Atco Q3 2026 Earnings Call Transcript

Atco (TSX:ACO) reported third-quarter financial results on Friday. The transcript from the company’s third-quarter earnings call has been provided below.

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Summary

Atco Limited announced a merger with Emera, creating a new utility and energy infrastructure company. Atco shareholders will receive shares in both the merged company and the new Atco entity.

The combined company will have 12 regulated utilities and is expected to enhance efficiency, growth opportunities, and dividend payouts.

Atco achieved Q3 2026 adjusted earnings of $112 million, a 9% increase year-over-year, driven by Atco Structures and increased rental activities.

Neltume Ports, a strategic investment, expanded its ownership in Puerto Coronel and is developing a joint venture pulp terminal in Brazil.

Atco Structures celebrated the expansion of its modular manufacturing facility in Ontario, signaling growth in modular housing and defense services.

Future outlook includes increased defense and infrastructure opportunities in the Arctic and potential expansion in the US and Europe.

Management emphasizes the potential for margin growth due to increasing demand and limited resources, despite labor shortages.

Full Transcript

OPERATOR (Conference Operator)

Thank you for standing by. This is the conference operator. Welcome to the third quarter 2026 results conference call and webcast for Atco Limited. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then zero.

I would now like to turn the conference over to Mr. Colin Jackson, Senior Vice President of Financial Operations. Please go ahead, Mr. Jackson.

Colin Jackson (Senior Vice President, Financial Operations)

Thank you, Chloe, and good morning, everyone. We are pleased you could join us for Atco’s third quarter 2026 conference call. Joining us on the line today is Nancy Southern, Chair and Chief Executive Officer, and Katie Patrick, Executive Vice President and Chief Financial and Investment Officer. Before we move into today’s remarks, I would like to take a moment to acknowledge the numerous traditional territories and homelands on which our global facilities are located. Today, we are speaking to you from our Atco Park head office in Calgary, which is located in the Treaty 7 region. This is the ancestral territory of the Blackfoot Confederacy, comprised of the Siksika, the Kainai, and the Piikani Nations, the Tsuut’ina Nation, and the Stoney Nakoda Nations, which include the Chiniki, Bearspaw, and Goodstoney First Nations.

I would also like to recognize the City of Calgary is home to the Métis Nation of Alberta, Districts 5 and 6. During the quarter, employees across Canada recognized the National Day for Truth and Reconciliation by walking together to honor Indigenous communities and their experiences. May we continue to reflect, learn, and respect the diverse histories, languages, ceremonies, and cultures of Indigenous peoples as we move forward towards understanding, healing, and reconciliation.

Today’s remarks will include forward-looking statements that are subject to important risks and uncertainties. For more information on these risks and uncertainties, please refer to our filings with the Canadian securities regulators. During today’s presentation, we may refer to certain non-GAAP and other financial measures, including adjusted earnings and adjusted EBITDA. These measures do not have any standardized meaning under IFRS and, as a result, they may not be comparable to similar measures presented by other entities.

And now I’ll turn the call over to Nancy for her opening remarks.

Nancy Southern (Chair & Chief Executive Officer)

Thank you, Colin, and good morning, everyone. Thank you for joining us today. Now, because it is top of mind for me, I’d like to begin today by speaking about our recently announced landmark merger with Emera and what it means for the shareowners of Atco. It’s an exciting new chapter for Atco. Shareowners, for each Atco share, Atco shareowners will receive 0.865 of a share in the merged utility and energy infrastructure company and one share of the new Atco entity.

In other words, if you own 100 Atco shares, you’ll receive 100 new Atco shares and 86.5 shares in Emera. So this represents the opportune time to create a Canadian utility and energy infrastructure champion. The combined company will be positioned to meet the significant need for investment in critical energy infrastructure. Its greater scale and financial capacity will ensure safe, reliable, and affordable energy is delivered to our customers for generations to come. Atco’s shareowners will also benefit from continued ownership in new Atco, which will emerge as a focused, growth-oriented standalone platform.

