For Helix, we believe this guidance provides regulatory clarity for future product launches and reinforces Helix's strong position as the OnPlus authorizations received last year create the potential for a faster supplemental PMTA pathway for future line extensions. In the second quarter, Helix resumed shipments of On Plus 12 milligram in three flavors in Florida, North Carolina, and Texas with a national expansion plan for the third quarter. Helix also plans to introduce flavor extensions across six, nine, and 12 milligram strengths, beginning with blueberry mint and mango pineapple in the fourth quarter. We believe these products will enhance the On Plus portfolio and help meet increasing consumer demand for higher strength options and more flavor variety. Helix is committed to strengthening its position in the attractive nicotine pouch space and driving long-term profitable growth in the category. In eVapor, We continue to believe that the category holds the potential to advance tobacco harm reduction in the US and that recent FDA actions help expand access to regulated options for adult consumers. We also continue to see encouraging signs that federal and state agencies are committed to stronger enforcement. During the quarter, This included continued federal seizures of illicit products totaling more than $250 million, a lawsuit by the Minnesota Attorney General against the leading illicit evaper manufacturer, and actions by major commerce and payment platforms to restrict illicit evaper sales. For harm reduction to succeed, two things are necessary. A more efficient authorization process and consistent enforcement over time. Both are critical to establish a level playing field among legal manufacturers with high-quality, smoke-free products for adult nicotine consumers. We believe increased enforcement activity including supply-related disruptions at the border is helping slow demand for illicit products. While illicit flavored disposable products remain prevalent, signs of moderating growth continued in the second quarter, and we're beginning to see this reflected in the consumer data. At the end of June, we estimate there were approximately 20 million adult vapors essentially unchanged from a year ago. Over the same period, the estimated number of disposable evapor consumers declined modestly. Together, these trends suggest the category's illicit-driven growth trajectory is beginning to moderate from the growth seen in previous years. Before I turn it over to Heather, I'd like to briefly highlight how we're supporting the people, communities and brands that have been central to our success for generations. Our companies have strong American roots and long-standing relationships with farmers that span more than 200 years. Our nation celebrates its 250th anniversary. We're honoring that heritage. by investing in American tobacco growers and their local communities, engaging our employees nationwide through service and civic participation, and marking the milestone across our portfolio, including Copenhagen's year-long celebration of the farmers, veterans, and tradespeople who helped shape our country, and PMUSA's introduction of Marlboro Cowboy Cut. a classic Marlboro experience anchored in the brand's iconic American story. Collectively, these efforts honor the American roots that have shaped our businesses while reinforcing the foundation for our next chapter of growth. In summary, we've had a strong first half of 2026. Our expanding smoke-free portfolio The strength of our traditional businesses, a regulatory environment that is increasingly focused on addressing illicit products, and the passion of our talented employees support our confidence in the opportunities ahead. With that, I'm delighted to turn the call over to Heather Newman, our new CFO, to provide details on our business and financial results.

