Greetings and welcome to One Spa World's third quarter 2026 earnings call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Alison Malkin of ICR. Thank you. You may begin.

Good morning and welcome to One Spa World's third quarter 2026 earnings call-in webcast. Before we begin, I'd like to remind you that certain statements and information made available on today's call-in webcast may be deemed to constitute forward-looking statements. These forward-looking statements reflect our judgment and analysis only as of today, and actual results may differ materially from current expectations based on a number of factors affecting our business. Accordingly, you should not place undue reliance on these forward-looking statements. For a more thorough discussion of the risks and uncertainties associated with the forward-looking statements to be made in this Conference Common webcast, we refer you to the disclaimer regarding forward-looking statements that is included in our third quarter 2026 earnings release, which was furnished to the SEC today on Form 8-K. We do not undertake any obligation to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise. In addition, the company may refer to certain adjusted non-GAAP metrics on this call. Explanations of these metrics can be found in our earnings release issued earlier this morning. Joining me today are Leonard Fluxman, Executive Chairman and Chief Executive Officer and Stephen Lazarus, President, Chief Financial Officer and Chief Operating Officer. Leonard will begin with a review of our third quarter 2026 performance and provide an update on our key priorities. Then Stephen will provide more detail on the financials and guidance. Following our prepared remarks, we'll turn the call over to the operator to begin the question and answer portion of the call. I would now like to turn the call over to Leonard.

Thank you, Alison. Good morning and welcome to One Spa World's third quarter 2026 earnings conference call. I'm pleased to share we delivered an excellent third quarter performance. Our results exceeded the high end of our guidance and marked our 22nd consecutive quarter of record year-over-year growth for total revenue and adjusted EBITDA. Our sustained momentum reflects the durability of our business model, the successful execution of our strategy, and our unwavering commitment to deliver memorable experiences for guests of our health and wellness centers at sea and on land. I want to thank our outstanding global team members for their continued commitment to deliver our strong performance. Our strength was broad-based. We saw gains across all key operating metrics and we set the stage to further extension by entering into new agreements that extend our longstanding cruise line partnerships, which I will discuss in a moment. In addition, our asset-light business model has led to consistently strong and growing free cash flow. This, along with the confidence we have in our near and long-term outlook, paved the way for our board to approve a new $100 million share repurchase program and a 25% increase in our quarterly dividend. Moving ahead, we expect the foundation of our strategy to give us our fourth consecutive year of record results in fiscal 2026.

Turning to some of the highlights of the quarter.

Total revenues increased 7% and adjusted EBITDA increased 12%. At quarter end, we operated health and wellness centers on 207 ships with an average ship count of 206 for the quarter. This compares with a total of 204 ships and an average ship count of 199 ships at the end of the third quarter of 2025. Also at quarter end, our cruise ship health and wellness centers were fully staffed with 4,645 personnel compared with 466 personnel on vessels at the end of the third quarter of fiscal 2025. The quarter marked continued progress on our key priorities. Let me discuss some of those highlights. First, we continued to grow with our cruise line partners. During the quarter, we entered into new agreements with Azamara Cruises and Silver Sea. These agreements extended our long-term partnerships and enabled us to enhance and elevate spa facilities to broaden the range of services, products, and experiences we offered to cruise line guests. Under the renewed agreement, Azamara completed its first spa refit onboard Azamara Quest, adding treatment rooms, a retail space, and importantly, a new MediSpar and IV therapy services. We remain on track to introduce health and wellness centers on two additional shipments this year. Second, we continue to expand high-value services and products. These services, including our innovative offerings of Stamage, TruSculpt, CoolSculpting, IV therapy, acupuncture, and LED Light Therapy continue to drive strong double-digit growth compared to last year. We remain focused on expanding these services across athletes while introducing new offerings that address guests' interest in longevity and wellness. In addition, we continue to broaden our product range with red light masks now available for purchase on a select pilot group of shifts. At quarter end, many spa services were available on 157 ships, up from 150 ships at the end of the third quarter of 2025. We continue to expect to have many spa offerings on 159 ships by the year end 2026. Thirdly, we focused on enhancing health and wellness center productivity. This is best reflected in the continued growth in key maritime operating metrics, including revenue per passenger per day, weekly revenue and revenue per staff per day. In addition, pre-booked revenue increased 20% and represented 23.2% of service revenue, up from 21.5 a year ago, and our forward booking position is up 18% compared to the same time last year. Staff retention reached over 81% at quarter end, up nearly five percentage points from a year ago. experienced staff remain an important contributor to our operating metrics. These team members drive incremental revenue through more effective guest recommendations, cross-selling, and upselling. We remain committed to investing in best-in-class training to support productivity and long-term growth in our operating metrics. Fourth, we maintain our strong balance sheet and continue to generate strong, free cash flow. During the quarter, we returned $42.3 million to shareholders through share repurchases and dividends while also reducing debt. Together, these actions advanced each of our capital allocation objectives and underscore the strength and durability of our asset-light business model. In addition, as a further indication of our conviction in our ongoing growth, our board approved a new $100 million share repurchase program and a 25% increase in our quarterly dividend to six and one quarter cents per share, which Stephen will discuss further. In summary, our results reflect our unique experiences in the operations of health and wellness centers on land and at sea. We entered the fourth quarter with positive momentum and this, along with our strong first nine months performance, has led us to raise the midpoint of our guidance ranges. We expect 2026 to represent our fourth consecutive fiscal year of record performance and remain focused on executing our strategy, serving our cruise line and destination resort partners and their guests, and creating long-term value for our shareholders. I'm now going to turn the call over to Stephen. Stephen.

