Ladies and gentlemen, before we begin the formal portion of today's program, I would just like to remark that, K-Bro has a long history in Alberta. Incorporated in Alberta, its roots are in Alberta, and its head office is in Alberta. It would be remiss of me not to begin this meeting by saying, "Go Oilers, go, and bring the cup home to Canada. It's been a long time." I'll now begin the formal portion of the meeting. My name is Mike Percy, and I am a director of K-Bro Linen. It gives me great pleasure to welcome you today to our 2024 Annual Meeting of Shareholders. Joining me and presenting today are Linda McCurdy, President and CEO, and Kristie Plaquin, CFO.
As you can see, we are holding today's meeting fully virtually to mitigate costs, as well as for the convenience of our shareholders, who are now able to log in virtually from any location. On behalf of the board, I wish to express thanks to those shareholders who have submitted their proxies in advance of today's meeting. If you have logged into this meeting with a control number or username provided to you by TSX Trust Company, please be sure to vote on the resolutions put forth before the meeting today. As this meeting is being held virtually via live audio webcast, we think it is necessary to set out a few rules for the orderly conduct of the meeting. First, questions in respect of a motion can be submitted by a registered shareholder or duly appointed proxy holder using the questions module of the virtual platform.
When asking a question, please indicate your name and which entity you represent, if any. Third, questions will be read aloud by the secretary and addressed during the question period at the end of the meeting, provided that questions regarding procedural matters or directly related to motions before the meeting have been addressed during the meeting. For the fourth, for the purposes of the meeting today, voting on all matters will be conducted by a single electronic ballot. Registered shareholders and duly appointed proxy holders will be asked to vote on each business item after the presentation of all such business items. Only registered shareholders and duly appointed proxy holders of the corporation are permitted to participate in the voting. Fifth, when you are asked to vote, you will receive a message on the virtual interface requesting you to register your votes.
You will have only a certain amount of time to do so when the polls are open. We will now proceed with the formal portion of today's meeting. To expedite the formal part of the meeting, I will move and second all motions following the formal meeting. Following the formal meeting, Linda McCurdy, President and CEO of the corporation, and Kristie Plaquin, CFO of the corporation, will give a short presentation. I now call to order the annual general meeting of the corporation shareholders. With the consent of the meeting, I appoint Kristie Plaquin, the corporation's Chief Financial Officer, as secretary of this meeting.
With the consent of the meeting, Kristine Calesso and Chantelle Rondeau from TSX Trust Company will act as scrutineers to report on the number of common shares at this meeting and to tabulate the votes on any ballot taken at the meeting and to report thereon to the Chair, Chairperson of the meeting. Ms. Plaquin, can you please confirm the presence of a quorum?
Mr. Chair, I've been advised by the scrutineers that there are present by proxy a sufficient number of persons holding a sufficient number of shares entitled to vote at the meeting to constitute a quorum. As there is a quorum present, this meeting is regularly called and properly constituted for the transaction of the business.
Great. Thank you. I hereby declare that this meeting has been duly convened and properly constituted to transact the business for which it has been called. Accordingly, unless there is an objection, I will dispense with the reading of the notice of meeting. I direct that a copy of the notice with proof of mailing be kept by the secretary with the minutes of the meeting. The purposes of today's meeting are set out in the management information circular dated April 16th, 2024. Copies of which were mailed to shareholders together with the notice of the meeting and the form of proxy, copies of the management information circular and other meeting materials that are available on the corporation's website and under the corporation's profile on the SEDAR website.
Voting on the items of business to come before today's meeting is being conducted by a poll by a single electronic ballot that is now available on the web portal. Only registered shareholders and duly appointed proxy holders are able to vote or ask questions. Voting can only be done through the virtual voting platform on the webcast. If you are a registered shareholder or proxy holder and wish to vote, click the voting icon at the top of the webcast page. Voting can be completed at any time from now until the polls are closed at the end of the formal business of the meeting. If you have already voted in advance of the meeting and do not wish to change your vote, you do not need to vote again during the meeting.
The polls are now open to those who have not yet voted, and we encourage you to vote now. Questions can also be submitted through the webcast platform. Click the question icon at the top of the webcast page, type in your question in the text box at the bottom of the messaging screen, and then click the send button. If your question relates to a specific motion, please start your question by identifying the motion. We will respond to questions relating to specific motions before the closing of the polls, and we'll save all other questions for the general question and answer session at the end of the presentation on the corporation following the formal portion of the meeting. We will receive the questions and read them out in order for everyone to be aware of the question being addressed.
