Hello, everyone, and welcome to Owens Corning's Second Quarter 2025 Earnings Call. My name is Lydia, and I will be your operator today. [Operator Instructions]. I now hand you over to Amber Wohlfarth Vice President of Corporate FP&A, Investor Relations, to begin. Please go ahead.

Good morning. Thank you for taking the time to join us for today's conference call and review of our business results for the second quarter of 2025. Joining us today are Brian Chambers, Owens Corning's Chair and Chief Executive Officer; and Todd Fister, our Chief Financial Officer. Following our presentation this morning, we will open this 1-hour call to your questions. In order to accommodate as many call participants as possible, please limit yourselves to 1 question only. Earlier this morning, we issued a news release and filed a 10-Q that detailed our financial results for the second quarter of 2025. For the purposes of our discussion today, we have prepared presentation slides summarizing our performance and results and we'll refer to these slides during this call. You can access the earnings press release, Form 10-Q and the presentation slides at our website, owensporting.com. Refer to the Investors link under the Corporate section of our home page. A transcript and recording of this call and the supporting slides will be available on our website for future reference. Please reference Slide 2 where we offer a few reminders. First, today's remarks will include forward-looking statements that are subject to risks, uncertainties and other factors that could cause our actual results to differ materially. We undertake no obligation to update these statements beyond what is required under applicable securities laws. Please refer to the cautionary statements and the risk factors identified in our SEC filings for more detail. Second, the presentation slides and today's remarks contain non-GAAP financial measures. Explanations and reconciliations of non- GAAP to GAAP measures may be found in our earnings press release and presentation available on the Investors section of our website, owenscorning.com. Third, financials and metrics for current and historical periods discussed on this call will be for continuing operations, except for capital expenditures and cash flow measures, which include amounts related to glass reinforcements until the closing of the sale of this business. For those of you following along with our slide presentation, we will begin on Slide 4. And now opening remarks from our Chair and CEO, Brian Chambers. Brian?

Thanks, Amber. Good morning, everyone, and thank you for joining us on our call today. At our Investor Day in May, we detailed how we are a new Owens Corning, a company that has been reshaped into a high-performing building products leader in North America and Europe, and structurally improved to drive above-market growth sustainable and more resilient margins and substantial cash flow, powered by the OC advantage, a set of capabilities that are unique to our company and central to our success. Our team delivered second quarter results that continue to demonstrate how the new Owens Corning outperforms in any set of market conditions. During today's call, I will share highlights of our second quarter results and discuss the strategic actions we're taking to continue to outperform the market and deliver long-term value. Todd will then provide a detailed review of our financial results for the quarter. And I'll come back to share an overview of the current operating environment and our outlook for the third quarter. As always, I will begin with safety. We maintained a very safe operating environment in the second quarter with a recordable incident rate of 0.60. In June, we hosted our first global Safety Week, a best practice adopted from our newly acquired Doors business that has been scaled across the enterprise and build on our Safer Together operating framework connecting processing and systems with behaviors and leadership to create a safer workplace. Turning to our financial results. We continued our strong and consistent performance in the second quarter despite a more challenging environment. For the 20th consecutive quarter, we achieved adjusted EBITDA margins at or above 20%, an incredible milestone. Revenues were up 10% versus prior year, and earnings grew 30% year-over-year. Adjusted EBITDA in the second quarter was $703 million, with…

Thank you, Brian, and good morning, everyone. As Brian mentioned, our results in the second quarter and through the first half of the year demonstrate the value we are creating through the OC advantage in our overall enterprise strategy. We continue to demonstrate the strength of the enterprise as we sustained higher and more resilient earnings in softening markets. I'd now like to turn to Slide 5 to discuss the results for the quarter. As a reminder, these results are for continuing operations. In the second quarter, we built on our strong Q1 performance. Revenue increased 10%, driven by the strategic addition of our doors business last May. Our unparalleled commercial strength, coupled with our winning cost position, generated adjusted EBITDA of $703 million and an adjusted EBITDA margin of 26%. The sale of our Building Materials business in China and Korea is another step in sharpening our focus on what we do best, building products in North America and Europe. In the quarter, we had adjusting items of $26 million driven by an additional held-for-sale loss of $24 million on this business. Adjusted earnings per diluted share for the second quarter were $4.21, reflecting both the strength of our earnings as well as the continued capital allocation commitment and ongoing share repurchase activity. Turning to Slide 6, to go further into our cash generation and capital deployment during Q2. Free cash flow for the quarter was $129 million compared to $336 million in the same period last year, driven by the timing of working capital, including an increase in inventory as a result of our ongoing tariff mitigation efforts and higher capital additions. As we have shared, we are investing in capital projects at elevated levels in the near term to expand capacity and drive improvement in long-term capital…

