Good morning. Welcome to the ADENTRA Third Q uarter 2026 Results Conference Call. All lines have been placed on mute to prevent background noise. Following management's prepared remarks, we will open the line for questions. With me on today's call are Rob Brown, President and Chief Executive Officer, and Faiz Karmally, Vice President and Chief Financial Officer. ADENTRA's earnings release, financial statements, and MD&A for the three and nine months ended September 30, 2026, are available in the Investor Relations section of its website on SEDAR+. Before we begin, please note that today's remarks include forward-looking information, including comments on market conditions, strategic initiatives, and expected acquisition revenues. This information is subject to risks and uncertainties, and actual results could differ materially. Please refer to the forward-looking information and risk disclosures in ADENTRA's earnings release, MD&A, and other public filings.
Except as required by law, the company undertakes no obligation to update the information. Today's discussion also includes non-GAAP financial measures and ratios, including adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, and the leverage ratio. These measures are not standardized under IFRS and may not be comparable with similar measures used by other issuers. Definitions and reconciliations are provided in the earnings release and MD&A. All dollar amounts are in USD unless otherwise noted. I'll now turn the call over to Rob Brown. Mr. Brown?
Yes, we're here. Thank you, Joelle. Thanks, operator, and good morning, everyone. We delivered third quarter earnings growth and reduced leverage despite continued softness in demand. Compared with Q3 2025, sales increased 4.5%, adjusted EBITDA increased 10.6%, and adjusted basic earnings per share increased 27.1%. Adjusted EBITDA margin expanded to 8.9% from 8.4%, and our quarter-end leverage ratio declined to 2.3 times from 2.7 times a year earlier. Sales were a key driver of our performance this quarter. Higher organic product pricing, rather than a recovery in organic volumes, supported growth. Pricing contributed a 5.6% increase in sales, while lower volumes reduced sales by 1.6%. Mount Storm contributed $4 million in sales following its acquisition in August, and Canadian dollar movements had a modest negative impact. Profitability also improved. Gross margin increased to 21.5% from 21.4%, and operating expenses grew more slowly than sales.
That positive operating leverage expanded adjusted EBITDA margin by 50 basis points and was the primary driver of the year-over-year improvement in adjusted earnings. Our pricing model allows us to pass through higher product and freight costs, which helps protect gross margins. Sales growth this period was driven by product, or excuse me, by pricing rather than volume, as organic volumes remain slightly below last year. Our broad product offering and supplier relationships also give customers options as prices and sourcing conditions change. Cash generation translated into greater financial flexibility. During the quarter, we repaid $18.8 million of bank debt and ended September with a leverage ratio of 2.3 times compared to 2.7 times a year earlier. At the same time, we acquired Mount Storm and continued generating immediate returns for shareholders through dividends and repurchasing shares.
We have also raised our quarterly dividend by 6% to CAD 0.17 per share. This reflects our confidence in the business and fits our balanced approach to growth, balance sheet strength, and shareholder returns. Alongside our day-to-day execution, we continue to advance three priorities that can strengthen the business through the cycle. First is AI and digital optimization. Certain tools are nearing the end of their pilot phase, with a broader rollout planned for 2027. We believe these capabilities can improve decision-making and consistency across our network, supporting higher margins and organic growth over time. Second, global sourcing. Our network spans more than 30 countries, alongside strong domestic supplier relationships. We are continuing to diversify supply chain options to improve flexibility, reduce risk, and expand access to differentiated higher-margin products.
This approach has helped us navigate potential tariff headwinds, with the current tariff regime not expected to have a significant impact on our business. Third, disciplined acquisitions. We acquired Mount Storm on August 3rd for $6.2 million, subject to customary closing adjustments. The business serves Northern California and adds value-added milling capabilities, a broad product offering, and established customer relationships. Its Q3 sales contribution was $4 million. It is expected to add approximately $20 million in annualized sales. We maintain an active acquisition pipeline. We will continue to pursue opportunities that fit our platform and offer attractive long-term returns. With that, I will turn the call over to Faiz to review the financial results.
