Financial Data and Key Metrics Changes - The company reported Q3 2025 revenue of approximately $1.55 million, consistent with the first two quarters of the year, but down roughly $600,000 compared to the previous year due to timing of larger customer orders [4][14] - Year-to-date revenue for 2025 was slightly under $5 million, reflecting a decrease largely attributed to quarter-to-quarter variability [4] - The net loss for Q3 2025 was $965,000 or $0.15 per share, compared to a net loss of $739,000 or $0.39 per share in Q3 2024 [16] Business Line Data and Key Metrics Changes - License fee revenue decreased to $918,000 in Q3 2025 from $1.4 million in Q3 2024, while service revenue increased slightly to $268,000 [14] - Hardware sales declined to approximately $364,000 in Q3 2025 from $436,000 in Q3 2024 due to timing of shipments [15] Market Data and Key Metrics Changes - The company experienced strong demand in the defense sector, with two of the top four largest global defense agencies using its technology [10] - The company is focusing on expanding its market reach in Europe, the Middle East, and Africa, particularly through channel sales efforts [7] Company Strategy and Development Direction - The company is advancing its channel sales efforts and has engaged an external marketing firm to enhance its marketing strategies and website content [7] - A significant update to the PortalGuard identity platform is expected to be released in late Q1 or early Q2 2026, which represents a major modernization of the platform [8] - The company is focusing on reducing its break-even levels and supporting positive cash flow and profitability [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth prospects for the upcoming year, citing a strong pipeline of opportunities and the potential for significant contract renewals [12][39] - The company noted that the recent U.S. government shutdown did not impact its business operations [37] Other Important Information - The company raised approximately $3 million net of fees through a warrant exercise transaction, enhancing its cash liquidity [13] - Current assets as of September 30, 2025, were $3.7 million, including $2 million in cash, compared to $1.9 million in current assets at the end of 2024 [17] Q&A Session Summary Question: Was the Bank of Egypt win a recurring revenue deal? - Management confirmed it was an initial deployment with expectations for expanded deployment [19] Question: Are margins lower on the Bank of Egypt project due to partnership? - Management stated that gross margins on software remain above 90% [20] Question: What is the current ARR? - Management indicated that the ARR is growing and estimated to be in the $6 million-$7 million range [25] Question: What led to the decision to provide formal guidance? - Management cited confidence from a solid pipeline of opportunities and results from investments in the partner network [33] Question: Did the U.S. government shutdown impact business? - Management confirmed there was no impact from the shutdown [37] Question: Are there any major upcoming renewals in 2026? - Management indicated that there are several renewals and expansions on the horizon [40] Question: What is the status of the Channel Alliance program? - Management emphasized the focus on quality partnerships rather than quantity, with significant players in local markets [41][42]

Financial Data and Key Metrics Changes - Adjusted EPS for Fiscal 2025 was $4.44, up 7.5% from $4.13 in Fiscal 2024, reflecting growth across all segments driven by infrastructure investments [5][14] - Adjusted earnings for Fiscal 2025 totaled $275.5 million compared to $247.4 million in the prior year, with a fourth-quarter adjusted loss of $24 million due to seasonality [14][15] - The company invested $922 million in Fiscal 2025, with nearly 90% allocated to utilities to enhance system reliability and safety [6] Business Line Data and Key Metrics Changes - Gas utilities earned $231 million, an increase of almost 5% from the previous year, driven by interest recovery in Missouri and new rates in Alabama [15] - Midstream earnings rose to $56 million, up nearly $23 million, due to additional capacity and asset optimization in Spire Storage [15] - Gas marketing earnings increased to $26 million, reflecting a well-positioned business despite higher storage and transportation fees [15] Market Data and Key Metrics Changes - New rates in Missouri became effective in October, and Alabama is undergoing a rate stabilization process [7][19] - The company noted that natural gas remains the most affordable energy source compared to electricity, which is two to three times more expensive [7] Company Strategy and Development Direction - The company is focused on a long-term capital plan totaling $11.2 billion, with 70% dedicated to safety and reliability projects [16][12] - The pending acquisition of the Piedmont Natural Gas Tennessee business is expected to close in the first quarter of calendar 2026, enhancing operational capabilities