Welcome to Natera's 2025 Third Quarter Financial Results Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded today, November 6, 2025. I'd now like to turn the conference call over to Michael Brophy, Chief Financial Officer. Please go ahead.

Thanks, operator. Good afternoon. Thank you for joining our conference call to discuss the results of our third quarter of 2025. On the line, I'm joined by Steve Chapman, our CEO; Solomon Moshkevich, President of Clinical Diagnostics; and Alex Aleshin, General Manager of Oncology and our Chief Medical Officer. Today's conference call is being broadcast live via webcast. We will be referring to a slide presentation that has been posted to investor.natera.com. A replay of the call will also be posted to our IR site as soon as it's available. Starting on Slide 2. During the course of this conference call, we will make forward-looking statements regarding future events and our anticipated future performance, such as our operational and financial outlook and projections, our assumptions for the outlook, market size, partnerships, clinical studies and expected results, opportunities and strategies and expectations for various current and future products, including product capabilities, expected release dates, reimbursement coverage and related effects on our financial and operating results. We caution you that such statements reflect our best judgment based on factors currently known to us and that actual events or results could differ materially. Please refer to the documents we file from time to time with the SEC, including our most recent Form 10-K or 10-Q and the Form 8-K filed with today's press release. Those documents identify important risks and other factors that may cause our actual results to differ materially from those are contained in or suggested by the forward-looking statements. Forward-looking statements made during the call are being made as of today, November 6, 2025. If this call is replayed or reviewed after today, the information presented during the call may not contain current or accurate information. Natera disclaims any obligation to update or revise any forward-looking statements. We will provide guidance on today's call but will not provide any further guidance or updates on our performance during the quarter unless we do so in a public forum. We will quote a number of numeric or growth changes as we discuss our financial performance. And unless otherwise noted, each such reference represents a year-on-year comparison. And now I'd like to turn the call over to Steve. Steve?

Thanks, Mike. Let's get to the highlights on the next slide. We had a fantastic quarter. We generated $592 million in revenue, which is up about 35% over Q3 of last year. We had an excellent volume quarter as well, which included strong growth across the product portfolio and another record for Signatera growth. We processed 202,000 clinical MRD tests in the quarter, which represents more than 21,500 units of growth compared to the second quarter. You'll recall that we had a record of 20,000 Signatera growth units in Q2, so we're very pleased to beat that record again in Q3. Gross margin took a big step up in Q3, coming in at 64.9%, which is almost 1.5 percentage points higher than we were just last quarter. Ex true-ups, gross margins grew over a full percentage point versus Q2 and almost 3 percentage points over Q3 of last year. Given all that momentum, we are in a position to significantly increase the 2025 financial guide. We are raising the revenue guidance by $160 million at the midpoint and now expect revenues in the range of $2.18 billion to $2.26 billion, which is a full reset of the prior revenue range. We are raising the gross margin guide to 62% to 64% in recognition of the gross margin performance we saw in the first 3 quarters and ASP and COGS momentum continuing in the business. We are also modestly bumping OpEx guidance, which is largely from the onetime expenses that have accumulated over the course of the year that now total around $60 million. In addition to those onetime expenses, there's a small increase in R&D to support MolDx coverage for the remaining Signatera indications. Based on this effort, I'm excited to announce we are now in a position to submit…

Thanks, Steve. Getting into some of our new data and announcements, I want to start with the expansion of our Fetal Focus test. We originally launched Fetal Focus in August with the panel covering 5 of the most common inherited conditions: CF, SMA, Fragile X, alpha-thalassemia and beta-hemoglobinopathies, including sickle cell anemia. The goal of the test is to offer a solution for pregnant mothers who are carriers of one of those inherited gene, but where the father is unavailable for screening to see if the baby might be at increased risk. In these cases, with a simple blood draw, our Fetal Focus test can directly assess the fetal DNA circulating in the mother's blood to detect potential fetal inheritance from both mother and father. This can be done with high sensitivity and specificity, and we believe it is the next best thing when Dad is not available for screening. So the news from last week is that we are expanding the panel to cover 20 of the most common genes and launching that before the end of this year. The validation of this expanded panel, like the original 5-gene panel, leverages prospectively collected samples from the EXPAND trial, which has enrolled over 1,700 high-risk pregnancies from a diverse multi-ethnic population. Where those pregnancies include those with dual inheritance from both parents, partial inheritance from one of the parents or 0 inheritance and confirmed fetal outcomes in all cases based on prenatal or postnatal diagnosis. Testing and confirming all negatives in particular, is critical for a robust estimate of test sensitivity. We use our proprietary LinkedSNP technology to improve detection of challenging homozygous cases, which is where both parents are carrying the exact same mutation in a given gene. This happens with regularity in certain conditions like the classic Delta…

