TriplePoint Venture Gwth Q3 2026 Earnings Call Transcript

TriplePoint Venture Gwth (NYSE:TPVG) 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

TriplePoint Venture Growth BDC Corp. reported strong demand for debt financing, with $106 million in term sheets signed in the third quarter and a $2 billion pipeline.

The company closed $43 million in debt commitments, a 45% increase from the previous quarter, and funded $57 million post-quarter close, indicating a strong fourth-quarter outlook.

TriplePoint continues to diversify its portfolio by investing in high-quality venture growth-stage companies, particularly in AI and other attractive sectors.

Management highlighted a successful exit from its largest loan position, Prodigy, and noted progress in rebalancing and diversifying the portfolio.

The company reported a decrease in net investment income to $6.6 million, partly due to the sale of Prodigy and lower prepayments.

Net asset value declined to $8.32 per share, with losses primarily driven by net realized and unrealized investment losses.

The company plans to continue its investment sector rotation and diversification strategy, focusing on enhancing long-term earnings power and financial flexibility.

Leadership changes were announced, with Ian Schworer set to become Chief Investment Officer at year’s end, following Sajal Srivastava’s departure.

The advisor extended its income incentive fee waiver through 2027 to support net investment income and dividend coverage.

Management remains focused on refinancing upcoming debt maturities and maintaining financial flexibility, with a target leverage of 1.3 or lower.

Full Transcript

OPERATOR

Welcome to the TriplePoint Venture Gwth BDC Corp. third quarter 2026 earnings conference call. At this time, all lines have been placed in a listen-only mode. After the speakers’ remarks, there will be an opportunity to ask questions and instructions will follow. At that time, this conference is being recorded and a replay of the call will be available in an audio webcast on the TriplePoint Venture Gwth website. Company management is pleased to share with you the company’s results for the third quarter of 2026 today. Representing the company on today’s call are Jim Labe, Chief Executive Officer and Chairman of the Board; Sajal Srivastava, President and Chief Investment Officer; Mike Wilhelms, Chief Financial Officer; and Ian Schworer, who will be assuming the role of Chief Investment Officer at year’s end.

Before I turn the call over to Mr. Labe, I’d like to direct your attention to the customary safe harbor disclosure in the company’s press release regarding forward-looking statements and remind you that during this call management will make certain statements that relate to future events or the company’s future performance or financial condition, which are considered forward-looking statements under federal securities law. You are asked to refer to the company’s most recent filings with the Securities and Exchange Commission for important factors that could cause actual results to differ materially from these statements.

The company does not undertake any obligation to update any forward-looking statements or projections unless required by law. Investors are cautioned not to place undue reliance on any forward-looking statements made during the call, which reflect management’s opinions only as of today. To obtain copies of our latest SEC filings, please visit the company’s website at www.tpvg.com. Now I’d like to turn the conference over to Mr. Labe. Please go ahead.

Jim Labe (Chief Executive Officer)

Thank you, operator. Good afternoon, everyone, and welcome to TPVG’s third quarter earnings call. Over the past several quarters, our focus has been on continuing to advance our investment sector rotation and diversification strategy by investing in high-quality venture growth-stage companies across AI and other attractive venture investment sectors, while steadily reducing our exposure to and monetizing our vintage 2020 through 2022 portfolio investments.

We will continue along this path as we seek to enhance TPVG’s portfolio quality and durability, strengthen our financial position, grow our income-generating assets, and increase NAV over the long term for the benefit of our shareholders. Starting with some key highlights from the quarter, we’re continuing to see strong demand for debt financing from leading venture growth-stage companies. We signed 106 million of term sheets with venture growth-stage companies at our sponsor, TriplePoint Capital, and our venture growth-stage pipeline now exceeds more than 2 billion. In the third quarter, TPVG closed 43 million in debt commitments across eight portfolio companies, a 45% increase over the second quarter.

We also lowered our leverage and saw an increase in our average new-deal yields on signed term sheets. We are continuing to execute on our plan of investment sector rotation and portfolio diversification across very attractive sectors, investing in companies such as Eridu, Heron Power, ThoughtSpot, and Muon Space, and we remain focused on backing category-defining companies that are at the forefront of adopting and deploying AI across their product offerings.

While we funded 0.7 million of debt investments during the quarter, which was driven by timing and discipline, subsequent to quarter’s close TPVG has already funded 57 million through yesterday, and we’re only about a third of the way or so into the fourth quarter. While we had a light funding quarter, based on the pace and momentum of the current quarter so far—including the 57 million of fundings, another 60 million of commitments, some 125 million of signed term sheets already, coupled with our large pipeline—we’re expecting a strong finish here in the fourth quarter, accompanied by the strong liquidity to service it.

