Iron Mountain (IRM) Q1 2026 earnings call transcript

I would now like to turn the conference over to mark group senior vice president. I'm a best relations Please go ahead Thanks, Rocco. Good morning everyone and welcome to our first quarter 2026 earnings conference call Joining us today are bill meaning or president and chief executive officer and Barry heightened our executive vice president and chief financial officer After a prepare remarks will open the lines for Q&A Today's call will include four looking statements which are subject to risks and uncertainties We're a discussion of the major risk factors that could cause our actual results to differ from these statements please refer to today's earnings materials including the safe harbor language on slide two of the earnings presentation and Our annual and quarterly reports on form 10k and 10q Each of these items as well as reconciliation of non-gapped financial measures referenced during this call Can be found on our investor relations website With that I'll turn the call over the bill.

Thank you mark and thank you all for joining us today to discuss our first quarter results As you saw in this morning's release We are off to an incredibly strong start to 2026 our first quarter results were exceptional above our expectations With 22% year-over-year growth for revenue adjusted EBITDA and AFFO Our team's execution of our growth plans and consistent delivery of value to our customers Continues to derive the record performance across our business First quarter organic growth of 17% is the highest rate. We've achieved in more than 25 years The outstanding results were driven by our growth business of data data center ALM in digital Which grew more than 50% in the quarter and now exceed more than 30% of our total revenue Moreover our highly recurring physical records storage business delivered its best quarterly growth in years in as well on track to deliver its 38th consecutive year of organic storage rental growth I'm also impressed with our commercial teams progress in accelerating cross-selling efforts in ALM in digital We had a very strong quarter of bookings across the business which sets us up well for the balance of the year Following this strong performance and continuing the momentum into the second quarter We are pleased to increase our full-year financial outlook Let me now share some of the highlights from the quarter and the confidence This provides as we look to sustain industry leading revenue and earnings growth in 2026 and beyond Data center revenue increased 47% in the first quarter Industry demand remains very strong with hyperscalers continuing to build out inference and cloud capacity This has led to significant customer engagement across our portfolio given our 400 megawatts of available to lease capacity Energized over the next 24 months We leased approximately 22 megawatts in the first quarter and another 10 megawatts in April positioning us at 32 megawatts least year today We drove substantial growth in our asset lifecycle management business in the first quarter with a 92% increase in revenue This was fueled by a strong showing in both our enterprise and decommissioning businesses the later of which was mainly pricing Beyond the favorable component price environment the underlying strength of our business is being driven by our compelling Indifferentiated customer value proposition which continues to yield new customer wins and deeper expansion within our existing base Our digital solutions business achieved record first quarter revenue growing greater than 20% year over year We continue to win traditional projects and new contracts across industry verticals for DXP our AI powered digital solutions platform Additionally, we want another Google partner of the year this month for media and entertainment adding to the 2018 Google partner of the year award for AI and machine learning and We also executed very well operationally.

We drove expanded profitability across the business with adjusted EBITDA increasing 22% We are still in the early phases of our long-term growth journey and our opportunity has never been more clear and tangible We operate in large and growing markets with a hundred and seventy billion dollar total addressable market and we continue to invest in Execute growth strategies to fully capitalize on our opportunity Now, let me share some recent wins that illustrate the strength of our synergistic business model and commercial momentum I want to start with providing an update on our government business from the outset We firmly believe that our amounting was positioned to be a major beneficiary of efficiency and Productivity efforts for governments across the world Building on last year's important award from the Department of Treasury I am pleased to share that first quarter bookings in the public sector.

