Good morning, and welcome to Seaport Entertainment Group's third quarter 2026 earnings conference call. At this time, all participants will be in listen-only mode. A question-and-answer session will follow today's formal presentation, and as a reminder, today's call is being recorded. I would now like to turn the conference over to Jason Wilk, Senior Vice President of Finance. Please go ahead.
Thank you, operator, and good morning, everyone. With me today is our President and Chief Executive Officer, Matt Partridge, and our Chief Financial Officer and Treasurer, Lenah Elaiwat. Before we begin, I'd like to remind everyone that many of our comments today are considered forward-looking statements under federal securities law. The company's actual future results may differ significantly from the matters discussed in these forward-looking statements, and we undertake no duty to update these statements. Factors and risks that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in the company's Form 10-K, Form 10-Q, and other SEC filings. You can find our SEC reports, earnings release, quarterly supplemental information, and our most recent investor presentation on our website at seaportentertainment.com. With that, I will turn the call over to Matt.
Thanks, Jason, and good morning, everyone. I'll go ahead and jump right into it. Coming off a momentum-building second quarter, we had high hopes for the third quarter due to a strong concert lineup on the rooftop at Pier 17, an already qualified for Aviators playoff run, anticipated Balloon Museum opening, and a burgeoning events calendar at the Seaport. However, the third quarter underperformed our expectations, largely due to transient weather-related factors that weighed on operating results, especially within our entertainment segment. The issues impacting our results the most relative to our expectations were record-setting heat during the longest home stand of the season for the Las Vegas Aviators, and an unusually difficult stretch of weather in New York City, resulting in the need to reschedule or cancel multiple concerts.
That said, the entertainment segment still meaningfully improved year-over-year, thanks to better expense management, and there were a number of sustainable operating trends throughout our various businesses that continue to positively influence our quarterly performance. Lenah will talk through the details of the quarter. The Q3 2026 positive operating EBITDA improved 113% as compared to negative operating EBITDA in Q3 2025, marking the second quarter in a row and the second time in our company's history that we've achieved positive operating EBITDA. We expect operating EBITDA to further benefit from many of the previously announced new tenants and concepts that will open in the coming months, and our overall financial results should continue to see improvement from our increasingly leaner corporate cost structure, which will further improve as we find additional G&A savings and annualize the benefits of the organizational changes we've already made.
The holistic nature of our efforts corporately and within our operations is best reflected in our year-over-year change and our non-GAAP adjusted net income. in Q3, we grew non-GAAP adjusted net income per share by 60%, which is on top of an 87% year-over-year improvement in Q3 of 2025. Make no mistake, the improvements are not always going to be linear, and we will have quarters that are more impactful to our long-term trajectory than others. That said, these data points demonstrate the tangible progress we've made to our programming and operating models, and that progress should continue to show up in our year-over-year comparable results as we march towards initial stabilization in 2028. In terms of Las Vegas and the unprecedented heat, we had a bit of a perfect storm in the sense that we had 25% more games in July and August as compared to last year.
For context, the average high temperature on the dates of our home games was 110 degrees in July, which was Las Vegas' third hottest month ever, and 105 degrees in August, which was the hottest August on record. Not exactly ideal weather to be outside. As a result, individual and group ticket sales and overall attendance underperformed, resulting in lower concessions and merchandise sales. The weather challenges were partially offset by better game day expense management and another strong year on the field. The Aviators clinched the Pacific Coast League first half title in June, set a franchise record with 87 regular season wins, and reached the postseason for the second consecutive year as defending PCL champions. They hosted the PCL Championship Series at the Las Vegas Ballpark in September, but ultimately lost to the eventual AAA champions, the Oklahoma City Comets.
More broadly at the ballpark, we're continuing to build the calendar of events beyond the Aviators baseball season. October opened with three sold-out nights of Cosmic Baseball, and then for the first time in the ballpark's history, we hosted a one-day music and food festival. Additionally, our annual holiday activation, Enchant, returns to the Las Vegas Ballpark in November, and so far, ticket sales are pacing ahead of last year. In New York, the weather also created real challenges during the quarter. A late September nor'easter forced us to cancel two sold-out concerts, which were expected to be among the most profitable shows of the season. The severity of the weather was felt across the New York market, with all major outdoor events also canceled that weekend. We also had to reschedule multiple shows during the quarter, resulting in lower day-of-show attendance and less spending on concessions and merchandise.