Thank you, Leonard. Good morning, everyone.

We are pleased with our third quarter performance with total revenue increasing by 7% and adjusted EBITDA increasing by 12% compared to the third quarter of 2025. Both of these exceeding the high end of the guidance ranges we provided in July. Our results were driven by higher average guest spend and higher volumes reflecting ongoing innovation in our guest services and our continued collaboration with our cruise line and destination resort partners, as well as growth in our fleet from new shipbuilds. Combined, this served to further bolster our competitive position and deliver consistent growth. Total revenues increased 7% to $276.5 million compared to $258.5 million for the third quarter of 2025. The $18 million increase was driven by a 3.3% increase in average gas spend, fleet expansion due to 2026 new shipbuilds, and higher volumes primarily reflecting a 1.8% increase in revenue days net of 2026 fleet expansion and an increase in guest count contributing $8.2 million, $7 million and $4.3 million respectively. Contributing to the increased volume of spend was $6.9 million in increased pre-booked revenue at health and wellness centers included in our ship count as of September 30th, 2026. Growth in our maritime total revenues was partially offset by a $1.4 million decrease in destination resorts, partially due to the closure of hotels where we had previously operated. The decrease in product revenue was driven by the previously announced reorganization of operations in the United Kingdom and Italy, which decreased product revenue by $1.3 million. Cost of services increased $12.2 million, attributable to the $18.3 million increase in service revenue compared to the third quarter of 2025. Cost of products decreased $300,000, attributable to the decrease in product revenue. Administrative expenses were $7 million compared to $4.6 million in the third quarter of 2025. The increase was primarily due to $2.1 million in third-party fees for certain management and logistics services as a result of our previously announced reorganization of operations in the United Kingdom and Italy, pursuant to which services previously performed internally by company staff and related costs have shifted from salaries, benefits, and payroll taxes to administrative expenses. Salaries, benefits and payroll taxes were $8.7 million compared to $8.4 million in the third quarter of 2025. The increase was primarily due to annual merit increases and higher incentive-based compensation after giving effect to the reorganization of operations in the United Kingdom and Italy, notes and above. Net income was $28.2 million or net income per diluted share of 28 pennies compared to net income of $24.3 million or net income per diluted share of 23 pennies for the third quarter of prior year. The increase was attributable primarily to a $3.6 million increase in income from operations and a $200,000 decrease in interest expense net. The decrease in interest expense was primarily attributable to lower debt balances. Adjusted net income was $34.8 million or adjusted net income per diluted share of 34 pennies compared to adjusted net income of $30.7 million or adjusted net income per diluted share of 30 pennies for the third quarter of 2025. Adjusted EBITDA was $39.2 million compared to adjusted EBITDA of $35 million in the third quarter of 2025. Turning to the balance sheet, we maintained a strong balance sheet at quarter end with total cash of $32.1 million after repurchasing $37.5 million of our common shares paying $15.2 million in quarterly dividends and repaying $13.8 million of our long-term facility during the nine months ended September 30th, 2026. Total liquidity including available under our undrawn credit facility was $80.9 million at quarter end. Total debt, net of deferred financing costs was $70.5 million at September 30th, 2026. During the third quarter, we repurchased 1.4 million common shares for $37.2 million completing the $75 million share repurchase program we adopted in April 2025. In total, we have repurchased 3.2 million common shares under that program. Our board of directors have approved a new share repurchase program authorizing the repurchase of up to $100 million of our common shares, which replaces the program we have just completed. Our board also approved a 25% increase in our quarterly dividend