Tantalus Systems Holding Inc. ($GRID)

All right. Good morning, everyone. Thanks for joining us today. We have an update with Tantalus Systems. They just reported their Q4 and year-end results, which were fantastic. For those of you that have not listened to the earnings webinar and gone through the financials, we're not going to do a deep dive. We're just going to hit on the high level and really just open it up for Q&A. So feel free to access those materials. There is a replay available and as well, you can check out the financials on SEDAR or on the company's website. With that out of the way, I'd like to introduce Peter Londa, President and CEO; and Azim Lalani, CFO of Tantalus. Thanks for your time, gentlemen.

Yes. Thanks for having us.

Yes. Great results. Maybe you can walk us through some of the high-level points.

Absolutely. I'll just -- I'll cover the high-level financials and commercial highlights from the quarter and the year. And then as we go, Azim can certainly dive in, in more detail to the -- for those that have questions as it relates to the financial performance of the business. So Deb, to your comments, we were really pleased with both the quarter and the way 2025 ended for our team as referenced in the materials that were presented last week, we achieved a number of significant milestones for the company. In no particular order, but sort of income statement top down. For the quarter, we generated the most revenue we ever have done in a quarter, at USD 14.9 million. I'd just remind everybody that everything that we put out in the public domain is in U.S. dollars. The $14.9 million of revenue in Q4, not only being a milestone, but also represented 19% growth year-over-year. For the full year 2025, we delivered $54.1 million of revenue, also an all-time high for Tantalus in our history. And year-over-year, that represented 22% growth, which is a great barometer, but the visibility that we were building throughout the year and certainly, the traction that we continue to gain for all of our solutions and capabilities. With respect to gross profit margin, it remained strong and above our long-time trajectory, or a longtime target of over 50%. The gross profit margin for the quarter was fairly significant at 56% on a net basis for the full year, 54%, which is pretty much right in line with last year. From an EBITDA perspective, we continue to trend favorably and delivered another quarter of positive adjusted EBITDA for the business at $1.3 million for the full year 2025, strong, strong results as well at $3.4 million, which was a record for us in terms of aggregate dollars of EBITDA generated in a calendar year. Year-over-year, EBITDA was up 156%. That's not only a reflection of our revenue increasing. It's also a reflection of operating expenses growing at a slower rate than revenue, and certainly in line with what we would have expected as the R&D dollar spend really ramped down after commercializing the TRUSense gateway. Cash flow was -- cash flow from operations and free cash flow were also positive in a material way. $4.7 million of cash flow from operations for the full calendar year. And so when we take a step back and from an executive perspective within the organization, we're not only demonstrating continued progress in securing new opportunities and expanding with our existing customers that lead to strong financial results, but we're doing that profitably. And we're doing that by generating cash flow instead of consuming cash flow to drive growth. So I think that's a great reflection of the operating leverage in our business and the opportunity for us to continue to drive shareholder value as we scale this company. Incremental to the financials. We also had a record year in orders at just under $65 million converted out of the pipeline. It's 27% growth year-over-year, a book-to-bill ratio of 1.2, which is incredibly strong when we look at our peers and competitors in the grid modernization space, sort of the barometer that a lot of the other larger players in this market point to is a 1.0 book-to-bill, meaning they're converting just enough orders to deliver revenue and maintain flat backlog. We're at 1.2, so almost 20% above where the rest of the industry is for the calendar year. Also from a commercial perspective, we were excited to announce, as of last week, 66 utilities that have placed orders and started to deploy the TRUSense Gateway that covers the fiber, the Ethernet and the cellular versions of the gateway. And some of those utilities are just trials, initial devices to test and evaluate. Some of those are existing customers that are actually upgrading their existing system with us. So it's not a trial. It's actually a deployment, particularly as it relates to upgrading the network communications infrastructure that they've relied on. And some of those are new utilities that are ordering solutions from us for the first time. And what we're finding in the new pursuits is that the TRUSense gateway is absolutely a path of differentiation over other competitors, and gives us an opportunity not only to sell individual gateways, but more importantly, all of the other solutions. So we're really pleased with the progress that we've made and the trajectory that, that continues to extend for our company. A few other items that we noted both through materials and the call. Following the calendar year, I referenced the addition of Susanna Zagar to our Board of Directors. For those of you who are not familiar with her name or saw that announcement, Susanna was most recently a CEO of the Ontario Energy Board. That's the regulatory authority that oversees all electric utilities in Ontario. She's most recently taken on a new role that oversees gas production and distribution of gas across Canada. And so having someone of her stature in the electric utility industry, particularly out of Ontario, really expands the depth and core competencies, and skills matrix of our Board as we start to evaluate an expansion into our home market in Canada. We also were pleased to announce further capitalization of the balance sheet. With the support of [ Core-Mark ] and a large contingent of the banks that cover us, we were able to secure CAD 23 million in a BOT deal financing that did activate the green shoe at CAD 5.35. The incremental financing, we've sort of outlined some of the intended uses of proceeds, but most importantly, it enables us to manage this business with the strongest balance sheet the company has ever had, and really puts us in a position not only to accelerate ongoing growth initiatives, but really start to think about more strategic initiatives as we continue to look at multiplying growth over the coming years. With that, I'd say, Deb, and trying to summarize briefly here and certainly allocating as much time as possible for Q&A. 2025 was pivotal. A great demonstration of what our team is capable of delivering. The financial results speak for themselves from our point of view. And we're entering 2026 with not only great visibility, but the strongest balance sheet to navigate anything that's outside of our control at this point in time, without disrupting operations or the support and services we provide to an increasing number of communities towns and utilities across the United States. Azim, anything else you'd want to highlight that I may have missed or screwed up?