Thank you, Todd. Our second quarter results reflect the strength of our company and the disciplined execution of our strategy, even as we navigate a more challenging macro environment, with leading positions in roofing, insulation and doors, our product and application diversity continues to support good margin stability even as we face tougher market conditions. In the third quarter, we expect overall market demand for nondiscretionary roofing repair activity to remain solid, but declined versus prior year, driven by lower storm activity. We expect residential new construction and discretionary R&R in the U.S. to remain challenged. In North America nonresidential construction, we expect a relatively stable market. And in Europe, we expect market conditions in the second half to gradually improve with the broader economic recovery in the region. Given this near-term outlook, we anticipate third quarter revenue for continuing operations to be approximately $2.7 billion to $2.8 billion, slightly below to in line with prior year. For adjusted EBITDA, we expect to deliver another strong quarter with margins of approximately 23% to 25% for the enterprise. Now consistent with prior calls, I'll provide a more detailed business specific outlook for the third quarter. Starting with our Roofing business. We anticipate revenue growth of low to mid-single digits. While market demand for shingles in many regions should remain solid. We expect ARMA shipments to decline from prior year, assuming normalized storm demand versus elevated levels in 2024. We expect our shingle volumes to remain relatively stable versus prior year as we continue to see strong demand for the OC brand and our roofing products. We anticipate normalized attachment rates and components to continue and another quarter of top line growth in nonwovens. In the third quarter, we expect moderate cost and delivery inflation. We also anticipate manufacturing costs and SG&A…

[Operator Instructions]. Our first question today comes from John Lovallo with UBS.

The question is on North American industry capacity utilization. I think it was in the low to mid-80% range. I think you guys highlighted that 90% is typically kind of the pricing trigger point. The question is how has capacity utilization trended since last quarter? And how are you thinking about pricing, especially considering the expectation for negative price cost in the third quarter?

John, this is Todd. Happy to provide more color on res pricing and market conditions. Let me start at the highest level for the enterprise because we've done a lot of work over time to grow into the repair and remodel space in roofing with nondiscretionary remodel as well as repair and remodel elsewhere. And we're at a point where the res exposure on an enterprise basis is a lot smaller than it used to be historically. We're down to about 13% of enterprise revenue in North America res in Q2. So with that as the backdrop, when we look at the second quarter, we had another quarter of weak leg starts, and that's following a weak quarter that we had in Q1. So we were down about 5% in leg starts in Q1, down 1% in Q2, and then legs start to be down another 1% for Q3. When you look at what TopBuild announced earlier this week, they showed 11% lower volume in Q2 in their TruTeam business, which is the installation business that handles a lot of the res fiberglass. And they guided to low double-digit declines in res for 2025. We're seeing then market volumes be a little worse than leg starts, is a result of a couple of things. One is we're seeing completions decline at a faster rate than leg starts. We're also seeing a shift away from single-family construction towards multifamily in the back half of this year. And we have a higher take per unit for single-family than we do for multifamily. So if I step back up with that context to industry utilization, we still believe the industry can support between 1.4 million and 1.5 million housing starts, depending on the mix of single-family, multifamily and that does imply first half…

Our next question today comes from Anthony Pettinari with Citi.

Maybe sticking with insulation, but nonres in Europe. I think you expect revenue to be up for both of those businesses in 3Q. I'm wondering if it's possible to kind of size that and then talk about the price/cost dynamic that you're seeing in commercial and Europe installation.