across states with constructive regulatory frameworks [10][12] - The company aims for long-term adjusted EPS growth of 5%-7%, supported by expected rate-based growth in Missouri and Tennessee [9][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving Fiscal 2026 adjusted EPS guidance of $5.25-$5.45, driven by regulatory outcomes and infrastructure investments [23][17] - The company is committed to maintaining a strong balance sheet while pursuing strategic growth and operational excellence [23][24] - Management highlighted the importance of regulatory engagement and disciplined cost management to support ongoing investments [23] Other Important Information - The company approved a dividend increase of 5.1%, marking the 23rd consecutive year of dividend growth [9] - The company is evaluating the sale of its gas storage facilities as a potential source of funds [11] Q&A Session Summary Question: Long-term growth rate and earned ROEs - Management indicated that earned returns in Missouri are improving, with a future test year rate case planned for next year [28][29] Question: FFO to debt target - Management expects to move towards the middle of the threshold bands for both Moody's and S&P, driven by recoveries in Missouri [33][34] Question: Financing mix and timing - Management confirmed confidence in a balanced mix of debt and equity, with minimal common equity issuance expected [39][40] Question: O&M assumptions and integration planning - Management aims to keep O&M expenses below inflation and will incorporate best practices during integration [41][42] Question: Future test year rate adjustment - Management acknowledged the need for collaboration among all parties to understand the new rate-making process [59][60] Question: Dividend payout ratios and growth - Management targets a payout ratio of 55%-65% and expects dividends to grow at the earnings growth rate [64] Question: Long-term capital needs and equity - Management anticipates minimal equity needs, around $0-$50 million annually, to support utility CapEx [66]

Financial Data and Key Metrics Changes - The company reported Q3 2025 revenue of approximately $1.55 million, consistent with the first two quarters of the year, but down roughly $600,000 compared to the previous year due to timing of larger customer orders [4][14] - Year-to-date revenue for 2025 was slightly under $5 million, reflecting a decrease largely attributed to variability in order timing [4] - The net loss for Q3 2025 was $965,000 or $0.15 per share, compared to a net loss of $739,000 or $0.39 per share in Q3 2024 [16] Business Line Data and Key Metrics Changes - License fee revenue decreased to $918,000 in Q3 2025 from $1.4 million in Q3 2024, while service revenue increased slightly to $268,000 [14] - Hardware sales declined to approximately $364,000 in Q3 2025 from $436,000 in Q3 2024 due to timing of shipments [15] Market Data and Key Metrics Changes - The company experienced strong demand in the defense sector, with two of the largest global defense agencies using BIO-key technology [10] - The company is focusing on expanding its market reach in Europe, the Middle East, and Africa, particularly through channel sales efforts [7] Company Strategy and Development Direction - The company is advancing its channel sales efforts and has engaged an external marketing firm to enhance its marketing strategies and website content [7] - A significant update to the PortalGuard identity platform is expected to be released in late Q1 or early Q2 2026, which will modernize the platform and improve deployment capabilities [8] - The company is focusing on reducing operating expenses and achieving positive cash flow and profitability, having reduced operating expenses by over 10% in the first nine months of 2023 [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth prospects for the upcoming year, citing a strong pipeline of opportunities and the potential for significant contract renewals [12][39] - The company noted that the recent U.S. government shutdown did not impact its business operations [37] - Management highlighted the importance of biometrics in enhancing security and preventing fraud, positioning the company well in the current market [11] Other Important Information - The company raised approximately $3 million net of fees through a warrant exercise transaction, significantly improving its cash liquidity [13] - As of September 30, 2025, current assets totaled $3.7 million, including $2 million in cash, compared to $1.9 million in current assets at the end of 2024 [17] Q&A Session Summary Question: Was the National Bank of Egypt win a recurring revenue deal? - Management confirmed that it was an initial deployment with expectations for expanded deployment in the fourth quarter [19] Question: Are margins lower on the project with Raya? - Management stated that gross margins on software remain above 90% [20] Question: What is the current ARR? - Management indicated that the ARR is growing and estimated to be in the $6-$7 million range [26] Question: Will the longest U.S. government shutdown impact business? - Management confirmed that there was no impact from the government shutdown [37] Question: What led to the decision to provide formal guidance? - Management cited confidence from a solid pipeline of opportunities and results from investments in the partner network [34] Question: Are there any major upcoming renewals in 2026? - Management indicated that there are several renewals and expansions expected throughout the year [40]

