Legend Power Systems Inc.

Welcome to the Legend Power Systems Fiscal Q3 2026 Investors Call. I'm Randy Buchamer, Legend Power's Chief Executive Officer. We appreciate you joining us today. We're going to discuss our corporate progress and financial results for the third quarter, which is a period covering the three months ended June 30th, 2026. Before we begin, please note that certain statements made during this call may be forward-looking in nature. These statements involve known and unknown risks Thank you for joining us today. Paul Moffat, our Chief Operating Officer and Acting CFO is on holiday, so I'll also cover the financial and operational portions of today's update. Obviously, there's quite a bit to discuss this quarter. We're excited because we believe we're starting to see several pieces of the strategy we've been working on for the past year come together. On our last few calls, we talked candidly about the commercial challenges we've experienced through fiscal 2025. The technology was performing, customers understood that Smartgate improved the electrical environment inside their buildings, and we continued to demonstrate energy savings. But we were encountering significant skepticism when customers tried to justify an investment based on energy savings alone. It caused deals to take longer, it caused some opportunities to stall, and it told us very clearly that we needed to do a better job of helping customers understand and quantify the much broader value SmartGate can deliver. So, we responded. Over the last several quarters, we've been repositioning SmartGate around the broader financial impact of the incoming electrical environment, which includes equipment reliability, maintenance and repair costs, asset life, operating costs, volatility, and premature capital replacement. And we have supported the repositioning in three distinct ways. First, by strengthening the technical and financial linkage between actual operating voltage conditions and equipment performance. Second, by expanding use of independent third-party validation and operating data. And third, by analyzing actual operating and financial results from mature smart gate installation. And I believe Q3 gave us some really first meaningful commercial evidence that this approach is gaining traction. During the quarter, we announced approximately Canadian 1.3 million orders representing 12 smart gate systems across repeat customers, channel-led opportunities, and government-related projects. Importantly, we're not viewing those simply as 12 individual system sales. in an initial facility, demonstrate the value, build the confidence, and expand across the portfolio. We're also seeing encouraging evidence that the reason customers are buying smart gates is beginning to evolve. Historically, many customers entered the discussion primarily because of energy savings. Increasingly, the conversations about protecting building infrastructure, improving reliability, and reducing the financial exposure associated with operating critical equipment under less than optimal electrical conditions. Mike will give you some specific examples of that shortly. We also made significant progress on independent validation during the quarter. In June, we publicly released preliminary results from the government-funded SmartGate evaluation, the Oak Ridge Labs. Those findings provide encouraging independent evidence around SmartGate's ability to significantly improve the electrical operating environment set of building, while also demonstrating measurable energy and demand benefits. Mike will walk you through specific measured and model results, and more importantly, he'll explain why we believe these findings matter commercially. Then, subsequent to the quarter end, we achieved another major milestone with the award of our GSA Multiple Award Schedule Contract, GSA MAS. This is really important because the government opportunity now has two complementary elements. We have the independent technology evaluation work being performed through the GSA program. We now have an established federal procurement vehicle that can make SmartGate significantly easier for eligible government customers to purchase. The GSA schedule itself does not guarantee orders, but it removes an important procurement obstacle and gives both Legend and our partners a much stronger platform from which to pursue the government market. We also continue strengthening the way we communicate the Smartgate opportunity to the marketplace. Last week, we relaunched LegendPower.com with a completely redesigned customer experience built around our broader value proposition and we introduced a new Smartgate explainer video carrying that same message. If you haven't had the opportunity yet to see the new website, I would encourage you to have a look. The positioning is very deliberate. We're moving from a conversation primarily about saving energy to word a much larger conversation about protecting the capital inside the building. That means helping customers first understand their actual electrical exposure and actively managing the incoming power and ultimately verifying the operating and financial impact. Mike has been leading most of that commercial repositioning work and in a moment he'll take you deeper into results, the customer examples, the independent evaluation, and GSA and how we believe these developments are changing our commercial opportunity. Before I turn it over though, I want to cover the financial and operational side of the business. There are also several important developments here as well. We significantly reduced our operating cost structure. We continued improving our gross margins and reducing material costs. Recent sales activities created a 15-system production backlog, with production and deliveries now underway and expected to continue well into 2027. And throughout that process, we remain intensely focused on task management, maintaining the lean operating structure required to support the business as order volumes increase. So let me take you through those results, and then I'll hand it over to Mike for the commercial update. Revenue for the third quarter fiscal of 2026 was $216,000 compared to $385,000 in the same quarter of fiscal 2025. The higher revenue in Q3 last year primarily reflected the timing and fulfillment of additional smart gate units. Gross margins for Q3 2026 improved significantly to 40% compared to 22% during the same quarter last year. That improvement was primarily driven by reductions in material costs, resulting from our ongoing Cost of Goods Sold initiatives. Some of those initiatives have been about two years in nature, too, so we're seeing some good results. On a normalized basis, excluding unallocated overhead, gross margins were about 50%. We're also in the final stages of another significant material cost reduction initiative, with samples now being produced for final evaluation. If successfully completed, as we expect it will be, we do expect this work to reduce material costs by approximately another 10%, supporting our long-term gross margin objectives. Operating expenses for the quarter were $608,000, compared with $928,000 during the same quarter last year. As a result, it was lower headcount, salaries, consulting expenses, and other internal cost reductions. We're currently seeing monthly task requirements for operations as low as approximately $145,000 per month. Obviously, that represents a very meaningful reduction in our operating cost structure compared with where we were a year ago. Operationally, as I mentioned earlier, we currently have 15 smart gate systems and backlog largely resulting from recent sales activity. Materials for those orders have been placed and production and delivery of backlog systems are ongoing. and we'll continue into 2027. Task management continues to be a top priority. Accounts receivable associated with the backlog, warrant conversions and deposits from new wins all contribute to supporting our ongoing operational requirements. Inventory has also declined by more than 20% from the previous year as systems are processed, shipped and we expect inventory levels to continue declining as we work through the current backlog. So operationally, Our priorities are very clear. Execute the backlog, continue improving production economics, closely manage cash, and maintain the lean operating structure necessary to support the business as order volumes increase. With that, I'll turn the call over to Mike to provide some more detail on what we're seeing commercially and why we believe, and more importantly, Mike believes the work we've done over the last few quarters is beginning to translate into improved market transactions. Thank you, Mike. On to you.