Thanks, Anthony. I'd be happy to give more color on nonres in Europe. When we look at revenue dynamics in those 2 markets, we are guiding to positive growth in Q3. It's fairly modest growth in both I'll talk a bit about North America and then we can talk about Europe. In North America, the overall backdrop for the market is a bit of a decline in construction spending in the nonres space. what's interesting is we're seeing growth in the market in some of the end markets where take per unit is higher for insulation. So we highlighted data centers in our prepared remarks. But that's a really important one because the take per unit is really high for data centers. And we know there's a lot of construction occurring to support the boom in AI. But we're seeing the same thing in some of the process insulation we sell for manufacturing and an insulation for oil and gas, all of those are good end markets for us now. So we're seeing relatively good conditions for our products in market. I'll remind everybody in the nonres space, these products tend to be more specified into the applications. And we tend to compete on multiple performance attributes. What that means for us practically is pricing tends to be a bit more stable in this space. And we're seeing that come through our Q2 results where we are seeing positive price in nonres. We are seeing inflation come through in this market. Similar dynamics to what we've seen in many of the product lines to what I described in res, but pricing isn't -- typically has not moved the same way we've seen it move in the nonres space in North America -- or in North America res space compared to North American nonres. When we look at Europe, Europe overall, we're seeing green shoots and especially in some of the markets where we've got a strong position in the Nordics, in the U.K. We're seeing pockets in Southern Europe be strong. We're seeing others in the industry share that on their earnings calls. Our revenue was down in Q2 in Europe, largely due to a couple of product lines that we chose to exit in the region. But overall, we're encouraged with the trends off of a low base in Europe. Europe has been weak since we saw the Ukraine invasion. Our teams have done a great job in Europe getting costs out of our business and driving productivity. We're in a really good position now with capacity to sell and to grow into where we're going to like the incremental margins on that business as the market recovers. So it's early days in the European recovery. but we're encouraged with what we see with the green shoots. Thanks, Anthony.

Our next question comes from Michael Rehaut of JPMorgan.

Nice results. Wanted to shift gears a little bit to the doors business. You guided for the third quarter low double digit to low teens, which might imply slight improvement, if I'm reading into that correctly from the 2Q performance. Just wanted to get a sense of what's driving that if it's the ongoing cost synergy realization? And kind of bigger picture, when you look at this business, pre-acquisition. If you look at North America, Europe blended, they did about a 19% EBITDA margin. Obviously, over the last year or 2 has taken a real hit from the new res market, but how do you see line of sight back to that? Obviously, the 75 additional synergies may give you another 3 points. But how would you see line of sight back to like a 20-ish type of EBITDA margin?

Mike, thanks for the comments and the questions. And we are really pleased overall with the performance of the business. Every business, I think, is outperforming the market, even with the tough res market environment, as Todd pointed out, our res business is still performing at a very high level, very blended in terms of our noncommercial Europe residential rates. Our Roofing business is performing at a probably high level. In our doors business, continues to perform at a really high level relative to the market challenges we're facing into. So in terms of our Q3 guide versus Q2, to answer your first part of your question, we're actually guiding to pretty much in-line performance to Q2. So while this is going to be the first quarter, our Q3 guide on a year-over- year basis. And while we're seeing volumes kind of step down on the year-over-year, sequentially, we've seen really good volume stability through the first half of the year, and we expect that to continue. So I think we're seeing that kind of continued volume stability, which is the core of why we're giving a guide that's pretty much in line with Q2. We're seeing good market pricing stability and good pricing stability. We're seeing good mix staying pretty constant. So we've seen certainly a step down in both the new construction and R&R part of the business year-over-year, but some good stability month-over-month and quarter-over-quarter. And we think that gives us confidence we can sustain that kind of margin performance. We do expect to see a little bit of tariff headwind in Q3 with some of the step-up tariff rates, particularly around steel and aluminum. And we're also starting to work through some of the inventory pre-buys and some of the materials we're bringing in to be…

Our next question comes from Stephen Kim with Evercore ISI.

Appreciate all the color here so far. I wanted to ask you guys about mix. In Insulation, just kind of starting there, I think you'd indicated that there was overall some negative mix, which offset some of your positive pure price. But I think you also indicated that FOAMGLAS sales were stronger, nonres is performing well, and the North American residential was kind of pulling of some softness, which I think everybody understands. But is it nonres and FOAMGLAS kind of higher mix. So I was wondering if you could provide a little more clarity on the negative mix in insulation. And then in Roofing, I wanted to kind of get a sense for what you're seeing there in terms of mix. You've had a lot of really good mix. Some of that was due to the Protective Packaging going away. Some of that was the increase in laminated shingles. Kind of curious what we should be thinking there? And is there any impact from the reclass of nonwovens that might pull out the numbers a little bit. Just help us understand mix broadly in roofing as well.

