Vibhuti Nair: including the guidance that we provide during this call, and our expectations regarding the acquired business are valid only as of today. as well as our supplemental earnings slides, which includes historical financial tables, are available on VIAVI's website at www.investor.viavisolutions.com. Finally, we are recording today's call, and we'll make the recording available on our website by 4.30 p.m. Pacific time this evening. Now, I would like to turn the call over to Ilan. Ilan?
Ilan: Thank you, Vibhuti. Good afternoon, everyone. Now I would like to review the results of the second quarter of fiscal year 2026. Net revenue for the quarter was $369.3 million, which is at the high end of our guidance range of $360 and $370 million. Revenue was up 23.5% sequentially, and on a year-over-year basis was up 36.4%. Operating margin for the second fiscal quarter was 19.3% above the high end of our guidance range of 17.3% to 18.5%. Operating margin increased 360 basis points from the prior quarter and on a year-over-year basis was up 440 basis points. EPS at 22 cents was also above the high end of our guidance range of 18 to 20 cents and was up 7 cents sequentially. On a year-over-year basis, EPS was up 9 cents. Moving on to our Q2 results by business segment. NSE revenue for the second fiscal quarter came in at $291.5 million, which is at the high end of our guidance range of $283 to $293 million. Revenue from Spirant was $43 million, which was slightly below our expectation of $45 to $55 million due to timing of certain opportunities. On a year-over-year basis, NSE revenue was up 45.8% as a result of the acquisitions of Inertia Labs and Spirant product clients. We also saw strong demand for lab and production and field products driven by the data center ecosystem. NSC gross margin for the quarter was 64.7%, which is 10 basis points lower on a year-over-year basis. NSC's operating margin for the quarter was 15.6%, compared to 8.7% during the same quarter last year. NSC operating margin was above the high end of our guidance range of 12.9% to 14.3%, primarily driven by higher fall through. OSP revenue for the second fiscal quarter came in at $77.8 million, slightly above our guidance range, sorry, guidance of about $77 million, and was up 9.7% on a year-over-year basis. The increase in revenue for the quarter was primarily a result of strengths in anti-counterfeiting and other products. OSP gross margin was 50.8%, up 20 basis points from the same period last year. OSP's operating margin was 33.4%, an increase of 100 basis points on a year-over-year basis. OSP operating margin came in slightly below our guidance range of 33.5% to 34.5% due to slightly higher variable costs. Moving on to the balance sheet and cash flow. Total cash and short-term investments at the end of Q2 were $772.1 million compared to $549.1 million in the first quarter of fiscal 2026. Cash flow from operating activities for the quarter was $42.5 million versus $44.7 million in the same period last year, mainly due to timing of working capital. CapEx for the quarter was $5.6 million versus $8.2 million in the same period last year. During the quarter, we successfully exchanged principal amount of about $100 million, 1.6 to 5% convertible notes due in March of 2026 for 7.9 million shares of IAVI's common shares, at the price per share of $17.88. We have remaining principal amount of about $50 million on these notes, which will be paid in cash. The associated premium on these convertible notes will be settled in shares. Additionally, we prepaid in January of 2026 $100 million of the $600 million term loan fee. This is in line with our continued financial discipline. During the quarter, we did not purchase any shares of our stock as we prioritized our capital allocation towards debt management. The fully diluted share count for the quarter was 233.4 million shares, up from 224.8 million shares in the prior year, and versus 228.7 million shares in our guidance for the second fiscal quarter. Last week, we approved a restructuring and workforce reduction plan to improve operational efficiencies and better align workforce and resources with our current business needs and strategic priorities. We expect approximately 5% of our global workforce to be impacted and estimate to incur approximately $32 million of restructuring charges in connection with this plan. Upon completion of this initiative, we expect annual savings of about $30 million, which will mainly benefit our operating expenses. We intend to reinvest a portion of these savings with higher growth areas of our business. We expect to recognize majority of these charges by the end of June of 2026, with a plan to be substantially completed by the end of December of 2026. The savings of about $30 million include previously communicated $16 million of synergies from the acquisition of Spirance product lines. Moving on to our guidance for the third quarter of fiscal 2026. We expect the third fiscal quarter revenue for VRB to be up sequentially as a result of continued strength in many of our end markets. For NSC, we expect quarter-over-quarter