Thanks, Randy. I appreciate that. And as Randy outlined, the central commercial issues we've been working to solve have not been whether or not Smartgate works. The challenge has been giving customers a credible financial framework for understanding the value that extends well beyond energy savings. So once Markgate is evaluated only against the utility bill, customers are trying to make an infrastructure investment around a relatively small portion of the total financial impact that electricity actually has on the building. The much larger question is what happens to the millions of dollars of systems like HVAC, elevators, motors, pumps, drives, controllers, life and safety systems, lighting, and other critical infrastructure when the incoming electrical environment is persistently different from the conditions that the equipment was designed to operate under. And that's the broader financial conversation we've been building. We believe the pieces required to support that conversion are becoming materially stronger. So as Randy mentioned, during Q3, we announced approximately $1.3 million in orders over 12 SmartGate sales across repeat customer activity, channel-led opportunities, and government-related projects. But the importance goes beyond those 12 systems themselves. Most of these customers that we're pursuing, they own substantially larger portfolios, and our model is increasingly about establishing SmartGate in an initial building, measuring results, creating that customer confidence and then expanding across the portfolio. We are also seeing evidence that the reason customers are purchasing SmartGates is changing material. In July, we announced an additional public sector order in Ontario. One was a municipal social housing project where SmartGate was specifically identified as the required solution in a public RFP. and that project represents an initial building within a housing portfolio that contains more than 3,000 residential units across more than 40 additional properties. So we also received follow-on orders for additional two SmartGate systems from Ontario school districts. These customers had previously purchased an earlier generation of SmartGate primarily around energy savings. and these new systems are being purchased around a broader set of operating facility expense and capital infrastructure considerations and challenges that they're looking to solve. So to us, that's a very important proof point. It's not simply that legend changing the language we use to describe Smartgate. We're beginning to see customers engage with the broader value proposition in a meaningful way. The second important development is the independent government-funded evaluation of Smartgate that Randy discussed earlier through Oak Ridge National Labs. In June, we released the preliminary findings from that evaluation. At the federal facility being evaluated, the building was regularly operating approximately 32 to 35 volts above the optimized equipment nameplate voltage conditions during normal utility operations. and with SmartKit engaged, the operating voltage was maintained within approximately one to two volts of that equipment main plate. So, what's interesting is that when you apply the electrical loss modeling and the elevated baseline voltage conditions created about an additional 15% higher thermal stress, which is equivalent to roughly seven degrees of Celsius in operating severity. and what's interesting about that is for every 10 degrees material light, every 10 degree increase in operating conditions, material life of those systems reduces by 50%. So, it has a meaningful impact on life expectancy and the reliability of those systems. Separately, the interim measurement verification analysis demonstrated 2.6% energy savings. and the average demand reductions in about the 2% to 4% range and peak demand reductions approaching 25% during portions of the evaluation period. Facility personnel also reported fewer breaker trips, fewer VFD resets, reduced lighting flicker, and fewer HVAC and elevator resets after deployment of the smart gates. So the larger takeaway is that independent operating data is increasingly supporting the commercial thesis that we've been developing. Utility-compliant power is not necessarily the same thing as optimal power for the building equipment operating inside of the building. While the final report remains an important next step, when the final findings remain consistent with the preliminary work, We believe that validation can become a meaningful commercial and channel asset for us going forward. And switching gears a little bit, before I get into the MAS award, I think it's important to remember all of our activity with the GSA efforts. And this all started more than two years ago. Smartgate was selected into the GSA's green proving ground from a field of more than 800 companies that applied with only eight technologies being selected. So what we're seeing now is a progression from selection to field evaluation to preliminary public results and now to an established procurement vehicle. So that validation path is now complemented by the GSA multiple award schedule that we were awarded back in August 11th. The schedule gives us eligible federal agencies access the pre-negotiated market pricing terms and procurement conditions through an established federal acquisition vehicle. It also participates in what's called the GSA's Cooperative Purchasing Program for qualifying public sector entities, which allows public entities other than the federal entities to buy through this agreement as well. As Randy said, it doesn't necessarily guarantee us orders, but it does remove an important procurement barrier. What we now have are two complementary assets developing in the U.S. government market. The green proving ground and Oak Ridge evaluation work provides an independent technology and technical validation pathway, while the MAS provides an established commercial procurement pathway. The larger opportunities connecting those two through the federal ESCO and energy savings performance contract market. That market is served by established energy service companies that already develop, finance, and deliver infrastructure projects across federal facilities under IDIQ, indefinite duration, indefinite quantity agreements. Rather than building a large federal direct sales force organizing and going after one building at a time, our objective is to make it easier for those existing IDIQ project development organizations to include SmartGate in the project's They are already