US Global Investors Inc (GROW) 2025 Q3 法說會逐字稿

Good morning everyone and thank you for joining us today for our webcast announcing US Global Investments results for the third quarter of fiscal year 2025. As you can see on slide number 2, the presenters for today's program are Frank Holmes, US Global Investors, CEO and Chief Investment Officer, Lisa Callicotte, Chief Financial Officer, and myself, Holly Schoenfeldt, director of marketing.

Moving on to slide number 3, during this webcast, we may make forward-looking statements about our relative business outlook. Any forward-looking statements and all other statements made during this webcast that don't pertain to historical facts are subject to risks and uncertainties that may materially affect actual results.

Refer to our press release and corresponding Form 10-Q filing for more detail on factors that could cause actual results to differ materially from any described today in forward-looking statements. Any such statements are made as of today, and US Global Investors accept no obligation to update them in the future.

All right, let's move on to slide number 4. As always, we appreciate our loyal shareholders. If you'd like one of our signatures USGI hats featured here on the slide, simply email us at info@usfunds.com with your mailing address, and we would be more than happy to send a little USGI swag your way.

All right, moving on to the next slide 5, I will briefly review the company for anyone new here. US Global Investors is an innovative investment manager with vast experience in global markets and specialized sectors. We need a quantum mental strategy to create thematic smart beta 2.0 products. The company was originally founded as an investment club, becoming a registered investment advisor in 1968, and has a long-standing history of global investing and launching first of their kind investment products, including the first no load. But.

Finally, we are experts in thematic investing, in particular, gold and precious metals, natural resources, airlines, and luxury goods, all using a quant mental approach that includes both macro and micro factors. Let's move on to the next slide.

This is a graphic we often start all of our presentations with titled The DNA of Volatility. It serves as a helpful reminder for investors that market fluctuations are a natural part of asset behavior over time.

At this point, I do want to hand things over to our CEO and CIO Frank Holmes, who can dive deeper into the macro-overview of the past border. Frank, over to you.

Thank you, Holly, and thank you for all of our loyal investors during it's challenging time in this realm of capital markets. Which is so different than in the crypto world, and I'm going to give you some more color on that in the presentation, but let's just talk about now this DNA of volatility.

What's important here is that 70% of the time approximately it's a non-event for gold and the S&P to go up or down 1% and over 10 days plus or minus 3%. We update this data because if we go back to prior 2008, the volatility daily of gold was greater than the S&P and 10 years even much more so.

So, we also found that grows volatility was much more with gold stocks, and that volatility was using three to one, but capital markets change over time, and ETFs and arbitrage between shorts and sorting individual names going along with ETF, all that these sorts of arbitraging out information flow changes the volatility. But what I want to point out here is that our volatility and growth is pretty well, what the S&P 500 billion is.

It's less than the Dow Jones US asset managers index over 10 days, and I found that most interesting why that's evolved this way because if I go back a few years ago when stock ran up to $12 a lot of it was in 2021 was Bitcoin being early adopters into the Bitcoin.

Ecosystem by the co-founding the creation of high digital and, high DNA volatility back then was plus or minus like 7% and so our big holding, we were moving them out with whatever Bitcoin was doing in the crypto mining space, but that's changed and so that's why it's important that when you look at holdings and what we're doing. And what our volatility is and how it relates to the underlying assets and our investments. What's most interesting and it's not here this time is a strategy.

Michael Saylor's ETF basically has become this a stock, but that stock is also on a single purpose, and they cover writing against it for the income, plus all the converts he's done, where they go borrow from the ETF. The sharp to do the convertible. There's just so much trading around that name, and that volatility is actually greater than what the Bitcoin is. So that's what I'm trying to point out to you as an investor. When you look at risk and you're looking at volatility is to recognize what is our biggest asset base that's underneath us, it can impact our earnings and revenue.

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I want to thank the shareholders like I mentioned earlier but especially long-term shareholders like parent Capital and recently Gator Capital Management thanks please. I own approximately 19% of the company, and approximately 90% of the voting control that voting control is all has to do with rules of SEC 40 Act investment advisory rules, so that I still have to have independent directors which I have, for the company and being public and on NASDAQ.

Thanks, please.