No, you got it. Hang on. Way to go, Pete.

You never [ screwed ], Pete.

Deb, anyway, I think that's the update.

No. That's a good summary. So jumping into some questions, and audience members feel free to submit your questions in the Q&A box, or you can e-mail them to me. So first question, great results, and congrats on the recent TRUSense announcement. Could you walk us through what the TRUSense deployment road map looks like for the year for the announced deals?

Deb, can you repeat that? I'm not sure I fully understand what the question is trying to get to.

I think is trying to ask like in terms of where utilities are in their road map in terms of deployments and pilots and what that looks like? And if that's not correct, please feel free to submit a follow-up question.

Yes. I'd say it really varies. And I'm trying to think how we can provide some additional color and perspective relative to information that's publicly available. I'd also say that there is a balance between helping investors better understand the opportunity in front of us relative to our competition and not unnecessarily sharing insights with them so that we can maintain the swim lane we've created and ultimately maximize the benefit associated with being a first-to-market new offering. So I think -- let me try to bifurcate it in a few ways. We have a broad spectrum of scenarios within the 66 utilities that have placed orders. I think there may be a misperception that all 66 utilities are just in pilot. And then the question begs, well, when do those pilots convert to deployment? And so maybe we can try to clarify at least that point. We have -- I'll basket it. We have, within the 66 utilities, the numbers were not provided publicly, but it's still a fair guesstimate that about 66%, or 2/3 of the utilities that have placed orders, are customers that have been deploying something from Tantalus as an existing customer. And so I'll give an example of that. We have a utility in Kentucky that has been a long-standing customer of panelists. They are very active on our advisory committees, to help us drive our strategic road map and solution offering. And as we -- over the years, it's a utility that relied on something called 220 megahertz for their communications network to connect our intelligent devices that are embedded in meters and other sensors across their distribution grid. And so for those not out of the communications networking space, I'm going to go down a rabbit hole here to try to again provide some context. 220 is a very narrow band. So what that means is it's incredibly reliable over long distances and really difficult terrain. And 10, 15 years ago, when this utility in Kentucky started to automate their distribution grid with us, there was no prolific access to cellular networks. Like 3G, not available as 4G LTE and now 5G have materialized, there are still areas within that utilities footprint where there is no cellular coverage whatsoever. And so what the utility has done over the past decade is they've started to deploy some fiber with -- I think they've received some government funding and local funding for electric co-ops, to try to improve communications networking capabilities not only for their distribution grid, but also to deliver broadband services to people in their community that are relying on DSL. Think about that. I don't think I've had DSL since the 1990s. And so as the utilities made those investments, as the cellular companies in the state of Kentucky have improved coverage. The utility is migrating off of the 220 megahertz network really reliable, but also narrow band, meaning not as much data can flow through that network, they're migrating to the cellular TRUSense gateway. And the first case study for that utility is tied to migrating to an IP-based communications network. They'll still have some 220 megahertz because there are just certain areas where there's no fiber and no cellular accessible. So in that circumstance, the full deployment for that utility out of the gate is tied to a specific business case around upgrading their communications networking. And so we're seeing an increasing number of long-standing customers with utilities that have our 220 megahertz network to port that network now to something that can rely on fiber and cellular. Those are not trials. Those are not pilots. Those are full deployments. The number of TRUSense Gateways there varies from the hundreds to the few thousands. Our goal is not only to continue to extend the relationship with those utilities like the one in Kentucky, I'm referencing, but also bring new features and functionality. So case study one for them in use case one is a migration from 220 to IP-based communications networking. They're simultaneously getting the benefit of power quality data, and behind the meter control as they leverage those TRUSense Gateways. And so case study II over a 10-plus year horizon as we think long term of driving sustainable and profitable growth for our shareholders, is then to convince that utility not only to upgrade their communications networking but then deploy more TRUSense Gateways to enhance power quality