Thanks, Sal. Good morning, everyone. Altria delivered strong second quarter and first half financial performance. Adjusted diluted earnings per share increased by 2.8% to $1.48 in the second quarter and by 4.9% to $2.80 for the first half. Robust smokable products adjusted OCI growth continued to be a key contributor to earnings. In the segment, adjusted OCI grew by 2.4% to $3 billion in the second quarter and by 4.2% to $5.7 billion in the first half. Adjusted OCI margins expanded to 64.8% in the second quarter and 64.9% in the first half. The decline in our smokable volumes continued to moderate during the quarter. reported domestic cigarette volumes declined 3.2% in the second quarter and 2.8% in the first half. When adjusted for trade inventory movements, domestic cigarette volumes in the second quarter and the first half declined by an estimated 4.5% and 4% respectively. At the industry level, when adjusted for the same factor, we estimate that domestic cigarette volumes declined by 5% in both the second quarter and in the first half, marking the fourth consecutive quarter of moderated cigarette industry declines. This trend continues to primarily be driven by reduced cross-category movement between cigarettes and illicit-flavored disposable e-vapor products. Economic pressure on adult smokers continued to impact cigarette industry dynamics. In the discount segment, persistent discretionary income pressures, especially among low-income consumers, remain the primary driver of growth. Pressures included elevated gas prices and the compounding effects of inflation exceeding overall wage growth. As a result, for both the second quarter and first half, discount retail share grew by 2.6 share points. This trade-down dynamic impacted Marlboro's overall retail share, which declined 1.5 share points versus the year-ago period and two-tenths sequentially. However, Marlboro maintained its long-standing leadership profitable premium segment. In the second quarter, Marlboro's share of premium was 59.6%, unchanged versus the prior year and up one-tenth sequentially. BASIC continues to support PMUSA's portfolio strategy by providing a competitive offering in stores where discount brands are most relevant. During the quarter, retail share expanded by three-tenths sequentially and 2.3 share points year-over-year. Throughout the first half, PMUSA applied the same RGM-driven precision that guided basics repositioning from the start, expanding targeted promotional support to roughly 35,000 stores while refining investment levels based on marketplace learnings. This disciplined, data-driven approach to basics retail footprint and brand investments helped capture share that we believe otherwise would have been lost to competitive discount brands while limiting incremental impact to Marlboro. PMUSA's total portfolio strategy continues to support both share performance and long-term profit growth. Total PMUSA retail share expanded one-tenth of a share point sequentially and 3 tenths versus a year ago. This balance between premium and discount reinforces long-term profitability while supporting overall share stability within PMUSA. Reflecting this balance, smokable price realization for the quarter was 4.5%, driven by strong net pricing for Marlboro, partially offset by mixed impact of basic volume growth. In cigars, reported shipment volume increased 5% in the second quarter, as Middleton continued to significantly outperform in the large mass cigar industry. All other manufacturers continued to experience volume declines, with the industry down 6.4% in the same period. Turning now to the oral tobacco product segment, Second quarter results reflect the continued evolution of the category towards nicotine pouches. Segment performance was impacted by a difficult prior year comparison when 2025 volumes benefited from promotional timing and competitor supply disruptions. Additionally, financial results were impacted by strategic investments behind OnPlus introductory trial offers as we expand it beyond the initial launch dates. As a result, adjusted OCI decreased by 8% in the second quarter and 4.2% in the first half. Adjusted OCI margins remained strong at 66.7% for the second quarter and 67% for the first half. Total segment reported shipment volume decreased 8.5% for the second quarter and 6% for the first half, as growth in on was more than offset by lower MST volumes. When adjusted for trade inventory movements, we estimate that second quarter and first half oral tobacco product segment volumes declined by approximately 2% and 5.5% respectively. Oral tobacco product segment retail share was 29% for the second quarter and for the first half. Retail share was stable sequentially, reflecting the growth of on and resiliency of our MST brands. In the highly profitable moist smokeless tobacco segment, Copenhagen continued to maintain its longstanding premium leadership. Turning to ABI's financial results, we recorded $158 million in adjusted equity earnings in the second quarter, up 21.5% versus the prior year. We continue to view our ABI stake as a financial investment, and our goal remains to maximize the long-term value of the investment for our shareholders. We remain committed to returning significant value to shareholders. During the first half of the year, we paid approximately $3.6 billion in dividends and repurchased 5.3 million shares for $335 million. At the end of the second quarter, we had $665 million remaining under our current share repurchase program, which expires at the end of the year. In addition, our balance sheet remains strong. Our debt to EBITDA ratio as of June 30th was 1.9 times in line with our target of approximately two times. Finally, let's turn to our financial outlook. As we've discussed this morning, our business performed extremely well during the first half of the year. As a result, we are raising the lower end of our full year 2026 guidance. We now expect to deliver adjusted diluted EPS in a range of $5.61 to $5.72, representing a growth rate of 3.5% to 5.5% from a base of $5.42 in 2025. We are mindful of the challenged state of the nicotine consumers, and we will continue to closely monitor their purchasing behaviors. And while refunds of taxes and duties paid on imported cigarettes for the quarter were flat sequentially due to timing factors, we continue to expect export volume and related tax refunds to be higher in the second half of the year, with a more balanced benefit across the third and fourth quarters. With that, we'll wrap up, and Sal and I will be happy to take your questions. While the calls are being compiled, I'll remind you that today's earnings release and our non-GAAP reconciliations are available on Altria.com. We've also posted our usual quarterly metrics, which include pricing, inventory, and other items. Operator, let's open the question and answer period.

