BW LPG (NYSE:BWLP) held its first-quarter earnings conference call on Tuesday. Below is the complete transcript from the call.

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Summary

BW LPG Limited reported a strong Q1 with a TC income of $55,500 per available day, surpassing guidance, and a profit after minority interests of $164 million, translating to an EPS of $1.08.

The company announced a contract for eight 90,000 cubic meter Panamax new buildings with delivery expected from 2029 to 2030 as part of its fleet renewal program, aiming to reduce the fleet's average age.

BW LPG's Board declared a dividend of $0.67 per share, reflecting a 100% payout of Q1 shipping profits and $0.11 per share from product services profits.

The company is guiding for $81,000 per day for 85% of available days in Q2 2026, with a cash breakeven of $24,500 per day.

BW LPG maintains a healthy liquidity position with $680 million, supporting the newbuilding project and strategic initiatives.

Management highlighted the impact of geopolitical tensions in the Middle East on freight rates and expects continued strong US LPG export growth to support market conditions.

Product Services reported a significant mark-to-market valuation gain, with expectations of realizing a large portion of this by the end of Q2.

The company maintains a low net leverage ratio of 26.3% and has a strong balance sheet to support ongoing strategic initiatives.

Management provided insights into the market dynamics, including the impact of Panama Canal congestion and the potential effects of El Nino on shipping routes.

Full Transcript

Aline Andlicher (Head of Corporate Communications)

Good morning, good afternoon, good evening everyone and thank you for joining us today. My name is Aline Andlicher and I'm the Head of Corporate Communications at BW LPG Ltd. On behalf of the management team, I'd like to extend a warm welcome to all of our shareholders, investors, analysts and valued stakeholders joining us for our quarterly earnings presentation. We appreciate you taking the time to be with us and for your continued interest and confidence in our company. Joining me today are our CEO Christian Sorensen and our CFO Samantha Su, who will walk you through the quarter's performance, key market developments and our strategic priorities moving forward. Following the presentation, we will open the floor for a Q&A session. You are welcome to submit questions throughout the Q&A chat throughout the presentation, or alternatively raise your hand to ask your question directly during the Q&A part. Before we begin, I would like to draw your attention to the legal disclaimers shown on the current slide. Please also note that today's presentation is being recorded and with that it is my pleasure to hand over to our CEO Christian.

Christian Sorensen (Chief Executive Officer)

