Prepared remarks
Good afternoon, everybody. This is Silvia Ruiz speaking, and I would like to thank you and welcome you to Ferrovial's conference call to discuss the company's financial results for the first half of 2026. I'm joined here today by our CEO, Ignacio Madridejos, and our CFO, Ernesto Mozo. Just as a reminder, both the results report and presentation were made available on our website yesterday evening after the U.S. market was closed. At the end of the presentation today, there will be a Q&A session. Operator provided instructions. Before starting, please take a moment to look at the safe harbor statement included in the presentation. And please bear in mind that the presentation contains forward-looking statements and expectations that are subject to certain risks and uncertainties, so actual figures may differ. During this call, we will discuss non-IFRS financial measures, which are defined and reconciled to the most comparable IFRS measures in our results report and on our website. With all this, I will hand over to Ignacio. Ignacio, the floor is yours.
Thank you, Silvia, and hello, everyone, and thank you for joining us today to review Ferrovial's results for the first half of 2026. Overall, the semester saw a strong performance driven by our North American highways that show outstanding revenue growth and our construction business, which delivered revenue growth while maintaining its profitability target. In airports, New Terminal 1 at JFK has submitted a completion remedial plan with March 2027 as the date for Phase A date of beneficial occupancy. In terms of cash, we closed the first six months of the year with a net cash position (negative net debt) of EUR 1.3 billion, excluding infrastructure projects. The primary sources of cash included construction operating cash flow of EUR 329 million, dividends collected from projects of EUR 378 million and divestments of EUR 96 million, mainly from the Silvertown Tunnel in the U.K. and transmission lines in Chile.
The cash outflows consisted mainly of the equity injection that amounted to EUR 63 million, together with EUR 398 million of cash dividends and treasury purchases. Regarding recent developments, we submitted bids for two new managed lanes projects: I-24 in Tennessee and the I-85 in Georgia; we expect to know the results in the third quarter of the year. Additionally, our bid for a D-certified highway availability project in the Czech Republic was noted as the most cost effective and the bid's technical evaluation process is currently ongoing. Moving now to our main infrastructure assets and starting with 407 ETR. In the 407 ETR, road traffic grew revenue by 18.7% in the first half of the year compared with the same period last year. Total revenue increased 20.2%, primarily driven by higher toll rates, which went into effect on January 1, 2026. Traffic grew by 1.8% in the first half of the year, driven by targeted commercial promotions.
As a result, EBITDA increased by 24.4% versus the first half, including a credit provision of CAD 5.5 million, significantly lower than the CAD 45.2 million in 2025. In the second quarter of 2026, traffic was 2.7% lower than in 2025, reflecting softer economic activity, reduced rehabilitation construction on alternative highways and adverse weather, while commercial promotions continue with a more targeted approach that enhances customer value while supporting EBITDA. In terms of dividends, CAD 500 million was paid in the first half and another CAD 550 million was approved to be distributed in the third quarter of the year. Moving on to Dallas Fort Worth managed lanes: in terms of traffic, the area remains strong, while traffic in our managed lanes was impacted by construction works and less favorable weather. In terms of operating results, the three projects posted solid growth versus last year, both in terms of revenue and EBITDA despite the increase in revenue share.
Looking at each of the assets at NTE, traffic was impacted by the capacity improvement construction works and declined 0.6% in the second quarter and 2% in the first half of the year. Adjusted EBITDA grew by 14.7% in the first half and was impacted by $6.5 million of revenue share. Transactions grew by 2.9% in the first half of the year with traffic increasing by 6.9% in the second quarter reflecting greater utilization of the managed lanes as construction works on the I-635 East feeder corridor approach completion. Adjusted EBITDA grew by 15.2% in the first half. NTE35 West traffic was affected by increased congestion and managed lanes entry/exit points, which created bottlenecks, as well as by the finalization of capacity restrictions due to nearby road works. Transactions decreased by 0.2% in the second quarter and grew by 0.4% in the first half of the year. Adjusted EBITDA, which grew by 18.6% in the first half, was impacted by $15.8 million of revenue share.
