Good afternoon, and welcome to NuScale Power's third quarter 2026 earnings conference call. Today's call is being recorded. A replay will be available on NuScale's investor relations website for 30 days. At this time, I would like to turn the call over to Jennifer Hills, VP of Finance. Please go ahead.
Thank you, operator. Joining me today is John Hopkins, President and Chief Executive Officer, and Ramsey Hamady, Chief Financial Officer of NuScale. We will begin by providing an update on our business, followed by a discussion of our financial results. We will then open the phone lines for questions. This afternoon, we posted supplemental slides to our investor relations website. As reflected in the safe harbor statement on slide two, the information set forth in the presentation and discussed during the course of our remarks and subsequent Q&A session includes forward-looking statements, which reflect our current views of existing trends and are subject to a variety of risk and uncertainties. For a detailed discussion of our risk factors that could contribute to differences in our expectations, please refer to our Form 10-K for the year ended December 31st, 2025, and to our subsequent SEC filings.
I will now turn the call over to John.
Thank you, Jennifer, and good afternoon, everyone. As slide three highlights, in recent quarters, we've discussed NuScale's laser focus on commercial readiness as a technology provider and original equipment manufacturer. This quarter, we took a significant step to advance that objective. We progressed from development to physical production. We are proud to have entered into a landmark agreement with Doosan Enerbility to manufacture the first article production of the NuScale Power Module, representing a clear transition from preparation to execution. We are no longer simply designing and planning, we are manufacturing. This milestone demonstrates tangible progress towards delivering the only NRC-approved SMR technology at commercial scale. While our commercialization partner, ENTRA1 Energy, continues its work to finalize arrangements required for project development, NuScale is not standing still. We are deliberately strengthening our OEM capabilities, deepening supply chain readiness, and positioning the company for full-scale production.
Our approach is straightforward and shareholder-aligned. Stay disciplined on capital, hit the milestones we can control, and ensure that when commercial agreements are finalized, NuScale is ready to deliver without unnecessary delay or added risk. This is how we convert regulatory leadership and manufacturing progress into durable value. Simply put, we are ready. Ready with the only NRC-approved SMR technology in the United States, ready with proven fuel technology, ready with engineering, regulatory foundation, strategic partnerships, and the global supply chain necessary to support commercial deployment. We are taking these steps at a time of growing demand and strong support for nuclear energy, particularly SMRs. The global energy landscape is undergoing a fundamental transformation. Artificial intelligence, the explosive growth of data centers, expanding industrial energy requirements, and the increased importance of energy security are converging to create unprecedented demand for reliable, affordable, and carbon-free base load power.
Today, I want to walk you through what we accomplished this quarter, why it matters for shareholders, and how NuScale is positioning for its next phase of growth. Execution is already underway. NuScale is moving from commercial agreements to delivery readiness. As ENTRA1 advances its customer engagements, we are advancing detailed engineering, locking in key suppliers, securing regulatory approvals that de-risk the path forward, and preparing to support the construction and operating license application process. In parallel, we are preparing to execute the OEM agreement under which NuScale will supply its power modules. These steps do more than move us closer to first delivery. They reduce future execution risk, establish a repeatable deployment model, and put NuScale in position to convert commercial orders into revenue. For shareholders, that means a clear line of sight from contracted demand to module sales, associated services, and long-term value creation.
These investments are deliberate and ongoing. Their purpose is to establish the foundation for repeatable deployment, protect and extend NuScale's competitive advantages as the only NRC-approved SMR technology provider, and ensure the company is positioned to convert future commercial agreements into revenue with minimal delay once those agreements are finalized. Our licensing team is already preparing to support the combined construction and operating license application for the potential Tennessee Valley Authority project. This is familiar ground for NuScale. We hold an NRC design certification and standard design approvals, and we completed substantial COLA work on the Carbon Free Power Project. A meaningful portion of that prior effort is directly reusable for TVA or any other future domestic projects, which should compress both schedule and cost relative to a first-time application. Our engineering teams is similarly engaged, drawing on experience from RoPower and other programs.
