Target Hospitality Corp.

Good morning, ladies and gentlemen, and welcome to the Target Hospitality Second Quarter 2026 Earnings Conference Call. At this time, all lines 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 Monday, August 10, 2026. I would now like to turn the conference over to Mark Schuck, Senior Vice President of Finance and Investor Relations. Please go ahead.

Thank you. Good morning, everyone, and welcome to Target Hospitality's second quarter 2026 earnings call. The press release we issued this morning outlining our second quarter results is available in the investor section of our website. In addition, a replay of this call will be archived on our website for a limited time. Please note the cautionary language regarding forward-looking statements contained in the press release. This same language applies to statements made on today's conference call.

This call will contain time-sensitive information as well as forward-looking statements which are only accurate as of today, August 10, 2026. Target Hospitality expressly disclaims any obligation to update or amend the information contained in this conference call to reflect events or circumstances that may arise after today's date except as required by applicable law.

For a complete list of risks and uncertainties that may affect future performance, Please refer to Target Hospitality's periodic filings with the SEC. We will discuss non-GAAP financial measures on today's call. Please refer to the tables in our earnings release posted in the investor section of our website to find a reconciliation in non-GAAP financial measures referenced in today's call and the corresponding GAAP measures.

Giving the call today will be Brad Archer, President and Chief Executive Officer, followed by Jason Vlacich, Chief Financial Officer. After their prepared remarks, we will open the call for questions. I'll now turn the call over to our Chief Executive Officer, Brad Archer.

Thanks, Mark. Good morning, everyone. And thank you for joining us on the call today. We delivered a strong second quarter defined by discipline execution on recent WHS contract awards and continued advancement of our growth pipeline. Our focus on converting commercial wins into operating results underscores the momentum driving targets performance. Since January 2026, We have secured over 9,000 contracted beds, representing more than 1.4 billion of multi-year contracts, supporting unprecedented growth in our WHS segment, and reinforcing Target's role as a leading provider of essential, mission-critical solutions for AI-driven data center development and critical power generation expansion. That commercial momentum is translating directly into operational execution, With average WHS-utilized beds surpassing 4,000 during the second quarter, we are delivering on recent contract wins on our target hyperscale platform, improving operating capabilities to support accelerating customer demand. We continue to see expanding opportunities across North America, with active discussions supporting a pipeline exceeding 20,000 beds. This breadth and durability of demand across our WHSN markets give us confidence in our ability to advance the largest commercial pipeline in our history, supported by a multi-trillion dollar long-term investment cycle. Turning to our individual segment, our HSS South segment continues to support world-class customers through an established network of communities across an expansive operating region. It targets reliable service delivery, network scale, and long-standing customer relationships consistently support and over 90% renewal rate, highlighting the value of our differentiated offerings. Moving to our workforce hospitality solutions or WHS segment, the unprecedented growth in our WHS segment reflects building commercial momentum, disciplined operational execution and our intentional pivot toward high value in markets. We continue to demonstrate the value of our target hyperscale platform and our scalable speed to market solution. positioning targets to benefit from accelerating customer activity and long-term demand dynamics. Importantly, as we mobilize a growing number of contracted vets across concurrent community development, our focus remains on execution, delivering the essential solutions our customers need to advance complex, time-sensitive projects. Together, accelerating in-market demand, growing awareness of our mission-critical solutions, and our proven ability to execute continue to drive advanced discussions on additional large-scale community development. Building on this momentum, we are finalizing multiple agreements to establish large-scale workforce hubs, supporting new customers' long-term AI data center development. As these customers face increasingly compressed development schedules, the urgency to secure workforce accommodations continues to grow. giving us confidence that we will see incremental contract awards in the coming quarters. This expanding customer base and sustained commercial momentum further validates my customer choose target. Our proven ability to deliver scale, speed, customization, and proven execution through our differentiated target hyperscale offering. These same capabilities are creating opportunities for incremental scope expansion within existing communities. As customers accelerate activity levels, they increasingly seek expanded solutions in fast-paced environments where reliability, flexibility, and speed are critical. As large-scale infrastructure developments grow more complex, remote, and time-sensitive, Target is uniquely positioned to meet this demand through a vertically integrated turnkey model that gives customers a single partner for their dynamic requirements. These capabilities are supported by Target's multi-decade operational track record and full lifecycle model, expanding design and development through full-service operations. This integrated approach enables us to deliver essential solutions for customers, support local communities, and remain well-positioned as demand continues to build. Looking ahead, we continue to see expanding geographic opportunities across North America. with active ongoing discussions supporting a pipeline exceeding 20,000 beds. As our presence across these end markets grow, we are confident in our ability to capitalize on accelerating demand, advance our strategic growth initiatives, and deliver durable long-term value. I'll now turn the call over to Jason to discuss our financial results and 2026 outlook in more detail. Thank you, Brad.