Thanks, Rob, and good morning, everyone. Unless otherwise noted, my comparisons are with the third quarter of 2025, and all dollar amounts are in U.S. dollars. Third-quarter sales were $618.7 million, up 4.5% year-over-year. The drivers were organic product pricing, which contributed a 5.6% increase in sales, organic volumes, which reduced sales by 1.6%, and $4 million of sales from Mount Storm. Canadian dollar movements had a modest negative impact. These results reflect pricing-led growth, with organic volumes still below the prior year. By geography, U.S. sales were $573.2 million, up 4.6% in U.S. dollars, including Mount Storm. U.S. organic pricing increased 4.9%, while organic volumes declined 1%. Canadian sales were CAD 63.6 million, up 5%, with pricing up 2.9% and volumes up 2.1%. The Canadian growth figures are in local currency rather than U.S. dollar reporting currency.
Gross profit was $133.1 million, up 5.3%, primarily reflecting higher sales. Gross margin was 21.5% compared with 21.4% last year, an increase of 10 basis points. Reported operating expenses were $100.9 million, down 0.6%, reflecting lower share-based compensation. Excluding that change, operating expenses increased 1.8%, well below sales growth of 4.5%, which supported positive operating leverage. Adjusted EBITDA was $55.2 million, up 10.6% from $49.9 million, as higher gross profit more than offset a modest increase in operating expenses. Adjusted EBITDA margin was 8.9% compared with 8.4%, an expansion of 50 basis points. Net finance expense was $10.5 million compared to $10.8 million. Interest expense on bank indebtedness decreased by $1.8 million, reflecting lower average debt and lower effective interest rate. Lower other finance income and higher lease accretion expense partially offset that benefit. Reported net income was $15.9 million, up 56.8%, with basic earnings per share of $0.66.
Adjusted net income was $21.4 million, up 24.4%. Adjusted basic earnings per share were $0.89, up 27.1% from $0.70. Stronger operating results supported the improvement in adjusted earnings. Turning to cash flows, net cash provided by operating activities was $47.2 million compared with $60.6 million last year. Cash generated before changes in non-cash working capital increased to $42 million from $35.1 million. Working capital released $5.2 million of cash this quarter compared with $25.5 million last year. During the third quarter, we repaid $18.8 million under our bank facilities, funded the $6.2 million Mount Storm acquisition, and returned $3.5 million to shareholders through dividends and share repurchases. at September 30, net bank debt was $342.3 million. Our leverage ratio was 2.3 times compared with 2.7 times a year earlier.
We will continue to balance investment in organic growth and acquisitions with balance sheet strength, dividends, and opportunistic share repurchases. on November 6, the board declared an increase to the quarterly dividend, bringing the dividend to CAD 0.17 per share, payable on January 29, 2027, to shareholders of record on January 18, 2027. The higher dividend is part of that balanced approach to capital allocation and supports the confidence in our business and our results. With that, I will turn the call back to Rob. Rob?
That is great. Thank you, Faiz. Turning to the fourth quarter, October sales were approximately 5% higher on an average daily sales basis compared with last year. Our low leverage also provides substantial balance sheet capacity for acquisitions, and we remain active and disciplined in pursuing accretive opportunities that align with our strategic priorities and meet our return objectives. While this encouraging start and our financial flexibility position us well, we remain measured in our outlook as we enter our seasonally slower period. The broad market backdrop remains challenging, with elevated mortgage rates and affordability constraints continuing to weigh on residential construction, while higher energy and logistics costs add inflationary pressure. Against this backdrop, we remain focused on the factors within our control, capturing market share, maintaining pricing and cost discipline, and managing inventory and purchasing.
Our third quarter results demonstrate the benefits of this approach and reinforce our confidence in our strategy. We will continue to execute our long-term value creation plan, strengthening the business and positioning it to deliver attractive returns through the cycle. Thank you for joining us this morning, and Joelle, we would now be pleased to take questions.
Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press star followed by the one on your touch-tone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment, please, for your first question. Your first question comes from Nikolai Goroupitch with CIBC Capital Markets. Your line is now open.
Hi, good morning. How are your 2027 planning conversations with customers going? Are they expecting volumes to be flattish or decline further next year?
