Thank you for standing by. My name is Ian, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Lightspeed First Quarter 2025 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question and answer session. [Operator Instructions] I will now hand things over to Gus Papageorgiou, Head of Investor Relations. You may begin your conference.

Thank you, operator, and good morning, everyone, to Lightspeed's Fiscal Q1 2025 conference call. Joining me today are Dax Dasilva, Lightspeed's Founder and CEO; Asha Bakshani, our CFO; and JD Saint-Martin, our President. After prepared remarks from Dax and Asha, we will open it up for your questions. We will make forward-looking statements on our call today that are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Certain material factors and assumptions were applied in respect to conclusions, forecasts and projections contained in these statements. We undertake no obligation to update these statements, except as required by law. You should carefully review these factors, assumptions, risks and uncertainties in our earnings press release issued today, our first quarter 2025 results presentation available on our website as well as in our filings with U.S. and Canadian securities regulators. Also, our commentary today will include adjusted financial measures, which are non-IFRS measures and ratios. These should be considered as a supplement to and not a substitute for IFRS financial measures. Reconciliations between the 2 will be found in our earnings press release, which is available on our website, on SEDAR+ and on the SEC's EDGAR system. And finally, note that because we report in U.S. dollars, all amounts discussed today are in U.S. dollars unless otherwise indicated. Before I hand the call over to Dax, I just want to remind everyone that we will be hosting our Capital Markets Day the morning of Wednesday, November 20, at the New York Stock Exchange. Please mark your calendars and more details will follow. With that, I will turn it over to Dax.

Thanks, Gus, and welcome, everyone. This was my first full quarter returning as Lightspeed's CEO, and I'm happy to report that we are delivering on our goal of profitable growth. Our first quarter results were characterized by strong revenue growth, increased payments adoption and improved profitability, a trend that I expect to continue through fiscal 2025. We've also put measures in place to accelerate growth in our software revenue and customer locations that will largely be seen in the second half of our year. In Q1, we delivered revenue of $266.1 million, up 27% year-over-year and significantly higher than our previously established outlook of between $255 million and $260 million. We delivered adjusted EBITDA of $10.2 million, again, well ahead of our previously established outlook of $7 million and significantly better than adjusted EBITDA loss of $7 million in the same quarter last year. Payments penetration came in at 36% this past quarter, up meaningfully from 22% in the same quarter last year. Our growing payments penetration along with a concentrated effort to control costs, allowed us to demonstrate the leverage in our business model and deliver record quarterly adjusted EBITDA results. These strong financial results demonstrate Lightspeed's success in fulfilling our mission of empowering independent retail and hospitality businesses with technology that was previously limited to large enterprises. Our focus remains on attracting our ideal customer profile or ICP being sophisticated high GTV merchants with complex needs. This quarter, we were honored to add a host of compelling new customers, including Google Bike in California, a set of 3 bike shops on the Google campus. Gbike allows employees to service and tune their bikes while at work. These 3 locations and their warehouse will use Lightspeed Retail to help serve their customers. Harkins in Dublin, Ireland with 3 brands…

Thanks, Dax, and welcome, everybody. Fiscal 2025 is off to a great start with revenues and adjusted EBITDA coming in ahead of our previously established outlook. I'm particularly encouraged by the leverage of our business model and the tangible results of our efficiency initiatives which have contributed to a significant improvement in both revenue and gross profit growth as well as adjusted EBITDA compared to the previous year. Highlights for the quarter include: Revenue growth accelerated to 27% year-over-year. Gross profit dollars grew 23% year-over-year, up from 15% growth last quarter. Adjusted EBITDA came in at $10.2 million up from a loss of $7 million in the same quarter last year. Gross payment volume as a percentage of GTV came in at 36%, up from 22% in the same quarter last year. Reflecting growing monetization of our trailing 12-month GTV of $90.8 billion. We began executing our share repurchase program in the quarter, repurchasing approximately 2.7 million shares for approximately $39.9 million. With our total share count down from the previous year, this buyback has offset any share dilution arising from stock-based compensation in the prior 12-month period. Cash flows used in operations improved significantly. Beyond cash flows used in operations when excluding cash used for the buyback and to fund our capital business, we had positive cash flow in the quarter. I will walk you through our latest quarter's performance, our key metrics; and finally, provide an outlook for the upcoming quarter and fiscal year. Total revenues increased 27%, and gross profit dollars increased 23%, thanks largely to our unified payments efforts and growing software ARPU. Subscription revenue increased 6% year-over-year to $83.3 million. Gross margins on subscription revenue came in at 79%, an increase from 75% in the same quarter last year. When removing the impact of share-based…

