Earnings call transcript: UGI Corporation Q3 2025 sees mixed results

UGI Corporation, a dividend aristocrat that has raised its payouts for 32 consecutive years, reported its third-quarter earnings for 2025, revealing an EPS of -$0.01, which met analyst expectations. The company fell short on revenue, reporting $1.39 billion against a forecast of $1.77 billion. Following the earnings release, UGI’s stock dropped by 1.41% in regular trading and further declined 4.62% in premarket trading, reflecting investor concerns over the revenue miss. According to InvestingPro analysis, UGI maintains a "GOOD" overall financial health score of 2.84 out of 5, suggesting resilient fundamentals despite the quarterly setback.

Key Takeaways

• UGI’s Q3 EPS met expectations, but revenue missed by 21.47%.
• Stock price fell 1.41% in regular trading and 4.62% in premarket.
• Strong year-to-date performance with EPS at $3.55, up $0.33 from last year.
• Strategic investments in natural gas infrastructure continue.
• UGI aims for the top end of its full-year EPS guidance.

Company Performance

UGI Corporation demonstrated a solid performance year-to-date with an adjusted diluted EPS of $3.55, marking a record high and an increase of $0.33 from the previous year. The stock has delivered an impressive 30.95% return year-to-date, significantly outperforming many peers. The company has focused on strategic investments, particularly in natural gas infrastructure, and operational efficiencies across its international operations. Trading at a P/E ratio of 14.31, InvestingPro analysis suggests UGI is currently undervalued, presenting a potential opportunity for value investors. Despite the quarter’s revenue shortfall, UGI remains optimistic about its overall business trajectory.

Financial Highlights

• Revenue: $1.39 billion, below the forecast of $1.77 billion.
• Earnings per share: -$0.01, consistent with expectations.
• Year-to-date cash flow: $558 million, an 11% improvement year-over-year.
• Corporate leverage reduced to 3.82x.
• Available liquidity: Approximately $1.9 billion as of June 30, 2025.

Earnings vs. Forecast

UGI’s actual EPS of -$0.01 aligned with market forecasts, resulting in no earnings surprise. However, the significant revenue shortfall of 21.47% compared to projections raised concerns among investors. This gap marks a notable deviation from the company’s historical performance, where it has typically met or exceeded revenue expectations.

Market Reaction

Following the earnings release, UGI’s stock declined by 1.41% in regular trading and further decreased by 4.62% in premarket trading. The stock’s movement reflects investor apprehension regarding the revenue miss and its potential implications for future earnings. UGI’s stock is currently trading near its 52-week high of $37.42, offering a compelling 4.15% dividend yield. The company has maintained dividend payments for 55 consecutive years, demonstrating remarkable financial stability. For deeper insights into UGI’s valuation and growth potential, InvestingPro subscribers can access comprehensive financial metrics and expert analysis through the Pro Research Report, available exclusively on the platform.

Outlook & Guidance

UGI Corporation remains optimistic about its full-year performance, expecting EPS to reach the top end of the $3.00-$3.15 range. The company continues to focus on strategic asset management, leverage reduction, and preparation for the winter season. With a strong EBITDA of $1.74 billion in the last twelve months and robust cash flows, UGI is well-positioned for growth. The company is also progressing with its Renewable Natural Gas projects and anticipates potential benefits from the One Big Beautiful Bill Act. Discover more exclusive insights and detailed financial analysis with InvestingPro, including access to advanced metrics and expert recommendations.

Executive Commentary

CEO Bob Flexen highlighted the company’s record performance, stating, "We had a record year. So certainly, that’s exciting in its own right. But work is underway to make the future even more successful than what we’ve had this year." He also emphasized the opportunities in Pennsylvania, noting, "We’re seeing substantial inquiries and opportunities... It’s really an exciting time for the state of Pennsylvania."

Risks and Challenges

• Revenue shortfall in Q3 raises concerns about future earnings potential.
• Market volatility could impact stock performance.
• Regulatory changes in the energy sector may pose challenges.
• Execution risk associated with strategic divestitures and asset management.
• Economic conditions could affect customer demand and operational costs.

Q&A

During the earnings call, analysts inquired about potential tax benefits from recent legislation, midstream investment opportunities, and the strategic transformation at AmeriGas. The discussion also covered UGI’s asset divestiture strategy, with CEO Bob Flexen affirming, "We wouldn’t sell any asset that would be dilutive."

