Ladies and gentlemen, thank you for standing by. My name is Brent and I will be your conference operator today. At this time, I would like to welcome everyone to the Jacobs Fiscal Fourth Quarter and Full Year 2022 Earnings Conference Call. [Operator Instructions] Thank you. It is now my pleasure to turn today's call over to Mr. Jonathan Doros, Investor Relations. Sir, please go ahead.

Thank you. Good morning to all. Our earnings announcement and 10-K were filed this morning and we have posted a copy of the slide presentation on our website which we'll reference during the call. I would like to refer you to Slide 2 of the presentation materials for information about forward-looking statements and non-GAAP financial measures. Now turning to the agenda on Slide 3. Speaking on today's call will be Jacobs' Chair and CEO, Steve Demetriou; President and Chief Operating Officer, Bob Pragada; President and Chief Financial Officer, Kevin Berryman. Steve will begin by reviewing our fourth quarter results and then provide an overview of our software and technology platforms. Bob will then review our performance by line of business and Kevin will provide a more in-depth discussion of our financial metrics as well as a review of our balance sheet and cash flows. Finally, Bob will provide details on our updated outlook along with some closing remarks and then we'll open up the call for your questions. In the appendix of this presentation, we provide additional ESG-related information, including examples of our leading ESG solutions. With that, I'll now pass it over to Steve Demetriou, Chair and CEO.

Thank you for joining us today to discuss our fourth quarter and fiscal year 2022 business performance and 2023 outlook. As I transition to Jacobs' Executive Chair, I'm excited and confident about the next phase of our strategy boldly moving forward. This strategy continues to unlock and elevate our transformed high-performance culture to capture significant growth opportunities we've identified across climate response, consulting advisory and data solutions, while benefiting from the recurring nature and diversity of our core businesses. From a financial standpoint, we believe the rigorous execution of this strategy will result in enhanced long-term revenue growth and expansion in our profit margin profile. During our last 2 strategies, we maintained a focus on continuing to reshape our business through organic investments, acquisitions and divestitures. And by doing so, we were able to deliver value for all of our stakeholders, including our shareholders. Since we started our journey together in 2016, we intentionally transformed our culture and our brand, grew revenue and expanded profit margins, leading to a total shareholder return of approximately 250%, almost twice the return of the S&P 500. We believe the next phase will be equally as transformative as we maintain our brand promise of challenging today and reinventing tomorrow. Let's now discuss our fourth quarter results. We're seeing strong demand with robust opportunities in our sales pipelines in a number of marquee recent wins which underscores our strategy. During the quarter, net revenue grew 6% year-over-year and grew 11% on a constant currency basis with another quarter of constant currency growth across each line of business. Backlog was up 5% from the prior year's quarter and 8% on a constant currency basis. Within People & Places Solutions, our advanced facilities business again posted double-digit year-over-year top line and operating profit growth in the fourth…

Thank you, Steve. I'm honored to take on the role of CEO early next year and advance the exciting work underway to further diversify our capabilities and offerings, increasing opportunities and value for our people, our clients and our shareholders alike. I want to thank Steve for his partnership and guidance over the past 7 years. He is an incredible leader who inspires all around and will leave a tremendous legacy at Jacobs. I'll begin on Slide 6, discussing our People & Places Solutions business where we achieved strong top and bottom line results with backlog up 8% year-over-year and 12% in constant currency. With critical infrastructure priorities on the rise over the past year, our quarter results show that we've been successful in converting opportunity into accessible backlog. This success is underpinned by our global workforce which expanded 12% this year. For example, in FY '22, our advanced facilities operating -- advanced facilities unit operating profit grew by well over 25% and on a constant currency basis due to our scalable multi-geography delivery teams. Overall, we see our quarter results as Jacobs strategy in action. It's proof that Jacobs deep domain expertise can transform client outcomes, replacing conventional infrastructure delivery with modern data-enabled solutions. I'll discuss results under the themes of supply chain diversification, infrastructure modernization and climate response. Across these themes, I'll highlight how our technology and data solutions enable our success. First, supply chain diversification has led to expanded delivery for clients with long-term investment profiles that continue through changing economic conditions. In life sciences, our clients are in the middle of a generational expansion of therapeutics and vaccines as well as advanced health care and [indiscernible] on a global scale. Our confidential clients can accelerate production capacity for life-saving medicines for the most widespread chronic diseases…

