Prepared remarks
Welcome to News Corp's Fourth Quarter and Full Year Fiscal 2025 Earnings Conference Call. Today's conference is being recorded. Media will be allowed on a listen-only basis. At this time, I would like to turn the conference over to Michael Florin, Senior Vice President and Head of Investor Relations. Please go ahead.
Thank you very much, operator. Hello, everyone, and welcome to News Corp's Fiscal Fourth Quarter 2025. We issued our earnings press release about 30 minutes ago, and it's now posted on our website at newscorp.com. On the call today are Robert Thomson, Chief Executive; and Lavanya Chandrashekar, Chief Financial Officer. We'll open with some prepared remarks, and we'll be happy to take questions from the investment community. This call may include certain forward-looking information with respect to News Corp's business and strategy. Actual results could differ materially from what is said. News Corp's Form 10-K and Form 10-Q filings identify risks and uncertainties that could cause actual results to differ and contain cautionary statements regarding forward-looking information. Additionally, this call will include certain non-GAAP financial measurements such as total segment EBITDA, adjusted segment EBITDA and adjusted EPS. The definitions and GAAP to non-GAAP reconciliations of such measures can be found in the earnings release for the applicable periods posted on our website. With that, I'll pass it over to Robert Thomson for some opening comments.
Thank you, Mike. We are pleased to announce an outstanding performance maintained throughout the four quarters of fiscal 2025, marking a record year for profitability based on continuing operations. For the full year, revenues increased by 2% to nearly $8.5 billion, and total segment EBITDA grew by 14%, finishing at just over $1.4 billion, another high for the company based on continuing operations. Our net income from continuing operations also saw a significant rise of 71% to $648 million. Profit margins improved by 170 basis points, reaching 16.7%. In the fourth quarter, revenues grew by 1% to $2.1 billion, while profitability increased by 5% to $322 million, and net income from continuing operations rose by 28% to $86 million. These strong results have improved our financial standing, allowing us to return capital to shareholders. Our free cash flow for fiscal 2025 was $571 million, compared to $540 million in the previous year, even as we increased capital expenditures at Dow Jones, including its rapidly growing Professional Information Business.
Consequently, the Board authorized a new $1 billion stock repurchase program last month, in addition to the approximately $300 million still available from a previous $1 billion program approved four years ago. As mentioned in our announcement, we aim to accelerate buybacks shortly after these results are released. We remain committed to creating value across three key areas: Dow Jones, Digital Real Estate Services, and Book Publishing, which contributed the majority of our total segment EBITDA for the year. The recent sale of Foxtel Group to DAZN has sharpened our portfolio and strengthened our cash position, while strategic acquisitions have been made in all three core businesses over the past year. It is increasingly evident that discerning audiences seek meaningful content amid a sea of mediocrity and deception. Our writers, journalists, and creators are aware of their responsibilities and the unique opportunities we face at this critical juncture in the age of AI.
This era must recognize the importance of intellectual property if we are to realize our collective potential. While much attention is given to competition with China, America's true advantage lies in our creativity and ingenuity. Undermining this advantage by diminishing IP rights jeopardizes our innovation. We must adopt a more enlightened approach to utilize intellectual property for social and commercial benefit. Consider President Trump, whose successful books, particularly "The Art of the Deal," continue to generate sales. Is it just for an AI engine to use his ideas for profit while undermining future book sales? This situation suggests that "The Art of the Deal" is becoming the "Art of the Steal." It raises questions about fairness in how creators are treated, including potential exploitation of a former President's work. Companies are investing massively in data centers, chips, and energy, and they must also allocate significant resources toward the necessary content for their success.
It is crucial that we maintain a healthy content ecosystem, ensuring a diverse range of credible sources and that overly derivative AI work does not become the norm. In the meantime, we will continue to advocate for the intellectual property rights of our authors and journalists and take legal action against any company that infringes upon fundamental property rights. Now, let's turn to the segments. Dow Jones had an excellent year, with revenue and EBITDA increasing by 4% and 8%, respectively. The business exited the year with positive momentum, noting a strong 7% revenue increase for the fourth quarter, totaling $604 million, which is significantly higher than the annual growth of 4%. EBITDA for the fourth quarter rose by 10% to $151 million. Our Professional Information Business saw revenue growth of 10% in the fourth quarter, exceeding the full-year growth rate of 7%, supported by Risk & Compliance and Dow Jones Energy, which reported revenue increases of 21% and 12%, respectively, for the quarter.
