Ituran Location and Control Ltd. (ITRN) Q4 FY2025 Earnings Call Transcript & Summary

Ladies and gentlemen, thank you for standing by. My name is Kenny Green, and I'm part of the Investor Relations team at Ituran. I would like to welcome all of you to Ituran's results Zoom webinar, and I would like to thank Ituran's management for hosting this call. [Operator Instructions] I would like to remind everyone that this conference call is being recorded, and the recording will be available from the link in the earnings press release and on Ituran's website from tomorrow. With me today on the call are Mr. Eyal Sheratzky, CEO; Mr. Udi Mizrahi, Deputy CEO and VP Finance; and Mr. Eli Kamer, CFO of Ituran. Eyal will begin with a summary of the quarter's results, followed by Eli with a summary of the financials. We will then open the call for the question-and-answer session. You should have all by now received the company's press release. If not, please view it on the company's website. I'd like to remind everyone that the safe harbor statement in today's press release also covers the contents of this conference call and the associated presentation. And now Eyal, would you like to begin, please?

Thank you, Kenny. I'd like to welcome all of you to our fourth quarter and full year 2025 results call, and thank you for joining us today. Before I begin, I'd first like to acknowledge the war between Israel and the United States against Iran. We honor the braver balls of the Israeli defense forces and U.S. military personnel and their Air Forces, and we sincerely wish for their swift and safe return home. We hope the war will draw to a quick resolution and lead to lasting peace for all countries in the Middle East. And now to the results. We are very happy with the results of the fourth quarter as well as the full year of 2025, our best ever and record across all key parameters. For the quarter, overall revenue growth was 13% to almost $94 million, a record, with subscriber revenue growth at 15%, EBITDA growth to over $25 million, a record for us and puts our yearly EBITDA run rate in excess of the $100 million milestones for the first time. In addition, we generated a significant amount of cash in the quarter at $29.4 million, our highest ever. And as I will discuss later, given our very strong balance sheet, we have decided to share all the rewards of our success in 2025 with our shareholders through a special dividend and increased buyback in addition to the regular dividend. Our growth and success in 2025 continue to be driven by our long-term efforts in bringing new value-adding telematics and connected car products and services to both existing as well as new customers globally. Throughout the year, we were particularly successful at bringing additional new OEM partners to our growing roster. Examples during 2025 were Stellantis, Renault, Yamaha and BMW. We are in active discussions with others. Beyond our new partnership with Fiat that we announced last week, we hope to bring additional ones in future. Our results show an ongoing expansion in our large subscriber base, reaching at year-end year over 2.6 million subscribers. In the fourth quarter, we added 42,000 net subscribers, adding 221,000 net new subscribers in 2025, a record year for subscriber growth for Ituran. I remind you that in Q1, our new OEM agreement with Stellantis brought the subscribers into Ituran, which gave us a bump in net new subscriber adds in that quarter. Our net adds in recent years has tended to be in the 40,000 plus per quarter range. Looking ahead, while the rate can vary between quarters, we expect to maintain this overall current net subscribers at run rate, which means for 2026, we would expect to add between 160,000 to 180,000 net during the year. I want to summarize some of our new activities, which we believe will contribute to our growth and success in the midterm over the coming years. This all have the potential to completely transform the company. First, our Ituranmob smart mobility platform is differentiated solution enabling remote vehicle access, real-time telematics and efficient management for shared mobility, rental fleet and specialized vehicle application. Ituranmob was first launched in Brazil and Israel, where it has gained solid traction among fleet operators and rental companies. Building on this success, we recently introduced the platform to the U.S. market and recently established dedicated Ituranmob operations there. We see a clear opportunity among small and midsized car rental companies seeking to improve operational efficiency and the end-user rental experience. This is the first time we are coming to the U.S. market, the largest rental market in the world with over 17,000 small to midsized car rental companies with a solution that is unique with a real need in the market and therefore, has the potential to gain significant market share. In addition, Ituranmob is expanding into new verticals. In the past few weeks, we announced a partnership with leading Israel-based motorsport data analytics company, Griiip. Under this agreement, Ituranmob becomes Griiip official IoT technology provider, combining Ituran's real-time telemetry with Griiip, AI-powered analytics platform for racing drivers. Based on industry estimates, there are over 60,000 