Thanks, Aline. Hi everyone, thanks for dialing in as we review our first quarter financial results and recent developments, including our announced new buildings and the Middle East situation which is still overshadowing the market. Let's turn to slide four please. The first quarter was another one with significant geopolitical volatility marked by increased inefficiencies from the Middle East conflict driving higher shipping demand from the US and resulting in extraordinarily high freight rates which we will cover in more detail in the Market Overview section. In addition, as this closed over the weekend, we are pleased to announce that we have signed a contract for eight 90,000 cubic meter Panamax new buildings with HHI with expected Delivery from start 2029 until the second quarter of 2030. Further details will be covered on the next page. Moving to the Q1 results, we reported a TC income of $55,500 per available day above our guidance of $54,000 per day and $51,300 per calendar day. The Q on profit after minority interests was $164 million equivalent to an EPS of $1.08. Our trading branch, BW Product Services reported a gross profit of $127 million and a profit after tax of 98 million for the quarter. The extraordinary high results are mainly driven by large unrealized mark to market valuation gain of the portfolio provided no delays. We expect a large part of this to be realized by end of Q2 for the second quarter 2026 we're guiding on about $81,000 per day fixed for 85% of our available days. These are solid levels above our all in cash breakeven of $24,500 per day. The figure includes the fixed time charter coverage in the second quarter of 40% of our available days at $44,000 per day. Please see in the appendix in this presentation for the full breakdown of time charter days and levels. The Board of Directors has declared A dividend of $0.67 per share with $0.56 representing 100% of the of our shipping and path in Q1 and $0.11 per share from product services. Final dividend from 2025 following the front heavy dry docking activity in 2026 with 257 days related to dry docking in Q1 alone. The majority of the dry docking is now behind us. We expect offhire days to reduce to approximately 105 days in the second quarter. In other subsequent events during the first quarter we fixed the BW Bragge and the BW Gemini for five and three year time charter out agreements in the low $40,000 per day. We also fixed the BW Pampero which is part of our India fleet for a one year time charter out at high $60,000 per day with delivery in August. As the Middle East tensions have persisted and the Strait of Hormuz remains closed, we still have one vessel from our India flagged fleet inside the Persian Gulf on time charter. The two other vessels transited the Strait of Hormuz safely back in April. Turn to slide 5 please. Okay. During the weekend we announced that we had signed a contract for the construction of eight 90,000 cubic Panamax VLGCs with an average new building price of approximately $117.5 million per vessel. This is subject to final technical specifications of the respective vessels. The new buildings are expected to be delivered from start 2029 until the second quarter of 2030. This new building series underpins our ongoing fleet renewal program, reducing the average age of the current fleet by about three years after the last new building delivery. Furthermore, the Panamax new buildings represent the most flexible design future. Proofing our fleet composition. New building prices have eased from peak levels around 125 million some years ago. While LPG capacity remains constrained for the foreseeable future in a high energy price environment, this is likely to increase the inflationary pressure. The way we see it against this backdrop, the timing of the new billing order is supported by a strong balance sheet enabling fleet renewal and capital structure optimization by balancing shareholder returns with long term value creation. Furthermore, the new billing deliveries follow the peak of the order book in 2027 and 28, coinciding with additional US and Middle East LPG export capacity coming online. Various financing options are currently being considered with 30% of total newbuilding price to be paid within the next six months. Next slide please. Now let's take a look at the market. Increasing inefficiencies are reshaping lpg, shaping economics and driving a historically strong VLDC market. The LPG shipping market entered 2026 on a strong footing supported by solid US LPG production growth and accelerated ramp up in export capacity. Following the geopolitical disruptions, the market has experienced simultaneous reactions that are reshaping trade dynamics, increasing inefficiencies, absorbing shipping capacity and ultimately supporting higher freight rates. Heading into 2026, US propane inventory stood well above historical norms at around 100 million barrels versus 85 million barrels a year earlier. Strong production combined with stable domestic demand created a persistent export surplus. At the same time, infrastructure developments added further momentum with the energy transfer TARGA and enterprise terminal expansions ramping up with LGC loading capacity in the US Gulf the outbreak of the US Iran War end of February and the effective closure of the Strait of Hormuz introduced a structural disruption to Middle East LPG exports. This removed a significant portion of LGC loading volumes almost immediately and triggered a forced relocation of trade flows with longer sailing distances as vessels increasingly sought cargoes from the US Gulf. With Middle Eastern exports remaining constrained, the US Gulf has effectively become the supplier of LPG to Asia, operating close to maximum utilization as it compensates for the loss of Middle Eastern export volumes. At the same time, high spot fixture activity in the US has tightened vessel availability and supported elevated freight rates. In addition, a larger number of ELDCs than expected has remained idle in the Arabian Sea waiting for the Strait of Hormuz to reopen rather than seeking US cargoes. And this has further tightened shipping supply as other shipping segments with high willingness to pay also experienced change in trade flows, the traffic and congestion in the Panama Canal have increased. This has resulted in more VLDC sailing via the Cape of Good Hope, significantly extending voyage distances between the US and Asia and thereby absorbing additional shipping capacity from the global fleets. And this long haul trade pattern via Cape A Good Hope has been bolstered even further as India and Southeast Asian countries are now importing basically all their LPG from the US Next slide please. Looking at the North American exports, the expansion is taking place somewhat earlier than anticipated as US Exporters are racing to replace lost Middle East volumes. Consequently, North American export forecast is raised significantly for 2026 on the back of high oil and gas activity and demand for Middle East replacement volumes. Provided a reopening of the Middle East exports market, volumes from the region will contribute more to overall growth in global shipping volumes. In our forecast, we assume reopening of the Hormuz during Q2 2026 and then a gradual normalization, but this is obviously hard to know for sure. More US Exports capacity is set to come online the coming years. While we conservatively anticipate most of energy transfer and enterprise flex exports capacity being allocated for ethane exports when the very large ethane carriers are delivered over the next years. Next slide please. Looking at the current fleet and order book, we can see that the fleet has grown in the last three months and now stands at 429 VLGCs on the water. The Oder book is made up of 130 VLDCs currently under construction with delivery stretching all the way to the beginning of 2030. We've seen a significant ramp up in contracting of vessels in recent months and while we expect more new buildings to be delivered going forwards, we also keep in mind that 9% of the fleet is older than 25 years. So as a summary, there are several factors driving the BGC freight market to unprecedented heights. Sharp increase in US LPG exports coinciding with the Middle East exports being choked has created a long haul trade pattern where the sailing distances are compensating for the lost Middle Eastern volumes. As mentioned, it's impossible to have a clear view on when the Estate of Hormuz is reopened, but when it does open, we expect repairs or production export infrastructure to take time before the LPG exports reach pre war levels. And as said before, the Panama Canal remains a wild card in our markets and we believe the congestion will increase as several shipping segments are competing for the limited number of transit slots. While the order book is substantial, the fleet continues to age with more than 40 vessels equivalent to 9% of the fleet already exceeding 25 years of age. Also keep in mind that 53 wheelchair seas are considered part of the shadow fleet. And that concludes our market segment. Over to you Samantha.