Second quarter total revenue was approximately $86 million, with adjusted EBITDA of approximately $18 million, driven primarily by significant growth in our WHS segment. This growth also strengthened year-to-date cash flows from operating activities, which exceeded $110 million and included more than $100 million of advance payments from customers tied to recent WHS segment contract awards. These payments underscore the strength of our contract fundamentals and the value customers place on our speed-to-market solution. More broadly, our results reflect continued execution on recent contract awards, strong unit economics, and increasing operating leverage as communities ramp. This reported more than 700 basis points of adjusted EBITDA margin expansion compared to the first quarter. As these awards come online and communities continue to scale, we expect revenue in adjusted EBITDA to build further in 2026 and into 2027. Turning to our individual segment performance, our WHS segment generated approximately $36 million of quarterly revenue, a 142% increase over the prior year. As several communities advanced through their ramp-up phases and activity shifted from construction into full service operations. Average WHS segment utilized beds surpassed 4,000 during the quarter, further demonstrating the depth of our operational platform, the scalability of our business model, and our ability to execute multiple large-scale customer developments concurrently. This operating momentum reflects accelerating demand across our WHS segment and markets. and should translate into greater contribution as communities continue to scale. Supported by strong unit economics, growing operational efficiencies and increased activity across recently announced large multi-year contract awards, our WHS segment is positioned to become Target's largest segment for full year 2026, contributing more than 50% of consolidated revenues based on the current contracted portfolio. Moving to our other operating segments, our HFS South segment generated approximately $33 million in quarterly revenue. While the segment experienced some moderation, it continues to deliver strategic value through its established presence in high activity regions and its longstanding customer relationships. We continue to evaluate opportunities to optimize this network while preserving flexibility to redeploy capacity towards high return opportunities across our broader portfolio. Our government segment generated approximately $13 million in revenue during the quarter, driven by the reactivation of our Dilley, Texas assets. As we optimize certain government segment assets to support recently announced WHS segment contract awards, We expect to incur approximately $5 to $7 million of transitional costs over the next two quarters. These transitory costs will temporarily pressure government segment margins, which is reflected in our 2026 outlook. Recurring corporate expenses, excluding stock-based compensation and transaction expenses, were approximately $15 million for the quarter. As we advance target strategic initiatives, we remain focused on managing costs prudently while ensuring we have the resources needed to execute effectively. Our 2026 outlook reflects the recalibrated corporate expenses required to support this growth over the coming quarters. Turning to capital management, total capital spending for the quarter was approximately $132 million as mobilization and construction activity began on multiple large community developments tied to recent WHS segment contract awards. He ended the quarter with approximately $141 million in total available liquidity and a net leverage ratio of 0.6 times. As previously announced, on July 24th, we replaced our $175 million revolving credit facility with a new $660 million credit facility, nearly quadrupling Target's committed borrowing capacity and meaningfully expanding the company's banking relationships. This expanded capacity significantly enhances our financial flexibility and lowers our cost of capital, allowing us to execute on recent contract awards and capitalize on our robust multi-year growth pipeline. Driven by the depth of our target hyperscale offerings and accelerating customer demand, we continue to identify opportunities to expand our value-added solutions and address specific customer challenges. For example, we recently expanded our service offering for an existing customer by providing a temporary, full-service workforce solution. This offering supports their ability to accelerate project development ahead of completing their customized, multi-thousand-bed community. It further demonstrates how we tailor solutions to customers' unique requirements. Together, our ability to deliver flexible, value-added solutions like this one combined with growing contributions from recently announced WHS segment contracts reflects the sustained operating momentum behind our increased 2026 outlook. This includes total revenue of $410 to $420 million and adjusted EBITDA of $85 to $95 million with capital spending excluding acquisitions of $490 to $510 million to fund our long-term growth. As I mentioned earlier, a meaningful portion of this capital spending is supported by customer advance payments associated with recently awarded WHS segment contracts, supporting efficient capital deployment and maintaining strong financial flexibility. As recent contract awards continue to scale, we expect revenue and adjusted EBITDA to build steadily through 2026 with additional operating leverage and improved unit economics supporting margin expansion into 2027. Together, these factors position us to exit 2027 with annualized revenue exceeding $700 million and adjusted EBITDA above $250 million. Importantly, this projection is supported by our existing contract portfolio and does not assume contribution from our broader commercial pipeline. As we deploy capital to achieve these near-term financial objectives, these investments will temporarily increase our net leverage. However, our committed contract portfolio, customer advance payments, and attractive unit economics are expected to support meaningful cash generation, particularly as communities continue to ramp. As a result, we expect leverage to decline as these communities open and anticipate X-Ming 2027 with net leverage well below three times based on our current project schedule. Target is well positioned with a flexible operating model and strong financial profile as we continue to evaluate a robust growth pipeline. Our focus remains on expanding the WHS segment, which we believe offers the greatest opportunity to accelerate value creation for our shareholders. Importantly, as we pursue these opportunities, we will remain focused on maintaining the strong financial profile we've built while maximizing margin contribution through our efficient operating structure. With that, I will hand it back to Brad for closing remarks.

