Alaris Equity Partners Q3 2026 Earnings Call Transcript
Alaris Equity Partners (TSX:AD) reported third-quarter financial results on Wednesday. The transcript from the company’s third-quarter earnings call has been provided below.
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Summary
Alaris Equity Partners reported a 25.9% increase in total partner distribution revenue, reaching $72.2 million, and a 46.4% rise in net distributable cash flow to $54.7 million, driven by new investments and existing portfolio strength.
The company strengthened its capital position with a $115 million equity offering and an expanded credit facility, supporting future investment opportunities.
Net comprehensive loss of $6.2 million was primarily due to non-cash fair value adjustments from increased interest rates, with underlying cash-generating performance remaining strong.
Alaris anticipates future partner revenue to stabilize, forecasting fourth quarter revenue of $53 million, with an estimated run-rate revenue of $231 million.
Management expressed optimism about future investment opportunities, citing a strong cash flow yield and the potential for exits despite a challenging macro environment.
Full Transcript
OPERATOR
Good day, and thank you for standing by. Welcome to the Alaris Equity Partners third quarter 2026 earnings release conference call. At this time, all participants are in listen-only mode. After the speaker’s presentation there will be a question-and-answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear automated messages. While your hand is raised, to withdraw your question, please press star 11 again.
Please be advised that today’s conference is being recorded. I will now turn the conference over to our speaker today, Amanda Fraser, CFO. Please go ahead.
Amanda Fraser (Chief Financial Officer)
Thank you, Marvin. Good morning, everyone, and thanks for joining us to discuss our third quarter results. I’m joined on the call by Steve King, our President and CEO. Before we begin, I’d like to remind everyone that all financial figures discussed today are in Canadian dollars unless otherwise indicated. Please note that some comments made during the call may include forward-looking statements. These statements are based on current assumptions and involve risks and uncertainties, so actual results may differ materially. For more detailed information on the factors, assumptions and risks involved, please refer to our press release issued yesterday and our MD&A available on SEDAR and our website.
We will also be referencing certain non-IFRS measures which may be presented differently than similar measures used by other companies. Additional information and reconciliations can be found in our press release and the MD&A. With those preliminaries covered, let’s turn to the highlights. Our third quarter reflected continued strong growth in partner distributions and net distributable cash flow, significant new investment activity, and an expansion of our financial capacities to support future growth. While our reported earnings and net book value were impacted by non-cash fair value adjustments during the quarter, the underlying cash-generating performance of our portfolio remains strong.
Starting with the financial highlights, total partner distribution revenue increased 25.9% year over year to 72.2 million, driven by contributions from investments completed over the past 12 months, contractual distribution resets, and higher common distributions from Fleet. Net distributable cash flow increased 46.4% to 54.7 million or $1.19 per unit, representing growth of 45.1% on a per-unit basis year to date. Net distributable cash flow increased 32.1% to 112.8 million or $2.47 per unit.
Our estimated run-rate revenue increased to a record 231 million, up 10.8% from the 208.4 million at the end of the second quarter, reflecting our recent capital deployment and contractual distribution increases. We deployed 188 million into new partners during the quarter, bringing our total new invested capital to 265.1 million for the first nine months of 2026. We also completed a $115 million equity offering and expanded our senior credit facility from US$450 million to US$500 million, strengthening our capital position and providing additional flexibility for our future investment.
Turning to our portfolio performance, the portfolio continued to generate strong distributions during the quarter. Preferred partner distributions increased 22.6% year over year, reflecting contributions from investments completed in the latter half of 2025 and during 2026, including Cubic, Tesco, and Nexus, together with contractual distribution resets. Common partner distributions increased 34% year over year, primarily driven by the previously announced Fleet, which generated 13.8 million of common distributions during the quarter compared to 10.3 million in Q3 of the prior year.
From a portfolio health perspective, we ended the quarter with a record 26 partners and a weighted average earnings coverage ratio of approximately 1.5x. Importantly, 16 of our partners have either no senior debt or senior leverage below 1x EBITDA, reflecting the relatively low leverage across a significant portion of the portfolio. From the financial reporting side, we recorded a net loss and comprehensive loss of $6.2 million for the quarter compared to income of $86 million in the prior-year period. The current quarter included $58.9 million of net unrealized fair value losses on partners compared to unrealized gains of 47.9 million in Q3 2025. Importantly, this was a non-cash adjustment and, with foreign exchange essentially flat during the quarter, it was the primary driver of our reported loss.