Full transcript - UGI (UGI) Q3 2025:

Conference Operator: Good day and thank you for standing by. Welcome to the UGI Corporation Q3 twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers’ presentation, there will be a question and answer session. To ask a question during the session, you will need to press 11 on your telephone.

You will then hear an automated message advising your hand has been raised. To withdraw your question, please press 11 again. Please be advised that today’s conference call is being recorded. I would now like to hand the conference over to your first speaker today, Tamika Morris. Please go ahead.

Tamika Morris, Earnings Call Host, UGI Corporation: Good morning, everyone. Thank you for joining our fiscal twenty twenty five third quarter earnings call. With me today are Bob Flexen, President and CEO and Sean O’Brien, CFO. On today’s call, we will review our third quarter and fiscal year to date financial results, along with other key business highlights, before concluding with a question and answer session. Before we begin, let me remind you that our comments today include certain forward looking statements, which management believes to be reasonable as of today’s date only.

Actual results may differ significantly because of risks and uncertainties that are difficult to predict. Please read our earnings release, our quarterly reports and our annual report for an extensive list of factors that could affect results. We assume no duty to update or revise forward looking statements to reflect events or circumstances that are different from expectations. We will also describe our business using certain non GAAP financial measures. Reconciliations of these measures to the comparable GAAP measures are available within our presentation.

And with that, I’ll hand the call over to Bob.

Bob Flexen, President and CEO, UGI Corporation: Thanks, Tamika, and good morning. UGI has continued to deliver outstanding year to date results, reflecting the strength of our asset portfolio and our team’s commitment to safely and reliably deliver positive energy solutions to our customers. Our increasing focus on safety, driving superior business performance, operational excellence, and creating greater financial flexibility is yielding results across each of our businesses. UGI’s year to date adjusted diluted earnings per share of $3.55 is a record performance, up $0.33 over the prior year period. This performance reflects meaningful contribution from all segments, specifically from strategic investments and the growth oriented natural gas infrastructure, operating efficiencies, particularly at UGI International, the customer focused improvements now underway at AmeriGas and income tax credits.

For the fiscal third quarter, we reported adjusted diluted earnings per share of negative $01 compared to positive $06 in the prior year period. As a reminder, our third and fourth quarters typically represent the seasonally weaker periods for our business and this year’s results reflect normal seasonal patterns. Given our strong year to date performance and the momentum across our businesses, we expect to be at the top end of our fiscal twenty twenty five adjusted earnings per share guidance range of $3 to $3.15 which Sean will discuss later in the call. Slide five provides several key operational highlights for the third quarter. We deployed over $600,000,000 of capital on a year to date basis with more than 80% directed to our highest risk adjusted return businesses, the regulated utilities and UGI Energy Services.

In addition, our utility segment continued to demonstrate strong fundamentals with sustained customer growth of approximately 9,000 residential heating and commercial customers added this fiscal year. We also made progress on the Pennsylvania gas utility rate case, where there was a joint petition for approval of settlement filed on July 9. This petition was for $69,500,000 in revenue increase and is subject to review and approval by the administrative law judges and Pennsylvania Public Utility Commission. We anticipate that new rates will be finalized and implemented in the 2026, which will support continued system investments to promote pipeline safety, reliability, and modernization. Separately across both LPG businesses, we are successfully executing on our strategic portfolio optimization initiatives entering into definitive agreements for asset sales, which are expected to generate approximately $150,000,000 in total proceeds during fiscal twenty twenty five.

These targeted divestitures demonstrate our intention to operate in locations where we have a competitive advantage, focusing resources on our highest return opportunities while providing financial flexibility to support deleveraging objectives and fund growth investments. Turning to AmeriGas, our customer focus improvement initiatives are progressing as expected with ongoing execution of key actions, including procurement, routing and delivery, and call center reshoring as we prepare for the upcoming winter season. Furthermore, we are focusing on profitable customer segments. Therefore, we will be substantially exiting the wholesale business. While this may reduce the total LPG gallons sold, we expect no meaningful impact on our overall results as these volumes have little to no earnings contributions.

For reference, fiscal twenty twenty four, the wholesale business represented approximately 11% of total LPG gallons sold, but was essentially a breakeven business. And with that, I’ll hand the call over to Sean to walk through the financial results in more detail.