Once an EPC contractor is selected, NuScale will support that work under a separate contract covering our proprietary design. This structure keeps NuScale involved in design integrity and execution support while the EPC leads overall project delivery. Further along the timeline, we are also positioned to support operator training, startup consulting, and fuel preparation activities in coordination with Framatome. These are longer-dated opportunities, but we are laying the groundwork now so that NuScale is ready when the program requires them. Together, these efforts mean we are already actively working across licensing, engineering, and later-stage services, rather than waiting for a single downstream milestone. It is important to note that many of these steps are done in parallel and not sequential. While supporting a TVA power purchase agreement remains our immediate priority, our commercial opportunities extend beyond TVA.
We continue to engage utilities, hyperscalers, and major industrial customers seeking reliable carbon-free baseload power. These discussions reflect a growing recognition that technology readiness, regulatory certainty, and the ability to execute are increasingly important factors in selecting nuclear energy solutions. Our business model combines ENTRA1's commercial development capabilities with NuScale's NRC-approved technologies, established supply chain, and advanced manufacturing readiness. This is a compelling combination that we believe differentiates us in an increasingly competitive market. We are actively pursuing opportunities across multiple markets and expect to provide further updates as discussions mature into actionable commercial commitments. For NuScale shareholders, the opportunity is not simply one project. It is the potential to establish a scalable global OEM business capable of supporting multiple customers and deployments over decades.
Now, turning to slide four, let me expand on the significance of the last week's agreement with our longstanding partner, Doosan Enerbility, to manufacture components for the initial NuScale Power Module. NuScale's commitment to further producing critical long-lead components, as enabled by our NRC-licensed design, highlights our confidence in near-term commercialization and commitment to de-risk deployment lead times for our customers. For shareholders, this investment positions NuScale to execute when orders are secured, with component costs expected to be recovered through the owner's contractual payment schedule under a future OEM agreement. I also want to highlight our supply chain, which reflects years of deliberate preparation. We maintain relationships with more than 60 specialized suppliers covering every major scope of the module, including fuel, safety and instrumentation and controls, major forgings, module handling, cranes, valves, and others.
As a result, when we execute an OEM agreement, many critical components will have already been designed, scaled, tested, and in some cases, placed into production, reducing schedule risk and accelerating the path to power generation. As highlighted on slide five, a few strategic relationships are already removing long-lead risks from our critical path. Framatome, a world-class nuclear fuel supplier, is completing NuScale fuel design well ahead of customer commitments under a dedicated agreement, taking a classic schedule bottleneck off the table before we need it. Paragon has been awarded a contract to finish production development of our safety instrumentation and control systems, with NuScale jointly owning the underlying intellectual property. Across the broader supply base, we are actively driving dual or tertiary sourcing on the majority of packages, so no single supplier becomes a constraint.
This quarter, we also advanced two concrete milestones that show the supply chain moving from design into execution. We deployed nuclear-specific AI tools from leading technologies across our engineering and knowledge management functions to accelerate design work and institutional knowledge. With MillenniTEK, we reached a first-of-a-kind fabrication milestone for the passive emergency core cooling system. Turning to Romania. With a new government in place, we remain engaged with our Romanian partners. As this process moves forward, our priority is ensuring that any agreement appropriately allocates risk, delivers commercial value, and protects our shareholders' interests. Demand for our E2 Centers has been strong since we have developed a business model to support their growth and continue refreshing the program. With the signing of a new center this quarter, we will soon have 13 centers worldwide.
These E2 Centers build awareness of small modular reactor controls and our technology while training and preparing the next generation of engineers, operators, and technicians for the nuclear industry. Before I turn it over to Ramsey to provide the financial update, I want to reiterate that NuScale is no longer simply preparing for the future of nuclear energy. We are beginning to execute on it. Our supply chain is contracted, critical components are entering production, and our engineering is substantially complete. These milestones position us well to convert our commercial pipeline into binding customer commitments, generate revenue from project development and deployment, and build a growing base of long-term reoccurring revenue. We continue to advance deployment of our first NuScale Power Module and are securing a supply chain so we are prepared for commercialization as customers' opportunities progress. NuScale holds the only NRC-approved SMR design in the world.
Our technology uses conventional nuclear fuel available today, incorporates proven passive safety features, and can be deployed where customers need reliable power. Now, I'd like to turn the call over to Ramsey Hamady, our Chief Financial Officer, to provide this quarter's financial update.