Samantha Su (Chief Financial Officer)

Thank you Christian and hello everyone. Let's zoom in on our financial performance for the quarter. Start with our shipping performance. We deliver a quarter with a TCE at US$51,300 per calendar day or US$55,500 per available day. The fleet utilization was 92% after deducting technical off hire and waiting time. The healthy performance was underpinned by a strong spot market full of uncertainties and a continuous, disciplined execution of our commercial strategy built on Time Charter portfolios and FFA at a healthy level. In Q1 we have fixed the time charter portfolio at 53% out of which 41% was fixed rate time charters. Looking ahead for Q2, we have fixed 85% of the available fee dates at an average rate of about US$81,000 per day. This also included index linked Time Charter contracts which could fluctuate with the spot market changes. Looking at full year 2026, we have secured 42% of our portfolio with fixed rate Time Charter and FFA hedges at $44,800 and $48,100 per day respectively. Altogether, our Time Charter out portfolio is expected to generate around US$245 million. Next slide please Product Services posted a realized loss of 10 million US dollar in Q1. Separately, product services also reported the 145 million US dollar increase in mark to market on our cargo position offset by an 8 million US decrease in paper position after accounting for general and administrative cost and other expenses. Product Services reported a net profit after tax of US$98 million for the quarter with net asset value of US$150 million at quarter end. As we highlighted previously, these mark to market movements which fluctuate regularly are largely driven by the gradual phasing in of our multiple year term contract as reflected in a volatile market. While the periodic value adjustments are significant, they reflect the delta between the balance sheet dates and we continue to see fluctuations before the positions are realized. We will continue to report our future trading performance including the mark to market changes via our quarterly trading updates. It is also important to note that trading gains and losses are realized across different financial periods. They cannot be extrapolated from past performance as unrealized position will vary depending on the end period valuations. Our trading model is designed to create value by combining cargo, paper and shipping positions. With that in mind, we would like to remind you that that the reported net asset value does not include unrealized physical shipping position of 69 million US dollar which is based on our internal valuation in Q1. Our average VaR value at risk was 6 million US dollar reflecting a well balanced trading book including cargoes, shipping and derivatives. The VAR is expected to increase as we continue to account for the increased term contract volumes the that will start from the end 2026 and continue to accumulate into mid 27 and beyond. Why? This also reflects a volatile market in the meantime. Next slide please. Okay, going on to our financial highlights, we reported a net profit after tax of 187 million US dollar including a profit of 9 million from BW LPG India and 98 million profit from product Services. Profit attributable to equity holders of the company was 164 million US dollar which translates into earnings per share of $1.08 per share for the quarter and an annualized earning yield of 25% when compared against our share price at the end of March. We reported a net leverage ratio of 26.3% in Q1, down from 28.4% at the end of 25. The reduction reflects principal repayments made during the quarter. The Board declared a dividend of $0.67 per share representing 100% payout of our quarterly shipping profits and $0.11 per share 2025 final dividends from BW Product Services. The 100% shipping profit payout is beyond the 75% payout ratio as guided by our dividend policy obey the newly announced fleet renewal program to invest up to US$940 million for eight Panamax vessels. The dividend decision is a reflection of a continuous forward leaning principle to give back to our shareholders in a good market and we are also pleased to see such principle is supported by our healthy liquidity and positive market outlook for the period end Our balance sheet reported shareholders equity of US$2 billion. The annualized return on equity and on Capital employed for Q1 were 38% and 30% respectively. Our Q1 2026 OpEx was concluded at $7,300 per day, a reduction than previously reported for 26. We expect our own fleet operating cash breakeven to be about US$19,000 and $21,300 for the whole fleet including time charter vessels. The all in cash break even is estimated to be 24,500 slightly up from last reported due to pre delivery funding cost for the new buildings. Next slide please. Finally, as of NQ1 we maintain a healthy liquidity position of $680 million which consists of $176 million in cash and $442 million on drawn credit facilities, providing a strong base to support our new building project. Looking ahead, our liquidity stays strong, repayment profile remains sustainable with major repayment starting from 2030. We're confident of maintaining a healthy liquidity and repayment profile to support our new building project on product services trade finance utilizations stood at 161 million US dollar or 22% of our available credit line leaving ample headroom for future trading needs. And with that I'd like to conclude my update and thank you for listening and get back to you Aline.

