Hello, everyone.

Thank you for joining us, and welcome to the York Space System's second quarter 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, please press star 1 again. I will now hand the conference over to Christopher Evenden, Vice President of Investor Relations. Chris, please go ahead.

Hello, everyone, and welcome to York Space Systems second quarter 2026 earnings call. With me on the line are Dirk Wallinger, our CEO, and Brian Frantz, our Chief Accounting Officer and Interim CFO. Please note that our earnings release is available at ir.yorkspacesystems.com. Thank you very much. We will refer to certain non-gap measures. A reconciliation of these measures to the most directly comparable gap measures can be found in our earnings press release. We will also make statements that are considered forward-looking, including those related to our 2026 outlook, future revenue and growth prospects, anticipated award times, pipeline, award opportunities, backlog, M&A strategy, inventory building, and the benefits of our acquisitions. Thank you very much. Now, I'll turn the call over to Doug.

Thanks, Chris. Hello, and welcome to York's second quarter 2026 earnings call. I appreciate you taking the time to join us. Before we get into the highlights from the quarter, I want to take a moment to introduce Brian Frantz, who will be stepping into the role of interim chief financial officer at York. Brian joined us as the chief accounting officer and played a central role in our transition to a public company. with direct responsibilities for financial reporting, internal controls, and SEC compliance. Brian brings more than three decades of financial leadership experience across public and private companies, including prior service as CFO of Remax International and principal financial officer of Intrepid Potash. You'll hear from Brian on the quarter's financials a bit later in the call. Q2 was another strong quarter of execution for York. We launched 21 more satellites, added new customers, and expanded our portfolio of mission capabilities. Thank you for joining us. In the first half of 2026, we secured eight contract wins at an 88% win rate on our proposals. We added four more contracts in this quarter, with two task order wins and another IDIQ add in the last 45 days alone, a reflection of both the breadth of our capabilities and the confidence customers place in our performance on orbit. We have expanded our national security customer base, including three new IDIQ vehicles, expanding our contracts to cover 10 different mission areas. Those IDIQs have generated two delivery orders, an early signal of how quickly today's onboarding contracts are now converting into real mission work. A few of these wins are worth calling out in more detail. In July, York was awarded a task order contract on one of our highly selective IDIQs, to deliver military system capabilities built on commercial technologies. That award reinforces our position as one of the only providers with an on-orbit performance record for operational systems and the commercial manufacturing scale required to support the resilient multi-vendor supply base the government is asking for. In early August, we were awarded another IDIQ task order for an on-orbit demonstration. The rapid conversion from IDIQ selection to multiple funded delivery order contracts in a matter of weeks reflects real near-term demand for York's proven in-production spacecraft as the government scales their space-based architecture. We are encouraged that the government remains committed to a resilient supply base for their architectures. Thank you for joining us. Their effectiveness and survivability depend directly on assured, resilient communications across every phase of the mission. In an environment where air superiority is denied, space will be the enabling network for those communications, and by extension, the foundation of the defense architectures that will define the next era of warfighting. The character of conflict has changed, and the architectures underneath it have to change with it. Whoever controls the assured communication systems controls the fight. That is why jam-resistant communications and alternative PNT matter, and it's why York is investing where we are. We are building for a warfighter who will operate across manned and unmanned formations, and we intend to be the prime that delivers the space-based infrastructure they will count on to win. The changing character of conflict leads directly into our acquisition of Allspace, completed in July. Allspace, a leader in assured communications terminals, extends our reach into adjacent markets and positions us to capture the accelerating demand for unmanned systems across every domain. Allspace also brings established contracts with the Army and Navy with momentum already carrying