revenue to be higher as a result of continued strong demand for lead and production and field products, which is driven by the data center ecosystem, as well as aerospace and defense customers. Our guidance for the third quarter also includes full 13 weeks of SPIRE and product lines versus 10 weeks in the prior quarter. For OSP, we expect quarter-over-quarter revenue to be higher in line with seasonality of higher demand for anti-counterfeiting and other products. For the third fiscal quarter of 2026, we expect VIAVI revenue in the range of $386 and $400 million. We expect total NSE revenue between $304 and $316 million. OSP revenue is expected to be in the range of $82 and $84 million. Operating margin for VIAVI is expected to be 19.7%, plus or minus 50 basis points. NSC operating margin is expected to be 15.5%, plus or minus 50 basis points. OSP operating margin is expected to be 35.3%, plus or minus 50 basis points. EPS is expected to be between 22 cents and 24 cents. Our tax expense for the third quarter is expected to be around $9 million, plus or minus $500,000, as a result of jurisdictional mix. Our acquisition of Spiron product lines, as well as Inertia Labs, has resulted in greater profits in the U.S., which allows us to benefit from our annuals. As a result, we now expect our tax rate to be in the mid-teens on a go-forward basis. We expect other income and expense to reflect a net expense of approximately $12.5 million, and the share count is expected to be around 245 million shares. During the third quarter, we expect to pay aeronaut liability for inertia labs of about $75 million as a result of their strong performance in calendar 2025. With that, I will turn the call over to Oleg. Oleg?
Oleg Khaykin: Thank you, Ilan. The second quarter of fiscal 26 came in at the high end of our guidance driven by strong growth in many of our end markets. The results were significantly up both year on year and quarter on quarter. NSC revenue in Q2 grew approximately 46% year over year, primarily driven by strong demand from the data center ecosystem and aerospace and defense customers. The data center ecosystem, which includes high-performance semis, optical modules, and NAMs, drove strong demand for 11 production products in support of AI data center build-out. In addition, we are now also seeing emerging strong demand for our fiber field instruments by hyperscalers and service providers to build, operate, and optimize the next generation of fiber networks to interconnect data centers. The Q2 quarter-on-quarter and year-on-year growth was also helped by the acquisition of Spiron's HSE product line, which came in slightly below our expectations due to the timing of several opportunities. Given strong and growing customer demand, We expect the data center ecosystem revenue momentum to continue through the calendar 2026. Our aerospace and defense business also saw another strong quarter of growth driven by continued high demand for our positioning, navigation, and timing products. We expect this trend to continue through the rest of the calendar year. The service providers business was generally stable during the quarter. We are seeing some opportunistic demand from the cable operators as they transition to new DAA architecture and DOCSIS 4.0 standards. The demand for wireless infrastructure tests continues to be weak but stable. Looking ahead to Q3, we expect NSC revenue to be countercyclically up quarter on quarter, driven by continued strong and growing demand from data center and aerospace and defense customers. Now turning to OSP. OSP saw strong year-on-year growth driven mostly by recovery and anti-counterfeiting and other products, 3D sensing demand was in line with seasonal expectations. We expect fiscal Q3 to be up quarter on quarter in line with the seasonally higher demand for anti-counterfeiting and other products. In summary, calendar 2025 was a pivotal year for Viabi. Our diversification and investment strategy over the past five years focus on data center and aerospace and defense P&T applications, has positioned us well to ride strong growth in both of these markets. We have exited calendar 2025 with robust bookings and revenue momentum and anticipate these trends to continue through the calendar year. In conclusion, I would like to thank the VIAVI team for its continued strong innovation and execution and thank our customers and shareholders for their continued support. With that, I will turn it back over to the operator for Q&A.
Abby: Thank you. And we'll now begin the question and answer session. If you have dialed in and would like to ask a question, please press star 1 on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, press star 1 a second time. If you're called upon to ask your question and are listening via speakerphone on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. To be able to take as many questions as possible, we ask that you please limit yourself to one question and one follow-up. Again, it is star one if you would like to join the queue. And our first question comes from the line of Ruben Roy with Stifel. Your line is open.