Thank you, Bob. And turning to Slide 9 for a financial overview of our fourth quarter results. Fourth quarter gross revenue grew 8% year-over-year and net revenue was 6% and up 11% year-over-year on a constant currency basis. All lines of businesses grew fourth quarter revenue over 9% versus a year ago in constant currency. Adjusted gross margin in the quarter as a percentage of net revenue was 26% and improved slightly from the third quarter but was approximately down 130 basis points year-over-year, primarily driven by: one, our CMS line of business due to the newly ramped remediation contract; and two, investments in incremental employees in TA in advance of the large wins such as the U.K. MOD award that will ramp over the coming months. We expect gross margins to modestly improve from Q4 levels during fiscal 2023, driven by recent wins in cyber, favorable revenue mix, recent wins in PA Consulting and continued strong performance in our People & Places Solutions business. Adjusted G&A as a percentage of net revenue was 15.2%, down 40 basis points from Q3 and down 200 basis points year-over-year. During the quarter, we benefited from lower labor expenses as we managed our cost structure. We are targeting G&A as a percentage of net revenue to stay below 16% for the full fiscal year 2023. GAAP operating profit was $309 million and was mainly impacted by $52 million of amortization from acquired intangibles and other acquisition deal-related costs and restructuring efforts of $14 million with over half associated with integration costs of acquisitions. And finally, a positive benefit from third-party recoveries of $27 million pretax which we excluded from our adjusted results. Adjusted operating profit was therefore $347 million, up 15% year-over-year. On a constant currency basis, it was up 19% year-over-year. Our…

Thank you, Kevin. Turning to Slide 14. As we discussed throughout our remarks, through proactive portfolio management, we have aligned our business to sectors that continue to demonstrate robust growth through multiple economic scenarios. We continue to enhance our overall growth rate with our climate response consulting and advisory and data solutions strategic accelerators. Given the volatility of FX rates, we are providing our outlook under 2 FX scenarios: one, an outlook based on constant currency which provides greater insight of underlying business performance; and two, an outlook based on more recent FX rates. Although we transact in multiple currencies, one example for reference is the pound sterling. The full year 2022 average conversion rate for the pound sterling was $1.28 compared to $1.15 early November 2022. As footnote in our earnings release and investor presentation, based on fiscal 2022 average rate, our outlook for fiscal 2023 adjusted EBITDA is $1.465 billion to $1.545 billion and adjusted EPS of $7.60 to $7.90, up 10% and 12%, respectively, at the midpoint. Based on rates in early November, our outlook for fiscal 2023 adjusted EBITDA is $1.4 billion to $1.48 billion and adjusted EPS of $7.20 to $7.50, both up 6% at the midpoint. On a net revenue basis, the difference between these 2 scenarios is approximately $430 million. Looking beyond fiscal 2023, we remain confident achieving double-digit constant currency adjusted EBITDA growth, consistent with our strategic plan. Operator, we will now open the call for questions.

[Operator Instructions] Your first question comes from the line of Bert Subin with Stifel.

Congratulations to both Bob and Steve.

Thanks, Bert.

Bob, maybe to start out with you. You ended there talking about feeling pretty confident in sort of double-digit growth. You guys have previously provided your fiscal '24 targets by segment on both a margin and a sales basis. If we exclude the impact of FX, do you still remain confident in those bands across each segment?

We do, Bert. The tailwinds that we see in the markets that we're certain, we stand by those commitments that we made on the -- in the '24 strategic line.

Okay. And just a quick follow-up in terms of thinking about P&PS. It performed really well during the quarter and you made some pretty positive comments on what you're seeing on the advanced facility side. Should we expect any sort of incremental softness just as your semiconductor clients slow their spend? And in terms of the infrastructure side of things in the segment, are you starting to see a material uptick from IIJA? Or is that just the plan as you sort of -- as you progress through '23?

