Aimia Inc.

Good morning ladies and gentlemen and welcome to the AMEA incorporated second quarter 2026 results conference call. At this time, all lights are in listen only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Tuesday, August 11, 2026. And now, I would like to turn the conference over to Joe Racanelli. Please go ahead.

Thank you, operator, and good morning, everyone. Joining me on today's call are Rhys Summerton, AMIS Executive Chairman, and Steven Leonard, the company's President and Chief Financial Officer. Before we begin with our prepared remarks, I do want to point out that we assured our financial results for the second quarter earlier this morning. All of our materials, including the news release, MD&A, and financial statements are available from our website as well as from our profile page on CEDAR+. We will be using a presentation today and for those listening to our discussion by phone, a copy is available on the IR section of our website. Most importantly, some of the statements made on today's call may contain forward-looking information and future results may differ materially from what we discussed. Please refer to the risks and uncertainties that may affect our future performance referenced in our presentation as well as in the MD&A. In addition, we will be making note of GAAP and non-GAAP financial measures. Reconciliation of these items is provided in the appendix of our presentation. and following today's presentation, please reach out to me if you have any outstanding questions or require any clarification of the items that we discussed today. Please go ahead, Rhys.

Thanks, Joe. Good morning, everybody.

Thank you for joining us. Before we head over to questions on this call, Steve and I will briefly discuss some of the salient highlights of the second quarter. Just to kick off with We were especially active this quarter. We're kind of getting used to being especially active. We've completed several objectives that we set out for in the year. In particular, we closed the sale of Bezetta, which generated net proceeds of 270 million Canadian dollars. We grew our net book value by 22% to reach $3.74 per share. We completed a tender offer to purchase senior notes due in January 2030, reducing our interest costs materially. We took action to improve Cortland's ability to capitalize on the opportunities. And we're quite excited about this, which we'll elaborate on more in the presentation and also to grow market share in Cortland. And importantly, we started to deploy capital in some investment opportunities consistent with our strategy. and we renewed our buyback program to buy up to 5 million common shares which will take us through to June 2027. So our performance and milestones completed in the quarter provide clear evidence that we are making progress against our strategy. We have a lot more that we would like to report in the future and we look forward to doing that and I'll expand on the outlook and priorities as we go through the presentation. But first, I will ask Steve to review our financial results. Before Steve gets going, though, we want to congratulate him for becoming a granddad in the early hours of this morning and still being dedicated to make the call a few hours later. So, Steve, over to you and congratulations.