The acquisitions of Dragonfly Intelligence and Oxford Analytica this quarter have further established Risk & Compliance as a leading resource for businesses navigating the complex global landscape. Compliance failures pose serious challenges for global financial institutions, and handling sanctions can be quite complex. If that is a priority for your client, you should consider Dow Jones as a partner. In Dow Jones Energy, the team launched innovative products, including the global carbon market report and Rapro from Opus, focusing on customer needs. This dedication has contributed to retention rates above 90% in Dow Jones Energy. Factiva showed improvements in the second half of the year, thanks to a new generative AI data product and efforts to attract new clients in sectors such as communications and public relations. On the consumer front, we saw a 10% increase in digital circulation revenues in the fourth quarter and rises in print and digital advertising of 3% and 1%, respectively, as companies increasingly recognized the value and prestige of our platforms like The Wall Street Journal, Barron's, MarketWatch, and Investor’s Business Daily.
Digital Real Estate revenues increased by 9% for the year, with an 18% rise in EBITDA. At realtor.com, revenue grew for the third consecutive quarter in the fourth quarter, despite the sluggish U.S. housing market. We are particularly encouraged by the growth in rentals, new homes, and seller activities, which accounted for 24% of revenues for the quarter, a rise of 5 percentage points year-over-year. These trends suggest that realtor.com is well-positioned to thrive when the housing market stabilizes after a period of high mortgage rates and low turnover. Realtor.com’s reach expanded even amid market challenges, with visits hitting 256 million in June, outperforming Homes.com by four times and more than double Redfin, according to comScore. We are enhancing our relationship with the National Association of Realtors for the benefit of both parties and importantly, for Americans seeking to buy or sell homes.
REA had another strong year in fiscal 2025, achieving 12% revenue growth or 13% on a constant currency basis, totaling $1.25 billion, while audience reach improved. For the year, realestate.com.au attracted an average of 132 million visits per month, far surpassing competitors. Notably, 12.1 million monthly visitors to the site were exclusive to REA. REA's performance thrives on competition, and we look forward to adapting to changes and challenges in the Australian market with our typical commitment to creativity and innovation. Book Publishing experienced its second-best revenue year in fiscal 2025, with a 3% increase to $2.1 billion and segment EBITDA growth of 10% to $296 million, marking nearly 14% margins for the year, an improvement of over 90 basis points from the previous year. The first half of the year showed stronger performance, driven by a successful frontlist schedule including titles like "Hillbilly Elegy" and "Wicked."
While we have seen some softness in the overall book market recently, divisions focusing on Elegies and children's books continue to perform well. Upcoming key titles for fiscal 2026, including new books from Daniel Silver and popular authors like Ree Drummond and Mitch Albom, are expected to be positive for the full year. Sylvester Stallone's memoir, "The Steps," is set to inspire upon its November release, and we are eager for the exclusive release of new stories by Harper Lee, the author of "To Kill a Mockingbird." Our global presence will be bolstered by the planned acquisition of Crunchyroll's Manga publishing operations in France and Germany, expected to close by year-end. We believe our expertise will enable us to capitalize on one of the fastest-growing segments in reading. Digital revenues rose by 5% for the year, aided by our partnership with Spotify, which recently announced plans to enhance audiobook availability for premium customers in the U.K., Australia, and parts of Europe.
In News Media, profitability increased by 15% for the year despite a challenging advertising environment, reflecting our editorial innovation and cost management. Our mastheads also benefit from digital partnerships with major platforms and subscription growth at News UK and News Corp Australia. The Times and Sunday Times built on their solid circulation base, finishing the year with 640,000 paying digital subscribers, up from 594,000 a year earlier. The New York Post continued its significant influence and profitability growth over the past decade and announced plans for expansion in California, which surely needs the thoughtful content that characterizes the Post. To sum up, concluding this fiscal year with such strong results amidst complex macro conditions and political factors showcases our transformation. This achievement would not have been possible without the wise leadership of Lachlan Murdoch, the support of our engaged Board, and the enduring influence of our Chairman Emeritus, Rupert Murdoch. We also recognize the vital contributions of our employees worldwide. Now I will turn it over to Lavanya Chandrashekar, our Chief Financial Officer, for more detailed insights.
