管理層發言
Hello, everyone. Thank you for joining us, and welcome to the Excelerate Energy Second Quarter 2026 Earnings Conference Call. Operator provided standard instructions to participants. I will now hand the conference call over to Craig Hicks, Vice President, Investor Relations and Strategy. Craig, please go ahead.
Good morning, and thank you for joining Excelerate Energy's Second Quarter 2026 Earnings Call. Joining me today are Steven Kobos, President and CEO, and Dana Armstrong, Chief Financial Officer. Also joining the call are Oliver Simpson, Chief Commercial Officer, and David Liner, Chief Operating Officer. Our second quarter earnings press release and presentation were published yesterday afternoon and are available on our website at ir.excelerateenergy.com. Before we begin, please note that today's discussion will include forward-looking statements, which involve risks and uncertainties that may cause actual results to differ materially. We undertake no obligation to update these statements. We'll also reference certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP measures can be found at the end of the presentation. With that, it is my pleasure to pass the call over to Steven Kobos.
Good morning, everyone, and thank you for joining us. This was a strong quarter for Excelerate, both financially and operationally. We delivered $120.1 million of adjusted EBITDA and advanced a number of commercial opportunities that support our growth outlook for the years ahead. Before I get into the quarter, let me start with what drives this business. We connect global LNG supply to the markets that need it most, and we own and operate an energy infrastructure portfolio that turns imported LNG into reliable, affordable energy. The backdrop for that work has never been stronger. An unprecedented wave of new LNG supply will come online by the end of this decade. That creates a significant opportunity for the downstream infrastructure required to connect that supply with the countries and customers who depend on it. That is precisely what we provide. As the operator of the largest portfolio of floating regasification terminals in the world, Excelerate is well positioned to take advantage of these macro tailwinds. What sets us apart is how we create value from that portfolio. We redeploy and optimize the assets we already own to drive incremental growth, and we invest selectively where we can add stable contracted cash flow. This quarter is a good example of that discipline at work. So let's get into the updates on the progress we have made. The Excelerate Acadia, our newest floating regas terminal, is an example of how we create value from the infrastructure within our portfolio. The Acadia was delivered in April on budget and ahead of schedule. While it was originally planned for deployment to Iraq this summer, after the onset of the Middle East conflict, we moved quickly to find an interim deployment for the asset. In May, we signed a nine-month charter with Jordan's National Electric Power Company, NEPCO, to deploy the Acadia to the country's existing LNG import terminal in Aqaba. Operations began in July, and the deployment is expected to contribute approximately $20 million of EBITDA this year. We matched one of our floating regasification assets with an immediate customer need and generated meaningful earnings uplift while preserving the asset's strategic positioning for future opportunities. That is the advantage of operating a portfolio of this scale. When a market needs reliable regasification, we can respond. We are also creating incremental value over a much longer horizon. In June, we signed a seven-year charter with a subsidiary of Frontera Energy Corporation to redeploy the FSRU Express to a new LNG import terminal under development on Colombia's Caribbean coast. The agreement has an initial term of seven years and includes multiple extension options. Following completion of its current charter and planned dry dock later this year, the Express is expected to begin service in Colombia in early 2027. The new agreement is expected to increase the Express' annual EBITDA contribution by about 35% compared to its current contract. Importantly, it also adds meaningful long-term contracted EBITDA to our backlog. Let me now turn to Iraq. In October 2025, we executed a definitive agreement with a subsidiary of Iraq's Ministry of Electricity to develop the country's first LNG import terminal. It is an integrated project that includes a five-year agreement for regasification services and LNG supply. It has extension options and a minimum contracted offtake of 250 million standard cubic feet per day. Despite the ongoing conflict in the Middle East, we have continued to advance the project while adapting our execution plans as conditions evolve. We continue to monitor developments across the region closely, and safety and security considerations remain at the forefront of project planning and execution. Engineering and procurement activities are nearing completion. Site clearance and dredging activities have continued in preparation for construction, and materials required for the terminal have been staged globally and are now being mobilized based on construction priorities. Based on our current project schedule, we now expect terminal operations to commence early in the second quarter of 2027. We remain closely aligned with our counterparties on the value of this project to Iraq's energy system, and we appreciate the support of the new Iraqi government and share its commitment to advancing infrastructure that strengthens the country's long-term energy security. When the terminal comes online, it will bring reliable, large-scale gas import capacity