Thank you, Rhys. Good morning and afternoon, everyone. Before we look at our financial performance in more detail, I wanted to begin my discussion today by reviewing the key highlights of the Bizetto transaction and its impact on our Q2 results as outlined on slide 7. First, it's important to understand that Bizetto was classified as discontinued operations. As a result, Bizetto's contributions were excluded from EMEA's Q2 results from continuing operations. with the exception of cash flow from operations and net earnings which are presented on a consolidated basis and include Bezzetto's results. Second, the transaction generated net proceeds of $270 million including $1.8 million received in July relating to our finalization of the working capital and the debt closing accounts. Third, the transaction resulted in a net gain of $21.7 million, a total that favorably impacted our EPS and our net book value per share at quarter end. Finally, I should point out that we did not incur any income tax on this transaction as we offset approximately $45 million of the taxable capital gain by utilizing our capital loss carry forwards. Turning to our financial highlights, as you see from slide 8, our results from continuing operations, that is Cortland and the Holco segment, in Q2 were largely in line with the prior year period. Revenue was $36.4 million compared to $37.8 million last year. Gross profit was 8.7 million compared to 8.8 million in Q2 2025. Adjusted EBITDA was 2.3 million compared to 2.8 million last year. The modest decline to reflect the impact of geopolitical and macroeconomic developments on our rope and netting solutions business. We expect those conditions to improve in the second half of the year. One positive item to note relates to the continued reduction in SG&A expenses at the holding level. The decrease reflects the benefits of ongoing efforts to reduce local costs for items such as insurance, rent and professional services. I should point out that our hold call expenses in particular would have been lower by $600,000 if not for costs incurred relating to one-time strategic initiatives, particularly related to dual listing activities in the UK. Courtland results for the second quarter are presented on slide 9. In Q2, Courtland generated $36.4 million of revenue, down $3.7 million from last year. The year-over-year decline was due to lower sales volume, particularly in projects for the offshore energy sector, and lower demand across the broader market due to higher selling prices. Courtland revenue decline was partially offset by pricing surcharges implemented in response to the rising raw material and freight costs, which were impacted by the rising oil prices related to the geopolitical events in the Middle East. Courtland's adjusted EBITDA in Q226 was $4.4 million, down from $4.9 million last year. The decline was mainly due to lower sales volume. To capitalize on emerging opportunities, we implemented a number of changes at Cortland aimed at improving sales, strengthening relationships with customers, improving operations, and consolidating leadership. In part of these efforts, Thomas Cherian, a finance leader with more than 30 years of experience, will join Cortland CEO Wolfgang Wandel as CFO in our Houston office. Given the increased focus on growing sales and building customer relationships, we are optimistic that Cortland is primed for a stronger second half of the year pending the easing of tensions in the Middle East. We ended the quarter with $294.5 million of cash on a consolidated basis, up from $100.3 million at the end of March. Slide 9 shows a waterfall of cash movements in the quarter. The key driver in the increase in liquidity was $268.2 million of cash proceeds from the Bezzetto transaction. As I mentioned earlier, we received another $1.8 million in July related to closing the working capital and the debt balances. Other increases in Q2 include $2.7 million of cash flow from operations. The increase in liquidity was offset by an outflow that included 22.6 million of principal repayments on the Bizetto credit facilities prior to closing, 25 million of Bizetto's cash at closing, 7.5 million of interest payments, 4.3 million of investments in property, plants and equipment, 1.8 million towards the buyback of shares and 11.8 million in net marketable security investments. Looking at our liquidity more closely on slide 11, You see a breakdown of our cash position by segment at the end of June. Our consolidated liquidity includes $268.8 million of cash held at the holding segment and $7.7 million at Cortland. Looking ahead, we plan to deploy the capital towards investment opportunities consistent with the strategy outlined previously. Over the next 12 months, we anticipate that Holco expenses will approximate $7 million. Earlier we mentioned that key development in Q2 was the completion of the offer to purchase our senior notes that mature in January 2030. The purchase offer was triggered by the sale of Bizetto. The offer expired on June 26 and we made a payment of $131.4 million for validly tendered notes and interest owing on July 3 after our reporting period. In the interest of transparency, slide 12 illustrates the impact of the tender offer on our liquidity on a pro forma basis. When taking into account the senior notes repayment, our pro forma liquidity was $173.2 million, which consisted of $163.1 million of cash, $12 million of marketable securities, less $2 million of other current borrowings. Post-paydown of the notes tendered, We have a balance of 11.2 million in principal notes outstanding through the maturity in January 2030. That concludes my prepared remarks. I'd like to turn to call back to Rhys for his closing remarks. Rhys?

Yeah, thank you, Steve. Well done. So going to slide 14. Previously, I mentioned that one of our strategic objectives was to grow intrinsic value and it's up to each investor and those that are interested to kind of calculate the intrinsic value of AMIA. But the net book or net asset value per share does indicate the trajectory of it. And if you measure net asset value per share, you'll notice that we increased this by 22% to $3.74 after the sale of Bizetta. We don't expect similar gains to come through regularly or on a quarterly basis. Obviously, this was episodic. There will be some lumpiness in the periods ahead. But as I wrote in the chairman's letter, what you should expect over time is that this net book value per share should appreciate if we make the right decisions. And we would hope that that would outperform any of the The benchmarks that are out there, like the S&P 500, that's what we regard as what would be par. So we want to do a bit better than that over the long term, and that will benefit all shareholders. Going on to slide 15, as you have heard on this call, the second quarter was particularly active. And as I said, I think that's something that we're getting used to. We will be active going forward. Our focus on the coming months will be to continue this momentum. In particular, our priorities in the near term will center on continuing and following through on the improvements that we are seeing at Cortland from both a sales point of view and operations. That's starting to already bear fruit. We continue to identify and work very hard at identifying target investment opportunities. We're deploying the capital in a very disciplined way. with the ultimate goal, as always, to enhance shareholder value. And finally, we'll complete the listing in the UK, which will be a secondary listing on AIM. But over the longer term, which is really the important part, our focus will be, as I said, to grow the net book value or net asset value per share, which will benefit all of us. So with that, thank you for your time thus far.

We'll open to questions. Joe?

Thank you.