into a new DIU contract and 6 million follow-on order. for 23 additional terminals from the Navy. All space in our other subsidiaries are expected to contribute roughly 10 to 15% of 2026 revenue. In July, we were selected by the US Space Force for the Nightstar IDIQ, further extending our mission portfolio capabilities. Nightstar positions us to compete for task orders, integrating our satellite platforms with the global ground network operated by Atlas Space Operations, a wholly owned subsidiary of York. Our expanding portfolio of mission types and capabilities positions York to compete for a broader set of opportunities. Roughly 23% of our contracts sit in network communications and the remaining 77% address non-communication mission capabilities like AMTI, advanced fire control, remote proximity operations, missile warning, missile track, and more. That breadth aligns directly with where defense budgets are planned, and enables York to compete across the full range of programs shaping the next generation of defense. Shifting to the commercial side, we continue to see commercial opportunities increasing following our constellation win earlier this year and anticipate commercial systems becoming a larger portion of our revenue potential and growth trajectory. Our demonstrated ability to deliver at scale at price points unmatched by competitors continue to make us an attractive partner in the commercial sector. Shifting to execution. This quarter, York became the first performer to complete its Tranche 1 transport layer deliveries, launching a second dedicated Falcon 9 that put 21 York-built satellites on orbit and bringing York's program record to 42 for 42 ahead of every other awardee. That's a track record customers see, and it's showing up directly in awards we're winning today. To date, Thank you for joining us. Nemesis extends York's prime integration model into geo in support of space domain awareness missions and reinforces our ability to prime, integrate, and deliver across orbital regimes. On the Dragoon program, we completed our initial mission objectives in a matter of months, demonstrating York's ability to deliver operationally relevant tactical communications at speed and scale. And we completed our acquisition of Celestial, a leading provider of next-generation space solar technology. Celestial secures domestic control of a critical element of our supply chain currently controlled by China, reduces geopolitical exposure across our manufacturing base, and positions us to leverage advanced solar capabilities as a differentiator in future spacecraft designs. Before I turn it over to Brian to review the financials in depth, I want to speak briefly to what we're seeing across the broader U.S. government acquisition landscape and what it means for York's growth trajectory. Through 2026 and increasingly in Q2, we've observed a meaningful shift in how the U.S. government is acquiring spacecraft systems, moving away from a rapid succession of larger RFPs to an IDIQ approach that is slow to start but often faster to accelerate task orders later. This approach has a longer cycle to award the IDIQs initially, but once IDIQs are awarded, task orders can be awarded in more rapid succession without the need for follow-on competitive award cycles. They generally pursue smaller on-ramp task order contracts to start, but can lead to multi-billion dollar opportunities later for true operational systems. Highly selective IDIQs are more desirable as the budget size and smaller vendor pool represent significant revenue potential for awardees on discriminating IDIQs. York has been awarded six contracts under this new approach in 2026 alone, and we view them as significant drivers of growth into 2027 as the follow-on programs advance. York's contract wins range across very large swaths of capabilities that align well with the current budget allocations we are seeing. This shift is changing our expectations of award timing, and as a result, we are revising our full year 2026 revenue guidance. Brian will walk through the specifics in a moment. With our backlog potential on awarded contracts totaling $1.85 billion, and an identified pipeline exceeding $11.5 billion, the opportunity in front of us is substantial. To wrap up, York is leading the new space industry, actively operating five unique missions and three constellations simultaneously. We are executing consistently for our customers, improving our hardware on orbit and operational missions. We have secured eight new contracts in 2026 alone at an 88% win rate. and we continue to expand our capabilities in line with where defense budgets are being planned, the opportunity in front of us is substantial and York is positioned to capture it and deliver meaningful long-term value. With that, I'll turn it over to Brian. Thank you, Dirk.