Our underlying earnings offset nearly all of this adjustment, resulting in a comprehensive loss of just 6.2 million. Despite the magnitude of the revaluation, approximately 60% of the current quarter’s fair value adjustment was attributable to the increase in risk-free interest rates, with the five- and seven-year rates up almost 1% in the quarter. Given the fixed nature of our equity yields, higher interest rates result in higher discount rates being applied to certain partner investments.
The remaining fair value adjustments primarily reflected changes in individual partner outlooks. Following a period of strong growth across the portfolio, we currently anticipate the 2027 resets based on our partners’ 2026 financial performance will be relatively flat. Overall, these adjustments are non-cash in nature and should be distinguished from the growth in cash distributions received from our partners. Net book value per unit was $24.87 at September 30th compared to $25.83 at the end of June. The $0.96 decrease during the quarter reflected a comprehensive loss of $0.14 per unit, distributions to unitholders of $0.39 per unit, and $0.43 per unit associated with the September equity offering. Despite these impacts, net book value per unit remains $0.08 higher than at the beginning of the year, and the equity offering increased our total capital available to support future investment activity.
Turning to cash flow distribution coverage, our net distributable cash flow growth reflects both higher partner distributions and lower cash taxes, partially offset by higher financing costs. For the first nine months of 2026, the payout ratio improved to 45.1% compared to 54.4% in the corresponding period last year. Looking forward, our estimated run-rate payout ratio is approximately 63%, reflecting our current revenue and expense assumptions, the recently increased unitholder distribution, and the additional units issued in September.
This remains below our long-term target range of 65% to 70% and provides capacity of retained cash for debt repayment and future investments. Based on the current assumptions, we expect to generate approximately 125.8 million in annual net cash from operating activities, with approximately 79.2 million allocated to unitholder distributions. That leaves approximately 46.6 million in estimated annual cash flow which is available for reinvestment, debt repayment, and other corporate purposes before considering any additional investment activity.
Looking ahead, our third quarter partner revenue of 72.9 million exceeded our previous guidance of 69.2 million by approximately 5.3%, reflecting contributions from new investments, favorable foreign exchange rates as compared to guidance, and higher-than-expected common distributions. For the fourth quarter, we are forecasting total partner revenue of approximately 53 million. The sequential decrease primarily reflects the timing and variability of common partner distributions, which are typically more significant in the third quarter.
Our estimated next 12-month run-rate revenue is approximately 231 million, reflecting the contribution of our recent investments and contractual partner distributions. With a larger and more diversified portfolio, strong distribution coverage, and additional financial capacity following our recent financing activities, we believe Alaris Equity Partners is well positioned to continue generating attractive cash returns while pursuing future investment opportunities.
And with that, I will turn it over to Steve for his comments.
Steve King (President and CEO)
Great. Thanks, Amanda. Obviously our third quarter results give a view into the difficulty in recording values and results for a long-term-oriented investment fund such as Alaris Equity Partners. Being a public company, in the metrics that should mean the most to our unitholders, the quarter was a huge success with record revenue and cash flow that reflects the growth and deployment that we’ve consistently shown over the last several years. A payout ratio of just over 30% in the quarter, 45% year to date, even though we’ve increased our dividend three times in the last 12 months, is also extremely positive.
Our current run-rate cash flow stream, as Amanda just said, is $125 million annually, and that’s using conservative assumptions for common equity dividends. With a $1.1 billion market cap, we’re currently trading at more than an 11% cash flow yield. Given the inherent safety of that cash flow stream and the growth that we’ve been able to show, this should be a very compelling figure for unitholders. Conversely, the quarter also showed a rare decrease in our book value that was largely attributed to the roughly 100 basis point increase in interest rates, which directly affected discounted cash flow valuations of our preferred shareholdings as well as our common. In addition to the rate hike, short-term softness, particularly in three of our larger investments, had an impact on the valuations. Sono Bello, Optimus, and the Shipyard all had specific business fluctuations that have either already been rectified or will be in the short term.