If we have a number of questions that are the same or very similar, we will consolidate the questions. We will endeavor to address all general questions. However, please note that due to time constraints, we may not be able to do so. If you have questions, we encourage you to submit them now. Questions can be submitted throughout the meeting. Finally, we would like to remind you that our answers to your questions and our presentations may contain forward-looking information. By its nature, this information contains forecasts, assumptions, and expectations about future outcomes, which are subject to the risks and uncertainties discussed more fully in our public disclosure filings. We will now go through each of the items on the agenda in turn.
As noted earlier, to further expedite the formal part of the meeting, I will move all motions and no such motion will need to be seconded. I now declare that this meeting is regularly called and properly constituted for the transaction of business. We now move to the formal part of today's agenda. As I mentioned earlier, the polls are open for voting on all matters of business. The first item of business is the tabling of the annual consolidated financial statements of K-Bro Linen Inc. as of December 31st, 2023, and for the year then ended, together with the reports therein of management and the auditors of the corporation. A copy of these documents was made available to all shareholders of the corporation, along with the corporation's notice of meeting and information circular dated April 16th, 2024. Additional copies are available for anyone wishing one.
Unless there is an objection, I will now dispense with the reading of the auditor's report. The annual report will be tabled at this time, but it would ask that any questions you may have arising from the annual report or financial statements be raised later when shareholder questions are entertained. I will entertain questions with respect to the financial statements of the corporation in the general question period. We now move to the next point on today's agenda. The next matter to be acted upon is the election of five individuals to the board of directors. As per the management information circular, Mr. Matthew Hill, Mr. Steven Matyas, Mr. Michael Percy, Ms. Linda McCurdy, and Ms. Elise Rees have been nominated as directors for the ensuing year or until their successors are elected or appointed.
Each of the persons nominated have confirmed that he or she is prepared to serve as a director. Each of them qualifies as a director under the provisions of the Business Corporations Act of Alberta. The motion to elect the five nominees is now on the floor. The act requires that the board of directors be elected. Proxies have been solicited for each of the five proposed qualified persons listed in the management information circular. The form of proxy for voting on the election of directors sets out each proposed nominee separately and allows shareholders to vote for each of the directors individually. Is there any discussion on the motion or additional nominations? Hearing none, I will move on to the next item of business. Thank you. As mentioned at the beginning of this meeting, voting today will be conducted by a single electronic ballot.
We will therefore continue with the next item of business, which is the appointment of the corporation's auditors, and you will be prompted to vote on the election of each proposed director after the presentation of all business items for the meeting. Unless there are questions or discussion, I will move to the next item of business. The next item of business is the reappointment of PricewaterhouseCoopers LLP Chartered Accountants as the auditors of the corporation for the ensuing year, and to authorize the directors of the corporation to fix the remuneration of the auditors. I move and second that PricewaterhouseCoopers LLP be appointed auditors of the corporation until the next annual meeting of shareholders, and that the board of directors be authorized to fix their remuneration. The motion is now on the floor.
You will be prompted to vote on the reappointment of the auditors after the presentation of all business items for this meeting. Unless there are any questions or discussions, I will now move to the next item of business. As previously mentioned, voting today will be conducted by a single electronic ballot. You will now be prompted to register your vote in respect of each of today's business items for this meeting. Please register your votes by accessing the voting page when prompted and pressing on the For or Withhold buttons next to the name of each proposed director and next to the re-resolution with respect to the appointment of PricewaterhouseCoopers LLP as the corporation's auditors. Once the electronic balloting closes, the voting page will disappear and your votes will automatically be submitted.
We will now take a short pause to answer any questions that have been submitted and to greet any registered shareholders or proxy holders who have not already done so to record their votes on the motions before the meeting.
Mr. Chair, I confirm there are no questions.