Yeah, good morning, Nikolai. We have 65,000 customers, so it is hard to pick out a theme or a number for you generally. I would say this, though, that we are well into our 2027 planning cycle. I think everybody is realistic about the upcoming year, given the current environment we are in, which, as we just described, is a higher mortgage rate environment, and there is affordability concerns. It seems to be holding at least the new residential housing market down. We are seeing a little bit more relative strength in repair and remodel. So, I think for now, your best guide is steady as she goes. If you look at, on a year-to-date basis, we have had volumes roughly flat, down a little bit.
And in the fourth quarter, they were down low single digits. So, we are looking at those metrics as we plan out our activities for the coming year.
Thanks, that is helpful. And how should we think about gross margins in Q4? What are the key puts and takes there as we head into year-end?
Yeah, probably nothing to call out from the performance that you saw in Q3 in terms of change. We had a particularly strong fourth quarter gross profit margin last year, which I wouldn't necessarily expect to repeat. So, I think Q3 is a good guide to the forward look for now.
Thank you. I'll turn it over.
Appreciate it.
Your next question comes from Kyle McPhee with ATB Cormark. Your line is now open.
Hello, everyone. Good Q3. Great to see the volume growth better than the sector and the margin gains you keep delivering. I just want to dig in on the margins go forward. It sounds like you are pretty happy with how your AI and digital optimization efforts are coming together. Do you think the broad rollout next year for those tools may actually show as noticeable margin gains, or is the full force impact more of a medium-term opportunity? Maybe just remind us where the bulk of the benefits may show up for your business.
Yeah, so we are really working on two tools. I will not go too deep into the weeds on them, but they are around demand generation and then around making better pricing decisions in the field. We are really happy with the build that we got done this year, and next year is about taking that and scaling it. It is hard to put goalposts yet around what that might mean for gross margin expansion or potentially share gain on the demand generation piece, but we are very optimistic about them. I think that it would be more fair to think of you are going to spend some time getting it out in the field in a bigger way in the first half of the year, and then you are going to be trying to harvest in second half of the year more of the benefit.
But I do think it is just a little bit too early for us to put some numbers around that. Just your comment about the quarter, I would say we are very pleased with it in the sense that it continues to demonstrate the price pass-through model where we had price inflation. We were able to pass that on while maintaining our gross margin, and that provided us with the, along with cost control, the operating leverage you saw to both adjusted EPS and adjusted EBITDA.
Got it. Thanks for the color. Maybe just as a quick follow-up, at the pilot stage for some of these tools that you are going to be rolling out more broadly next year, are there any kind of stats or case studies you can maybe share with us to help us maybe quantify the medium-term outlook from this stuff?
I love the question. I think it is just a little premature for me to put numbers out there for you, so stay tuned.
Okay. Thanks. I will pass mine.
Okay.
Your next question comes from Kasia Kopytek with TD Cowen. Your line is now open.
Hi. Good morning, Rob and Faiz.
Morning.
Rob, you touched on AI. I want to ask you on incremental price gains into 2027. You commented on 2027 volume outlook, but I am just curious, given where you are seeing inflation now, whether it is building or it is sort of stabilized, what do you think you are going to expect for pushing prices through into 2027? I guess it would be more Q2 onwards, just given the timing of the Iran conflict earlier this year.
Yeah, it is hard to say how sustained the pricing will be, whether it settles at these higher levels or it continues to push the pace even further. It accelerated in Q3, and while we just have October for now, it also looks fairly robust starting into Q4. Our main focus has been on the pass-through and making sure that we are getting paid for the value we are providing, and if our prices go up, we expect to maintain our margin. It is hard to say how far that product price inflation trend continues into the coming year. Definitely, there are freight, fuel, and logistics elements that are impacting that product price inflation number today.
Just remind me, when you push prices through and inflation moderates, do you tend to give some of that back, or do you hold onto those?
It can be a little more sticky on the way back, but at the end of the day, we are still in an environment that has good, strong competition. While we do not lead or compete on price, we emphasize other service and product offering elements, you still need to stay sharp on price. If there was a meaningful product price deflation, we would expect to go through that as well, but that is just not the trend or the theme that we are seeing in the market right now. It is the opposite, if anything.
Right. Okay, fair enough. On volumes, they were down 1.6% year-over-year this quarter. Can you help me frame how you are thinking about market share gains, I guess, relative to that number or just more broadly?