In our view, none of the issues have any bearing on expected investment returns between now and eventual exit, but with the nature of our quarterly valuation methodology, it does result in a non-cash adjustment. For Sono Bello, the changing landscape in the consumer marketing space, as Google searches have become increasingly replaced by AI searches which get their information from different sources, has caused some short-term reduction in lead volumes.
Skin tightening and breast augmentation continue to grow nicely but have not been rolled out in enough locations to make a material difference yet. With an ever-increasing emphasis on personal appearance in the world, the world’s largest cosmetic surgery company in Sono Bello still has every bit as bright a future as it ever did. Optimus had a short-term hit to results in the last six months due to a management change at one of its largest clients that caused some work to be delayed.
Again, no long-term change whatsoever in our expectations there. And finally with the Shipyard, the previously discussed loss of a customer has now been successfully replaced and the company moves forward as planned. And like anytime in a large portfolio, we also experienced some very good improvements in several of our partners, including GWM, who had a very strong quarter. Several other companies are performing well above expectations, including Cubic and Edgewater in its entirety.
I’m pleased with the overall health and outlook of our portfolio and we continue to be nicely insulated from interest rate hikes because most of our companies have little to no debt. Looking forward, we’re seeing softness in the U.S. private equity industry, which is something I’ve rarely said over our 23 years. While there’s still a significant amount of capital in the market, new fundraises are down significantly and, unlike Alaris Equity Partners, having exits delayed because of the market conditions for traditional private equity firms has a significant negative impact on their investment returns. For us, collecting a 13% or more cash yield each year makes it very attractive to wait for a perfect sale opportunity.
While we still do expect one or more exits in the coming months, our IRRs do not suffer from waiting. The positive flip side for us with a soft competitive landscape is that we feel that we’ll be able to capitalize on some high-quality investments. With our recent equity raise and expanded debt facility, we’re still in an excellent position to deploy more capital into both new and follow-on investments between now and the end of the year. So with that, Marvin, I’ll open it up to Q&A if there are any.
OPERATOR
Thank you. At this time, we’ll conduct the question-and-answer session. As a reminder, to ask a question, you need to press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Gary Ho of Desjardins. Your line is now open.
Gary Ho (Analyst)
Hey, good morning, Steve. Maybe just first question for you. Just given your exposure to the U.S., any early thoughts on what the midterm outcomes from last night mean for the portfolio? A couple you called out that could be impacted either way. Just looking back, maybe specifically for FMP was negatively hit before. Just wondering, just early thoughts from that angle.
Steve King (President and CEO)
Yeah, I think, Gary, most of our companies—as I’ve talked about in the past when questioned about the tariff environment—most of our companies are insulated from tariffs because they’re either U.S. companies just providing their services in the U.S. or Canadian companies in Canada. So we’ve had very little exposure to tariffs. LMS is one that does have some exposure there with importing steel into Canada. LMS is maybe the largest importer of steel in Canada, so they have been affected, and it’s actually impacted more of their end markets where most real estate developers in the Vancouver market who do rely on imported steel the most—because on the West Coast they don’t really have access to Ontario-produced steel because of transportation costs—so those real estate developers in Vancouver have really delayed most of their projects. So that’s going to hurt LMS’s backlog going into ’27.
FMP—you’re right—they have been seeing some nice recovery from many of the contracts that were either eliminated or reduced by DoD two years ago. So one contract in particular went from 20 consultants to one; it’s back up to 19 currently. So we’re seeing some good recovery there. I can’t help but think that the Democrat victory last night will help that as well. Other than that, we don’t have a lot of exposure. And I think though, just in general, maybe a little less chaos and a little less volatility within the U.S. economic and political climate has to be a positive thing for our portfolio.
Gary Ho (Analyst)
Okay, great. And then my second question, just maybe going back to Sono Bello. Maybe if you can kind of elaborate the decision to kind of PIK their distributions this quarter. Also, you know, how are the new product lines ramping, and walk us through maybe the fair value adjustment—wondering if you can break it down between the impact on rates versus kind of more company specific. And also just curious on the ECR movement sequentially.