measurement, and then eventually to have more control behind the meter to ship peak load, which is becoming an increasing issue for the organization for that utility. So I think that -- modeling that is really tough. And what works in Kentucky relative to a rural footprint is going to be fundamentally different than what works in the city of Riverside, California, which is a densely populated urban footprint. And so what I'd say is we have a mix of existing customers that are finding a specific use for the TRUSense Gateway and adopting it. More work in anticipation of Investor and Analyst Day at TUC in May towards providing some additional clarity as to what does that mean in the aggregate. But a data point that might be helpful today that's incremental, is that those 66 utilities represent about 1.6 million meters. And so we can extrapolate out ratios for communications network ratios for number of meters per distribution transformer, ratio number of meters per pull-top transformer and start to extrapolate what is the aggregate opportunity across the 66 utilities. And I think that's the way, as we try to be prudent and educate investors, I think that's the way we'll think about it, and that's the incremental information and granularity that we're working to and towards. I'd also say we are so early stage in this. Our focus as a team is land to grab. Get to as many utilities deploying the TRUSense Gateway as quickly as possible. And so to go from 0 to 66 in 15-ish months, is beyond our expectations. The goal is to go from 66 to fill in the blank number in next quarter and end of year 2026. We've got some internal objectives that we're trying to get to. As we get land grab, that not only validates the benefits of the technology, it also presents an immediate opportunity for our sales team to activate with those customers to then expand. And I'll draw parallel to that. Azim shared during our earnings call that 85% to 87% of revenue in 2025 was generated from our existing customer base. That's consistent with what we've seen in the last three years. And so if we can get more utilities to playing TRUSense Gateways, it increases the probability of success that we have as we generate such a high percent of revenue from that capture base, and continue to see that capture base spend incremental dollars with us. So that's a whirlwind response to the question, because it's a really complex question and one that's very hard to extrapolate without providing some nonpublic competitive insights to what we're seeing. So I hope that answers the question that the investor ask Deb, and in alliance to some other questions that maybe are coming in on the TRUSense Gateway. Azim, I don't know if there's anything else you'd want to add to that?

No. No, that was good, Pete.

I think that was helpful in that data point as well. Looking through some other questions. Of the 66 utilities using TRUSense, can you give us a profile of these, like meaning how small to how large are these utilities?

The largest one is United Illuminating that still is part of this effort. They are an example of a new utility to analysts that have never purchased anything. They are also unique as they are an investor-owned utility in the State of Connecticut. The progress that we've made on that pilot is publicly available through filings with the regulators. I'd say the findings are very favorable. We are at a point where we are awaiting review and presentation to the regulators. The feedback from the utility that's also public is they see value, particularly with respect to power quality data and are recommending extending the amount of time they have access to the devices through the pilot that the regulators overseeing that IOU have provided to really understand how to integrate that data, and utilize that data such that, their words, it's not disruptive to their operations. That's the mindset of an IOU. And so it's an example of from our perspective, extending the pilot, codifying a return on investment, providing a direct path for the utility to go to the regulators and ask for more is a great example. It is impossible to predict how the regulators are going to respond, and it is impossible to predict when that means pilot to something broader. Our goal right now at United Illuminating is to continue to demonstrate value. And if they need more time to figure out how to integrate that data, we are 100% supportive of that. United Illuminating over -- around 350,000 meters. So that would be the largest EPB Chattanooga, obviously, a milestone contract for us. That alone generates a return on total investment in the TRUSense Gateway over the life of that project. EPB is roughly 200,000 meters, I'm rounding. That will scale all the way down to some utilities that have fewer than 10,000 meters. And that's really the breadth of diversity within our customer base that swings ratios and full deployment at a smaller utility could be 500 devices, that's still a success in our opinion, because it locks us in for another 10 years. It locks us into recurring revenue. It locks us into further in grid modernization at that organization or a smaller utility.