pursuing. These 20 IDIQ ESCOs do billions of dollars a project each year across hundreds of individual projects, with each individual project representing an opportunity for multiple SmartGate sales. So it's an incredible opportunity for us that's being unlocked for us. When the final independent report supports the preliminary findings, we believe we can give those partners a stronger technical basis for including Smartgate, while MAS provides the cleaner procurement path. And together, those assets can reduce friction around both technical justification and purchasing. And that's where the potential multiplier exists. A productive ESCO or energy performance contract relationship can create exposure to multiple facilities and multiple projects without requiring legend to recreate a federal sales infrastructure those organizations already have. So switching gears a little bit and moving to another way that the MAS helps us is with the New York City School Construction Authority. And again, we've heard this over the past several years, but the opportunity really has two distinct paths. The first is retrofit, an existing portfolio of schools where Smartgate can be evaluated against specific operating challenges that they have today. And the second, and potentially more strategic over time, New York City continues to add school capacity and renovate existing schools. And we now have a Smartgate specification that can be included for new builds and renovation projects supported by the and the purchasing mechanism of the multiple award schedule. That specification matters substantially to us because it allows Smartgate to be considered during the design and pre-capital planning process rather than only as a retrofit after the building is complete. It creates a much more repeatable path for the technology to move through an active capital management program. So the opportunity is not simply a handful of individual school projects. Retrofit activity can provide operating proof in existing facilities while specification-driven inclusion in new construction renovations creates a separate longer-term path to scale. And as Randy mentioned, we've also been sharpening the SmartGate diacrop position. And with the major development, now we're presenting SmartGate. and how we're doing that to the broader market. Again, as Randy mentioned last week, we relaunched legendpower.com and introduced the new Smartgate explainer content around the updated value proposition. And this is much more than a simple website redesign. It represents the commercial positioning that we've been developing over the last year. And the headline is simple, protect the capital inside your buildings. Instead of beginning the discussions with a percentage of energy savings We begin with the millions of dollars invested in HVAC equipment, elevators, motors, pumps, drives, controllers, and other critical building infrastructure. And we have simplified the customer journey around four steps. Measure the exposure, calculate the risk, and then that leads to a purchase decision where we can manage the voltage and verify the impact. and our power impact assessment identifies the actual incoming electrical conditions, compares them with the environment the equipment inside the building was designed to operate in. Our capital infrastructure risk assessment framework helps quantify the associated financial exposure, SmartGate then manages the incoming voltage at the electrical service entrance and the measurement verification document proves the improvement. We're also bringing forward financial analysis from mature Smartgate deployments. The operating buildings analyzed to date show that the buildings achieved on the low end of a 15% to a high end of 30% lower annual maintenance, repair, and replacement spending. And together, when we combine that with a 25 to 45% lower year-over-year maintenance and replacement cost volatility, It creates a substantially improved operating financial environment for these facilities. Separately, our modeling indicates potential life extension of approximately two to five years for major building systems. Energy savings continue to provide additional benefits, averaging 2.5% to 4% across the broader SmartGate portfolio. And these results apply to buildings and data sets analyzed, and every building can be slightly different. but we continue to actually show those actual historical results. It makes it easier for customers to be able to apply those to their existing portfolios. And commercially, this gives us a much more complete conversation with the building owner. We're no longer asking them or encouraging them or allowing them to look at how much electricity the market is saving solely. We're asking them to look at the total financial exposure associated with the electrical operating environment that supports the millions of dollars of critical building infrastructure. So when I step back, I believe our commercial position today is materially stronger than it was several months ago. We have a clearer and broader value proposition. We've been growing rear-walled customer results and financial evidence. We have encouraging independent preliminary operating results, and now we have our MAS providing an established procurement pathway into a very large We also have specific examples of how scale can develop, portfolio expansions with existing customers, specification-driven opportunities such as New York City School Construction Authority and partner-led access to the federal ESCO and IDIQ market for performance contracting. The next phase is about conversion and scale. Our focus is on turning individual deployments into portfolio and specification-driven deployments. activating the GSA schedule through direct and partner-led opportunities, and using the stronger capital protection proposition to move larger enterprise opportunities from technical acceptance through financial approval and procurement. We also remain selective about where we apply our commercial resources. Our priority is not broad spending. It's targeted support behind the channels where we see the cleanest path to repeatable bookings. including specification design support, field assessments, and partner enablement. So we believe the smart game opportunity becomes substantially larger when customers stop looking at it solely through the lens of the electrical bill and begin looking at the total value of the infrastructure and how better power can help protect that environment. And that's the market we are looking to build. Randy, back to you.