Turning to the portfolio, we continue to focus on actively managing and working through our vintage 2020 through 2022 credit situations while building what we believe is a stronger and more diversified portfolio. As noted on last quarter’s call, we exited Prodigy in the third quarter, which was our largest outstanding loan position. This represented an important step in our ongoing efforts to rebalance and diversify the portfolio. We expect to use these proceeds to further strengthen our liquidity position and enhance our financial flexibility.

Most of our watch list exposures relate to these 2020 through 2022 vintage investments, which have been on the watch list for an average of approximately six and a quarter years. Looking at our investments beginning in 2023, while newer, they continue to perform well and are trending positively, which we believe reflect the benefit of our sector rotation and diversification efforts. We’re also pleased to see the fundraising activity among our companies increase significantly last quarter. Reflecting the strength of the VC market, five of our debt portfolio companies raised 1.7 billion in capital in private financing rounds during the quarter. All of them had increased upticks in their valuation, including Inspirin, Eridu, Etched, Muon Space, and InCharge. This brings the year-to-date total to 12 debt portfolio companies raising approximately 2.8 billion.

On the investment side, the venture capital investment environment remains robust. According to PitchBook, an estimated 5,000 deals closed during the quarter, the second-highest quarterly count on record. Through the first three quarters of the year, U.S. VC deal value reached a record 515 billion, almost 44% of the prior five-year high. AI remains a dominant theme, accounting for 83% of the year-to-date deal value, the highest annual share on record.

Venture growth-stage investment in 2026 has nearly surpassed every prior year, both in capital invested but also in deal count. This growing base of large, well-capitalized later-stage private companies continues to expand our addressable market. On the exit side, liquidity for VC-backed companies remains concentrated. M&A generally remains a primary path. According to PitchBook, year-to-date exit value has reached a record of 2.3 trillion, but that was driven by a handful of large IPO transactions. The IPO window for tech venture-backed companies has yet to broadly reopen. Within our own portfolio, while no M&A transactions closed in the third quarter, there are several in the process, and two transactions recently closed post-quarter including Synack and Fidon.

A development as of only yesterday, in fact, was the announcement by Salesforce that it has signed a definitive agreement to acquire our TPVG portfolio company Cresta. While we hold warrant and equity positions associated with our former debt line, we believe we remain well positioned to benefit as liquidity broadens across tech venture-backed IPOs and M&A over the coming quarters. As a reminder, we maintain a sizable equity and warrant portfolio that continues to grow. As of September 30, we hold warrant positions in 120 portfolio companies and equity investments in 57. A number of these companies have also been identified in publications’ lists of top candidates for venture-backed IPOs in the U.S. and Europe.

TPVG continues to benefit from the AI investment mega-cycle. AI infrastructure remains a primary driver of capital formation, with hyperscalers alone issuing approximately 225 billion of investment-grade year-to-date debt. That’s more than the last prior four years combined. VCs are increasingly focused on infrastructure as access to compute becomes a key competitive advantage. We’re also seeing growing investments in other attractive sectors including defense, aerospace, and energy, where data center demand is driving capital towards power and grid infrastructure.

Demand for venture debt remains strong as financings continue to shift towards larger, later-stage transactions. We also continue to benefit from the strong support of our platform sponsor, TriplePoint Capital, which is a leader in the venture lending market with direct origination capabilities. The advisor has waived its full quarterly income incentive fees since Q1 of 2025 and previously committed to maintaining that waiver for each quarter through the end of this year. In a continued demonstration of alignment with TPVG shareholders, the advisor has now amended its income incentive fee waiver and will waive its quarterly income incentive fee for all of 2027 as well.

We recently announced a leadership transition under which Sajal will be leaving his role as President and Chief Investment Officer at year’s end. I will continue as the CEO of TPVG, and we’re pleased to have appointed Ian Schworer as our Chief Investment Officer, also effective as of year’s end. I want to thank Sajal for his significant contributions to TriplePoint over the past 23 years. Together we have built TriplePoint into an industry-leading and differentiated venture lending platform.

I’m proud of the business we created and excited as TriplePoint continues to work with our venture partners and invest in leading companies to take advantage of strong long-term market trends. I look forward to continuing to work with Sajal over the coming months, with the smooth and orderly transition underway. You’ll hear more from Sajal shortly. We have great confidence in Ian, a 12-year TriplePoint veteran with an outstanding technology investment background who’s grown up within our ranks and has been instrumental in helping manage our ongoing portfolio transition across the high-growth and diversified sectors that I’ve been describing.