We're our second best in our company's history We are significantly expanding our government business across the world and especially here in the US Let me highlight two of these wins for one agency We will provide advanced digitization solutions to process millions of records and we will also securely manage over 29,000 cubic feet of physical documents and For another agency, we are providing services for pathology operations including storage and tracking claims folders We are just getting started and the outlook for additional government wins is promising our positive trajectory is supported by the federal Certification for our digital services suite through the achievement of FedRAMP high authorization for insight This will fundamentally shift our competitive stance for digital services within the US public sector Allowing us to pursue high value mission critical workloads across the federal landscape To be sure our commercial momentum in recent wins extend far beyond the government sector Let me share some other wins across our business In records management our insurance team signed a new deal with a Canadian insurance company to deploy our smart reveal solution Where we will process more than one million files currently stored with us We also signed a new multi-year agreement with a global law firm to deploy our smart sort solution across six US locations We will process more than two million files and on board an additional 60,000 cubic feet of physical storage Ensuring the customer effectively manages its complex compliance and fiduciary requirements In digital solutions We want an important new multi-year agreement with a leading Brazilian clinical diagnostics firm Our mountains DXP platform leveraging AI capabilities will process over 20 million medical records DXP will be fully integrated with the customer systems to reduce manual efforts eliminate errors and ensure compliance for time-sensitive clinical results And we want a new contract with a US healthcare center to improve patient data visibility The win cuts across multiple lines of our services including smart sort for more than 600,000 medical records in digital solutions for nearly 12 million images In our data center business we cross sold to an existing ALM decommissioning customer and leads to them our entire 16 megawatt Miami site is part of a 10 year contract to support expansion of its cloud platform We also leased approximately six megawatts to enterprise customers in Q1 And in April we are pleased to have leased 10 megawatts in Amsterdam to a major global cloud player Who is new to our portfolio and with whom we are having encouraging discussions regarding interest across our data center footprints?

Turning to asset lifecycle management business. We are uniquely positioned at the industry leader with strong competitive advantages Including our full service capabilities unmatched global scale reputation for security and ability to deliver exceptional value to our customers This is translating into growth in the number and size of deals. We are winning across our enterprise in our data center decommissioning business Let me highlight some of our wins a new multi-year agreement with a global advertising company that consolidated its highly Pragmented vendor base and selected Iron Mountain as its sole enterprise wide ALM services partner As part of the deal, we will manage insecure decommissioning and remarketing of IT assets across more than 30 countries We cross-sold to one of our existing data center customers working to recycle and reuse 75,000 IT hardware items across the US, Europe and APEC And we signed a multi-year agreement with a global technology leader to securely decommission sanitize and remarket 60,000 drives In conclusion our team is delivering exceptional results We are still in the early phases of our tremendous long-term growth opportunity Our set of services delivering differentiate value to our customers gives us high confidence and continue double-digit consolidated top in bottom line growth across cycles I would like to express my gratitude to my global colleagues for their unwavering commitment to our customers I especially want to thank our colleagues in the Middle East who demonstrate the best of the mountaineer culture as they navigate a challenging time in keeping themselves and families safe while continuing to serve our customers in the region The exceptional stewardship provided by our mountaineers to more than 240,000 customers remains a cornerstone of our ongoing success With that, I'll turn the call over to Barry Thanks, Bill and thank you all for joining us to discuss our results As you've heard this morning, we're off to a strong start to the year Our team delivered record first-order performance across all of our key financial metrics underscoring the significant momentum we have in the business In terms of the first quarter revenue of $1.94 billion was up by continued strength across our business As compared to last year, revenue increased 22% on a reported basis, 19% on a concurrency basis and 17% on an organic basis While the change in FX rates contributed approximately $40 million in revenue year on year I would like to know that this was slightly below what we had assumed in our outlook as the dollar strengthened following our last call Looking at the $80 million revenue upside in the quarter, this was driven by outperformance in our ALM records management and data center businesses Total storage revenue was $1.1 billion up $146 million or 15% year on year Total service revenue was $841 million up $197 million or 31% from last year Adjusted EBITDA of $708 million increased $128 million or 22% year over year This exceeded the projection we provided on our last call by $23 million driven by the revenue upside and operational efficiency across the business Adjusted EBITDA margin was 36.6% an increase of 20 basis points from last year Our margin performance was particularly impressive, especially when considering the substantial growth in our services revenue, which naturally drives a mixed headwind AFFO was $426 million up $78 million this represented an increase of 22% as compared to last year And AFFO on a per share basis was $1.43 Up 22% to last year and was $0.04 ahead of the projection we provided on our last call Now turning to segment performance In our global rim business first quarter revenue of $1.4 billion was a quarterly record and grew $148 million as compared to last year Reported growth of 12% year on year was supported by 8% organic growth This success was driven by strong performances in both our storage and services businesses sequential growth in global rim revenue was in excess of $30 million as compared to the fourth quarter Performance was driven by revenue management Insistent positive volume trends and sustained strength in our service business where the team successfully completed some project work that carried over permanently last year Storage revenue growth was up 9% on a reported basis and up 6% on an organic basis Global rim service revenue grew over 16% and the team delivered a strong organic growth in excess of 12% This was driven by the continued strength of our core services and our fast-growing digital business As and as you heard bill from bill, we are significantly expanding our government business across the world and especially here in the US As it relates to the multi-year department of treasury contract We recognize approximately nine million dollars of revenue in the first quarter We continue to expect $45 million of revenue in 2026 and in excess of $100 billion annually in 2027 and beyond From a profitability perspective global rim adjusted eva increased $61 million to $618 million This was an increase of 11 percent year-on-year with an adjusted eva demargent of 44 percent earning to our global data center business We achieved revenue of $255 million in the first quarter an increase of $82 million or 47 percent year-on-year Growth was driven by lease commencements positive pricing trends and customers ramping power faster than we expected In the first quarter, we signed 22 megawatts of new leases Commenced 24 megawatts and renewed 193 leases totaling seven megawatts I am also pleased to note that we have increased our future development capacity in northern Virginia by 20 percent to 195 megawatts Pricing remains strong with renewal pricing spreads of 12 and 14 percent on a cash and gap basis respectively First quarter data center adjusted eva dot was 133 million dollars up 42 million dollars year-on-year Resulting in adjusted eva demargent of 52.1 percent 30 basis points below last year As our clients continue experience very strong growth in cloud and AI deployments.