All our Dallas Fort Worth lanes registered double-digit growth in revenue per transaction, well above inflation. This was driven by several factors: a favorable traffic mix with higher heavy vehicle volumes, thanks mostly to technology enhancements in camera recognition that started to be implemented in 2025 with improved vehicle classification, as well as a higher number of mandatory mode events at NTE and NTE35 West. In the first half of 2026, revenue per transaction grew by 18.9% in NTE LBA and 17.3% in NTE35 West. Following this robust operating performance, all three Fort Worth Managed Lanes delivered higher dividend distributions in the first half of the year. MTE distributed $118 million, LBA $61 million and NTE35 West $143 million. All these figures are at 100% level. Now moving to I-66. Traffic grew by 8.5% in the first half of the year, driven by increased traffic in the corridor despite adverse weather conditions.
Revenue per transaction grew by 8.7% in the first half of the year, and total revenue increased by 17.9%, driven by higher toll rates with adjusted EBITDA up 20.4%. In terms of dividends, I-66 distributed $8 million at 100% level. I-77 traffic declined by 4.8% in the second quarter and 5.2% in the first half, primarily reflecting lower congestion in the corridor. Performance was also affected by a challenging comparison against early 2025 when traffic benefited from alternative lane closures following a hurricane, as well as adverse weather conditions throughout first half of 2026. Despite this, revenue per transaction increased by 11.8% in the first half of the year reflecting higher toll rates. However, adjusted EBITDA declined by 5.4% compared to the first half of last year, negatively impacted by the step-up in revenue share from 25% to 50%. This is largely a first-year effect and is expected to normalize as revenues continue to grow within the new share band.
First half adjusted EBITDA included the accrual of $15.6 million of revenue share. Additionally, I-77 distributed $18 million in dividends. Turning to airports, starting with New Terminal 1 at JFK. MTO has submitted a completion remedial plan with March 2027 as the date for Phase A date of beneficial occupancy. As of the end of the first half of 2026, the project had reached approximately 92% construction progress. Remaining activities are mainly systems integration, testing and commissioning. Airline engagement continues with commitments today from 32 airlines, including 24 executed agreements and eight letters of intent. In terms of equity, we injected the remaining EUR 63 million, completing all equity commitments and bringing total investment to EUR 1,041 million. At Dalaman Airport, the first half of the year was impacted by the Middle East conflict resulting in total passengers of 1.8 million, showing a decline of 8.1% compared to the first half of 2025, mainly international passengers.
Adjusted EBITDA was 13.7% lower than the first half of last year. Moving to Construction. The business posted solid results with revenue growing by 7.1% in reported figures and 9.7% in like-for-like terms for the first six months of the year, while margins remained stable at 3.5% adjusted EBIT margin. Budimex maintained healthy margins at 6.9% adjusted EBIT and delivered higher like-for-like revenues. Other construction businesses continued to benefit from strong growth with a 24.2% like-for-like increase in revenues, leading to higher profitability with a 3.4% adjusted EBIT margin due to positive operating leverage. Ferrovial Construction margins were stable with higher revenues increasing by 4% in like-for-like terms compared to the first half of last year. The order book remained at an all-time high of EUR 18 billion, up 2.8% like-for-like versus December 2025, excluding approximately EUR 2.6 billion of additional pre-awarded contract spending pending financial close as of June 2026.
The operating cash flow of the division was EUR 329 million for the first half of the year compared to a negative operating cash flow last year, mainly driven by prepayments and compensations received in North America.
Thanks, Ignacio, and hello, everybody attending the call. I shall start with the consolidated P&L. I will cover the lines below the EBITDA level. Depreciation has increased in line with higher CapEx in construction due to higher activity and also increasing sales performance, and also with a traffic profile in highways where we have a higher weight of traffic in the earlier years in the current business plan. The line of disposals and impairments: here we have smaller divestments in 2026 versus 2025. Mainly in 2026 we have a transmission line in Chile that was sold; in 2025, remember we had the sale of AES in airports and the Silvertown Tunnel availability payment concession in the U.K. In financial results from infrastructure projects, that is a number that's pretty much unchanged year-on-year with some small impacts canceling each other. We have some lower expenses from a lower U.S. dollar FX rate, but we have some higher inflation expense in the Autema concession.