Ladies and gentlemen, we will now begin the question and answer session. If you have any questions, please press start, followed by the number one on your touchstone phone, and you will hear a prompt that your hand has been raised. And if you wish to decline from the polling process, please press star, followed by the number two. And your first question comes from the line of Sir and D'Arsene of Chaffee. Please go ahead.

Thank you. A few different questions in a few different areas. I'd like to start with Cortland. Given the changes that you guys are making at this point, from your perspective, what would constitute success over maybe the next 12 to 24 months? Is the idea to focus on the top line, the margin component, or anything else? And maybe just What is the timeframe that we should be thinking about that you're trying to benchmark yourself over so that the changes that you're making are kind of visible to the front?

Yeah, I'll take that and Steve might want to add on afterwards, but let me just give you some context around Portland, which might be useful. You know, when I got involved in AMIA just over a year ago, We've reviewed the portfolio of investments and since I've been involved there have been multiple opportunities where we could have taken the opportunity to exit Courtland and turn that into cash and raise a lot of money from it. It's been my decision to turn that down and the reason is that I see a lot of opportunity to make Courtland into a long-term Thank you very much. The changes that we've made, even just in this very early stage, are easy things to do, and you'll start to see the improvement, we believe, in the second half of this year already. So we don't ask you to look even 24 months down the road for that improvement. We think you will start to see them already, and we've seen that coming through in the forward load and in the numbers on a weekly basis. Now, we want to make sure that that's sustainable. and that's the important part. I think it's very likely, barring some geopolitical issue, that you will see the improvement coming through. Now, over the longer term, what's the opportunity for Cortland? And this gets really exciting. If you take all the opportunities around where You know, Cortland perhaps doesn't have a presence or could be enhanced with local on-the-ground participation. You'll start to see that there's opportunities for Cortland to grow. So we have world-class manufacturing out of India. We can improve distribution. We're improving sales already and we can improve the product delivery around all of that. If you put all those points together, I think that you will see both in the short term and the longer term a vastly improved Cortland as a group. Will it require us to make some bolt-on acquisitions along the way? Definitely. And I think what those acquisitions do is is they small, but they improve our geographic coverage. And they also make the overall business less reliant on a few key markets. So we want to be a global player in this. And I think there's a real opportunity for Cortland to get there. So to answer your question, short term, we think you'll see an improvement. Longer term, I think you'll see that Cortland becomes a very important part of AMIA going forward.

That's helpful. And then maybe could you expand upon the near-term outlook in the sense of, as you expect things to get better, is that primarily a reflection of the macro getting better? Or maybe what are the conditions you're assuming that are leading to things getting better in the near term, in the back half of 26?

I think, Sarinder, that... Sorry, okay, go ahead, Rhys, now. No, I think what we're seeing is, you know, what happened as we came into 26, what happened coming like mid Q1 to end of Q1 with what happened in the Middle East and impact on oil, that rippled through the cost structure. We made some changes, as you've seen in our prepared remarks on oil. Adjusting or selling prices, and this wasn't just Amia, sorry, Cortland, this was other competitors as well doing that, and some of the downstream users of these products were making decisions on drawing down inventories and delaying purchasing decisions with an expectation that things would improve. And we've seen some of that happen, you know, as it depends on the week or the day, what's going on with the geopolitical events. But we are seeing, as Rhys said, stronger orders in the second half. So we're seeing some of that. Ultimately, these downstream users of these products still need them. So the delays that they made in the second quarter are starting to get pulled through in the second half. So that's one thing we're seeing. and then obviously you know another area that we we expect to be improving is on the margin side both on gross margin and even though we you know so you should see an improvement of that in the second half that's helpful and I'll just end there yep so if I if I just add you know the the the way to look at Courtland um you know Courtland in the past

and we see this a lot with different businesses. You get businesses that are simply accident prone. So what do I mean by that? I mean that whatever event happens in the world, it seems to have a negative impact on them. And what that really means is that a business isn't resilient. There's no backup. It doesn't have this built-in resiliency that we want. So the changes that we've made in Cortland is to make it a lot more resilient and defensive against and others. So we don't want to be necessarily exposed each and every time there's some kind of issue in the world. Cortland needs to stand on its own and to be able to deliver good results almost in spite of the environment around it. And the way we're going to get there is by diversifying where we get the revenues from a lot more and relying on and the management team which are now in place and operating very well to deliver.