We are seeing their usage ramp faster As we've discussed before power is a pass-through item and correcting for that our data center margin was up 120 basis point year-over-year turning to asset lifecycle management Total ALM revenue was $232 million and increase of 111 million or 92 percent year-over-year On an organic basis our team grew revenue 93 million dollars or 77 percent This was driven by greater than 100 percent organic growth in our data center decommissioning business and more than 45 percent organic growth in the enterprise channel As it relates to our recent acquisitions premier surplus and ACT logistics continue to perform well contributing 17 million dollars per revenue in the quarter And from a profitability perspective our team's execution led to significant ALM margin improvement year-over-year I know there is a lot of interest in the price environment for memory.

So I want to provide some context As we as we've discussed on prior calls memory prices continued to trend higher in the quarter in late March and early April we saw prices moderate and over the last few weeks they have stabilized At current levels pricing is in line with our original guidance and meaningfully above last year With that said we are increasing our full year outlook for ALM revenue to 950 million dollars This is 100 million dollars higher than our prior expectation With 40 million dollars of ALM revenue upside delivered in the first quarter The additional 60 million will be driven over the balance of the year by volume and data center decommissioning and growth in enterprise I will note that the majority of that is reflected in our guidance for the second quarter Now turning to cash flow on a consolidated basis First quarter operating cash flow was 339 million dollars up 141 million dollars from last year This marks the best first quarter operating cash flow the company has ever achieved As we have discussed before we expect retained cash flow to continue to expand meaningfully over the next several years And with our strong start to the year We are raising our projection per retained cash flow to be at least 300 million dollars ahead of last year turning to capital allocation Our focus remains on growing our dividend and investing in high return opportunities that drive double digit growth While maintaining our strong balance sheet Our board of directors declared our quarterly dividend of 86.4 cents per share to be paid in early july On a trailing four quarter basis, our payout ratio is now 61 in line with our target ratio of low 60s In terms of capital investments in the first quarter, we invested 492 million dollars of growth capex and 35 million dollars of recurring capex We continue to plan for full year capex to be slightly down from last year Turning to the balance sheet Was strong even up performance.