racing events each year with closer to 1 million participants, representing a large addressable market for our technology. Our goal is that this partnership will already connect thousands of new vehicles in 2026. As you may have seen in the video we published together with the press release, the technology is deployed in some of the most demanding operating environments, professional racing and truck day driving, demonstrating the robustness, per session and scalability of our solution. The higher complexity of this technology allows us to generate a high ARPU for these type of services. Ituranmob represents another new long-term growth avenue alongside our core telematics and subscriber-based businesses. Credit carbon is a new and unique initiative being developed by Ituran that enable drivers of electric and other zero-emission vehicles to participate economically in the global transition to low-carbon transportation, something that has not previously been accessible to individual drivers. Today, while companies that emit carbon dioxide can purchase carbon credits to offset their emissions, there has been no efficient scalable mechanism for individuals who actively reduce emissions such as electric vehicle drivers to generate and monetize verified carbon savings. This solution will create a new incentive for EV adoption while opening an additional revenue stream for Ituran by providing the platform that connects carbon emitters with carbon savers. It leverages our existing technology, subscriber base and infrastructure with minimal incremental cost. This initiative has been developed internally over years, leveraging our regulatory, technological and data expertise. The solution is highly differentiated and is currently undergoing testing and validation. We are in advanced stages and have received encouraging early feedback. We expect initial commercial deployment toward the year-end 2026. The timing is favorable right now as global awareness and regulatory pressure to reduce carbon emissions around the world continue to accelerate, expanding the addressable market. Another new initiative is leveraging our big data capabilities. Over many years, Ituran has built one of the largest and richest vehicle telematics data sets in our markets. I'm compassing decades of driving behavior, usage patterns, location data and vehicle performance across millions of connected vehicles. Anonymized and aggregate insight derived from our extensive road use, driver behavior and transportation data set with decades of data can support governments, transport, ministries and local authorities in optimizing traffic flow, improving road safety and informing infrastructure planning. Our data can also support leading vehicle OEMs in advancing driver assistance and autonomous driving capabilities, providing deep understanding of actual road usage and training systems to better reflect real-world driving behavior. We are actively exploring multiple avenues to monetize this significant asset. Overall, our big data capabilities strengthen customer retention, support margin expansion and provide a highly scalable platform for future growth beyond traditional subscription revenues. And finally, as I discussed earlier, 2025 was the most successful year in Ituran's history. As such, given our strong profitability, very strong cash generation and balance sheet with well over $100 million in cash and no debt, the Board declared a total dividend of $30 million for the fourth quarter, consisting of our regular $10 million quarterly dividend and an additional $20 million special dividend. Therefore, for the full year, we will have shared a total of $60 million in dividends, representing approximately 100% of our net income, which amounts to dividend yield of around 7% based on our year-end share price. This is an excellent dividend yield for a strong, stable and continually growing company, demonstrating record results year in, year out. Beyond all this and in line with the feedback we hear from many of our investors, we also declared an addition to our buyback of up to $10 million. During 2025, we bought back $3.1 million in shares for a total of 85,000 Ituran shares. We believe, all this reflects our commitment to creating value and generating capital for our shareholders, while at the same time, continuing to develop new products and services and invest in long-term growth at Ituran. We see our ongoing dividend and share buyback as a reward to our shareholders for their loyalty and long-term support of our company. In summary, we remain very pleased with Ituran performance in the fourth quarter and more generally, Ituran's long-term and ongoing performance in 2025. At the same time, we look for more avenues to bring further growth to our business across all our regions. And the recent product launches I spoke about earlier are examples for this. Additionally, we will continue to partner with the new OEMs as we have successfully done throughout 2025 as well as new financing companies and other lending companies. 2025 marked 20 years as a public company and 30 years as a company. We look forward to continued success over the next decades, and I thank our shareholders for their long-term support of our business. And with that, I hand over to Eli. Eli, please go ahead.