Sean O’Brien, CFO, UGI Corporation: Thanks, Bob, and good morning. I’ll now provide more details on our financial performance. For the third quarter, UGI reported adjusted diluted EPS of negative $01 compared to positive $06 in the prior year period. This quarter reflected the impact of typical seasonal patterns within our business, warmer weather across a few of our service territories and the anticipated reduction in Midstream margins. Specifically, the Utility segment was down $04 primarily due to higher operating and administrative expenses.

Midstream and marketing was down $01 as the higher investment tax credits associated with the RNG projects largely offset lower gathering and processing margin. UGI International was also down $02 as the lower total margins more than offset the benefits from reduced operating and administrative expenses and lower tax expense. At AmeriGas, while EBIT was fairly flat year over year, the business benefited from lower income tax expense. At Corporate and Other, there is an offset to normalize the corporation’s tax rate, and this is reflected in EPS decline shown year over year. Turning to the quarterly results for each reportable segment.

At the utilities, EBIT was $30,000,000 for the quarter versus $39,000,000 in the prior year period. Total margin was up $4,000,000 largely due to benefits from the infrastructure replacement and betterment program at the West Virginia gas utility. Operating and administrative expenses rose by $10,000,000 reflecting, among other things, higher personnel related and maintenance expenses. Depreciation and amortization expenses also increased due to continued investment in our distribution system. At the Midstream and Marketing segment, EBIT was $27,000,000 for the quarter, down $16,000,000 over the prior year.

Total margin decreased $9,000,000 as lower margins from natural gas gathering and processing operations, as well as the 2024 divestiture of our power generation asset Hunglock Creek were partially offset by increased margins from gas marketing activities. Year over year, the segment also saw lower other income, particularly due to the absence of income from a storage farm out contract in the prior year. Turning to the global LPG businesses. At UGI International, LPG volumes declined by 9% due to the effects of continued structural conservation, the absence of certain customers who previously converted from natural gas to LPG, and the impact of weather that was 16% warmer than prior year. The effect of this volume decline, along with the lower LPG unit margins, were partially offset by the translation effects of stronger foreign currencies, leading to a $19,000,000 decline in total margin.

UGI International continued to drive operational efficiencies and this quarter we saw a $9,000,000 decline in operating and administrative expenses driven by lower personnel and distribution expenses, which was partially offset by the translation effect of the stronger foreign currencies. Overall, the segment reported EBIT of $43,000,000 in comparison to $57,000,000 in the prior year period, largely due to a $19,000,000 decline in margin and slightly higher depreciation and amortization expenses, partially offset by lower operating and administrative expenses. At AmeriGas, the operating loss of $28,000,000 for the quarter was fairly consistent with the prior year as the effect of lower retail volumes stemming from continued but reduced customer attrition was more than offset by higher retail unit margins. Turning to the full year to date performance, the EBIT from our reportable segments was comparable year over year, demonstrating the resilience of our diversified portfolio amid a mixed operating environment. At the utilities, EBIT was up $12,000,000 primarily driven by a 10% increase in core market volumes from favorable weather conditions.

Midstream and marketing experienced a $22,000,000 EBIT decline, reflecting the anticipated impact of lower minimum volume commitments on one contract renewal completed in Q4 last year, as well as the twenty twenty four power generation asset sale. UGI International’s EBIT decreased $9,000,000 largely due to the absence of the Swiss business divested in Q3 last year, along with softer retail volumes, and this was largely offset by the successful reduction of $35,000,000 in operating and administrative expenses. AmeriGas showed some momentum with EBIT up $18,000,000 reflecting both higher total margins and disciplined expense management. Notably, the segment achieved a slight increase in total retail gallons, largely due to colder weather conditions during the critical winter months, which offset customer attrition. This underlying operational performance, combined with meaningful tax benefits primarily associated with investment tax credits, led to the year to date adjusted diluted EPS of $3.55 Looking to the fiscal fourth quarter, we anticipate that earnings from our underlying businesses, excluding taxes, will be largely consistent with the prior year period.