New Atco will continue with Atco Structures, our market-leading manufactured housing and structures business with a proven track record of operational excellence and growth, an established defence services platform in Atco Frontec with differentiated capabilities in North America’s harsh Arctic environment with our Indigenous partners, and a portfolio of investments anchored by two airports. Atco shareowners will continue to participate directly in Canadian Utilities’ next chapter with Emera on a broad range of growth opportunities. By combining capabilities, the merged company will have the scale, expertise, geographic diversity, and financial flexibility to improve efficiency, compete more effectively, and pursue growth opportunities that drive long-term value creation. The merged company is expected to continue its commitment to annual dividend growth and improvement in the dividend payout ratio.

Another significant strength of this combination is the people behind it. The partnership brings together two industry-leading management teams from Canadian Utilities and Emera, combining deep operational expertise, strong execution capabilities, and a proven track record of creating long-term shareowner value. Importantly, this transaction comes after a period of exceptional performance at Canadian Utilities over the past year. That strong performance has helped bring Canadian Utilities’ valuation multiple in line with its peers, creating what we believe is an opportune backdrop for a merger of equals. At its core, this transaction brings together complementary strengths to create greater value for shareowners, broaden opportunities for employees, and reinforce our commitment to the regions where we operate.

With approximately $45 billion in rate base and operations across some of the most attractive jurisdictions in North America and beyond, we’re positioned to meet the growing demand for investment in critical energy infrastructure such as pipelines and electric utilities. The scale of the combined company strengthens our ability to invest in these systems and networks that customers and communities will increasingly rely on in the years ahead. The combined company will have 12 regulated utilities across a diversified geographic footprint and benefit from a larger and more balanced earnings base. Further diversification enhances resilience by reducing reliance on any single asset, customer group, or market, while providing greater stability through economic cycles. The transaction also broadens the portfolio across leading regulatory and high-growth jurisdictions. Together, the Alberta and Florida jurisdictions are expected to contribute approximately 80% of adjusted earnings.

The merger is designed to deliver tangible value for shareowners. Atco shareowners are expected to receive approximately 20% higher dividend income through ownership in the combined company, in addition to the dividend approved by new Atco’s board following the close of the transaction. While the financial benefits are compelling, they’re only part of the opportunity for Atco shareowners. Looking at the future of Atco, there are some key tailwinds that I would like to draw your attention to. We find ourselves at a pivotal moment of opportunity driven by changing geopolitical realities and a growing need for housing and defence services. This environment reflects the spirit that defined Atco in its earliest days, when bold thinking, entrepreneurial action, and a willingness to tackle complex challenges helped shape our growth and establish the business we know today.

New Atco will focus on three distinct, complementary areas of business: Housing, represented by Atco Structures, which provides workforce housing; permanent modular construction of apartments and residential homes, offices, clinics, schools, hotels; and a fleet of over 27,000 space rental units across the globe, units that are available for construction sites, temporary offices, classrooms, and accommodation. On the defence side, led by Atco Frontec, our defence services and northern infrastructure business provides urban and remote logistics, facility operations, emergency response, and mission-critical support, including the operation and maintenance of the North Warning System and the Alaska Radar System on behalf of NORAD, Torngat Fuel Services in Iqaluit, and operation and maintenance of the Canadian Forces Base Alert in Nunavut, in addition to 15 defence facilities in Alberta, to name just a few.

Our decades of experience across the Arctic, combined with long-established strategic Indigenous partnerships, are what differentiate us as a preferred defence contractor. Defence is a core competitive advantage and a key pillar of our growth strategy moving forward. And finally, our investment segment will consist of our strategic investments in Neltume Ports, Atco Energy, and Atco Land and Development. Looking specifically at Neltume Ports, this investment gives us ownership in 18 ports throughout South and North America, exposure to critical port infrastructure and global trade activity across the Americas. During the quarter, the business advanced several important initiatives that reinforce its strong growth trajectory. This quarter, Neltume Ports acquired an additional 50% ownership interest in Puerto Coronel, a port in southern Chile, which increases our ownership to 75%.

This acquisition further strengthens Neltume’s portfolio. Alongside this increased ownership interest, Neltume is making meaningful progress on a number of development projects, notably construction at the Vancouver Bulk Terminal in Washington State. It remains on schedule, and we expect it to be completed in the fourth quarter of this year, at the latest very early in the new year. Beyond investments in existing operations, Neltume is also pursuing new development opportunities. The company formed a joint venture with Chilean pulp and paper group CMPC to develop a pulp terminal at Brazil’s port of Rio Grande. Planned scope of the project includes two ship berths, two barge berths, and a warehouse. Together, these initiatives expand Neltume’s platform, support future throughput growth, and enhance its position in strategically important trade corridors across the region.