Growing our software revenues and ICP locations will be the next step towards our goal of profitable growth. I wanted to highlight that this company has had a long history of taking bold steps forward. In 2013, we decided to move to the cloud, and today, all of our software revenues are cloud-based subscriptions. In 2014, we decided to expand beyond North America and into the restaurant vertical, and to date, excluding equity customers, almost 40% of our locations are in hospitality and approximately half of our locations are outside of North America. In 2019, we launched payments, and today, transaction-based revenues account for 65% of sales. Our focus now is on expanding our ICP locations and accelerating growth in our software business. I believe we will approach these initiatives with the same enthusiasm and determination that has worked for us in the past and that we will achieve similar levels of success. Operator, we are now ready to take questions.

[Operator Instructions] Your first question comes from the line of Dan Perlin with RBC. Your line is open.

I just wanted to just kind of delve in a little bit deeper on the decision to kind of keep the account managers a little more focused on payments to 2Q. I mean it sounds like that was kind of the game plan originally. To me, it felt like it's a little extended. But I just wanted to know, was there anything that was incrementally driving that, maybe the success that you're having, you want to just kind of prolong that? Or maybe there was just timing differences in terms of what you had anticipated in terms of what you were going to pivot back towards a subscription base?

Yes. Thanks for the question, JD here. No, look, we've been following the game plan that we've given ourselves for this fiscal year. Obviously, we're on the tail end of the Unified Payments program that came from last year, which, as you remember, we started in Q1 in AM retail, but then we progressed throughout the rest of the regions that we operate in throughout the year. And really for us, this year, it's really a story of 2 halves. Ultimately, our AM team, as you know, as you pointed out, is a big driving force of our software revenue. And so in that context, they're going back as the year progresses through to cross-selling and upselling software as well as payments, but really a balanced approach and also mitigating churn. So really, as the second half starts to come through, we're going to start to see software revenue growth come back above 10% and beyond, which we're really confident with. And all the leading indicators that we see, the pipeline that we're building is pointing in that direction.

Just a quick follow-up. Any color you can give us or flavor around this updated pricing strategy that you got going into the second half, is it on products that are kind of in back book? Or are these just kind of as net new clients come on, they're coming in a little bit higher pricing?

Yes, for sure. It's actually both. So we've done a lot of benchmarking. We even use external consultants to compare the value that we provide to our peers. And given the value that we offer to our merchants with our software modules, we really see opportunities for price increases, and we expect little disruption and we actually started executing on that. And again, here, too, we expect to see the impact of that from Q3 onwards.

Your next question comes from the line of Andrew Bauch with Wells Fargo. Your line is open.

Andrew, you may be on mute.

Just wanted to touch upon quickly the gross margin dynamics in the quarter. It came in a little bit lighter than what we were expecting, particularly with capital contributing that $8 million in the quarter. So maybe just trying to understand how we should think about that for the remainder of the year?

Andrew, yes, this is Asha. Thanks for your question. So from a gross margin perspective, the quarter came in at close to 41%, which is relatively in line with our gross margin a year ago, 42%. That slight delta that you see there is really coming from the fact that are residuals, which is the payments revenue that we would get from integrated partners that's declining and those come in at 100% margin. Those are declining as we take those cohorts of customers and bring them over to Lightspeed Payments. So the net dollars that we get are higher. The net take is also higher but from a gross margin perspective, that would come in at 100% gross margin, whereas Lightspeed’s payments is 20% to 25% gross margin. And in Europe, actually over 30% gross margin. Where capital is concerned, you're right. Capital did very well in the quarter, and that does help our gross margins in Lightspeed Capital comes in at over 95% gross margins. But we have to keep in mind that, that is still a nascent business. The single-digit millions that we saw in the capital revenue in the quarter is helping. But until we grow that business more meaningfully, that's when we'll start to see a more significant impact on the overall gross margin.