Thanks, Jason. Our second quarter results reflect the strong execution that has defined Target's performance this year. As we translate commercial momentum into tangible operating results, Thank you for joining us. Thank you for joining us. are proven target hyperscale platform. Discipline capital allocation and financial strength position us to capitalize on this multi-decade investment cycle and deliver sustainable long-term value creation for our shareholders. Thank you for joining us on the call today. And once again, we appreciate your interest in Target Hospitality. We will now open the call for questions.

Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star, followed by the one on your touch-tone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star, followed by the two. If you are using a speakerphone, please lift the headset before pressing any keys. One moment, please, for your first question. Your first question comes from Teresa Alba with Georgia Bank. Your line is now open.

Yes, hi. Good morning. Thank you so much. I wanted to just ask about the revenue and EBITDA guidance increase first. The way I understand it is that you've had good execution and you're benefiting from timing potentially this year, but then you also talked about expansion at some of the existing projects and you've raised the 2027 exit year revenue and EBITDA. So just wanted to get a little bit more color around, you know, what you're seeing, if it's one specific contract or, you know, just any additional color would be helpful.

Thanks for the question. This is Jason, CFO. Appreciate you calling in. So I would say overall what drove the outlook increase both short-term and long-term was essentially community enhancement, scope expansions from multiple customers, actually. I would say also just improved visibility, continued execution on our part. And, you know, the contract awards are progressing quite well ahead of our expectations. Customers have, again, expanded scope in certain areas. Some of that is temporary. Some of that is longer-term, which fed into the longer-term increase to our outlook. And then there's general operating efficiencies that are materializing faster than expected.

Yeah. Maybe let me just touch on incremental scope expansion just for a minute as well, Fazza. You know, as we bet off these massive workforce communities, our customers, bottom line is they see the value we bring. We're bringing in a lot of staff in those areas. They're looking for us to do more. There's definitely a bigger portion of the wallet, if you will, the bigger portion of the spend. We think we can get more up, right? So there's some incremental things that we already do that we can do more of on the construction site and not just a workforce hub. We think over time we continue to pick up some of that and some of that's playing into what we're doing today on some of the guidance as well.

Great. That's very helpful. Thank you. And then I wanted to ask about DILI because there's been some speculation in the media and elsewhere around, you know, potential divestiture. So just curious kind of what you're hearing about that and sort of if you could comment on that at all.

Yeah, so we're not going to comment on any kind of monetization of assets or potential monetization of assets. What we can say with respect to the government segment is it's tied to a contract that is expected to go through 2030, and that facility has been operating since 2014 with the same customer, and we're focused on servicing that contract at this point. in terms of growth, we're not focused on growing the government segment. Our capital is primarily focused on being deployed to grow the WHS segment because that's where the lion's share of the pipeline opportunities are at this point.