to six and one quarter pennies per share, payable on December 2nd, 2026 to shareholders of record on the close of business on November 18th, 2026. We remain focused on disciplined capital allocation supported by our cash flow generation and balance sheet flexibility. We will continue to prioritize investing in the business, returning capital to shareholders through share repurchases and our quarterly dividend and reducing debt. Before reviewing guidance, I would like to provide an update on our AI initiatives. The first relates to revenue enhancement. Amanda is our AI powered recommendation and yield optimization platform that provides daily yield improvement recommendations to our managers on board. We are continuing to see favorable results and to enhance this platform, having just added NAD Plus and IV therapy recommendations on all 188 vessels where Amanda is in play. Up next will be success indicators for every recommendation, ranking recommendations by impact, as well as post voyage assessment of strengths and opportunities. Second, we continue to expand our operational AI capabilities. Ava, our virtual assistant, supports managers with shipboard operations. During the third quarter, 90% of tickets handled by Ava were closed with no human escalation, bringing up 150 hours of staff time that we can redeploy to generate revenue. We have expanded AVA to more use cases, including maritime labor convention courses, material safety data sheet retrieval, and spa equipment knowledge-based search capability. Up next, we'll be rolling out AVA to all onboard staff and adding inventory and order query capability. Third, on automation, Serena, the guest-facing conversational assistant on our e-commerce platform, has handled 1,287 guest conversations since its May launch. We continue to refine Serena with 28 improvements delivered to date. Up next, we will refine guests return options while maintaining our high customer service standards through seamless handoff to human support and guest satisfaction tracking. We also launched Marina during the quarter to enhance post-cruise customer service with 39 improvements having already been added since launch and up next is enhancement to customer artifact retrieval. Finally, Claude, our enterprise-wide AI assistant, is absorbing a growing share of routine work, freeing people for judgment and strategic thinking, and training on this application continues to be extremely well received. As it relates to guidance, based on our year-to-date performance and momentum entering the fourth quarter, we are raising our full year 2026 guidance at the midpoint of the ranges previously provided. We now expect total revenue in the range of $1.033 billion to $1.038 billion and adjusted EBITDA in the range of $138 million to $140 million. This compares to our previous guidance of $1.018 billion to $1.038 billion and $130 to $140 million, respectively. and raises the midpoint by $7.5 million for total revenue and $4 million for adjusted EBITDA. At the midpoints, our guidance represents growth of 10% in total revenues and 13% in adjusted EBITDA compared with actual fiscal 2025 results, excluding exited and reorganized operations. As a reminder, fiscal 2025 reported total revenues included 23 million dollars associated with the reorganization of operations in the United Kingdom and Italy and the exit of destination resort operations in Asia including 5.7 million dollars in the fourth quarter of 2025. For the fourth quarter of 2026 We expect total revenues in the range of $248 million to $253 million and adjusted EBITDA in the range of $32 million to $34 million. We expect to end the year with health and wellness centers on 208 ships and 12 destination resorts, reflecting the completion of our excerpt from land-based health and wellness centers in Asia. Our guidance reflects our confidence in our ability to deliver sustained momentum and the visibility of our growth pipeline while acknowledging the dynamic environment. With that, we will open the call for questions. Maria, thank you. We are now ready for that.

Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. We ask that analysts limit themselves to one question and a follow-up to allow others a chance to do so as well. One moment please while we poll for questions. Our first question comes from Randy Koenig with Jefferies. Please proceed with your question.