Thanks, Solomon. Colorectal cancer is both common and highly preventable when detected early before or right as the cancer develops. Traditional screening works, but participation is uneven. That's why there's intense interest in accurate, convenient blood-based screening options. We have leveraged our experience at over 250,000 early-stage tumor sequence to date to drive deep discovery in order to find a proprietary set of markers that differentiate colorectal cancer and precancerous advanced adenoma lesions from healthy controls. We estimate that the vast majority of these markers are currently not discoverable if only publicly available data sets are utilized. Furthermore, we have embraced an advanced adenoma first approach, focusing our discovery and algorithm development in order to prioritize performance in the difficult-to-detect advanced adenoma lesions. Lastly, we have invested considerable resources to optimize our methylation technology platform to maximize molecular recovery and prevent signal degradation. Taken together, this allows us to detect signals significantly below 0.01% VAF, a range that is required to improve advanced adenoma sensitivity. PROCEED-CRC is a U.S. prospective study of approximately 5,000 average-risk asymptomatic screening participants who provided blood pre-colonoscopy. In the most recent analysis focused on advanced adenomas that was derived from 1,400 sequential participants with clinical outcomes, we reported a 22.5% sensitivity and a 91.5% specificity. Furthermore, when adjusting performance for histological subtype prevalence in recent FDA-enabling trials, sensitivity remained in the approximate 22% to 24% range. This is a step-up from earlier 2025 pilot data readout, which showed an 18% sensitivity at a 91% specificity after technological and algorithm refinements. We have heard some questions about if this sample set is representative of the FDA-enabling study. We want to reiterate that these samples were collected in the same fashion and from the same funnel as the FDA-enabling FIND study. Furthermore, we know that sample processing…

Great. Thanks, Alex. The next page is just a summary of the financials compared to last year. We've clearly ramped volumes and revenues while also continuing to transform the gross margin profile of the business. We said a few years ago that long-term gross margins can exceed 70%. And I think the progress we've made this year should give you confidence that we can get there, particularly as oncology overtakes women's health as the largest part of the business over the next few years. We've also clearly ramped OpEx, but very little of the OpEx increase translates to revenue in the same calendar year. These are not Super Bowl ads meant to drive short-term volume growth. These are primarily investments that are designed to deliver growth in 2026 and beyond, along with the roughly $60 million in accruals that don't repeat every quarter, as Steve described. As a result, we are really pleased to be showing leverage in the business with respect to free cash flow generation, and we are significantly bumping up our expectations for cash flow generation for the full year. The balance sheet remains pristine with no permanent debt on the books and the cash flows from operations pushing our cash balance above $1 billion currently. Okay. Let's get to the guide update on the next slide. For the third time this year, we are completely resetting the revenue guide, now ranging from $2.18 billion to $2.26 billion on the strength of the revenues and the volumes we've seen so far this year. The gross margin guide, we are once again bumping up the bottom end of the range 100 basis points to account for the good results we've generated so far this year. To keep modeling simple, we've forecasted Q4 without true-ups in the revenue or…

[Operator Instructions] Our first question comes from the line of Tycho Peterson with Jefferies.

This is Noah on for Tycho. I wanted to start by asking on prenatal. So you guys announced a new Fetal Focus test last week. I guess why is now the right time? What were you hearing feedback-wise on the 5-gene panel? And then looking at the 20-gene panel, how are you thinking about reimbursement there?

Yes. Thanks. It's a good question. So of course, we launched the 5-gene panel earlier this summer, I think August, something in that time frame. That's gone really well. We've gotten great feedback from customers. And now R&D has gotten to the point where we're in a position where we can launch the broader panel, which was always part of our plan. So we're excited about that. We're also excited about the EXPAND clinical trial. This is something that we started several years ago, if you go back and you take a look. This type of trial is really the gold standard where we're prospectively collecting blood tubes and then collecting diagnostic outcomes on both positive and negative samples effectively on all the pregnant patients that enroll into the study. And that's really the gold standard way to run these types of trials. So we're excited for that to read out over time as well. We think that will really be the defining trial in the space.