Strategy and tactics most important is strategy and can we execute on it? Well, create thematic products that are sustainable using a smart beta 2.0 requires rigorous back testing for thousands of hours, and it's proven itself with jets in particular that we want to beat the New York Stock Exchange global airline index, which we've done after fees and that discipline is basically to rebalance your portfolio every quarter.

And recalibrate looking for unique business model or you're looking for about 60% seems to be the 70% focused on factors that are momentum who's got the fastest growth in revenue out of the universal stocks and who has the fastest growth in EBITDA and cash flow, and then you want to look at, the remaining part which who offers a dark industrial deep value discount.

And usually that's a high free cash flow yield and a debt-to-equity ratio that's less than industry. So that's what we do and we're happy to see that it's been working out for our funds. It's an interesting way we know that the crop will itself is high frequency, it's an arbitrage of information on average is less than three days, holding something for three.

Waters are next to impossible and for three months is also but when you're a mutual fund or ETF, even if you're active, you can't you get criticized for having that high frequency volume trading and transactions, etc. So it's it for me it was trying to figure out something that was quant-based that had a macro overlay and also a bottom up stock picking factors and that they that also recalibrated so I'm happy to share with you, it works and we're going to continue to expand and grow with that, because our mission is to make people feel happy financially and secure that when they buy one of our products, they can manage expectations to deliver something that they thought it would deliver, and we're trying to create a product that is unique and special in a theme that we think has long term growth to it strategic buyback of stock as we continue to do that flat and down day.

Manage to preserve cash for future growth opportunities and market collections, merger M&A activity to acquire funds, grow our subscriber base and followers, and now we're going to start increasing our exposure back to the Bitcoin ecosystem. We had a unique convertible to venture with Hive, and that's slowly being paid down.

The 8% coupon is going away, and we want to deploy the remains of that capital back into. Bitcoin, and also to back into Hive because we believe that He has a huge, a very unique growth opportunity which has been very public about and that has been the 4 times increase in its Bitcoin production this year. So we think that it's deeply undervalued, and we remain very bullish about Bitcoin.

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So for the long term, you can see here we've outperformed the Russell micro cap index, so we're happy with that and but we'd be happier if we had stronger growth in the short term and that's predominantly because the apathy and the discouragement of, the industry and the great worry. We kept listening to about the airline industry and we experienced jets being redeemed and we could scratch our head because we've got some of the airlines, we all like United was up 130% last year and they continue to do well.

The airline industry, we just, I'm so surprised the negative narrative that comes out of Wall Street. Then it's a cyclical business and I'm going to share with you it's not. If you want to go and get more granularity of our presentations. The airline industry used to have a high season low season pricing. Same with hotels. It's now high season and very high season. It is still very expensive, and what's happening is that AI is not just for lost baggage, they're using it for managing flights and managing that, like luxury goods, manage the supply, and I think that this industry has tremendous pricing power and the psychology, of society due to COVID has more pent up to want to travel.

And this has really become evident in Europe where the influx of people wants to go to museums and parks and that cities like Venice and Barcelona are charging a fee and then these cities are becoming like fanatic parks like going to Disney World to go visit and you have to pay $100. To get in, and if you want the family luxury package, it's even more. It's it's very expensive and so what the mayors of Barcelona and Venice have said that they need this tax and it's to repair the roads and there's just so much traffic and interesting there's a park in in Barcelona that Goy had designed the famous.

Architect and his arch architecture, and he is so unique and special and this park overseas Barcelona, it was always free. Today it's like EUR20 I, and you have to book online. It's now become a Disney Park and the locals are able to special pass, etc. They never have to pay because that's where they stayed, especially during COVID, but anyone else wants to see it, to repair the parking because tourism is so big. It's recognizing that this tourism is not going away.

Next, please, so I believe the airlines industry will go from being characterized as a cyclical business to more of a growth business. And I've been early on these things before, just like we were on Bitcoin, we couldn't launch a Bitcoin, ETF in 2017, so we seeded and co-founded the first crypto mining company to go public called Hive.

So, this is a, the journey of jets led us to over to England to get listed and then the opportunity was the case of something that had a broader universe in travel and that was Trip. And so we merged our sets EPF with another group that want to get out of the business and we're very happy with this and was it's also the first active EPF to be in the London Stock Exchange. It's very much like Jets. It's very smart beta 2.0.