Aline Andlicher (Head of Corporate Communications)

Thank you Samantha and thank you Christian. We would now like to open the call for your questions. So please either type your questions into the Q and A channel or you can also click the raise hand button to ask your question verbally. But please note that participants have been muted automatically so kindly press unmute before speaking. We will start with the verbal questions first before then moving on to the chat. See if we have anyone in the call who would like to ask a question. Yes, we have Jostein Ashim if you can please unmute yourself. Jostein, we can't hear you yet.

Jostein Ashim

Yeah, hopefully you can hear me now. Oh good, thank you. Yeah, perfect. So this is just from DNV Carnegie. I just had a question regarding Product Services. So as Samantha also mentioned during the presentation you had a very strong Q1 figures which was also driven by the mark to market effect on the contract portfolio. Currently it looks like the FOB premium has come down somewhat. Have you taken any actions in order to secure some of the profits or how should you think about the Product services results going forward?

Christian Sorensen (Chief Executive Officer)

Hi Osain, thanks for the question. I can start. So like you say, the arbitrage is somewhat narrower than it was at the peak. But as you may know the business model that Product services is is having is based very much on on hedging positions and ensuring that you can actually capture the profit through the paper market by locking in the margins. So as mentioned by me in the presentation we, we do hope and expect that a large part of the mark to market gain will come to realization in the second and probably also into the into the third quarter. But we will come back with the trading update as per normal in between the earnings presentations and can shed some more light on it then. Samantha, anything you'd like to add?

Samantha Su (Chief Financial Officer)

No, that's correct Christian. And I think also about portfolios positions in the. In the curve. Although the positions has changed as as we speak, we do expect there's some realization or the reclassification from open position to be realized to be come to come through by Q2.

Jostein Ashim

Yeah. So the realized position should be good going forward as well. But how about the market, should that be more normal or potentially negative as as the internal fees has come somewhat down?

Christian Sorensen (Chief Executive Officer)

Well it. Since you're coming from a very high level, it's a little bit like the freight market as well. I don't think it's completely unnatural if you see a correction in the market reflected in the, in the market to market under valuation in the portfolio because you're coming in from a very high, high level. And, and so relatively there could be a correction on the back of that if that answers your question.

Jostein Ashim

Yeah, yeah. Thank you very much. And if I just have one last question. So I saw the charter hire expenses come up some 7 million from, from last quarter. Is it any sort of profit sharing mechanism on the charter hire contracts or anything else explaining the difference? It doesn't look like you have added any time charter vessels into your portfolio.

Christian Sorensen (Chief Executive Officer)

It sounds like you have a covered shipping long enough and you're spot on.

Jostein Ashim

Would it be possible to give any indication on the mechanism?

Christian Sorensen (Chief Executive Officer)

You know, it's down to the, it's a profit split on some of the time charters. So. But I prefer not to go into detail on the specific deals that we have done.

Jostein Ashim

Fully understand. Thank you very much for your time.

Aline Andlicher (Head of Corporate Communications)

Thank you. Next up we have another question. Please proceed.