Steve King (President and CEO)
Yeah. So Sono Bello will use some PIK over the next couple of quarters, we expect, and they expect to move back to not PIKing next year. One of the equations that we, the company, and Brookfield are all working through is everybody wants to grow as quickly as possible because the numbers on skin tightening and breast augmentation are so good. So it’s balancing a soft cash flow stream from their base liposuction business with a desire to grow quickly.
So it’s a bit of a tightrope to walk and still pay as much of our distributions as possible—and Brookfield as well, which of course we want. So ultimately the exit value of Sono Bello is the number one priority, not short-term cash flow stream. That’s the nice thing about being such a large, diversified portfolio with a low payout ratio. We can give that kind of flexibility to our partners within our portfolio and still not hurt our shareholders.
So we do expect some PIK over the next couple of quarters. The rollout of the breast and skin tightening and soon-to-be face surgeries is going extremely well, remains above budget. So there’s a lot of excitement within the company about that. And we know that liposuction is a very steady business. The demand for it has not decreased. It’s accessing that demand and figuring out the new world of how do we target the people that are not using Google searches and the traditional media and are just using AI for their searches.
AI uses very different and sometimes obscure sources for their information and it’s difficult to pin down, but they’ll get there.
Gary Ho (Analyst)
And can you elaborate on the fair value adjustment split and the ECR as well?
Amanda Fraser (Chief Financial Officer)
The ECR has always been around sort of that 1.2. So we do see Sono Bello balance between 1.0 to 1.2 and then back up over 1.2 from time to time. With regards to the write-down, the discount rate—given that that’s convertible preferred—the discount rate impact is buried in the multiple, so that’s not something I just have off the top of my head. Yes, it would be contained within that specific write-down for Sono Bello.
Gary Ho (Analyst)
Okay, great. And then if I can sneak one more in just on Edgewater. Nuclear demand looks pretty supportive. Could you update us on the BWXT kind of related work and the growth outlook there?
Steve King (President and CEO)
Yeah, they are obviously benefiting greatly from the world environment. And the nice thing that we always liked about Edgewater is that it has never mattered whether the U.S. government was Republican or Democrat, whether you’re expanding the nuclear arsenal or reducing it. Both of those things need the equivalent amount of nuclear engineers and consulting. So there’s been some very large contracts put out there. They did win one that we talked about a year ago that’s underway and producing extremely well.
There’s two more that they’re waiting to hear from that are essentially very, very similar in size and scope—in fact a little bigger—that we’re waiting to hear from. I don’t have an exact day; there isn’t an exact day that we’re hoping to get that news from. But they stand in a very good position to win those as well from what we understand.
Gary Ho (Analyst)
Okay, perfect. Those are my questions. Thank you.
Steve King (President and CEO)
Thanks, Gary.
OPERATOR
Thank you. One moment for our next question. Our next question comes on the line of Scott Fletcher of CIBC. Your line is now open.
Scott Fletcher (Analyst)
Hi, good morning. I wanted to ask just about the rate-driven changes to the fair value. Can you just walk us through how—is that a quarterly exercise? It just happened to be outsized in the quarter, or is that something that you only look at when the move is as large as it was in the rates?
Amanda Fraser (Chief Financial Officer)
So for our entire portfolio, but borne mostly by preferred, we do a discounted cash flow to value that. And so we are looking at movements in market rates, risk-free interest rates, including other benchmark inputs. And this really was a unique quarter where we did see a full 1% movement in those 5- to 7-year risk-free rates, which directly hit the portfolio. Since that high watermark around September 30th where we saw that 1% change, we have seen a recovery of about 50.
So we do, barring future changes from now until the end of the quarter, expect that based on that half percent change, a recovery of about 50% of that write-down—so approximately 15% even just on the preferred portfolio alone of recovery. So we’ll see how the rest of the quarter plays out, but hopefully we will see some of that turnaround by the end of the year. But yes, it’s a process that we’re looking at quarterly and it is affecting our valuations at every period.
Steve King (President and CEO)
And that’s what I was referring to, Scott. It’s very difficult—that’s a non-cash measure. It varies from quarter to quarter. In this particular quarter it spiked right on the day that counted, on September 30th. So for our unitholders’ perspective, it’s not something that’s going to change our return metrics over the course of our investments in these companies, and it won’t affect their returns either. So I think looking at our cash flow streams is certainly much more important than quarter-to-quarter interest rate toggles.