Thanks, Eyal. I will provide a short summary of the financial results. You can find the more detailed results that we issued in the press release earlier today. Fourth quarter revenues were $93.5 million, a 13% increase year-over-year. Subscription revenues were $71.1 million, up 15% and representing 76% of total revenues. Product revenues were $22.4 million, up 5% year-over-year. Our subscriber base reached 2,630,000 at the end of 2025, an increase of 42,000 in the fourth quarter and 221,000 year-over-year. The geographic breakdown of revenues in the fourth quarter was as follows: Israel, 55%; Brazil, 23%; Rest of World, 22%. EBITDA in the fourth quarter was $25.3 million representing 27.1% of revenues and a 12% increase year-over-year. Net income for the fourth quarter was $15.3 million or diluted earnings per share of $0.77, an increase of 10% year-over-year and compared to $13.8 million or diluted earnings per share of $0.70 in the fourth quarter of last year. Cash flow from operations for the fourth quarter of 2025 was $29.4 million. Now taking a look at the full year 2025 results. Revenues for 2025 were a record $359 million, a 7% increase over the $336.3 million reported in 2024. 74% of revenues were from location-based services subscription fees and 26% were from product revenues. Revenues from subscription fees were $264.6 million, representing an increase of 9% over 2024. Product revenues were $94.5 million, representing an increase of 1% compared with 2024. EBITDA for 2025 were $96.2 million, 26.8% of revenues, an increase of 5% compared year-over-year. Net income in 2025 was $58 million, 16.1% of revenues or fully diluted earnings per share of $2.92, an increase of 8% compared with net income of $53.7 million, 16% of revenues or fully diluted earnings per share of $2.70 in 2024. Cash flow from operations for the year was $8.6 million. As of December 31, 2025, net cash and marketable securities totaled $107.6 million. This is compared with net cash, including marketable securities of $77.2 million as of year-end 2024. The Board declared a $30 million dividend for the fourth quarter, including a $20 million special dividend and a $10 million dividend in line with our dividend policy. In addition, during the quarter, we purchased $1.6 million in shares under our buyback program. As of the end of the year, we had around $3.5 million remaining available under this program. However, the Board today approved a $10 million increase to the existing buyback authorization, which will be funded from available cash and executed in accordance with SEC Rule 10b-18. This means that as of today, there is $13.5 million available under the buyback program. The current dividend and buyback takes into account the company's continuing strong profitability, ongoing positive cash flow and strong balance sheet. And with that, I'd like to open the call for the question-and-answer session. Operator?

[Operator Instructions] The question will be from Sergey Glinyanov of Freedom Capital Markets.

Great results. Could you please some color on ARPU and EBITDA dynamics in 2026 and after your initiatives are fully deployed, I mean, carbon credits, et cetera?

Sergey, so first of all, we are not providing any guidance, as you know. But practically and in a general way, we are not -- I think that the ARPU, as of today, should continue more than 2.6 million subscribers. This is a big shift of customer base. So 1 year is not changing the total ARPU. But looking forward, we really believe that the ARPU is not going to go down because things that I didn't mention today, I said it in the past, we're always having additional service to our current subscribers, which allow us to provide kind of an upsell of services. So this is regard our traditional services, the fleet management, the store and vehicle recovery, the UBI, et cetera. But regarding new technologies and offers that we have, as I mentioned, it's important to say again, those initiatives are after a few years of putting R&D, development and making all the technological and regulatory infrastructure for us. Commercially, it will be ready, as I said, mid to the end of 2026. So I must say that contribution, the financial contribution in 2026 of those initiatives will be very low. The idea to put more colors on those items was to show a little bit longer future from '27, '28 and of course, ahead. We will see because we know some negotiations and we know some customer attractions in the carbon -- the credit carbon as well as in the rental solution. But the main idea is to show it, to expose it. And the majority of the contribution will be in the next years. But I believe that we will show at the second half of 2026, we will be able to talk or discuss about some deals and contribution.

Okay. And the next question about motorcycle...

And by the way, Sergey, regarding EBITDA, I didn't answer. We are not providing guidance, but all these things should leverage our EBITDA margins, of course.

So do you believe that new initiatives could change your margin profile in the long term?

Absolutely. First of all, if you look backwards, you will see that our margins are growing. I mean we show the operating leverage dynamics happened in the margins. I totally believe that it will continue, based on the new services and the upsells that we can do to the current customers.

Okay. Great. And the next question about motorcycle market in Brazil. So how is it going on? And did you gain any additional market share on this market?

Can you repeat? There were some noises here. So can you repeat?

The question about motorcycle market. Did you gain any additional portion of this market in Brazil?

