A2Z Cust2Mate Solutions (NASDAQ:AZ) held its first-quarter earnings conference call on Friday. Below is the complete transcript from the call.

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Summary

A2Z Cust2Mate Solutions reported Q1 2026 revenue of $3.3 million, a 114% year-over-year growth, driven by the expansion of its smart cart deployments.

The company is transitioning from pilot programs to large-scale commercial deployments, with a contracted backlog of over $195 million, representing more than 19,000 smart carts scheduled for deployment.

A new manufacturing facility in China is set to support large-scale production, aligning with the company's global expansion plans.

Retail media is emerging as a significant new revenue stream, with initial revenues recorded in Q1, and the company sees substantial potential for growth in this area.

A2Z Cust2Mate Solutions secured a $30 million non-dilutive bank credit facility to support deployment activities, reflecting external confidence in its business model.

The company is focused on expanding its international footprint and sees strong interest from multiple regions, including plans to penetrate the U.S. market.

Full Transcript

OPERATOR

Good day everyone and welcome to A2Z first quarter 2026 financial results and Business Update Conference Call. At this time, all participants are in listen only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press Star0 on your telephone keypad. As a reminder, this call is being recorded. It is now my pleasure to turn the floor over to your host, Brett Moss with Hayden IR. The floor is yours.

Brett Moss

Thank you operator. Good day everyone. Before we begin, please note that today's call will contain forward looking statements within the meaning of the Private Securities Litigation Reform act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Please refer to our earnings release as well as our filings with the SEC, including our 2025 Form 10K for discussion of these risks. A replay of this call will be available shortly after its conclusion. With that, I'd like to turn the call over to our CEO, Gaudy Gross, Chief Executive Officer of A2Z Cust2Mate Solutions.

Gaudy Gross (Chief Executive Officer)