Amanda Fraser (Chief Financial Officer)
So we currently have about 140 million US available on the credit facility, and then in addition to that we have about 46 million that we’re generating a year in capacity that could be used. We pay down debt with it, but then it’s obviously available for future investment. So that brings us to about 200 million of available room.
Steve King (President and CEO)
Yes, we don’t see any need in the near term to raise any more equity. Between taking out some convertible debentures that expire in the new year and the equity raise that we’ve just done, we’re in a very comfortable total debt to EBITDA range. And if we were to do anything next year, it would probably be to tap into the high yield market to pay down our revolver and give us more flexibility. So it wouldn’t change our total debt to EBITDA. It would just kind of change where we have it and give us a ton of flexibility.
So that would be probably the next stop for us in terms of our capital raise targeting, as well as still looking at some capital coming back to us from our portfolio from potential sales.
OPERATOR
Thank you. One moment for our next question. Our next question comes from the line of Nathan Paul of National Bank of Canada Capital Markets. Your line is now open.
Nathan Paul (Analyst)
Good morning, everyone. Thanks for taking my question. So with the macro environment not supportive of exits potentially, is there any sense of how far near-term redemptions are being pushed back? Or, I know you mentioned one to two, but perhaps any of them that were in talks outside of that? Any color there would be appreciated.
Steve King (President and CEO)
Yeah, we don’t have a ton of kind of line of sight on most of our companies other than we think a lot of them will be two to three years out. There are, I would say, two or three companies that we think will be within the next 12 months, including one that we’ve been evaluating for the last few months that we still think has a good chance of creating some liquidity for us and putting up a nice crystallized mark on some gains. So we still think there’s a good chance of that.
But as I said, the nice thing for us is that there’s never a gun to our head. It’s not going to impact our IRRs to wait like it does for our competitors. And in fact, you look at a company like Fleet that contributed so much to our earnings this year, it’s a pretty compelling thing to keep it. But with that being said, we realize that it’s good for people to see crystallized gains. And we have certain situations likely where you’ve got succession issues, where it does kind of force a sale at some point.
But yeah, it’s got to be the right deal for us. It’s got to be the right deal for the entrepreneur who is our partner in every case. And there’s another company in our portfolio that is just in a really attractive sector that we know will, even in this market, get a lot of attention. So we’re pretty confident that that will move forward next year as well. We’ve got kind of a list out of our 26 companies of when we think they will happen. That’s not a list made with a pen, it’s one made with pencil, depending on what the environment is and the goals of each company. But we’re still pretty confident we’ll have some exits in the relatively short term.
Nathan Paul (Analyst)
Okay, thank you. And in your third-party asset management business, private equity partners tend to have some pretty well-defined timelines on exits or recaps. What are the conversations like on how those particular timelines are shifting?
Steve King (President and CEO)
Yeah. The good news is with both of those situations, with Brookfield and Sono Bello and also with Ohana and our third-party partner there, we’ve got lots of time remaining on when they would need to exit. So starting in 2028, going through 2030 would be the band there that we would be targeting with both of those companies. So depending on the success of each company and their operations, and then also the quality of the environment around us for selling will determine whether it’s the front end or the back end of that range.
But that’s kind of the target range for both of those situations.
Nathan Paul (Analyst)
Gotcha. And now, shifting gears a bit, could you give us an update on specifically GWM, Heritage and FMP as it relates to their distributions?
Steve King (President and CEO)
GWM, as I mentioned, has had a very good quarter. Some of that was buoyed by the midterm election advertising spend, so that’s something you keep an eye on as to whether that’s temporary. But they have done a very good job of gaining clients, retaining clients. They’ve also just launched a really interesting AI tool platform that they are now marketing to their existing and future customers that has gotten quite a bit of interest so far. So we’re seeing some interesting things from GWM.
They do expect to pay our distribution in Q4, so all positive there. FMP is gaining traction as well. As I mentioned, their earnings are going up, they’ve got good steady monthly net income, they have no debt. So our distributions will look to kind of move in lockstep with that continued growth. And then Heritage, as I’ve continually mentioned, is a long-term recovery, so we don’t expect any distributions there probably right up until the time we just sell the business when it’s recovered enough. But FMP and Heritage in particular are de minimis in their impact on our financials.