Okay. Having received no questions, I will now close the poll in 30 seconds. one, two, three, four, five, six, seven, eight, nine, 10. six, seven, eight, nine, 30. The polls are now closed. I have now received the preliminary scrutineers report. With respect to the election of the directors, I am advised by the scrutineers that each of the proposed nominees has been duly elected. With respect to the resolutions to appoint the auditors, I am advised by the scrutineers that this resolution has been duly carried. The scrutineer will prepare the scrutineers report following the completion of the meeting, and we will announce the results of the meeting in a press release in accordance with the policies of the TSX and file the press release on SEDAR. Is there any other formal business to be properly brought before the meeting?
If there's no further business to be brought before this meeting, I move and second that the formal portion of today's meeting be concluded. I will now call upon Linda McCurdy, President and CEO of the Corporation, and Kristie Plaquin, CFO of the Corporation, to lead a discussion on the corporation and a review of our 2023 annual and first quarter 2024 results.
Thank you very much, Mike, and good morning, everyone, and welcome. Before we begin the formal presentation, I would like to remind everyone that statements made during our prepared remarks or in the Q&A portion of today's meeting with reference to management's expectations or our predictions of the future are forward-looking statements. All statements made today, which are not statements of historical fact, are considered to be forward-looking statements. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information. Investors are also cautioned not to place undue reliance on these statements. Actual results could differ materially from those anticipated. Risk factors that could affect the results are detailed in the corporation's public filings. With that, I will start by giving a presentation and overview of the company.
K-Bro is the largest healthcare and hospitality laundry and linen processor in Canada. With the acquisition of Fishers and most recently Shortridge, we are also one of the largest in the U.K. K-Bro started over 65 years ago in Edmonton as a family business and was subsequently sold to two different PE firms in the 1980s and 1990s and owned by them until the company was taken public in 2005. We operate 17 facilities and three distribution centers. 10 facilities and two distribution centers in Canada, and we operate seven facilities in the U.K., five in Scotland and the northeast of England. Most recently, we've added two facilities and a distribution center in the northwest of England as a result of the acquisition of Shortridge.
It is this network of strategically positioned modern facilities enables us to provide the critical services required by our healthcare and hospitality customers. Our ongoing reinvestment in the latest equipment and technologies enables us to provide the highest levels of service and quality to our customers. This slide details our circular nature of our essential service business model, which operates seven days a week, 365 days a year. These pictures are from our Edmonton plant, which has become the blueprint for all of our new builds. In any of our new builds, like Regina, Toronto, and Vancouver, we're achieving operating efficiencies from using the latest laundry technologies, including a 30% reduction in water, a 20% reduction in the consumption of natural gas, and a 30% gain in productivity.
Just to step back and provide you with an overview of our business, it is a simple and easy to understand business from an investor's point of view, but it is highly specialized, automated, and has significant barriers to entry, which puts K-Bro in a strong market position. It starts by K-Bro purchasing the linen and managing it on behalf of our healthcare customers. We collect the soiled linen and return it to our plants for processing 365 days a year. All of our plants follow Health Canada rules and regulations and achieve the highest standards of cleaning, adhering to HLAC and TRSA's hygienically clean standards. These strict processing requirements create a barrier to entry for small processors to enter the healthcare market. The first step in the process is to sort the linen by classification in order to wash it the most efficiently and effectively.
We wash the linens in tunnel washes, which are roughly 75 feet in length and are highly automated and controlled. After washing and drying the linen, we iron and fold it and then repackage the linen for distribution based on set quotas by nursing unit or by hotel demands and send it back to our customers 365 days a year. This model is circular in nature and occurs continuously, seven days a week, 365 days a year. In addition to these services, we also provide K-Bro's operating room linen program, our core program which provides services to our major healthcare clients. Our core services is linen processing of reusable operating room linens, including surgical gowns, drapes, towels, and in some cases, sterilization of those products prior to delivery to the hospital.
Our services include the assembly of operating room packs, specifically designed for the customer. For example, an open heart pack may contain surgical gowns, drapes, and towels, each in predetermined quantity, and that open heart surgery pack may differ in configuration between hospitals. We see this value-added service as an area for potential growth and as more and more of our clients focus on environmental initiatives and supply chain sustainability. On this slide, you can see that both the Canadian and U.K. markets are large with significant organic and acquisition growth opportunities in both the healthcare and hospitality spaces. From a Canadian market perspective, we estimate that the size of the market is approximately CAD 725 million. We have approximately 30% of the market.