Got it. And then for my follow-up, switching to MRD here coming out of ESMO and the IMvigor readout. How are you thinking about the path to NCC guidelines with some of the clinical utility data you put out and then subsequently, the broader commercial payer adoption?

Yes. So obviously, we're really excited about the data from ESMO, particularly around IMvigor that's been received very well. Alex, do you want to comment on guidelines for a moment and maybe Solomon, if you want to comment as well?

Yes. Thanks, Steve. So we do want to know that the IMvigor011 data is what we call Level 1A clinical data and has been obviously submitted for FDA approval, both for the compound as well as for Signatera as well. If you look at past precedents, typically, if something does go through the FDA process, it is included into the NCCN guidelines. So while we can't really speculate on how [ CTA ] will be described NCCN guidelines, we do expect that Signatera and atezo kind of guided by Signatera in this setting will eventually make it into the NCCN guidelines.

Yes. This is Solomon. I would add, given that the New England Journal paper has already come out, assuming that all the FDA processes are on track, we would expect to see a guideline update at some point mid or late next year.

Yes. And just on the final point on this on commercial payers, which I think you also asked on. We're definitely starting to see some traction, as Mike mentioned, from commercial payers because of the biomarker bills. But obviously, generating this level of evidence and just the quantity of data that we're generating, we think, puts us in a good spot longer term to have coverage from commercial payers.

Our next question comes from the line of Doug Schenkel with Wolfe Research.

I'm going to keep it to one topic, early cancer detection. First thing is regarding the PROCEED-CRC, advanced adenoma sensitivity, specificity performance, I'm just wondering how important that was to shaping your willingness to invest more in this program? And kind of related to that, generally speaking, are you using the same standards you applied in advancing your NIPT and then MRD programs, 2 areas where you clearly made the right call to move forward. So that's the first part. Second, how much would you expect to invest in 2026? I'm guessing something like $50 million incremental in that program. And then lastly, I'm curious if you'd be willing to share minimum performance -- minimum viable performance you would consider to move forward with this product from a commercial viability standpoint.

Yes. Thanks, Doug. Yes, all good questions. So I would certainly say the performance that we've achieved definitely shaped our willingness to invest into the program coming out of the JPMorgan conference in the beginning of '25 and then with our initial pilot readout on advanced adenoma. Just -- based on that, we made the decision to initiate the initial stages of the FIND study because we were feeling very positive about the road map of improvements that Alex mentioned on advanced adenoma. But we didn't fully pull the trigger until we saw this most recent readout from the PROCEED study, which was, I think, a big milestone that we're waiting for. And now based off this and our own internal views of the performance and all the, I think, things that Alex outlined just a few moments ago, we're really full steam ahead on the FIND study. And we're excited about it. We've set everything up the right way. We've gotten a jump start by running the PROCEED study and then having all the ducks in a row to start collecting patients. And we think we can enroll the trial in 2026 and hopefully be one of the major players in this early cancer detection space, which we think is a really good opportunity. I think from an investment standpoint, I think you're kind of directionally right, just kind of building off what we spent this year I think that kind of makes sense. And from a minimal viable standpoint, we've always said we think we have to have really strong performance to make it worthwhile. And that's what we're seeing right now, very strong performance. We know where our competitors are. And I think that's something we're, of course, keeping in mind. But again, it's a huge market. We've done well in very competitive environments. So we're going to keep our eye on just where we need to be and be pushing as hard as we can to make sure we're setting up for success.

Our next question comes from the line of Daniel Brennan with TD Cowen.

Great. Maybe just on Signatera. You've kind of taken up the guide for giving us some color on next year in terms of kind of an 18,000 plus or minus trend line. Maybe can you just unpack a little bit, nice little bump up again this quarter above what you guys were expecting. Just any color? I know you gave some drivers in the prepared remarks, but just can you dig in a little bit specifically, anything unique really stand out? And if you do hit that kind of 18,000 sequential run rate, which would be a step-up from the prior guide, it is still a decel from what we've seen in the last 2 quarters. So is there anything in the last 2 quarters that was unusual that would cause the deceleration? Or is it just general conservatism?