Ruben Roy: Thank you. I, Oleg, and Elon, congrats on the continued progress and results. Oleg, to start, Last quarter, you broke out for us a little bit, you know, sort of the mix as your NSE business continued to evolve. So thinking about it in terms of data center, aerospace and events, and telco, if you could give us an update on what the mix looks like, and then, you know, as we think about the guidance, if you could kind of dial in a little bit into the moving parts on the growth for the March quarter, that would be great. Thank you.
Oleg Khaykin: Sure. So, you know, I think, you know, last quarter we kind of talked 45% service provider, 40% data center, 15% aerospace and defense. I think with the significant growth in data center, right, and the other, I think we are now, I'd say, closer the other way around, 40% service provider, 45% data center, around 15% aerospace and defense. To be more precise, I think we're going to see, you know, service provider to kind of trend a little bit below 40%. The aerospace and defense trend up about 15%, and the data center trend up about 45%. And it's not because the service provider is going down. Actually, it's steady and showing slight recovery. It's just fundamentally the percentage allocation and the growth across different segments. is vastly different. So that's kind of the mix. So I think now we are, I'll say we're, you know, none of it, we're now only about 40%, a little bit under 40% exposed to service provider, additional telecom service provider. And I'd say 60% is driven by the data center ecosystem and the airspace and defense. In terms of the guidance on the Q3 that you've seen pretty strong numbers, it's continued very strong growth in the data center ecosystem that's again sami's modules systems and the nams but also it includes a growing component of our traditional field instruments and it's actually a meaningful pop in that we're You know, we are now seeing what I call next-gen service providers who are doing interconnective data centers and the data center operators themselves investing into our fiber monitoring and fiber measurement systems to monitor and optimize performance of their data centers. And, I mean, you know, if I looked at a year ago, you might have been single-digits data center for our traditional field instruments. I think we are now looking at about a third of our revenue in the field instruments coming out from data centers. So it's been a truly amazing, you know, turnaround. And I think the recognition is growing that the fiber networks are generally crap and they need to be significantly improved. And we are seeing a lot of pressure from the hyperscalers on service providers to improve the performance, but they also going further and they're putting a lot of what we call monitoring and policing on their networks to ensure that they get what they pay for. So it's actually been another very positive development for us on the fiber instruments.
Ruben Roy: That's on the NSE. Thanks, Oleg. Yeah, I guess I had a follow-up on that, you know, obviously with, you know, corning and meta uh you know sort of um expanding their partnership and uh you know six billion commitment on new fiber i would imagine that that's you know something that uh you know would play into your longer term uh opportunity set you know for the field instruments but i guess if i think about that and i you made a statement like on your prepared remarks regarding uh your expectations for dc growth to continue through 26, I mean, are things like that and, you know, like the scale across opportunities that you just mentioned giving you extended visibility on demand relative to, you know, sort of what the order book might have looked like, you know, 12 months ago? I mean, are you getting a longer look on backlog and bookings at this point?
Oleg Khaykin: The answer is yes. I think on this truly big ones, I mean, as you've seen with the Corning deal, right, it's another example i've been talking about that the hyperscalers are no longer content just pay you the money and you deliver the services and products they are vertically integrating all the way back into their supply chain through either partnerships or strategic alliances like what you've seen with corning and matter and we're seeing similar thing happening with us where you have a um you know, at the very least multi-quarter commitments and multi-year engagements. And, you know, so when it comes to data center, I would say traditionally we only had like maybe one, one and a half quarter visibility. We have a pretty good view of this on the base demand from this type of activities up to three quarters ahead.
Ruben Roy: Got it. If I could speak one in for Elon, just on the restructuring, Elon. Is that impacting any specific product area or group? Or, you know, is this just sort of your annual, you know, look at the business? And, you know, obviously there's a lot going on in D.C. and aerospace and defense that maybe you want to focus more on. You know, maybe you could help us out on how to think about that restructuring. That'd be great. And that's it. Thank you.
Ilan: Yeah, so, Ruben, thanks for the question. Generally, it's across multiple functions just to make sure that we operate, you know, under a much higher efficiency. So it's not targeting, you know, specific areas. And I wanted also to highlight that some of the savings we do plan to reinvest in those higher growth areas that Oleg just discussed. So some of it will be a tradeoff.
Oleg Khaykin: Yeah, I think, you know, clearly if we look at where most of the cost is coming out, it's coming out of the slower or stagnant product segments. So it's really point here is to free up resources and take some of it as the financial leverage, but others as the ability to invest and grow the could move what would behind the arrow on things like data center ecosystem, airspace and defense, things like that.