As Dirk discussed, we executed well during the second quarter, closed two acquisitions since our last call and added more new customers that have the potential to be very large in 2027 and 2028. Our revenue for the quarter was $92.5 million, up $8.7 million, or 10%, compared to the same quarter in the prior year. The increase was primarily driven by our revenues from acquisitions completed in the second half of 2025 and the first half of 2026, as well as our new commercial contract, which we announced earlier this year. Revenue from our major government programs remained relatively flat year on year. Gross margin was 24% in the current year quarter, up 13 percentage points from the year ago quarter, which was negatively impacted by an EAC adjustment. Our second quarter 26 gross margin also reflects higher gross margin contribution from our post-launch operations and support work. We expect our gross margin for the balance of the year to remain in the mid 20% range. Similarly, gross margin dollars were $22.2 million in the quarter, up $9.5 million in the year-ago quarter, driven by an improved margin percent on a larger revenue figure. Contribution margin expanded 18 percentage points to 42% in the second quarter, driven by a richer mix of newer vintage programs, which tend to have higher margins than our older vintage programs. Our direct materials expenses decreased in Q2 2026 over the second quarter of 2025 as we approach the end of our production for our tranche one transport layer satellites, which in its post-launch phase is incurring mostly labor costs. As we now have all 42 of these satellites successfully in orbit and healthy, our operation and sustainment revenues will increase and they have a higher contribution margin than the company average. Contribution margin dollars almost doubled, growing to 39.3 million from 20.3 million last year, driven by the aforementioned mix in the EAC adjustment in the second quarter of 2025. Turning to operating expenses, our SG&A plus R&D expenses increased 52% compared to the prior year quarter. This was primarily driven by an increase in overall headcount, Increases in overhead related to the public company uplift and incremental salaries and costs related to the acquisitions of Atlas, Orbeon, and to a lesser degree, Celestial, which was in June of 2026. Naturally, we will see an increase in SG&A expenses in the second half related to our acquisition of Allspace, which occurred in July. Most of the increase in our public company SG&A infrastructure is complete, and we expect those costs to only increase slightly through the rest of 2026. Adjusted EBITDA for the quarter was a loss of 9.5 million, slightly elevated from the 8.9 million loss from the prior year quarter due to an increased operating expenses offsetting profitability growth in our gross margins. Our liquidity remains strong. As of June 30th, we had cash and cash equivalents of $534 million, and our $150 million revolving credit facility remains fully available to us for total liquidity of $684 million. I would note that we used $155 million of our cash subsequent to quarter end as we closed the Allspace acquisition. Our backlog stood at $592 million as of June 30th, down 8% from 642 million at the end of the first quarter, but up 9% from the start of the year, primarily due to our new commercial contract, as well as a contract modification that occurred in the second quarter of 2026. Subsequent to quarter end, we also received task orders related to one of our IDIQs, and we believe those task orders will lead to larger awards in 2027. As Dirk mentioned earlier, We are bringing down our full year 2026 revenue guidance to a range of $375 to $405 million. This new midpoint of $390 million is $180 million below our prior midpoint of $570 million. As we said on our previous call, about 30% of the prior midpoint of $570 million was new business. Given the contract environment that Dirk referenced, we had removed the new business from our guidance for the rest of the year. The remainder relates to supply chain issues where revenue is moving to the right into 2027, which is partially offset by revenue from our new acquisitions. We believe the rightward shift of 2026 revenue plus the eight contracts we've already won so far this year position us to take significant strides in 2027 as the government looks to accelerate capabilities with proven providers. Our reduction in revenue guidance will also negatively impact adjusted EBITDA in the second half. Further, the acquisition of Celestial, which will bolster our supply chain certainty of solar cells, and the acquisition of Allspace to expand our total addressable market will further impact adjusted EBITDA in the second half. And now I'll hand it back to Dirk for a quick summary.