Other private sector competitors have about 30% of the market, and 40% remains insourced, which represents opportunities for further growth. In terms of the U.K., the U.K. market is roughly GBP 1.4 billion, with K-Bro Fishers having a 5% market share with the majority of our business in Scotland and the North East of England. The remaining private sector competitors have 95%. This provides a great landscape for us to continue to grow our business in the U.K. This slide speaks to our market share in Canada. Here you can see in each of the markets we are in throughout Canada and our market share relative to all outsourced volume. We maintain a strong position relative to our private sector competitors. However, there still continues to be room for growth in all of our markets.
In addition, there remain provinces across Canada that continue to process their linens in-house, which we expect as equipment ages will lead to further outsourcing opportunities. This is a slide of our management team and our ability to provide a high-quality linen service program is made possible by our seasoned senior executives and management teams. I won't go into the entire team in details, but big picture, I've been with the company for more than 25 years, and Kristie, our CFO, has been with K-Bro for over 20 years. Sean Curtis, our COO, has been with the company close to 40 years and has been key to all aspects of business development, plant operations, and development of future operating talent. In addition to our senior management team, our 10 general managers have extensive experience in the business.
Many of our GMs have been with K-Bro for more than 25 years, and the combined years of experience in this group is roughly 230 years. Each member of this team is responsible for all elements of their respective business units, from revenue growth to the bottom line. We have the best operators in the business and we're very proud of our team. In addition, we have significant breadth at the corporate level. It has become more in line with this historical mix of healthcare and hospitality revenues, which pre-COVID was closer to 55% healthcare and 45% hospitality. In both 2020 and 2021, as a result of the impact of COVID, you can see that revenue decreased from historical levels and as a result of the significant impact of COVID to the hospitality industry.
Our mix of revenue between healthcare and hospitality shifted to 72% healthcare and 28% hospitality. As we moved into 2022 and as restrictions were decreased, we saw revenue back at historical levels. We finished fiscal 2023 with approximately CAD 57 million in EBITDA, which was an increase in excess of 50% from the previous fiscal year. In terms of our growth, acquisitions have continued to play a meaningful part of our growth strategy, and I expect this to be the case going forward. We entered the Victoria, Montreal, and Quebec City markets through acquisitions, and in the past 15 months, we've completed three additional acquisitions, two in the Canadian marketplace, both of which were in the province of Quebec, and one in the U.K., Shortridge.
The two Canadian acquisitions closed in March and November 2023 respectively for net purchase prices of CAD 12 million and CAD 11.7 million respectively. Each of these are anticipated to generate approximately CAD 10 million in revenue annually, of which CAD 10 million has already been reflected in our 2023 audited results. The U.K. acquisition of Shortridge closed in April of 2024 for CAD 41 million with a further earn-out of CAD 3.4 million available for meeting certain targets in fiscal 2024. Shortridge is anticipated to generate CAD 20 million in additional hospitality revenue annually. All three acquisitions were completed at multiples that were in line with historical transaction levels. Previous to this, at the end of 2017, we acquired Fishers in the U.K. for a net purchase price of approximately CAD 60 million.
As I mentioned before, Fishers is the largest player in Scotland and Northern England and gives K-Bro a strong foothold in the U.K. market. We further acquired in Q4 of 2018 a Calgary-based operation, Linitek, for CAD 4.7 million and have consolidated that volume into our existing Calgary plant. In 2019, we acquired Deeside, an Aberdeen-based hospitality plant, for CAD 1.4 million and consolidated that volume into Fishers existing infrastructure. On this slide, you'll note that our client base consists of large provincial health authorities such as Alberta Health Services, as well as individually managed major hospitals such as SickKids in Toronto. We are also privileged to include national hoteliers such as the Fairmont, Four Seasons, Hyatt, Hilton, Delta, Marriott, and the Starwood group, among others.
In the U.K., where approximately 90% of our business is hospitality, we service large hotel chains such as Accor, Travelodge, Jurys Inn, Hilton, and Marriott. We continue to excel at renewing our existing contracts with our valued customers. We have very high retention rates, up in the high 90 percentile range, and have been serving some of our major customers for many decades. As an example, we're on our fifth ten-year contract in Alberta. The long-term nature of our contracts helps us establish strong relationships and offers additional services to our customers, which further strengthens our position. This slide provides a snapshot of revenue EBITDA segmentation between our Canadian and U.K. operations, as well as our healthcare and hospitality sectors. Just to note that this is before the acquisition of Shortridge, which was completed in April 2024.