Of note, while we recorded a diluted loss of $0.16 in 2024, this included $0.20 of tax benefit from regulatory changes that allowed us to utilize previously expensed valuation allowance. With that outlook for the fiscal fourth quarter and our year to date results, we expect that UGI will achieve the top end of its fiscal twenty twenty five adjusted EPS guidance range of $3 to $3.15 per share. This guidance excludes potential incremental benefits from the recently enacted One Big Beautiful Bill Act. While our team continues to review the impact of the bill on our business, the bill’s changes to the deductibility of interest expense is expected to provide additional tax expense favorability as we move forward. Turning to the balance sheet, we continue to build financial strength and flexibility, as evidenced by our leverage ratio of 3.8 times for the quarter and robust free cash flow generation, Combined with strong available liquidity of approximately $1,900,000,000 as of 06/30/2025, these metrics underscore our commitment to exercise financial discipline and maintain a solid foundation for value creation.

Lastly, I am pleased with the progress made in optimizing our LPG portfolio, generating approximately $150,000,000 in cash proceeds, while streamlining our footprint, enhancing our strategic focus and providing meaningful support for our deleveraging objectives. And with that, I’ll turn the call over to Bob for his closing remarks.

Bob Flexen, President and CEO, UGI Corporation: Thanks, Sean.

Tamika Morris, Earnings Call Host, UGI Corporation: Good morning, everyone. Thank you for join

Conference Operator: Thank you. At this time, we will conduct our question and answer session. As a reminder, to ask a question, you will need to press 11 on your telephone and wait for your name to be announced. To withdraw your question, please press 11 again. Please stand by while we compile the Q and A roster.

Our first question comes from Julien Dumoulin

Paul Zimbardo, Analyst, Jefferies: DUMOULIN Smith SMITH:] of Jefferies. Your line is now open.

Bob Flexen, President and CEO, UGI Corporation: Good morning, Julien.

Sean O’Brien, CFO, UGI Corporation: Hi. Good morning. Hi, good

Paul Zimbardo, Analyst, Jefferies: morning, Stephen. It’s actually Paul [SPEAKER Zimbardo on for Julien. Thanks for taking the time. The first one I want to ask is if you could unpack a little bit the potential disclosure you have potential benefit from One Big Beautiful Bill Act. Is that bonus depreciation on regulated activities?

Is that 45Zs on the RNG? Just any even just qualitative description you can help with there.

Sean O’Brien, CFO, UGI Corporation: Yes, Paul, this is Sean. I’ll hit a couple of things. And the biggest impact initially will be over time, we have lost some of the interest deductibility, specifically at AmeriGas, almost predominantly AmeriGas. That started to impact us, Paul, back in ’twenty three. It had impact in ’twenty four, and it would have had impact this year.

So that’s step one is we’ll be able to retroactively go back and probably we’re still finalizing the numbers, but remove some of the allowance that we had, the valuation allowance we had to put on the books over the last two years and a little bit this year. So that’s step one. By the way, that will continue. That’s retroactive, but it will also continue as we go forward. The other two items I think that have big impact for us is because of the ITCs this year, we’re very, very we’re closing out our RNG projects as they all come into service.

Bonus hasn’t been an election that we’ve really focused on, but this act will give us the ability as we move forward probably to utilize bonus depreciation a little more. So I think you’re spot on there. R and D credits is another area with the amount of capital we’re spending at the utility and nat gas. We see some benefit there. And then on the 45Cs, I think it’s just more strengthening the position as we get into next year and beyond around 45Cs.

So we haven’t given the exact number, but we definitely know the trend. This is going to be a positive impact to the company.

Paul Zimbardo, Analyst, Jefferies: Okay. No, it’s good to hear across the board. And then I know I asked about AmeriGas. I’ll leave that for someone else. I wanted to drill in a little more on the midstream side of the business.

Obviously, you had a lot of activity with the Pennsylvania AI and Innovation Day. Just are there any way that you could frame what you think the investment opportunity set is for the Pennsylvania Midstream business, just given a lot of the activity in and near your footprint? That’d be helpful.

Bob Flexen, President and CEO, UGI Corporation: Yeah, Paul, I think the best I can do with that right now is to say that both midstream and the utility, we expect will benefit. We have well into the double digits of NDAs with potential generators and other opportunities to utilize our infrastructure for providing natural gas or providing on-site LPG or sorry, LNG. So we see pretty robust opportunities there, multiple like, say, multiple counterparties and in-depth discussions that are ongoing. So we have the right assets in the right place to take advantage of all of this. So it’s just continuing to cultivate those opportunities.