Thank you, John, and good afternoon, everyone. Our financial results are available in our filings, so my focus will be on explaining the major line items. NuScale reported revenue of $0.3 million for the three months ending September 30th, 2026, compared to $8.2 million in the third quarter last year. The prior year included the Front-End Engineering and Design Phase II work in support of the RoPower project, and there was no comparable work in the current quarter. Turning to liquidity, NuScale closed the third quarter with approximately $1.9 billion in liquidity, compared to approximately $916 million at the end of the third quarter last year.
As we begin to fund first article fabrication activity with Doosan and continue to advance engineering and licensing readiness ahead of an ENTRA1 OEM agreement, we have adequate liquidity to fund these activities, and we expect capital deployment to continue at a measured and disciplined pace. On operating expenses, we reported $65 million this quarter, compared to operating expenses of $549 million for the same period last year. With that, thank you for joining us today and for your continued support of NuScale as we move from readiness to execution. Operator, please open the line for questions.
We will now begin the question-and-answer session. If you would like to ask a question, please press star one to raise your hand and join the queue. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of George Gianarikas with Canaccord Genuity. Your line is open. Please go ahead.
Hi, everyone. Good afternoon, and thank you for taking my questions. If I may start just on the TVA, and you also mentioned other commercial activity. I mean, clearly, your procurement of some long lead items would indicate that you have some confidence in the conclusion to that. Could you just sort of give us a timeline where we can expect a potential commercial agreement and maybe a timeline on the others that you alluded to on the call? Thank you.
George, John here. Thanks for the question. The process continues. We are optimally optimistic about this opportunity, and what we can do and what we control, George, is exactly what we stated today, is continue to build out our capacity to execute. As we stated, this movement into first article is a major milestone for us going forward in preparation for a project such as TVA. It basically takes our SMR design into physical hardware, and it also helps de-risk from engineering to commercial delivery. We are excited about it, and we are ready to move. Our customers and investors need evidence that modules can actually build in a nuclear quality standards and on schedule, and these first articles help provide that evidence. Not only that, they surface early issues that can be corrected before series production. We are doing everything, George, at our point.
We are ready to go, as I commented earlier. It continues. It is a process. It has been lengthy, we know, but we are doing what we can and what we have control over.
Thank you. Maybe as a follow-up for Ramsey, just on the OpEx, I am curious as to how much growth we can expect in that line item, if there is the potential for a reduction in the, I think it is around $65 million in quarterly OpEx. Thank you.
George, nice to chat with you, and thank you for your questions. While we do not provide guidance as a rule, and we have not in the past, our OpEx should remain fairly constant. I think there is a shift in OpEx now as we focus on projects, as we focus on further development. Where you will see growth is, I think, once we engage with a project, we hope with TVA and with ENTRA1, then you will see further growth. But that may go through OpEx, and some of it may go through cost of goods sold, so it will be spread throughout the income statement. But that is where you will see the increased spending coming in.
Thank you.
Your next question comes from the
Thank you, George.
Your next question comes from the line of Nate Pendleton with Texas Capital Bank. Your line is open. Please go ahead.
Good afternoon, and thanks for taking my questions. I wanted to go back to your prepared remarks on the macro opportunity for a moment, given the recent market volatility. How durable is the demand growth for new nuclear power, and how would a slowdown in hyperscaler spending change your outlook on the demand for SMRs?
I can remember looking back when I first came on with NuScale, and I will never forget the date, December 12th, 2013. NuScale had submitted a funding opportunity assessment to the, at the time, Ernie Moniz, the Secretary of Energy under the Obama administration. On that date, I received a call on December 12th from Ernie's office saying, "NuScale knocked it out of the park, and we are the sole source recipient of that very competitive award." As I look forward, NuScale has done well. In fact, advanced nuclear overall has done well throughout all administrations. What we see here and what we can relate, we live on the Hill, and we get bipartisan support of both Ds and Rs. Now, they may have differing opinions as it relates to one. They both agree we need 24/7 reliable, clean, carbon-free power.
Where we are today as it relates to data centers, it is probably too early to tell. We know there is a bipartisan push on NIMBY and everything else, but we are not reliant on data centers. Moving forward, we continue to market hard. We are in conversations with process-oriented companies. You have heard before, we need process heat, we need district heat. Our Chief Technology Officer, José Reyes, is out on the street at many conferences now explaining how NuScale can provide that at, again, having an approved design. It allows our emergency planning zone to be at the fence line of any given project, so we could be right next to the end user.