Thank you, Robert, and good afternoon. As Robert highlighted, fiscal 2025 marked a big step in the transformation of News Corp as we continue to expand into high-margin content licensing and increased recurring and digital revenues. We streamlined our asset base with the divestiture of Foxtel Group and have been relentless on cost management while continuing to invest in our core pillars of Dow Jones, Digital Real Estate Services and Book Publishing. We finished the fiscal year and the fourth quarter yet again delivering strong financial results, including improved year-over-year margins in each quarter, underscoring the durability of our brands and benefits of diversification. Before discussing the financial results, I will discuss capital allocation, which is one of my key priorities. Based on the announcement last month and to reiterate Robert's point, the Board authorized a new $1 billion buyback program in addition to the approximately $300 million remaining under the existing program, providing $1.3 billion of total capacity.
We expect the pace of the program will meaningfully increase from the current rate and fiscal 2026 pacing will benefit from the approximately $380 million of proceeds from repayment of Foxtel shareholder loans. We believe the stock is trading at a significant discount to net asset value and believe equity shrinkage is a lever to attack that discount. Importantly, we expect to maintain plenty of financial flexibility and continue reinvesting to drive further growth. For today's discussion, I will focus on the fourth quarter performance. As a reminder, Foxtel's financial results are reflected as discontinued operations for fiscal 2025 and 2024. We closed the Foxtel transaction in early April and have disclosed recast financials in the previous 8-K filing. News Corp reported fiscal fourth quarter revenues of $2.1 billion, up 1% from the prior year and total segment EBITDA of $322 million, up 5% year-over-year.
Margins improved by 60 basis points to 15.3%. This quarter, 94% of profits were from Dow Jones and Digital Real Estate, which we believe underscores the inherent value discount and the company's ability to drive long-term profitable growth. Fourth quarter adjusted revenues were flat, while adjusted total segment EBITDA rose 6% versus the prior year. For the quarter, we reported earnings from continuing operations per share of $0.09 compared to $0.08 in the prior year. Adjusted earnings from continuing operations per share were $0.19 in the quarter compared to $0.20 in the prior year. Moving to the individual segments, starting with Dow Jones. Dow Jones delivered another strong quarter with reported revenues of $604 million, up 7% versus the prior year period, marking the highest quarterly rate of growth this year and was again the largest segment contributor to overall company revenues. Digital revenue accounted for 83% of Dow Jones segment revenues this quarter, improving 2 percentage points from last year.
Professional Information Business revenues, which reflect our B2B products and services, rose 10% year-over-year, the highest quarterly year-over-year growth this fiscal year. Within that, Risk & Compliance revenues grew 21% to $92 million, driven by new customers, new products and improved yield. We continue to see strength in several products including advanced screening and monitoring and our financial instruments product. We also benefited from the addition of Dragonfly Intelligence and Oxford Analytica, which contributed approximately $4 million to revenues. Integration of those assets is ahead of plan with joint editorial and product initiatives across both Risk & Compliance and Dow Jones Energy. At Dow Jones Energy, revenue grew a healthy 12% to $73 million with customer retention remaining very strong at over 90% in addition to improving yields. Newswires also saw modest growth due to new licensing deals, while Factiva continued to be negatively impacted by a customer dispute, albeit the decline rates have continued to moderate through the second half of the year.
Across our B2B products, higher volumes, including new customers and new products accounted for 60% of revenue growth with higher yields accounting for the balance. Within the Dow Jones consumer business, circulation revenues increased 5% versus the prior year. Notably, digital circulation revenues grew by 10%, surpassing our expectations. This increase was driven by growth in digital-only subscriptions and the ongoing shift of customers from introductory and bundled promotions to higher pricing strategies. Digital circulation revenues accounted for 75% of circulation revenues for the quarter, up from 71% in the prior year. Digital-only subscriptions improved 9% year-over-year and by 176,000 sequentially, including the benefit of our recent enterprise partnership with LSEG. WSJ Digital subscription increased 213,000 sequentially and were up 9% year-over-year. Advertising revenues of $104 million rose 2%, with year-over-year trends improving each quarter.