to a country that needs it. It will do so under a take-or-pay contracted structure consistent with the rest of our portfolio. Next, let's turn to our FSRU conversion project. To position ourselves for new regasification opportunities as the LNG supply wave comes online, we are converting an LNG carrier into a floating regasification terminal to support our future earnings growth. In July, we entered into a definitive agreement to purchase our second LNG carrier, the Methane Patricia Camila, for approximately $79 million. It will serve as the dedicated vessel for our first FSRU conversion project. As you know, earlier in the process, we evaluated the Shenandoah as the potential conversion candidate, and it remains a viable option for future conversion opportunities. However, ultimately, we selected the Methane Patricia Camila for this project because its 170,000 cubic meter storage capacity, TFDE power generation, and installed reliquefaction provide a strong technical foundation for a high-capability FSRU. We believe these characteristics will enhance the performance of the asset, expand the range of opportunities it can serve, and increase the earnings potential over its operating life. We are also making good progress with the key milestones required to advance the project. Since executing the LNG carrier purchase agreement, we have ordered the regasification plant and continue to advance the shipyard scope toward definitive agreements. We continue to expect the converted FSRU to be available for commercial deployment in early 2028. By advancing the conversion today, we are positioning Excelerate to meet future customer demand at a time when available FSRU capacity is expected to remain limited. Let me close the business update with Jamaica because it is an important example of where this company is headed over time. A little over one year ago, we acquired our integrated LNG and power platform in Jamaica. What makes Jamaica valuable is not only the contribution it provides today, it is the combination of LNG import infrastructure, downstream customer relationships, and commercial opportunities that create multiple avenues for growth. Across Jamaica, we continue to identify opportunities to optimize the existing platform and increase utilization through additional LNG sales and expanded infrastructure services. Beyond Jamaica, we have already begun to leverage our existing infrastructure and LNG supply position to support customers on other islands and coastlines throughout the Caribbean. Today, our platform enables us to serve a broad range of customer needs through infrastructure solutions that range from truck-delivered LNG to larger integrated downstream projects. More importantly, Jamaica demonstrates how a single LNG infrastructure platform can create a scalable and repeatable model that can be expanded across the Caribbean over time. We are seeing increased momentum on the commercial front, and we look forward to providing updates on the progress we are making later this year. In summary, here are the key takeaways. Across our portfolio, we continue to create value from the assets we operate today while advancing future growth opportunities, whether it's the Acadia in Jordan, the redeployment of the Express, the integrated Iraq LNG import terminal, or our FSRU conversion. Each of these initiatives reflects the same approach to capital allocation. Together, they form a sequenced pathway to growth through 2028 with each milestone building on the earnings power, contracted cash flow, and infrastructure platform we have in place today. We have a strong foundation and the financial strength to execute our strategy. Finally, I want to recognize our employees around the world. Their commitment and hard work are behind every milestone we discuss today. With that, I'll turn the call over to Dana.
Thanks, Steven, and good morning, everyone. Excelerate delivered solid financial results in the second quarter. We reported net income of $50 million, roughly flat compared to the first quarter of 2026. Adjusted EBITDA for the second quarter was $120 million, down slightly versus the prior quarter. Adjusted EBITDA increased by 12% from the prior year second quarter, primarily due to a full quarter contribution from the Jamaica platform. For the second quarter, maintenance CapEx spend was $14 million, and committed growth capital spend was $241 million, inclusive of the final payment for the Acadia, which was paid in April. Behind these results is a strong balance sheet that supports near-term execution and our growth objectives. As of June 30, 2026, total debt, including finance leases, was $1.2 billion. We ended the quarter with $342 million of cash and cash equivalents, and the full $500 million of capacity under our revolving credit facility was available. Net debt was $898 million, and trailing net leverage was 1.9x. With leverage well below our target range and substantial available liquidity, we have plenty of financial capacity to fund our growth pipeline while continuing to return capital to shareholders. Our capital allocation framework remains disciplined. First, we invest in accretive growth opportunities across our infrastructure platform. Second, we return capital to shareholders through a growing dividend. Finally, when market conditions warrant, we pursue opportunistic share repurchases. Consistent with that framework, our Board recently approved a quarterly cash dividend of $0.09 per share of Class A common stock, representing roughly a 13% increase over the prior quarter. This increase is consistent with our previously announced target of a low double-digit annual dividend growth rate through 2028 and reflects our confidence in the