In fact, we are cranking up marketing right now to go out there, and we have got a series of invites to come visit within the next two weeks that are both process-oriented as well as utilities.
That is really great. Thanks for the detail there. If I could-
Yeah
Looking at the fourth. Oh, go ahead.
No, no. Please.
Sure. On the fourth bullet on slide six, when we look at the potential first-of-a-kind deployments, do you see a situation where NuScale would take on some cost or performance risk in order to expedite those deployments?
Well, as an OEM supplier, our performance risk is really oriented to the point that we have the pressure and steam requirements that we say we can deliver. That's the risk we're willing to take. And we have a supply chain with warranties and backstop us, and we feel pretty comfortable. Whatever we can deliver, we can stand behind.
Understood. Appreciate it.
You bet.
Your next question comes from the line of Eric Stine with Craig-Hallum. Your line is open. Please go ahead.
Hey, this is Luca on for Eric. Thanks for taking our questions here. First, is there any other work you expect to leverage Doosan for in addition to the module fabrication and now the coolant system? How do you view just the overall evolution and importance of this partnership long term?
We've been working with Doosan, and they've been working with us since 2019. It is a true strategic partnership. Not only strategic partnership, they are also an investor in NuScale. What I appreciate about Doosan is they've been very willing to work with us in expanding our capacity and capability. Part of when we entered into our original agreements, conditionally, any supplier that we have, we are not committed in terms of the fact they still have to prove competitiveness. As we stated earlier, we have over 60 suppliers now, and we continue to grow that supply base, both in the U.S. and international. If Doosan continues to perform, we will continue to work with them and give them work. What our suppliers are looking for is not one-off deals. They are looking for a sustainable supply chain.
When we first started going out in the U.S. for forgings, this is a good example, many of the suppliers said, "We're not going to tool up until we have an order book." Many of the suppliers are starting to get more comfortable that they're working with NuScale, and what we're doing on the manufacturing side, they're coming to the table. We continue to expand our suppliers to the point we're not going to be contingent on any one supplier. We'll have both tertiary or dual opportunities in working with other suppliers.
Got it. Thank you for all the color. Very helpful. I guess just switching gears for my second question.
Now going back to Doosan, I'm sorry, I interrupted. Go ahead.
No, go ahead. No, no, go ahead. Finish.
Oh, no. Thanks. No, no, I was just saying, we all just got back from Korea. We are excited about this first article. Doosan is excited about the first article. Our supply chain overall is excited. We are taking that standard plant design and NRC approved, and now we are actually now de-risking this project by manufacturing hardware.
Right. Okay, thank you. Just for a follow-up here, could you give a little bit more color on just what parts of the COLA that you worked on with the Carbon Free Power Project you anticipate will be repeatable for other applications, along with just the general knowledge you have gained by engaging with the NRC for all these years? You kind of touched on it a little in the prepared remarks, but I would like to hear just some expanded thoughts on that.
When we went through the first FOA process, part of the stipulation of that was we had to have a customer. We had a customer. It was a Carbon Free Power Project. If not by having that customer, we probably would not have had many of the first. We may not even have gotten through the NRC licensing process other than the fact that we had that customer. As we went through the maturity of the process, we were the OEM, and they had an EPC provider, but we put together a combined construction and operating license application that we will feel about 50%-60% of what we did is transferable to another customer. If you look at what we are looking to do, as soon as these contracts are in place, we are going to immediately start working on our COLA.
We are looking at revenues from service from engineering fees, and then obviously, in parallel, we will be putting together our OEM contract.
Got it. That's helpful. I'll turn it over. Thank you.
Your next question comes from the line of Christopher Souther with Truist Securities. Your line is open. Please go ahead.
Hey, thanks for taking my questions here. It's great to see the continued work on the long lead items. You mentioned OPEX remaining pretty flat. I'm just curious, is there increased, I guess, re-acceleration of activity here with Doosan? Is there another line that increased spending might go through with them? Can you talk through any other milestones we should be watching for the stuff you can control to prepare for deployments outside of ENTRA1 and TVA?