Thank you Brett and good morning everyone. Thank you for joining our call today. Before we get started, I'd like to provide a brief overview of who we are and what we do so A2Z Cust2Mate Solutions Corp. is a global retail technology company focused on transforming the in store shopping experience through our smart cart and connected retail platform. Our core solution digitizes the physical store by enabling self scanning, personalized engagement and real time retail intelligence at the point of purchase. Through our integrated platform which combines smart cart infrastructure, AI powered shopper engagement and emerging retail media capabilities, Cust2Mate helps retailers improve operational efficiency, enhance shopper experience and unlock new monetization opportunities within the physical retail environment. Over the last several quarters, we've been working to transition Cust2Mate from an early stage pilot driven deployment model into a scalable commercial platform designed for global rollout and mass deployment across leading retail partners. This shift has required building the operational, manufacturing and commercial infrastructure necessary to support large scale retail deployments while simultaneously expanding our product capabilities beyond smart cart functionality into a fully integrated connected retail ecosystem. As a result, we are now increasingly positioned as a core in store technology layer that sits at the center of the modern retail environment and enables entirely new sources of value creation for retailers through data and media driven monetization. Q1 2026 was a breakout quarter as we continued our transition from pilot validation to scaled commercial deployment. We are no longer in the pilot phase of smart retail. We are entering the early stages of scaled infrastructure deployment across global physical retail. What we are building is advancing rapidly into real world infrastructure. Retailers are transitioning from pilot programs into committed multi phase deployments and Cust2Mate is increasingly being integrated as part of the core operating layer of the physical retail landscape. Revenue growth in our first quarter was driven by delivery of our smart cart solution to retail stores. While we are early in the process of converting signed contracts to revenue at scale, the conversion curve is accelerating in a meaningful way. Importantly, we are gaining clear and measurable validation of the platform in live retail environments as deployments expand. Retailers are already capturing tangible economic impact from our solutions. Across deployments, retailers are experiencing an uptick in sales throughput with approximately 5 additional items per transaction and approximately 15% increase in basket value. Smart cart baskets are reaching 165% of manned checkout basket and 275% of self checkout baskets. Daily utilization rates are above 95% with smart cart usage reaching 100% during peak hours and we have now processed over 1 million transactions. While these metrics are certainly strong signals, there is a broader transformation in store operations and shopper engagement within the physical retail environment. These outcomes are showing up across a wider set of important ROI drivers including customer engagement, reduced checkout friction, operational efficiency, labor optimization, loyalty activation, and emerging retail media monetization. Together, these dimensions underscore that the platform is not just improving sales, it is fundamentally reshaping store performance across both the top line and operational layers. Importantly, our business model is increasingly driven by three reinforcing growth engines first, recurring smart cart platform revenues, second, retail media monetization, and third, retail intelligence and data services. Together, these layers create a connected commerce ecosystem where each deployment expands both platform utility and long term monetization potential. What makes the model particularly powerful is that these growth engines reinforce one another through a compounding flywheel effect. Better shopper engagement drives increased platform usage. Increased usage generates stronger retailer outcomes and ROI. Stronger retail outcomes support broader deployment expansion. Larger deployments create growing retail media inventory and improved platform economics which further supports adoption and monetization. At the same time, expanded deployments and engagement generate increasingly valuable behavioral data sets, strengthening personalization, retail intelligence and future data monetization opportunities. As this flywheel scales, the platform becomes increasingly valuable to retailers, advertisers and ecosystem partners alike. This quarter also marked the commencement of revenues from retail media, which we believe represents one of the largest untapped opportunities in physical commerce. Today, we are not only digitizing the shopping cart, we are establishing a real time engagement and media layer within physical retail positioned directly inside the highest intent moment in commerce, the in store shopping journey as deployments scale, we believe this creates a highly valuable and increasingly monetizable media environment for retailers, brands and ecosystem partners. While still in the early stages, retail media introduces a significant new monetization layer to the platform and meaningfully expands the long term economics of our connected retail ecosystem. All of this is occurring within a market that fundamentally remains under digitized. Physical retail is one of the largest sectors of the global economy, yet the majority of it still operates without real time intelligence, without visibility into shopper behavior and without integrated digital engagement layers. That structural gap between where the industry is today and what we are beginning to demonstrate in live deployments is what defines the scale of the opportunity ahead. We are already seeing increasing interest across multiple categories and geographies including grocery, toys, home goods and international retail markets. This breadth of interest reinforces that the opportunity is not confined to a single format or use case, but is applicable across a wide range of retail environments. As retailers gain visibility into performance and ROI, we are seeing increased willingness to expand deployments across additional stores, formats and regions, further validating the scalability of the platform globally. As this market evolves, we believe long term leadership will not be determined by a single product capability, but by platform integration, deployment experience and operational scale. And this is where our competitive position continues to strengthen. Our competitive moat is not based solely on hardware. It is built through the combination of deep retailer integrations, real world deployment experience, proprietary shopper engagement data, AI driven personalization, retail media infrastructure, operational know how and a growing installed base. As deployments scale, these advantages reinforce one another. Each additional deployment strengthens integration, enriches data, improves system intelligence and deepens our operational footprint within the retail environment. Over time this creates a compounding advantage that becomes increasingly difficult to replicate. Within this context, AI is not a standalone initiative, it is a core enabler embedded directly into the platform. We deploy AI where it improves retailer economics and shopper outcomes in a meaningful way, integrating it into the operational fabric of the in store experience. This includes personalization, contextual recommendations, fraud mitigation, operational optimization and shopper intelligence. As deployment scale and data richness increases, these capabilities become increasingly powerful, improving decision making at the point of interaction and enhancing both shopper engagement and store efficiency. AI is a compounding force that strengthens our platform over time and reinforces the structural advantages of a digitized retail environment. I want to briefly touch on our financial performance which continues to reflect both early stage scaling and strengthening underlying momentum. We delivered $3.3 million in revenue in the first quarter representing 114% year over year growth this increase was driven primarily by the expansion of our smart cart deployments across leading retail partners and reflects the early stages of conversion from our growing backlog into recurring commercial activity. We continue to expand our installed base during the quarter reaching more than 2,500 smart carts delivered, including approximately 500 units delivered in Q1. Importantly, deployment activity is shifting in nature. We are transitioning from initial site level pilots to programmatic rollouts across retail networks. We have expanded a multi year contracted backlog to more than $195 million, representing over 19,000 smart carts scheduled for deployment globally. This is a defining milestone for the company. We have transitioned beyond pilots and isolated deployments into structured, repeatable, multi phase rollout programs with leading retailers. What is emerging is not simply demand, but a large scale infrastructure deployment pipeline spanning regions, formats and retail networks. This backlog now provides a high degree of visibility into future deployments, reinforces the scalability of the platform and reflects the strength of underlying demand. Importantly, this backlog does not include revenue from data or retail media which we expect will add incremental revenue as those streams continue to ramp. While we remain early in the scaling curve, we are seeing increasing alignment between deployment activity, backlog conversion and revenue growth. Reflecting improving visibility and a more scalable operating model, we have also strengthened our financial position. Total liquidity working capital at quarter end was approximately $63.2 million including cash and cash equivalents. In addition, we secured a firm proposal for a $30 million contract backed non dilutive bank credit facility. This facility is directly aligned with customer contracts and deployment schedules, meaning capital availability is structurally linked to contracted commercial activity. We view this as a strong external validation of our business model backlog quality and execution trajectory. The facility further enhances financial flexibility and supports efficient non dilutive funding of deployments while preserving balance sheet strength for other working capital needs. As we scale, including under the credit facility, our current total available liquidity is over $90 million, approximately $2 per share. We also initiated a share repurchase program earlier this year reflecting our confidence in the long term trajectory of the business and our commitment to disciplined capital allocation. The program authorizes us to repurchase up to $20 million of our common shares and we have begun executing against it opportunistically in the open market. As of 3-31-26, we have repurchased 542,845 shares for a total of approximately $3.5 million and those shares will be cancelled. This program remains in place and gives us additional flexibility to return capital to shareholders while continuing to prioritize investment in growth and execution. Overall, we believe the financial results this quarter reflect a business that is still early in its scaling cycle, but increasingly supported by contracted visibility, growing deployment activity and a strengthening commercial foundation. As demand accelerates, we continue to scale our operational infrastructure. In parallel, we expanded manufacturing readiness, increasing production capacity and strengthening supply chain execution to support large scale global deployments. We also expanded our international operational footprint with the establishment of customer support centers in Panama and Bulgaria. These centers materially enhance our global service architecture, improve deployment execution capability and ensure we are positioned to support sustained multi region expansion. Collectively, these investments represent the foundation of a global scale organization. In summary, what is unfolding at Cust2Mate is a clear transition into large scale commercial deployment. We are moving from pilot programs to structured rollouts. We are transitioning from a smart cart provider into a connected retail infrastructure platform and we are beginning to unlock new revenue layers, including retail media that expand the long term economics of the ecosystem. Physical retail remains one of the largest and least digitized sectors globally. We believe this sector is transforming into an intelligent, connected and measurable commerce environment in which A2Z Cust2Mate will play a significant role. What is most important is that this transformation is no longer theoretical. Our solutions are being deployed today and our contracted backlog is substantial.