Yeah. For those of you stylistically that spend time with Faiz and I think you know we do not kind of over-promote, if I could put it that way. I would say that when we have looked at where other public company issuers within the broader building product space are releasing results, maybe to Kyle's earlier comment, we think we are, on a relative basis, performing quite well. So, I do think there is probably some insights there where we are taking some share. The team is doing a very good job in this environment, and I think you are seeing some of the benefits of that in our results.
Okay. Lastly, Rob, can you just comment on what kind of opportunities you are seeing in the M&A landscape?
Yeah, I would say that the pipeline is very good. We have been active all year. We have got one to the finish line so far. The balance sheet is in great shape, so as we have consistently offered up as a message, I think you can expect us to continue to be active when things come through. It can be a little bit lumpy, but we have got good discussions ongoing on a regular basis, working the pipeline that we have already got, and then we have got a decent level of good inbounds with new opportunities as well. So, we are feeling good about that.
Okay. Thanks for the thoughts. Appreciate it. I will turn it over.
Thank you.
Your next question comes from Zack Evershed with National Bank. Your line is now open.
Good morning, guys. It is Nate on for Zack this morning. Congratulations on a very solid quarter. My first question is related, it is just following up on that M&A pipeline. Are you seeing any more attractive opportunities or any changes in seller pricing as the near-term market outlook dims?
I would not call out anything as an overall theme that says it is up or down. I would say more important maybe for us is just the level of activity. I would agree with your comment, Nate. We have been in a period of relatively modest performance for the macro. These are, if anything, trough conditions where we are finding some very good performance. Because we have been in that situation for some time, I think that people are making decisions to sell based on personal circumstances, demographics, succession-oriented issues rather than market timing. Within that kind of flow of transactions, I would say that expectations are more normalized. For us, it is probably a little bit less about, is our multiples up or down a half a turn in terms of expectations. It is more about the predictability of the sustainable EBITDA of those businesses.
Because we have been in a relatively flat market here for some time, it is much easier to put your finger on that when you are doing pricing. Again, the pipelines, we are encouraged by the pipeline. There are good conversations underway. Our balance sheet is ready, and we think seller expectations are reasonable.
Okay, thank you. Are you seeing any forms of, or any inklings of demand destruction so far from the higher costs everyone has been experiencing?
Well, it has been a fairly sideways market. I mean, if you look at our volumes on a year-to-date basis, they are roughly flat. If you look at them for third quarter, they were down a couple of points. I think that there has definitely not been a strengthening over the course of 2026, and that is kind of the mentality I think you have to go into for the coming year, which is, it is operational excellence, and continuing to run the business with a lot of discipline, and then taking advantage of the M&A opportunity because we do have a true corporate opportunity there to add to, if it is going to be a lower growth organic environment, we can still add to that through an acquisitions program to find additional growth on top. That is how we are really thinking about it.
Okay, great. It was noted in the MD&A some language on prudently pursuing some market share gains. With the strong price increases shown over the recent quarters allowing you to clock some positive organic growth, are you planning on taking more than your fair share from perhaps giving up a little pricing? I know you made some comments on not necessarily leading or lagging on pricing, but still staying sharp, but any opportunities there?
We are very committed to the price pass-through model. It is not to say you will not have gross profit margin go up and down within a range quarter to quarter. That is very normal for a distributor. But I would not characterize it as I think you were suggesting of let us make a market share grab at a lower margin rate. When margin goes down, it is a lot of work to get it back up, and I think that we will continue to work on our own internal tools, such as what we are doing with the AI and digital to become better and smarter at pricing to try to continue to expand gross profit margin over time.
All right, thank you very much. I will turn the line over.
Thanks, Nate.
Your next question comes from Christian Reiter with Raymond James. Your line is now open.
Hi, Faiz and Rob. Congrats on the quarter. Just a quick one. You've made some good progress on streamlining operations and improving cost efficiencies. What's your expectation right now on OpEx inflation as we're moving into 2027?
Hey, Christian. Good morning. It's Faiz here. I can take that one. On operating expenses, you're remembering that correctly. We've done a lot really since 2025 in terms of rationalizing the footprint. Over the last six, eight quarters, we're down five facilities as an example. Our headcount's a little bit down as well year-over-year, over year actually. A lot of the work around just making sure our cost base is right-sized for the environment we're in has been done. You've seen that in the results. I mean, our operating expense has been generally flattish ± now since really the beginning of 2025. Year to date, our operating expenses are about flat, but you did see in the quarter, if you normalized out for some stock-based compensation noise, we were actually up 1.8%. I do envision that going forward, that low single digit.