For the quarter, print advertising revenues increased 3%, while digital grew by 1%, both benefiting from the strength in finance and technology sectors. Dow Jones segment EBITDA for the quarter grew 10% to $151 million with margins increasing to 25%. Moving on to Digital Real Estate. Digital Real Estate had another solid quarter despite the macro environment and softer listing volumes in Australia, driven by a tough prior year comparison. Segment revenues of $466 million were up 4% versus the prior year and up 6% on an adjusted basis. Segment EBITDA was $152 million, up 13% and up 16% on an adjusted basis. REA revenues gained 4% year-on-year to $318 million and were up 7% on a constant currency basis. Growth was driven by a combination of residential yield increases and customer contract upgrades. Residential yield growth improved by 14%. New buy listings in the quarter declined 8% following a 16% increase in the same quarter last year.
Listings in Melbourne and Sydney were down 11% and 10%, respectively, while home prices remained strong. Please refer to REA's earnings release and their conference call for more details. Realtor's revenue for the quarter of $148 million grew 3% compared to the prior year, marking the third consecutive quarter of revenue growth despite continued difficult macro conditions. At Realtor, revenue growth was driven by the continued strength of growth adjacencies, new homes, rentals and seller, which represented 24% of revenues in the quarter. Realtor continues to focus on higher-quality leads through the RealPRO Select offering, which once again drove an increase in revenue per lead in the quarter. Lead volumes declined 13%, an improvement compared to the quarter 3 decline of 17%. Average monthly unique users for the quarter fell 3% year-over-year to 72 million. That said, based on comScore, Realtor continues to maintain audience share and grow share of visits, benefiting from continued search engine optimization and the scale of News Corp's global audience.
Expenses at Realtor were modestly higher as expected, due to the launch of a new brand campaign. Realtor recently announced the acquisition of Zenlist, a mobile-first communication platform, which provides a unified search experience for agents and customers. The tool is being used by over 35,000 agents and will be integrated as another enhancement to our products. At Book Publishing, as expected, very difficult prior year comparisons weighed on the results this quarter. The quarter was also impacted by softer U.S. market conditions per AAP data. Segment revenues of $494 million declined 4%, while segment EBITDA of $50 million declined $7 million or 12%. While performance in Christian Publishing continued to be resilient, sales of general books were lower than the prior year. ReCollect this quarter last year had a dual benefit of a stronger front list and a stronger backlist from Bridgeton.
Digital revenues at HarperCollins fell 3% to $116 million, lapping the start of the Spotify partnership last year and driven by a weaker front list. In total, digital sales represented 25% of consumer revenues compared to 24% in the prior year. This quarter, the backlist contributed 65% of consumer revenues, up from 62% last year. Turning to News Media. Overall revenue performance was challenged with continued soft advertising conditions partially offset by increased cover prices and subscription pricing across mastheads. Revenue for the quarter were $545 million, down 4% versus the prior year, while adjusted revenues fell 4%. Segment EBITDA declined $4 million or 13% year-over-year to $28 million. Lower advertising revenues were partially offset by ongoing cost reductions. Adjusted segment EBITDA declined 18%. Turning to the outlook. Some of the themes across each of our segments. At Dow Jones, trends remain healthy, and we expect continued margin expansion as the business shifts to B2B.
At Digital Real Estate, Australian residential new buy listings for July were down 8%. Please refer to REA for more detailed outlook commentary. At Realtor, we continue to focus on growth adjacencies, including the integration of Zenlist acquisition. We hope to see continued revenue improvement, and much will depend on the broader housing market. At Book Publishing, July trends were soft, and comparisons are difficult given the strong backlist performance last year due to Hillbilly Elegy by J.D. Vance. At News Media, we expect recent trends to continue. With that, let me hand it over to the operator for Q&A.
Questions and answers
Our first question will come from David Karnovsky with JPMorgan.
For Robert or Lavanya, could you provide more details on the decision to accelerate the buyback? What factors influenced that decision? Are we likely to see an increase in your quarterly repurchase activity? You mentioned the Foxtel debt pay down; should we assume that amount will be included in a buyback? Also, considering the company's shift towards a more recurring revenue model, how are you approaching target leverage moving forward?