From a revenue perspective, Canada represents 75% of our revenue, and Fishers makes up the balance. As part of our overall service package, in addition to linen services, we provide integrated supplemental services such as floor-to-floor distribution, linen room management, and sterilization services. Now taking a look at the capacity in our facilities, our decade of reinvestment in state-of-the-art facilities has provided us with a network of highly efficient operations that has helped us become the low-cost producer in each of our markets. As you can see in each of our markets, we have excess capacity for growth to pursue new profitable business, maximizing the operating leverage and improving EBITDA margins by utilizing excess capacity. In terms of growing the business, our strategy remains focused on extending our core services to new regions and introducing new related services to existing and new customers.
We have been successful in this strategy and have entered several new Canadian markets over the past decade. Most recently, through our acquisition of Shortridge in April 2024, we entered the northwest of England market. We've also introduced sterilization services to the Vancouver market from our new facility, whereby we sterilize our operating room linen in our facility, a function that historically would have been done at the hospital. Due to COVID, we have seen a number of health systems convert to reusable products from disposable, and we expect there to be continuing opportunities of this nature. As we've discussed, we have reached the end of our aggressive strategic capital spending program to build new facilities and upgrade facilities that allows us to be the most cost-effective processor in our industry and to add millions of CAD of new business through our network of highly efficient plants.
We'll also continue to focus on growth through acquisition, and we'll either consolidate the volume into our existing facilities or operate them independently, depending on the assets acquired. This slide speaks to the competitive landscape and trends that we have experienced over the past decades. In addition to K-Bro, the competitive landscape includes independent, privately owned facilities, which are generally owner-operators with one or two facilities, public and private sector central laundries that are off-site and process for a number of member hospitals or their own hotels, and public and private sector on-premise laundries that are located on-site at the hospital or hotel. In limited circumstances, the U.K. publicly traded companies. Over the past decade, we have seen an ongoing shift to outsourcing laundry and linen services.
This has been driven by several factors, including linen is not considered core to a hospital's mission of patient care and a hotel's desire to provide an excellent guest experience. Significant capital and operating savings can be achieved through outsourcing, as large laundry operators are able to achieve economies of scale. There is a desire to repurpose valuable square footage at both hospitals and hotels that can then be used for revenue-generating opportunities. Specialization by experienced operators that use technology to manage inventory and report on linen usage, leading to better management of the entire laundry and linen supply chain is also a factor. We are proud to say that we are committed to a sustainable future, and this year we are pleased to announce that we published our inaugural sustainability report.
We'll continue to keep our focus on what matters, which is delivering industry-leading service, be a great place to work, support our communities, and be dependable partners. K-Bro's board oversees our ESG program, and the team itself consists of a diverse experienced skill set throughout Canada and the U.K. To ensure stakeholder engagement in our vision and process, we collected feedback from employees, customers, investors, and regulators. We've focused on the topics that are most important to everyone, and we've grouped those topics into three pillars, which are people, partners, and planet. We're making a difference by putting people first, by being a dependable partner, and embracing environmental stewardship. We will continue to embrace our ESG journey and advancing our sustainability agenda for the long run. As we progressed throughout 2023, we continued to see a strong momentum on the healthcare side.
We've seen strong growth from our AHS rural volumes that we were awarded in 2021, as well as continues to see strength in existing healthcare volumes. From a hospitality perspective, hospitality revenues returned to 90% of pre-pandemic levels. Our 2023 results reflected a few key factors. We successfully worked with many of our Canadian and U.K. customers to implement price increases to offset higher inflation-related costs that we saw throughout 2022. As a result, throughout the back half of 2023 and into 2024, we've restored margin levels back to our 2019 levels. We've also been very focused on growth. As noted earlier, we completed two acquisitions in 2023 and one in the first quarter of 2024, of which the last one included entering a new market.
We also completed the syndication of our credit facility in March 2024, which provides for a CAD 175 million line of credit and a CAD 75 million accordion, resulting in significant increase in liquidity for future growth initiatives. We also implemented a normal course issuer bid. As mentioned, we published our inaugural sustainability report. In terms of key themes for 2024, we anticipate seeing a continued positive outlook for the business as both healthcare and hospitality segments continue to experience steady growth profiles. EBITDA margins will continue to follow historical seasonal trends. We continue to have an active M&A pipeline, and we have a strong balance sheet and liquidity position to support that growth. I'll now turn it over to Kristie to review some of our financial performance. Kristie, over to you.