Stephen, I'll take insulation first, and then Brian can step in on the roofing piece. So we did see negative mix in Q2. We believe it's mostly timing related to some projects and when they hit compared to prior year. So we don't see it as an ongoing dynamic. We don't think this is something that is permanent. Just a little bit of noise in Q2 as a result of that timing.

Yes. And Stephen, on Roofing, we're really not seeing big variations in terms of overall mix. that's impacting the results. We've continued to see a step-up of laminate shingle demand in the market, and we've been keeping pace with that, with our investments. It's why we've been investing to increase our land capacity at Medina and the new facility in the Southeast. So we've seen that continue to tick up, but continue to support that in components. We've really have settled into a really nice attachment rate, so part of that is the branded roofing system we can offer contractors can take into the home where they buy our underlayments or starter or [indiscernible] rigs all part of a complete system in package, OC branded. And that has really driven a lot of the components volume. But we've seen those attachment rates stay fairly steady, a little bit of positive momentum, but in increments. And then to your other question on the nonwovens bring that in, that really is not having any impact in terms of the mix overall. Part of the focus and desire to bring that into roofing is it really is an integral part of the vertical integration strategy in roofing, to have that nonwoven seeding in and gives us great opportunities, driving productivity in our manufacturing processes, driving innovation with the structural design of the shingle. And then the external sales carry a margin profile very similar to our overall roofing business. So it's a great fit in terms of the complements the vertical integration piece and gives us a good margin structure very similar to components and in the roofing business. So really no impact in terms of overall mix with the nonwovens business coming in.

P1 Next question comes from Sam Reid with Wells Fargo.

It sounds like you're planning to drive roofing volumes ahead of ARMA in the third quarter. maybe just contextualize what you mean by industry single market down. Does it mean down low single digits, down mid-single digits? And then maybe talk through your outperformance. Is that just better execution on your part? Or would you also characterize that as some incremental volumes coming out of Medina, would just love to get a sense of the contribution from that new capacity on roofing and how plays into your guidance?

Yes. Thanks, Sam. Overall, we came into the second quarter expecting to see a step down in market shipments based on a more normalized storm season. And that's really what we think happened in Q2 and what we expect to continue to happen here in Q3. So in the third quarter, while we expect it to be very solid from a historical standard, it could be down mid-single digits depending on storm activity as well. So we could see a similar evolution of that. Again, overall in the market, good conditions, but it's a step down to more normalized storm volume. So the last time we saw this was in the back half of 2022, and this is where you saw the strength of our contractor engagement model. And that's really the success of our business is centered around that model where we go out, we convert contractors to our brand, our products. We help them win and grow in the market through our marketing tools, our digital tools, our commercial and training capabilities, all those things that really drive the contractors' success helps them grow their businesses. And then in turn, that creates a loyalty to our product brand and also creates demand for our distribution partners. So it's a win-win across the channel in terms of how we focus that. And we continue to invest to improve and increase that contractor engagement model and add contractors to the network. So when we talk about outperformance relative to the market, what we delivered in Q2 and what we expect to deliver in Q3, we're really not driving volume. We're just responding and servicing the contractor base that has built their business around our products and brands. and are continuing to grow in the market. So it's really servicing that…

Our next question comes from Brian Biros with Thompson Research Group.

I guess can you talk a little bit more about the specification in your nonres insulation nonres in our view as a long outlook for good growth. You talked a little bit about it earlier. But if you could expand on, I guess, how your products play into that opportunity in data centers and manufacturing that you mentioned? And maybe Sure, if you have any metrics around win rates or market share in those specific end markets would be great.