Sure. This is Ramsey Hamady. First off, thanks for your question. We can examine the OPEX idea a little bit more closely. Really what NuScale has done is if you look from 2024 and 2025, we were very disciplined. We showed great ability to manage OPEX within a plus or minus 5% band for eight straight quarters. That's the management team that's staying in place right now. I say that because we are very deliberate about our management of OPEX. As we approach this year, some of the work that we were doing with RoPower wound down, as reflected in our revenues, but we chose to retain some of that critical intellectual talent and keep them within the company. So they come off projects, they come off cost of goods sold, and they move on to the OPEX line. That's deliberate.
Our OPEX has gone up through deliberate choices to retain intellectual talent. As we go through to develop projects, in fact with Doosan, you will see those expenses right through the balance sheet as we accrue, just as we have today. We have long lead materials under WIP on our balance sheet. You have seen those go up quarter-over-quarter slightly as we continue to invest in that WIP, that work in progress, that inventory. You will see that accruing as well in the balance sheet as we build up the work with Doosan. Once we sell those assets through an OEM contract, you will then see them expensed through cost of goods sold on our income statement. This is all very controlled. It is all very deliberate, and it is all part of an intended plan of action.
The great thing is that management pulled $1.9 billion of cash on the balance sheet. We have held that. It gives us a very conservative, very strong liquidity position. It is built for the long term.
Got it. That is super helpful, Ramsey. Thank you. Maybe just a little bit on ENTRA1 and TVA. I know you guys do not want to speak for your customer, but it was about a year ago, ENTRA1 was included in the US-Japan framework agreement. I am curious if there is any update you guys can point to around that kind of framework agreement and the discussions around that funding would be helpful.
Sure. This is Ramsey Hamady. I am so glad you bring up our strategic investors from Korea and Japan. Just as John Hopkins and Carl Fisher were recently in Korea working with Doosan and signing the first articles, I was in Japan working with JBIC, speaking with METI, and with our JNI strategic investors, including IHI, JGC, and Chubu, in addition to JBIC. I think the important component of this, and I think John mentioned before, is we have been working with our Asian strategics for many, many years. They are part of our original investors. They maintain positions, are equity-based, and they continue to support us from a strategic perspective. The alliance between the U.S. and Japan is very strong. It remains very strong, continues to see investment, and we remain supported by those critical Asian, Japanese, excuse me, Korean, Japanese strategic investors.
Your next question comes from the line of Craig Shere with Tuohy Brothers. Your line is open. Please go ahead.
Good afternoon. Thanks for taking the questions. It kind of feels like, in addition to obviously guaranteeing the deliverability of major equipment as soon as you have an order, it seems like you are really teeing up the cost side of this whole thing, so that once you have an ENTRA1 order, you should be able to provide relatively quickly some definitive margin clarity. Is that correct?
Yeah, I think that is correct. Once we have an order and work out an OEM agreement, we will have further clarity on margins. These agreements are longer delivery schedules, but this is part of a deliberate business plan. We have a good sense of cost. We are further refining our sense of cost. The first article will continue to do that, and we will be able to give guidance soon. That is our objective. We want to be able to give guidance to the street. We want to help the street understand our profitability and to assess the true value of NuScale.
Great. I was just wondering if you can You mentioned that because of the agreements with Doosan and others, that CapEx or major equipment payments will be ticking up a bit. Historically, I just look at the cash flow statement quarterly, and I think there was a big blip on long lead time material WIP in second quarter 2025, but that was just over $19 million, not huge. Do you see anything much more material than that quarterly going forward? I mean, is there anything really chunky before final orders?
That blip that you would have seen, I think, would have been the task order to produce long lead materials in respect of modules seven through 12.
Okay.
Because previously, in respect of the CFPP project, that was a six-module project, so we started the long lead materials for six modules. When we understood that the customer demand was for gigawatt size, 12-module power plants, we started to produce long lead materials for modules seven through 12. What will we see in the future? We continue to invest in building these modules. We signed with first article with Doosan. We have signed with other supply chain partners. We will continue to invest in supply chain. I think what is important to understand is when we build these modules, when we invest in it, and when you see the CapEx going up, this is not really CapEx in the sense that we are building factories, right? This is investments in inventory. This is all cash that we will receive back through the sale of modules and the OEM agreement.
With $1.9 billion in cash and ability to maintain very close monitoring on our OPEX, we are in good shape to do this.