Even though it's called Active, and it has a broader number of names because it includes the industries of cruise lines and hotels, whereas the Jets product that's listed on the New York Stock Exchange and Mexico City and Bogota and Lima, that product is very much more focused on the airlines themselves and the airline and airports and airline manufacturers.

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So I mentioned earlier initiative a strategy to increase investments so we have several million dollars coming back from Hive. Used to be much higher, so we want to refocus, on the Bitcoin ecosystem as many. Factors such as it will become a regulated industry, there'll be regulations coming out, the administration is pro Bitcoin, so I think that it's a much more safer, process to go down, a channel that the banks now are allowed to own Bitcoin, and things are really changing rapidly, under President Trump and the regime, so I think it's very positive for the crypto industry.

And so, we plan to increase our exposure like a dollar cost a program for Bitcoin ETFs, Bitcoin and invest in high shares next please.

War ETF looks position the benefit and the rising geopolitical risks that relates to our latest ETF called war. It's the AI application to build up against cybersecurity attacks and military. It's really the spread of China. We're very happy because we create this model. It outperforms all the other security.

A type of defense ETFs before we launched the product with extensive back testing and year-to-date it's held its ground. It's not down whereas the overall market has really taken it on the chin and expanded its volatility ever since the President Trump started going after countries on creating a tariff war.

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Gold or darling, we used to trade off of gold stocks. The correlation is so high, and I want to TRY to point out that this century. You can see that the, annual average gold price has been up 84% of the time. It's outperformed the S&P 500. It it just shocks people when they just like they don't want to believe how great of an asset class this has been, and it's only going to get better as we go forward for several reasons. But here's what's important is that the modern monetary theory. Is a mechanism of this printing money and since I've really started to grasp it with politicians and government agencies around the beginning of this century, we've seen gold do phenomenally well.

We can see that, we see 9/11, triggered gold rising, but would also triggered growth in military spending, and then with Russia going into Crimea and then going back and then showing that they're not going to change and invading Ukraine, that's had a significant impact. On gold as an asset class and central banks becoming skittish and paper money, the way the printing of paper money has exploded.

We look today at the at the G20 countries and we're going to take a look at India and China who are collectively 40% of the world's population. Their money supply M2 has jumped almost up to 10% growth, so that only bodes well for gold, and I think we're going to continue to see that as central banks are buying. It's also going through under Basel 3, which is the International Banking regulations for the big money center bank.

The physical goal is going to all of a sudden be treated as tier one, which is called high quality liquid assets, meaning it could be counted as full market value alongside with government bonds and cash when calculating the bank's liquidity coverage ratio. This became something that was very significant.

In 2008 banking crisis. And gold as we've seen it really this idea raises the status of, from a risky commodity to a safe liquid asset, making more tax for banks to hold and when I first moved to Texas in 2019, 1,990, it was nothing but negative fund gold, even it was known for gold funds and we had great gold fund performance when gold was up that year.

It was always dealing with this goals that High-risk commodity. It's bad, but it's known we're early, and I would say to share with you 35 years early on that sort of journey where I really think that gold is the 10% golden rule is going to grasp with investors and institutions and now with the banks being encouraged. It also impacts Basel 3 and emphasis on physical gold, not gold ETFs.

We saw this first sort of. Germany that you get taxed differently if you have physical gold versus if you had a gold ETF and so they really want people to have in their hand's physical gold. So, this idea really legitimizes gold's role as a financial safe haven and I think that we're going to see gold, like I mentioned a couple of years ago, go to '4,000. Well, it's almost there. I think it goes to '6,000 by the end of Trump's presidency. Thanks.

So gold mining stocks are opaque in the physical and it's really odd and it's happening, but nothing like it used to happen before. Used to get that two to one run with gold stocks taking off when gold's taking off, and there seems to be like we're seeing in the airlines, one of the big parts of the biggest cost the airline. Have this falling oil prices.

Well, that was a big thing we wrote about, talked about last year, and the airlines were up much more than the S&P 500, and there's falling oil prices. Well, oil prices fell again this quarter, so therefore they're more profitable. But there's an apathy. There's apathy towards the airline industry, even though all the flights are.

And that's just the psychology. I don't know directly and honestly, we all respect this annoying and frustrating because we're picking good quality stocks and the same thing now it comes to the gold stocks, but you can see in particular in the first quarter that the gold mining stocks are on a tear next please.