In summary, we continue to make progress in strengthening and repositioning our portfolio for the long term while working diligently to maximize outcomes across credit situations. As a result of the actions we’ve taken, the post-2023 broader portfolio remains very strong. As we look ahead, we remain focused on disciplined underwriting, strengthening our balance sheet, and diversifying our portfolio to capitalize on the attractive market opportunities today that enhance our long-term earnings power.

With that, let me turn the call over to Sajal.

Sajal Srivastava (Co-Chief Executive Officer & Co-Founder)

Thank you, Jim, and good afternoon, everyone. During Q3 we continued to take steps to strengthen TPVG’s foundation and position the company for the long term. Beginning with our investment activity, TriplePoint Capital signed $106 million of term sheets with venture growth stage companies during Q3 compared to $307 million of signed term sheets during Q2 2026, and TriplePoint Capital has signed $125 million of term sheets so far in the fourth quarter with regards to new investment allocation to TPVG.

During the third quarter our advisor allocated $43 million in new commitments with eight companies to TPVG as compared to $29.8 million of new commitments with five companies in Q2. We expect to continue to increase our allocation of new commitments as unfunded commitments continue to expire and as we receive prepayments and repayments over the rest of the year, and have allocated $60 million of new commitments to three companies so far in the fourth quarter.

During the quarter we funded $700,000 to four companies compared to $47.8 million of fundings to ten companies in Q2. As Jim mentioned, our fundings during the quarter were impacted by timing, as we have already funded $57.4 million in the fourth quarter, already exceeding our guided range of $25 to $50 million. During Q3 we had $11 million in loan prepays, resulting in an overall weighted average portfolio yield of 12.4%, and excluding prepays, our core portfolio yield was 12%.

This compares to $28.6 million of loan prepays, an overall weighted average portfolio yield of 12.9% with prepays and 12.3% without prepays in Q2. During the quarter we sold our debt and equity investments in our European portfolio company Prodigy Finance to a third party for $43.8 million, consistent with our Q2 mark. Prodigy was our largest outstanding loan as of Q2 and the sale demonstrates continued progress on rotating our assets into newer vintages, diversifying the portfolio, and reducing our overall exposure to PIK income.

With regards to credit activity, during the third quarter we saw movement within our legacy consumer portfolio due to market factors and performance, as we upgraded Trendy, an EBITDA-positive and cash flow positive consumer company, from Yellow 3 to White 2, and downgraded Jokr and Flink from White 2 to Yellow 3, and made fair value adjustments on other loans as well, including Roly and Hydro. As Jim mentioned, five portfolio companies raised an aggregate $1.5 billion during the quarter, and seven of our warrant and equity portfolio companies raised $1.1 billion, bringing the aggregate to $2.6 billion of equity capital raised during the quarter, reflecting positively on our portfolio as well as the warrant and equity investments associated with these investments.

As of Q3 we held warrants in 120 companies and equity investments in 57 companies, with a total fair value of $143.5 million. Revolut continues to perform well, with the company previously announcing a transaction at a $115 billion valuation and media reports mentioning the company is considering an IPO with an even higher valuation target. Our remaining warrant and equity investments in Revolut have a fair value of approximately $56 million as of the end of the quarter.

The team continues to focus on building a strong foundation for TPVG and positioning TPVG for the long term by driving portfolio scale and quality, rotating the portfolio into newer vintages, and enhancing shareholder value over the long term. As announced in September, after 23 years with TriplePoint, I will be leaving at the end of December. I am proud of what Jim and I have accomplished in building TriplePoint into an industry-leading platform on a global basis. I’m focused on working with the team to ensure a seamless transition, and I wish them all the best as they continue growing the business and capitalizing on attractive opportunities across the venture lending market. With that, I will now hand the call over to Mike.

Mike Wilhelms (Chief Financial Officer)

Thank you, Sajal, and good afternoon, everyone. Total investment income and other income for the third quarter was $20.2 million, representing a weighted average annualized portfolio yield on debt investments of 12.4%, compared to $22.1 million and 12.9% in the prior quarter. The decline primarily reflects the July 1 disposition of our approximately $44 million investment in Prodigy, which had been our largest outstanding debt investment. Approximately two-thirds of our debt investments are floating-rate loans, substantially all of which are subject to prime rate floors. Based on our portfolio and borrowing structure at quarter end, increases in benchmark interest rates would be expected to have a positive impact on net investment income, as the benefit from higher investment income would more than offset the increase in borrowing costs from our revolver. We continue to manage our mix of fixed and floating rate assets and liabilities with an emphasis on maintaining financial flexibility.