Despite those disruptions, demand for the rooftop remained strong, and we finished the year with an 86% sell-through rate across 61 shows. In addition to the cancellations, another reason we had to incrementally lower show count is because we've leaned into large-scale cultural and brand events that utilize dates on the rooftop. These events not only generate incremental revenue, but they bring new audiences to the Seaport, have the potential to deliver better economics and overall profitability, and can provide outsized demand that benefits our restaurants, tenants, and partners. During the third quarter, our event calendar began with the 50th anniversary of the Macy's 4th of July fireworks, broadcast by NBC from the rooftop of Pier 17.
On our last call, we spoke about what the day meant for the neighborhood and those of us who live in New York City. I should also highlight the fact the multi-network broadcast drew 11.2 million viewers, the largest audience since 2018. That level of national exposure extends beyond a single evening. It provides visibility for the Seaport and supports our conversations with sponsors, event producers, and prospective tenants long after the event itself. Other events during the quarter centered around sports, where we hosted numerous watch parties and brand activations related to the World Cup. For a three-week stretch, we brought back the Seaport Racquet Club in an expanded format to celebrate the US Open.
The activation included a public tennis court on Seaport Square, clinics with some of the world's top tennis players, including Naomi Osaka. We hosted match screenings and sponsored programming at Sadie's Garden Bar. Our partners at Racquet Media also transformed one of our spaces into the Racquet Clubhouse, which served as a hub for additional brands and events throughout the tournament. The activity of Q3 carried into the fourth quarter with a mix of recurring and new events. The Rooftop at Pier 17 hosted the first-ever Soho House Festival in the U.S., a full-day event for Soho House members and their guests, headlined by Alanis Morissette. For the second consecutive year, we hosted the New York City Wine & Food Festival, drawing more than 35,000 guests to events throughout the festival and expanding its footprint to include signature events on the Rooftop at Pier 17.
These events are a foundational component of our operations at the Seaport. While timing and rotation in and out of market can create year-over-year variances, we expect the Pier 17 event space, which is currently under construction, to give us additional capacity to host large-scale events consistently throughout the year, helping to reduce volatility over time and giving our events business room to grow. Within the landlord segment of our business, the transformation of the Tin Building culminated with the opening of the Balloon Museum in early August, followed by a grand opening celebration during New York Fashion Week in September. The reception from visitors has been very positive. We are seeing encouraging activity at nearby businesses, particularly at Sadie's and Mister Dips, with Mister Dips' comparable revenue increasing 15% year-over-year since the opening of the museum.
That becomes even more valuable as we enter the colder months, when the year-round indoor ticketed experience can help drive visitation, helping reduce some of the seasonality across the broader neighborhood. On the leasing front, we signed a 10-year lease with Brooklyn DOP for their flagship Manhattan location across from the Balloon Museum in Pier 17. Expected to open in mid to late 2027, the pizzeria will add to the growing mix of approachable, fast-casual options in the neighborhood. That mix matters. It complements the destination dining and entertainment we already have, while adding to the amenities needed to support a quickly growing local population who not only visits the Seaport for events and special occasions, but also lives, works, and interacts with the neighborhood on a daily basis.
As we look into the future, we still have over 160,000 sq ft of new concepts and tenants who are signed but not yet open. With where we are in the life cycle of our repositioning plan, this is a primary focus for many of our team members. In terms of material updates, Flanker Kitchen + Sports Bar and Hidden Boot Saloon are now expected to open in late Q1, early Q2 of 2027. We experienced some contractor-related delays during construction, but those issues are largely behind us. We are working closely with our partners at Carver Road Hospitality to prepare for the opening. The new concept from Public Service and the Pier 17 event space are both progressing through design and construction, with openings planned for early to mid-2027. Meow Wolf remains in process with a preliminary opening expected in early 2028.
The team has also been busy thinking through space utilization and potential new concepts. I am pleased to share that we are planning to launch a new neighborhood bakery located in the Seaport's historic cobblestones, which we also expect to open in mid-2027. Similar to Sadie's, the bakery is being concepted, branded, and operated by our in-house team. We believe, in certain circumstances, there is value in owning the guest experience from beginning to end. The bakery will leverage members of our existing culinary team and is expected to address a void in the neighborhood by filling a lot of unoccupied space. Today, much of the Seaport's food and beverage activity is concentrated in the afternoon and evening.