company's ability to fund growth while returning capital to shareholders. The dividend is payable on September 3, 2026, to Class A common stockholders of record as of the close of business on August 19, 2026. We also continue to execute on our share repurchase program. During the second quarter, we repurchased roughly 693,000 Class A shares for approximately $24 million at a weighted average price of $33.93 per share. With that framework in mind, let me turn to our updated financial outlook for the remainder of the year. Based on our results and clear visibility into the second half of the year, we are adjusting our full year 2026 guidance. We are raising and narrowing our full year 2026 adjusted EBITDA guidance. For the full year, adjusted EBITDA is now expected to range between $490 million and $515 million. This increase reflects the strength of our contracted base business, ongoing asset optimization, and strong operational execution. Additionally, we have raised and narrowed our committed growth capital guidance to a range of $380 million to $400 million. The increase in committed growth capital was driven primarily by certain Iraq-related project costs being pulled forward to 2026 from 2027. The total estimated cost and return profile of the Iraq project remains in line with the previously communicated range. The updated committed growth capital range also reflects continued execution of our first FSRU conversion projects, including certain payments related to the recently ordered regasification plant and other long-lead equipment. In addition, the range includes a 10% down payment associated with the acquisition of the Methane Patricia Camila, which is due in the third quarter of 2026. We are lowering our full year maintenance CapEx guidance to a range of $85 million to $95 million. This reflects the expected deferral of the FSRU Exquisite dry dock into 2027. We are pleased with our performance for the first half of the year and remain focused on executing against our priorities for the remainder of 2026. With that, we'll open up the call for Q&A.
分析師問答
Operator provided instructions for the question-and-answer session. Your first question comes from Theresa Chen with Barclays.
I wanted to go back to Steven's earlier comments about the strength of global LNG trade and regasification in particular. With the Express' strong recontracting results, how should we think about the read-throughs to the rest of your portfolio? Does this outcome change your expectations around pricing, contract duration, or the renewal terms upcoming? And what are you seeing in customer demand trends today?
Theresa, thanks very much. Good to have you on the call and look forward to seeing you at Barclays in September. Great question. It should come as no surprise that we are bullish on the asset class. We have been bullish on the asset class. We remain bullish on the asset class. It is going to remain tight through the foreseeable future. I think this is the fifth asset in the existing fleet that we have recontracted on more favorable terms over the past 4.5 years. So we expect that to continue, frankly, into the 2030s — the tightness in the market. The coming wave is just going to need homes, and there are an insufficient number of homes. So that's our bullishness or expectation in general. What else was buried in your question, Theresa? Since I said you only got two questions, I want to stretch it out for you.
No worries. The general sentiment we completely understand, and we'll wait to see what you get on pricing, contract duration, and the like for the rest of your fleet as you recontract the assets. Maybe looking at near- as well as medium-term EBITDA, I want to delve into your outlook a little bit more. With your newly increased guidance, can you walk us through the assumptions embedded in the outlook today? What factors could push results towards the high or low end? And then looking beyond 2026, taking into account the currently fluid situation in the Middle East, what gives you confidence in starting the Iraq terminal operations in the second quarter of next year?
Theresa, it's Dana. I'll take the first part of that question. In terms of the guidance, our base business is relatively predictable. The biggest variable item is the Atlantic Basin deal. As you know, we deliver two cargoes per year, and the last couple of years we've done a partial cargo in the fourth quarter, which has spread into the first quarter of the following year. That's our baseline assumption, but that could change depending on many items, weather being one of them. So if that pulls up into Q4, that could drive us closer to the higher end of the range. If it pushes back into the first quarter of next year, that could drive us to the lower end of the range, but we're highly confident that we'll be within that range regardless of what happens there. The other factor is cost. We always have some level of variability in our costs. So from a vessel OpEx and a business development perspective, if we shift priorities or activities change, that could create some variability, although usually not very material. So again, we feel very confident we'll be in that range. It's really the standard seasonality of things that we see swinging one way or the other.
Theresa, I want to get back to your first question just because we do see upward pressure continuing on day rates. The reality is we're out there looking and hunting for integrated projects that are going to provide an even better return. So I don't, by my comments, want to lead anyone to think we're just looking for a standard TCP. Beyond that, you're also looking for near-term growth. If we weren't clear on the call, Iraq is starting up in Q2.