Yes, good question. I mean, look, I think the growth at this point is really just coming across the board. I mean, we're seeing a lot of new customers coming on using Signatera for the first time. We're seeing existing accounts and doctors extend their usage. We're seeing new histologies come on. And I think what's really remarkable is just, I think, the very low penetration that we're in right now. I think despite all of our success, I mean, we're still kind of in these very low single digits when you look at overall penetration, including recurrence monitoring. So there's a long way to go. And as long as we keep putting out high-quality data, I think we're going to be in a great position. In the last couple of quarters, we've seen really strong numbers on new patients coming in, which I think has been, I think, significantly more than what we've seen historically. And any time you see like a very sharp uptick, it's something that you always have to kind of think, okay, well, that may normalize over time. But I'll tell you just as we started Q4, I mean, obviously, Mike mentioned this as well in the prepared remarks, I mean, we're seeing that same strong trend on new patients continue. So there seems to be a lot of interest but just having been -- having all been in the space for a long time, we know it's not always a straight line up. And I think kind of the way that Mike put the framework in place is the right framework to think about, but we hope to exceed that as we have been doing thus far.

That was super helpful. And maybe just kind of staying on Signatera, if you don't mind. Just you talked about the biomarker bills as Mike gave the $50 kind of price increase over the course of the year through the end of '26 is like a decent starting point. And you talked about early progress and you guys have been signaling that for a little bit. Can you just spend a little more time on it? I guess our thinking was when and if biomarker bills begin to have an impact, it could be a bit of a domino effect. Would be tough for a payer to cover something in Texas and not in the adjacent states. So just any more color on specifically what you're seeing? And is that still a potential in '26? Or do you think it's going to take longer for biomarker bills to really kick in?

Yes. Mike, do you want to take that?

I think that there's going to be -- look, I think that you'll have a continued drumbeat from biomarker state reimbursement over the course of '26. I mean I mentioned in my prepared remarks that we've seen the growth that we -- that I'd hope to see in the ASPs from -- for the biomarker states, and that was really based on wins that we had kind of in the spring and in the summer. There is something to the idea that, hey, like when you have like these big national plans and they've got to get it set up to cover Signatera in one area, but then not the other and the clinical utility and the cost savings is so obviously there, does that add to the incentive structure for them just to cover the test more broadly. When we end up kind of getting to steady state and we are kind of broadly covered in a pan-cancer setting, which I think is inevitable, I think we'll look back and see this as one of the drivers, but it's -- you won't be able to tease that out versus all of the excellent prospective outcomes data that we've been publishing and that we're going to have in the future. But yes, I think it's a factor.

Our next question comes from the line of Subbu Nambi with Guggenheim.

Solomon, your prepared remarks described the advanced adenoma samples in PROCEED trial. Help us understand why you believe the study is designed in a way to be more predictive as we head into the FIND study readout. That said, what I'm still missing or not understanding is why is your assay different and better able to address what has been an issue for others, low signal abundance and really just the biological limits in ctDNA. What is so unique about your assay?

Yes. Good question. Alex, why don't you take that?

Yes. Thank you for the question. I think it's a multitude of factors and also just the dedication of our research team. This has been a multiyear process, and we've really approached this, I would say, from first principles. First of all, it's finding the best biomarkers, prioritizing advanced adenoma as something that we really focused on and not necessarily just CRC by itself. I think the technology has also advanced in the last few years that has allowed for increased molecular recovery, lower sample loss and also techniques that help differentiate methylated regions that otherwise might have been difficult to pick up. And then I think lastly, it's using the right samples. I think we've benefited tremendously from having access to one of the largest repository of early-stage colon cancer cases with known VAFs from Signatera. So when we're training and designing our assay, we're able to really focus on the cancers that matter and that are traditionally difficult to detect. And I think that's what's given us a lot of confidence now over multiple readouts that we are on the right track. And I think this study in itself furthermore kind of underscores that, collected in exactly the same fashion, prospective asymptomatic patients, distribution of the advanced adenomas is representative, if not a little bit tougher than you would expect in a much larger study. And we're seeing performance that gives us strong confidence that this is likely to hold up in a larger prospective FDA-enabling study.

Very helpful. Quick unrelated follow-up. When should we expect the VEGA trial to read out, the deescalation arm of the GALAXY study?