Great. Good morning, guys. I appreciate you taking my questions. I guess first to start off, one metric that really stood out to me in the quarter was average guest spend. It looks like it was up 3.3% in the quarter. And when I looked over the last few quarters, it looks like that metric accelerated about 200 basis points from the second quarter and that average guest spend metric was the fastest growth it looks like I've seen in four quarters. So maybe if you could just unpack what's driving that or the main drivers there and how do you think about average guest spend growth ahead? Really appreciate it.

Yeah, no, it's a good observation and something that we focus on very, very much every single week, every single day is guest spend. Thank you. Thank you. Thank you. Massage or Pedicure all contribute. So it's really, in summary, a mix of business. There's no pricing in that increase. It's all a mix of business that's driving it as well as higher engagement and a good retail attachment of products in the third quarter.

Got it. And I think you mentioned that MediSpa is on about 157 ships out of the 270. Is there a way to think about what the average guest spend difference is in the ships, the 157 ships that have MediSpa versus the ships that don't just want to get a feel for the differential there? And as you continue to put more of these MediSpas on ships over time, it just seems to be more opportunity to drive more spend per guest, more spend per ship, etc.? ?

Fair enough, Randy, and it's probably something I'm not going to get too granular about because we just don't get that as a reported metric. But look at it this way. On average, let's just take the average with Botox and the like. We're certainly seeing the average spend well in excess of $1,500. You have a group of injections, you have acupuncture, you come back for some other MedSpa treatments, some of the technology stuff goes for much higher than $1,500. So when you're comparing that to the average ticket in a massage or facial, which is right about, say, $250, $300, you're looking at, in some cases, $3,000, $4,000 on MedSpa. But let's not get too far ahead of ourselves. MedSpa still has not tipped past 9.5% of our total gross revenue. Clearly that's driving a nice mix of business. It's helping a little bit on the margin side. But it's still not going to be on 207 ships, but it's certainly going to be on any of the ships that we can get a retrofit, such as the one that we just mentioned, the Azamara Quest. Things like that where we can change the configuration and emphasize more MediSpa acupuncture space and maybe even look at the gym to capture some of that. for some of our IV lounges and any of the new technologies. Those will, going forward, help stimulate not only the mix of business, but slight it and emphasize more of the higher-end treatments that we are able to do right now.

Super helpful. Thanks, guys. Of course.

Our next question comes from Steve Wyszynski with Spiepel. Please proceed with your question.

Hey, guys. Good morning. So I want to ask about the pre-booking opportunity moving forward. I mean, we're now openly hearing your cruise line partners call out the strength in pre-booked onboard revenues. I mean, just go listen to yesterday what Royal said. Listen to a couple weeks ago what Carnival said on their conference calls. It's very positive. So I guess the question is, have you seen your cruise line partners start to give you more you know resources or tools whatever you want to think about it to make it easier for customers to pre-book your services you know before they come on board and then also maybe now you know where you guys think pre-booking revenues could get to over time yeah absolutely it's also another huge focus as we've been mentioning over the last you know two or three years as we continue to build remember this number used to be like you know a nice

14, 15% bumped up a little bit more. We are definitely getting more time with the cruise line, going through best in class on any of the platforms, which is about 94% of the ships that we service, and making sure that they see what's good, what's bad, what's not working on their site. And they are starting to add resources because, as you say, they're talking about it a lot. They see the spends better. So why not focus on it when, you know, they're getting just a big, you know, a nice chunk of that revenue. So we want to continue to sit in front of them, show them best in class. And we're getting FaceTime with them with respect to, and I think the meetings that we've had over the last six months with the cruise lines focused heavily on how do we improve the pre-book is starting to pay off. Where can it get to is your last question. I mean, I've set a target to get to at some point. I'm not sure how soon. But over the next, you know, two, two and a half years, we should try and move this thing up closer to 30, which if the cruise lines give us the resources, we could probably get there over time.

Okay, gotcha. That's good, Keller. And then, Leonard, I want to ask you about the service margin in the quarter, which I think it was 18.5%. I mean, I think that's the highest level, you know, we have seen from you guys on that margin line. So, you know, Any help in terms of what drove the margin this quarter? I mean, obviously you've called out a couple of things that probably helped there, but maybe where that service margin could eventually get to over time. And I assume some of that is going to be potential AI benefits, which I'm still not sure you're willing to give too much color there at this point.