Well, a lot of this stuff happens with that that they like to say the 50-day moving average, and what we saw is that Gold Stars trading so all-time new high when Trump first went after Mexico and Canada around Valentine's Day. And that first move all of a sudden you started seeing gold rise above its 50-day moving average. And then we saw gold go through another big change was the liberation day, where it's slightly sold off and then boom it just charged up to all-time highs.

So having. A 10% weight in gold it's just prudent and it's shown it for a decade. It's shown it for this century, and it's shown it this quarter this year. So, we think that Withsel 3 as a backdrop institution that we're going to get a greater interest in gold and our gold funds will all of a sudden start to get a different flow.

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Now this is just to give you an idea how bearish people are, gold stocks conundrum, we're seeing the largest gold equity ETF, the Vanne gold miners, it's got redemptions even though the price of gold is going up, even though the price. The goal is making all-time highs. Why would you be doing this? And so, it doesn't make sense that people are happy seeing gold stocks make an all-time high, but they're going to redeem because no one believes. They, it's, I've never seen, but it's such as gold, it's also the airlines. Yes please.

Another sort of showing you the goal is rising, but redemptions are rising and it just it's very weird. We're not experiencing that with our goal AU it's pretty well flat, during this time period, but in talking to, some, the owner of this GDX. And GDXJ was commenting that a lot of hedge funds were short periods of gold names, and they were long the ETF of the Paris trade and as gold stocks can continue to roaR and they're outside they start covering. So that's why they think the redemption is coming from that, but I think it's a lot of just apathy towards the stock market.

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So, gold mining stocks are trading at multi-year high. Well, but that's strange, isn't it? It goes 3,500 and really, they're trading at the same level, and they were 1500. So, these stocks are just charging with free cash flow, high free cash flow, something they've never had, but I've been writing that in the past two years, it's been slowly rising that the universe of almost 90 gold pros we fall around.

World that there were 70 of them who had free cash flow yields and many of them high free cash flow yields higher than the overall S&P 500 and so now these numbers are coming up for this past quarter. They're going to be just massive in the quarter we're in right now, we're going to have back to back huge, growth in revenue and cash flow and, earnings.

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This is a simple ratio taken the New York AR Gold miners index by the S&P 500 and then and it's always been recommended that you have a weighting in the sector and when you look at the ETS, they used to have at one time something like 6% was waiting, and it fell down to 0.5%. and really it starts to nudge higher, but it's so deeply undervalued relative to the overall S&P 500. So I remain very bullish about the future for our products and this weathering through this storm of apathy, due to the tariff battle was taking place.

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I love IBD because of the cancer model, that it's very agnostic towards industries, but they capture industry themes when they start to take off. And what's really important for me to to share with you is in 2003, we had the same thing with the gold stocks were taking off. The only difference is back then we would get some day. $50 million coming into our gold funds. That's not happening today and it's not going into GDXJ. So, there's something that's very weird, but they are showing up where they have growth and momentum in their revenue and their earnings and it's being picked up by IBD and the stock prices of these names.

So now we have something like 20% up to 50%.

Names, that gets updated every week are gold stocks, and we own, the majority of these names in our funds, so it's positive that, we see this as a great backdrop that when the world sort of wakes up to gold that it's a long-term secular trend, these stocks will go to a bigger rating next place.

Fear of tariffs, money market funds seem to see increase. I use this example. Vanguard's money fund, seeing how much money came in, with, Trump's battle from Valentine's Day to liberation Day on April 2nd, just funds immediately start going into on the stock market.

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Warren Buffett retires, one of the most brilliant guys. He retires with almost $345 billion in cash, 94 years old. What an amazing Arp investor, and I want to just sort of tip my hat to him, but also remember he has a big cash position looking for sell-offs to buy. Thanks, please.

Positive news. I'm giving this because the stock buybacks are back even though there's a tax imposed by the previous administration on on buying back stocks, because they sold off. We saw a drop in 2024 by combination of the stock market soaring.

To new highs and and this is now a sell off and we're starting a repositioning of people buying back stock. Even the gold stocks Newmont is not buying other gold mining companies or expanding their exploration, they're buying back their stock from all their free cash flow.

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So why we buy back our stock? Well, the company, we believe that the stock is undervalued and therefore we buy back shares of grow and the price is flattered down from the previous trading day using a basic algorithm, and this is part of the company's two pillar strategy to enhance your owner value by increasing the dividends as well as buy back stock.