OPERATOR

At this time we will now open the call to live questions from our analysts and then the company will address pre submitted questions by the investors. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. And for participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys. Our first question is from Dan Kernos with Stonex. Please proceed.

Dan Kernos (Equity Analyst)

Great, thanks. Good morning Scotty. Let's just start. Appreciate all the color. Thank you for doing this and taking our questions here. First, can we just talk about the Chinese manufacturing facility? You guys said that it would be fully up and running by before Q3. Can you just tell us where we are and then in terms of product that's coming from there, talk about Q and A testing and what does production look like at scale.

Gaudy Gross (Chief Executive Officer)

So Dan, thank you very much. So yes, we have a production facility in China which is coming online as we speak. We see this as a very important milestone in supporting our transition to scaled commercial deployment. The facility is designed to support mass production capabilities and very significantly expands our manufacturing capacity as deployment activity increases globally. We've been working closely with our manufacturing partners on production processes, QA protocols, operational readiness to ensure the platform can scale reliably and consistently. Very importantly, we believe the facility provides the manufacturing foundation needed to support our existing contracted backlog. But not only that, it also supports our additional global expansion opportunities going forward, no matter how large these may be. And this expanded production capability is part of the broader operational infrastructure we have been building over the last several quarters to support larger multi region rollout programs. As always, deployment cadence will continue to be coordinated alongside retailer rollout schedules and implementation timing. But from a manufacturing standpoint, we believe we are in a very strong position today to support scale as needed.