And then maybe more of a thematic question. You had a couple of highlights around the supplier network and building the brands that are participating in that endeavor. I guess, are we getting closer to a point where we can start seeing supplier network contributions in the model? And if so, where would we kind of anticipate those revenues to come in?

You're absolutely right. On the supplier network side, we continue to sign notable brands. Actually in Q1, we signed Imperial and Valley, amongst others. As Dax mentioned as well in the opening, we unlocked the pet vertical through our point-of-sale catalog that is powered by our supplier network, adding 12,000 new pet products. And then our integration between our flagship retail point-of-sale and our supplier network is coming out of beta with record high NPS from customers that have connected their B2B account with our point-of-sale, so we're really proud of that. Now we're stepping forward to monetizing the supplier network, and we expect to start to see meaningful impact as of next fiscal year. This quarter, particularly in light of the strong feedback on the point-of-sale integration, we started to outbound retailers that use our B2B solution to order from their favorite brands, brands that are in our network like Arterix, Tom's, Brunello Cucinelli, Canada Goose and many others, retailers can now pair their point of sale with our B2B accounts and these orders that the place from the beauty products flow through to our point-of-sale product, which is really exciting. It shaves ours off their work week. And that value prop is really resonating with those retailers. So we expect to see really some upside from that point of view as well going forward.

The only thing I'll add there, Andrew, on monetization is just as a reminder, we have about $10 billion of GTV. That's not included in our GTV numbers, that's an annual GTV number that comes the supplier network, and we have started monetization of that $10 billion of GTV in a negligible way, we should see more meaningful monetization in fiscal 2026.

Our next question comes from the line of Thanos Moschopoulos with BMO Capital Markets. Your line is open.

Can you update us on the progress you're making in migrating the existing base to the flagship platforms? Are you getting more aggressive in using carrots and sticks in order to drive that migration? Or where do we stand in that process?

Yes. So Dax here. So our non-flagship platforms are profitable. There's very little R&D cost, low support -- will support cost. Customers are very familiar with them after the many years that they've been on them. So we are creating pathways for folks to migrate to the flagships, given that all the exciting innovation that I shared in the opening remarks are happening on the flagship. So lots of incentive, especially for those businesses that have big ambitions that are a good fit for the flagships. Yes, so the upgrade program is great for retention, and it's also a great path to them. But we will detail more of what we'll do in terms of large customer base shifts at Capital Markets Day.

And with respect to payment penetration, as we march from the 36% this quarter to the 50% that you're targeting, should we assume that the sequential pace of migration starts to accelerate as you're refocusing the sales force? Or how should we think about that slope over the near term?

Thanos, it's Asha. Thanks for the question. I think that, obviously, payments penetration is impacted quite significantly by the puts and takes of GTV. So Q3, which is our strongest selling quarter for retail, which is our biggest cohort, you're going to see GTV increase, and that's going to impact payments penetration. I wouldn't say we to decelerate because our AMs are now refocused on software because ultimately, every net new eligible customer is forced to take payments, and that's going to continue to sort of march our payments penetration on this upward trajectory. So I don't think that the AMs or we don't think that the AM is coming back to selling software will really impact that payment penetration in a significant way, just given what's happening on the new book, but the payments penetration is impacted by just the puts and the takes of GTV.

Our next question comes from the line of Timothy Chiodo with UBS. Your line is open.

I know we touched on this a little bit earlier with front book, back book on the pricing that is already starting and rolling out a little bit more as we go through the year. But maybe we could look at it in a different way in terms of trying to quantify. Can you talk about portion of customers that might receive such a price increase on the subscription side, and the relative levels, so kind of x percent of locations receive a wide percent on average price increase so that we can get at least a rough sense or a range of what it could mean to subscription revenue once fully rolled out in terms of the pricing?

The challenge is I don't think we -- I mean, it's tricky to share the exact numbers. In some ways, it is a sensitive nature, and we want to be conscious of how we share this. But what I can say for sure is that it is a significant number of customers that where we see an opportunity to make a meaningful price adjustment. But again, we want to be careful how we communicate this -- we want to communicate with our customers, first and foremost, and that will make its way through.