Theresa, maybe I can add a little bit to that, too. You were asking about what gives us confidence that we can come online in the second quarter. I'd say this project is coming online. The fundamentals of the project are even more compelling now than they were prior to the conflict. We've used this time in the second quarter to make sure we understood exactly what the security situation is on the ground before we restart in earnest. We've had people on the ground the entire time. We've had people in Iraq continuously since the end of last year. We have great relationships with the local government, with the U.S. government, with security forces in the region. That gives us good comfort that we can restart in earnest and get online in the second quarter of next year. We're confident we're going to deliver, and you'll see a lot more movement as we get into the third quarter, and we're really going out full speed.
Your next question comes from the line of Olivia Halferty with Goldman Sachs.
I wanted to ask about the FSRU conversion candidate acquisition. First, can you walk us through how commercial conversations for the conversion candidate are progressing? Remind us what total conversion CapEx could be and project milestones to watch for an early 2028 in-service. And finally, could you walk us through the rationale for buying the new donor vessel and maybe the technical specs that make this asset more attractive for the 2028 early in-service versus the existing Shenandoah LNG carrier?
Olivia, thank you for being here, and we really want to welcome Goldman Sachs to our analyst coverage universe. It's a pleasure to have you on board, and we look forward to many future conversations. David is chomping at the bit to answer this, but I'm going to take the last part because it goes back to the point I was making with Theresa. We are always going to be opportunistic. We had an opportunity on this vessel, and we think it's fantastic. We think it's among the best conversion candidates in the world. It already has reliquefaction on it. That means it'll have great boil-off gas management. It has 170,000 cubic meters of storage capacity. We like that. It also already has TFDE power generation on board, which simplifies things and reduces execution risk on the conversion. When you look at those characteristics together, it's a far better candidate for an integrated deal where we will be selling molecules through it. It's ideal for that. That is something we are prioritizing as we move forward. We liked the price, we liked the vessel, and we liked what we can do with it. I will let David take the technical deep dive.
We are thrilled the commercial team was able to secure that asset for us. In terms of size, it's going to be an efficient terminal to operate because with 170,000 cubic meters, that's the standard parcel in the industry. That means you can get vessels in, discharge a full cargo, and get out quickly. It's efficient. The fuel-efficient TFDE propulsion system can be used for power generation and is among the most fuel-efficient power generation options for an FSRU. The reliquefaction system improves boil-off management, so the conversion will be very efficient in terms of boil-off rate when she goes into service. One other thing is the pedigree of the vessel. It's had charters, owners, and operators that are world-class, and it's been maintained in good condition. We've put boots on the ground to confirm that and conducted numerous third-party inspections, which gives us comfort we'll have a great asset when she comes to us. We take control of that asset in January of next year. We're working towards a definitive agreement with the Seatrium shipyard. Be on the lookout for that. We've already secured all of the regas equipment for that conversion; we've ordered it. There are a number of milestones coming down the way. You also asked about CapEx. We've previously communicated around $200 million. With our pivot to the Patricia Camila, that's going to be on the low side. It's actually going to increase from that. But because of the capabilities she will have and why she's such an ideal candidate for an integrated project, we expect the same level of returns as we've previously communicated.
That is clear. I appreciate all the detail. For my follow-up, I wanted to ask a follow-up based on your comments, Steven, to Theresa's first question — really about the commercial preferences you are seeing from customers regarding integrated terminal offerings versus stand-alone FSRU charters. As you work through commercial discussions with customers, how would you describe demand for the full-service terminal plus LNG supply and last-mile solutions versus stand-alone FSRU charters? And then from a contractual standpoint, can you remind us how the margin profile and stickiness with customers varies on integrated terminals versus vessel-only charters?
Olivia, we want to own and be as involved as possible throughout in terms of stickiness. We want to be embedded within a deal. Preferences will vary by market and by customer — horses for courses. Different places have different needs depending on background, portfolio, and if it's their first foray into LNG. From our standpoint, it will be a tight market for the foreseeable future given the LNG wave coming online; we're not concerned about deploying assets. We want to be picky about where we deploy them. There'll be times when we won't be tied to one form or another. If there's a great opportunity and we like the offtaker on a traditional capital lease model, we'll do that. We're not going to turn it down, but we are selective. You should interpret our actions as moving toward integration as a strategic preference; we think that's going to be required to succeed moving forward. We want to use our assets to pursue what we view as the future of regas.