Infrastructure projects' financial results were favored in 2025 by the ticking fee of the sale of the last stake in Kethro that was sold; this stake was accounted for as a financial investment throughout 2025. In the equity-accounted affiliate results, we have growth that is in line with the operating results growth. The line of tax reflects a corporate tax rate of 22% on profit before taxes. If you exclude the equity-accounted line (which is already post-tax) and you take into account that the tax on the U.S. concessions is accrued or accounted for already at our percentage ownership, you don't need to consider minorities at this level. The net P&L from discontinued operations reflects earn-outs from businesses from the divested Services division. Okay. So let's move on to review the consolidated net debt. We ended the semester with a solid net cash position, or negative net debt, of roughly EUR 1.3 billion.
Here, starting from the left, we have dividends from projects that were EUR 378 million. This is mainly highways with EUR 150 million from the 407, EUR 158 million from the Dallas Fort Worth managed lanes, EUR 38 million from I-66 and I-77, and lastly EUR 11 million of dividends from other projects. Then we have the construction operating cash flows, ex-tax payments and ex-dividends. This reached EUR 329 million. This is driven by prepayments and payments that were pending from Canada, specifically the Ontario line. So prepayments in the U.S. are catching up in Canada. Tax payments reached EUR 48 million, and here the main component is EUR 26 million from Budimex and the corporate income tax there. In terms of investments, we had EUR 187 million of investments. The main one, as was commented before by Ignacio, is the last equity increase in the JFK project of EUR 63 million. We also have investments in energy: some projects in Lyon County, Texas, EUR 65 million that we are considering here; 35% are from this solar project that I mentioned.
And in construction, we have EUR 49 million. Then we go on with interest received and other investing activities cash flow. This is EUR 37 million, and this is basically cash remuneration on the liquidity we have. Then we have business divestments that reached EUR 96 million, and this is largely driven by the Silvertown Tunnel and also the transmission in Chile; EUR 78 million in total from these two divestments. Then in terms of cash dividend and treasury share purchases, we have EUR 398 million. Here, EUR 98 million was from the cash dividend and the rest, EUR 300 million, were share purchases in the buyback program that we have since December 2025. And then we have other cash flows used in financing activities: this is basically a bond that was raised, another one was repaid, and also we have dividends to minorities in Budimex or financial leases. And lastly, in this cash breakdown, we have the effect of the exchange rate on cash equivalents of EUR 20 million. Okay. So after this review, then we are ready to open the Q&A session.
Okay. Thank you. Let's start with the Q&A session. Operator, please go ahead.
Questions and answers
Operator provided instructions. Our first question comes from Mark Ip from Citi.
I've got a couple. The first one, just on the JFK New Terminal 1 delay. Can I ask how much contingency is built into the new March '27 target? And if there are any other critical parts within that time frame that could slip or how prudent are you being with that timeline basically? And then the second one on that is around — is there any sort of recourse or compensation available from the design builders for this delay? And then I've got another question just on the construction business. I've seen the margins have returned to your 3.5% long-term EBIT margin target. Can you share how much in the first half was offset from the bid costs? And maybe, is there a potential tailwind in the second half if your bids have now gone in for the I-24 and the I-285 tenders?
Yes. Thank you for your questions, and we'll take both of them. Regarding JFK: what we have is this remedial plan and the new schedule of March 2027 is based on the best available information today, so it's what is expected according to the plan and has been prepared together with the contractor that we have there. So this is the basic information that we have today. As you know, the date was June 2026 and starting July there are liquidated damages that the contractor will pay for because of the delay; this is EUR 500,000 per day. That will be maintained until it is open, and it could be, of course, challenged by the contractor if they think that some of the delays are not their responsibility. In the case of construction, yes, we have been impacted in this first half of the year by bidding costs, especially for the two large projects that we submitted offers for in July, both the I-24 in Nashville and the I-285 in Atlanta. And yes, we continue to bid for other projects, and we'll start to have other costs that will have some effect on the bottom line, but I think that going forward the spend will be lower than what we have spent so far, but we'll see what happens at the end of the year. But as usual, the only guidance that we give about construction is 3.5% as an average for the long term.
The next question comes from Cristian Nedelcu from UBS.
The first one: with the construction almost finalized on the I-635 and keeping in mind that LBJ traffic has been lagging the other U.S. lanes over the last few years, could you tell us a bit more how you think about volume support in traffic going forward? And can you comment if you are anywhere close to triggering mandatory modes in any segments of the LBJ currently? The second one: there are some press articles recently suggesting that you may be looking to invest in a data center project in Madrid at around EUR 1 billion. Could you tell us a bit more about these projects? And in general, from the perspective of capital allocation, is this a segment you are willing to allocate more capital to in the midterm? And maybe the last one, if I could ask about the Washington Airport Authority's CapEx program — I believe you made an unsolicited offer a while ago on the projects. Could you tell us a little bit more based on what's publicly available? What are the next steps in this process and the timeline from here?
