Earnings call transcript: Pizza Pizza Royalty Corp. Q2 2025 sees revenue beat

Pizza Pizza Royalty Corp., with a market capitalization of $2.81 billion, reported its second-quarter earnings for 2025, revealing a mixed financial performance. The company posted an earnings per share (EPS) of $0.241, narrowly missing analyst forecasts of $0.2424. It exceeded revenue expectations, reporting $161.38 million against a forecast of $157.9 million. In response, the company’s stock increased by 1.71% in after-hours trading, closing at $16.30, near its 52-week high. According to InvestingPro, the company maintains a FAIR financial health rating, suggesting stable operational performance.

Key Takeaways

• Revenue exceeded expectations with a 2.2% positive surprise.
• Stock price rose by 1.71% post-earnings, reflecting investor confidence.
• Product innovation and expansion efforts are central to growth strategy.
• High payout ratio of 108% may raise concerns about dividend sustainability.
• Canadian economic softening poses potential challenges.

Company Performance

Pizza Pizza Royalty Corp. demonstrated robust revenue growth in Q2 2025, driven by increased sales across its restaurant brands. Despite a slight miss in EPS expectations, the company’s revenue growth underscores its resilience in a challenging market environment. The launch of new products and continued expansion, particularly in Mexico, highlight its strategic focus on growth.

Financial Highlights

• Revenue: $161.38 million, up 3.9% year-over-year.
• EPS: $0.241, slightly below the forecast of $0.2424.
• Royalty income: $10.3 million, up 3.8% from the previous year.
• Shareholder dividends: $5.7 million, with a payout ratio of 108%.

Earnings vs. Forecast

Pizza Pizza Royalty Corp.’s actual EPS of $0.241 fell short of the expected $0.2424, resulting in a -0.58% surprise. In contrast, the revenue of $161.38 million surpassed the forecast by 2.2%, indicating strong sales performance.

Market Reaction

Following the earnings announcement, Pizza Pizza Royalty Corp.’s stock rose by 1.71%, closing at $16.30. The stock’s proximity to its 52-week high suggests positive investor sentiment, likely driven by revenue growth and strategic initiatives despite the minor EPS miss. Trading volume remains robust at 1.53 million shares daily, indicating strong market interest. For deeper insights into Pizza Pizza’s valuation and growth potential, investors can access comprehensive analysis through InvestingPro’s detailed research reports, available for over 1,400 US equities.

Outlook & Guidance

The company anticipates a 2-3% expansion of its restaurant network in 2025. While cautious about the macroeconomic environment, Pizza Pizza Royalty Corp. plans to continue investing in digital and loyalty programs to enhance customer engagement and retention.

Executive Commentary

CEO Paul Goddard emphasized the importance of value messaging and digital investments. "We’re sharpening our value messaging, optimizing promotions, and continue to invest in digital and loyalty to drive customer frequency and retention," he stated. Goddard also highlighted opportunities for expansion, particularly in Ontario and across Canada.

Risks and Challenges

• Economic softening in Canada could impact consumer spending.
• High payout ratio may affect future dividend sustainability.
• Potential tariff challenges could hinder expansion efforts.
• Competitive pressures in the quick service restaurant market.
• Dependence on successful product innovations to drive growth.

Q&A

During the earnings call, analysts inquired about the drivers of same-store sales growth and strategies for expanding the organic delivery channel. The company addressed competitive promotional environments and clarified expectations for network expansion, underscoring its focus on growth and innovation.

Full transcript - Pizza Pizza Royalty Corp. (PZA) Q2 2025:

Conference Operator: Ladies and gentlemen, thank you for standing by, and welcome to the Pizza Pizza Royalty Corp’s earning call for the 2025. During the presentation, all participants will be in a listen only mode. After the remarks, there will be a question and answer session. As a reminder, this conference is being recorded on 08/07/2025. At this time, all lines will be in listen only mode.

Again, following the presentation, we

Christine D’Silva, CFO, Pizza Pizza Royalty Corp: will conduct a question and

Conference Operator: answer session. I would now like to turn the conference over to Christine D’Silva, CFO. Please go ahead.

Christine D’Silva, CFO, Pizza Pizza Royalty Corp: Thank you. Good afternoon, everyone, and welcome to Pizza Pizza Royalty Corp earnings call for the second quarter ended 06/30/2025. Joining me on the call today is Pizza Pizza Limited’s chief executive officer, Paul Goddard. Just a quick note, our discussion today will contain forward looking statements that may involve risks relating to future events. Actual events may differ materially from the projections discussed today.