Thank you, Linda, and good morning, everyone. On the left-hand side of the slide, with the exception of 2020 and 2021, which were impacted significantly by COVID, I'd like to highlight our steady increase in annual revenue. In 2023, we re-recorded consolidated revenue of approximately CAD 320 million, which has doubled compared to CAD 159 million in 2014. This growth has come through new contract wins, acquisitions, and organic growth in existing markets. In 2023, as mentioned earlier, with the return of post-COVID volumes and the implementation of price increases to offset inflationary increases, we saw an increase of revenue of 16% from 2022. On the right-hand side of the slide, for fiscal 2023, EBITDA was approximately CAD 57 million.
This represents an increase of approximately 56% on a year-over-year basis from fiscal 2022 or 53% after adjusting for the one-time non-cash contingent gain. As we moved into 2022, COVID government restrictions were decreased, but we faced significant inflationary pressure and geopolitical instability that had had a negative impact on our cost structure, particularly on the utility, labor, and distribution front. We were very focused throughout 2022 and into early 2023 on securing price increases from our customers to offset the negative impact of these pressures, and we've seen the full benefit of these in the second half of 2023 as we transitioned back to historical margin levels. On the next slide, this slide highlights our 2023 and Q1 2024 results.
For 2023, again, revenue was approximately CAD 320 million and increased about 16% compared to 2022. For the three months ended March 31st, 2024, K-Bro's consolidated revenue increased by 13.3% to CAD 80.2 million from CAD 70.8 million in the comparative period. This increase was primarily due to increased client activity in the hospitality segment, the impact of the price increases across various markets to offset the inflation-related costs I mentioned earlier, as well as the acquisition of Paranet and Villeray. For fiscal 2023, consolidated EBITDA increased in the year to CAD 56.8 million from CAD 36.5 million, which was a slight decrease of 14.7%.
When we look at Q1, we saw a sizable increase in both EBITDA and EBITDA margin quarter-over-quarter for 2023, once taking into account the one-time costs associated with the syndication of the credit facility and acquisition-related transaction costs in the amount of CAD 1.5 million. We saw margin levels that were consistent with our base margins in 2019. Dividends declared remain consistent on a year-over-year basis. Our TTM payout ratio is hovering around 50%, which, as we move forward, will decline as margins recover. Our ability to maintain our dividends is made possible through increasing market share through new customer contracts, extending core services to new markets through greenfield activity and targeted acquisitions, introducing new related services, undertaking accretive strategic capital expenditures, and controlling costs by entering into fixed supply contracts.
We continue to evaluate the payout ratio and the dividend policy in the context of the current market environment. From a leverage perspective, we continue to have moderately low levels of leverage with a funded debt to EBITDA ratio of about 1.4 x at March 31st, 2024, and pro forma of about 2.2 x after the acquisition of Shortridge, which concluded on April 30th, 2024. We also have room under our existing credit facility to fund moderate levels of growth. At March 31st, we have approximately CAD 100 million in available capacity under our existing credit facility, which again, Linda mentioned earlier, under the new syndicated facility is CAD 175 million plus a CAD 75 million accordion.
Thank you, Kristie. Overall, we're very confident in the strength of our business model. I'll conclude by pointing out some of the key investment highlights. We have long-term relationships with our clients. We have a deep industry experience and reputation that spans 50+ years. Our multi-year contracts for large portions of our healthcare and hospitality volumes secure our top and bottom line. We maintain a conservative financial position and credit profile with significant credit availability to manage the current uncertain times and for various initiatives, including acquisitions. We have a network of state-of-the-art processing facilities in our major markets that enables us to be the low-cost producer and add CAD millions of additional revenue to profitably grow and increase margins. With that, I'll open it up to any questions that you may have.
Linda, I confirm there's no questions.
Great, Kristie. Thank you.
On behalf of management, our board of directors, and our employees, I would like to take the opportunity to thank everyone for attending the meeting today. I would like to thank all of our shareholders for their commitment and continued support. We look forward to your attendance again next year.