Thank you, Cristian. I'll start with LBJ. Yes, we have seen some improvement in traffic in the last quarter, thanks to two of the segments that are finishing: the LBA and 635 were almost finished. Also the new managed lanes on the 35 will be completed in the first quarter of next year. We are seeing some benefit coming from the near-finalization of some segments of these new managed lanes. It's not only the I-635 but also I-35; there were some works in the area that are all finalizing in the following months, and we expect not to have any impact from construction activity in the area in the first quarter of next year. Part of this benefit we are seeing today with some of the segments that have been finalized, but the full effect we'll see in the first quarter of next year. Regarding the data center, as we commented previously, we purchased two power lands: one in Alcobendas in Madrid and another in Warsaw in Poland.
The project you read about a few weeks ago is a special project as part of our development pipeline. It's a first phase that will be 75 megawatts IT in total. The first part will be close to 45 megawatts IT to start with. What you should consider is that the total figure refers to all phases. On top of that, there will be some leverage and we can bring partners to participate with us and also contribute equity. For us in this business, we have a pattern of recycling capital and rotating capital once it's a mature asset with a lease. So the total amount of equity that we'll deploy in this business will be limited because of that, especially because we can recycle once it is mature — that is, once construction is finalized and then we have a lease in place. We are starting with Madrid and Poland. Depending on how we progress and how successful we are with these two sites, we may expand. Regarding the Washington Airport, what was announced is that the Washington Airport Authority wants to develop a new project.
We participated in a request for ideas and we presented some ideas about how to develop this airport. But finally, it's not going to be done with a P3 project and it will be done directly by the Washington Airport Authority. We are looking at it as a potential construction project, but we don't expect that this will be a P3 project in which we can allocate significant capital.
It's very helpful. Could I just double-check on the LBJ mandatory modes — are we close on any segments triggering mandatory mode?
Yes. In the last months some segments of LBJ have triggered occasional mandatory modes, but I would say these are not significant and are not materially affecting revenues at LBJ. As we have commented several times before, there is capacity available at LBA and we don't expect that mandatory modes will have a significant impact in the following months or years. We may have some sporadic events but they should not have a significant impact in the short term.
The next question comes from Elodie Rall from JPMorgan.
Just to jump back on the MTO: given the delays to Phase A, would you seek a different contractor to carry out the work in Phase B1 and B2? Second, on the U.S. managed lanes and generally on your U.S. exposure: traffic seems to be quite resilient despite macro headwinds. What do you think is causing this traffic strength? Should we be mindful of gasoline or oil prices? It doesn't seem to have had any impact — can you share your view on the correlation between traffic and oil prices for your assets? Lastly, I think you're planning a Capital Markets Day at some point — could you give us an agenda or timing if that will happen?
What we are doing today at JFK is working on the design and executing the remedial plan. Regarding managed lanes, what we see is that the economy is performing well, especially in the places where we have our assets: Dallas–Fort Worth, the Washington area and Charlotte. These areas are performing well from an economic perspective. We are not seeing a significant impact from oil prices for the time being. Over the longer term, oil price could affect local GDP if high for a prolonged period, but for now we have not seen a significant effect. We are seeing good local activity in the places where we operate. Regarding the Capital Markets Day, we have not taken a decision yet on timing. Our strategic plan horizon 2026 is finalizing this year and we are internally working on a new horizon plan for the next years. We will inform the market when we decide how and when to communicate this plan externally.
The next question comes from Ruairi Cullinane from RBC Capital Markets.
Yes. First question: could you provide an update regarding the I-77 South P3 pipeline in the U.S., given the media reports on local votes against the project? Secondly, on the 407 ETR, net financial expense increased 25% in Q2. Is that a reasonable run-rate into Q3, or was there anything one-off in that? Also, the quarterly dividend from 407 ETR increased by CAD 30 million in Q2 and Q3 — is that a run-rate we should be thinking about into Q4, which would leave the 407 ETR dividend less Q4-weighted than in 2025?