Thanks, Brian. We don't share a lot on win rates or market share within the verticals. But I can give more context on how our insulation is used on the nonres side. There's 2 major areas that you would see our insulation in, for example, a data center or in a manufacturing facility. One is in the building envelope itself to make sure that we control temperature, but also moisture within a data center, which tends to have pretty extensive HVAC requirements associated with all the equipment that's there. And Insulation plays a really big role in making sure that the building itself performs at a high level. These also are mission-critical facilities. We're making sure that you control moisture, especially in the roofing system is important. In a couple of our products, in particular, our XPS foam product and our cellular glass product performed really well when it comes to moisture performance. So the building is one piece of it. The other piece is process equipment. So when you think about HVAC itself or when you think about hot or cool air liquid in a manufacturing plan or a data center or other facility, it is important to insulate pipes and pieces of process equipment. And you would see our products go into those markets as well, either directly with us selling a final product that goes into the application or indirectly as we sell a product into someone that then converts it into a final product for the application. So we're encouraged with what we see as the long-term secular trends towards onshoring of manufacturing as well as the growth in oil and gas as well as the growth in data centers. All of that plays well to the products that we have. Typically, our products are designed. They're engineered for the application that they're in. So in some cases, we have hard specifications where our product is specified by name. In other cases, our product is designed for that application, which makes it a stickier relationship with the customer going forward. and also creates the more stable pricing dynamics we see in that space.

Our next question comes from Matthew Bouley with Barclays.

I wanted to ask about sort of high level on insulation and margins specifically. I'm wondering if you can either quantify or maybe speak directionally to the difference in margins between the residential business and the nonresidential businesses within insulation. And I ask because once upon a time when the segment was much heavier residential and you saw these type of double-digit declines in residential revenues, the margins would have been, I'll say, significantly more volatile, but today, you're holding these EBITDA margins at 24% in Q2 and guiding to low 20% range in Q3. So how do you explain that change today versus then? And kind of any color on that relative profitability between residential and nonresidential.

Thanks, Matt Happy to add more color on why we're delivering stable margins in the business. What you're seeing on the res side is the culmination of the work we've been doing for really a decade now in restructuring that business. And making sure that we've got a flexible and cost-efficient network to serve our markets and our customers. It was actions like the sale of our Santa Clara plant, starting up a lower cost, more flexible facility in Nephi, Utah to serve that market, leveraging our capacity differently and focusing on both our planned overhead costs as well as our variable cost in our network. So we've done all of that. At the same time, we did a lot of commercial work to make sure we serve customers that we're really happy to be positioned with long term. And all of that has created a business that we believe is more resilient and could perform at higher margin levels than we have historically in similar types of markets. The additional color I would add for the second quarter is while we were able to rebuild inventories in insulation in the quarter, which we sought to do for actually a number of years as we were sold out in that business. We also saw some curtailment impacting our results, our margins in Insulation in Q2, and we would expect to see that again in Q3. So the margin results, you commented on are actually inclusive of taking idle to make sure we remain disciplined from a working capital standpoint in our insulation business around inventory in the quarter. So we're not sharing the margins specifically by subsegment as we have historically. But certainly, all of the work that we've done to position in our res business, but then also to grow our nonres business and create higher and more durable margins there, is paying off in terms of really strong insulation EBITDA margins and what are weakening residential markets, and we're happy with that result.

Our next question comes from Philip Ng with Jefferies.

Another question on Insulation, sorry, guys. I guess on North America, Todd, you kind of hit it on taking some downtime. Can you expand on that? Like are you taking -- and have you have any comp, are you contemplating taking more extended downtime? What are your carriers doing I suspect some of the weakness you're seeing in North American resi destocking, where kind of we in that destocking cycle? And just lastly, when you look at your price gaps for pricing for North American resi insulation, have the gap widened this year? Any color would be really helpful.

Thanks, Phil. Happy to add more color. Let me start with the market and what we're seeing, and then I can work into what we're doing within our business. As I shared before, we are seeing volumes in the market, we believe, for the industry, trend down at a greater rate than leg starts. And in part, that's driven by completions declining at a greater rate than leg starts are declining. It's also the shift towards multifamily away from single family. I also believe it is destocking that we're seeing because we shifted from an industry that was tight in terms of supply, not that long ago, to an industry that now I would characterize as being in free supply. So we are seeing an environment where inventories through the channel, we believe, have been destocked in the quarter. In terms of price gaps, I'd characterize it as we're roughly in line with where historic gaps have been. I don't think we're seeing a real shift in either direction in terms of the gaps. Those gaps are a function of the value we provide to customers, and that value is still there today as it was a year ago and 2 years ago and 5 years ago in terms of what we provide. What we're doing now for curtailment is we have a target inventory that we wanted to rebuild in the second quarter to make sure we can service our customers well. And we were light on inventory quarter after quarter of the last few years. So we wanted to rebuild that and we were able to rebuild that in the second quarter. But we also want to make sure we're disciplined in terms of free cash generation and working capital. So we started to take curtailment. The form that's taking for us now is what we would call hot idle curtailment, which is the lines are still operational, but we're taking longer maintenance downtime. We're slowing down lines. We're doing the normal things we do to build curtailment into our business. We still have optionality to move to what we would call cold idle, which is where we take a line down completely, where it takes a while for that to restart. We tend to look at longer-term supply-demand dynamics within the industry before we make those more permanent or semi- permanent capital and capacity decisions. So that's still possible for us to do. But right now, we're managing curtailment through hot idle and trying to manage it through longer maintenance downtime and other kind of normal course actions. Thank you, Phil.