Thank you. I appreciate it. If I could just speak one more, and you did raise your CapEx guide for the year. Could you talk to us a little bit about how you see the trend of operating cash flow this year?

Yeah, so as you can see from our Q2 results, and cash flows are flowing in ahead of, you know, adjusted EBITDA and full economics on the contract, and that's driven by those advanced payments from customers that we talked about at the top of the call and alluded to on our last call as well. So, you know, cash flows this year are going to outpace adjusted EBITDA for this year as well. And I would say with respect to the CapEx, You know, the majority of the CapEx spend is anticipated to happen this year as evidenced by the outlook, and we increased that because of the community enhancements that the customers have requested. And so, you know, I would anticipate a lot of the CapEx spend to decelerate quite significantly as we move through 2027. And that's, again, based on what we've contracted to date that doesn't anticipate anything in our pipeline at this point in time.

Great, thank you so much.

Your next question comes from Scott Schieberger with Oppenheimer. Your line is now open.

Thanks very much. I think for the first one, I'd like to ask on the rightness of the pipeline. Could you please speak to what you're seeing there? And I guess a part B to this question is, What is it in your pipeline, kind of speaking historically, who did you see competitively? How many competitors usually are bidding against you? And if you're aware of that in your current pipeline, if you could address it as well. Thank you. Yes, just high level on this.

You know, pipeline for us continues to outperform our expectations. As far as just the sheer numbers that we're seeing of bids being requested, that are coming in. Geography is also expanding, you know, outside of Texas, into the Rockies, the Midwest, and further. So, number of beds, again, number of requests, and then the growth in just the geography, right? I would tell you there's a growing industry adoption as these projects are going more remote. You know, when you look at some of the pushback across the country on the data centers. The companies that maybe thought they didn't need our type of solution are now being, you know, they're looking at this much differently. They're coming to us earlier to help them on the community engagement piece. They're asking us to get involved early on, just like you've seen in Uinta County in Wyoming, right? We've been working on that with that customer shoulder to shoulder for a while. So, you know, we think some of the things that, Governor Abbott put out, right, or a positive for our business and will help strengthen this pipeline. As far as competition, sure, there's several out there that are competing. Some are just competing for the services, and then some are saying they're a turnkey operator, right, and will buy the land, develop the facility as we do. We've always seen competition on that. I would tell you, you know, it's not as great as what you might think. But there's definitely some competition out there. Most are regional players, some private equity owned on that side. But I'm not going to call out names, but definitely some competition out there.

Thanks. And just on the guidance, kind of following up on a prior question, There's $30 million, and that was in there last time you provided guidance of variable revenue. It was termed data center hub contract last time. Now it's just reference to the whole WHS segment. Could you speak if it's still just that, and could you speak about What level above committed minimum? Just kind of curious how, you know, how aggressive or conservative that is looking out if it has, you know, if that includes others and is taken down within data center offense.

Yeah, sure, Scott. I'll take that one. So appreciate the question. So in terms of the variable revenue, that is attached to our longer range outlook, which is the 2027 outlook. That is still attached to that data center hub contract, and that's the only variable revenue that's considered. About $30 million of annual variable revenue is considered there. No other variable revenue is considered. However, as you know from the other contracts that we talked about, there is continues to be variable revenue upside above and beyond that $30 million for sure. We just want to be prudent about our long-range outlook there. Now, in terms of the short-term outlook, so 2026 outlook does not include any variable revenue above the contracted minimums for any of the new contracts, so relatively conservative there. It's definitely, you know, variable revenue upside. We want to be thoughtful about the contract ramp schedules and things of that nature in terms of how we thought about the variable revenue. But the 2026 outlook is geared towards the fifth minimum revenue commitments with no variable revenue considered.

I think, Jason, the variable starts to get a little clearer as we start to open up more rooms, right, and see the pace that the customer puts heads in beds, right? But we didn't want to get too far ahead of ourselves on that until we start opening up these phases.

Yeah, and as we talked about last time, the two most recent contracts that we announced, the larger ones, take about a year to sort of fully ramp up, and that pretty much happens in 2027.