Christian Sorensen (Chief Executive Officer)

The ship is on, is on time charge, it's with a cargo on board. So of course the charters would like to sell and discharge the cargo before redelivering the ship. So it's, that's something we'll have to get back on. But the situation is that the ship is still on time charter and when the Strait of Hormuz opens, we hope that we can ensure a safe transit for the ship so she can finally discharge her cargo. Yeah, well, as you know, there isn't much LPG flowing out of the Middle east at the moment. So of course you will then have a reduction simply because there isn't any exports from the Middle east taking place as we speak. So the, you know, if you go back to some of our previous presentations, we had forecasted about 44 million tons, up from 3,940 last year, to be exported from the Middle East. And obviously this is reduced now that there is basically no exports taking taking place. Yeah, sorry. So that's, that's. Sorry I misunderstood you. That's the ramp up which is gradually taking place as we believe it will take probably a year, even longer to finalize repairs on production and export infrastructure. Okay, thanks.

Aline Andlicher (Head of Corporate Communications)

Thank you. Any more questions verbally before we move on to the Q&As in the chat? If not, then maybe, you know, let's turn to the written Q&As. The first one would be from Arne. Can you provide some color on TC fixings going forward? For example, is the plus minus 30% coverage in 2027 meant to remain stable or will the company aim to maintain about 40% coverage as in Q1 26?

Christian Sorensen (Chief Executive Officer)

Thanks for the question, Arne. We have more or less an outspoken aim to have approximately 40% at least on time charters. So you should expect us to increase that cover ratio as we get closer to 2027. But it also depends on what time charter levels we can see in the market because obviously we also want to. We also need to fix vessels at for period business at the level we find attractive. But provided the the rate level, the time chart level is attractive, we will work to increase that cover ratio up towards the 40% we are talking about.

Aline Andlicher (Head of Corporate Communications)

There is a follow up question from Arne.

Samantha Su (Chief Financial Officer)

Arne, can you point in a little bit closer which part you're referring to Just before you come up with a more specific reference of numbers. I could say that some of the voyage related costs could also be because the product services as part of risk management process have reduced CFR cargoes and increased some of the FOB deals which then naturally reduced the voyage expenses. In the meantime, if you can follow up with more details in terms of a specific what numbers you're looking at, that would be very helpful.

Christian Sorensen (Chief Executive Officer)

Well, I think I also replied somewhat along the same lines earlier. Of course the ARB was wide wider than ever probably back some weeks and months ago. And it's not natural that the arbitrage is narrowing as people have filled up their storage, at least for a short period of time and then they, and then the, the ARP typically widens again. So this is typically what we see when you also have a normal market functioning where you have wide arbitrage periods with wide arbitrage followed by more narrower arbitrage because simply because people have in the consuming market stocked up and they are not as willing to pay up for additional cargoes any longer. So I don't know if that replied answered the question, but

Gregory

thanks Christian. We have another question from Gregory regarding the VLTC's weighting off Hormuz. Do you expect some to migrate to the US market after receiving US Coast Guard regulatory approval and if so, to what extent?

Christian Sorensen (Chief Executive Officer)

Yes, we do see more of the ships ballasting to the US for cargoes, more of the Indian controlled tonnage for instance. So the answer to this is yes, it's, it's a number which is hard to specify here and now on the spot, but it's, it's clear that there are more ships which have the US Coast Guard approval for loading in the States. And I've also taken the decision to ballast into the Atlantic basin for cargoes out to the US.

Aline Andlicher (Head of Corporate Communications)

Thank you. We have a couple of more questions actually.

Christian Sorensen (Chief Executive Officer)

Yeah, so the flattish growth that we are showing is due to our, like I said, rather conservative assumption that most of the flex capacity which is currently going at full steam for allocated to LPG exports will be allocated to Ethane exports from Energy Transfer and Enterprise as more of the VLECS ethane carriers are delivered in the coming years then you will see that on the same slide there is another expansion taking place with a pure LPG export terminal facility from Enterprise and Altagas which is going to take place somewhat later this year. And then you have Targa and Walnut also expanding towards the end of the decade. Some may say we are a little bit conservative in this assumption, but we like to to take that approach since we also see that this is linked to the deliveries of all the Ethan carriers in the coming years.