Sure. So let me answer the first question. On the semiconductor spend, the industry as a whole from a demand standpoint is in a bit of soft period. The client base and the geographies that we're working in, we have not seen that. And so the front end, the design work, the momentum that we've seen over the course of the last 6 to 8 quarters, that has not slowed at all. And so we're feeling comfortable about where we sit in that ecosystem of consultants to that, specifically with our client base. So we're positive on that front. On IIJA, we actually -- we are seeing those projects that we have been tracking through the development of both grants as well as the formula funding coming to fruition. Probably the bigger element to that is that the release of those monies is actually unlocking the base funding that the states previously, specifically during COVID, had locked up not knowing kind of what the future looks like. So overall, the pipeline is up on the U.S. basis and infrastructure. Our pipeline is up of 4% to 5% -- I'm sorry, 5% without IIJA, 18% with IIJA from a pipeline standpoint; so we are seeing that.

Your next question is from the line of Louie DiPalma with William Blair.

I would like to echo congrats to Steve and Bob on your new roles.

Thank you.

Thanks, Louie

For Steve and Bob, you referenced several cyber intel awards associated with your KeyW and Buffalo Group acquisitions. Are these awards margin accretive? And should the Critical Missions operating profit in 2023 be back to the 2021 level?

So both question, Louie, the answer is yes. The award -- the 2 awards that Steve and I specifically spoke about are coming in through those 2 at a portals or through those relationships that we had and the acquisitions that we made during that period. So we are seeing that. They are margin accretive. This -- the flip side of this is that these are awards that we had expected in previous quarters. And we talked about it a lot in previous earnings calls, that the knock-on effect of the CR has now had an effect on kind of when those things start. So we do see margins going up and these are serving as catalysts for that too.

The other thing, Louis, though, '21 was the high point. So I would say that the underlying business is returning. We had some other events in 2021 that accelerated the margin a little bit higher. We had some one-off closeouts which were pretty strong. But I think in 2023, the underlying is getting back up well into the 8s, I would say. So maybe not all the way back up to the -- I think we were at 9% in 2021 but we're going to get underlying to be quite consistent with 2021.

Your next question comes from Michael Dudas with Vertical Research.

Maybe for Bob or Kevin, you call out in your CMS the improved in -- the book-to-bill but also the gross margin book-to-bill. Maybe you can talk a little bit about P&PS and PAC in a similar light? Or do you want to give out the actual numbers? And how much is -- as you look into timing of awards and ramp up and some of the utilization issues that you or fit in '22, is that more of mid- to later '23 to show some much better for FX better growth as we move towards the end of '23?

I'm sorry, Mike, you were breaking up. I was having trouble understanding you. I apologize.

So first, Kevin, I'm just talking about like your book to bill, you talked about the CMS gross margin book-to-bill. Maybe you could highlight in PP&S [ph] and PAC similar just the observations relative to what's in backlog, what do you anticipate in new orders? And maybe the timing of those orders relative to your outlook for 2023?

Yes. Okay, got that. All right. Thanks, Mike. So look, People & Places continue to show good margin profile and backlog as well. So I think that's obviously, a very critical part of our strategy. When we think about delivering more value-added solutions, the margin is it's got to come with it. So the backlog margin profile is better in People & Places and also it's better in PA as well. And the dynamic of PA relative to the Q4 number really was effectively the continued utilization we -- to get up to around 20%. We fell a little bit short of that but it's continuing to improve and we would expect that we'll get back up to those more normalized levels that we saw over the course of '22 -- early '22 relative to the margin profile there.

Your next question is from the line of Jamie Cook with Credit Suisse.

Congrats, Bob. And congrats, Steve. I guess first question, over the long term, can you just talk to -- on CMS, can you talk to the strategic importance of CMS to the portfolio? And if margins continue to sort of underperform, would you consider sort of other options? Or do you see a path over time to get to, I think, the margin improvement targets that you laid out in the 2024 targets like how long before we get there? And then my second question, Kevin, the cash flow generation that you're implying for 2023, it's quite strong and your balance sheet is in good shape. So just trying to understand how you're looking at -- how you're thinking about the M&A profile versus share repurchase?

Yes. It's Steve here, Jamie. So I can speak for both the Board and management around that question is we, first of all, the whole strategy around Divergent Solutions was to break out the elements of CMS that are highly consistent, especially with the data solutions side of our 3 accelerators; and so obviously [indiscernible]. We're excited about that. That's where we're really going to see accelerated margin growth, especially with these recent cyber wins that we've talked about but also across the entire platform. And then when you get into the remaining CMS business, just as an example, nuclear most recently has been surging with regard to becoming a clean energy transition solution. And as you know, we're a major player in nuclear, not just in the remediation side but the new build side, especially in the new technology of advanced small modular reactors. So, we're excited about the future of those and we'll continue to monitor the entire company as far as fit, et cetera, long term, as we've done in the past. And I mentioned in my remarks but we're very optimistic about the CMS business as we move into 2023.