Thank you both. I appreciate that call. I'm going to sneak a follow-up to something Brad said earlier. But your ability to source, if you win a new contract or multiple new contracts, the geographical expansion is getting diverse, as you mentioned, and you usually had some concentration in certain parts of the country. Just curious if you can comment on your ability to efficiently source assets for development, just your position in Mexico.

These communities, they scale quickly, right, after initial mobilization. But we went out early on. We talked about this before. We secured line time. We're now executing on the project that we put out in the press months ago. In fact, we're, you know, making very good progress on this. So execution has been our strength since I've been here for 18 years. and I think you'll start to see even more of that flow through as we get through 2026 and 2027. To answer your more pointedly on being able to source, at this point we've locked up enough line time We absolutely have the ability and bandwidth to take on more projects, multiple, and continue to do what we're doing today. So we don't have an issue at this point with supply, construction, you know, getting these lights turned on and the facilities ramped up. And we expect to sign more quickly and execute on it.

Great. Thank you very much.

Your next question comes from Steven Gengaro with Spiegel. Your line is now open.

Thanks. Good morning, everybody. Good morning.

I think two for me.

The first is when I think about it, you referenced a little bit earlier, when I think about the legacy oilfield service, HFS South operations, you mentioned sort of optimizing beds, and I was curious as it pertains to that, I know I've asked you similar questions in the past but what's the flexibility of moving some of those beds but maybe on top of that like the contractual obligations you have to those customers given sort of your network approach in that region and how does that kind of all play into the ability to mobilize assets that may be underutilized in the oil patch?

First let me address the flexibility. We have a lot of flexibility but First and foremost, we have a lot of long-term customers there that we are going to kick out and not allow them to have a room, right? With that said, we are going to optimize the part of the DHSS portion, right? I mean, we all know that that area in the Permian Basin is a hotbed for the data centers as well as the oil and gas, but more so the data centers at this point. So we will continue to optimize there while taking care of our long-term customers. But I think that's the growth story. And Stephen, me and you talked about this a year ago in New York. You know, all Midland, the Pecos, to you name it in the Permian Basin, we think the growth story there is the data center play, right? The power play that we're seeing. And we're starting to prove that out by signing contracts. And we think that's just getting started in that area.

Okay. Okay. Thanks. The other question, and I know you're not going to speculate too much, but in reference to the question earlier about Dilley, if hypothetically you sold an asset that brought in hundreds of millions of dollars, how would you deploy that cash?

Well, I would say we're not going to speculate on monetizing assets. However, we are focused on deploying our capital to grow the WHS segment because that's where our pipeline of opportunities is at this point, and that's the most accrued place to deploy our capital for the shareholders.

Okay. And then maybe one more, and Brad's always been very careful about this, Speculating on contracts, etc. But you seem very confident in the 20,000 dead pipeline opportunity. Is there any timeframe, like the contracts that you're in discussion with? Are these things that could happen in the next month, the next half year? Like what's, without sort of, you know, kind of committing to a timeline, what's the kind of cadence of the discussions and the timing on some of these projects?

I'll try to be less evasive for you on this one. So I would look, you know, on our kind of prepared remarks and what we've talked about here, I would look at two separate statements. First being advanced discussion. We continue to say we're in advanced discussions for multiple quarters. What we've added here is kind of a separate statement, finalizing multiple definitive agreements. That's separate and apart from advanced discussions. I would tell you we feel very comfortable near term that we're going to have some new projects come on board, right? I'm not going to get into sizes and terms and customers. I would tell you 1,000 plus beds, right, each as we move forward. They're sizable projects that we feel comfortable giving you the information I just did. So, again, kind of bifurcated, advanced discussions and then, you know, finalizing multiple definitive agreements. Great.

No, thank you for all the details. Thanks.

Your next question comes from Greg Gilbaugh with New Orleans Securities. Your line is now open.

Great. Morning, Brad, Jason. Thanks for taking the questions. One wanted to touch on the margins within WHS quite a bit stronger than we expected and wondering if you could provide some context on whether there were any particular drivers of that strength

are there, or if that, I think it was 53.5%, is this fair go-forward expectation for that segment?

Yeah, I think, you know, the margin profile on that is pretty much in line with the type of contract structures that we've outlined previously that we see in our pipeline. And what you're seeing there is just a ramp-up ahead of schedule, right, and operational efficiency is materializing quicker. and execution ultimately, right? And so, you know, those are long-term impacts that we anticipate going forward. It just happened a bit quicker. Fair, fair.