Thanks, Mike. Appreciate that. Obviously, I think that really captures the progress we've made and, more importantly, where we believe the opportunity is heading. We've always evolved and refined our value proposition based on what prospects and customers are telling us and where we encounter resistance during the sales process. The changes Mike just described were specifically designed to address the skepticism we were seeing around quantifying and defending smart gates non-energy value. We believe continued refinement and execution of that strategy can lead to stronger buyer conviction, shorter sales cycles, and more consistent deal conversion. At the same time, we've significantly reduced our operating cost structure, improved our production economics and continue to maintain a very disciplined approach to cash while we work through the current backlog and pursue additional orders. So, we believe we're entering the next phase with a stronger commercial proposition, improving order activity and expanding validation framework A new federal procurement pathway and a much leaner operating structure and stronger margins. With that, Mike and I would be pleased to take your questions. And there is one already, Mike. You asked data centers. Wondering about if we're engaged with any data centers and smart data being evaluated for power quality or reliability applications in that market.

Yeah, absolutely. That's a great question. And with that being a big topic across the globe, it's something that we're keenly focused on. And when we look at the data center market, we see three distinct markets rather than one. When we look at it from the corporate data center environment, we look at it from a co-location or a shared data center environment, and then we look at the hyperscale AI data center environment. Each of those are dramatically different with dramatically different needs and opportunities. So when we look at those three sub-markets of the main data center market, we see great applicability in two of them. And that's on the corporate data center side and the colo side. On the hyperscale side, The environment's going in a slightly different direction. If we look at kind of where the next generation of chips are going, they're focusing on 800-volt DC versus AC. So that's a completely different operating environment, so there's some additional investment required to play in that space. So we are clearly looking at the Colo data center market and the corporate data center market. And we are actively involved with data center consultants and builders and project managers to find opportunities to be able to deploy smart gates through that environment. At the end of the day, in those markets, there's a very significant challenge And again, if you look at the hyperscale data centers, they're looking at it slightly differently. They're looking at it more from the standpoint of what's their cost per megawatt and their cost to be able to bring power into play. So they have a different challenge that they're trying to solve there. So we're focused more on the data centers that are looking at from Acolo, where, again, providing the best possible operating environment improves the overall operations of the facility.

