that, right? Yeah. In terms of companies that we're looking for, we're looking for companies that are established, stable, marginally EBITDA positive would be great because we can eliminate the redundancies and make them profitable. We're looking for opportunities like that. Even companies that are EPS positive, that would be great, right? Because once we merge the operations, we're going to be that much better. It is in the mobility and the cybersecurity area. We're not looking for shrimp boat captains. It sounds like you have a lot on your plate between the organic opportunities and the potential for a deal. Jin, I think this seems like a good place to stop today. I want to thank you for your time. Any investors on the line, if you have questions regarding WidePoint, please do not hesitate to reach out directly to me at sbuck@hcwco.com. Jin, any closing thoughts? No, the closing thoughts is thank you, Scott, as always. Thank you for your thorough analysis. Sometimes I feel like I've gone to see the doctor. I appreciate that. I think investors, when they listen into your commentary, they can rely on how thorough that analysis was. Thank you very much for the time, everyone. Have a nice day. All right. Thank you.