Well, let me start with the last part. AI is not necessarily going to be as big a catalyst on boosting revenue just now. I mean, what we're doing is boosting automation, giving the managers back more time to focus on day-to-day at the front desk, assisting receptionists, doing the cross-marketing, rebooking, obviously getting higher frequency. So it's really about automating some of their very, very manual tasks that they had to do in the back office, either before the opening of the cruise or during the cruise. So Yes, effectively by having them on the floor more often in front of their staff, it's going to help drive revenue and focus. But in of itself, it's not transformative. I think at the point that we're able to start looking at how we pre-book, how we pre-book without a discount, How we maximize yield with a proper dynamic pricing pre-booking engine, I think that will certainly be accretive to revenue. With respect to margin, it's purely mix that's driving a better service margin there. And clearly, you know, to the point that's raised is to the extent that we can continue to grow med spa above 10%, that will have some positive effect on service margins.

Okay, great color. Thanks, Leonard. Appreciate it.

Yeah, of course.

Our next question comes from Sharon with William Blair. Please proceed with your question.

Hi, thanks for taking the question. Sorry if I missed this, but where are you at on the thought on timing for rolling out dynamic AI-influenced pricing?

Sharon, I don't think we'll have it in play before The fourth quarter of 2027. We have, I believe, selected and gone through an RFP with a vendor, a couple of vendors. I think we've landed on someone we're comfortable with. So now the hard work comes, which is specking it out and creating all the new SOPs and how we want it to work. But we're going to be working with a high quality vendor. And, you know, these things take time. Then we've got to, you know, test them out there. That would be sort of the earliest point that we get into play just because, you know, it takes time to develop the software.

Yeah. Can you give us any kind of context around what you think that could mean for the business in kind of 28 and beyond, whether it's, you know, port day utilization or anything that we could kind of start to think about numerically?

I'd love to share them, but I can't. It's just not possible at this point.

All right, fair. Does that count as my follow-up?

No, no, no. I'm just like, there's no way I can really tell it to you because, look, let me put it to you this way, if this helps understand why we're doing it. What we have determined, even though we have sort of a manual dynamic pricing system in place where it's really the human in the loop, We have seen days where we ought not to be giving up margin or where we shouldn't be giving up yield on a particular day where in fact we could have sold it at full price. And I think that's going to be the differentiator and positiveness that's going to come out of the dynamic pricing, which is going to be truly dynamic based upon supply demand. And we'll know what the advantage is. I believe it will be accretive for sure.

Are you still expecting that to roll out for pre-booking first and then eventually onboard?

Correct. Yes.

Okay.

All right. Thank you.

Yep.

Our next question comes from Max Reckland Goh with TD Cohen. Please proceed with your question.

Great. Thanks a lot. And congrats, guys. It's been a really nice quarter. Thank you. So my first question is, just given continued really strong performance sort of quarter after quarter, can you speak to how your conversations with the cruise partners are evolving and the opportunities to get greater square footage, whether it's on new ships or retrofits?

Those conversations happen, you know, as much as possible. We take areas of success, particularly med spa, IV lounges, New Longevity Lounges which are going to come into effect which we haven't spoken much about but we certainly had a nod from Cruise Lines where we will take a portion of new facilities and convert and establish a complete longevity experience for the guests where they'll be able to do a lot of different types of longevity offerings that's in play that will commence at some point as we get into the new builds that are going to happen. that's going to be a new trend that we're going to add there as well so we're excited about that but you know getting Medspar into more and more is always a difficult conversation because you know is it the highest and best return for the cruise line compared to something like you know casino or bar no as we well know we're not nearly as big as that and Whether you give up a cabin for that, it's not. It's really just saying which areas of our existing facilities on some of the ships could be better utilized. Maybe it's slightly less relaxation area or the relaxation area now includes an IV lounge experience or the gym includes that. We've repurposed some areas. We've added some stretch classes into the gym. We're trying to get dead space utilized as much as possible where We see the opportunity.

Got it. That's super helpful. And then I just want to touch on capital deployment. This last quarter saw you guys buy back a bunch of stock, repay some debt, and obviously you just increased the dividend by 25%. So sort of hitting on all three Has there been any change around how you're thinking more tactically quarter to quarter around those three options? Obviously, you've got the new $100 million deployment that you can use for buybacks coming up. So, you know, just curious how we should think about those three buckets of capital returns here in the near to medium term.