Financial Data and Key Metrics Changes - The company reported normalized EBITDA of $250 million for the third quarter, with distributable cash flow of $236 million benefiting from a current tax recovery of $71 million due to changes in U.S. tax legislation [11][12] - The outlook for distributable cash flow is revised to approximately $700 million for 2025, with an effective tax rate expected to range between 20-21% [11][12] - The normalized EBITDA guidance for 2025 is reaffirmed at $1.01 billion, with a forecast for 2026 normalized EBITDA of $1.03 billion, reflecting a 2% range increase [11][12] Business Line Data and Key Metrics Changes - The marketing segment is expected to see normalized EBITDA approximately $25 million higher, while InterAlberta and other segments are projected to increase by about $10 million due to BlackRod cash flows ramping up [12] - Keystone's normalized EBITDA is anticipated to decrease by approximately $15 million due to reduced planned maintenance capital expenditures [12] Market Data and Key Metrics Changes - The company is encouraged by ongoing dialogues in Canada and the U.S. regarding energy solutions, which highlight the resilience of customer businesses and the strategic positioning of the company's assets [5][6] - The company expects conditions to become more favorable for supply growth in late 2026 to early 2027, as supply growth is anticipated to exceed current egress capacity [21][22] Company Strategy and Development Direction - The company aims to grow its business and enhance competitiveness while ensuring safe operations and financial strength [4][5] - The focus is on maturing and executing a growth portfolio through both organic and inorganic opportunities, with the BlackRod project serving as a successful template [4][30] - The company is working towards exiting transition services with TC Energy by the end of 2025, which is expected to improve efficiency and cost savings [3][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning Keystone to baseline operations by 2026, with ongoing remedial actions reinforcing system integrity [7][9] - The company is optimistic about the potential for growth in customer organizations and the overall market environment, which has become more constructive since the spin-off [30][31] Other Important Information - The company has completed significant milestones in the BlackRod project, including mechanical completion and the commissioning of a natural gas lateral [9] - Legal proceedings related to variable toll disputes have been resolved, allowing the company to focus on new business opportunities [10] Q&A Session Summary Question: Update on major projects and Keystone XL discussions - The company is providing advisory support for Alberta's crude pipeline initiative but is not directly involved in the project [17][18] Question: Outlook on crude spreads and inventory normalization - The company anticipates improved conditions for egress in late 2026 to early 2027, driven by supply growth [21][22] Question: Details on tax optimization and U.S. legislation changes - Tax benefits stem from extended interest deduction legislation and accelerated tax pools, with expectations of returning to a regular tax cadence by 2027 [24][25] Question: Impact of transition agreements on efficiency and cost savings - The company is focused on optimizing processes post-transition, which is expected to enhance EBITDA but is not included in the current 2-3% growth outlook [25][27] Question: Organic growth opportunities and project types - The company is exploring various growth opportunities in both Canada and the U.S., with a focus on customer needs [30][31] Question: CapEx assumptions for 2026 - The company suggests a consistent investment of approximately $100 million annually to achieve EBITDA growth, with no sanctioned projects currently [36][38] Question: Variable toll settlements and future P&L impact - Remaining payments related to variable toll settlements will be normalized out of EBITDA, confirming the expected financial impact [40][41]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $1.6 million, down from $3.6 million in Q3 2024, primarily due to lower average selling prices from discontinued SKUs [10] - Gross loss for Q3 2025 was $8.9 million compared to a gross profit of $0.6 million in the same period last year, resulting in a gross margin of negative 576% versus 16% [10] - Net loss for Q3 2025 was $10.9 million, or negative $0.90 per diluted share, compared to a net loss of $3.4 