No problem. I think that's helpful, significant and meaningful on the X and the Y. That works for me. If you don't mind, a brief follow-up. The payment links, you mentioned a strong growth month over month. I think when we talk, this is a product that you're leveraging the Stripe Link capability, I believe. If you could just talk a little bit about this the card-not-present offering, I'm guessing, as far as payments gross margin go. Maybe this is a little bit higher. And just talk about maybe some of the use cases there, what the merchants are using it for?

Yes, it's still low, but this is a theme that's important for us, which is anything around quoting and invoicing. We see an opportunity to capture GTV that historically would sit out of our rails on the point-of-sale side or on the e-commerce side because these transactions are settled, call it, after the fact, such as one transactions. And so with these payment links and this new feature that we launched, we're seeing incredible adoption. So from a numbers perspective, year-over-year was impressive growth, but in relative terms, it's still early days. but this continues to help us monetize the overall GTV ultimately, which, as you can see, continues to trend in the right direction.

Your next question comes from the line of Dominic Ball with Redburn Atlantic. Your line is open.

Great job on EBITDA. But looking at organic GTV trends. This quarter was 1% year-over-year. I think the larger cohorts were 4%. This is slightly below U.S. retail growth and somewhat in line with nominal consumption in Europe. So I guess my question is, why are we not seeing market share gains from Lightspeed given the higher quality of product over legacies? And when can we expect this reacceleration of GTV?

So you're right. When we look at total GTV, the year-over-year growth was 1%. Same-store sales were down. But when we think about our flagships, which is really where we are focused as a business. Just as a reminder, it's been about year-and-half that we've gone to market exclusively with our flagship products. And on our flagships, the GTV has grown 24% and same-store sales are in mid-single-digit growth. And that's really where we're focused on as a business. From an overall GTV perspective, there are certain non-flagship products, where we've seen some elevated churn as a result of our Unified Payments launch in Europe, the churn is still lower than what we had forecasted. But nevertheless, there was a slight uptick in churn, and that's impacting the overall GTV. In addition to that, however, we've talked in our prepared remarks about how we plan to grow our ICP locations, verticalized brand marketing, our outbound is ramping up. And we've already implemented these initiatives, and we expect these initiatives will start to bear fruit in the back half of the year. And so you should expect with the software acceleration that we talked about in the back half of the year, you should also expect an improvement in ICP locations as well.

And on that point, so given the weakness, shall we say, in some of your European peers and how far behind Continental Europe is for integrated payments, hardware and software, can you give us more color on your plans to grow and try and win more share in Europe?

So from a win more share in Europe perspective, it's really the same initiatives. We have outbound and feet on the street talked about that being up year-over-year quite significantly, and outbound works well for us at winning our ICP locations and that's going very well. We launched it earlier this year, and we're already starting to see the results of that. But when you sign new ICP locations, it takes time for them to get up and running and start showing up sophisticated GTV cohorts, which is our ICP. And so really outbound verticalized marketing, these are the different -- some of the different initiatives that we've already implemented including in Europe and APAC as well as North America. And we should start to see acceleration from that as the quarters go by.

Your next question comes from the line of Trevor Williams with Jefferies. Your line is open.

If I could just follow up on the software outlook. I just wanted to clarify for 2Q, Asha, you're saying growth should be similar to where it was in Q1, plus or minus. And then for the back half, among those 3 levers that you're talking to, the outbound sales, the account managers pivoting back to upsell and then pricing, which you guys already spoke to. Can you give us a sense for the relative contribution from each of those just anything more on kind of the level of visibility into the back half would be great.

So you're absolutely right. As we said in the prepared remarks, the initiatives that you just talked about will bear fruit in the back half of the year. To be honest, when we think about the relative contribution, I would say, pretty similar across AMS coming back pricing and packaging, which JD touched on a little bit earlier. The verticalized brand marketing, that 1 is more difficult in terms of quantifying the ROI. But what we're expecting in the back half of the year is definitely acceleration in software. And I would say relative weight between the ends and the pricing initiatives and what's going to drive that uplift in the back half.

And it sounds like with more of the focus on outbound, you should see some reacceleration in the higher GTV location growth as we go through the year. I mean, is that -- do you think enough to offset continued churn at the lower end where we should see kind of net GTV growth accelerating from here?