Thank you. At this time, if you would like to ask a question, please click on the raise hand button which can be found on the black bar at the bottom of your screen. When it is your turn, you will receive a message on your screen from the host allowing you to talk and then you will hear your name called. Please accept, unmute your audio and ask your question. Investors, analysts and media representatives are now invited to participate in the question and answer session. We will take questions from the investor community first. The first question is from Matt Smith at Stifel. Please unmute yourself and begin with your question.

Hi, good morning. Thank you for taking my question. You raised the low end of the guidance range, but even with that, the low end is below the first half delivery. And I think initially you anticipated a stronger phasing of growth in the second half. So how should we think about the second half now, given some commentary around building benefits from the duty drawback? Are you stepping up investments? You talked about some launches behind on plus and you have cowboy cut going into the market. So are you stepping up incremental investments or are there other considerations in the second half we should think about?

Yeah, thanks for the question, Matt. It's good to hear from you. Look, we were really pleased that we could narrow guidance for our investors coming out of the second quarter. Really pleased with the first half results to your point. The timing played out somewhat differently than what we thought at the very beginning of the year. As you go into the second half of the year, I think it's important to keep an eye on the financial health of the consumer. The consumer remains under pressure. Gas prices and inflation remain elevated, driven primarily by the uncertainty. and the geopolitical climate that they are living in today. So and then I think you are right to point out we talked about National expansion of the 12 milligram on plus. We've talked about flavor, introduction of flavor extensions across the portfolio. And yes, that will require a level of investment. So again, we feel really good about being able to narrow guidance. And, you know, we look forward to the second half of the year.

Thank you. And As a follow up, one of the investment areas is the continued expansion of cowboy cut. I know it's early days, but can you talk about your initial observations in terms of the product's market share trajectory and where the volume for cowboy cut is being sourced from and how you think that evolves over time?

Yeah, we're excited about Cowboy Cut. We're really pleased with the early introduction of Cowboy Cut. Again, it serves two purposes. One, it does allow Marlboro to further celebrate the 250th anniversary of the country, and it really leverages Marlboro's American heritage. And at the same time, it engages with more value sensitive Marlboro smokers and premium smokers who are seeking value at a time when the economic environment is difficult for those consumers. You should think of Cowboy Cut as one of the many tools in the suite of RGM tools that PMUSA uses to engage with consumers. So again, really pleased with the early days of Cowboy Cut and really pleased that we're able to use the breadth of Marlboro's portfolio to engage with value-sensitive consumers. and to use data analytics so that we can be more prescriptive in terms of how we apply those promotional rates across the country.

Thank you, Sal. I'll pass it on.

Thanks, Matt.

The next question is from Bonnie Herzog at Goldman Sachs. Please unmute yourself and begin with your question.

Alright, thank you. Good morning, everyone. I had a question on the double duty drawback. I guess I'm hoping for a little bit more color on why you didn't recognize more of a benefit in Q2. You did export more volume sequentially. So I guess I assume something happened with the import volume quantity. I'm asking because I just want to make sure there's, I don't know, no issue and you have good visibility on this really ramping in 2H versus 1H. And then despite the double duty drawback benefit not increasing sequentially in the quarter, you know, your smokable OCI growth was still up and up sequentially on a stacked basis, which is clearly positive. So could you touch on, you know, some of the drivers of that and maybe, you know, how sustainable you believe that is?

Hey, Bonnie, thanks for the question. For double duty drawback, you're absolutely right to point out export volumes increased Q1 to Q2. Really what you're seeing is the timing factor. And so there are two components to that, why that's not truing up to the FET credit. One is the time in terms of when we apply for that credit. The other is just staging a product, some inventory movement, and that's why that's not perfectly lining up. We do expect in the second half of the year for export volume to increase, and we'll have a more balanced benefit across Q3 and Q4 for the FDT credit. From a smokable OCI standpoint, we really have two components, strong Marlboro price realization that happened in the quarter as well as the first half. And then basic, from an overall strategy standpoint, it was incremental to total PMUSA. And we saw a benefit in terms of volume and share performance. So we feel really good about that total portfolio approach for PMUSA that really aligns with our strategy to maximize profitability over the long term.