Samantha Su (Chief Financial Officer)

And then we have a follow up from Arne on his earlier Question directed to Samantha so it's regarding the voyage expenses. He was referring to the decrease from 92.9 million in Q1.25 to 59 million in Q1 26. The difference in charter in expenses has already been addressed. So thank you for that clarification as well. Is there anything you would like to add here? Samantha? Well I think part of it's well some of our savings on the bunkering due to we have very much increased the bunkering to use our LPG fuel for like basis. Excuse me, especially in a day like these. It's a cheaper alternative than a conventional fuel. Separately we also make some savings on the port charge side as well as other vessel related cost as captured in the line of voyage cost. So if you that's pretty much reflect the major change of the voyage cost. Honor

Aline Andlicher (Head of Corporate Communications)

and Arne Comments thank you for the helpful responses as always. So thank you Samantha thank you. Another question from Anders. Could you share some further views on Panama congestion, the situation as of now, but also considering the fairly high chances of El Nino this year.

Christian Sorensen (Chief Executive Officer)

The Panama Canal congestion is basically varying from day to day but so it's hard to give exact picture today. But just to illustrate, we have over the last couple of weeks had auctions for available transit slots reaching as high as $4 million just to have access to the Panama Canal. And this is before the canal fees. And then suddenly two days later you could see in the next auction that it drops down to maybe 400,000 or 300,000 and then two days later it's up to $3 million again. So this is simply speaking a supply demand situation on the day of the auctions. But the trend is pretty clear and especially if you are stuck on the wrong side of the canal, you have to make make a transit to to to not lose the cargo dates. In Houston, of course people are willing to pay up quite substantially to to get through the canal. And please also keep in mind that the competition from all the shipping segments is increasing as more ships are being delivered in the container segments, VLECs from the ethane side, VLGCs and so on. So it's it's something we believe is going to continue in and even strengthen in the in the years to come. When it comes to El Nino. I can see everyone is talking about 80% chance of El Nino and the lower water levels in the Panama Canal this year. If that plays out, it would be very similar situation to what we saw in 2023 I think and obviously that would push more VLDCs and also other shipping ships from other segments around the Cape of Good Hope to and from the US and Asia. LPG vessels definitely have had the high willingness to pay up because the freight levels have been as elevated as they, as they, as they are tankers have also from time to time paid up. We know for instance that Australia was almost running out of diesel. That's at least what they got the chatter in the market was saying at one point. And of course then the tankers heading that direction were also willing to pay up quite a lot to, to secure transit slots. Ethan, Carriers, container ships are always there also to, to compete. So it's, it's a good mix, I would say. not entirely sure what you refer to on that one. Anders, could you please be a bit more specific?

Chris

So then maybe let's continue with Chris. When you say that 85% of available fleet days fixed at 81k, is that number of available days including or excluding the TC days fixed at 44k?

Christian Sorensen (Chief Executive Officer)

Yeah, as mentioned, it's including the time charter portfolio.

Samantha Su (Chief Financial Officer)

I think Christian has previously mentioned basically the 85% has included both of the TC fixed rate TC coverage as well as the FFA.

Kevin

And then another one on a different topic, given strength on earnings, is there any consideration for stock repurchases in the open market? This one is from Kevin.

Christian Sorensen (Chief Executive Officer)

Hi Kevin. As you know, we have share repurchase program which we activate from time to time. It's typically when we see our share trading quite well below nav. So it's not something we find attractive and creative or shareholder value creating at the moment because our share price is. Is trading at the levels above NAV at the moment. Thank you, Christian. And then Anders specifies on the El Nino. So his question was related to if El Nino will drive lower water levels in the canal immediately or does it take some time from the higher temperature until it starts affecting water levels that drives congestion and long haul effects for transporters. Andrew, this is must admit at the level of detail I'm not sure I can reply here and now. So I think what we could do is to get back to you after having looked at that with the research team here in our company. So I'll get back to you.

Aline Andlicher (Head of Corporate Communications)

Thanks, Christian. Let me check, do we have any more verbal questions? Someone who has raised his or her hand and then quickly in the chat again, I don't see any more questions right now. All right, so if no more questions then I would like to say thank you to everyone for joining us today and for your continued interest and support of BW LPG. We really greatly value your time you've spent with us. So this concludes BW LPG's Q1 2026 earnings presentation. A replay of the webcast together with the call transcript will be made available on our website shortly. On behalf of the entire BW LPG team, thank you once again for participating. We wish you a great rest of your day. Thanks and bye, Sam.

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.