What connects our businesses across Atco is our experience building, deploying, and operating across these sectors. Current economic demands create a growing need for resilient port infrastructure and services for industries, partners, and governments, which Atco can support. Following the merger, our established businesses will pursue opportunities that maximize their capabilities, but will now be assessed on their own merits, creating a distinct investment proposition for shareowners. Atco brings established capabilities to areas where governments, communities, and industry are looking for practical solutions. Housing is a clear example. The global need for housing—using quick, more efficient ways to deliver quality housing solutions—is how our modular business serves these needs across the housing continuum, delivering contracts on time and on budget.

Supported by an established global manufacturing footprint, Atco Structures has demonstrated its ability to build housing solutions three times faster compared to a traditional, conventional wood-frame building. And beyond residential housing, ongoing global infrastructure buildouts require temporary workforce housing and work camp solutions. While major projects are constructed, our workforce housing and space rental capabilities are key to serving those markets.

Of note, our Atco Structures team recently celebrated the grand opening of its expanded modular manufacturing facility in Grimsby, Ontario. One hundred and eighteen percent larger than the original building, the expanded facility supports faster delivery of our high-quality modular solutions. Another major opportunity is tied to our defence segment. There’s approximately $180 billion in defence procurement opportunities and another $290 billion in defence-related capital investment expected in Canada over the coming decade.

The Government of Canada has placed significant emphasis on Arctic sovereignty, noting the importance of developing the North as the first line of continental defence. This has driven a need for infrastructure, logistics, and reliable operations in one of the most challenging environments on Earth. Together, housing, defence, and our strategic investments reiterate the value of Atco and signal abundant future opportunities. And on that note, earlier this year we announced a $10 million investment in West Kitikmeot Resources. This is the company that will develop the Grays Bay Road and Port project in Nunavut. The Grays Bay Road and Port project is a key infrastructure project that will include an all-seasons 230-kilometre road, a deep-water port with access to the Northwest Passage shipping corridor, and an airstrip.

Grays Bay has the potential of dual use for military and civilian capabilities, and this project will help us create new opportunities for sustainable northern development. With our long-standing expertise in northern operations, the project will also demonstrate capabilities to build out and service this region over the long term. This multi-use asset has already been referred to Canada’s Major Projects Office and, in late June, was one of the first projects to be considered under the Government of Canada’s Build Canada Act.

While we are optimistic about the road ahead, we’re equally excited about the projects our teams are developing today, with meaningful opportunities ahead and strong momentum across our business. And I’ll now pass it over to Katie, who will walk through the quarter’s financial results.

Katie Patrick (Chief Financial & Investment Officer—ATCO Ltd. and Canadian Utilities Limited)

Thank you, Nancy, and good morning, everyone. Looking at this quarter’s strong results, Atco achieved adjusted earnings of $112 million, or $1 per share, in the third quarter of this year. This is up approximately 9% year over year. Higher adjusted earnings in the third quarter were driven by Atco Structures, increased space rental activity, and earnings from the Stibnite Gold project. As mentioned on this morning’s CU call, Atco Gas Australia also saw favorable results driven by inflation indexing on rate base and increased rates, which supported overall earnings along with growth in rate base across our Alberta utilities.

Our results underscore the strength of Atco’s stand-alone businesses, which continue to deliver strong year-over-year earnings growth. Excluding Canadian Utilities, our portfolio generated substantial earnings growth of 15% year over year, reflecting the quality of our operations and the consistent execution of our strategy. Atco Structures and Logistics delivered adjusted earnings of $40 million, up $8 million compared to the same period in 2023.

Atco Structures’ earnings growth was driven by the Stibnite Gold project, along with increased space rentals activity and permanent modular construction sales. Atco Structures and Logistics’ results were driven by Atco Frontec’s quick execution of a fully operational temporary base camp for 350 personnel in Resolute Bay, Nunavut. This contract with Defence Construction Canada reiterates Frontec’s ability to deliver essential infrastructure in remote northern communities.