We have not changed tactically our thinking around that, Max. Capital allocation priorities remain. Share repurchases are opportunistically paying and increasing a dividend over time and reducing debt while at the same time investing in the growth of our business. So how we've been doing it thus far will remain the same in the near term.

Great. Thanks a lot, and we'll speak soon.

Our next question comes from Gregory Miller with Truist Securities. Please proceed with your question.

Thanks. Good morning. I want to start off asking about the spa menu that you've condensed over the course of this year, at least in some of the cruise lines that I toured. And I'm curious how that's impacted your earnings at all. Are you seeing any improvement from a margin perspective? Is it showing up in terms of revenues as passengers choose different service offerings. And maybe are you adding back any services that you removed earlier this year?

No, we took a long time to sort of look at the data, look at the demand, and we've really come up with what are the best services to put on that menu that are going to have the requisite take rate. And I think we've landed where we need to come to. So I think we're in a good place. unlikely we will return any of the old stuff on there unless we see a trend or demand for those services. But I think what we've come back to now is a solid state where, you know, it's what we want to offer and it's certainly what's in demand by the guests.

Okay. For my second question, I'd like to ask about any implications to UnSpaWorld from the Royal partnership with Sandals. Is there an opportunity for you to be a part of Sandal Spas, if that's of interest to you, or how do you see overall this partnership impacting your company?

Well, it would be nice to think that maybe there'd be a conversation at some point in the future, but it's certainly too soon to talk about this. We haven't engaged. But yeah, could we certainly help them? Absolutely. Is that something that they want to do? We'll see in the future.

Okay, thank you very much. You're welcome.

Our next question is from Asiya Georgieva with Infinity Research. Please proceed with your question.

Good morning, guys, and congratulations on yet another excellent quarter. My first question is more general. With the war in Iran, we clearly had some reduction in demand by North Americans to go to Europe. Inga Fyodorova So for a little bit, when we look out to next year, and also sort of my second question is what are you seeing over the past month or so as we're getting into sort of the sloppier winter quarters? Thank you so much.

Yeah, we certainly, you know, based upon cruise line commentary and booking commentary with respect to the Mediterranean earlier on this year, and some of the commentary was obviously quite negative with respect to how they felt the booking was going. But it turns out that despite all the geopolitical pressure, the Iran war, oil, I mean, look how well the cruise lines have performed despite that. Can you imagine without it how much better they would have done? We actually did not have a bad Europe. We didn't have a bad Mediterranean and there were plenty North Americans out there. And so We certainly didn't see a downtick. We didn't see as much as we feared. Alaska performed well and the excess capacity that was pushed into the Caribbean started out a little soft, but then it strengthened very nicely.

And does it make sense for us to kind of be viewing the fact that there is more capacity in the Caribbean, which does cater to North Americans who tend to spend more on spa, Coming in 27, that's a natural tailwind for you in 27.

It's a huge tailwind. We love North Americans. They do spend the best on board.

And I think generally you prefer sort of shorter cruises that attract new to cruise because the spend there is larger. And I think we're seeing a little bit of a shift towards that in addition to just the pure capacity increase. Is that a fair statement?

I think you're probably looking at much closer in data than I have. The Caribbean, more North Americans cruising here. A three-day cruise is much harder than a four-day cruise because there's less time at sea. The four-day cruise actually has a day at sea. We kind of try and market it in the exact same way that we do a seven-day.

The seven-day

Thank you for joining us.

I don't think that you disclosed the components. You just gave us basically the 1.2% in Q2 and the current 3.3. Am I missing anything?

I mean, everybody drives their model differently. I mean, if you're just using that metric alone, you're probably not going to get to the right number. You've got to look at total births. You've got to look at penetration. I mean, we can take this offline and help you sort of formulate your thoughts around your model if you want.

We have reached the end of our question and answer session. There are no further questions at this time.

I would now like to turn the floor back over to Leonard Fluxman for closing comments.

Thank you again, everybody, for joining us today. We appreciate your support and look forward to speaking with many of you at our upcoming investor conferences and wish you a very happy and healthy holiday season. Thank you.

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.