The bakery will broaden our offerings with an approachable, everyday morning destination for our local neighbors, office workers, and visitors, giving people another reason to make the Seaport part of their daily routine. As a final update, during the quarter, we completed the sale of 85 South Street. The transaction strengthens our balance sheet and gives us greater flexibility to pursue higher return opportunities. Later in the call, Lenah will cover the financial details of the transaction and the potential opportunity to further improve our balance sheet as we head into 2027. In summary, we continue to make incremental progress, and we remain on track. We have a lot of work to do in the coming months to open new concepts, further improve our organizational efficiency, execute on new opportunities, and ultimately deliver meaningfully improved financial performance. It is not going to happen overnight.
It is a product of sustained hard work, persistence, and problem-solving. I cannot thank our team enough for their focus and commitment towards executing on all of our initiatives. With that, I will turn it over to Lenah to walk through our third quarter financial performance in more detail.
Thanks, Matt, and good morning, everyone. Our third quarter results continue to show the progress we've made in gaining operational efficiencies and ultimately getting closer to our goal of asset stabilization in 2028. At the same time, we remain focused on maintaining a strong balance sheet. The sale of 85 South Street is one example of that commitment, giving us additional flexibility with capital allocation. Turning to our third quarter results, I wanted to remind everyone that as we report across our three operating segments, hospitality, landlord operations, and entertainment, these figures are net of intersegment transactions. For the quarter ending September 30, total operating EBITDA was positive for the second consecutive quarter at $362,000, a $3.2 million or 113% improvement over the loss of $2.9 million in the third quarter of 2025. The hospitality and entertainment segments both generated positive operating EBITDA, while landlord operations reported a loss.
As a reminder, rental revenue from Nike accelerated into Q2 of 2026 in conjunction with the termination, which ultimately reduced Q3 rental revenue. Within hospitality, the improvement was primarily driven by the continued benefit from the closure of the Tin Building food hall operations in the first quarter of 2026. While entertainment revenue was lower year-over-year, operating EBITDA benefited from lower costs across both our Las Vegas operations and concert series in New York, reflecting a combination of reduced direct variable costs and cost management initiatives, which I'll discuss in greater detail shortly. Starting with hospitality, the momentum from the second quarter continued. The segment generated positive operating EBITDA of approximately $234,000, a $3.7 million or 107% year-over-year improvement, benefiting from another full quarter without the Tin Building operating losses, which impacted prior year EBITDA by $3.7 million.
Our internally developed and operated restaurant concept, Sadie's, continued to be a top performer, generating positive operating EBITDA with double-digit margins. The restaurant kept the momentum going from the second quarter by hosting World Cup watch parties, Fourth of July festivities, and sponsorship activations surrounding the US Open and college football. The Fourth of July was a particularly strong day for us. Activity across the Seaport drove revenue above prior year levels at both our restaurants and The Rooftop at Pier 17, through both ticketed events and block parties throughout the neighborhood. Our legacy full-service restaurants, however, continue to experience softer à la carte sales. As a part of our 2027 budgeting process, the team is continuing to evaluate menu options, expanding programming, concept feasibility, and adjusting operating hours to improve profitability and better align with customer demand.
Turning to landlord operations, this was our first full quarter without rent from Nike or ESPN, which created a challenging year-over-year comparison. For the quarter, rental revenue declined by $1.3 million, or 24% year-over-year, compared with the third quarter of 2025. Excluding $2.1 million of Nike and ESPN revenue in the prior year, rental revenue increased 22%, reflecting new rental income from the Balloon Museum, Gitano, Cork, and docking activities at Pier 17. These benefits were partially offset by lower event rental revenue of half a million, because certain prior year events did not recur in 2026, the largest of which was the Jordan Brand's The One Tournament Final, which was held on The Rooftop at Pier 17 in 2025 and rotates locations annually.