Thank you. And then maybe I'll sneak in one more. When we look back at maybe the Bezzetto acquisition and maybe talk about the lessons learned there or maybe how this is going to influence kind of the future acquisition framework, Any color there would be helpful, and then maybe any areas that maybe are off limits from an industry perspective and areas that you're definitely interested in. Yeah, that's a good question.

So obviously Bizetto was kind of before my time. And when I reviewed what was in AMIA, obviously we knew what was in AMIA before we even got involved. What we realized about Bizetto is that it was an asset that had really good management. It was operating as well as it possibly could be operating, but it lacked one crucial thing for AMIA as a permanent capital vehicle. There would be a struggle and it would be the wrong thing to take cash away from Bizetto and to use that cash to pay down debt all the time. So I would say the mistake that was made, at least from an outsider's point of view, is that it was, you know, the gearing was too high on Bizetto at an AMIA level. And it meant that, you know, we were then having this 9.75% death at the whole co-level, which needed to be serviced. And so you were kind of starving Bizetto of cash that it could use to make acquisitions and grow simply because you were trying to fuel a hold curve in AMIA. So the key lesson I think is, and obviously we all know this, is when we look for acquisitions, we are looking for things that are not gonna take up large amounts of funding. Everything that we've looked at thus far has got net cash on the balance sheet. And we now have cash at the center and we will deploy it into opportunities where we will enhance our cash balance rather than reduce our cash balance. And we really don't want to get into the game of taking on big debt at the Amy Holker level. So if I had to say what was the key takeaway, that would be the primary one. The secondary one is that anything we buy, we have to make sure that the management teams that we acquire understand that we will make the capital allocation decisions. We will allocate the capital that they generate. It's not up to them to allocate the capital. Those are really good points that I guess AMIA has learned. I would also probably say that the motivation to do some of those acquisitions in the past is not the same motivation as today. Today, I'm a significant shareholder directly and indirectly. The board of AMIA has close to 45% of the shares. and every acquisition we do you know is reviewed by the board even before we buy you know one percent of it it gets reviewed by the board so there's a lot of alignment we're not trying to rush to do any acquisitions but we're very excited about you know all the acquisition potential that's out there because there's just so many and so you know we're very excited about the opportunity set

That's really helpful.

I appreciate that. Thank you.

Thank you. Rhys, before we go on to other callers with questions, I have received a couple of emails since the start of our presentation. And so one question to you in particular, you mentioned that you're excited about Cortland's opportunities for growth. How much of AMIA's cash are you willing to deploy towards funding its growth instead of investing in new companies?

That's also a good question.

I would say that bear in mind that Cortland is cash flow generative already. So we think that the Balsam acquisitions that we would look at in Cortland would be self-funded by the business. Also, Cortland has some cash and has no debt. So there's a potential to take on some gearing in Cortland if the acquisition opportunity presented itself. But the opportunity that we've looked at so far wouldn't require cash from or significant cash from AMIA from the whole code or we would try and self-fund it from the Cortland level.

Should we be using net book value as the main metric to measure AMIA's progress?

I think that network value per share, it's important to stress the per share part because we do have a share buyback program which executes virtually daily. So network value per share would indicate the direction of travel of the intrinsic value. There are some swings and roundabouts, some positives and some negatives to what I would perhaps estimate intrinsic value is, but that's not something we will share. For investors, it might be a good heuristic to use net book value per share and certainly the change in net book value per share I think would be a very useful metric to measure AME's success on. In fact, I would think it would be unlikely that net book value per share would grow and intrinsic value per share would not grow along the same kind of pass as the book value per share. So it's a useful metric.

It's one of the useful metrics, but obviously every investor must decide for themselves what metric they use.

And your next question comes from the line of Rob Byrd of Zeus Capital. Please go ahead.

Hi there, everybody. Two from me, please. Can you talk a little bit more about the reasons for the further listing in the UK and perhaps give a little bit more colour on the sectors or industries you're going to be focusing on and is this just UK or are you going to be looking at the wider European market and then my second one was I guess closer to home just on Courtland you talk in your statement about price surcharges Could you talk a bit about how frequently you can adjust prices? Is this a sort of quarterly or annual process?

Thank you.

Thanks. I'll take the first one. And Steve, I don't know if you want to answer the second one now, and then I can revert back to the first question.