Looking at our cash flow, our stand-alone Atco businesses reported cash flow from operating activities of $109 million in Q3. This increase of $25 million year over year is reflective of higher earnings from the Stibnite Gold project, increased space rentals activity, and higher used fleet sales in Atco Structures, and the timing of accounts receivable collections. To summarize, our year-over-year results highlight the strong performance and momentum of Atco’s stand-alone businesses.

Excluding CU, earnings growth remained robust, demonstrating the scale, resilience, and earnings power of our diversified operations. With that, I will pass the call back to Nancy for her closing remarks.

Nancy Southern (Chair & Chief Executive Officer)

Thank you, Katie. Today, Atco is assessed primarily through its interest in Canadian utilities, as you all know on the call, which we recognize reduces the visibility into our other businesses, growth, earnings, and investment profiles. This transaction comes at an optimal time where Atco shareowners will benefit from exposure to both a pure-play utility and Atco’s other businesses following the merger. As a stand-alone company, Atco’s performance and valuation will be more meaningful, and it will be more meaningfully assessed relative to peers in housing, defense, and related industries.

This will ultimately provide greater visibility into our assets, their performance, and where we see attractive opportunities to invest as we engage with shareowners and investors in the months ahead. Our focus for new Atco will follow three key priorities. First, building awareness and understanding amongst investors whose investment interests align with our strategic direction. Second, highlighting the strong performance capabilities and growth potential of Atco Structures while achieving a market valuation that more accurately reflects its peer group. And finally, enhancing investor understanding of the value, strategic role, and opportunities across the remainder of our portfolio, including our other businesses and investments.

The new Atco will proudly be headquartered in Alberta and will focus on driving growth across all our businesses, building on the relationships and partnerships we’ve nurtured and forging new ones in the future. This concludes our prepared remarks and I’ll now turn the call back to Colin for any questions from our investment community.

Colin Jackson (Senior Vice President, Financial Operations)

Thank you Nancy and Katie. In the interest of time, we ask you to limit yourself to three questions. If you’re going to have additional questions, we welcome you to rejoin the queue and I’ll now turn it over to Chloe, our conference coordinator, for the questions.

OPERATOR (Conference Operator)

Thank you. We will now begin the question and answer session. To join the question queue, you may press star then 1 on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw from the question queue, please press star then 2. Once again, anyone on the conference call who wishes to ask a question may press star then 1 at this time. The first question today comes from John Mold with TD Securities.

Please go ahead.

John Mold (Analyst)

Hi, good morning everybody. Thanks for taking my questions and I think I heard three so I’ll try for three instead of a two-part question. Starting with your existing markets for structures, just wondering how you’re thinking about your current manufacturing capacity and its ability to meet the potential growth that you’re seeing in the underlying business. You just opened and expanded Grimsby, Ontario facility last week. Under what circumstances would you look to add further capacity in any of your existing markets?

And I’m mostly thinking about on the organic side, but potentially on the M&A side as well if something was interesting.

Nancy Southern (Chair & Chief Executive Officer)

Thanks John. Thanks for the question. And yes, definitely we have a remarkable backlog of manufacturing projects right now, and so we are assessing actually greater expanded manufacturing capabilities. I will say that comes particularly in the US market today. We have a state-of-the-art factory in Chile that has been a little bit slow, but now with copper prices and the mining of the rare earth materials in South America, Argentina and particularly in Chile, that factory is starting to actually be at its full capacity today.

So we do see expansion in manufacturing as the entire world seems to be shifting towards greater access to the mineral resources that are needed for expansion in security, defense tech, all of those materials.

John Mold (Analyst)

Okay, thanks for that. And then maybe secondly, looking beyond your current markets, Europe was topical on the merger call back in October. How should we be thinking about the timing and pacing of potential investments by what we’ll call new Atco beyond the current market? Should we think about those as more so just around the corner or maybe a little longer dated?

Nancy Southern (Chair & Chief Executive Officer)

Well, without getting political, I would hope it’s just around the corner. We see a tremendous opportunity for the rebuild in Ukraine. However, given the continued ongoing tension and violence created by the Russian attack on Ukraine, that probably will not occur in the immediate future. However, we are seeing a demand starting to percolate from the adjacent countries in Europe, primarily on the defense side though, for increased housing and accommodation and facilities in the forward operating bases of those countries.

So it’s not right in front of us, but I don’t think it’s that far away. We need to see the curtailment of the war in Ukraine first to actually have the confidence to be able to go into Europe and adjacent countries to Ukraine.