Given that some utilities are not so much deploying, or trial -- sorry, trial, but rather deploying for the utilities that really are viewing it as a pilot. Are you still standing by the 12 to 18 months, like let's test it that window? Or are you seeing that remains true?

That -- the 12 to 18 months is based on my experience of selling technology to utilities dating back to 2008. It is based on the experience of our sales organization, collectively decades of experience selling into utilities. So it is -- the12- to 18-month window is still very relevant. What I'd say, though, is don't lose sight of the fact, or we can't lose sight of the fact that the world is a very different place today than it was 12 and 18 months ago. As we shared a little bit on the earnings call, the events unfolding in the Middle East have a direct impact on the price of oil. The price of oil has a direct impact on cost utilities incur. Whether that's tied to our shipping costs, meaning our costs go up, to rolling one of their bucket trucks, especially for a public power and electric cooperative utility, we're a round trip to one account, maybe 50 miles, in a fairly heavy-duty truck. Higher oil, higher gas prices -- higher gas prices, fewer dollars to spend. And so I'm mindful of the fact that timing may get disrupted by macroeconomic or geopolitical events that are completely ahead of our control. And I'd say that's something we shared during the earnings call. And I'd say we're mindful of that. And if at the 18-month mark, a utility says they need some more time and they're still trying to figure out budgeting, as long as we can demonstrate that the pilot is providing value and the utility continues to demonstrate an interest in moving forward, we're going to continue to allocate the resources to support them.

On the flip side, energy costs go up like that affects utilities and probably prompts them to want to do more grid modernization?

Yes. And so that's the benefit associated with what's unfolding for us as well, is how do we help utilities prioritize where they're spending dollars and how do they drive improved efficiency and reliability when the term affordability is upfront and center, certainly Canada and the United States as it relates to electric utility rates that individuals are paying. So I think there's a -- it's a -- nothing's changed with respect to the tailwinds and the long-term opportunity of trying to help utilities upgrade their infrastructure. And so to that end, I -- seeing 27% growth year-over-year in bookings out of our pipeline and heading an all-time high at $65 million, coupled with adding new utilities, coupled with expanding the number of utilities deploying, I think those are pretty good data points for investors to dig into to say that team is executing. The opportunity is real, and we are scaling as fast as we possibly can.

You mentioned on the conference call that none of the utilities who are utilizing the TRUSense Gateway have dropped out of any trials. Within the industry, is this common?

Yes. Thanks for the question. And I'd say twofold, where we've seen utilities in the context of their trials, it's a very few, but the only gating item that we've seen is access to funding. We have not seen one utility that has put these devices in the field for whatever period of time, come back to us and say, it's just not the right device, or it doesn't do what we think it can. It's tied to funding. So that gives us a lot of confidence that we've hit the market at the right time with the right solution. As it relates to, I think, the broader question embedded there. We haven't seen one utility pole device out of the field yet. And so it's very uncommon. I'll tie it specific to Tantalus. It's the first time that's ever happened in this company's history where we've brought some new technology into the market, and it either didn't hit the mark for utility, utility could not articulate a value proposition to move forward or the technologies didn't work. And we've got over several decades of innovation at Tantalus where certain pilots of new technology just don't hit the market every utility. I'd say with respect to the TRUSense Gateway, the breadth of capabilities that it delivers sort of the multi-use purpose of a single device and the data, most importantly, that comes from the TRUSense Gateway is giving us a path to really find a pathway within each utility to justify its investment. And that is a very unique thing at Tantalus. I can't really speak to the introduction of new technology from other competitors, or other companies in the near 20 years I've been involved in selling technology and utilities, I've never seen that dynamic unfold the way it's unfolding today for us with the TRUSense Gateway.

Very impressive. During the conference call, there was a good bit of talk around semiconductor pricing and supply. My impression of Tantalus' products and services is that they are not semi-heavy and this is more of a light infrastructure and data business. How significant are the risks in the business relative to the semiconductor supply chain? And why is that?