Thank you for the questions. I will take the first one about the pipeline. Regarding I-77 South, we have been communicated about a delay to this project. We prequalified together with other three groups and the information we have today is that this project is delayed for the time being, and we are awaiting news from the North Carolina Department of Transportation about next steps and whether they will issue an RFP and what the new timeline will be. So we are still waiting for updates on this project.
Okay. Regarding financial expenses on the 407, you have two effects here. One is there are additional debt issuances that, of course, drive cost higher. Also there's been the effect of inflation on the inflation-linked bonds and derivatives of the concession. I wouldn't take this as a steady run-rate because of this inflation component; more detail is required before extrapolating that effect. Regarding dividends, we don't provide guidance from the 407 on dividend policy, so I can't provide forward guidance here. If you had another part of your question, please rephrase it.
Next question comes from Luis Prieto from Kepler Cheuvreux.
A couple of quick ones. First, you've previously recognized balance sheet headroom at the 407 on top of which the Q3 dividend grew significantly year-on-year. Can we extrapolate this step-up in remuneration to the last quarter of 2026? And second, the favorable working capital performance seems meaningful given the seasonality of this variable historically. Are we going to see more of the same in H2 or was this purely exceptional?
Luis, I'll take those. Regarding the dividend, as I mentioned earlier, we don't provide guidance on dividends from the 407. Regarding working capital: yes, the first semester has been favorable. There were collections and payments that had been delayed which were cashed in this semester, so this has been specific to this period. The second half of the year usually has some positive working capital effect at year-end due to seasonality, and while we don't provide guidance, there's no reason to expect seasonality similar to prior years at the end of the year.
The next question comes from Graham Hunt from Jefferies.
Thanks for hosting. Two questions. First, going back to the 407: historically you've talked about catching up some pricing that was lost during price freezes over the COVID period. Does that still come into your thinking? Or are we in a different pricing regime now with promotions and other tools? I'm looking for an update on how you think about catching up in terms of real pricing. Second, for the group: Ernesto, any help you can give us on how you're thinking about returns guidance for the second half of 2026 and how we should model the shape of that would be helpful.
Thank you, Graham. About the 407: the way we see it is about delivering value to users and how we can capture that value while relieving congestion. From an internal perspective of maximizing EBITDA, we consider toll rate increases, promotions, and congestion relief together. Promotions help with congestion relief and also capture value from users with different elasticities. All of this combined also helps reduce Schedule 22 payments. So our approach is not simply a single annual increase; it's a mix of tactics including promotions and targeted pricing. That is the rationale going forward and is different from the past where the focus was more on single rate increases. The focus now is on maximizing EBITDA through a combination of measures tied to value for users and economic and population growth in the Toronto area. Regarding dividends and returns guidance, there's no update now. The Board meets in October to take decisions on the second event; we'll update after that. Until then, we have no updates.
The next question comes from Dario Maglione from BNP Paribas.
Three questions. First, on the Texas managed lanes which posted almost 20% revenue growth for the three assets despite bad weather, you mentioned various drivers. Could you rank their importance, and how significant was the vehicle reclassification technology? Second, related to that, my understanding is that heavy vehicle reclassification was implemented in 2025 at different dates for the different assets — could you give more detail? Third, traffic was down in the quarter; you mentioned construction and other impacts but didn't elaborate on promotions or macro impacts. With that in mind, what is the implication for potential toll increases in 2027 if traffic is now growing?
Thank you, Dario. On Texas managed lanes and revenue growth: in terms of importance, the most significant driver has been improved vehicle classification, which allowed us to identify more heavy vehicles that pay a higher toll and that has a multiplier effect. That was the main effect across the assets. We also saw more mandatory mode events than before in some segments, which had a positive impact on revenue per transaction, and mix effects together with inflation (we increased the soft cap at the beginning of the year) also played a part. Regarding the reclassification technology, we implemented it starting in 2025 across different assets: implementation began at NTE35 West, followed by NTE and LBA, and the benefits have been realized across the three managed lanes. As a result, some of the year-on-year comparisons already include part of that effect. On traffic being down in Q2, the main drivers were construction activity (some maintenance and competing highway works were delayed in prior periods), general macroeconomic activity and adverse weather. As for implications for toll increases in 2027, we don't give explicit guidance, but any decision on toll adjustments will depend on the value the corridors deliver to users; we'll continue to use a combination of inflation-linked adjustments, pricing policies and mix management to capture value, similar to the current approach.