Okay, maybe part of my second question, we'll touch on this, but then I do have another question just on the consumer and your SIG volumes, as you guys have highlighted, SIG volume declines are moderating. So just maybe hoping for a little bit more color in what you think might be driving this and whether you expect this to continue. And then I'm also asking in the context of sort of something you just touched on, Heather, is basic, because I think about the second half, you're going to have Pretty tough comps for basics. So just trying to understand if we should realistically assume your SIG volumes will be worse in 2H versus 1H. And then maybe high level, just give us a sense of any change consumer behavior and elasticities given maybe still elevated prices at the pump and tough macro. Thanks.

Yeah, Bonnie, there's a lot in that question. So let me Hopefully I answer all of them. If I don't, please follow up. And if Heather has anything to add, of course. So as far as the, let me start with the cigarette volumes and what you're seeing across the industry. And we break out what we're seeing in terms of industry volume decline. So the drivers, you know, you have the secular decline in the price elasticity. and then the third bucket is this cross-category movement macroeconomic conditions. You are exactly right that the macroeconomic conditions are unsettled. You have, again, as we talked about earlier, high levels in persistent inflation, higher elevated gas prices, but that is somewhat being offset by the moderation and it's actually more than offset by the moderation in cross-category movement. and that's really driven by the fact we believe there are two factors that are driving that. One is the elevated level of enforcement that we're seeing in the marketplace and some of the supply chain disruption that is occurring related to the illicit disposable e-vapor products. And then, you know, these products have been available for a number of years and the consumers, many of them had moved already into these categories. So we think both are probably playing a role in the moderation of the decline rate that you're seeing. And we'll have to see, you know, we don't talk about future volume trends necessarily, but we'll have to see how innovation impacts cross category movement going forward. In the first half, you were lapping a higher level of cigarette decline rates that you rightly pointed out. So that's a lot of the driver that you're seeing in the industry of volume decline rate for this quarter. We're also very pleased with the fact that When you look at Marlboro's performance and the fact that it has really held steady in the highly profitable premium segment, that's a credit not only to the strength of Marlboro and the loyalty rates it has within the brand, but the ability for PMUSA to effectively use the RGM tool suite it has at its disposal. and then yeah BASIC has shown strong growth on a year-over-year basis and we will start to lap that but we again our strategy and discount is to participate in discount and not necessarily accelerate the growth and the discount category you're seeing and that growth in the category is really driven by consumers decisions to trade down during a difficult economic situation.

All right, thanks for that caller. I'll pass it on.

Thanks, Bonnie.

The next question is from Pallav Mittal at Barclays. Please unmute yourself and begin with your question.

Hi, good morning. Good morning. Firstly, on secret volume, and it's a three-part question. So U.S. industry volumes following up on the previous question clearly better so far this year. Just wanted to check, are you seeing any impact on higher gas prices? Because even Q2 volumes were strong, or is there a change in that correlation? And in terms of your shipments, your shipments are almost 120, 150 basis points better than the inventory adjusted number. So should we expect that to unwind in the second half?

Yeah, we are seeing change to the price elasticity seen for a period of time. That coefficient of negative 0.35% continues to hold steady. You do see, obviously, as I pointed out in Bonnie's question, the growth of the discount category in the cigarette space, and that's consumers making trade-down decisions. But Premium remains the category or the segment where most of the profitability is. In the cigarette category, it's about 85% of the profitability in the cigarette category. So PMUSA remains focused on that. You are also correct to point out that PMUSA volume outperform, at least the volume trend outperformed the industry. And that's really the total portfolio approach that PMUSA has employed. So you saw overall PMUSA share grow on a year-over-year basis. So that's impacting the volume comparison versus the industry. Sure. Anything I missed? Go ahead.

If I can then ask on your smokeless business, the ON business, can you just talk about the consumer feedback on the ON Plus product, the recent 12MG launch, and any retention rates since you have gone national in March? The reason is I asked this question because despite the national expansion, volumes haven't accelerated significantly. So just wanted to check if there is any inventory movement which is impacting the Q2 numbers or is there something more than that?

Yeah, let me start, and then Heather, if you'd like to add anything. We're really pleased with the OnPlus launch. It's in about 120,000 stores, so it covers about 90% of the nicotine product volume. AGDC has done a terrific job With the OnPlus, we mentioned earlier that we launched a new retail program that provides On and OnPlus with premium visibility and about 90% of its volume. Share was up. and many more. Thank you. flavors are important to this category. And while the larger flavor portfolio is in mint and wintergreen, other flavors are important. So we're excited about our ability to launch that later in the year in the fourth quarter. You are right when you talk about shipments. There were some comp Issues related to the second quarter. So if you look at 2025, volume was up due to some promotional activity as a major competitor was having some supply chain disruption. It was important for Helix to promote the On product. And then you have some timing between first quarter and second quarter as On Plus National Launch was being prepared. So really happy with the initial launch, excited about the feedback we're getting from consumers, but really excited about the pipeline of products to come related to OnPlus.