Thanks, Brian. So to conclude, the U.S. government has shifted their acquisition approach from a rapid succession of larger RFPs to an IDIQ approach that is slow to start, but faster to accelerate task orders later. This acquisition approach has shifted significant contributions to revenue on our 11.5 identified pipeline into the 27 timeframe. We are winning opportunities with an 88% win rate and eight new contracts in 2026. We have added four more contracts this quarter with two task order wins and another IDIQ ad in the past month and a half alone. With our new wins, we have increased York's potential on awarded contracts, which now exceeds $1.85 billion. York's very broad range of proven capabilities position us well and are aligned with anticipated budgets. We remain bullish on our ability to win across acquisition approaches, budgets, and mission capabilities with our proven production and ability to deliver missions successfully. And now, I'll hand it back to the operator for questions. Operator?

We will now begin the question and answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of John Godden with Citi. John, your line is now open.

Hi, this is Bradley Oyster for John Godden. Thanks for taking my question. So I want to dial in on the government contracts you secured this year under the new acquisition approach. Could you just talk a little bit more about what your expectations are on the shape and potential size of these over the fullness of time as you convert them to the larger operational programs? Thanks.

Sure. So, you know, I think the best indicator of what you can expect from size is probably the 27 Department of War, sorry, the President's budget, in the sense of, like, it's not going to provide the exact numbers, but it's going to give you an idea, right, of kind of generally how much are they looking to spend on space data network? How much are they looking to spend on missile track, missile warning, et cetera? So I think that's the best way to kind of look at what these OTAs could eventually lead to. Right now, the contract awards are going to, are basically being, coming off of 25 and 26 budgets. But like I said, the 27 gives you some idea of trajectory. Some of those wins were for the Space Data Network. And so that's a pretty easy map to see kind of what the government's looking to spend on the Space Data Network in the coming years. And that became public recently, like 10 minutes before this call. And we'll expand on that a little bit more with our own PR in the coming days as that becomes approved from the customer as well. But I think that's the best way to look at it.

Yeah, I appreciate that color. I just want to circle up on the $11.5 billion pipeline opportunity from the government contracts you're looking at today. Is this something that York can organically participate in today, or would more potential M&A movements unlock even a bigger chunk of that pipeline for you guys?

Yeah, so right now that pipeline is identified pipelines. So those are specific opportunities that we are pursuing with our capabilities today. Thank you for having me.

Perfect. Appreciate it, Kohler. Thank you. Thank you.

Your next question comes from the line of Seth Safeman with JP Morgan. Seth, your line is now open.

Yeah. Hey, guys. This is actually Alex on for Seth. Thanks for the question. So, you know, I wanted to ask, I mean, I think you guys kind of alluded to it a little bit in the prepared remarks, but Last quarter, I think you talked about how 70% of your revenue you expected to be covered by your backlog for the rest of the year. But maybe just to put a finer point on kind of what's changed. I mean, if I take the Q2 sales result and the new implied second half sales guidance, it just seems to imply that the dollar value of the backlog that you guys expected to convert to sales this year is now lower. I know you guys mentioned the supply chain, but curious if you could kind of help level set us there in terms of how much maybe the supply chain is contributing or if there's any kind of changed outlook in terms of how to think about how much backlog you can convert to sales this year. And obviously there's also some added revenue from the acquisitions as well. So maybe we could kind of just walk through those items a little bit more.

Sure. Thanks, Alex. So I'll kind of give the 10,000 foot Perspective and Commentary, and then I'll hand it over to Brian for the more specifics. But look, generally what's occurred is that there was more of a rapid succession of RFPs, and 30% of that we thought that we would be able to contribute to revenue in 26. But because of the way that revenue is recognized, right, essentially as a function of cost, it's more linear. So when you win a satellite program, or a big satellite constellation, we'll say, you'll recognize that revenue over the course of three years. So what it means is that you would need to have some wins in 26 and you would need to start recognizing that revenue. And like I said, about 30%, Brian will correct me if I'm wrong, about 30% of that was go get. And so we've done very well. The team was tasked with go get wins, which they did, right? Our win rate at 88% shows that we can win under any acquisition strategy. The challenge is just that it all shifted to the right in the sense that to the government it was very important to put IDIQs in place. And it will be slower to start, which means less go-get for 26 for us, frankly. But they're definitely showing at this point a rapid acceleration now that they have those IDAQs in place, which is all in line with what we thought we would see. It just happened a little bit later than we would have liked. So I'll hand it over to Brian for his remarks.

Yeah, Alex, I think that was a pretty good summary that Dirk gave us. You know, the one thing I would add into that is, you know, we took the new business out, as we described earlier, and we continue to see some of the supply chain issues, and those amounts kind of pushed into 2027. You know, that was part of the equation here, and then certainly that's offset by what we're seeing from new revenues coming in from the acquisitions. But That's kind of the color and the pieces between of all the different buckets there.

Got it. That's very helpful. And then, you know, maybe just digging more into kind of what the supply chain issues are. Is there any maybe color you guys could kind of help us with there?

I think that we probably, Brian, you know, I think quantitatively we can maybe help. Maybe give some insight there. I don't think we want to talk specifically about vendors there.

Yeah, that's right. That's right, Dirk. We shouldn't do that. But, you know, we're continuing to monitor it. We continue to work with those vendors to try to understand and move some of that forward if we possibly can. But, you know, as we were looking at the guidance change that we needed to do, we knew that at least this much needed to come out. And that's why we pushed it out into 27.

Okay, got it. Thank you very much.

Your next question comes from the line of David Strauss with Wells Fargo. David, your line is now open.

Hi, good afternoon. This is Josh Korn on for David.

Thanks for taking the question.