All forward looking statements should be considered in conjunction with cautionary language in our earnings release and the risk section included in our annual information funds. Please refer to our earnings release and the MD and A in the Investor Relations section of our website for a reconciliation and other disclosures related to non IFRS measures mentioned on this call. As a reminder, analysts are welcome to ask questions after the prepared remarks. Portfolio managers, media and shareholders can contact us after the call. With that, I’d like to turn the call over to Paul Goddard to provide a business update.

Paul Goddard, Chief Executive Officer, Pizza Pizza Limited: Good afternoon, I want to thank you for joining us on today’s call, especially on a midsummer night evening. I’m pleased to report that our brands delivered another strong quarter of growth, underscoring the continued momentum of our business and the strength of our brands in in a highly competitive QSR landscape. Our second quarter performance reflects solid execution, strong customer demand and strategic menu innovation that all translated into sales. For the quarter, our brands reported a combined same store sales growth of 2.1% with Pizza Pizza restaurants reporting 2.1% growth, Pizza seventy three restaurants reporting growth of slightly less at 2%. At both brands, growth this quarter was driven by increases in both guest traffic and the average customer check, which is great to see.

Impactful and timely marketing initiatives and new product launches resulted in an increase in traffic, and we’re happy to see another quarter of growth in our organic delivery channel as well, which helped increase the average check. This quarter, we continued our focus on building brand engagement through innovative promotions, products and partnerships, serving great value and celebrating key moments. Speaking a little about our brand building promotions and partnerships. We continue to build off our score slides and hockey game box campaign as we created custom social content to tap into fan culture during any show playoff, leveraging our partnership with the Leaf, PAT, Jets, Claims and Oilers. Between digital discount codes and special offers such as the large white out pizza for $12.99 in Winnipeg, Pizza Pizza, and the Skinner dinner at Pizza seventy three in Edmonton, we were actively in the game day conversation exactly when viewership and engagement were after a piece.

Additionally, we identified the opportunity to deepen our connection in Winnipeg. This quarter, we became the official FIFA of the Winnipeg Blue Bombers and launched several high visibility concession stands in stadium, broadcast assets, and our much envied coveted ScoreSlice program to drive app downloads and usage in that market. We also continue to build our brand engagement through exciting menu innovation. With the immediate success of our stuffed crust pizza launch last year, this quarter, we introduced two new stuffed crust cheese flavors, dill pickle and spicy habanero, and expanded availability to include XL and XXL sizes for those as well. This evolution reinforces our commitment to innovation, elevating flavor options and positioning ourselves as leaders in crust varieties.

Meanwhile, Pizza seventy three, to launch our new signature wraps, we introduced a secret menu item revealed by 10 influencers, generating hundreds of thousands of organic impressions and engagements while driving demand for the new category. These crispy chicken wraps offered in four flavors add variety to our menu and are a great addition to our expanding lunch daypart. And beyond our innovative marketing messages and promotions, we have our core of always on value offerings. Our job is to ensure that our customers constantly see us offering the best food at the best price. We continue to lean into our value offerings as we promoted our XXL pizza and our pizza and chicken combo, and we did a re hit on our 25% reverse tariff offer as well, lining up perfectly with Canada Day.

As mentioned earlier, Pizza Pizza has always celebrated special occasions, and this quarter was no different. Pizza dominated the QSR share of voice during the April festivities with the return of the pizza free rolls exclusively on the menu during the week, and the capital collector vinyl album, Pizza Pizza Dough Jam featuring six psychedelic tracks inspired by the Pizza Pizza jingle. And I will mention, we’ve specifically targeted that particular demographic, not our family demographic. So we are careful where we promote that, but we’re very happy with the relevant social media demographic there in response. Meanwhile, at Pizza seventy three, where we are celebrating that brand’s fortieth anniversary, we offered a buy one get one campaign for customers and even celebrating Loyal Country with free hard pizzas for fans during the Edmonton owners playoff run.