And with that overall apathy, we just continue to increase our positioning of our buying back stock. I think that when we start to see various industries that we're in, and we see the positive news from fund flows that we may change that position. The lot stock we're buying, but it's trading at a very deep discount. And yes, we lost money because of the change in our asset base because of the stock market's concerns on tariffs, but I think over the next 60 days we'll probably get a bottom to this next please.

So, the current repurchase program, for the three months ended, March 31, 2025. It can be repurchased a total of 187987 Class A shares using cash for approximately 454,000. Thanks, please.

So, the repurchase program shows you that it's increased and it continues to increase as the stock goes lower, then we'll buy back more next please. The company has paid monthly dividends since June 2007. The current yield works at about 4.13%. it pays monthly, next please.

So this thing about shareholder yield, I think it's just a brilliant way of looking at companies that are paying down their debt, buying back the stock, and paying dividends and increasing their dividends. One of those three factors are really important for driving overall value for market cap.

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Shower investors are committed to returning value to shareholders. So, we like to do this comparison to a five-year treasury yields because dividends are really important, the five years where they gauge you on your dividend yield as a whole, 10 years predominantly the coupon they pay there as a trade-off for funding for building a data center or building a building, you're going to get bank lending. It's always a discount. Costs over 10 years, but dividend paying stocks is five years.

So, when you look at us buying back our stock and what our dividend yield is today, that's a total shareholder yield of 10.53%. So, we think it's a very attractive investment looking for the bottom in this cycle, and we continue to invest in the R&D for our smart beta 2.0 themes.

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Wealth evaluations always important as a money manager. It is unique, the spectrum here and it rotates, if we go back a couple of years ago or wisdom tree, we had a higher return on the assets, they now have a. Higher, which you can understand with the change in asset structure and our 8% convertible bond being paid down that additional income, it affects your return on your assets, but our pre-tax margins, the decline, in the assets, and it like you can see this with Invesco has QQQ, a beast $300million over $300 billion product, which is 40% of their assets and they've sold off, along with the QQQ, and the, and the dividend yield is now 6%, which is greater than what a five year, bond is so.

I think that from a current income it looks pretty attractive if you believe like Warren Buffett is, and he's the ultimate investor, believe in America, build your cash like he did last year in the first quarter and look for something to buy when it sells off, but by the dip and hold on for dear life because America is the greatest country in the world. Well. The QQQ covers NASDAQ, so I think that it makes these companies look quite interesting.

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A look at Q3 2025. The company has steady cash flow despite challenging macro market environment which I've gone through. The company has a strong balance sheet which includes cash and other investments and three. The company continues to buy back stock on flat or down days and pays a mostly dividend.

I think that makes it unique and special, and we will get through this where we think that we'll go through the re remaining and we also remain that we feel that the high position is slowly being paid down that we need to be repositioned on the Bitcoin ecosystem. The politics has changed, and we think that the Bitcoin adoption will continue to grow.

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Smart beta 2.0, I think I pretty well covered and it's really an important fundamental investment strategy that it it's, it requires robust amount of hours, and you have to look at it all the time because when you do the quarterly rebalancing, the data cost price by third party and ourselves are always. Different and the data pool from Bloomberg or FAS that you have to check it every quarter. So, there's an ongoing vigilance, on picking the stocks and creating that portfolio.

So, we don't think it's a black box. You sit back and do nothing once you buy your basket of names. It's the opposite next please. We have an investment in high digital and it's and from $150 million we have down to $2.3 million left it's paid off quarterly, to 8% convertible and so that's as this is money is coming in, we'll redeploy in in Bitcoin ecosystem.

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So rose '218, $1.4 billion in assets, $2.1 million quarterly operating revenues thanks please. So, you can see our earnings were down. This is going to give you more color and granularity on it, but a lot of it has to do with the some of the fears of the airline industry, and the fears of gold stocks that they're not going to be sustainable and gold, whatever it is with the apathy, I've seen it before, witness to it, so I believe that we'll call through this. We're a lean machine of less than 25 employees.

And we know that at any moment these products can go like just went from $150 million or $140 million down to less than $50 million, then up to $4 billion and then now it's down to just under $1billion. So, you just have to realize that that's just the volatility a lot of sentiment and during that whole period, we'll make sure that we're always picking the best of breed stocks next please.