So first of all, this market in Brazil is very, very big. And we didn't touch this segment until about a year ago until the moment that we understood or we developed the right device that can be very productive, and we can go then to motorcycles OEM distributors as well as to insurance companies. As you remember, we already report about 2 OEM deals, one with Yamaha Brazil, the second one with BMW Brazil. And this year, we will see along the year or we already started thousands of motorcycles or maybe even closer to 10,000 subscribers from this segment in 2026. We start with the OEM, but now we expand it to the retail market after we get more confidence, and we have more to show to the retail market after Yamaha and BMW. And as always, I also believe that we will add more motorcycle producer, international producers during this year and the next year.

Our next question is from Derek Greenberg of Maxim Group.

I know it's still a little early as you expect commercialization towards the end of the year. But I was wondering if you could help just walk through maybe what you would expect the economics to look like for the new big data and credit carbon products you're rolling out. Maybe just in terms of on big data, maybe what like deal sizing and contract terms could potentially look like? And then on credit carbon, maybe just the economics for drivers, EV drivers in terms of the additional benefits they gain from the product.

Since we are very optimistic and we see the reaction, I wouldn't come with any guidance because it can be not realistic or not serious that we will do it. It's like new start-ups among our business. But it's a start-up that are done by a very big or the largest telematics company in the world. So we will continue to use our connections, our brand, our infrastructure in every country that we work. And I must say that it -- for example, the credit carbon, once we start to commercialize it, we are talking about situation where, for example, taxi drivers or truck drivers or truck companies can get with Ituran solution additional revenues. So they have a totally interest to come and put our solution because just as an example, if I can give a truck driver per truck on an average mileage, something like EUR 200, EUR 250, EUR 300 a month from emitters through a worldwide or European broker, why should they give up for it? Or if I'm in Brazil, giving kind of Uber type of company, the drivers to get additional income, additional resource of revenue, that without me, they cannot get it while they drive an electric vehicle. So I think that the request is going to be tough. But there is questions. First of all, it's new to the world. This is the first time, except in some smaller market in the world where people get money for nonaccurate information, not regulatory, the rest of the world required a very, very tough regulatory to approve credit for emitters. So at that case, I think that the request should be tough. No one, no one up until now didn't show it to the world how EV drivers can get money just for drive. for example, take a taxi driver that doesn't have a client and he just drive from place to place, he get money. So I think that this is something that can be big. But still, it's not yet on a commercialized place. So I don't want just to come and through numbers. But it can be something with high contribution. But again, it will take time. It will take time to market it, to stabilize it, et cetera. The same is the rental -- remote rental company in the U.S. U.S. is a huge market, but we are not -- as Ituran, we are conservative. We are not starting with tens of millions of dollars of marketing, et cetera. We go step by step with strategic partners in the U.S. and I believe that we'll do it. Regarding the big data, we already start to sell data in Israel, mainly to governmental like road operators, like road accident authorities, et cetera. We -- up until now, we charge a few, let's say, hundreds of thousands of dollars for pilot, only one pilot, but I believe that this will continue and will support our results. But again, I don't want anyone to wait for a major contribution in 2026.

Got it. That's really helpful. And then in terms of -- could you maybe just quantify the FX impact you saw this year and maybe what you're expecting for next year?

Yes. I will ask Udi to answer it. It has the pages. Udi?

Yes. Can you repeat the question, please?

Just on the FX impact to the business in '25 and then maybe expectations in '26.

So I'll start with the future. I mean it's really hard to say what will be the FX in '26 due to all the parameters that can change or affect the FX. Regarding '25, I would say that about -- if we look at the annual basis, I mean, the FX in the EBIT, for example, was about between $1 billion to $1.5 billion. This is [ more or less ].

Okay. Got it. And then my last question is just with everything that's going on, I was wondering with just geopolitically and the war, if you're expecting any potential disruptions to your business or any maybe supply chain issues or just how you view the situation?

Since we -- unfortunately, for many years, we get used to this situation. So there is -- I think I will divide my answer to two. First of all, there is a major part of our business revenues and profits comes out of the Middle East. So this is, of course, never was influenced by that. And regard our operation in Israel, which, of course, it's a major operation, it's not nothing; as you may be heard from today, the market in Israel also already -- I mean, not the stock market, I mean, the commercial life in Israel also back to get authorization to work half a day. But up until now, of course, the last 3 or 4 days, the market was shut down. But those was anyway a holiday, a Jewish holiday that in any case, it was in the diary day offs for car dealers, insurance, et cetera. So currently, we don't see damage or nothing majority. In the past, in June, for example, of course, there was about 12 days in the last war where car dealers in Israel were shut down. So after those 12 days, we cover the gap or those dealers cover the gap in the next month or 2. So overall, with our experience in the past, with what's happening in Israel today and with the situation that we get used to, I don't believe there will be any major influence on the 2026 results. It might move 1 month or 2 weeks from month-to-month kind of volatility, but no more than that, as I expect.