Let me answer the technical side of that. And then Azim can add, sort of, how we think the inflationary pressures on components may impact margin in 2026. I'm going to, Deb, show and tell. Hopefully, a lot of investors recognize this device. This is the smaller version, so it's a little bit easier to show on a camera screen. The piece of silver aluminum there, you kind of maybe get a little depth, right? That is a custom system on chip. It has six processors. It is effectively what we would refer to as the computing platform of our company. We have that fabricated by a semiconductor company out of Taiwan today. All of the data and all of the sensing resides in that chip. All of our intelligence resides in that chip. And where we're seeing some pressure is memory. You -- the individual that asked the question is absolutely right. We are a lightweight in terms of the dollar allocation to the piece of hardware and the cost of that chip nonpublic, not something that we really share for competitive purposes. But embedded in that chip is memory. For us, flash. We have both flash and some RAM. Where we're seeing pressure unfold is the shortage of DDR high-bandwidth memory that's being driven by organizations that are building data centers at an accelerated rate. As fabrication gets prioritized to the high-bandwidth DDR memory, that puts a corresponding pressure on the lower bandwidth memory that would reside in something like this, or reside in your iPhone, for those that are iPhone, or for that matter, even a Galaxy phone user. And so there's a cascading impact on lead times and a cascading impact on prioritization and that leads to inflation. The semiconductor companies also fabricate memory. And so as they allocate their time resources and components to building more memory, that has a cascading impact to lead times and fabrication space for semiconductors. And since our ASIC is fabricated by a semiconductor company, that's where we start to see some pressure. Azim, do you want to maybe talk about what we're seeing in a little bit more detail, or further from the earnings call on how that manifests in terms of gross profit margin?

Yes, absolutely. So just a reminder that we have two segments. We've got Connected Devices and Software and Services. So this really only impacts the Connected Devices segment. The Software and Services is much higher margin at 75%. And so that provides some insulation in terms of impacts overall margins. And what we're expecting is really the impact to be in the second half of 2026, and carrying into the first half of 2027. In terms of overall margin impacts, as we noted on the call, it's between 1% to 2% on overall margin. We still expect total gross margins to be in excess of 50%, and -- which is our target level for gross profit margin.

Hopefully, that addresses the question, Deb.

Yes. It looks like there's a follow-up one. What process node does your SOC use? I'd assume it's not [ to NM ]. Do you need to find a new fabrication partner?

That's beyond my pay grade.

I will still say the same.

Yes. What I would say is at least the back half of that question is tied to vendor risk and geographic risk. I think we're very mindful of that. We are, I'd say, prioritizing. So in addition to Faraday global provider and a very substantial fabrication firm. That's the vendor we use today. We also have a single contract manufacturer and rely heavily on their factory in the Philippines. And so as we try to mitigate risk and think long term for the company, we've shared and are continuing to make progress to diversifying our contract manufacturing, both the vendor as well as the geographic location so that we're not tethered to just one factory for everything. As we set in motion the path to diversify contract manufacturing in conjunction with that expansion, we'll leverage some of our contract manufacturing existing and new partners to really think about mitigating single-source components on which we have a few, and then sole-source components of which we have a few. The -- I'd say we're not yet at a size in our opinion, where we can get the attention of a second fabricator relative to the cost of that ASIC. As we scale, I think that changes. And so it's on the list of to dos. I think the way we're thinking about supply chain continuity is diversifying at the contract manufacturer first, and then leveraging their design teams, their supply chain teams to help us think about how we could either modify the design of the ASIC and/or modify the fabrication locations for us. Where we have sole source like the ASIC, I'd say Harold Hankel, who runs our manufacturing team has been a part of this organization for over 25 years, and so is a phenomenal resource in terms of thinking through how we manage risk on the supply chain, as we see either lead times, pricing or geopolitical issues emerge. I think Harold is very proactive with his team in thinking about placing orders well in advance and maintaining continuity of supply of the components that we need. But yes, it's 100% on the list of to dos. I think we're taking a very systematic approach from sort of a top-down perspective.

That's helpful. And also thanks, Chris, 5 years, I haven't seen them stump before, so I appreciate that. So last question here from the audience. So TRUSense is now enabling utilities, the ability to see behind meter for the first time. You mentioned in your conference call that any M&A would be for software that can add functionality to the right of the meter into the home. What capabilities does TRUSense currently provide versus what you're looking to add in the future?