Dan Kernos (Equity Analyst)

And to that point, Gotti, given the backlog that you have, the purchase order book, obviously 19,000 carts right now, and we understand that, you know, deployment largely depends on store readiness and retrofitting. But how, you know, you kind of pointed to Q3 as sort of the big pivot quarter for deployments here. How should we think about, you know, cadence starting to begin in the back half of the year? I'm not looking necessarily for specific numbers, but just, you know, how should we think of that beginning to scale? And you've also talked about the new contract wins. So I'm just curious how the. But the order book pipeline is also starting to shape up.

Gaudy Gross (Chief Executive Officer)

So, you know, as we've said, we continue to see our transition into large structured rollout programs with our partners. Our manufacturing facility is now online and we have started from Q3. Beginning of Q3, we will de facto have no real restriction on our manufacturing capability. So we exited Q1 with approximately 2,500 smart carts delivered and 19,000 carts scheduled for deployment through the end of 2027. As far as cadence, we can't expect it to be perfectly linear quarter to quarter. They depend on all sorts of operational factors including store readiness and retail implementation. But from a manufacturing level, we're totally ready. So we do expect activity levels to continue increasing as we move through the scaling phase of the business and as the year progresses, particularly as manufacturing readiness and deployment infrastructure continue to expand. And as I mentioned, we've also invested in expanding our operational infrastructure with our new support hubs in Panama and Bulgaria specifically to support multi region deployment execution and customer support as our rollout activity grows. So although we are still in the early stages of what can become a much broader deployment cycle across physical retail, the current backlog gives us a lot of visibility into that scaling process. And without us providing Specific deployment guidance. We expect deployments to pick up from quarter to quarter and from year to year.

Dan Kernos (Equity Analyst)

Got it. Super helpful. One more for me, just on retail media, you guys announced several significant brand name contracts. Obviously you're starting to get attention. We know that it's going to scale. I think in the filing I think there was like 200 ish thousand of revenue or so, give or take, from retail media services. I don't know if that's the retail media number in the quarter, but just can you help us think about how rapidly that can scale? I know this is a scale game, Gotti, but just what you're seeing and whether or not you expect those contracts that you announced with Under Armour and others to contribute and how quickly.

Gaudy Gross (Chief Executive Officer)

So first of all, you're quite right. The retail media is a very significant opportunity. We've just started generating revenues in Q1 and we believe that's a very important early validation point for the model as well as the extra top class brands that we've signed on. Yeah, we're in the early stages building that business, but we're already seeing very meaningful interest from brands and ecosystem partners that are keen to engage shoppers directly at the point of purchase, which is always the strong point of in store retail media. But similar to other retail media platforms, scale does matter. So as the installed base grows, shopper engagement increases across the network, the value of the media inventory and targeting capabilities become significantly more attractive. So larger deployments create more impressions, more shopper data, more engagement opportunities, and ultimately stronger monetization potential per retail partner. So as we've always said, the SmartCut is uniquely positioned within the in store journey because it sits directly at the highest intent moment in physical commerce while shoppers are actively making purchasing decisions. As we scale, we expect our retail media revenues to increase not linearly, but geometrically. So not only do the more carts you have, you have more retail media inventory to monetize, but we strongly believe that the more carts you have, the value of the retail media monetized will increase too. And once again, we can remind everyone that our contracted backlog of $195 million does not include retail media revenues. These are in addition. So the retail media, it's a digital revenue stream, it's a high margin recurring revenue layer and we hope that they will generate digital profits that can strengthen our economics as deployment go forward. Got it. Thank you, Gotti. Congrats on your first earnings call and good luck. Thank you.

Greg Gibbes (Equity Analyst)

Our next question is from Greg Gibbes with Northland Securities. Please proceed. Hey, great Good morning Gotti. Thanks for taking the questions and early progress as it relates to the strong contracting momentum, as it relates to maybe the timeframe on deployments, on existing contracts, how we should think about average time it takes to fully deploy carts, you know, from when the time a contract is signed and you know, perhaps what are some of the limiting factors or bottleneck factors that could affect time.