Next question is going to come from Eric Gregg of Four Tree Advisory.

Okay. Great. First of all, tremendous results, and we hope you all stay safe through this situation. If you could tease out the big data, initiative sounds very interesting. Can you tease out a little bit more there beyond just some of the use cases in terms of how you think your data could be used for various different initiatives? I understand the road accident, maybe the road repair maybe for civic uses. But are there other things you think you could be using the big data for? Yes. And I have another.

So I will answer first and then you ask your second question. So first of all, just to illustrate one deal that we already did in Israel, the road authorities want to know where most of the trucks arriving between specific hours along the evening to create parking lots for nights around the country. So they wanted to get 1 month of movement of trucks in the country and find the most traffic places. And they asked to do it for a month, historically, of course. So they paid for it. And of course, in less than 1 second, we had this raw data get into customized data for them. And for that only, we charge a few hundreds of thousands of dollars, only for that. Now we have, for example, now potential fees for entering cities from highways. And this, which is a nationwide project in Israel. And for that, they need a lot of data for those movements, those traffic from highways to the gates of municipal and central of cities. Like today, if you know in London, local British, they paid money when they get with the car inside London. So for that, there is need for a lot of data. So this is something that we are almost the only one in the country that has so big and so accurate data. And of course, this will lead to, I believe, to much more larger deal with those governmental office. This is from a governmental point of view. But let's think about approach that we have from commercial malls that want to know, for example, specific hours a day, how many cars valued more than $50,000 are driving in order to customize advertisement and coupon for specific high-end shops? They're willing to pay for that. Everything should be anonymous, of course, because we are according to the -- all the regulation of anonymous. But the data itself is something that for us, exists almost for 30 years. Up until a year ago, we didn't do anything with that because the market and the technology and our AI capabilities was not enough to customize it, but to customize it with low cost. Today, that's what we developed and that's what we offer. And really, the potential customers are across all the segments, as I said, governmental, commercial. Car dealers, they want to know in which area in the country -- because people sell their car to a second and then they buy again. We realized for one of the car dealers in Israel that only 1/3 of the people that sell the car come back to him. He want to issue to all of his client campaign and sales on a specific time that they sell their car and he doesn't know anymore after they sold it once. So there are many, many aspects. We have a technology. We have today a software that know how to get the raw data in and bring out customized data upon any request, any request. So this is an example for a big data product that we're going to charge for. And we talk with everybody today.

That's tremendous. That's very helpful. Second is on capital allocation. You -- if you take consensus estimates that based on these very strong Q4 results, I think, are going to be going higher. Net of your cash position, you trade at less than 13x forward earnings, which is less than what your growth rate of services was in Q4. And as your growth keeps on accelerating, kind of a peg of less than 1, which is very inexpensive. So the question is, it's great how generous you've been with shareholders in terms of dividends and the special dividend. But why aren't you emphasizing stock repurchase more versus the dividends here, given how cheap you seem to be?

So practically, when we do only this -- so investors ask why not this? You may be right, but it runs volume will grow in the last 12, 15 months. The volume in the market is low. And we don't want by going with $30 million or $50 million to the market a year to create -- to shrink the volume because one of the interesting for the shareholders is the volume. So this is kind of -- we find a balance between dividend and shares repurchase project. And as you see in the past and even now, every month, or better to say every quarter when we have a discussion -- board discussion about it; we check it again and we take a new decision. But I totally accept what you say, but we have to balance and this is the current decision of the Board. And as we did in the past, this might grow. We look on the volume. We get advice with some brokers and bankers, how it can influence. And we do as best at the moment that we can.

Next question will go to Evan Tindell of Bireme Capital.