Select Edmonton and Spruce Grove locations there going in showcasing the brand’s strong community roots there. Our plans for the 2025 will see us continuing to leverage our brand assets and strengths as we implement new promotions backed by our core product propositions, ongoing menu innovation, conveniently located restaurants, and an award winning tech platform. All of these fundamental pillars ensure superb customer experience each and every time. And that’s something that we continually iterate upon as well. Customers need to evolve and sort of our capabilities as well.

So it’s a dynamic situation. We never rest on our laurels. And we are continuing to enhance our web and app experiences through iterative data driven improvements, including not just new menu items that enhances through various parts of the functionality and ordering process and the speed and simplicity of ordering on our digital channels. We’ll continue to leverage our competitive tech advantage with more customer focused capabilities as time goes on. Stay tuned for future updates in future quarters.

Before I turn the call over to Christine, I just also wanted to briefly discuss our restaurant network growth. We ended the second quarter with a total of 800 locations in Canada, a really exciting milestone, six ninety six were Pizza Pizza sites and 104 were Pizza seventy three’s. The Open Street traditional and five non traditional Pizza Pizza locations during the quarter, And I’ll just add that we are also adding some more non traditional as well this year. Let’s say we a few closures there too, but we’ll definitely be a net positive on the non traditional as well. So we have a solid site expansion plan and we have a lot of pipeline well, not actually used, pardon me, in the pipeline as well, so we feel good about that.

And we expect the pace to pick up in the remaining quarters. Meanwhile, I think the ’73, we opened one traditional location and we closed one traditional and four non traditional Pizza Pizza sites and one traditional Pizza seventy three location closed. We continue to see opportunities right across Canada, but also in Ontario where we have the highest concentration of restaurants. In Mexico, our existing four stores have had good sales growth and continue to generate buzz, traffic and continued momentum in Guadalajara. Our Mexican partners have cited several more locations and have commenced the construction process on two new sites in Guadalajara.

We continue to believe there is a significant potential to really scale up there in Mexico, especially given the population of three x Canada in the coming years. And we do think it might take a little longer than we expected to reach our target of approximately 10 new restaurants per year, but we do feel that we’ve got great initial traction and the sales of existing stores are excellent. So we’re pushing hard to get even more momentum there. As we head into the 2025, we expect to see restaurant network expansion of roughly 2% to 3% traditional restaurant growth. Now some closing remarks.

While we’re pleased with the positive growth we achieved this quarter at both brands, the Canadian economy in general does appear to be showing signs of continued softening despite a strong PFS, for instance, in late spring. But perhaps we’ll see increased softening in consumer spending continue. It’s a little unsure when you look at the macroeconomic environment. But generally, the trend is it’s affecting much of the TSR issue, not just in Canada, also United States. So since you can’t control the macroeconomic environment, we’re staying proactive.

We’re sharpening our value messaging, optimizing promotions, and continue to invest in digital and loyalty to drive customer frequency and retention. We’re confident these actions will help us maintain our momentum even as the macro environment appears poised to become more complex and potentially less favorable to us. Finally, I’d like to close by thanking our entire team, both our corporate employees and restaurant owner operators alike for bringing their passion, professionalism, and ambition each and every day for our customers, our communities, and for each other. We’re pleased with our performance in this highly competitive market environment and feel we’re really just getting started when it comes to realizing the potential of our iconic brands. So thank you for listening in on this warm summer night, and I’ll now hand things back over to our CFO, Christine, to wrap up the call.

Christine D’Silva, CFO, Pizza Pizza Royalty Corp: Thanks, Paul. As a reminder, Peach Peach Peach Royalty Corp. Is a top line restaurant Royalty Corp. That owns a monthly royalty through the license agreement with Peach Peach Limiter. In exchange for the use of the brand, Peach Peach Limiter pays the partnership a monthly royalty calculated as percentage of royalty pool sales.

The growth in the quarter is derived from increasing the same store sales of the restaurants in the pool, but also by adding new restaurants to the pool each year. And as announced in q one, we added 20 net new restaurants to the Royalty Pool on 01/01/2025. So for fiscal twenty twenty five, there will be 794 restaurants in the pool, comprised of 694 pizza pizzas and a 100 pizza 73. Turning to the financial results, the combination of the 20 net new restaurants added to the pool on January 1 and the same store sales growth resulted in an increase to royalty pool system sales and the corresponding royalty income. Royalty pool system sales for the quarter increased 3.9% to a 161,400,000.0 from from a 155,400,000.0 in the same quarter of last year.