million, or negative $0.33 per diluted share in Q3 2024 [11] - Adjusted EBITDA for Q3 2025 was negative $10.9 million, worsening from negative $1.9 million in Q3 2024, mainly due to inventory charges [11] - Cash and cash equivalents at the end of Q3 2025 were $387.3 million, a significant increase from $3.7 million at the end of 2024 [12] Business Line Data and Key Metrics Changes - The company has streamlined operations and reduced fixed costs, including vacating the Mockingbird facility and planning to vacate the Rock Quarry facility, leading to significant cost savings [4][5] - Payroll efficiencies have lowered monthly costs by approximately $40,000 while maintaining quality and innovation [5] Market Data and Key Metrics Changes - The company is launching two new SKUs in March 2026 with a national retailer, which will include the Caramel Crunch SKU, marking a significant retail strategy milestone [6] - There is a noted shift in retailer demand towards innovative SKUs featuring proprietary textures and clean ingredients, reflecting broader market trends [8] Company Strategy and Development Direction - The company is focused on optimizing its cost structure, expanding retail distribution, and executing private label partnerships to drive long-term growth and return to profitability [13][14] - Future initiatives include digital asset strategies to enhance capital efficiency and shareholder value [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering 2026 with a leaner and more efficient structure, ready to scale profitably [16] - The company anticipates gradual margin improvement starting mid-2026, supported by operational efficiencies and new product launches [15] Other Important Information - The company has received commitments for additional capital, with insiders committing $1 million, reflecting confidence in the company's strategy [9] Q&A Session Summary Question: Can you provide any more details on the financial commitments that you have in hand at this point? - Management confirmed a commitment of $1 million from insiders [19] Question: What do you think your current cash burn is on a monthly basis at this point? - Management indicated that cash burn will decrease significantly after January, providing a runway for private label initiatives [22] Question: Is this million dollars coming in, is it equity, debt, or it's not formal yet at this point? - Management stated that the commitment is not formal yet but should be finalized within the next week [24] Question: When do you think you need to do revenue to break even at this point or after January? - Management noted that break-even visibility will improve around March or April, with expected monthly expenses in the $450-$550 range [26] Question: Are the economics of the Caramel Crunch business very similar to your other products? Or is it higher margin? - Management indicated that the Caramel Crunch will have similar economics, with potential for improved margins as manufacturing processes are fine-tuned [27] Question: Can you talk about how effective the expanded sales effort has been? - Management expressed satisfaction with the sales team's performance, particularly in securing private label partnerships and expanding into non-traditional retail environments [32]

Financial Data and Key Metrics Changes - Adjusted EPS for Fiscal 2025 was $4.44, a 7.5% increase from $4.13 in Fiscal 2024, reflecting growth across all segments driven by infrastructure investments [5][12] - Adjusted earnings for Fiscal 2025 totaled $275.5 million, compared to $247.4 million in the prior year [12][13] - The company invested $922 million in Fiscal 2025, with nearly 90% allocated to utilities [5] Business Line Data and Key Metrics Changes - Gas utilities earned $231 million, up nearly 5% from the previous year, driven by interest recovery in Missouri and new rates in Alabama [13] - Midstream earnings increased to $56 million, up almost $23 million from last year, due to additional capacity and asset optimization [14] - Gas marketing earnings rose to $26 million, an increase of $2.5 million, reflecting a well-positioned business despite higher storage and transportation fees [14] Market Data and Key Metrics Changes - New rates in Missouri became effective in October, and Alabama is undergoing a rate stabilization process [6][18] - The company expects total rate base and capitalization to grow to $10.7 billion by Fiscal Year 2030 from an estimated $8.2 billion at the end of Fiscal 2026 [11] Company Strategy and Development Direction - The company is focused on operational excellence, regulatory engagement, financial discipline, and strategic growth [22] - A pending acquisition of the Piedmont Natural Gas Tennessee business is expected to close in the first quarter of calendar 2026, enhancing operational capabilities [9][10] - The long-term adjusted EPS growth target is set at 5%-7%, supported by a robust capital plan totaling $11.2 billion over ten years [8][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving Fiscal 2026 adjusted EPS guidance of $5.25-$5.45, driven by regulatory outcomes and infrastructure investments [22][23] - The company is committed to maintaining affordability for customers while investing in critical infrastructure [6][15] - Management highlighted the importance of collaboration with stakeholders in Missouri to establish a future test year rate-setting model [7][26] Other Important Information - The Board of Directors approved a dividend increase of 5.1%, bringing the annualized rate to $3.30 per share, marking the 23rd consecutive year of dividend increases [8] - The company is targeting a minimal amount of common equity issuance as part of its financing strategy [10][21] Q&A Session Summary Question: Long-term growth rate and ROEs - Management indicated expectations for continued improvement in earned ROEs, particularly in Missouri, with a future test year rate case planned [25][26] Question: Financing mix and timing - Management confirmed confidence in a balanced mix of debt and equity for financing, with ongoing evaluation of the storage business [31][32] Question: O&M assumptions and integration planning - Management aims to keep O&M expenses below inflation, leveraging best practices during integration activities [33][34] Question: Future test year rate adjustment implications - Management acknowledged potential improvements in earned ROE with the future test year but emphasized caution in making predictions [36] Question: Storage asset sale interest - Management noted strong interest in the storage assets but is still in the evaluation process [37][38] Question: Dividend payout ratios and growth - Management targets dividend growth in line with earnings growth, maintaining a payout ratio of 55%-65% [46] Question: Long-term capital needs and equity outlook - Management anticipates minimal equity needs, estimating $0-$50 million annually to support utility CapEx [47]

Financial Data and Key Metrics Changes - The company reported Q3 2025 revenue of approximately $1.55 million, consistent with the first two quarters of the year, but down roughly $600,000 year-over-year due to timing of larger customer orders [4][15] - Year-to-date revenue for 2025 was slightly under $5 million, reflecting a decrease compared to the previous year [4] - The net loss for Q3 2025 was $965,000 or $0.15 per share, compared to a net loss of $739,000 or $0.39 per share in Q3 2024 [17] Business Line Data and Key Metrics Changes - License fee revenue decreased to $918,000 in Q3 2025 from $1.4 million in Q3 2024, while service revenue increased slightly to $268,000 [15] - Hardware sales declined to approximately $364,000 in Q3 2025 from $436,000 in Q3 2024 due to timing of shipments [16] Market Data and Key Metrics Changes - The company experienced strong demand in the defense sector, with two of the top four largest global defense agencies using its technology [11] - The company is focusing on expanding its market reach in Europe, the Middle East, and Africa, particularly through channel sales efforts [7] Company Strategy and Development Direction - The company is finalizing a major website overhaul and developing new marketing messaging to enhance its market presence [8] - A significant update to the PortalGuard identity platform is expected to be released in late Q1 or early Q2 2026, which will modernize the platform and improve deployment capabilities [9] - The company is expanding its partner network to enhance market penetration and drive growth [22][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth prospects for 2026, citing a solid pipeline of opportunities and the potential for expanded deployments with existing customers [33][36] - The company is focused on reducing its break-even levels and achieving positive cash flow and profitability [13][44] Other Important Information - The company raised approximately $3 million net of fees through a warrant exercise transaction, significantly improving its cash liquidity [14] - Operating expenses decreased by over 10% through the first nine months of 2023, reflecting cost management efforts [13] Q&A Session Summary Question: Was the National Bank of Egypt deal a recurring revenue deal? - Yes, it was an initial deployment with expectations for expanded deployment in the future [20] Question: Are margins lower on the National Bank of Egypt project due to the partnership with Raya? - No, gross margins on software remain over 90% [21] Question: What is the current ARR? - The current ARR is estimated to be in the $6-$7 million range [26] Question: Will the company provide formal guidance for 2026? - The company is confident in its position and may provide guidance as it becomes more predictable [31][34] Question: Did the U.S. government shutdown impact the business? - No, there was no impact from the government shutdown [35] Question: What is the status of the Channel Alliance program? - The program is growing, focusing on quality partnerships that can deliver significant value [38][39]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $1.9 