Just a quick comment, if you don't mind, one second on the buyback issue and volume. My personal advice as a shareholder is don't listen to the shareholders or the bankers that tell you that volume is a big problem because I think there's research that shows that actually, if you have a buyback in place, it actually can increase the volume in the stock, even though you're shrinking the float if the price goes up and the valuation is more reasonable, that can actually bring volume and interest into the company. So I would just say maybe don't listen to those people and go ahead and buy back the stock if that's what you think is the right thing to do based on the valuation. So sorry for that aside. Sorry for that.

No comment, no comment.

I'd say just do based on what you think the value of the stock is in the open market versus the fair value. But okay. Can you talk about competition in both Brazil -- and I know in Israel, there's not much competition, but can you just talk about the state of your competitors in both markets in terms of market share and pricing and kind of competitive positioning and things like that?

Okay. So first of all, as you said regarding shares, I will tell you regarding competition. We have a very strong competition also in Israel, but we win it. And this is totally different than no competition. Pointer is in the market more or before it run, this is the main competitor. And along the years, we succeed to gain more and more market share and then what we do today. But in order to keep and gain this market share more and more, in Israel, it's a very -- we have to be the best every day. And this is why we develop more and more technology, why we have to have more recovery rates -- better recovery rate, et cetera, because for insurance companies and for car dealer to change is a day because they want better results, they want better solution, they want their customers to be satisfied. So we have an everyday competition. But 30 years, we succeed to win and gain market share. This is regard Israel. Regard Brazil, I think that it's almost the same. The market is much bigger. The size of Brazil is much bigger. There are specific geographies in Brazil, in the north, in the Amazonas area, where there are some small companies that might have some subscribers. But when you talk about the main commercial area in Brazil, which is Sao Paulo state, Rio de Janeiro, Brasilia and all the main urban areas; we are also, I think, controlling the telematics market, we are the main provider. And what's happened in the last 2 years, and I believe that we will show it this year and later, we also see in the B2B market, customers like leasing companies, like big fleets that even they try our competitor now they change their supplier to Ituran. So the situation in Brazil is that we're also gaining more and more market share. In the telematics business, I think that we are the largest and the situation is very close to Israel. The competitive landscape is bigger. I mean there are more competitors than in Israel, but the market is also more -- the geography is bigger. But I think that overall, in the ongoing new subscribers in the telematics industry, we are the one that's adding the major portion of those subscribers.

Okay. And I have one more question. On the fleet business, I know you also have a fleet business where you sell to fleets. It seems like the leaders in that business, whether it's Samsara or Geotab, I'm thinking of Geotab mostly; they really have built out their kind of the software suite and the integration with other providers and things like that to go with their telematics platform for fleet owners. And I'm just wondering, like how much thought and effort you guys put into thinking about trying to match that capability over time to make your product more competitive in the fleet segment? Because it seems like that could be a pretty -- that's going to be a really big market over time.

The main difference, if you mentioned Samsara and Geotab, the main difference is the market that we choose to go to. If I put aside Samsara, was their video solution that we're adding it from a third parties today or in the last 2 years, but Geotab is mainly focused in the European market and other markets. But in Latin America, specifically in Mexico and Brazil, when we consider market share; it run as larger market share in fleet management. In Israel, totally -- this is totally right. So I think that the most differentiated issue is that Samsara, mainly in the U.S., it ran from beginning, we didn't start to go to lion caves to fight with companies that put billions of dollars in order to penetrate markets, and we went to the market where we are strong, when we have brand, when we have relationship. So from a technological point of view, and if you will judge our technology as a fleet manager, I'm totally sure that you will see state-of-the-art solution, not one single point under Geotab or Samsara. It's only the markets. We didn't went to Europe, we didn't went to the U.S. We are very focused on Israel and Latin America. And currently, that's what we do. In the future, if we will decide to go to other geographies, probably we will do it based on acquisition. We will not start from scratch.

We'll now try and go back to Chris Reimer from Barclays. Chris, are you able to talk? We can't hear you, Chris.

Maybe you will approach us not in this platform. I can't hear you. Sorry.

Chris, we'll speak to you offline. That ends our question-and-answer session. The call will be available on Ituran's website in the next day for download. Other than that, Eyal, please make your concluding statements.

Thank you, Kenny. On behalf of the management of Ituran, I would like to thank you, our shareholders, for your continued interest and long-term support of our business. We look forward to continuing our accomplishments over the next decade. If you are interested in meeting or speaking with us, feel free to reach out to our Investor Relations team. And with that, we end our call. Have a good and safe day. Thank you very much.