Paul Zimbardo, Analyst, Jefferies: Okay. Great. And then if I could squeeze in one last one. Any commentary you provide on the multiple for the strategic divestitures you had as of late?

Bob Flexen, President and CEO, UGI Corporation: No. The way that we looked at all the divestitures is that we looked at kind of how we view the value in our hands versus the value that we’re receiving from, again, the counterparty on it. And we wouldn’t sell any asset that would be dilutive. So when you think about the various multiples of our business, even when you break them apart, it’s got to either be equal or better than in our own hands. So that way on a risk adjusted basis, you’re creating value versus not selling.

So that’s the way we look at it. Again, we’ve looked at the NPV in our hands versus the sale price and make sure that it’s not going to be dilutive to us.

Paul Zimbardo, Analyst, Jefferies: Thank you, team.

Bob Flexen, President and CEO, UGI Corporation: On leverage, Paul, when you think about it. So it’s got to be much better than our leverage ratio as well.

Paul Zimbardo, Analyst, Jefferies: Yes. No. I understand that. Thank you, team. Thanks, Paul.

Conference Operator: As a reminder, to ask a question, you will need to press 11 on your telephone. Our next question comes from Gabriel Marine of Mizuho. Your line is now open.

Gabriel Marine, Analyst, Mizuho: Good morning, everybody. I guess I’ll take the AmeriGas question then, just twofold there. One is, there’s a lot of moving parts, I think, between the wholesale divestiture, potential high grading of the customer base. So I’m curious, Bob, as you go into the upcoming winter heating season, what sort of metrics you’re most focused on here, whether it’s, I guess, profit I’m sure profitability is a big one. But anything you can kind of direct us to whether it’s absolute or relative metrics?

And then the second part on the divestiture program, on LPG, wondering if you think you’re kind of done for now, if there’s more to go at this point.

Bob Flexen, President and CEO, UGI Corporation: Thanks, Gabe. I’ll go into it. And certainly, on the Americas topic, I’ll not try to use the rest of the call time for that. First of all, the wholesale business, again, it’s been creating a lot of activity in our business, but not providing any bottom line benefit. So, again, working on simplifying that business, we’re not going to supply largely our competitors, basically at our cost using our infrastructure.

So it doesn’t make any sense to continue doing that. To the extent we’ve got customers in there that are lost customers, they’ll either become new national accounts that are on a profitable level, or they again will not be continuing on with them. So it’s really, I think, as you said, high grading the portfolio, taking the complexity out of the portfolio so we’re focusing on our highest value customers out there and providing the commensurate level of service that our customers expect and deserve. So I think it’s a good step as we go into the winter to better handle our profitable businesses, our profitable customers within AmeriGas. When you think about some of the indicators we’re looking at, safety is one that we don’t talk a lot about on these calls.

The third quarter of this year at AmeriGas had substantial improvements in our safety record. And to me, that’s a leading indicator of how well you’re focusing on your businesses, your processes, and getting inefficiencies out of your business and maintaining a safe workforce and not creating rework or anything that’s just adding cost and more complexity to the business. So really happy to see the dramatic improvement that we’ve experienced in the third quarter on safety has been a key focus area for us. On a lot of the improvement projects that are underway, we’ve gone from really the analysis of what is the root cause of issues and what’s the solution to implementation. And we talked about it in the past that this is a two winter effort.

Going into this winter, when you think about customer service, we’ll have a bit of a hybrid. Have some still international support for customer service, but a much more substantial footprint domestically to provide much better customer service. So another metric will be our customer service statistics, our Net Promoter Scores, our Time on Hold, things of that nature. So we continue to work on some of the KPIs and things that really affect the customer. Another one is our routing and delivery is another work stream that we’ve been focusing on, and we have that rolled out now to a handful of our locations across the country.

And we’re experiencing, call it, an 8% to 10% efficiency improvement on efficiency on gallons delivered per mile and the cost of delivery. So as we get through October 1, we plan to have that launched nationwide. So that’ll be another statistic that we’re looking at is the efficiency of our delivery routes as well. And then always the kind of bottom line, free cash flow. Are we generating cash flow from this business?