Yes, 100%. I mean that's always been our game plan. Again, these initiatives are starting to bear fruit already from a leading indicator perspective, and it will start to show up in the overall as we get into the back half and beyond. And again, I think, Asha, touched on that earlier. But if you think about outbound, we lead with our flagship products on outbound. And if you look at our flagship products, GTV being up 24% year-over-year. As a reminder, our flagship products represent 40% of our overall location. So it's a meaningful base, and that base is growing 24% year-over-year. So this is a promising figure and it should be a good indication for you of what you can expect in the future as that is lapping, call it, the legacy product.

Our next question comes from the line of Richard Tse with National Bank Financial Markets. Your line is open.

This is James sitting on for Richard. Congrats on the quarter. I was just wondering if you guys could talk a bit more about the competitive environment on both the retail and restaurant side? And then maybe kind of what your win rate is looking like against some of those top competitors in each of the respective verticals?

Yes. I'll take the product side. This is Dax. As you saw, this Q1 was just an incredible quarter for innovation for ICPs. We're building for the specific needs of our ICPs in their verticals on retail hospitality e-comm omnichannel as well as on the B2B side. So I think that having that very, very targeted approach instead of the generalized approach that a lot of our competitors have across multiple parts of multiple spectrums of retail and hospitality. I think we've got that focused approach that really gets to their specific needs. And actually, helps us to displace the legacy players that actually run the business of many ICPs. So I think from a competitive lens, being focused in our verticals and being focused with functionality that satisfies their needs is -- makes us highly competitive. And on win rates, I'll pass to JD.

Yes. I mean if you think of our close rates overall, we don't essay break it apart across specific competitors. But if you think about overall close rates, we typically are in the 32% to 33% range. And what's particularly exciting, I think, for me is when I look at our focus on ICPs and our focus on subverticals that where you actually see that close rate climb and in certain subverticals, we see close rate climbing to 45%, even 50% from demo to close, which is quite exciting to see. So we continue to make progress there as Dax highlighted as the product gets more mature and we pump out new features that really help our customers win. It's making its way through to the funnel.

Yes. And just to finish, I think on the retail side, really what you want to think about is how deep we go in inventory management and how that inventory management is now connecting into that supplier network strategy. On hospitality, there's incredible innovation happening on tools like table side as well as analytics insights. And of course, last quarter, we shipped a direct integration with Uber and then seeing -- and we're seeing great uptake on that for saving our restaurant customers' money as well.

And if I could just get one more. Obviously, you made some meaningful buybacks this quarter. Just wondering if you could elaborate on what the capital allocation priorities are moving forward?

As you know, our Board authorized a share repurchase program for up to 10% of our public float, which is actually the maximum we're allowed, that represents $140 million. And in terms of what we've executed on in the quarter, we actually repurchased about 2.7 million of our shares. We spent about $40 million. We haven't disclosed what we plan specifically to buy back in the upcoming quarters. But what I could say is we take -- we always take a very prudent approach to capital allocation, and we plan to be opportunistic with our NCIB.

Our next question comes from the line of Josh Baer with Morgan Stanley. Your line is open.

A couple on locations. There were some comments in the prepared remarks about churn sort of stabilizing or being more in the past, plus the ramping outbound and some other initiatives is the right takeaway here that we could see location growth in the key cohorts start to accelerate?

Yes, I think that's the main message we want to share, particularly in our ICP locations, we've launched a great deal of initiatives across our go-to-market motion, whether it's how we attract new customers, how we onboard customers, how we manage and support them and -- yes, and it's starting to show in our leading indicators, and it will show in the overall numbers. Yes, so that's how you have to think about it, 100%.

And any -- whether it's this quarter's results or sort of your expectations in the next few quarters, like how will that growth in locations be broken down between new merchant formations, competitive wins, expansion from existing customers?

Typically, as we -- if you look at new business locations relative to expansion of existing customers that add new locations, it typically break apart as 65-35, 65% new business, 35% coming from existing customers that opened up new locations as they have success with our software and grow and gain ambition to open new locations.

And just last, just trying to get a sense of the 4% growth in the key cohorts, any sense for how that trended quarter-over-quarter and if those moves were dictated by just merchants moving up or down based on their GTV or from a share perspective?