Well, David, one can only reiterate what Lavanya and I indicated earlier in our statements. The scale of the buyback has increased, and the pace of the buyback will increase in coming weeks. We have worked hard as a company to improve our free cash flow and return on investment. We now have the ability to reward shareholders with capital returns. As you referenced, that ability has certainly been enhanced by the sale of Foxtel to our partners at DAZN. We also believe that there is a significant discount between our current share price and the net asset value of the company. Do the math, and that would be rather obvious. So this is a moment to invest in our future by buying our stock. Given the necessary regulatory disclosures, you will be able to track the trajectory of the purchases and see for yourself how the program has indeed been intensified.
In addition, Robert, I want to emphasize that, as I mentioned in my prepared remarks, fiscal 2026 will benefit from the proceeds of the Foxtel sale. We are not providing a target leverage ratio at this time. As you may have observed, our balance sheet is very conservative. We believe that with the strength of our business and cash flows, we will continue to maintain that approach.
Thanks, Dave. Leila, we will take our next question, please.
Your next question will come from Kane Hannan with Goldman Sachs.
Can you provide more details about the strategy at Move, particularly regarding potential adjacencies in relation to the 24%? As we look ahead to 2026, do you anticipate this being another investment year? You also mentioned some advertising campaigns that are planned for the fourth quarter this year.
Kane, we're particularly positive about the prospects of Realtor. You can see that we've had revenue growth in the past three quarters despite the sluggish property market, a market hobbled by high-interest rates. We're delighted with the progress in the three areas that we've chosen to develop as growth businesses, that is rentals, new homes and seller. Don't forget that most of the revenue in the U.S. market now comes from the buy side, while the opposite is true in our market-leading REA business in Australia. Now those three segments accounted for 24% of total revenues, up 5%. Overall, those revenues increased around 40% over the year, and we do foresee that increase continuing this fiscal. It's worth referencing that the audience engagement at Realtor is far in excess of that at Zillow or Redfin. That is the number of visits per visitor each month and the number of pages viewed per visit. We had 256 million site visits in June according to comScore. We've now built the largest property news and analysis site in the U.S. as part of Realtor, and that's another reason why visitors keep returning to the site. Realtor has certainly had a role in the overall improvement in our real estate margin, which was 32.6% in Q4 compared with 30.1% in the same quarter a year ago.
If I could add to that, Robert. We will continue to invest in Realtor for sure. As you would have seen recently again, we did acquire Zenlist, which is a delightful little acquisition that will add to the capabilities that we have on Realtor. Integration of Zenlist is well underway, and it will be a part of the continued strategy that Realtor has pursued of increasing revenue per lead by pursuing higher quality leads as we've done through the RealPRO Select program.
Thank you, Kane. Leila, we will take our next question, please.
Your next question will come from Entcho Raykovski with Evans & Partners.
My question is on Dow Jones, which had, I mean, accelerating revenue growth performance in the second half. As you've noted, I think revenue growth was 6% in 2H versus 3% in the first half. So my question is, do you expect the second half trajectory to continue into fiscal '26? And what do you expect will drive this? Is it mainly the B2B segment and further growth in risk and compliance? As part of the answer, if you could please address how you think about the corresponding OpEx growth which is required to support the revenue growth.
Well, look, we're delighted with the progress at Dow Jones generally. We are seeing growth in both the Professional Information Business and in the consumer business. Clearly, the Professional Information Business, which now accounts for 39% of revenues and around half the profits at Dow Jones, has been a growth engine over recent years. There is no reason to assume that growth will decline. It's fair to say that when the new news call split was an area that we absolutely identified as a priority for expansion and investment, not over-investment, I must emphasize. We purposely developed Risk & Compliance where revenues rose 21% in the fourth quarter compared to a year earlier. Dow Jones Energy revenues were 12% higher.
On the OpEx question, cost growth in the second half of the year was mid-single digits. With that, we have continued to expand margins on the Dow Jones business. In the last quarter itself, margins were up at 25%, up from 24.2%. A lot of this comes from the benefit we get from the faster growth of the Professional Information Services business, which, as we've mentioned in the past, has a much higher margin profile than the consumer part of the business.
Thank you, Entcho. Leila, we will take our next question.
Your next question will come from Craig Huber with Huber Research.
Robert, just curious, any update from you and your Board, how much you think about maybe further simplifying the company? And maybe in conjunction with that, are you guys seeing any improvements in the U.S. housing market that benefit realtor.com? I realize it's probably so tied together. How would you answer that, please?