The next question comes from Susan Maklari with Goldman Sachs.

My question is on the SG&A. You mentioned in your prepared remarks that you are looking to increase there, especially in roofing. When you consider the current operating environment, how do you think about measuring the returns on the investments that you're making in there? And also, what is your ability to flex that spend depending on how things change in the broader housing and macro in the next couple of quarters.

Thanks, Sue. We are seeing some step-up of very specific investments, particularly in roofing, where we've built really a great model. I'll go back to the center of our success is that contractor engagement model we have built. That's really driving the margin performance of the business going forward. So we will continue to invest in the right commercial tools, marketing tools, digital tools and commercial resources to support a growing contractor base. That would be an example of a very targeted investment to drive revenue growth and to support margin growth as well in the business. And that's how we really look at it across the enterprise. We are looking very surgically to where we want to make investments around our commercial strength, our brand, our technology and innovation efforts that we've stepped up to drive product and process investment innovations at a faster rate. So those are investments that we make that really come through then the business returns. So how we measure success is in the margin profile than the business that we're investing in. And do we continue to see opportunities to grow revenues and expand the margin rates inside the businesses based on those investments. We always look at the overall market environment. So we want to be aware of how dynamics are shifting, how that might impact volumes, price, margins, and performance of the business. But the investments we've made on both the CapEx side, you've seen us making, are really focused on productivity investments around automation and modernization of our assets and on growth, that we think supports our market positions over time. And then you're going to see us invest in very specific market commercial initiatives where we can drive again and support that revenue and margin profile within the businesses through those investments going forward.

Our next question today comes from Mike Dahl with RBC Capital Markets.

Just wanted to ask on resi in gold pricing. It seems like there was a pretty healthy uptake on the April increase. Our sense is maybe some like slight regional variations just given the differences in demand that have emerged. So as you think about the market being down in the back half of the year, how would you characterize pricing sequentially? And what are your expectations embedded in the guide for price maybe more specifically for resi and gold at least through 3Q?

Thanks, Mike. Yes, we have seen good price realization of our April increase. We saw that materialize through Q2. And embedded in our guide is a continued realization of that pricing as we see good demand for our product, as I talked about earlier, in terms of the contractor demand we're still seeing outdoor sales of our products are strong, and we're seeing just good overall market demand. So as the markets play out in terms of the back half of the year, I would expect that we would continue to see good price realization. We are lapping August 24 increase from last year. that will have a little bit of an impact as we go forward. But in terms of the April increase, we continue to see good price realization in the market and expect that to continue through Q3.

Our next question comes from Keith Hughes with Truist.

Thank you. Just shifting over to the domestic commercial industrial insulation. You said some positive comments here around several ag markets we always focus on. If you could speak a little bit more some of the light commercial -- it seems like it's been a little more pressured than some of the heavy. What's -- how's your results been there? What's the outlook?

Keith, when we look at light commercial, we do sell insulation into some of those markets, retail, health care, office buildings, warehouses -- there is a mixed outlook there depending on the specific end markets. And I would say that the take per unit for installation in those kind of facilities compared to the ones that I talked about earlier is a lot less. So while we do see mixed results in some of those end markets, overall, we're seeing enough strength in the high-tech per unit end markets that are growing at an accelerated rate. we like the overall answer for that domestic commercial and industrial exposure.

Thank you. We're unfortunately out of time for any further questions today. So I'll pass back over to Brian Chambers for any closing comments.

Thanks, Lydia. I'd like to thank everyone for making time to join us on today's call and your ongoing interest in Owens Corning. We look forward to speaking to you again on our third quarter call. Thanks, and have a safe day.

This concludes our call today. Thank you very much for joining. You may now disconnect your lines.