By brand, sales from the Pizza Pizza restaurants in the pool increased 4.1% to a 139,300,000.0, and sales from the 100 Pizza 73 restaurants in the pool increased 2.4% to 22,000,000 for the quarter. The partnership’s royalty income earned as a percentage of royalty pool sales increased 3.8% to 10,300,000.0 for the quarter. Beyond royalty income, the partnership also earned interest income on its cash and short term investments. For the quarter, the partnership earned $61,000. As we make to the partnership expenses, administrative expenses, including listing cost of both director, legal, audit fees, and other professional fees totaled 283,000 for the quarter compared to a 194,000 in the prior quarter.

The increase reflects nonrecurring onetime professional fees and higher director fees, which were associated with the onboarding of two new directors as part of the overall succession plan. In addition to administrative expenses, the partnership is making interest only payments on its $47,000,000 credit facility. Interest paid in the quarter was 392,000. And as a reminder, in March 2025, the company renewed the facility for three years with maturity set now for April 2028. The balance of the facility remains unchanged.

However, the credit spread table increased slightly with the lowest tier increasing from point eight seven five to 1%. Additionally, this quarter in April 2025, the partnership entered into a new three year forward swap. The new three year swap commenced when the existing ones expired at the April, and the new loss in rate is 2.51%, which is an increase from the maturing rate of 1.81. Overall, the all in rate for the credit facility for the next three years will be 3.51% compared to the maturing rate of 2.685. So now after the partnership proceeds with royalty and interest income, payments administrative and interest expense, the net resulting cash is available for distribution to its two partners based on their ownership percentage.

After the benzene and the true up on 01/01/2025, Pizza Pizza Limited’s ownership increased to 26.2%. Pizza Pizza Royalty Corp shares in the remaining 73.8% of the partnership distribution. It pays taxes on its share of partnership earnings, and the residual cash is available for dividends to the company’s shareholders. Now to make the shareholder dividends of working capital, the company declared shareholder dividends of 5,700,000.0 for the current quarter or 23.25¢ per share, which was consistent with the prior year’s quarter. The payout ratio was a 108% and results in working capital reserve being used to the tune of 400,000 in the quarter, and we ended at June 30 with $4,800,000 in the working capital reserve.

This reserve is available to stabilize dividend and fund any expenditures in the event of short to medium term variability in sales. The company has historically targeted a payout ratio at or near 100 on an annualized basis, and any future dividend changes will be evaluated in respect to that. That concludes our financial overview. I’d like to turn the call back to the operator to poll for questions.

Conference Operator: Thank you, ladies and gentlemen. We will now begin the question and answer. If you’re using a speakerphone, please lift the handset before pressing any keys. One moment for your first question. Your first question comes from Cheryl Zhang from TD.

Go ahead.

Cheryl Zhang, Analyst, TD: Hi. Good evening, Paul and Christina. Hope you’re all doing well, and thanks for taking our questions.

Paul Goddard, Chief Executive Officer, Pizza Pizza Limited: Thanks. Nice to hear you, Cheryl.

Cheryl Zhang, Analyst, TD: Hi. So our first question is on same store sales. Congrats on the very strong trends, under this macro environment, where we’re seeing many of the

Christine D’Silva, CFO, Pizza Pizza Royalty Corp: peers is still reporting negative figures. So I’m just curious on what do

Cheryl Zhang, Analyst, TD: you think help you to outperform your peers? What help you stand out?

Christine D’Silva, CFO, Pizza Pizza Royalty Corp: Well, I think it’s

Paul Goddard, Chief Executive Officer, Pizza Pizza Limited: multiple factors. I kind of touched on that a little bit in my initial comments, Cheryl, but I think, you know, value is probably the primary one. Right? I mean, we really try and emphasize value, and I think our business model is really set up for that. So I think that’s one.

I think the tech advantage is another one. And I think the convenience is the faster scale that we have, got these people, well, sorry, combined network over 800 locations. We’re just very convenient. So whether you want to buy delivery or pickup, we have that big footprint that many others don’t. So I think it’s that.

And the other thing I’d like to say is I think the sort of brand or if you like, the the sort of innovative nature of our marketing and and some of the offerings we have are just a little more unique, whether it’s different types of crust, different types of pizza, more options on stuffed crust, things like that that are just not, you know, they’re they’re they’re definitely distinguished from a lot of other competitors. And so those things all bundled together. There’s some examples. Right? And people say, look.