Alex, why don't you jump on that one, too?

Yes. So it's difficult for us to predict exactly when the study is going to read out. It is an event-based readout. I will say that all patients on the VEGA study have been randomized. So we're just waiting for enough events. I think it is safe to say that the readout is likely to occur in 2027. But as we get closer to that, we'll refine that guidance.

Your next question comes from the line of Casey Woodring from JPMorgan.

I have a couple of quick ones on Signatera. I was hoping that you guys could split out contribution from new patient starts in the quarter and whether that increased from last quarter? I know you called out strength there last quarter as well. And then today, you've noted an acceleration across multiple tumor types in Signatera. Just curious if you can clarify which tumor types, you're seeing the most strength and if you're seeing any early traction from new data readouts like IMvigor?

Yes, it's a great question. So yes, I mean, we had -- I think in Q2, we had sort of said that the growth in new patients was an all-time record, and I think it was something like maybe 2x greater than anything we've ever seen before. And what's incredible is in Q3, we basically saw something similar where we kind of had almost to those same levels of new patients coming in -- new patient starts coming in. Of course, it was I mean -- we had more new patients coming in, but the growth quarter-over-quarter was almost to this record level of growth that we had seen previously. Sorry, I just had to clarify. But yes, so I do think we're seeing a lot of continued interest with new patients coming in. With regards to where we're seeing interest, it's really broad across the board. Where we generate a lot of data, there's a lot of interest. And of course, coming out of the IMvigor announcement, there's been just a ton of interest in bladder. We're getting a lot of inbounds, both interest from pharma companies as well as physicians that are now looking at how they can implement this in either trials or in their practice.

Got it. That's helpful. And then just my quick follow-up here. I appreciate the top line and OpEx color on '26, but can you just talk about gross margins? How should we think about those, especially as Signatera becomes a larger part of the mix? Would you expect those to step up at a similar rate as they did here in '25? Would that be a good benchmark?

Yes. Mike, do you want to take that?

Yes. I think on the gross margins, I think, first, as I mentioned in the prepared remarks, I think it's just -- it's easier to model if you strip out the true-ups and so you start with kind of the pre-true-up number and anchor to that. And then I think that we can have a reasonably meaningful kind of sequential improvement over the course of next year in gross margin as we continue to grind higher. Obviously, it's hard to repeat the same exact rate that we had this year. I think we're up some 4 percentage points or something like that year-on-year. It's a pretty meaningful change. But I do think that the target remains clear to us. I mean I think we can be in that 70% range over time. And I think even inclusive of the true-ups, I think that 64.9% number that we put up this quarter, that gives you a glimpse of what we're capable of. So I'm feeling very encouraged on gross margins. I do expect improvement next year.

Our next question comes from the line of Puneet Souda with Leerink Partners.

Congrats on a strong print here. First question is more on the Signatera side. Just trying to understand what the ASP increase or -- is that the assumptions for next year, is that just on biomarker bills? Or are you baking in additional indications that you talked about? So can you -- maybe could you clarify on that point? And then on the clinical side, it would be great if Alex could provide more on -- when we look at the PEGASUS and DYNAMIC-III trials out there, given what we've seen with some of the struggle around the escalation, how do you -- how are you thinking about VEGA there? And then I have a follow-up.

Mike, do you want to take ASP call?

Yes. So on the ASPs, I mean, honestly, on Signatera if we get -- if we do the things that we think internally we can do on both biomarker states and given all the MolDX submissions that we have in flight, I think we can do better than the $50 I mentioned in the prepared remarks. One thing to note is that again, we will have another kind of reset on ADLT, which would be a modest headwind for us going into next year. So I just want you to be factoring that in. So the $50 represents what I hope will end up being kind of a conservative cast of achieving some fraction of all these opportunities we have ahead of us. Steve kind of talked about this, but we've all been in the space and been together for a long time. And unfortunately, it doesn't always go up into the right. You don't always get 100% of these opportunities to flow in at the time that you want them. But if you break down MolDX submissions, we have a long track record of being successful with those and then driving ASP improvements off of those. I think the biomarker state is a driver that we started to really show some traction there as well. And then, yes, there's some other opportunities related to potential guideline inclusion with bladder and beyond that could be very exciting as upside. But I think just as an initial kind of preliminary kind of glimpse into '26, I think that's the right starting point.