Nathan Paul (Analyst)
All right, thank you. And one last one for me. I was just a bit surprised to see the move in DNT’s fair value and the commentary given that they’re involved in the data center construction down in Texas too, where it’s kind of like a hotbed for that type of project. Any insight into their backlog and the outlook for them there, maybe especially given the topical US midterms?
Steve King (President and CEO)
Yeah, DNT had another extremely good year. The interesting thing is that it’s just following up on what was just a ridiculous year the year before. So this past year has been the second best year in their company’s history. So still a massive success, huge, huge earnings, and it just happened to be coming off of a year that was insane. This is a business that is run by two founders. And when you’re dealing with two founders, sometimes for a group like that, they can just decide, you know what, last year was a little too busy.
We’re going to high grade and take on fewer projects this year. And so, yeah, it was still a massive year for DNT, but just slightly off of where it was the year before is all.
Amanda Fraser (Chief Financial Officer)
Yeah, with the fair value adjustment there, that was really more driven by we expected another year of growth with a reset that would increase, and we just expect that to be flat. So it’s not like we were seeing a big negative change in DNT by any means. It’s really more of a flattening. They’ve always been sort of around that two mark, so having them fall just below it isn’t a significant movement for them as well.
Steve King (President and CEO)
Yeah, things are still very good in terms of their marketplace, their backlog still very positive there. And just on another note, with DNT, while they have some opportunities for data centers, it’s not by any means a central focus of their activity. They’re much more involved in housing and development.
Nathan Paul (Analyst)
All right, thank you very much. Turn it over.
OPERATOR
Thank you. One moment for our next question. Our next question comes from the line of Stephen Boland of Raymond James. Your line is now open.
Stephen Boland (Analyst)
Sorry, I’m losing my voice. But, Steve, just one question about exits and I apologize for being used to death, but in your written commentary in the MD&A, it seemed a little bit more pessimistic from your verbal comments on this call, that there may be delays, but they may not be that long. That may not be at year end, but you’re still expecting some exits here, and I would say maybe not short term, but medium term. Is that a fair comment?
Steve King (President and CEO)
Yeah, I think, Steve, I want to. I know there’s a lot of people really tying their investment decisions on Alaris Equity Partners around exits, and I want to temper expectations. We’re creating such a great cash flow stream for our shareholders, I don’t want everybody just tying into that. They’ll happen when they’ll happen. Yes, I still believe that they will happen and they’re still in process. But yeah, I just want to make sure that I’m tempering people’s expectations; they’re not disappointed if they don’t see something before year end or something like that. So that’s really my main goal there.
But it’s business as usual for us. We did have one company explore the marketplace to sell. We have stopped that. I think I commented on that last quarter. We just. You’ve got some good bids. But for us and the entrepreneurs, we had a very high bar in terms of what we needed and agreed going in that if we didn’t get to that high bar, we weren’t going to sell less than that. And we lived up to that. Then in the other situation, it’s still ongoing and uncertain, as it always is until something closes.
Then we’ve got another company that is preparing for a sale early next year. So 26-company portfolio, we’re going to have companies kind of looking at that all the time with us. We’re guiding them along with investment banks throughout the US that we typically deal with. And I just wanted to make sure people were thinking of it the right way, that these things are far from certain, but they will happen. That’s all I have. Thanks very much, Steve.
OPERATOR
Thank you. I’m showing no further questions at this time. I will now turn it back to Steve King for closing remarks.
Steve King (President and CEO)
Great. Thank you very much, everybody, for tuning in. Obviously an incredible quarter for us in terms of our having cash flow up 45% is a great number for a company of our size, and we expect more growth between now and year end in terms of our deployment. Marketplace is very good for us. Moving into ’27 as well. All the companies that we’re looking at now are all ’27 deals and that pipeline is looking good. We have actually several of our companies with material acquisitions that we’re being asked to participate in as well.
So it’s going to be a good blend of continued growth on the new partnership side and growing our current partners, which will also benefit the money we’ve already deployed in those companies. And as Amanda said, half of the discount rate change that caused the write-down in the last quarter has already reversed. So we’re looking forward to a solid Q4 and beyond. So thank you very much. Please follow up with myself or Amanda if you have any further questions. Thank you very much.
OPERATOR
Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect.
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.