Thank you.

The next question is from Eric Sirota at Morgan Stanley. Please unmute yourself and begin with your question.

Hi, thanks for taking the question. I'm hoping you could give some color into how you're thinking about portfolio mix between discount and premium in the second half and as we move forward. You've already talked a bit about or fielded some questions in terms of lapping some of the distribution expansion for basic. At the same time, you have cowboy cut ramping, which at least from limited sample at retail seems to be kind of like a 40% discount to mainline, at least in the markets I've seen. So not asking for future pricing guidance, But just how are you thinking about that mixed benefit or that mixed impact going forward?

Sure, I'm happy to answer. So overall, what we try to do from a strategy standpoint is to maximize the profitability over the long term. And we do that pretty consistently across the portfolio for PMUSA. And I think the first half performance is a fantastic example of that. You are right that we have different aspects of the portfolio that we will leverage. So let's take Marlboro, for example, on Cowboy Cut. That really helps insulate brand. We know that consumers are still under pressure. and to keep them within the Marlboro family. From time to time, we will leverage our RGM capabilities and provide value to those premium consumers who are under pressure. And that's exactly how we're going to utilize Marlboro Cowboy Cut. And then when you think about discount, our approach and sales spot on, we want to participate in discount without accelerating that growth. We've done this from time to time, so historically this is in line with our strategy. Previously, we have had L&M where we supported discount consumers, and now our current strategy is basic. I will remind you it's very targeted in terms of We leverage RGM to clearly identify where there's consumers under pressure to have the least amount of impact to Marlboro. And so we're really proud of our capabilities there in terms of RGM and we feel confident in our ability to manage that for the second half.

Great, and then just to follow up on a different topic, I know it's early days, but in terms of OnPlus, any insights as to what you're seeing in terms of consumer sourcing, how much of it is kind of incremental to the category, and of the part that's not incremental, where do you see it sourcing the most volumes from, you know, either from a Segment and Strength or a brand standpoint.

Yeah, you know, if you look at the OnPlus share performance, it was up 8 tenths sequentially, up 3 tenths year over year. So we believe it's incremental to the overall On portfolio. As I said earlier, it resonates both with On consumers, as well as competitive nicotine pouch consumers. And then it also is appealing to MST consumers. It's a large pouch with stronger nicotine We feel really good about the product, but we recognize it's important to add more flavors to the portfolio. That's why it was important to have the retail trade program in place ahead of the launch. Again, our AGDC colleagues did a tremendous job of and many more. Classic. They stay within the On family. And On Plus, we believe, is a differentiated product related to the nickel silk soft pouch technology. And we believe over the long term, it will be a premium product because of its differentiation.

Great. Thanks so much. I'll pass it on.

You're welcome, Eric. Have a great day.

The next question is from Farhan Beg at UBS. Please unmute yourself and begin with your question.

Good morning, team. Are you able to hear me? Yes. Fantastic. A couple of questions from me as well. The first one, going back to combustibles, if my math is right, I think there's a There's at least a couple of percentage points of deceleration in price mix at a time when The basics share expansion year and year is sort of no different compared to Q1. Could you just help me understand what maybe drove the incremental step down in price mix, whether that's related to Marlboro pricing or the impact of Cowboy Cut? Any help there would be useful. And the second question is going back to The recent FDA policy you highlighted, it gives you an opportunity to innovate and launch future line extensions and nicotine pouches. I guess the other category the policy targets is vapor. Could you maybe remind us What you already have submitted in the PMTA pipeline, what's in scientific review, and how you think about launches in that category to try and further switch consumption away from the illicit trade.