Great. And Puneet, thanks for the question regarding VEGA. It's hard for us to comment on other readouts. But I will say that, obviously, assay performance is important, study design is important. I think when VEGA was designed, a lot of thought went into the right approach. I will flag that in VEGA, there was serial testing patients could cross over and get delayed treatment as part of the ALTAIR study. So that's one factor to consider. I think the other thing I want to point out is we do benefit a little bit from the fact that GALAXY actually was the basis for enrolling patients into VEGA, and we have been able to see now over a period of multiple years, how the assay has performed in the non-randomized GALAXY patients, which does increase our confidence. And I think lastly, it is a larger study, close to 1,000, if not more patients were randomized. And it's hard for me to obviously predict exactly the outcome, but we remain confident and excited to see the data when it's unblinded in 2027.

Okay. That's helpful. And then just a follow-up. On the women's health side, we've seen growth from a competitor in the market, mother-only assay that has gained traction. So obviously, you have Fetal Focus product now. Could you talk about the positioning of the product if the sales force is fully trained on it? How can you sort of go into market and capture share. You obviously have a strong commercial position here. So maybe talk about what -- how should we think about that piece of the market and your positioning and growth there?

Yes, it's a good question. So yes, I mean, we've been doing carrier screening for a long time, right? I think we made one of the largest providers of next-gen sequencing-based carrier screening in the U.S. And when you screen the mother, if the mother is positive, then the standard of care is to go screen the father. Now one of the challenges is that the father is not always available to get tested or maybe not willing to get tested. And so there's -- in those cases, there's a clinical need to be able to directly assess the genetic status of the fetus. And what's great with Fetal Focus now is that we can do that. We launched the 5-gene panel in, I think, August that was received very well. Now we're sort of expanding to the 20-gene offering. And of course, this is something we can roll out through our entire customer base. We can roll this out broadly through our existing sales team. And then there's a lot of, I think, competitors that maybe don't have this capability where this gives us another advantage where we have something unique compared to them. And then for the groups that do have it, we think we're positioned very well, both with our technology and with the clinical trials that we've been doing. So as I said, there's kind of always been competitors in the space, and we've done really well. We're very pleased with our growth in the women's health space. I mean, we can kind of see sort of where others are growing and how we're growing, and we think we're doing very well there. And we think this can actually increase that as we move forward.

Next question comes from the line of Catherine Schulte with Baird.

I'll just go ahead and ask both my questions now. First on early detection, we've seen some players start in lung cancer and then move on to multi-cancer applications, and you've expressed interest there as well. Obviously, you want to figure out CRC first, but any updates on your long-term strategy in screening and maybe when we could hear updates on the multi-cancer side? And then second, on Signatera 2026 volume growth, just to confirm, was your comment to look at the rolling average of the last 4 quarters in terms of sequential unit volume growth, so 18,000 or so? And does that level hold up for the fourth quarter as well?

Yes. Thanks. So I'll just comment on the first one. I mean, I think the -- our focus right now has been getting the CRC product completed through the clinical trial process and approved on the market. But of course, in the background, we've got a lot of activity going on. And we have an excellent team. And so [ MSA ] is something that, of course, we think we would be in a good position to do and to perform well on. So just kind of stay tuned there. But in the near term, we think there's a big opportunity in CRC, and we think we're going to be one of the major players in this space, and it's an attractive opportunity when you look at ASPs, gross margins and just the clinical need and the total market size. Mike, do you want to take the second?

Yes.

Do you want to take the second question on just kind of what we're thinking from a forecast standpoint on Signatera?

Yes. Catherine, the way you said that, I think, is right. I mean what I had in mind there is kind of the rolling for the growth -- rolling 4 quarters average for the growth units. And I just stress it's not -- every quarter is not -- it cannot always be up into the right. You don't always exceed that rolling 4 every quarter, even though we have up to this point. But I think it's -- you got to have some kind of benchmark, I think, for modeling. And I think that's a very healthy one that requires very good execution from our team. And I think if you're able to look at it over the year, like looking back on it, I think we'll be able to hit that bar.

Okay. Ladies and gentlemen, that is all the time we have for questions. This concludes the question-and-answer session and today's conference call. We would like to thank you for your participation. You may now disconnect your lines. Have a pleasant day, everyone.