There are things that we can continue to do to make sure we're tucking under the headline inflation number in terms of cost inflation. But we're not going to be immune to it forever. We've had two years now where we've done all the right things, and we've enjoyed kind of flattish expenses for that. I could see low single digit here going forward. Just on the things you'd expect, Christian, around leased facilities. As you know, we've got 80 or so, 79, I believe, leased facilities. A large portion of our cost base are just related to people and wages and benefits and insurance costs. We'll see some low single-digit inflation in those areas would be my expectation going forward.
Perfect. That's great color. Just on the global sourcing program, do you see any other opportunities to shift procurement towards maybe differentiated or higher-margin products? Or is this already at full or at good efficiency right now?
Yeah, no, the product portfolio is always changing. You do add and drop lines over time, and we continue to. I would say try to upgrade where there's opportunity to the best, most attractive manufacturing partners, which typically brings branding and marketing support, which typically brings superior margins. That is always very much part of what we're trying to do. Along with that, adding additional services where we can. I think the Mount Storm acquisition we completed in August is a good example of that. That's a business that comes with strong local milling operations, which allows us to do more for the customer, makes you more sticky, and gives you better margins on selling the overall package. Those are themes that, yes, you should continue to see from the company.
Perfect. Thanks. I'll turn it over.
Thanks.
Your next question comes from Carol [audio distortion] with Scotiabank. Your line is now open.
Good morning. This is Carol on for Jonathan Goldman from Scotiabank. Thanks for taking my question. It was nice to see the strong pricing growth this quarter. I am a bit surprised that the pricing has remained resilient despite weaker volumes. Could you discuss some of that disconnect?
Yeah. Good morning, Carol. Nice to hear from you. This is really around having effective internal processes with how we manage price. As I mentioned earlier, the price pass-through model is something that is an important constituent part of how we operate the business from day-to-day basis. So, even though it is, to your point, not a strong volume environment, we saw that fall a little bit in Q3, we are bringing an offering to our customers that is more than just price. It is service, it is global sourcing, it is just-in-time capabilities, it is credit, it is product knowledge. And so, all those things go into the basket of determining the price, and the team has just done a really good job, despite the macro being softer, in making sure we get paid for what we are bringing to the table.
We are in a moving market with prices, and we pass those through quite promptly. So, there is always going to be some natural dynamic that you are referencing between market share and margin, but we did a really good job on that in the third quarter, finding the right balance.
I see. Appreciate the color. Just to follow up, could you also provide an update on the channel inventory in the industry? Is it balanced, or are there pockets of excess?
I would say it is reasonably balanced. If you think of our three customer channels, Home Center, we are a category manager there, where we are managing the inventory ourselves within the stores of our Home Center partners. So, we have perfect visibility into that end market, and I would say it is balanced. On the industrial customer segment side, that is a segment that very much relies on just-in-time inventory. They do not typically stock inventory at their own locations. That is in our warehouses. So, from a channel perspective, it is having the right balance within our own footprint, which we do. We have actually improved our turnover in terms of days year-over-year up to this point in 2026.
The third customer channel, which is the ProDealer, that one does have more variability because those ProDealer lumber yards can carry more stock at their own level, but I would describe that as normal today. Nothing to call out.
Okay, sounds good. Thanks for the color. I will turn it over.
Your next question comes from Étienne Larochelle with Desjardins. Your line is now open.
Good morning. Thank you for taking my questions. First, on the price increases you're implementing, I was curious if you saw any greater resistance from customers or lag in the price pass-through given the softer demand environment.
Well, that's always something that needs to be handled well and thoughtfully. We've been very consistent in how we go to market, as I've mentioned earlier, and we've got a period of prices that are going through an inflationary perspective. We've been, I wouldn't say aggressive, I would say we've been on pace with, if our sourcing costs go up, that's something that gets embedded in the product pricing to our customers, and we get paid margin that should come with the distribution offering we're bringing to the table. I would say, based on other issuers that have reported, I think our very low single-digit volume decline stacks up very favorably. I would not say we've lost share, as we've also managed through product price inflation.