I’m getting really good value here. It’s convenient. It’s super easy to get it on the app or whatever. And I like it. And as long as you do a great job on the quality, then people will keep coming back.

Cheryl Zhang, Analyst, TD: That’s great color. Thank you. And I know that it’s probably still early, but just curious considering your strong Q2, but also keep in mind the soft macro backdrop. What are you seeing in terms of momentum so far in q three compared to q two?

Paul Goddard, Chief Executive Officer, Pizza Pizza Limited: Well, I mean, is early right now. Summer, it’s been a different weather pattern this this summer. I mean, we it’s I would say it’s early. It’s kind of mixed in terms of our nontraditional sites and things like that. But I think generally, what we’ve been doing is really been resonating still.

I mean, things like the XXL, which is really unique in the market. No one has a pizza that size, and no one certainly has a stuffed crust like we do in that size, just as one example. And I think some of our pizza and wing combos have really resonated as well. And I think just people are starting to recognize and see that we are allocating ever more of our marketing towards targeted digital channels, social media. And that’s seem to bear greater fruit than in the past too.

And perhaps some of our leading competitors can kind of come close to us on that, but many others can’t. And so I think that’s helping us to hang in there. I mean, is we don’t want get ahead of ourselves for Q3, but we generally feel we’re doing the right things. And we can adapt quickly if we do fall. Let’s say we didn’t see traffic growing to the extent we like, we didn’t see check as strong, then we can really quickly pivot.

So we obviously want to stay ahead, and we want to be positive every quarter. But that macro backdrop is concerning. There are some consumer uncertainties, and people are being very deliberate on how they spend. But we just sort of think well, we sort of plan for the customer being very, very value oriented, and so far, that’s been a good bet.

Christine D’Silva, CFO, Pizza Pizza Royalty Corp: You got it. And I think in

Cheryl Zhang, Analyst, TD: your prepared remarks, you mentioned that the organic delivery channel is showing growth again. Just curious if you could provide any color on any of the initiatives that you put in

Christine D’Silva, CFO, Pizza Pizza Royalty Corp: place to drive that growth? And are you

Cheryl Zhang, Analyst, TD: seeing any changes in maybe a churn in consumer demand for delivery?

Paul Goddard, Chief Executive Officer, Pizza Pizza Limited: Yes. I’m glad you highlighted that because that is something that I think we are very excited about in particular this quarter is and we always are pushing organic delivery, but it is proving to be quite a hard channel to grow. So if you get that positive for both brands, we’re really excited about that. And so one example would be our game day promotions, for instance. So in the feeder playoffs, we had so much attention, so much media spend there both brands, as I tried to indicate on my prepared remarks.

But basically, we had game day specials. We had things like no delivery if you come through our apps. And so that really generated a lot of incremental orders, especially when people are watching the Oilers game, Leafs game, the Latters games, playoffs. And so once people try out that channel, they realize, oh, this is quite good. And it’s actually a lot cheaper.

And the Pizza Pizza Pizza even have the time guarantee. So there really are some advantages. It’s faster. You get a uniform driver. It’s often a trusted Pizza Pizza driver they might even recognize.

So things like that, it’s kind of a nice snowball effect. And so it’s more sometimes the trick is just getting in to try our app. We have many customers that, for instance, use our adaptive web, our mobile website on mobile devices, but not all of them even have our app. So we’ve got to make it really clear and really easy, which is why we have a QR code to download our app on our packaging. And we’re really trying to understand people can do that, and we’ll be pushing that even harder in the future.

So right now, if someone orders even if they do order our third party delivery platform, if you look at our packaging, we’ve got QR codes all over our our boxes and packaging to incent them to then next time come organic to the table and we’ll even throw in a freebie or something to get them to go to that secure channel and stay there. So it isn’t easy, I will say. I mean, lot of people, especially younger demographic, Gen Z and whatnot, they often use third party channels. They don’t really like having 20 restaurant apps on their phones, for instance. But we are showing, you know, some indications of winning some people back into organic channels.

So we’re gonna keep really pushing for that more and more.

Cheryl Zhang, Analyst, TD: It’s awesome to hear and very helpful color. Just in terms of consumer behavior, other than the grossing delivery channel, like, are you seeing any other changes in the behavior in terms of, you know, whether it’s demographic groups or income cohort?