Jamie, about the cash flow. Yes, we feel continued strength in our cash flow is expected over the course of 2023, that provides us degrees of freedom, to your point, about how we will deploy that additional capital that's available. So look, I think we continue to monitor the M&A front, I think we were very clear during our strategy as to where we would probably be focusing those ideas and thoughts relative to the 3 accelerators that we outlined in strategy and we're continuing to monitor those opportunities. There are things out there that are being evaluated obviously. Got to result in bid equalling ask where we feel like we can add an ROIC and a return profile to our shareholders that are appropriate; and so we'll see how that plays out. Of course, we also talked about during the prepared remarks, the proactive stance that we've been taking on the share repurchases. And so we feel like we're well positioned to be able to act when appropriate relative to a potential strategic opportunity and/or do share buybacks when there's market dislocation.

Your next question is from the line of Jerry Revich with Goldman Sachs.

Steve and Bob, congratulations.

Thank you.

Thank you, Jerry.

Bob, I'm wondering if you could just talk about your strategic priorities over the next 3 to 5 years just from a high-level standpoint, anything that we should be keeping in mind?

Yes, Jerry, obviously something that we've been -- I've been thinking about a lot. Maybe a couple of precursor comments and then directly to the question. The precursor comment was and I tried to infer -- say it almost explicitly, the way Steve has run the executive team and the company has been really very inclusive. And so when you look at our strategy, not just the one that we released last March but even in '16 and '19, that's a strategy that was developed by all of us as a team. So it's not me coming in with a new strategy. I feel very, very bought in and tied to with the strategy that we have. So the first big area around our clients. The accelerators that we have are the national and global priorities that are driving the world. And so that's going to continue to drive our business as we come up with more technology-enabled and client-driven type solutions. The second is around investments in our people. Our people have delivered time and time again over decades. But if you look at the profile of our people, although our business is weighted towards the U.S., our -- we have about a 55-45 U.S. versus outside of the U.S. profile of our people, really driven around that global delivery that we've counted for so long. And so those investments and continued driving around inclusion and diversity and sourcing talent from all over the world is going to be really, really important. And the last piece I'd say is around resilience. Resilience in our business with regards to our systems and how we run the company but also simplicity of our business. We've diversified the business and we've tried to have direct access to our clients. But making that -- having simplicity in the forefront is really key as well. So kind of segregated in those 3 main areas.

Your next question is from the line of Steven Fisher with UBS.

So we have about a month left on the current continuing resolution. So I'm curious what you've baked into the guidance for continuing resolution across your segments? And then I guess there's clearly a lot of cross currents in the global economy at the moment. What do you see as any other big risk to your guidance? And maybe what contingency plans do you have in process to address those risks?

Maybe I'll make some comments first and then have my partners here add any additional commentary to think appropriate. So look, I think we feel pretty good about the continuing resolution, given the makeup of the Senate and the House and how that's going to be coming together. And we just had a really deep dive review from a government relations team feeling pretty good about how things are going to play out over the course of this quarter. So we don't believe that there is going to be a continuing resolution that extends well into 2023. We're hoping that that will become resolved near the end of the calendar year. So I think that we're already starting to see, regardless of that continuing resolution, some momentum building relative to what Bob alluded to as -- and I made some comments on in terms of the cyber and intelligence business starting to get unlocked relative to bids being awarded and whatnot. So, we think that the combination of those 2 things are embedded into our guidance. And I feel -- we feel pretty good about it actually.

Your next question is from the line of Andy Kaplowitz with Citigroup.

Steve and Bob, congratulations.

Thanks, Andy.

So you mentioned you're still targeting double-digit constant currency revenue growth for PA Consulting but I think constant currency Q4 was in the high single digits. Does the recent large contract when you mentioned to give you the visibility you need to be confident around constant currency double-digit growth for FY '23 despite U.K. economic concerns? And does margin normalize higher quite significantly impair as revenue ramps up towards that 20% goal that you've given us before? Or should we think about a gradual margin ramp-up from here in PA?