Despite the absence of this event, landlord operations continued to generate revenue from a high volume of activations this summer, notably ESPN Deportes broadcasting live World Cup coverage from the Heineken Riverdeck on Pier 17 over multiple days. On the expense side, landlord operating costs declined approximately $350,000, or 5% year-over-year, reflecting continued contractual improvements across cleaning, marketing, and storage. While quarterly landlord EBITDA declined approximately $970,000 year-over-year, on an underlying basis, the segment continued to improve, with landlord operating EBITDA increasing 34% year-over-year after adjusting for Nike and ESPN. Turning to 85 South Street, as previously announced, we completed the sale of the property for $8.3 million on September 29th. After work credits, transfer taxes, and other closing costs, net proceeds totaled approximately $7.2 million.
85 South Street was relatively EBITDA neutral year-to-date, and its disposition is expected to have a minimal impact on comparisons going forward. As Matt mentioned, Q3 is typically a very active quarter within our entertainment segment, and despite softer revenue across both the Seaport Concert Series and our Las Vegas operations, entertainment operating EBITDA increased 26% year-over-year to $2.3 million, as we benefited from lower variable costs, proactive expense management, and certain timing-related efficiencies. Concert series revenue declined 18% year-over-year, reflecting three fewer shows, a series of lower-priced artists, and lower sponsorship revenue following the non-renewal of our Chase partnership, and as mentioned previously, the weather-related challenges, which included the cancellation of two sold-out performances that contributed meaningfully to the prior year quarter.
Tickets sold per show and per capita food and beverage spend remained strong, and per show margins remained consistent with the prior year. From a profitability perspective, concert series operating EBITDA improved modestly, benefiting from lower variable expenses, including artist fees and sponsorship fulfillment costs, along with lower administrative and insurance costs. In Las Vegas, Q3 operating EBITDA increased 15% year-over-year, driven by lower operating expenses despite a 4% revenue decline, primarily due to weather issues Matt outlined earlier and the absence of our historically strong July 3rd game. Turning to general and administrative expenses, G&A totaled $6.2 million in the third quarter of 2026, a decrease of $11.7 million, or 65%, compared to the third quarter of last year. However, Q3 2025 included significant leadership transition costs. Excluding these leadership transition costs, third quarter G&A declined $250,000, or 4%, year-over-year.
Sequentially, G&A increased $760,000, or 14%, primarily because of the timing-related items we discussed on our prior earnings call. Even with that quarterly movement, we continue to see year-to-date improvements by over 23% compared to the prior year when excluding one-time restructuring and leadership transition costs, reflecting the benefit of our initiatives to right-size and optimize our infrastructure, which we expect to continue to see the benefit from into 2027. We recorded approximately $760,000 of net expense in other income or loss during the third quarter. The expense primarily reflected non-recurring items, including pre-opening costs for Flanker Kitchen and Sports Bar, Tin Building wind-down costs, and certain legal expenses. This was a $1.7 million year-over-year improvement, largely because the prior year quarter included a write-off of the rooftop winter structure.
During the quarter, we realized a gain on the sale of 85 South Street of $1.3 million and a gain of approximately $400,000, reflecting a post-closing adjustment to the previously recognized loss on the sale of 250 Water Street, for a total gain on sale for the quarter of $1.7 million. We recorded net interest income of approximately $420,000, a year-over-year improvement of $550,000 from net interest expense in the prior year, primarily reflecting the elimination of interest expense associated with the 250 Water Street debt, which was repaid earlier in 2026 in conjunction with the sale. Equity earnings from unconsolidated ventures declined approximately $400,000, or 34%, year-over-year. Lower earnings from Lawn Club were partially offset by reduced losses from the Jean-Georges Restaurant Group.
Equity and earnings from Lawn Club declined 32% year-over-year, despite a record revenue month in July, reflecting an unfavorable comparison as the Garden Bar is now operated by Sadie's, as compared to inclusion in the Lawn Club in prior year. Margins were also pressured by higher maintenance and labor costs. At Jean-Georges Restaurant Group, the team continues to focus on driving value through increased license and management fee income and cost reduction measures to improve existing restaurant operations. Third quarter net loss attributable to common stockholders improved 75% year-over-year to $8.4 million, while net loss per share narrowed to $0.65 from $2.61 in the third quarter of 2025. The year-over-year improvement reflects the actions we've taken across the business, tighter cost management, the closure of underperforming venues, and continued simplification of our operations.