Wanted to follow up on the news that came out earlier today that you alluded to in the first question around the base data network connectivity demo contract. I guess any color you could give on that and sort of, I guess, in addition, Any other changes to the opportunity set within Space Data Network and how that's kind of evolved since the last call? Thanks.

Yeah, sure, Josh. So I'll kind of give you what I can. So it came out literally just before the call. I looked at it very quickly. What I don't want to do is say something that can get us in trouble with our new customer, right? I definitely don't want to do that. So I can confirm that they were OTAs under Space Data Network. I'm kind of going from memory, so I don't want to go too far there. But they are for the Space Data Network, which is really great to see. Obviously, we had felt and been assured by the government that there was going to be competition in this network. And obviously, this is a great indication that there absolutely is going to be competition in this network. They're looking for proven providers. That's the kind of providers that were under this selection in the under these task orders. So it's very exciting for us to see. As you know, we were one of the builders of the transport layer. We've deployed a lot of those systems working today. And so we're in a very good position for this other kind of capability that they're looking for. I can't say too much beyond that just because I want to be careful that I'm not saying anything that I didn't. But I do anticipate that there will be more information about those released in the coming weeks. Okay, thanks. I'll stick to one question.

Your next question comes from the line of Sheila Kayaolu with Jefferies. Sheila, your line is now open.

Hi, it's Adam Samuelson for Sheila. I was hoping to, given the cut to revenues, I know you don't give EBITDA guidance necessarily, but is there any way to help frame kind of how we think about the decremental margin on the lower revenue base? If I look at the second half, Chris or Brian, I'm not sure where we are with kind of sharing guidance on the EBITDA. Yeah, I can take that one.

It's a couple of different pieces here. As I talked about in the prepared remarks, we do think the gross profit margin is going to hang in there around the mid 20% range. And so as you're thinking about that relative to EBITDA, certainly taking a factor around that times the reduction in revenue, I think that would get you directionally where you might want to be on the EBITDA side.

Okay, that's helpful. I'll stick to one question.

Your next question comes from the line of Austin Moeller with Canaccord. Austin, your line is now open.

Hi, good afternoon. So I was just wondering if we could quantify how much of the guidance change in revenue push out into 2027 was associated with the The later timing on contract awards from the IDIQs versus the satellites that are waiting on components to be sourced in the supply chain. And if we could talk specifically about what those satellite programs are and when they might be ready for delivery.

Yeah, I can take that. I mean, certainly, you know, Okay. Okay.

And I understand that the gross margins are expected to remain pretty much in line in that mid-20s range for the back half of the year. As we get into early 2027 and some of these IDIQs start turning into production awards, should we be thinking about a similar or better ramp in the margins, or how should we be thinking about that?

You know, at this point with the contract to award environment that Dirk was talking about and awards are coming out, you know, literally right before we get onto this call, I don't think we're prepared yet to start talking about where 27 margins would come in and nonetheless on the revenue side either.

Okay, I'll pass it back there. Thank you.

Your next question comes from the line of Ryan Kuntz with Needham & Co. Ryan, your line is now open.

Great, thanks. I wanted to touch on a couple of the opportunities you mentioned that were not really new award related. You talked about your real-time delivery opportunity. I wanted to take a gauge on that, if you could comment. And then also, with regards to the all-space acquisition, can you refresh us on what those use cases are and How do you think about sales channels and relationships that are going forward for the all-space parks? Thank you.

Yeah, sure. Thanks, Ryan. Can you offer more color on the first item? I got the second one as all-space.

You had talked about the opportunity to be short-term response delivery to government customers if they haven't had that luxury before and it was an opportunity you wanted to pursue. Maybe you can update us on those opportunities as you see them.