Paul Goddard, Chief Executive Officer, Pizza Pizza Limited: Okay. It’s probably you know, it does vary. I think one of some of the trends you see is actually organic delivery growth is, and I just commented on prior calls to this and this kind of continue is pick up. So just in terms of consumer behavior, and this is across different consumer demographics, people are picking up a lot more. That includes Gen Z, it includes people in the sort of boomer segment.

People are just seeing, especially on third party platforms, very high network charges and things like that, and they may not get it as fast as they might otherwise unless they’re very close to where they’re ordering from. And so pickup continues to really, really grow. And we’re not the only one seeing that, but I do think that our business model has always really been designed to take the customer no matter whether delivery or pickup. And some others out there in the market, they might have been more configured for delivery and they may not have as, let’s say, as prime locations as us. For instance, in the urban cities, Downtown Toronto, Downtown Edmonton, Downtown Calgary, Vancouver, etcetera.

So I think that that is something that we feel happy to do. You know, we can get those pickup orders. We’ll take them however people want us. We’ll we’ll be there. But obviously, delivery is really exciting because we can do very well with delivery and organic delivery, especially.

Cheryl Zhang, Analyst, TD: Got it. And then in terms of the competitive environment, are there any changes in the trend or the intensity in q three? And how do you feel about the promotional intensity? I would say

Paul Goddard, Chief Executive Officer, Pizza Pizza Limited: we do see, you know, certain competitors that almost used to have almost a habit of extreme discounting in a certain window often towards the end of calendar periods and things like We try to avoid doing that. We want to have a sustainable model for our franchisees. Obviously, we want sales, but we want our stores to be well and be profitable. So we see a little bit of that. That’s not entirely new.

But I would say that the predominance of things like BOGO offers on third party platforms continues. And and yet we also participate in that from time to time, but we noticed that, you know, some people really almost overly chase sales, but paying pretty expensive fees to third party aggregators to get, you know, primary ad placement, but that’s also quite an expensive endeavor to to keep that on always on on those platforms. They’re expensive. So we see a little more of that going on, I would say, than we have in the past. It’s not new, but we noticed a little more of that, which should speak to, I think, how everyone in the market generally struggling to get same store sales.

Cheryl Zhang, Analyst, TD: K. Got it. And maybe just one last one for me. Is there any changes to your expectations? I think prior probably, you you said that it’s around 3% network expansion 2025.

Paul Goddard, Chief Executive Officer, Pizza Pizza Limited: Yes. We did sort of temper that a little bit. I think just I we’re we’re saying know, we right now, we we look really good for the next quarter or so on development. We just had some development review today, And there’s a lot in the pipeline for specialty van sites across the country. But we just one of the things that we’re where we thought we will temper that potentially a little bit is because that is an area where the tariff, the uncertainty around that are a headwind for us, construction costs or things like ovens, if they’re coming from The U.

S. I mean, we’re looking at alternative supply chain. But that is something that can really with the uncertainty right now, especially at the minute, the 35% tariff makes us pause a little for sure. But we can sort of turn that tap on pretty quickly as well and accelerate, which you see now and the end of the year. So we’re certainly still on offense, I would say, and we’re motivated to get as many great sites as we can get across the country.

So, you know, 2% would be nice, but we just thought 2% might be more realistic, and I think we’re going to try and get that and hopefully beat it. So we still do expect some good net store growth on traditional and non traditional services here, regardless of, you know, that tariff uncertainty causing us a little more hesitation.

Cheryl Zhang, Analyst, TD: It sounds very helpful. Thanks. Seth, thanks so much for taking our questions and congrats again on the strong quarter.

Paul Goddard, Chief Executive Officer, Pizza Pizza Limited: Thanks very much, Cheryl. Appreciate the good questions.

Christine D’Silva, CFO, Pizza Pizza Royalty Corp: Okay. There

Cheryl Zhang, Analyst, TD: are no further questions at

Conference Operator: this time. I’ll now turn the call over to Christine DiSilva. Please continue.

Christine D’Silva, CFO, Pizza Pizza Royalty Corp: Thank you very much, everyone, for joining us on the call today. If you have any questions after this call, please feel free to contact us. Our contact information is available online and on the press release. Have a good evening.

Conference Operator: Ladies and gentlemen, this concludes today’s conference call. Thank you for your participation. You may now disconnect.

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