The next question comes from Marcin Wojtal from Bank of America.
Yes. First on the share buyback: I believe you have authorization to buy back up to EUR 800 million until October of this year and the latest disclosure points to EUR 340 million of the authorization being utilized. Do you intend to fully exercise the authorization? Is that feasible considering the liquidity of the stock? Second, on the 407 promotions: are the promotions you're offering now very similar to what you offered at the beginning of the process a year ago or has there been a learning curve? Do you see promotions as an important long-term tool for yield management and extracting more revenue beyond Schedule 22 management? Could you continue promotions in the longer term even if Schedule 22 is no longer an issue?
Marcin, regarding the buyback there is no specific guidance. The guidance we provide in terms of remuneration is distributions to shareholders. We don't provide specific guidance on how we manage the buyback as that can be sensitive. We will manage it according to our capital allocation framework and market conditions.
Regarding promotions: yes, we see promotions continuing as a tool in the future, independently of Schedule 22. They are a good way to attract new customers and to maximize the value we can capture for 407 users. The promotions we have used to manage Schedule 22 are broadly similar in intent but we have learned and become more targeted: we are now more selective about which promotions generate the most value and add new users who were not previously captured. We are also piloting other types of promotions where users might pay a fee for benefits. It's a learning process and will take several years for us to refine the use of promotions to maximize EBITDA while segmenting the customer base effectively.
The next question comes from Harishankar Ramamoorthy from Deutsche Bank.
On the 407 ETR it looks like VKTs have been down this quarter year-on-year, but you've still managed to reverse some Schedule 22 provisions. Have you become very effective in managing promotions for peak hours? Is there any segment where you've hit maximum throughput? And when we look at mix between traffic with promotions and without, are there plans to publish more color on that split?
We are not going to disclose the split between traffic coming from promotions and traffic paying the standard toll. You should look at the overall figures of traffic and revenue together. Comparing Q2 year-on-year, the effect of promotions on traffic has been slightly positive; we have slightly more traffic related to promotions this quarter than the same quarter last year. We have been more effective in targeting promotions that help reduce Schedule 22 payments, and in some segments where traffic is above the threshold we have reduced promotions. So we've been more effective overall, but the effect is not materially larger — it's slightly above the previous year but not significant. On throughput limits: there are some segments where traffic is above thresholds, and in some cases that is achieved with the help of promotions. We do not disclose which segments or the precise mix.
Our last question comes from Cristian Nedelcu from UBS.
Could I ask about the Texas managed lanes again: you mentioned earlier the mandatory modes on LBJ are not imminent and you flagged that on the NTE capacity expansion may be a headwind for triggering mandatory modes. With that in mind, can you talk about the levers for growth in pricing for the Texas managed lanes? Pricing seems to be close to the soft cap for most segments — what other levers are there to improve pricing next year? Is there room for bigger pricing changes? Anything more on trucks or other levers that could help you grow pricing beyond the soft cap next year? And a quick follow-up on 407: you've been trialing a loyalty program for frequent users; what are plans for H2? Will you deploy it more widely and how should we think about potential dilution to revenue per transaction from the loyalty program?
For managed lanes, pricing growth will come from several factors. First, inflation adjustments that increase the soft cap at the beginning of the year. There is also potential for tariff changes depending on congestion and local economic activity. In the case of I-35 West, congestion increases and economic growth may lead to more mandatory mode events; for NTE we expect less mandatory mode but more traffic as capacity constraints ease; for LBA we expect more traffic but not significant mandatory modes. Mix effects (more traffic at peak, more trucks) also help because trucks typically pay higher tolls. All these are levers to improve revenues beyond just the soft cap. Regarding the 407 loyalty program: yes, we started pilots of loyalty programs. We have not taken a decision yet on wider deployment. We are testing different types of promotions and will decide based on the results. We have not made a final decision on broader rollout or on any potential dilution impact to revenue per transaction; that will depend on which formats prove effective in the pilots.
There are no further questions at the conference call at this time. I will now hand the line back to Silvia Ruiz, Head of IR.
Thank you for following us and well, to those of you who are taking vacations, hopefully you have a good rest of the summer. Thank you very much for joining us.