million, down $0.1 million sequentially but up $1.6 million from the same quarter last year. The revenue shortfall was a strategic decision to defer work [10][11] - Operating expenses for the quarter were $7.8 million, up $1.9 million from Q3 2024 but down $0.6 million sequentially. General and administrative costs were $2.9 million, a decrease of $1.4 million sequentially [10][11] - Net loss for the quarter was $6.6 million, a decrease of $0.8 million sequentially but an increase of $24.5 million from Q3 2024 [11] - Cash at the end of Q3 2025 was $5.5 million, compared to $2.7 million last quarter, driven by funding from an at-the-market offering [11][12] Business Line Data and Key Metrics Changes - The company made a strategic decision to defer near-term revenue to enhance the vehicle for specific deep-water workflows, which positions it for longer-term contracts [14] - A significant milestone was achieved with the successful operation of the Aquanaut system to a depth of 2,300 meters in the Gulf of Mexico, demonstrating the platform's capabilities [14][22] - The customer base continued to grow, with positive feedback on ROV systems and increasing interest from both commercial and government sectors [18] Market Data and Key Metrics Changes - The maritime industry is experiencing a trend towards reduced personnel deployed offshore, driven by safety, sustainability, and cost considerations, which aligns with the company's strengths in autonomy [6] - The company is exploring opportunities in the deep-sea mining sector, leveraging its autonomous capabilities for safe and cost-efficient operations [6][7] Company Strategy and Development Direction - The company is focused on scaling its technology for commercial deployment and enhancing its operational capabilities [4][6] - A new $250 million equity facility was announced to support emerging opportunities, particularly in deep-sea mining [6][12] - The strategic expansion into various ocean industries highlights the versatility of the company's technology [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term strategy and the support from lenders, which positions the company well for maintaining its Nasdaq listing [12] - The focus remains on executing current workflows while exploring opportunities in ocean minerals, with a strong emphasis on immediate customer contracts [41][43] - Management acknowledged the challenges of supply chain management but indicated proactive measures are in place to mitigate risks [35][82] Other Important Information - The company plans to host an Investor Day in early 2026 to showcase its technology and operations [25] - Management emphasized the importance of commercial adoption of technology over mere promotion [56] Q&A Session Summary Question: How should we think about the enhanced margin potential for software-only retrofits compared to full-stack new-build vehicle sales? - Management indicated that gross margins on software are in the 80% plus range, making it a significant opportunity for cash flow generation [29][30] Question: Would acquiring existing vehicles in operation help accelerate scaling operations? - Management is exploring the acquisition of untethered vehicles to quickly scale operations, as demand for their technology is strong [33][34] Question: What is the current environment regarding supply chain and tariff risks? - Management reported that supply chain management remains challenging but proactive measures have been taken to secure necessary parts [35][36] Question: What is the plan to address NASDAQ compliance issues? - Management is focused on achieving the necessary shareholder equity level and has commitments from lenders to support this goal [51][52] Question: How can the company improve communication with capital markets and investor relations? - Management acknowledged the need for better communication and plans to increase the frequency of updates regarding milestones and technology adoption [56][57]

Credicorp (NYSE:BAP) Q3 2025 Earnings Call November 14, 2025 09:30 AM ET Company ParticipantsAlejandro Perez-Reyes - CFOGianfranco Ferrari - CEOMilagros Cigüeñas - Head of Investor RelationsCesar Rios - Chief Risk OfficerConference Call ParticipantsAndres Soto - AnalystLindsey Shema - AnalystMarcelo Mizahi - AnalystYuri Fernandes - AnalystDaniel Vaz - AnalystAlonso Aramburu - AnalystBrian Flores - AnalystRenato Meloni - AnalystCarlos Gomez - AnalystErnesto Gabilondo - AnalystOperatorGood morning, everyone. ...

Credicorp (NYSE:BAP) Q3 2025 Earnings Call November 14, 2025 09:30 AM ET Company ParticipantsAlejandro Perez-Reyes - CFOGianfranco Ferrari - CEOMilagros Cigüeñas - Head of Investor RelationsCesar Rios - Chief Risk OfficerConference Call ParticipantsAndres Soto - AnalystLindsey Shema - AnalystMarcelo Mizahi - AnalystYuri Fernandes - AnalystDaniel Vaz - AnalystAlonso Aramburu - AnalystBrian Flores - AnalystRenato Meloni - AnalystCarlos Gomez - AnalystErnesto Gabilondo - AnalystOperatorGood morning, everyone. ...