Ilan: Right, and in addition to some support function optimization.
Abby: And our next question comes from the line of Ryan Kuntz with Needham. Your line is open.
Ryan Kuntz: Great, thanks. A lot of activity in defense and aerospace of late. Oleg, I hope you could double-click on what you see as exciting defense programs, aerospace programs that you're involved in with your product lines and how you think about that business going forward.
Oleg Khaykin: I think the biggest driver is what we call resilient P&T, position and navigation timing. In essence, it's alternative GNSS, so everything that allows you to operate in the absence of GPS signal. And as you can imagine, it's drones, drones, and more drones. It's very much targeting all autonomous systems like drones, drones above ground, robotic vehicles, surveillance, heavy industrial machinery, underseas, and seaborne drones. So it's pretty much anything that's above ground, underground, underwater, in the air, robotic systems. So that's mainly where a lot of these products are going to. On the other hand is also our PNC timing. We are seeing emerging opportunities in data centers because we're seeing more and more, as you increase the speeds in the data centers, you need accurate timing for synchronization. And if you think about traditional distributed clock model, from one end goes across all the racks, it may be fine when you're 100 gig data center when you're going to 1.6, 3.2, the latency becomes unbearable. So we're seeing demand for timing at multiple entry points into the data center. So you almost delivered precise timing directly to the rack for the individual server banks. So we see that business as, I would say, gaining longer-term momentum Particularly in the data center, but I'll say short term and near term opportunities is very strong growth in the drone systems. But also our traditional avionics communication and the you know, spectrum management is also seeing a lot of opportunities.
Ryan Kuntz: Great, thank you for that. And in the optical domain you talked a lot about strength and data center driving out performance here. evidence you can share with us around the cadence of optical innovation getting to 1.6T broadly within the data center, between the data centers, where you're seeing the most demand for your products and what are maybe some new areas of growth, some green shoots that you're excited about in the optical data center domain?
Oleg Khaykin: Well, I'd say every segment we see growing. I mean, clearly the semiconductors or memory vendors that they are driven by speed and the version of PCI Express, which is a chip to chip interconnect, right? So and I mean today we're moving from 800 to 1.6 from PCIe 5.0 to 6.0 and then 7.0. So there is a very heavy engagement with this semiconductor vendors from, you know, big ASICs to optical ICs development. Um, so that's kind of where you bring in the bleeding edge, uh, product, uh, for lab. And then the volume really comes in as they, those things go into production, into the, with the module vendors, you know, your, you know, thousand. So companies in Asia making pluggables and of course the big leaders, um, in North America for cross points, which is optical switches, um, uh, and various modules. And then all the, um, um, NAMs who are providing equipment. into these data centers. So I would say there's two groups. One is the lab, heavily driven, everything to do with 1.6 and PCI Express 6.0. And in production, heavily with all of our things, making anything from testing passive and active components to the final product but also including testing fiber, as we're now seeing emergence of hollow core fiber and multi-core fiber. And this is a whole new thing, and that's why, you know, part of the reason you see companies like, you know, Meta investing directly in the making long-term agreements with fiber providers is to get, you know, exactly develop these kind of products. And those things require a lot of testing and monitoring in production and final test. So it's a, I mean, I would say every cylinder in this whole fiber value chain is, I'd say, firing at full speed.
Ryan Kuntz: And that's probably stronger in the lab today than field?
Oleg Khaykin: It's a vehicle lab in production, but I would say starting last quarter, we are seeing what we normally call field is becoming a I mean, the hyperscalers themselves. So it's the actual data center is becoming a huge user of field instrumentation. I mean, for example, when you would go to the traditional fiber service providers, they never really care about putting in monitoring of the fiber. Well, if you go to one of these AI data centers, you see at the edge, they want to monitor every incoming, you know, wavelength. right and would they light up or dark fiber so they know as they turn on or up the bandwidth they know exactly characterization and bandwidth and latency they're going to get out of each fiber strand and of course there is a sla agreement service level agreements there they signed with the service providers so they're monitoring that these things are coming in within a very narrow spec and they maintain the narrow spec of performance in every fiber. And that's a big departure from the old-fashioned, well, it works, it's good enough. If it's a little bit lossy or has a higher latency, so what? Well, that's not something that these guys accept. And the beauty of it is they're deploying these things directly. It's using the same fiber tools which were developed for traditional service providers. They are really finding converts among the hyperscalers. And that usually means when they deploy it, there's a lag maybe by a couple quarters before the service providers recognize, oh, wait a second, I'm not being measured, so I better measure myself before I get nailed for my performance problem. So we see it as a very positive trend to ensure a very high resilient fiber network interconnecting the data centers.