Yeah, I'll do that, Rhys, and then you can come back. Yeah, Cortland has a dynamic pricing model with its clients where with the implementation or the impact on the input pricing, mainly on raw materials, they were adjusting their pricing. And that is not daily and it's not annually. It's more on a more frequent two or three times a month that they're looking at this in terms of pricing.

Yeah, on your first question, most of the opportunities that we are looking at are in the UK.

and so it does make sense to have a listing in the UK for opportunities that might present themselves. I think we've discussed this on prior calls as well but we're certainly not going to have listings in every place that we want to make acquisitions but where the bulk of the acquisitions may fit we'll probably have a listing there but I would say that if you had to look at AMIA maybe 10 years from now I would expect the private listing to be in the US and not anywhere else. So that's kind of the direction of travel, how we get there. We'll have to do a little bit of an excursion into the UK. And obviously we do have a listing on the JSE as well. Now, the opportunities that we see in the UK, there are so many. and so attractive that we don't really see a need to look at Europe. We're kind of not fans of socialism that much. So we've avoided Europe. We've actually exited Europe with the sale of Bizetto. So to go back there would be pretty interesting. It would have to really, really, really be attractive. But just to give you some flavor about the opportunities that we've looked at, and are looking at, we are looking at things in Canada, the UK and other markets, other kind of Western countries as well. So it's really driven by where we see the most value and we are completely agnostic. Now, eventually though, eventually, and we don't want to take too much time with getting to the eventually. We want to utilize the tax losses because that's where there's real value. So, you know, the sooner we get to utilize those losses, the better. Now, we utilize a little bit of that, you know, with the sale of Bosetto and we'll utilize a little bit more in the third quarter. But the, you know, where we want to get to is to be able to utilize those tax losses, you know, having made good acquisitions along the way that will generate lots of free cash flow for AMIA to continue compounding.

Thanks, Rhys. Thank you. Thank you.

As a reminder, if you wish to ask a question, please press star 1 to join the queue. And we have another question.

Sure. Rhys, we've received a couple other email questions. One relates to ClearMedia. What are your plans for a news investment in ClearMedia?

ClearMedia is turning around. The results are definitely improving year on year. I still think there's a long runway to go with that business. And this would be the wrong time to monetize that investment. At the right time, we will obviously have something to report back to investors, but for now it's turning around and the results are improving. So we're kind of happy sitting with that, going along for the journey to recovery.

Great. Sorry, Joe, was there another question?

One more question, and I noticed there's someone else in the queue. So can you talk or explain the process that you're using to identify investment targets?

Yeah, so that's a good one. Where can AMIA compete? That's the real question. At the moment, You're finding a lot of companies are getting acquired by private equity and they're obviously looking at the same kind of companies that we are. But AMIA can compete in a slightly better way, I would say. And that is that if you take an average competitor of AMIA or somebody else looking for opportunities or acquisitions, they're going to screen the market start doing due diligence and knock on the company's door and make an offer. What we try to do is look for hidden value that might be in some of these companies that the rest of the market hasn't seen. And so far we've been able to identify situations that really are neglected by the market. There might be very low Interest from existing investors. You can kind of see that with AGM turnouts. You can see that some shareholders are kind of suffocated in that share register and that they might want to get out for whatever reason, but they can't. And we can help them raise liquidity by buying their shares. And it gives us the opportunity to actually buy into these companies at far more attractive prices Thank you very much for joining us. If we start building a position in an investment or a target, there's nothing stopping us from reversing course and exiting that investment. So, for example, if we buy into a company in the share price rallies and we no longer think it's all that attractive, we can then exit that investment at a realized profit. So, you know, There's multiple reasons why we should be able to execute better than what our competitors are doing. But when it comes to actually screening the market for ideas, I don't think there's any substitute for hard work. And we are visiting companies, meeting with companies, reading annual reports, doing all the things that just the basic due diligence would require. to develop a framework and find opportunities. And like I said earlier, there are multiple opportunities that we are looking at.

And your next question comes from the line of Conrad Schurkogel of Goldman Sachs. Please go ahead.