That's a very insightful point, Craig. We have been making investments in Realtor.com, and you can already observe some positive signs and returns from that investment. It is set to grow significantly when the property market improves, which will happen when interest rates go down. However, we are not currently at that stage. More generally, the sale of Foxtel to our partners at DAZN indicates a move toward simplification. They have created an impressive global sports franchise, which aligns with their expertise. We lacked the same economies of scale and needed to realistically assess the best allocation of our capital for both now and the future for our investors. As our institutional introspection decreases, we continually challenge ourselves and clarify our company's trajectory to investors, ensuring they recognize the value of our extraordinary assets. We are focused on returning capital, which is evident through our dividend and enhanced buyback initiatives. Regarding potential strategic actions, we are still deeply contemplating the best path forward.
Thank you, Craig. Leila, we will take our next question, please.
Your next question will come from Alan Gould with Loop Capital.
I have a couple of questions regarding AI. I'm curious about the impact that AI interviews and overviews are having on your publishing business. Is that part of the reason why print ad revenue has grown faster than digital ad revenue at the Dow Jones segment? Additionally, what effect do you expect the New York Times' Amazon licensing deal and the current AI action plan to have on the business?
Alan, we're not seeing any particular negative trends from search, especially at Dow Jones. The new Google format affects different types of content in varying ways. For breaking news, specialized news, and real estate news, we aren't experiencing any negative impact. More broadly, we are engaged in advanced negotiations with several AI companies. It is evident that many of them recognize that acquiring intellectual property is as critical as obtaining semiconductors or ensuring stable energy sources. Ultimately, intellectual property drives AI. These deals are particularly significant for our News Media Properties and Dow Jones. There is a mix of persuasion and litigation involved, but we are committed to protecting our property rights. For instance, if DeepSeek has been using information from OpenAI, which means more DeepSnik than DeepSeek, they will also be contacted by us soon. We conduct thorough research before beginning any legal actions and can quantify potential abuses.
Thank you, Alan. Leila, we will take our next question, please.
Your next question will come from David Joyce with Seaport Research.
You had really strong growth in The Wall Street Journal subscriptions, both digital and total. What would you attribute that? And what do you think you can do to keep that growth continuing?
We would attribute that to the unique excellence of The Wall Street Journal and its functionality as the imperative of readers, both professional and nonprofessional, to be well informed by a trusted news source. The Wall Street Journal is that source. We saw, as mentioned, an overall 9% increase in digital subscribers, a 10% increase in digital revenues, and there is no reason why that shouldn't continue given the uniqueness of the content.
I'd add to that, Robert. We did also benefit from a new partnership that we have entered into with LSEG. The partnership is much broader than just circulation revenue and provides a custom and streamlined dashboard with our content from The Wall Street Journal, Barron's, Market Watch, and IBD being available to the subscribers. This is just kicking off right now. It's still early days. But the business does come with a higher margin driven by lower acquisition costs, lower churn, and lower retention costs.
Thank you, Dave. Leila, we will take our next question, please.
Your next question will come from Evan Karatzas with UBS.
Can you discuss the increase in CapEx for the fourth quarter, what has driven that, and how you expect it to compare for FY '26 relative to FY '25?
Yes, sure, Evan. So CapEx in the last quarter was $157 million, which was up 42% on the quarter and year-over-year. This really came from a pull forward in spend at Dow Jones for growth initiatives, including web redesign as well as the Sky News studios relocating following the closing of the Foxtel transaction. Looking forward, while we're not giving any specific guidance on CapEx, I will say that we will continue to invest in Dow Jones, especially on the Professional Information Services part of the business, which has been contributing to very strong growth. Realtor, we will continue to invest in that business as well, specifically on the integration of Zenlist. Harper has also benefited from some of the investments we've made in the last year, driving efficiencies and scale. I will say that quarter four, that rate isn't a run rate we should just plug into the models for now.
Thank you, Evan. Leila, we will take our next question, please.
Your next question will come from Brian Han with Morningstar.
Robert, are there many acquisition opportunities out there in the Professional Information or data subscription space that you may spend some of your money on?
Brian, you probably don't expect me to be specific about potential targets. It is fair to say we survey the landscape and do so from a position of strength.
Leila, we will take our next question, please.
It seems we have no further questions at this time. I will now hand over to Michael Florin for closing remarks.
Great. Thank you, Leila. Thank you all for participating, and we look forward to speaking with you all very soon. Have a wonderful day. Take care.