Together, those steps are creating a more efficient platform for long-term value creation. Our non-GAAP adjusted net loss continues to narrow year-over-year, improving by $4.2 million, or 58%, to $3 million, compared to a loss of $7.2 million in the prior year quarter. On a per-share basis, non-GAAP adjusted net loss attributable to common stockholders improved to $0.23, compared to a loss of $0.57 per share in the prior year quarter, representing a 60% year-over-year improvement. While we did not repeat the positive non-GAAP adjusted net income achieved in the second quarter, the continued year-over-year improvement reinforces our confidence in the progress we're making towards stabilizing the business and building a more sustainable earnings profile.
On our balance sheet, capital expenditures for the quarter totaled $13.9 million, with the majority invested in landlord work related to the Balloon Museum, Flanker Kitchen + Sports Bar, The Hidden Boot Saloon, Meow Wolf, and other capital maintenance projects. At quarter end, we held net cash position of $72.2 million, with $110.3 million of cash equivalents, and restricted cash. During the quarter, we received an additional $5.9 million from the escrow established for post-closing obligations related to 250 Water Street. Cumulative distributions to SEG now total $26.7 million, with approximately $0.5 million remaining in the escrow account. Our only outstanding debt remains the $38.1 million Las Vegas ballpark loan. We continue to maintain a strong balance sheet, providing us with financial flexibility to strategically deploy capital while continuing to improve our operations.
Additionally, we're also working to potentially redeem our $10 million Series A preferred equity that was put in place at the time of the spin-off from Howard Hughes. Overall, we remain encouraged by the progress we're making, stabilizing our assets, improving operating performance, and maintaining the financial flexibility to invest in long-term value creation. With that, operator, we can now open the call for questions.
We will now begin the question-and-answer session. To ask a question, press star, then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. The first question comes from Matthew Erdner with JonesTrading. Please go ahead.
Hey, good morning, guys. Thanks for taking the question and all the comments on the call. I'd like to kind of talk about the timelines and expectations given the Flanker and Hidden Boot. Was there anything specific going on at that specific space? Or, I guess as a follow-up to that, what would cause kind of additional delays, and would you expect anything of that matter to kind of arise as we go throughout into the openings?
Hey, Matt. Morning. With Flanker and Hidden Boot, it was a contractor/subcontractor issue, so it was pretty specific to the contractor involved in the project. I won't go into the details on it, but each project's different. I think that project in particular was contractor-related. When we went through the Balloon Museum build-out, I would say even though we hit the deadline, the various government agencies and groups that we have to partner with on some of these projects, given the historic nature of the overall neighborhood, always creates some volatility in the timeline. Depending on the project, depending on the design considerations and how forward in design some of the tenants are, sometimes that can take longer to get approval. I wouldn't say there's anything on our radar that would cause delays, but again, every project's different.
Got it. That makes sense. In terms of CapEx, to get to that stabilization, I am seeing about $35 million-$55 million remaining to get to stabilization. Is that the right number to think about?
I will pass it to Lenah to talk through it, but I would say generally speaking with CapEx, it is going to be a little bit fluid. We are always trying to value engineer things. As I said, each project is different, as we are going through the design process, the numbers are going to change a little bit. Lenah, you want to maybe expand on how we are tracking?
Yeah. Hi, Matt. Good morning. I would say the guidance hasn't really changed much, minus what we have spent this year. Right now, we are still working through the scope on some of these new projects, and like Matt said, value engineering where we can. Right now, we are tracking towards the higher end of that range. Some of our future spend will always depend on what tenants take the space and what kind of work they need to get done to get up and running. I would just say in terms of where we are tracking, we are probably at the high end of that range right now and continuing to work through it.
Got it. That is helpful. Thank you for relaying the margin on Sadie's there in terms of double digits. That is great to hear. As we look into some of these licensed programming, such as Flanker, Hidden Boot, Public Service, what should we expect there in terms of margins, costs to get online, and overall how to look at the licensed concept versus owned and operated?