So if you look at the ramp-up of the year, certainly, that large win is part of the equation but it ends up kind of building over the course of 2023. And so it's less of a direct impact in 2023. What we do believe and our view on the U.K. is that we've -- I guess, I would characterize us as being underwhelmed by the level of activity -- productive activity in the government which has actually put some pressure in the short term relative to the U.K. But with the recent budget that was announced and some of the activity of our clients is starting to look much better. So we're feeling like longer-term into 2023, that we're going to start to see some incremental momentum versus kind of what we've been seeing over the last, I'm going to call it, 6 months. So, we're feeling that things will start to improve. The other thing is that the backlog and the pipeline of PA, we're seeing no challenges associated with that. Seeing a little bit of the burn profile, as mentioned just earlier relative to the, I'm going to call it, the unknown relative to the U.K. government but we're starting to see that instance in that issue going away as we speak.

Just to put some -- just to quantify Kevin's last comment, the pipeline growth in PA alone this quarter was 52% year-on-year. So the pipeline continues to grow. And the way we evaluate pipeline within the PA world, since it's a pure-play consultancy, are projects, programs, engagements where we already actually have started a bit of them, too. So these are promising as well as the programs that were announced in the budget that Kevin referenced. Other programs that PA and Jacobs are actually partnered on right now. So that's -- hence, the bit of positivity there along with some realism of the last couple of months on what's gone down.

Your next question is from Sean Eastman with KeyBanc Capital Markets.

I just wanted to confirm whether we should still anticipate Divergent Solutions to be broken out as a new segment starting in the first quarter? And perhaps in advance of that, just trying to get a rough expectation as to what that business line is contributing to this initial fiscal '23 outlook maybe from an EBIT perspective?

So the business is effectively operational right now and we will be executing against the promise that we made relative to reporting that as a separate segment on the financials. So Sean, we're on track to do that. So I think that we'll -- we're going to provide additional color commentary because we're still working through all of the accounting mechanisms to make sure that our systems are reporting accurately and the controls are in place because it's a pretty large change. But I will tell you that it will be one of the highest growth areas that we're expecting in the company for 2023. And effectively, it will be a margin profile that will be growing substantially over time, a little bit lower in 2023 than what we expect at the exit rate. But at the end of the day, we'll provide a lot of details in Q1 relative to that.

Your next question comes from Chad Dillard with Bernstein.

So I was hoping you guys could expand on just like the opportunities for increased wallet share on infrastructure work? Maybe you can weave in some of the recent acquisitions and some of your expanded digital capabilities and just talk about just what sort of margin we should be kind of thinking about for these new projects?

Sorry, Chad, you were a little broken up there. Can you repeat the question?

Yes. So can you just expand on like what sort of incremental wallet share opportunities you have in your infrastructure business. And maybe weave into it as some of the recent acquisitions that you've had in terms of your expanded digital capabilities?

Okay. Infrastructure, was that -- that part?

Correct.

Yes, got it. Okay. In infrastructure, the opportunities continue to grow. I'd say broadly driven mostly in the U.S. but we're seeing this and Steve talked about the international -- I'm sorry, Kevin talked about the international business but heavily geared towards transportation and water with a growing profile around energy transition. And so those are kind of the 3 main areas. Environmental continues to be robust. So, we see those -- I mean, the pipeline growth I talked about before, has been really, really strong. On the acquisitions, that's a business where StreetLight Data probably was the last -- the one that we did, it was a smaller acquisition. And we are immediately seeing fit that we had anticipated in the deal kind of thesis around StreetLight all around that data-enabled [indiscernible] data in driving a different type of solution for our clients. They had clients before, predominantly the state DOTs in the U.S. but that's been expanded with our relationships. And then we're seeing private sector utilization too, as private sector firms have looked at the use of data in order to cite different investments that they're making from a capital project perspective; so very positive news on that front.

Your next question is from Michael Feniger with Bank of America.

I believe you're guiding 2023 growth mid-single digit or high single digit on a constant currency basis. You're citing some really robust sectors, EVs, life sciences, reshoring, hydrogen, autonomous. So what isn't growing that fast in the portfolio? Does it just take longer? Is there momentum the project [indiscernible]? Does organic growth profile actually reaccelerate further in 2024? And in 2024, you get just better operating leverage off that type of growth with higher utilization? How should we kind of think about that as we move forward into 2024?