Gaudy Gross (Chief Executive Officer)

So thank you. So there always is a certain delay between announcing the contract and actually revenue recognition. So you know, revenue recognition is closely to tie to deployment activity and delivery milestones. So there's always going to be a timing gap between commercial announcements, signed agreements, deployment execution and revenue recognition. But you know, we've given guidance where we can, where we've contracted with our clients on when we're going to start deploying. So we've already started deploying, you know, with Yochananoff and that is going apace and is going to be increasing as we every from quarter to quarter. We are starting soon with Sapir and that's also increasing from quarter to quarter. But our expectation is that our entire contracted backlog at present will be deployed by the end of 2027. So that gives visibility into our deployment activity. Remember that the revenue recognition of our contracts is staggered over the mostly five year contracts. So the revenue recognition will take approximately five years to be reflected fully in our reports from the time of deployment.

Greg Gibbes (Equity Analyst)

Got it, got it. Great, that's helpful. And then wondering if you could maybe speak to the overall demand environment that you're seeing and as it relates to incremental contracting progress, activity or discussions with prospective customers.

Gaudy Gross (Chief Executive Officer)

So the, you know, we're continuing to see strong commercial momentum and in multiple markets and multiple retail verticals. So we're working digitally to further expand our commercial pipeline and convert the opportunities into additional agreements and contracted backlog. The retail sales cycles in this industry are long and operationally driven, especially with large scale enterprise deployments. With that as we're seeing as retailers gain visibility into our performance metrics, into the shopper engagement with our carts and into the ROI that we can show, we are seeing increasing willingness to move forward to broader rollout discussions. So we believe that our growing contracted backlog also provides visibility. At the same time we remain disciplined in how we communicate externally and we continue to announce material developments as appropriate and in line with our disclosure practices. But overall we believe the pipeline environment remains active. It's very constructive and it's supported by increasing retailer interest in digitizing the in store shopping experience and adopting connected retail infrastructure solutions at scale

Greg Gibbes (Equity Analyst)

Got it. Thanks very much.

Giuliano Balagna (Equity Analyst)

Our next question is from Giuliano Balagna with Compass Point. Please proceed. Good morning. Congrats on the first earnings call. First question, you put a lot of information out in April about, you know, some of the performance of the cards, you know, basket sizes, utilization. Yeah. And so on. I'm curious, now that you're kind of going from pilot to larger deployments, does that help at all in the sales cycle, going to approach new retailers and new potential clients? And does that help, you know, move the ball forward when it comes to, you know, getting sign on or getting approval and having some of the retailers, you know, want to move forward now that there's actual data to prove that the product is working and providing, you know, increasing basket sizes, providing, you know, interesting economies of scale and use and usage.

Gaudy Gross (Chief Executive Officer)

Absolutely. There's no question that the fact that we can show, you know, utilization rates and usage rates and increased product purchases and et cetera is a key factor in showing an roi. Because in the end, our retailers, they're hard nosed businessmen and business people and in addition to the superior shopper experience, they want to know that deploying our product is going to bring them extra money. So the fact that we can show that there are increased sales, that we can show that there's uptake in usage from the shoppers, and that retail media is starting to generate revenues as well, these all make the entry level smoother for us to actually progress.

Giuliano Balagna (Equity Analyst)

That's very helpful. And from a sales cycle perspective, is there any change in kind of the existing contracts? Are you seeing appetite to want to expand and increase the rollouts of existing customers? And are any of the new discussions pointing to similar size rollouts or are they pointing towards larger rollouts across a larger install base?

Gaudy Gross (Chief Executive Officer)

Yeah, well, almost all the clients we've signed up are in the process of expansion, so they're continuing to grow their businesses, but they also have concrete plans to significantly expand their store count and they plan to open quite a significant number of stores over the next 12 to 18 months. The contracted backlog is intended to be deployed in existing stores. So we can definitely reasonably expect that as our customers open new stores, they will want to deploy our carts in those stores as well and our backlog will increase. So on that basis we have strong reasonable expectations that the clients will increase their, their orders when they increase their store count.

Giuliano Balagna (Equity Analyst)

That's very helpful. I appreciate the time and congrats on the first call and I'll jump back in the queue, thank you very much.

OPERATOR

There are no further questions. I would like to turn the conference back over to John for pre submitted analyst questions.