Ryan Kuntz: Okay, that's great. Thank you.
Abby: And our next question comes from the line of Andrew Spinello with UBS. Your line is open.
Andrew Spinello: Thanks. Oleg, can you expand on that a little and give us maybe some color on how your data center business breaks down across lab production and fields?
Oleg Khaykin: You know, we don't break those things individually because given any quarter, the mix may be a bit, you know, up or down. Because think about it. If you're really launching 1.6, let's say, or PCI 6.0, 7.0, you will see initially big mix towards the lab instruments. As these chips get rolled out and they go into production, you're going to see a lot more production. So it's kind of a tick-tock type of thing. That's why we don't really break these things down within that category. We just call it generally data center ecosystem, which includes semis, modules, systems, and field instruments that are used in data centers themselves.
Andrew Spinello: Makes sense. I'm thinking about how to model that business into like fiscal 27 and beyond, and I wanted to ask you, This might be wrong based on what you just said, but I would think about lab as being maybe more consistent as the customers continue to invest in the next generation, fiber monitoring growing as the number of data centers grow, but maybe production being more cyclical and having some bigger swings up and down as various generations get introduced. Trying to think about how I should think about production, assuming that's a bigger growth driver right now, how to think about how that evolves over a cycle.
Oleg Khaykin: So it's a good question. So lab instruments are driven by number of customers and number of projects, right? And ultimately it relates, the best way to look at it is the R&D capex at semis, system vendors, and module vendors, right? The production is heavily driven by volume that is demanded, right? And you can see the volume of pluggables uh, the racks and all this. I mean, that is a, but, you know, if I look at the, where are you going to see higher percentage of growth, it's clearly going to be the production because it's, um, you know, as you increase number of units you build in every generation and, and let's say every node and, uh, that that's, you need to basically for every tranche of volume, um, you need to increase capacity. So it's heavily linked to the, um, I would say, production run rate, okay? And the, I would say, field instruments is, I'd say, linked to the number of data centers being built.
Ilan: Yeah, okay, that's very helpful.
Oleg Khaykin: Probably, we think about the longevity of this cycle is probably... Yeah, and from what I see in terms of the... You know, pretty much every ounce of capacity that was kind of abandoned by service providers when they cut back about three years ago on investment, it's been totally repurposed into the data center. And it's a fraction of what they need and where they, if you take all their announcements, how much they're going to spend, how much they're going to invest, what you have in terms of production capacity, you're going to see significant growth over the next two years, right? And of course, to keep up with it, you need to keep introducing. We now see each technology node turning over every two years. So you're no longer, let's say, between 100 gig and 400 gig. You had six years. You really now have two years between 1.6 and 3.2. Got it.
Andrew Spinello: Makes sense. And I want to ask one financial question. Just on the NSE op margin guide, I guess it's roughly flat from fiscal Q2 to Q3. Could you give me maybe some of the push and pulls on that, given the revenues up $20 million?
Ilan: Operating margins, Eric? Are you asking gross margin, operating margin, or?
Andrew Spinello: I'm sorry. The guide for the NSE op margin, Elon, is for essentially flat sequentially from Q2 to Q3.
Oleg Khaykin: Operating.
Andrew Spinello: Operating.
Oleg Khaykin: He talks operating margin.
Ilan: Right. So your question, the dynamic of the higher operating margin?
Andrew Spinello: Oh, I guess the guide for the NSD out margin is 15 and a half.
Ilan: Right. Right.
Andrew Spinello: Revenue is up 20 million. I was just curious if there are some makes or anything that's coming.
Ilan: So there is some obviously mix associated with it, but also in terms of the operating expenses, remember that in the first calendar quarter, all the kind of what we call fringe expenses, like social security, et cetera, get reinstated. So you get a higher operating expenses in the first calendar.