So the TRUSense Gateway has a unique ability to send a communications, a utility-grade communications, signal into the home, either through the WiFi chip that we've embedded and/or the powerline communications capability that -- high-level summary, there is HomePlug 2.0 to a standard that supports communication through the electric wires inside the house. And so first and foremost, the TRUSense Gateway is the pathway to connect to devices. We've highlighted an initial two partners, GE Appliances and Savant Energy, device, smart home appliance companies that are building the devices and sold to consumers. We use what's called APIs to do a system to system integration. So our software system integrates to a Savant software system or GE Appliances software system to send and receive data. And what we can do is the TRUSense Gateway is the communicator if you will. We're tracking what's happening on the grid, start to see a spike in power, or some issue emerge at a transformer, utility dispatches message through our system to the TRUSense Gateway. TRUSense Gateway then dispatches that message to the device behind the meter. And -- so that's where we sit today. We have a view that over the next 2, 3, 5, 7 and 10 years, depending on the region in the U.S., or province in Canada, the need to throttle load is only going to increase for the utility. Throttling more, dialing it back. Based on asset protection, based on storm damage, based on other issues. It looks like we may have lost Azim there inadvertently. So hopefully, he's able to dial back. Where the area for us to grow is expanding the core competencies and intelligence behind the meter. So the TRUSense Gateway is that point of -- sort of the traffic comp, if you will. Expanding the set of devices that we can integrate to system to system is an area on the software side and integration side that we would benefit from. There are some tools that really deliver core competencies around load forecasting and load management. We do some of that today through TRUFlex, but I think we can bolster the core competencies and intelligence in TRUFlex organically through development or acquisition. And the view is really be able to provide the utility much more granular control of what's happening down to the appliance, down to the circuit breaker to troubleshoot things as they unfold in the grid. So that's where we sit today. And as we think about behind the meter, that's where we're thinking strategically to bolster the capabilities and get there faster, beyond what we can develop internally.

Hence, you've got a nice balance sheet to do some stuff, if you so choose. I don't see any additional questions. Did you want to have some final thoughts on the quarter, or anything else?

Azim, welcome back. Do you want to -- anything else you would like to comment on as we sort of think about wrapping up 2025 and focusing on high priorities, at least from a financial perspective on 2026?

No. The only comment I would add is we've certainly got a very strong balance sheet and really just focus on executing for 2026.

Deb, I'd add, we have some very clear priorities for 2026. First and foremost, I think one of the most important metrics that we're tracking is the number of utilities that are -- have, are, or planning to put the TRUSense Gateway into the field. It just increases the probability of hit rate for scale. And so that is a high priority for our organization. The second is bringing forward the use cases tied to our advanced analytics. The device is what creates the physical moat. The data is what drives long-term value not only for the utility, but our shareholders. And so that the reference of data-driven, grid modernization is a high-priority for Tantalus, and it is a fundamental shift in the utility industry which has always been device-centric. So I think being able to demonstrate case studies around transformer monitoring, grid analytics and a few more analytics tools that are going to get announced and introduced at our upcoming users conference, a great way for us to diversify revenue stream and really demonstrate how we can monetize the value from any device we put in the field. The third is just continuing to add to the user community. Last year, 17 utilities. The year before that, 31. So 50 over the last two years, I'm rounding up a little bit there. How do we add the next 15, 20 and 30 utilities in 2026 and beyond. And then, last but not least, I'd say it's a little bit more internally focused. The balance sheet helps us. But we've got to make sure the foundation of Tantalus, the team, the tools, the resources, the reporting capabilities that Azim and his team need are all starting to get upgraded, and going from where we are today to something much more significant. And so that's an area of focus for us as well as we think about leveraging some of the balance sheet and investing internally to support the growth that we anticipate seeing in 2026 and beyond. So those are some of the priorities, and I think we can address those and certainly, hopefully, some additional commercial announcements along the way to support it.

Well, I appreciate both your time. Congrats on a great quarter and a fantastic year. It looks like you're well set up for execution in 2026. If anyone has any follow-up questions, please feel free to reach out. I think you all have my e-mail. And yes, just appreciate your time.

Deb, thank you for facilitating and thanks for your time as well. Hope everyone has a great day. Thank you.

Have a good day.

Bye-bye.