John Mold (Analyst)

Thank you very much for that color. And then maybe just one last housekeeping question on Frontec. You know, 6 million of adjusted earnings this quarter from I think the single Defence Construction Canada contract. Just how should we think about the repeatability of contracts like that in the Frontec business and the longer-term trajectory of the earnings power of this piece of the structures business.

Nancy Southern (Chair & Chief Executive Officer)

A little bit like Ukraine, John. We had expected some of the large announced defense contracts for the forward operating bases in Inuvik, Yellowknife, Iqaluit, and Gander. Those have been delayed as a result of restructuring of the agencies and procurement process coming out of Ottawa and the federal department. However, we see these as they will be, they’re probably imminent in the next, I would say, half year and we plan to play a very large role in the development of those operations as well as the construction opportunities they’ll present.

John Mold (Analyst)

Okay, thank you very much for that color. I’ll leave it there.

Nancy Southern (Chair & Chief Executive Officer)

Thanks John.

OPERATOR (Conference Operator)

The next question comes from Maurice Choi with RBC Capital Markets. Please go ahead.

Maurice Choi (Analyst)

Thanks and good morning everyone. Maybe I’ll start at a very high level on capital allocation. Obviously the last time we had this call you mentioned a strong net cash, and on this call you’ve also mentioned wanting to continue delivering annual dividend increases as Atco has done so for many decades. So just curious how you view your priorities for your balance sheet and if you tend to benchmark your dividend policy in new Atco with your industrial services peers.

Nancy Southern (Chair & Chief Executive Officer)

Good morning Maurice, nice to chat with you again. We would expect new Atco to be in line with the peers in terms of their dividend, and again it is a very different type of business than the utilities business. We see our businesses in new Atco as for the most part being able to self-fund their new investments. I think you saw Katie’s slide on the cash flow, and the new Atco businesses, it is very much a cash—they’re both, all of them are cash-driven businesses.

We would look to stay in line with our peers in terms of payout ratios and dividends and I certainly would like to see us develop in new Atco a history of increasing dividends for many years to come as we develop the value and create greater prosperity for the new Atco shareowners.

Maurice Choi (Analyst)

That makes sense. And my second question, and I think in your prepared remarks you kind of highlighted how the good thing about a spinoff is that it brings into focus some of the assets that perhaps the market had not placed much value on pre-deal. So beyond SNL I do want to focus on Neltomi ports actually. And thanks for your comments about the southern Chile port stake and the new JV in Brazil. But if I take a very high-level view, can you just update us on what the outlook is for this business, what drives the future growth, what rate of growth do you think new Atco shareholders can expect in the near term?

Nancy Southern (Chair & Chief Executive Officer)

Maurice, I think what’s interesting to me anyway is since we acquired our 40% position, COVID hit and we’ve seen a significant bottlenecking of the supply chain through the traditional trade corridors and the large ports. When you think of LA, the large Santiago—sorry, Valparaiso—the large shipping corridors and the large ports, Vancouver itself. We’ve heard lots in Canada about the congestion in Vancouver. These large ports are experiencing major congestion issues.

What we’re actually seeing is that the mid-sized ports, many shippers both on the supply and demand side, are shifting to the mid-sized ports and we’re seeing the opportunities continue to grow on our ability to increase capacity in terms of volumes, efficiencies within those mid-sized ports. Now it’s not—everybody recognizes that there’s only so much access or land associated with water, and it’s hard to find new areas to develop a brand-new port, which is why we’re really excited about Rio Grande and Grays Bay in the future. However, we do see, and we are seeing, additional opportunities for expansion in our existing mid-sized ports and this volume acceleration, especially on the bulk side—containers as well, but primarily on the bulk side.

So copper concentrate, minerals, coal even, and the potash is what’s really—soda ash, excuse me—is what’s really driving the expansion that we’re seeing already, even though the port hasn’t even been commissioned yet in Vancouver, Washington State. Does that answer that?

Maurice Choi (Analyst)

Yep, it does. Definitely excited for the volume acceleration. If I could just finish off with one, and given the theme of elections this entire week and many conference calls I have been on, you’ve always said that US for structures is the largest growth market for you in the near term. So just curious if you anticipate the results earlier this week to offer perhaps a different pace of opportunities for you.