Great. Second question, Mike, is that we have obviously been working on the MES schedule for some time. Can you address any pent-up demand and how you see that going?

Yes, absolutely. So when we look at what the MES is really going to do, Unleash for us. There are a couple of use cases for that. I'd say the primary use case or the most immediate one is going to be with the City of New York and the School Construction Authority. We were under some financial approvals that we were challenged with from the standpoint of what they were looking for from a U.S. dollar, U.S. gap on financials and the MAS removes that requirement so they can actually procure under that agreement which streamlines their entire buying process. So again, if you go back to where the state of New York is that they announced $4 billion worth of electrification for schools that are coming up over the coming years. and that's an immediate market where they're actively spending hundreds of millions of dollars every year towards that and we have great applicability with great support there. We have a specification and now we have a procurement mechanism in place for them to be able to buy that. So there's some great pent-up demand that we will unleash there. And on the ESCO side, the things that we're doing right now are going to take our conversations with them to a new level. Because of the fact that we've already gotten the MAS in place, we've gotten the Oak Ridge and the GSA approvals, that will make it much easier for the IDIQs to be able to include us in their projects. Because at that point in time, it's a matter of here's your solution that you've approved, that you've put in the acquiring that we're including in the project for you. So, it changes the tone of those conversations dramatically. So, yes, there's definitely going to be some good market release from that.

Yeah, the next question is asking about production capacity planning, what it looks like over the next three or four quarters. And we kind of get this question asked every other quarter. And basically what we look at is we've got a capacity in our existing facilities to handle our forecast for the next couple of years. What we've also looked at is outsourcing. We had all the tariff noise and things like that. We looked at different alternatives, looked at different suppliers. It's one of the reasons I mentioned earlier that we increased our gross margin significantly. So we look at it as we can handle the next rather than three or four quarters, the next couple of years. And we would look at outsourcing some of the work probably into the U.S., things like that as the U.S. business grows, reduce our shipping costs. reduce duties, currently have products. Some key components currently coming from Mexico, for example, that go to LA, LA to Vancouver, assemble the system, Vancouver back to New York or wherever it's going. So not the most effective system. So that's where Paul talks about getting another 10 or 15% margin based on taking those double bumps out, et cetera. So positioned well for production capability over the next couple of years. and we're comfortable we can handle the business we need with the outsourcing partners already in discussion about volumes as they increase with the U.S. government. Also, the next question is about U.S. tariffs. We can tell you that the tariff situation is not a factor with us. It's the number that followed when using some of the deals, etc., are really insignificant numbers. In other words, less than $1,000. Who knows where they're going to go, how they're going to change, but we're currently not... concerned about the tariffs as a meaningful issue for us. Also, it came in a topic about a question of the more PR for the company, et cetera. It's always a great question. We decided that we would keep the company's cash requirements down. It meant that we weren't doing as much IR or PR. It meant that we were going to focus on getting the sales, billing out, getting the MAS, getting the GSA, getting the Oak Ridge Labs report, getting the new website and positioning completed. The next step is then to tell the story, and we've always felt you tell the story based on results. So going forward, you will see more IR, et cetera, about the accomplishments and the things we're doing. And I think we've already seen that in some of the announcements we've had over the last 30 days. The value of the company has gone up based on some of the success we've had. So, we will continue and improve as we have more stories to tell and it becomes more meaningful. Another question is about tariffs. I think we've answered that one. When would you expect to be taxable or rate even positive? On current costs, we see that in fiscal 2027. The only caveat I mentioned on the board meeting yesterday is we increase significantly our cost on the sales side to go and grab the business that comes with the new MAS, etc. It may take some of the costs up, but on current structure next year for sure, even with some increased costs on the sales side, but we are looking forward to having a break even cash flow positive. We had that Number of years ago with the school board, we had a very similar to the GSA MES where there was order flow to the schools. We were doing a couple million a quarter plus, but the MES is the Ontario school board on steroids. It just works that opportunity. So I think we can get back to being cash flow positive. Question comes in. Legend appears to be well established and moving forward with the school system in New York and Ontario. Any decision to move into other major cities in the USA and Canada? Maybe, Mike, you can just talk about the NAS and what that opens up market-wise outside of just the federal government.