We ended the quarter with net lease adjusted leverage down slightly from last quarter to 4.8 times This is the best performance we've had on this metric since prior to the company's reconversion in 2014 Now turning to our outlook for full year 2026 With the trajectory we are on we have increased our financial guidance for the year We now expect total revenue to be within the range of 7.825 to 7.925 billion dollars Which represents year on year growth of 14 at the midpoint Relative to our prior guidance, we are raising revenue by 175 million dollars at the midpoint With 80 million dollars of the beat in the first quarter and 95 million driven by the improved outlook across our business for the balance of the year I'd like to provide a little more context for the revenue increase As I noted a moment ago, 100 million of that is driven by our ALM business The remaining 75 million dollars is driven by upside in records management digital solutions and data center of which 40 million occurred in the first quarter And to be clear, we are using the same effects rates as we had in our prior guidance So none of this increase is effects driven We now expect adjusted eva to be within the range of 2.925 billion to 2.9 65 billion dollars Which represents year on year growth of 14 percent at the midpoint Relative to our prior guidance, this is an increase of 45 million dollars at the midpoint We expect affo to be within the range of 1.735 billion to 1.75 5 billion dollars Or five dollars and 79 cents to five dollars and 86 cents on a per share basis At the midpoint this represents 13 percent growth And is an increase of 25 million dollars for affo and nine cents for affo per share relative to our prior guidance And now turning to the second quarter we expect Revenue of approximately 1.965 billion dollars an increase of 15 percent to last year Adjusted eva die of approximately 715 million dollars an increase of 14 percent to last year We expect affo of approximately $418 million or $1.40 per share this represents an increase of 13 percent to last year With that, I would like to thank all of our mountaineers for delivering another quarter of outstanding performance Our growth opportunity remains substantial and our ability to capitalize on it is becoming More and more evident with each ask and quarter and with that operator would you please open the line for q&a?

Absolutely. Thank you.

Um, let me start With the the growth on the data center side and then i'll let Barry talk about what that the implications are for capex But I would say that we don't have any constraint on capital in terms of the growth of the data center side First, you know, we're really pleased that as we're now coming into that window with 400 megawatts Being energized data center capacity in the next two years is that we're really starting to see an uptick in leasing activity But also the the advanced discussions that we're having with a number of customers across our portfolio So you would have seen the 32 megawatts year to date now at the end of april But if I would add that to the advanced discussions that we're having with a number of customers across that 400 megawatts Of portfolio is we expect to be meaningfully above The hundred megawatt guidance that we gave for the year, but I'll let Barry talk about it from a capital But again, it's it's you know, it's kind of part of our plan.

So we don't see any any majoring Itch there.

Hi, Andrew Uh, bill kind of has covered it. I'll just reiterate that Uh, the capex expectation we're using continues to be slightly down from last year And that's just uh, as you know, we're we're really not a speculative builder the vast majority of what we're constructing is already pre-leased to fantastic high credit quality tenants with with long duration leases and Our we're I'll reiterate something else. I said last time which is that the guidance we have for total capital is Um, would would would predicate on leasing more than we guided to for the full year in terms of new leases and with the amount of Runway we have with respect to megawatts energizing over the next couple of years We feel really really well positioned as it relates to uh, data center leasing going forward Thank you.

Thank you Okay, good morning erica. I appreciate the question yet So, you know as I said, we're really pleased it's the second highest bookings that we've had in a quarter With the uh on the government segment, uh, since least i've been in the company and we've been seeing this as a big opportunity As you can expect the nature of that business This in not just this quarter, but in general and I think I highlighted that in the couple of wins that we have Is is usually a blend but more and more because it's efficiency driven. It's led with digital So it really is about transforming government operations And there is some exhaust sometimes and I highlight that one of the wins is that we picked up some storage, which is you know, which is also great but the fundamental uh thrift or or You know, uh, movement if you will is to actually drive more efficiency and government services and and and better service to their citizens So it's really much more of a digitally led and that's why we're really happy to have the fed ramp High classification because it opens up the possibilities of where we can transform the government Across the board.

I think in terms of the the Very said in his remarks, but in terms of the IRS is your nine million dollars in this quarter Which was in line with our a little bit higher than what our expectation is and we still see that a hundred million next year 45 millions of this year and the ramp is partly driven by also onboarding people because you know We have to kind of go through that with the IRS and it's a it's a very measured and I would say well Structured program in terms of ramping the the movement of some of this processing from the IRS into iron mouth And of course driving efficiency along the way Thank you And our next question today comes from Toby summer at truest please go ahead Thank you.

Scale and breadth such that we're at a tipping point for you to be able to capture more significant wallet share Um, so Toby, I'll start with kind of the footprint and then maybe Barry you can talk about a little bit the wallet share that we're seeing Across some of our customers because as they noted my remarks We are seeing both broader and deeper On that aspect. I think we you know look We're always trying to make sure that we can cover the globe with our 61 countries because we have customers in those 61 countries And we are you know continuing to build that out very nicely I mean there's still a few countries that we can't serve but you know the win that I talked about the advertising company where we're You know, we they were highly fragmented across the globe And we won that partly because we could serve them in 30 countries for all their enterprise devices And with one person with a counterpart that they actually trusted To do it in both a proper and efficient way So, you know, we are seeing that the footprint that we have is driving considerable business now But you know, we're not in 61 countries.