If anything, we would position ourselves as continuing to do well against the broader market and probably be taking some share.
Okay, great. That's helpful. Thank you. You also mentioned that your October average daily sales were up 5% year-over-year. I'm just curious if you could break that down between volume and pricing, and maybe if you saw any meaningful change in underlying demand as you moved through the month.
Oh, hey, it's Faiz here. It's predominantly price-driven. There's really no change sequentially going from the third quarter to the first month of the fourth quarter that we've seen. I would offer the reminder that the fourth quarter is our slowest quarter. It's just a seasonally slow quarter in general for the building products space. So, if you're looking at volume sequentially, you should expect those to decrease from Q3 to Q4, which again, would not be inconsistent with what you'd expect in the broader market.
Excellent. Thank you. I'll pass the line.
Ladies and gentlemen, as a reminder, should you have a question, please press star one. Your next question comes from Ian Gillies with Stifel. Your line is now open.
Morning, everyone.
Hey, Ian.
Hey.
Going back to M&A, I am just curious, have buyer expectations receded with the downdraft in, I guess, the outlook for new home starts in the U.S., or is that something that is still being worked through industry-wide?
Yeah, it is always hard to put a finger on seller expectations because it varies very much by situation to situation. I would not call out any big shift. Again, I would say it is more coming to market with a multi-year track record of EBITDA performance that has been not very dynamic in the current market, which actually makes the pricing discussion a little bit easier. I would not say there has been a shift one way or the other in terms of expectations. It typically does just come down to negotiating an outcome that can work for both parties.
Understood. This may be a reasonably straightforward answer for you, but the longer that time passes where you do not execute, call it a mid-sized bolt-on, is your appetite to do a larger deal getting bigger as the balance sheet capacity gets a little larger, or is your preference still to do kind of something like mid-sized and bolt-on in nature?
I think the whole landscape in terms of potential size is available to us with where the balance sheet is today. We do not target per se small, medium, large. It is more about most attractive opportunity and fit that is available at the time. For instance, Mount Storm is fairly modestly sized acquisition, but tremendously good strategic fit, and we love it so far. It is performing well. It is doing everything we hoped it would. If we can do more of those, we will. But that does not in any way preclude us being interested in larger, maybe more strategic acquisitions also. The important thing is what you mentioned, which is we got the balance sheet to have the optionality for all those things now.
Understood. Last one. I am sure you guys have been talking about this in some way, shape, or form, but with the change in the U.S. political situation, we will see what happens with tariffs. But in the event, if they were to lighten up or change in any material way that would, I guess, take down pricing of building products, how are you thinking about holding any existing pricing, and do you think it reverses course in the event that happens? I am just trying to figure out that situation.
Really hard to predict, though I do appreciate the question. We would manage through if product pricing deflated because of a proportion of the mix now having an easier tariff regime. Those things are also not helpful to demand. We have talked a lot about demand being held back by affordability. If we can get into a situation where we have got policy choices that lead to affordability becoming less of an objection, we would also welcome that. I think we can be successful regardless of what the market balance is between price and activity levels. So far, we have been managing that very closely with pricing, but we would very much welcome some higher activity levels as well. We have got lots of capability to do that in our existing facility footprint, and as Faiz noted, the operating leverage that is inherent in the business.
We could really do a lot with even just modest uptick in volumes.
Okay. That is really helpful. Oh, go ahead. Sorry, Faiz.
Yeah, sorry. Maybe just add one point on top of that, Ian, which is it is tough to say how much of trying to dissect the increase in pricing is a difficult exercise. But when you think about your question around tariffs, that is one component of several relating to the price inflation. You may recall our product mix, approximately 30% of our product mix is subject to some tariffs today, between 10% and 12.5%. So, it is an important component, but that is not the sole thing that is driving the price increases. You have got the broader other components of inflation driving that as well. I just wanted to point that out.
No, that is a good reminder. Thanks very much for the detail. I will turn the call back over.
Thanks.
There are no further questions at this time. I will now turn the call over to Rob for closing remarks.
Okay. Nice job, Joelle. I think that's a wrap for today. Please do reach out to Faiz or myself with any follow-on questions. We'd be pleased to assist any way we can.
Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your line.