Sure, absolutely. So I would view this more as, you know, hey, how can an inventory potentially increase P win and increase delivery? So, yes, we're proceeding forward. Part of the IPO was to raise some capital to support inventory. We're pretty far along in our production capacity and the technology maturity. And so we're in the fortunate position that we can do inventory ahead. And so we've begun that process. The nice part is that as we are progressing through these IDIQs and task orders, we now can kind of bucket those into our inventory orders. And so now we're starting to have the ability where we're asked for a task order. Our delivery time can be slightly shorter because we already ordered those materials. So we're definitely seeing the benefits as far as our delivery timeline capability, in contrast to some of our competitors who would need to start from scratch. So we're definitely seeing some upside there. We are definitely allocating from inventory already towards some of these programs that we've won. And then we can obviously choose to invest more on the back end of that inventory. So as far as recognizing scheduled delivery and also putting us in a good position to have good P win, the inventory capability has been extraordinarily helpful. And so that has been so far very successful. And so we're happy to see that. We'll continue to support that. As far as the all-space acquisition, look, we're on the other side of it now, which I'm very fortunate to say. It's a very amazing capability in very good demand. So we alluded to in the earnings deck that they're getting new contract wins now for more terminals. Those systems are starting to proliferate across demand systems. But what I'm really interested in, and I talked to this a little bit earlier as well, is the unmanned proliferation. So I think there's, at this point, no doubt at all that unmanned systems are going to play a giant part in the future of warfare and basically the future of everything. And so assured communications, i.e. communications that is not jammed, like we're seeing in Ukraine and Iran and everywhere else, is going to be extraordinarily important. And that's really what that all-space terminal enables, is assured communication in denied environments and also GPS capability as well in denied environments. And that's really going to be the key to leveraging unmanned systems. So long way of saying they've continued to win new programs and new contracts, which obviously we're very happy about. And we're working now to start to integrate those across unmanned systems, which I think has tremendous growth potential for us in the next two to three year time frame.

Got it. And is Allspace going to bring much backlog to the picture here?

Brian, you can comment on that one.

Yes, we've included, actually we've not included the all space backlog in our number because our number was as of June 30th, but we'll be updating that into Q3. So there will be a small increase related to all space backlog when we report Q3.

Okay, thanks so much.

Our next question comes from the line of Noah Poppenack with Goldman Sachs. Noah, your line is now open.

Good afternoon. This is Tomas Ruzon for Noah Poppenack. In your slide deck, you highlight a few billion of identified commercial pipeline. Can you provide any detail on the types of mission sets those commercial customers are serving?

Sure. So I won't I will speak to it generally because a lot of times those commercial companies in particular are very particular about what specific that they are doing. So I'll talk about it very generally. There's a wide range of capability there. You know, one of the sample cases that could be worked or is in that pipeline is Earth observation. Obviously, that fills a giant, giant swath of capabilities, but there's visible imagery. There's synthetic aperture radar imagery. There's infrared imagery. and those are increasingly being demanded by the government to be bought commercially, but then also on the commercial side of things as well. And so that's obviously a tremendous growth area for us as we have capabilities in all those areas. Other areas that we're seeing are things that used to be government provided capabilities that the government really at this point no longer really needs to do anymore and can shift that to commercial. So as an example, right? So commercial services to the International Space Station used to be something that NASA and the government did. But as technology developed, it became apparent that we don't need to do this. We can buy this as a service in the commercial market. And out of that, you had SpaceX and Boeing win contracts to serve the ISS. That's a similar model to what I think we will see for future growth in the commercial side of things, where there's things like more precise GPS capability is something that's being demanded by the government, but also very strong demand on the government side of things. And that can be converted to a commercial service. Other examples might be things like weather is another area where that might have been performed by government agencies. And so that can definitely be done by commercial companies now. So there's kind of two buckets. One is your traditional old earth observation, which that market has been continuing to grow for a long time. Government and commercial markets are good customers of those. And then the other bucket is things that historically were government capabilities, precise GPS, things like that. that we can see the government shifting into commercial markets as well and buying that as a service. So those are a few different examples. Apologies, I can't get more specific.

No, I understand. And thank you. That's helpful. How should we think about the margin profile for these commercial customers? Is it largely similar to what you outlined during the analyst day or what drives the difference there?

I think it's largely similar, but Brian, I don't know if you wanted to add more context, otherwise I can... Yeah, I mean, it's a little bit lower than what we see on some of the government ones, but I don't know that it'd be enough, particularly in the overall revenue mix, to call it out that much.

Thank you for those details. I'll hand it back there.

There are no further questions at this time. I will now turn the call back to Dirk Wallinger for closing remarks.

Yeah, so I just wanted to thank everyone for taking the time to hear the story. I look forward to speaking with you all next quarter.

This concludes today's call. Thank you for attending. You may now disconnect.