John

Thank you very much and Gary, thanks for your time and thanks to Giuliano, Greg and Dan for their input. I know it was greatly appreciated. A lot of the questions have been answered and asked at this point in time. I suppose one of the questions a lot of the US investors will have is touching on what Greg had spoken about already is that very much this is really centric right now in the sense that the majority of the rollouts and the contracts are coming from that geographic. Are you seeing the same concerns on a more global scale that is in Central America, South America and Europe? And then are you also seeing an appetite to move towards platform technology solutions in order to ease the issues that those retailers have? Maybe the same, maybe different than the Israeli retailers are seeing right now?

Gaudy Gross (Chief Executive Officer)

So yes we are. Our backlog is concentrated in Israel. I think that's part of market dynamics. But we're continuing to see growing international interests from many regions around the world and our pipeline is becoming increasingly global in nature. I'd also say that the US is a very important and strategic market to the for the company. We feel that we are mature enough now to actually go out and deploy there and we're putting significant focus on expanding our presence and commercial activity there in the U.S. you know, with your platform, the integrators play an integral role in the US retail ecosystem, especially for large scale enterprise and platform deployment. So we're continuing to work towards expanding our relationships and go to market capabilities with the integrators as a central part of that, as a central part of our broader market penetration strategy. So yes, we are continuing to build the operational and commercial infrastructure necessary to support long term global expansion. And that is where we putting most of our efforts now.

Brett Moss

Excellent. And this is from Brett. This is in relation to the announcement yesterday of the 30 million line of credit. Suppose a couple of things on it from Brett's perspective. Can you elaborate on it? What does it do for you, the company, how does it support your deployment as such? And then a follow on question from that Brett was well, how much due diligence was put into the decision by the major financial institution in Israel to get involved in this? Yes, thank you. So yeah, we are very proud. We have received approval for the bank facility when we are now transitioning into larger scale commercial deployment activity. And as our business model as we've always said is you have a minimal upfront payment but essentially it's multi year, five year contracts, it's payments over 60 months. Notwithstanding that we are very liquid and well financed, we think it would not be a good use of our financial resources to fund what is essentially our working capital. So even though our unit costs are continuing to grow down, it's still a significant outlay of funds to actually manufacture and deploy our cars and get payments for them over many months. So this is a facility which is based on the contracts we've already signed. It's a non dilutive, it's a bank credit facility and it's directly linked to customer contracts and deployment schedules. So as deployment activity scales, we have an increased need for manufacturing and inventory and logistics. And you know, this operational working capital will be funded by the banks to support the rollout execution. They, you know, they looked through, you know, they look through our contracts, they look through our costings, they look through our business model, they examined the clients. So, you know, in addition to the funds that we actually get and our ability to utilize non dilutive bank financing to fund our increased deployment, it's also meaningful because it reflects external confidence from a professional body that's giving us a lot of money in both the quality of our backlog and our execution trajectory. Excellent. And then just a follow up from Brett was is there opportunities to increase this facility or have other facilities from other institutions in Israel? And then does this translate across other markets as you roll carts into other demographics? So, you know, our model, and I think we've always been open about it, is to actually receive bank financing to fund our deployments at scale, wherever they are in the world. Any new contracts that come in, we would expect to be able to receive similar financing. The first one proves that the model can work. But our expectation is that this will be done wherever we are, this will be done. If we increase our backlog, whether for new contracts or increased contracts from existing clients, we expect that we will be able to receive bank finance financing in Israel from Israeli banks when we deploy abroad, from local banks wherever we deploy.

John

Excellent. I think what we'll do is we'll wrap it up there. I know we're pushing up on our time, so what I will do is I'll leave it to you for a couple of minutes for closing remarks or anything that you want to emphasize over the last 15 or 20 minutes or half an hour of this call.

Gaudy Gross (Chief Executive Officer)

Excellent. So first of all, thank you all for taking the time early morning. This is our first earnings call. We look forward to being able to report on our progress from quarter to quarter. It's very exciting times. We are liquid we have built up the infrastructure, the research team, the deployment team, our channels and partners abroad, operational hubs to allow us to enter into the mass deployment at scale. And we're also building up our retail media opportunities and retail media commercialization. So we look forward to being able to report on our progress next time. Thank you all very much for your time. It's much appreciated.

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.