Olivia, to answer your question about returns, our prior guidance holds: the more we can integrate, the higher the returns will be. We generally guide to unlevered after-tax returns in the low double digits to the mid-teens. TCPs tend to be closer to the lower end; more integrated projects are closer to the mid-teens or sometimes higher. So the level of integration drives higher returns.
Your next question comes from the line of Elias Jossen with JPMorgan.
It's been over one year now since you've closed on the Jamaica platform. I know the team is highly integrated with the local government and looking to provide durable energy infrastructure solutions there. Can you talk a little bit about the learnings you've had from owning that platform and when we may start to see chunkier growth opportunities start to materialize this decade? And remind us what the cadence looks like for putting those new assets in service?
Eli, I'll hand that over to Oliver because he wants to speak about it. If it's not clear, we're already making deliveries to other islands and other Caribbean coastal areas. We haven't talked about them individually because some are not yet sufficiently material, but we are advancing and are excited about the Caribbean.
Thanks, Eli. It's been about one year since the acquisition, and the integration has gone extremely well. The full team and assets are fully integrated, and we're at a full running cycle now. Three things to point out: One, we've been making small incremental sales on the spot, optimizing the existing assets. In this last quarter, we made our first sales with the final destination outside of Jamaica, using the Jamaica assets to reach other Caribbean islands. The key now is to turn those into longer-term discussions and contracts. Second, we announced the Colombia TCP this quarter. It's a TCP, but it's also a proof point of our selective approach. Putting an asset in Colombia on the Caribbean coast is an extension of our Caribbean portfolio and provides proximity to Jamaica and other Caribbean customers. Third, we have a number of active discussions and are pleased with the progress. I expect through the course of this year we'll provide more news. On the overall picture, we provided an EBITDA and CapEx outlook last year for the Caribbean, and we remain comfortable with that range. We haven't provided specific cadence on timing, but we still stand by that range.
Understood. I know you guys have had many conversations regarding LNG supply from the Middle East, maybe specifically from Qatar. What kind of conversations are you having with them? What updates should we expect as we head into year-end? Separately, thinking about the Express through the Strait import moves and broadly how that fits into the dry dock before the charter in Colombia, what are you seeing on the ground in the Middle East?
We have a lot of focus in the region as we do globally. We've spent a lot of time there. We already discussed our supply deal into Bangladesh and its impacts, which are within the guidance provided today. One thing to note is the conflict has underscored the need for the Iraqi terminal. In Kuwait, Excelerate opened Kuwait up to LNG nearly 20 years ago. All through this year, cargoes into the Kuwait LNG terminal from 2025 are only down 15%, and 39 of 40 cargoes delivered have been from Qatar. Intra-basin deliveries of LNG are proceeding. There's intense interest for new terminals like Iraq as destinations for further intra-basin deliveries. If we had received the green light to build earlier, I am comfortable the terminal would have remained up and running as the Kuwaiti terminal has. Regarding Express, we have assets within and outside the Gulf. Express is plan A, and we are planning for plan A. But as you may have realized by now with our pivot of the Acadia to Jordan, we always have a plan B and C. We're focused on plan A, and we will execute Colombia. If we have to pivot, we will.
Your next question comes from the line of Robert 'Bobby' Brooks with Northland Capital Markets.
I wanted to follow up a little on Oliver's comments. How might redeploying the Express to Colombia play a role in your broader plans for growth in the Caribbean?
Bobby, the Colombia TCP is a firm TCP. Through that and our discussions with our partners there, Frontera, we believe there will be opportunities to use that asset in conjunction with our broader Caribbean assets. Jamaica can act as a tank farm from which we can reach other places in the Caribbean, and the Express in Colombia sits near one of the largest ports in Colombia and the broader Caribbean, offering traffic and opportunities to serve nearby customers. We're focused on getting that terminal up and running and the asset there, but it's a long-term charter and relationship that we expect to leverage to go after more opportunities.
Got it. Very helpful. My follow-up: What signals would push you back into the queue for a shipbuilder for a new build rather than conversions or secondhand acquisitions?