As we’ve talked about, needs to stand on its own. And one of the things that really excited about as well for AmeriGas is that their leverage ratio has improved by nearly one turn. So we’ll continue to watch the balance sheet, the importance of maintaining the right credit metrics. But as we go into the winter, there’ll be various performance metrics, some of which I just went through. So we’re gearing up for the winter.

One of the other things though that came as a little bit of a surprise to me in this quarter when I think about substantial opportunity during the summer months to improve our ACE business as well. And again, through better productivity, better efficiency, better processes, that there’s meaningful improvement that we can make over the summer months. And I would say that before going into the summer, my focus was relentlessly on the winter, but going out and visiting some of the locations and seeing the opportunity to really hit our production targets, I think can really help us in the summer months as we go forward. I’m looking forward not only to a good winter next year, but also a stronger summer that we had this year. So looking at those production metrics would be another one that we look at as we go into next summer at our various ACE facilities.

There’s a lot of opportunity, procurement of propane, hedging, proactively hedging to help our customers maintain stability of their bills. So we’ve got a lot going on and a lot of progress. I think we’re in really good shape going into the winter. Okay, hopefully that’s helpful. I mean, I could talk about for quite a long time.

But I’ll stop there.

Gabriel Marine, Analyst, Mizuho: That was very comprehensive. Thank you, Bob. Maybe if I can come at midstream from a different angle. When you think about your producer activity behind some of the supply push systems that you have, can you maybe talk about what you’re seeing given the uptick in basin demand, maybe some egress capacity too? And as a second part to that question, are there any notable contract expiries on the midstream side that you’re kind of watching over the next call it twelve to eighteen months?

Sean O’Brien, CFO, UGI Corporation: Yeah, I can hit a few of those Gabe. No significant notable contract expiries or at least nothing that we anticipate where there’s a significant shift, meaning on the re up, we think it’ll be generally in line with where we’re at. We did have that one last year, maybe that’s what you’re referring to. So I think as we look at ’twenty six, we’re thinking about any big dip due to big contract expirations.

Bob Flexen, President and CEO, UGI Corporation: And again, Gabe, just to follow-up on maybe the earlier question from Paul as well. When we look at the potential developers within the state of Pennsylvania, both on the regulated and unregulated side for power generation and the like, we’re seeing substantial inquiries and opportunities there. So it’ll be continued to work with all of those counterparties to see what we can do to participate and help make the energy investment that’s happening across the state. Again, we’re in an exciting time for the state of Pennsylvania. The Energy Summit really highlighted that.

And the great thing of Pennsylvania is how, from a political standpoint, all parties are aligned on bringing investment into the state of Pennsylvania. So it’s really an exciting time here in Pennsylvania. And again, our midstream business and our utility business should be substantial benefactors

Gabriel Marine, Analyst, Mizuho: Great. Thanks, Bob. Thanks, Sean.

Bob Flexen, President and CEO, UGI Corporation: Thanks, Gabe. Thanks, Gabe.

Conference Operator: I’m showing no further questions at this time. I would like to turn it back to Bob Flexen for closing remarks.

Bob Flexen, President and CEO, UGI Corporation: Thanks, Dana, and thanks everyone for dialing in. And just a few, maybe a few closing comments. We had a record year. So certainly, that’s exciting in its own right. But work is underway to make the future even more successful than what we’ve had this year.

As I just mentioned, talking with Gabe, I’m very excited about our safety performance and the improvements we’re seeing in safety. I just view that as a leading indicator to a well run company. So I feel great about that. The financial performance this year we talked about was great. The cash flow, dollars $558,000,000, so 11% improvement year on year.

And that really takes me to the kind of the third point of what really focusing on is the balance sheet. And we’ve got our corporate leverage down to $3.82100000000 dollars debt reduction, as I mentioned a moment ago, with AmeriGas achieving nearly a one turn improvement in its leverage ratio. So we’re going to continue focusing on the intrinsic value drivers in our business state of Pennsylvania and West Virginia. We had a constructive rate case proceeding. We’re looking to get that through its final stages and have that part of our fiscal twenty twenty six results.

And we’ve completed our midstream projects and we just continue to look at our emerging opportunities. And finally, I’ll just say that our eyes are completely focused on this upcoming winter and to be ready for winter to have a really successful launch into fiscal twenty twenty six. So with that, I’ll conclude the call. And again, thanks everybody for participating and supporting us through all this and look forward to our discussions, in the future.

Conference Operator: Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect.

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