Yeah, absolutely. So when we look at the U.S. market and the education market in the U.S., New York City Schools is definitely a lighthouse organization. A lot of organizations, a lot of those other entities look to New York City, New York, see what's actually happening there. What are they doing? What's working for them? So our focus on that has been very intentional. Now, one thing that's also noteworthy is that the vast majority of the purchasing for municipal, state, as well as education is centered through the ESCO markets. So that's another reason why it's particularly timely for us because, again, the MAS allows them to be able to procure through that mechanism. The ESCOs already have those relationships with them, so getting involved with them is going to further facilitate that. Now, one of the things that's also noteworthy is that We look at a traditional public sector buying cycle. Typically what they'll do is they'll have to go to RFP. And one of the challenges we have is because we don't necessarily have a direct competitor, when they put out an RFP and they get one response, a lot of times they're not able to move forward because of that. So what the GSA schedule allows them to do is saying we are going to be procuring this and we're looking for somebody to install it and they can RFP the installation. and get multiple respondents for that, which is a big market accelerator for us. So, the work that we've been doing automatically leads us into other markets through the ESCOs, through the MAS and the other work that we've been doing. So, that's been very intentional as we go.

That is the questions. I'll give it a second to see if we get any more. We do have another one. Sorry. with investing in bringing more interest to Legend's side. Are there any additional avenues you can see for us to support and help bringing Legend forward? That's a good question. We've got a lot of keen supporters that have been invaluable to us over the past few years. So I think that supporting us as we have news, letting people know that there's an interesting company out here with insatiable demand for electricity, that can be a key player in the marketplace. I think it's just letting people know that we're out there and making some introductions, awareness from both the commercial side and on the capital market side. But we've had great supporters over the years and the company wouldn't be where it is without some of them. So always appreciate it. It's good to check if there's any additional questions.

Does it look like there's any additional questions?

Anyone want to wrap it up? Yeah. So, you know, thank you for the questions, everybody. Appreciate it. I'll close with a few thoughts on where the lead legend stands today. The pipeline is growing. We're closing deals. We are increasingly seeing opportunities that are larger, portfolio-based, and potentially multi-year in nature. At the same time, the electrical environment around us continues to move in our direction. The U.S. electrical grid and grids globally are facing increasing pressure from aging infrastructure, growing renewable penetration, electrification, and relentless demand for more power. We see and hear that every day. Those changes, they're introducing more complexity, more power quality challenges in buildings and infrastructure that depends on those grids. It creates a huge marketplace. That's what Legend wants and does. We have proven smart gate technology. We've got a committed, talented team. We have an outstanding active power management platform without equal. We have significantly improved our operating cost structure and production economics. We have a growing backlog and significantly increased order activity. We have encouraging independent interim results from the government-funded smart gate evaluation. We now have the GSA MES approval providing a substantially improved path into the U.S. government market. We have a much clearer, more powerful value proposition built around protecting the critical infrastructure inside our customers' buildings. And taken together, I believe these pieces provide a clear path toward additional strong revenue growth over the coming years and a positionalizing power to help define the future of power optimization. Our focus is really clear. Close sales. Execute the backlog. Activate our government and partner channels. manage our cash aggressively and continue converting this strong market position into significant growth. We've gone through a significant transformation over the last several quarters. I believe we are emerging from that process as a much stronger, more focused company with a substantially larger understanding the market opportunity in front of us. The future looks incredibly strong for Legend Power and our stakeholders. I want to thank our board of directors, our team members, and each of you as investors. for your continued trust and partnership. We look forward to sharing many more Legend Power success stories with you. And as always, have a great legendary day. Thank you.