Yeah, so there's a couple of questions in that question, as you pointed out. So let me start with price realization. What you've seen in terms of PMUSA's price realization this quarter is actually the fact that you had strong marble price realization, and it was somewhat offset by the mix related to BASIC as BASIC has grown volume and share. But we really look at overall profitability. So what you saw was strong Smokeable profits, profitability, both in terms of margin and overall OCI performance in the first half of the year. So again, you know, that's the price realization. Some of it is just the math. So just for give you some point of reference, if you look at Marlboro retail price in the second quarter, it was up about 7% on a year over year basis. We do believe that the recent guidance from FDA is constructive. While it doesn't replace the importance of authorization, we do believe that it brings some clarity and transparency related to authorization both in the nicotine pouch as well as the e-vapor category. If you remember, Enjoy Ace was out of the market related to four patents that were filed in the ITC. We have modified those products. They no longer infringe on those patents. And Customs and Border Patrol agree with that perspective. So we have submitted a supplemental PMTA. Our plan is to re-enter the market at some point with Enjoy Ace. While there's been a stepped up level of enforcement, the illicit products remain prevalent. in that category. So as we enter the market, we're going to be disciplined and thoughtful about how we enter the market and exercise financial discipline. But we're also going to continue to innovate for the future and meet the evolving consumer preferences in the eVapor category. as we lock those products, those designs up, will determine the best path forward for submitting for FDA authorization. If it's a supplemental PMTA, then the clock begins when it's accepted by the FDA. If it is a PMTA, the clock, if you will, that six-month clock, So definitely a level of clarity in terms of when products can enter the market and really a recognition by the FDA that products that ignore regulations are different than products that are legal and are going through the FDA process. And we think that is constructive. Thank you.

The next question is from Damian Kneeler at Deutsche Bank. Please unmute yourself and begin with your question.

Hey, morning, everybody. Thank you for taking the questions. The first one is, we've talked a lot about OnPlus and the innovation that you're launching, but we're just wondering Is there anything that you're doing with the regular on products to sort of support or strengthen that part of the market is the first question. And then obviously we've just been chatting about the FDA, but I was just wondering, and obviously you talked in the presentation about the improved backdrop around vape, but specifically, can you provide any sort of insights in how you're thinking about a potential return to that category?

Yeah, sure. So let me start with On. We believe On Classic and On Plus both have a place in our portfolio, and they're both important. If you look at On Classic, it's a smaller pouch. It's more of a dry feel. Currently, it has lower nicotine strengths in the marketplace. So We will continue to innovate when it comes to OnClassic. And we believe that OnPlus plays an important role as well. It has currently higher nicotine strengths. It's a larger pouch and has more of a wet feel. And so they resonate with consumers and they both play an important role in our nicotine product portfolio. You know, I talked a lot about eVapor with Faham. I would say that we see can play an important role in long-term tobacco harm reduction here in the U.S. We intend to participate in that category. But we recognize it's important to have sustained enforcement against the illicit manufacturers who are ignoring and really avoiding the regulatory landscape. So it's important that Enforcement occurs, but it's also important that the FDA continues to authorize products so that the adult nicotine consumer has choices to participate in that category and be able to use reduced risk products. We have not announced the timing of when we plan. to re-enter the category, but we do plan on re-entering that category. And when we have more to report, of course, we will.

Very clear. Thank you, Sal. You're welcome.

And the final question is from Priya Ori Gupta at Barclays. Please unmute yourself and begin with your question.

Hi, this is Teresa on for Priya. Thank you for taking our question. So could you please walk us through your thoughts on the current market backdrop in terms of not only your 2026 maturity, but also your 2027 Euro bond and how you're approaching the refinancing? Thanks.

Sure. You know, first and foremost, we remain committed to delivering strong shareholder returns Obviously, our primary vehicle to do that is by way of the dividend. Historically, after we have the dividend, we have about a billion excess in cash. And we look at capital efficient ways to deploy that capital. One in which you're pointing to is our debt management. And we also look at other capital efficient ways like share buyback. We also have opportunities to accelerate against our Long-term adjacency vision, as well as our smoke-free vision with any M&A opportunities. And we think that we're really well positioned to manage those debt maturities in 26 and 27. We have a very strong balance sheet to do so with high cash generation businesses, and we remain focused on really delivering that strong shareholder value.

Great, thank you.

Thank you. Thank you.

There appears to be no further questions at this time. I would like to turn the call back over to Mac Livingston for any closing remarks.

Great, thanks everybody for joining us. If you have any follow-up calls, please feel free to reach out. Thanks and have a great day.

This concludes today's call. Thank you for your participation. You may now disconnect at any time.