Thank you for the opportunity. The Bozzetto transaction is interesting because it's Italian based and despite that, maybe Steve or Rhys, you can give me a bit of an accounting lesson. When the transaction was finalized, you were able to utilize the tax losses, the capital loss carry forwards. How did that come about? And then linked to that and also linked to your previous response, Rhys, where you said Make an investment and there's a capital gain or the stock price, if the stock remains listed I would assume, has moved beyond intrinsic value and you exit. will you always structure your transactions in such a way that in the back of your mind because this capital losses now has become alive it's a real number we can look at because it's been utilized that that can be utilized or it's going to be very rule based depending on geographies where you make your investments and I bring back previous questioners The question about UK listing is that part of it is to be structured in such a way that if you upstream dividends or cash flow, again, that these tax losses can be utilized. That's my one question. The second question is just on I noticed that there's $12.1 million of securities that has come about. If you can give us a little bit of detail on that. Thank you.

I'll answer the tax question, Rhys.

Yeah, so AMIA, as we've disclosed in our notes on the tax losses, the capital losses that we, which represent about half of our losses that we've quoted, so about $500 million Canadian, those losses are held by the Canadian AMIA Inc. company in terms of the structure. So when we are placing investments or doing certain activities on the investing side, our preferred approach in the structure, unless there's other good reasons to do it differently, but in the case of Bizetto, We held the Italian business under the Canadian company, Parent, which had the taxable losses, capital losses. So when we realized the taxable capital gain, even though the business is located in Italy, the owner of the business of that 94% in Buseto was AMIA. So the gain, taxable gain would be... Thank you very much. On the investments that we're making, it's a similar scenario where in the first course we'll invest through the parent company that has the capital losses and then subsequently when we sell those businesses, we would use those losses against taxable gains. I hope that answers your question on the tax piece.

and then if you can just expand on dividends and cash flow that's being upstreamed.

Yeah, so I mean, you know, there's different elements tied to certain sources of income. Dividends, you know, we would look to use the operating side of the, so again, the Canadian business, Holco has Canadian operating losses that we can mitigate. and likewise if we we put a downstream loan into one of the businesses that's another way where you have interest income coming up to the parent company and you can mitigate. So there's different ways you structure things in terms to utilize your tax attributes efficiently and we look at all of those when we're looking at our structures.

Perfect, thank you.

and it's a good point because when people talk about serial acquirers and what makes a good serial acquirer, they always mention it's the autonomous management structure and then they go next and talk about this long runway of potential acquisitions, et cetera, et cetera. But one of the real things that you need to look for in a serial acquirer is having a Advantaged Tax Base and that's what AMIA has which really is why it's such an attractive business for me to look at we're running NOLs of 1.1 billion which we can utilize through different ways one will be utilizing them for acquisitions that we make eventually in Canada and the US and also through any other profitable transactions we enter into and the rest of the world. So rest assured, we will utilize it and it's a real strength of AMIA as a serial acquirer. I think your other question was about the 12.1 million in marketable securities and obviously we're not going to talk about that These are investments that we've made and it's kind of a little bit like getting your toes wet with your socks on. They're really preliminary investments in companies that we think are very attractively priced and ones that potentially we would love to own eventually. Now that's Very much depends on the price that we are able to acquire those companies at. If the share prices rally away from the price that we paid, clearly they're not as attractive as they were. and so we will re-evaluate each time and that's why I say we have enormous flexibility and that's something that we must never lose in AMIA. We must maintain and even enhance the flexibility we have to be able to pursue transactions. So I would caution against trying to work out what AMIA is kind of wanting to do next with the investments that we make because we might Swing Around and Change, given price changes. I would say, though, that the opportunities, there are really good opportunities which we are starting to deploy the capital into. And I think each one of them, each one of the core ones, I'm very excited about. I just hope we can execute on it.

Okay.

Thank you very much. But in essence, I'm not after names. It was more sort of see that you now start to learn one of the four parts of the strategy, the underlying investments in undervalued assets.

Absolutely right. Yeah, we want to, you know, they're in marketable security. So that's very much the strategy, you know, to build stakes without paying premiums. and that's really why I caution against trying to work out what we may or may not do because we don't want to be paying premiums if we do decide to buy out a company. Investors are way better off being invested in AMIA I think because that's where the benefit should ultimately flow into. It's not going to flow into the private equity model of Thank you everyone for joining us today.

and as mentioned earlier, if you do have any follow-up questions or if we didn't address any issues that you would like for us to expand on, please do reach out to me. We'll make ourselves available. Have a good day, everyone.

Ladies and gentlemen, this concludes today's conference call. Thank you all for your participation. You may now disconnect.