Well, look, if you think about the high single digits in terms of constant currency growth, I think that's pretty strong actually. And look, I think that the bottom line is -- for example, Bob just quoted the pipeline growth in the United States of near 20% kind of growth in the pipeline. It just takes a while for that to kind of [indiscernible] be won and then start to build the burn associated with it. So you're relying on your clients as much as you are anything else to be able to execute against that. And they're sometimes not as quick as we are ready to execute. So look, I think it's a growing momentum. And I think we're being prudent assuming how that's going to build over the course of 2023.

If I could add, Kevin, while we're adding on those end markets that do have a quicker burn profile, all 3 of us today talked about the growth in advanced facilities where that has been a catalyst for growth. So though the top line might be in those numbers that were quoted, I did think -- we did say on a constant currency basis, our bottom line growth would be double digits. So I think there's some real optimism in the portfolio.

Your next question is from the line of Gautam Khanna with Cowen.

Congrats, Steve and Bob.

Thanks.

I wanted -- just following up on some of the recent questions. Can you frame recompete exposure in fiscal '23 and maybe even opine on at that CMS and wherever you think it's noteworthy percentage of sales up for rebid? Or if there are any lumpy individual contracts that are up and maybe the timing of those?

Sure. I'd say that the recompete exposure in '23 is moderate to low. We -- it's predominantly in our CMS business and we've already gotten some real positive indications of some of those larger ones that are -- I say there's only a couple. So I would not characterize that as a big exposure in '23.

The only one that -- we've called out the one at Kennedy which is -- that's a big one but we feel good about our position there.

Your next question is from the line of Andy Wittmann with Baird.

Great. And Bob, congratulations on promotion, Steve yours as well. Kevin, I just thought maybe a question for you. I wanted to understand the fourth quarter results here a little bit clear. I guess your corporate unallocated expense was $28 million. I think you were kind of suggesting it was going to be higher than that for the quarter as well as your guidance for '23 is implying a run rate of about $50 million per quarter. So I was wondering, I guess you called out incentive comp. You also mentioned an FX impact, keeping that number down this quarter. So could you comment on the size of the FX impact? And was that -- what the nature of that was? Is that like a noncash accounting thing for some hedges that you had in FX? Or was there something else in there that was driving that benefit to the quarter?

No. Look, the dynamic -- I don't have the FX dynamic specifically outlined but certainly, we can follow up with you, Andy, on that. But if you think about it, our corporate-related costs that support costs are embedded around the world. And so effectively, if you have U.K., for example, corporate-related costs, they're getting translated into a lower rate effectively. So the value of those costs go down and that effectively had some benefits associated with us because it's all -- it's effectively corporate costs and not corporate revenue. So if you get the difference between the two. And then look, we have known that the constant currency dynamic was still robust but we knew that the reported currency continued to be a challenge and we are very proactive in terms of taking steps to ensure that we reach the commitment levels that we had established for the company. So we pay attention to this and very, very proactive in terms of the management of our cost structure during Q4.

Your final question comes from the line of Sabahat Khan with RBC Capital Markets.

Just, I guess, the earlier commentary around how much the pipeline is building up, including the IIJA. Kind of if we think about that bill and the other ones starting to flow through, maybe some offset with pricing maybe moderating, how do you expect, I guess, backlog just to trend over the course of the next 12 to 18 months? I guess is it fair to assume with that extra government funding it could continue to grow? I just want to understand what you have embedded in the guidance that you've provided today?

Well, I will tell you that, as you may know, backlog is one of our incentive metrics. And I can assure you that our incentives are based on backlog continuing to show very strong growth year-over-year.

Maybe I could you like to add one more thing, just on what drives backlog which is sales at, we've put a tremendous amount we've been a sales-driven company for since inception. I think Dr. Jacob started that mantra. Our sales-driven growth and the investments we've made, [indiscernible] now our new Chief Growth Officer as well, has been very, very specific as our portfolio has developed over the period -- this most recent period of time. So we're putting the full force effort on our sales effort as the pipeline continues to grow; so timing is good.

There are no further questions. I will now turn the call back to Mr. Bob Pragada.

Yes. Thank you. Thank you, everyone, for joining our earnings call. I'm looking forward to providing further updates on our progress and upcoming events and calls. Have a -- for those of you in the U.S., have a wonderful Thanksgiving.

Thank you.

Ladies and gentlemen, thank you for participating. This concludes today's conference call. You may now disconnect.