Nancy Southern (Chair & Chief Executive Officer)

I actually think the momentum in the United States probably won’t shift, even regarding the midterms or with the results of the midterms, regarding defense and security. There may be a little tempering of the pace of growth on the defense side, but many of the contracts that we’re seeing coming out of the United States are related to defense contracts. So improvements in camps, but primarily miners that are looking to actually provide, based on sourcing out of the US, the critical minerals required for ammunitions, armaments, uniforms, all of those things—the Kepler night goggles, all those things—in the Made in America approach.

I don’t think that’s going to change that much, which is why we are actually looking at the US as one of our first manufacturing expansion areas. We’re seeing really good opportunities and good growth in that market.

Maurice Choi (Analyst)

Perfect. Looking forward to that and see how this all evolves. Thank you very much.

Nancy Southern (Chair & Chief Executive Officer)

Thanks Maurice.

OPERATOR (Conference Operator)

Once again, if you have a question, please press star then 1. The next question comes from Patrick Kenney with National Bank Financial. Please go ahead.

Patrick Kenney (Analyst)

Thank you. Good morning everyone. Nancy, not sure if you and your team have had a chance to digest all the details of the federal budget yesterday, but I was curious if you saw anything in there that stood out to you either on the defense spending side or the housing affordability agenda or otherwise that you think might help accelerate a few new contracts or expansion opportunities across the country.

Nancy Southern (Chair & Chief Executive Officer)

I have to confess I haven’t had a chance to truly digest. I looked at the major headline topics. I think the budget is very positive for all of our businesses, including the CU Amera merger and our defense side. Again, the impetus and incentives and tax-adjusted structures that have been announced in the budget should propel a faster pace in Canada for all aspects of energy, mining, and defence opportunities. So I was quite optimistic about the headlines that I looked at coming out of the budget.

So I don’t see anything that is a deterrent, that’s for sure. Both of those are on the radar. The other one that, and I do think that the new government in British Columbia will also support greater exploration and production in the northeast corner of British Columbia, which also would suggest that we’ve got some opportunities on the infrastructure required there. I think in terms of drilling camps, that sort of thing. The pipeline will require much of the same activity from our structures business that Trans Mountain did.

And LNG Canada is a little different situation because we built that original camp as a permanent camp, including for the expansion. There are opportunities for some additional more rental-type units for the expansion at LNG Canada. But the one that we’re really interested in looking at and we’re actually talking with is the LNG Alaska project. That is a large, it’s a huge LNG project. I’m not sure it’s necessarily on anyone else’s radar, but they’re looking for 8,000 beds for that project. They’ve had some delays in their permitting and access, but that’s something that we’re definitely keeping our eyes on.

Yes, I believe that there is going to be a scarcity of resources to address the scarcity of infrastructure, which includes housing, energy access, transportation in the Arctic. And so as a result, one would think, yes, you would be able to increase your margins. I think the corollary of that is we are starting to see a real labor shortage. And as the majority of these projects really get underway, I can tell you in Alberta today, I am aware that it is almost next to impossible to find additional crews for drilling rigs.

So that’s a leading indicator in my mind for the labor situation in Alberta, B.C. and looking to the north, it’s a very sparse population across our Arctic. I saw that the numbers on employment are not, they’re trending in the wrong direction right now. It’s not necessarily the technical requirements for the labor required for the Arctic isn’t necessarily coming from the pool that has lost jobs in this past month. So I think that there’s going to be a balancing.

Yes, there’s going to be a scarcity of resources available to build out what we’re trying to build out. And so you could see margins go. You will see margins go up, but you’re also going to see the cost side go up with labor. Thank you.

OPERATOR (Conference Operator)

This concludes the question and answer session. I would like to turn the conference back over to Mr. Colin Jackson for any closing remarks.

Colin Jackson (Senior Vice President, Financial Operations)

Thank you, Chloe. I thank all of you for participating today. We appreciate your interest in Atco, and we look forward to speaking with you again soon.

OPERATOR (Conference Operator)

This brings to a close today’s conference call. You may now disconnect your lines. Thank you for participating and have a pleasant day.

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company’s SEC filings and official press releases. Corporate participants’ and analysts’ statements reflect their views as of the date of this call and are subject to change without notice.