The presumption is we are going to start seeing more meaningful quarterly. You take your cash assets and transfer it more into inventory?
I think the right way to frame it is that NuScale is building NPMs. We are going to build NPMs because we are here to sell NPMs.
Okay, thank you.
We have the cash to do it. Yep. Thank you.
Your next question comes from the line of Derek Soderberg with Cantor Fitzgerald. Your line is open. Please go ahead.
Yeah, thanks for taking my questions. Once the TVA PPA is signed, can you just remind us what the remaining steps are to really securing that binding module order? Does the PPA itself, the signage of that, actually trigger a module order in any way? Can you just remind us of that process? Then I've got a follow-up. Thanks.
No, that's a great question. The answer is yes. Once that PPA is initiated, this is why we're doing everything we can that's in our control right now to be ready for that, so we can quickly enter into the areas that we mentioned earlier, the COLA and long lead items. I've mentioned earlier, long lead items are exactly what we stated, long lead items. It takes years to get these things manufactured. We've been working with Doosan, as we stated, for those six modules for some time. They're going to be ready to pretty soon come off the production line. As much as we can to be ready, once that PPA, we're ready to move now.
Got it. John, I guess I'm curious to your thoughts on the midterm election results. Any thoughts on anything sort of changing for you guys? Any change to potential funding? Just your thoughts there. Thanks.
No, I think as I stated earlier, I've been doing this now since we got our first award back in 2012. One thing in working the Hill, you have the outliers, but for the most part, both the Ds and the Rs are pro-nuclear. I think in 2025, if you look at, I think it was called the Pew analysis, that some 60%-plus of the current population of the U.S. has become pro-nuclear, whereas back in 2020, I think it was like 40%. The groundswell continues to build. The people want clean, reliable 24/7 power. I look back even during that period of time, we've had numerous discussions with renewable companies, so we wrote technical papers on our capacity to work with renewables and load following.
Back in the early days when they were talking about the duck curve, when the wind's not blowing, we can crank up and crank down as necessary, and same with solar. We've even had discussions with these companies, how do we work together? I envision that's going to continue to go forward.
Also, if I can clarify on your second question, I believe you may have asked if the PPA would then lead to the sale of a module. While our expectation is the PPA is the next step, which eventually leads to the sale of modules, the PPA in itself, I don't know, I have to clarify this, but the PPA in itself is not the sale of modules. PPA is between ENTRA1 and TVA. We expect that work will come after the PPA for pre-engineering, pre-delivery services, COLA work, a host of engineering work potentially. Then the sale of the module will come with an OEM agreement between NuScale and ENTRA1.
Correct.
Just to clarify the sequencing there.
Got it. Thanks, guys.
Thank you.
Your next question comes from the line of Seth Basham with Wedbush Securities. Your line is open. Please go ahead.
Thanks a lot. Good afternoon. Thanks for taking my question. The first part of my question is related to RoPower, and if you could just give us an update on the status of that project and what we can expect over the next few months.
We've been waiting. There's a new administration that just came into place. I know there's been some public announcements. We continue ongoing dialogue with both RoPower and Nuclearelectrica, they're one of the major shareholders. I have recently sent out a request to go visit with the current administration to provide, get some insight in terms of where is this government headed. At this time, that's all we know.
Fair enough. Then, separately, just following up on some of the other questions earlier, thinking about the next steps in strategic investments needed to move towards full-scale production. Could you identify any other significant investments that you are planning besides the work with Doosan, and what is the timing associated with them?
We do not have any other significant investments that we are communicating publicly at this time.
All right. Fair enough. Thank you so much.
Thank you.
There are no further questions at this time. I will now turn the call back to John Hopkins for closing remarks.
Thank you. While others remain in the early stages of regulatory review, technology development, fuel qualification, as we stated, we are advancing towards commercial deployment now. This positions us to deliver value for our shareholders as demand for scalable, carbon-free energy continues to grow. NuScale's focus is clear, securing customer commitments, achieving manufacturing deployment milestones, converting backlog into revenue, and building a scalable, profitable business. As we stated, we are ready, we are executing, and our next chapter will not be measured simply by milestones achieved, but revenues generated, projects delivered, and lasting value to our shareholders. Thank you for your continued confidence and support.
This concludes today's call. Thank you for attending. You may now disconnect.