Yes, so there's a little bit more But there you might want to talk about the the depth that we're seeing in terms of some of the customers once we Bring them into the the portfolio. Yeah, Toby as we've discussed before The enterprise business we think is a business that can build on itself for literally years and And we are seeing that continue to happen part of the guide up Is that we've won some additional business and we're seeing continued ramping in the existing client base And I think we added something about let's call it two dozen fortune 1,000 clients to our list in the ALM Category as we continue to cross sell and penetrate new accounts and new accounts on the ALM side that are cross sold from the record business And we got a long trajectory on that.

I will tell you we're still very very under penetrated with all of our clients So we tend to get a region or a specific Low in country from a client and then start building from there and that I think is a really Really powerful way for the business to continue to develop over time because it's growth the growth the growth and strength the strength So we are feeling quite good about the enterprise business and see it as a Really long-term opportunity Thank you and our next question today comes from Brendan lens with Barclays, please go ahead Great.

Hi Brendan. I first I guess I would say is that we Focus our revenue management based on value not what's going on in like CPI or or PPI or anything of that sort And as we continue to deliver Increasing levels of values to customer We think you know they that's how we manage the revenue management program. So We've clearly been offering them Services that you can't get from any competitor whether it be our smart reveal smarts or The the sorts of the clean start the various programs we have and together with you know cross-selling ALM We can bring a solution to the clients that I think you know they vote their their vote is kind of what it is that they they are continuing to choose us And so and and we got to continue to win business every day and continue to satisfy our customers and delight them to justify revenue management But we're doing that and we see a long runway for additional revenue management actions over time Of the you know mid-single plus kind of level that we've been talking about for some time In the first quarter we did implement revenue management actions kind of in the late january time frame So the vast majority of them were in place for the first quarter I will know and you'll recall That last year our revenue management actions were a little bit more shifted such that the full benefit was in the second quarter So when you think about the comps year to year There's a little bit of a harder comp in the second quarter for us on revenue management specifically But we also have likely some revenue management cohort actions not a huge amount But some that will be coming in the second half which will give us a another incremental modest lift So, you know, we generally focus on the full year In terms of revenue management targets and you should be fully expecting it to be of the Same order that we were achieving last year I will also note that we we in light of some of the service offerings we've had and just the cadence of historic revenue management actions and the value we're delivering we leaned into A little bit more revenue management actions on some of the service lines, which is obviously helping uh the growth and likely will be a Incremental leg for us on the service side for some time Thank you and our next question today comes from George Tong at Goldman Sachs.

I'm I George Good morning. Thanks for the for the question. Yeah, I think the as I said, we do expect based on the advanced discussions We're having with folks on top of the 32 megawatts We've done year to date to be meaningfully ahead of our original guy for a hundred megawatts As you can imagine that though, these are hyperscale customers, which are lumpy So, you know trying to predict where it's going to land in a specific quarter If you say to me for the the rest of the year, I feel really good to be meaningful above the hundred But to give you kind of a quarterly guide or cadence these typically are larger contracts, but Based on the the discussions we're having and it's not in one site as you can imagine It's really across the globe from India all the way to Virginia We're we're engaged in fairly advanced Conversations and you can imagine also that given these are large contracts If you you know these things go on for months so advanced conversations as we're getting pretty close Towards the only thing I would add is that we continue to see pricing in all those markets be very strong And returns are looking quite good on those on those contracts that bill speaking to and if you look at the price that we just Generated on new leases as compared to I think You know the last couple of quarters.

It's it's up nicely. I think like double digits So we're pleased with the mix as well as the pricing Thank you.