We just celebrated jets being 10 years. We had the opportunity of, going to the New York Stock Exchange and sharing that with, other people, so, it was a great trip.

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Now the brains and hardworking, Lisa Callicotte, it's going to give you a financial analysis of what took place, so I turned over to Lisa.

Thank you, Frank.

Good morning. First, let's start with our financial highlights. Our assets in the management were $1.4 billion in a quarter, and our operating revenues were $2.1 million and we had a $40 million net loss of 382,000.

The next slide Talk about a breakout of our earnings. We have operational earnings which consists of our advisory services, and but we also have other earnings that consists mainly of realized and unrealized gains and losses on our investment savings.

But both of these are dependent on the market and will fluctuate as the market does. On the next slides, we'll see more detail about our operations and quarter ending March 31, 2025.

Here we see that the operating revenues were $2.1 million for the quarter, and this was a decrease of $490,000 or 190% from the $2.6 million in the same quarter last year. The decrease is primarily due to decreases in assets under management, as Frank discussed, and especially in our jet ETF.

Operating expenses for the current quarter of $3 million. This is a decrease of $85,000 or 3% primarily due to a decrease in general administrative expenses of $281,000 or 16% due to lower fund expenses.

The GNA decrease was somewhat offset by an increase in advertising of $146,000, primarily attributed to increasing efforts to grow our assets under management.

On the next slide, we see our operating loss for the quarter was $893,000 or an unfavorable change of 405,000 compared to the same quarter last year.

Other incomes increased $120,000 though, and that was due to net realized and unrealized losses on equity securities of $50,000 in the current quarter versus '231 in the same quarter in the prior year, which was a favorable change of $18,000.

Net loss after taxes for the quarter of $ 832,000 or $0.03 per share, which is an unfavorable change of $347,000 compared to our net loss of $35,000 the same quarter for fiscal year '24.

And then on the next couple of slides, you see our balance sheet. We have a strong balance sheet with high levels of cash and security. Then I'm by 45, we see we still don't have any long-term debt. And on like 36 you can see our top. The company has a net networking capital of $37.5 million and a current ratio of 21.721.

With that, I will turn it over to Hollywood's best marketing and distribution.

Thank you, Lisa.

Okay, the first slide in my section highlights our continued commitment to sharing original, timely market insight on YouTube as well as TikTok, Videos are one of the most effective ways to educate and engage both new and existing shareholders. So, if you haven't yet, we highly recommend checking out our YouTube channel.

And on the next slide, this is our latest in-house video, which we think shareholders will find both insightful and timely. It ties in well with our war ETF and the ongoing focus on the defense sector right now. This video actually covers President Reagan's strategic defense initiative, or better known as Star Wars, so check that out when you have some time.

Then on the next slide.

These are just a few of the upcoming conferences where the US global investors team will be participating. First up is Wealth Management Edge that happens in June where we'll be engaging with RIA, engaging the media exposure, and connecting with potential shareholders. And then in July we will be at the Rural Natural Resource Symposium, which is hosted by Rick Rule.

And while we're, while we are there, we are going to have a modest booth presence and we're especially excited that our gold fund manager, Ralph Albus will be speaking on the Investing Legends panel alongside industry leaders like Frank Giustra from Fiore Group, Rob McEwen from McEwen Mining, and Jonathan Goodman from Dundee.

Moving on to the next slide, I want to point out that the Frank Tablog continues to expand its third-party distribution, and now you can sign up to receive it on Substack, and this platform has around $20 million monthly active subscribers.

On the next slide, we always like to recap the most read Frank talk blog posts during the quarter. So, as you can see here, the top themes focus on tariffs, trade wars, and then goals. And honestly, all of those are still incredibly timely as we head into the next quarter.

Finally, on my last slide, I do encourage you all to follow US local investors on social media. We're on Twitter, LinkedIn, YouTube, Instagram, and Facebook. So, wherever you prefer to get your news, be sure to check us out.

This way you're up to date with everything that's going on, not only with Grow but with our funds and just the broader market insights.

All right. As a reminder to our audience, if you have any questions today, please email those to info@funds.com, and we will gladly follow up with you to get anything clarified that you may need more information on.

Thank you so much for tuning in today. That concludes our webcast.