Bobby, we will always look at new builds. We love high-quality assets like the Acadia. We're opportunistic and will evaluate price, timing, and the market. As we move into the 2030s, there will continue to be a place for best-in-class new builds. We're not on the verge of pulling a trigger right now, but I expect we will be back with a new build at some point if the economics and timing make sense.
Your next question comes from the line of Michael Scialla with Stephens.
I wanted to see if you could give us a sense of the EBITDA uplift you anticipate in 2028 from the conversion.
Mike, we've guided previously using a CapEx-to-EBITDA multiple. If you take the CapEx and apply that multiple, we generally use a 5x to 7x range. Iraq is around 5x as an integrated project. A conversion could fall somewhere in that 5x to 7x range depending on structure and integration.
Appreciate it. With all the growth materializing here, what are your latest thoughts on potentially securing more supply agreements?
We will secure more supply agreements. There is strong interest in filling our positions, and we're deliberate about it. We'll provide color as soon as we can.
On commodity risk and matching supply to customer needs, those conversations happen in parallel with downstream project discussions. As we evaluate conversions or integrated projects, we'll need to bring in more supply to support those efforts, and it's on our radar.
Your next question comes from the line of Christopher Robertson with Deutsche Bank.
Given the Middle East instability, both exporters and importers care a lot about pricing, price volatility, security of supply, and supply chain resiliency. Have conversations with potential customers changed in how integrated opportunities look? Will they include more robust storage capacity designs or other design changes for greater inventories? I wanted to get a sense of how topics are trending.
Chris, it's fascinating. I was on the USS Nimitz in Kingston a couple months ago when it made a port call, and I was reminding the Jamaican government that their natural gas prices have been stable because they have reliable long-term Henry Hub–index pricing from Excelerate. The lesson is to be careful about sourcing and contracting. We can provide whatever product a customer wants to give them physical and economic security. We're not trying to maximize returns on molecules; we want to be boring and provide reliable infra-type profiles, buying and selling on matching indices. During spikes, people realize they need more thoughtful sourcing and are more receptive to integrated products that provide stability. We're seeing more interest in that.
A bit of a left-field question: you've always been part of the LNG value chain. Are there other American petroleum gases stripped from the gas stream that are interesting from an infrastructure perspective you might move into at smaller scale? Or will you stick to the LNG value chain?
For now, we are focused on the enormous TAM in the downstream portion of the LNG value chain. We'll build last-mile delivery systems that could potentially support other products, but for now we're laser-focused on LNG downstream infrastructure and regas. We're entering the era of regas and LNG, and that is our obsession.
Your next question comes from the line of Wade Suki with Capital One.
You know the routine by now. I always love your views on the commercial environment. There are stories about another FSRU possible in Bangladesh and multiple import facility proposals in Colombia. Can you speak to those other opportunities, ability to get bigger in existing locations, and any color on other regions like India or Vietnam?
Wade, I'll hand that to Oliver. We put many questions into each of your questions, but Oliver will address the pipeline and our approach.
I won't comment specifically on other companies' projects. For our project in Colombia, we have a firm contract, a timeline, and a clear line of sight to delivery, and we're confident in our ability to deliver. We're deliberate about where and with whom we work. Our view on conversions is driven by the limited near-term supply of FSRUs and robust demand for assets that fit that profile. We have multiple discussions for the conversion asset and are focused on finding the right integrated project. We continue to see robust demand across regions. Our track record and ability to deliver provide value to counterparties, and progressing on the conversion reflects our confidence in that pipeline.
Appreciate that, Oliver. Is there an inorganic opportunity to pick up an FSRU, or are conversions and new builds more attractive from a return perspective?
Wade, if anyone wants to unload an FSRU, Oliver's phone is available. We can deploy as many as we can acquire that meet our standards.
We've shown commercial flexibility across transactions in recent years. We're nimble and will evaluate any asset that is accretive and a good fit. The conversion path makes a lot of sense for us, but we will also keep looking at new builds and different technologies; we evaluate each on its merits.
We have reached the end of the Q&A session. I will now turn the call back over to Steven Kobos for closing remarks.
Thank you all for joining us this morning. I have never been more proud of this company and of our employees around the globe who are delivering all these milestones as well as this executive team around this table. Top to bottom, we are doing great things all around the world, and thank you for taking an interest in those efforts.
This concludes today's call. Thank you for attending. You may now disconnect.