Yes. quarter-over-quarter, that came up relative to last quarter and which again, that's why from a leading indicator perspective, we're confident that's going to start to show from a year-over-year perspective. The other thing I would highlight is, again, when you look at ICP locations, we're disclosing ICP locations across our entire portfolio, right, all of our products. But as we leaned in earlier from all of our comments, really, if you look at ICP locations on our flagships, that growth is in the plus 20% range as well. So both of those things are encouraging as far as what you can expect for the back half.

Our next question comes from the line of Todd Coupland with CIBC. Your line is open.

I wanted to ask about Lightspeed Capital. I think you gave the revenue from that business. Can you talk about how much capital was actually out in the quarter? And how you expect that to trend as we go through the year?

When we think about -- if you look in our disclosure documents, you'll see about a $15 million delta on cash out in the quarter from capital. And I say delta because we have also receipts from merchant cash advances of the past, offsetting all of the merchant cash advances that we've given out in the quarter, and that's a net cash out of about $15 million that impacts the quarter. From a revenue perspective, you would have seen we're up over 300% from Q1 of last year. And so we're very happy with that business. As I said earlier, however, it is still very nascent, single-digit million dollar revenue numbers are still pretty nascent. But I think we're -- what's important is we're super excited about the prospect. We're super excited about what our customers are saying. They love our product. and the demand is there. And it's really just about us managing risk so that we can still stay in the very low single-digit default rates. So we're excited about the prospects here and we're very happy with the progress we've made so far.

And then just on OpEx. So OpEx overall growing a little bit. So is the takeaway that, that should be the trend as we go through the year and the operating leverage will come from gross margin and top line?

Yes. I think, Todd, you can look at it that way. For sure, we expect a lot of growth from top line and gross profit. But as we said in the opening remarks, we have an unwavering focus on prudent spend across the org. We're continuing to renegotiate our significant contracts, such as our cloud contracts. We continue to negotiate our contracts with our payment service providers. And so for Lightspeed, it's an ongoing sort of renegotiation or an ongoing look at our cost base. And so you still should continue to see efficiencies from a cost perspective. But I would say, yes, a significant amount is going to come from the top line and the GP growth.

Our next question comes from the line of Suthan Sukumar with Stifel. Your line is open.

I wanted to touch on the -- from the early strength that you guys are seeing on the software ARPU side of the business. Can you talk about where you've been kind of seeing traction beyond the pricing on the flagship traction from a module upsell perspective so far?

Yes. I mean -- so as I think you heard from us before, first and foremost, if you think of our flagship products, our software ARPU is higher than our legacy products. That's why we've been able to move softer ARPU upwards in the past quarters, quarter-over-quarter, and we keep that trend going. And that's as a result of software modules that we have on these selection of products being more significant than our legacy products on the hospitality side. Of course, our insights module is a significant one, and we're very excited with what's coming down the road map from new innovation perspective with KDS, benchmarking trends, precious things like that, that are also going to help. And then on the retail side, our inventory management and analytics module continues to be very strong, where we have a strong attach rate. So that's on the new business side. And then again, if you think about the overall software trend, our account management team is starting to generate a lot of pipeline that will make its way through in expanding goals for our customers. And that's also going to continue to be a meaningful contributor for Lightspeed, as it's always been in the past, right? So this has really been kind of a program that we launched with Unified Payments for a temporary amount of time. But as we go back to our usual formation you can expect the usual software growth to come back as you have been accustomed to.

The next question, I just wanted to touch on, as you guys are making a push globally into Europe and beyond, can you speak a little bit about some of the differences and the changes in the competitive intensity as you start to increase your focus outside North America?

Yes. Outside North America, actually, it's a very fragmented and region-focused competitive landscape. So in each country where we operate, we see a different ecosystem. And really, that's a driving force of Lightspeed. And I think we're well recognized in international markets as being a dominant player there because we spend across multiple countries across Continental Europe and U.K. and same goes in APAC, Australia and New Zealand continue to be a very strong market for us. So I wouldn't say that there is a competitor that is as significant as we are in these markets, and it's in each specific country where you see a different mix or a specific incumbent.

This concludes our Q&A session. I will now hand it back over to Gus Papageorgiou for closing remarks.

Okay. Thanks, everyone, for joining us today. Management team and I will be around if there's any further questions. We'll speak to everybody on our next conference call in November and look forward to seeing everybody live at our Capital Markets Day. Have a great day, everyone.

This concludes today's conference call. You may now disconnect.