Yeah, I think with any licensed concept, basically what we're paying for is the brand standards, the menu construction, the marketing presence, the market position of the specific concept. In the case of Flanker, it's a more elevated sports bar. It's not your traditional sports bar, and they've had a lot of good success on the programming and marketing front, and so we saw value in that. But we're paying for it, and we're going to pay a percentage of the revenues off the top for all of those services and positioning considerations. Now, in theory, that should drive elevated revenue, and so the margins should be comparable to something where we don't have a license agreement, but we're not necessarily getting the benefit of all of that market positioning.
I don't think that the bottom line margin expectations should necessarily change, but the license fee and the brand affiliation should drive better top line performance with incrementally comparable flow-through.
Got it. That's helpful. Then, in terms of G&A, continue to make great progress there in the $6.2 million this quarter. Stripping out kind of non-cash comp, how should we look at that going forward, and I guess how much more do you have to chew on when it comes to efficiencies there?
I'll let Lenah talk about maybe go-forward expectations, but I would say, look, we're always looking at it, and I think we've got a lot more to chew on, so to speak, to use your term. We inherited a lot of cost structures, contracts, business partnerships that had relatively long lives on them, and we're finally getting to the end of some of those existing arrangements where we can renegotiate, rebid, and go through an RFP process to better align the costs. So, I would expect that number to continue to come down incrementally. We're probably not going to be able to cut it in half by any means, but it's going to continue to improve as we get into 2027.
Hey, Matt. Yes. In terms of the G&A number, we are sitting around $6 million today. That includes the non-cash comp, which I think you can see in the non-GAAP adjustment is around $1.4 million for the quarter. I think that is where we are sitting today. As Matt mentioned, as we are budgeting into 2027, we have a few contracts that had those two, three-year service lives after the spin that we are going to work on either finding savings through renegotiating them or replacing service providers. It is a continued focus as far as we are down 23% on a year-to-date basis, excluding the restructuring and leadership transition costs. We are definitely chipping away at it, and we are going to continue to evaluate it as we are working through our budgets. More to come on that.
Awesome. Thanks for that. Last one from me. The Balloon Museum opened during the quarter. How has attendance been there? Since that opening, have you seen that kind of lift the rest of the neighborhood in terms of revenues, just street traffic, overall activity?
Yes, I think we do not get all the statistics because we do not operate it, right? It is just a straight lease. But I think they came out of the gate with sort of a soft opening in August, and they opened really well. I think they were doing somewhere between 1,500 and 2,000 people a day, depending on the day of the week, is my understanding, anecdotally. In terms of what it is doing for the neighborhood, we highlighted that it elevated Mister Dips' revenues since it opened by about 15%. Given the more family-oriented nature of it, I think it disproportionately benefits something like Sadie's or Mister Dips, where we have a more affordable price point.
It is a little bit more family-friendly relative to some of the higher-end destination dining options that probably are not as expected to benefit from the foot traffic from the Balloon Museum directly as some of the lower price point things. But they are going to continue to evolve their market positioning. I know they have focused more on the family piece, being in the summer months when kids were off school, and that will probably continue through the end of the year as kids get winter break and around the holidays. But I know they have other programming and marketing initiatives in mind that are focused more on sort of the adult-oriented date night sort of crowd.
Got it. That is awesome. As a follow-up to that, you mentioned kind of the more family concept there. Would you be looking to do something like that where you can capitalize on those people down there in the vacant space at the pier, kind of on that back lawn?
Yeah, I think that is probably where we will trend with the former Malibu Farm space. We have The Fulton, which is higher end. We have Gitano, which is more lifestyle and nightlife-oriented. The sports bar and Hidden Boot are probably a little bit more nightlife-oriented or obviously sports-specific. So I think Malibu lends itself to something a little bit more approachable and family-friendly to sort of round out the offerings on the pier. At the end of the day, what we are trying to do is capture all the different day parts and make sure we drive as much visitation for each day segment that we can. The people that come for brunch or that come for lunch, that is a different crowd than the people that are going to come for dinner and then stay to go to the bars or dance and go late night.
We are trying to optimize all those different day parts.
Awesome. Thank you, guys.
Thanks, Matt.
Again, if you have a question, please press star then two. Excuse me, star then one. Ladies and gentlemen, this does conclude the question and answer portion of the call. I would like to turn it back over to Matt for any closing remarks.
Thanks, everybody, for the support. We will look forward to updating you on the fourth quarter and full year results as we get into the new year.
The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.