Appreciate that. And, you know, I wanted to follow up, and I know you mentioned this, Brad, but it's nice to see the, you know, you guys secured the permit for the Uinta County-Wyoming data center opportunity.

We're going to provide maybe an update on where that opportunity stands and I guess just where it's at in the contracting process. Yeah, and I would say this one kind of fits in the advanced discussions piece, right? I would say, look, first, we're excited to be a part of this project and the eventual build out of the workforce hub. What we did there is we worked with a customer for literally months and months, the developer of the data center, on site selection, community engagement, city planning, And ultimately, what you've seen in the press is we received an approval for the development of a workforce hub in support of the overall project. So, you know, final terms, conditions, as well as start date for first heads and beds still being worked through contractually. And I would say just as we have more details, we'll come back to you with that. But really excited about the project. Large project, gets us in a different geography that we're used to working in. We have a facility in Wyoming now. are very comfortable with executing on that and we look forward to it. Got it. Got it. Thank you. And then I guess last one here, you know, if you could maybe just speak to the pipeline, how that looks for non-data center opportunities, right? I know, you know, I would ask maybe the percentage of that 20,000 plus beds or so, but don't necessarily want to exclude oil and gas related opportunities as well. Yeah, a lot of critical mineral in there. Again, in different parts of the U.S., lots of power rights tied to data center, lots of that. That's being driven by a lot of the regulations that you're going to build, and they're definitely forcing you to bring your own power, which we've been dealing with that already. We have a couple of power contracts, as we noted earlier in the year, and we think that continues.

Look, it's very strong on the power side.

and then Critical Minerals piece. I'm not going to break down the 20,000 beds. It's definitely a portion of it, but it's heavily weighted to data center and power when you look at the 20,000 beds. Got it. Thanks very much, guys.

Ladies and gentlemen, as a reminder, should you have a question, please press star 1. Your next question comes from Alex Rygie with Texas Capital. Your line is now open.

Thank you, it's Alex Riegel. A couple quick questions and very nice quarter. Regarding the timing of additional workforce housing contracts, how has the piece of negotiations for future contracts changed in the last kind of two or three months? Have you seen them accelerate? Is it sort of moving at the same kind of pace that it's been at? Has it slowed?

Yeah, I would say maybe the overall Time for negotiation, the signature is about the same. I would just tell you there's more of them, if you will. And in discussions, in negotiations, again, I mentioned earlier, the adoption of what we do is becoming stronger and stronger. So the pipeline is growing and it's getting upgraded as well, if you will. And so we're seeing good things come out of that.

and then your average bed utilization was 4,000 in the Corps. What is implied in your 2026 estimate and 2027 estimate where you'll be kind of exiting on a bed utilization rate 2026?

Well, I would say, you know, we had, what, 9,000 beds contracted this year. That includes the last two large contracts, one for, you know, 3,300 beds, approximately another one for 4,000. Those are going to take about a year to fully ramp up. As we said on our last call, we expect those communities to be fully ramped up by mid-2027. And so, you know, obviously we anticipate the utilization to increase as we move through the year. Even on those two large contracts that will take about a year, we anticipate delivering about 1,000 beds a quarter. We're on track for that. And so, you know, you'll see a higher number than the 4,000-bed utilization, not the full 9,000 beds, because that'll basically happen in 2027. Very helpful.

Thank you very much. Thank you very much.

Thank you.

I don't know for the questions at this time. I will now turn the call over to Brad Archer for closing remarks.

Thank you. In closing, I just wanted to reiterate a few points. Number one, industry adoption as well as federal, state, and local municipality adoption around the services we offer continues to grow. As they see our offering lessening any impact caused by the growth They are experiencing in their communities. Community relations is becoming a huge piece of all of this, right? So number two, we are executing. Me and Jason talked about that. Revenue and profits are increasing and will continue to accelerate as we move through 2026 and 2027. Number three, sales pipeline continues to strengthen, and we fully expect new winds to flow from this. And the last point, as a company, Target Hospitality has the bandwidth to take on more, and we fully expect to do that in the near future. Last but not least, I want to thank you for all joining the call today, and we look forward to your support in the future. Operator, that will end the call for today.

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.