Thanks Good morning, john. Thanks for the question. I'll start with the indian piece And then maybe berry can talk a little bit about the ALM including how that's rolling out and also mna on that But the on the india side the the web works, you know, it's fully integrated as you know that we actually now own a hundred percent of it Um, we are really pleased with the team that we now have in place that We hired from a competitor in in the indian market So and then if you look at the portfolio that we have, I think you follow that pretty that market pretty closely You can imagine that that's a market that we are in advanced discussion So on a number of our assets in india So we feel really well really good about how we're positioned In the indian market and we're really pleased with how that acquisition has turned out now that it's Fully under the umbrella of our mountain now for just over a year now It's about it's about 13 months that we've owned a hundred percent of that and with the new team that we've brought in place In who came with a lot of connections into the market and understanding of how to operate in india I think we're we're feeling pretty good about it john i'll add that uh from a from an inorganic standpoint Uh, we we are continuing to Certainly look and as we've said before the ALM market is a very large Tam and it is highly fragmented and we're continuing to evaluate opportunities that could Further our capabilities and increase our geographic reach We are looking for tuck-ins here and there and I expect that we will have some but we never forecast deals as As I think is the prudent way to handle things Um, we got a long list in the pipeline.

We are working with quite a few very good operators as it relates to potential deals over time and sometimes those take a little while, but you know we've managed to um Find some fantastic deals and partner up with some great teams that are helping us propel this kind of growth And I highlighted a couple of those on today's prepared remarks I'll also note that we continue to see pricing for deals in the mid to upper single multiples of evita that's pretty synergy and All of the deals we've done over the last couple of years have synergized down rapidly to like sub five times We feel very good about the platform and the opportunity to continue to build And I would say you asked about how um hyper scale might um continue to flow.

Look, obviously the hyper scale business Uh grew even faster than the enterprise business, which I mean the enterprise business just reiterate grew 45 on an organic basis So very strong growth coming out of both sides of the business We do expect the uh hyper scale business to be a little bit higher as a percentage of the total ALM business this year just in light of the trajectory we're seeing And I think we've been prudent about how we're forecasting the pricing uh in light of What's been going on specifically in memory? I'll just note we also do tend to do some project oriented work as I've said before in the ALM hyperscale side and that can be Somewhat lumpy we we did some of that work a couple of the quarters last year including in the first quarter There was a you know good sized project oriented business piece of business This year we we really haven't had a large project item and i'm not forecasting any but There are clients that are looking for things with a quick turn and we have the ability to do that so the business is flowing really well and uh we feel Very good about the long-term opportunity at lamb john Thank you.

Thanks Um, thanks for the question. I'll start out. I'll also ask berry To add further color on it, but the I think is first of all we've seen this trend with not just meta But a number of customers pushing out their renew cycles over the last couple quarters has the Shortage of memory which we which we've all witnessed and we've seen that reflected in our results has come through So it's not it's not so much about Any other reason other than just the supply chain in terms of getting equipment.

I would say though that that is also Seen a benefit for us is because we've seen more and more OEMs now Asking for us to sell used memory that we're harvesting from other customers Which they have reintroducing into their new product supply chain Is you know as long as it has the right specification the right performance because as we all know electronics typically Fails at the beginning of its life not in the middle of its life So we're really you know, pleased by that trend that we're seeing more and more of our The products that we're harvesting or helping recycle is getting reintroduced in the new supply chain through the OEMs The other thing I would say is we also have seen an uptick in some of the servicing Yeah, very alluded to kind of some of the projects we do well Some of the the projects we do you can call it a project is we have customers who say You know for help us to harvest some of the components out of their old servers And return those to them so that they can actually build out their new servers and new cloud look infrastructure, so You know, we it's it's a trend that we've seen over the last couple of quarters I think we'll continue to see that trend you know stay pretty steady has you know, the shortage of Memories expected to last a couple of years But it's it's turning out to be giving us some opportunities on further our other service lines and also where we sell our recycle products I don't bear if you have anything you want to add I guess the only thing I would add is that if you look at the amount of infrastructure that the Key clients in that part of our business have been deploying over the last five to ten years in the ramp that you've seen in Growth of data center the infrastructure and higher value gear There's a tremendous amount of growth year to year over the next several and I think you know modest changes with respect to useful life we've seen that Flex up and down over the last several years as we've been operating this business for quite some time now And you know, I don't think that that kind of change is likely to Like slow down the growth there's a there's a lot of infrastructure over the next few years that needs to continue to be refreshed and The clients that we operate with You know, they got a lot of gear coming as well in terms of new so that We're we're feeling very good about the hyperscale side of the business Thank you, that concludes our question and answer session and the iron mountain first quarter 2026 earnings conference call We thank you for attending today's presentation.