Oleg Khaykin: You approve all this statutory costs.
Ilan: So that's a major kind of gap between the last quarter and this quarter. It's quality seasonality.
Oleg Khaykin: Yeah, budgetary costs.
Ilan: Thank you.
Abby: And as a reminder, this is Star 1 if you would like to ask a question. And our next question comes from the line of Tim Savageau with Northland Capital Market. Your line is open.
Tim Savageau: Hey, good afternoon. And congrats on the results, especially the guide. And I wanted to kind of focus in on that a bit. I guess, like you described, is counter-cyclical. You usually see declines, but I guess I'd like to try and parse out. You've got 13 weeks of Spirant at your Q1 run rate, or sorry, at your December quarter, I'll just say, run rate. That gets you to about, I don't know, $55 million, sort of the high end of where you were, where you got it last quarter. Is that a reasonable assumption to try and get to spiron contribution versus organic growth in fiscal Q3?
Ilan: So, Tim, I can chime in here and, you know, in terms of the thinking. So, first, for last quarter, in the very first few weeks of the quarter, they actually did not have much revenue. Um, the second aspect to call out, uh, and I think, you know, we, we did discuss it in the past several times. When you think about the seasonality for this parent business, usually the first half of the calendar year is the weaker part. And there are stronger parties, the second half of the calendar year. So, um, so it's, it's, it's a little bit lower than, than you're thinking, you know, um, you know, for transparent for, for the March quarter, but again, That does not change our full year thinking about the revenue for Spiron. So not much of change in terms of what we see in the dynamics of their forecast and thinking.
Oleg Khaykin: Yeah, generally they always had first half of the calendar year was lower. Second half was stronger. Now, last quarter there were some government orders that got pushed out into this quarter between the shutdown and of course, you know, this one time grant to the government employees of Christmas holidays, I mean, there basically was fewer days between middle of December and the end of December to get the orders placed. So some of the volume actually pushed out into the March quarter. As a result, we expect March quarter relatively to be stronger for them than it normally would have been. And the December quarter was a bit weaker than it normally would have been.
Tim Savageau: Right. That's kind of what I'm trying to get to is to the continuation of this organic growth and sounds like I'm a little high with my first pass. And, you know, I think it was a $200 million run rate you were looking for. And if it's stronger in the first and the second, I'd imagine it's below that $50 million level. And if that's the case, you know, you're looking at mid single digit sequential growth organically for Viabi and Q1 in a normally seasonally down quarter and coming off 15% sequential growth in the December quarter. So that's pretty extraordinary. What's driving all that? And am I looking at that right, number one? And what's wrong?
Oleg Khaykin: No, no, you're looking exactly right. So remember, the old, I'd say old VIAVI before data center, aerospace and defense, we were heavily influenced by service provider dynamics. And the days when service providers were over 80% of NSC, Remember, first quarter is they don't release their budgets for the year until the end of February. So as a result, you would have a very weak NFC quarter. By the way, service provider is no different again than it was normally. It is seasonally weaker. But the strength in the data center, aerospace defense, and also the sparring business is not only offsetting, it's actually more than offsetting. That's why the net-net, the quarter is going to be up or for NFE.
Tim Savageau: Okay, makes sense. And one final piece of that question, which is, you know, the, again, going back historically, you typically see a nice seasonal uptick, at least on the service provider side, in your fiscal Q4. Should we assume That's directionally true for the business. Are there any changes as your mix and exposure becomes more aerospace, you know, defense and AI data center driven? What does that do to that normally stronger Q2, sorry, fiscal Q4, especially in light of the strength of your March quarter guide?
Oleg Khaykin: That's right. So actually, as much as though maybe the service providers a bit of a headwind this quarter, they're going to be tailwind next quarter. So with a continued strength in data center and airspace and defense, you're actually going to have a tailwind also on the service provider. Our expectation that the June quarter is going to be stronger than the March quarter.
Tim Savageau: Awesome. Thanks again. Congrats.
Andrew Spinello: Thank you. Sure, thanks.
Abby: And that concludes our question and answer session. I will now turn the conference back over to Zubuti Nair for closing remarks.
Vibhuti Nair: Thank you, Abby. This concludes our earnings call for today. Thank you for joining, and have a good afternoon.
Abby: Ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.