Net investment income for the quarter was $6.6 million, or $0.16 per share, compared to $8.3 million, or $0.21 per share, in the prior quarter. The sequential decline primarily reflects lower investment income, which includes a $500,000 reduction in accelerated income generated from loan prepayments. This decline was partially offset by lower interest expense, as we used proceeds from the Prodigy disposition to reduce outstanding borrowings under our revolving credit facility.

Including realized and unrealized investment activity, the net decrease in net assets resulting from operations was $1.7 million, or $0.04 per share. PIK interest income declined to $2.5 million during the quarter, compared to $3 million last quarter and $4.8 million in the third quarter of 2025. PIK represented approximately 12% of total investment and other income this quarter, compared to 14% in the prior quarter and 21% in the third quarter of 2025. Reducing PIK exposure remains an important component of our efforts to improve the quality of recurring earnings. Net asset value was $8.32 per share at September 30, compared to $8.67 at June 30.

During the quarter, we recorded net realized and unrealized investment losses of $8.3 million. The net investment losses were primarily driven by $13.6 million of net realized and unrealized losses across our debt portfolio and a $3.5 million unrealized loss on our GrubMarket equity investment. These losses were partially offset by $7.8 million of unrealized gains in our Revolut investment and $1 million of net unrealized gains across our remaining warrant and equity investments.

Importantly, the disposition of Prodigy had no incremental impact on NAV, as the investment was sold at its June 30 fair value. NAV declined by $0.35 per share during the third quarter, with approximately $0.20 attributable to net realized and unrealized investment losses. The remaining decline primarily reflected distributions exceeding net investment income, including the $0.06 per share supplemental distribution paid during the quarter. A significant contributor to lower NII was the disposition of our Prodigy investment effective July 1. Given its size and higher yield, Prodigy had historically been a meaningful contributor to investment income. While this reduced near-term earnings, it also represented an important step toward improving the quality of our earnings by reducing PIK income. Lower accelerated income from prepayments during the quarter also contributed to the decline in NII.

There were no income incentive fees earned during the third quarter. Year to date, the advisor earned and waived $3.2 million in income incentive fees. As Jim mentioned earlier, the advisor has agreed to extend the income incentive fee waiver through the end of 2027. This continued support from the advisor will benefit net investment income and dividend coverage during 2027. Total operating expenses net of incentive fee waivers were $13.2 million for the quarter, compared to $13.6 million in the prior quarter. Interest expense and amortization of financing costs declined approximately $400,000 to $7.9 million, reflecting lower outstanding borrowings under our revolving credit facility. Turning to investment activity, we funded approximately $700,000 in debt investments during the quarter and received $17.4 million in scheduled principal amortization, prepayments, and early repayments.

We also received $43.5 million in proceeds from investment dispositions. As Jim and Sajal discussed, investment activity increased meaningfully during October. In addition, we have received approximately $73 million in prepayments quarter to date, generating more than $2 million in accelerated income that will benefit our fourth quarter results. We ended the quarter with total liquidity of $168 million, consisting of $18 million in cash, cash equivalents, and restricted cash, and $150 million of available capacity under our revolving credit facility. Our liquidity position improved by nearly $50 million during the quarter as we benefited from the Prodigy disposition and lower outstanding borrowings. Gross leverage declined to 1.18 times and net leverage to 1.12 times, compared to 1.26 times and 1.22 times, respectively, at June 30th.

Looking ahead, we remain focused on refinancing our $125 million of unsecured notes maturing in February of 2027. We are actively evaluating financing alternatives with an emphasis on execution certainty, managing our cost of capital, and maintaining financial flexibility. Unfunded commitments totaled $171.6 million at September 30, compared to approximately $141 million at June 30. Of these unfunded commitments, $14.8 million were subject to portfolio companies achieving specified milestones, and approximately $54 million are scheduled to expire by year end if not drawn. We continue to manage these commitments in the context of our improved liquidity position, anticipated repayments, and leverage objectives.

On October 14, our board declared a regular fourth quarter distribution of $0.23 per share. In addition, we previously declared a supplemental distribution of $0.12 per share to distribute accumulated taxable income payable in two installments. The second and final installment of $0.06 per share will be paid on December 30th. Looking ahead, our financial priorities remain improving recurring earnings, maintaining prudent leverage, and preserving liquidity as we execute our portfolio strategy.

That concludes my prepared remarks. Operator, please open the line for questions.

OPERATOR

Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you’re using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time we will pause momentarily to assemble our roster. The first question comes from Crispin Love at Piper Sandler.

Please go ahead.

Crispin Love (Analyst)

Thank you. Appreciate you taking the questions. First on the new debt funding from the third quarter — very low, below that million-dollar mark. But as you stated, you did have a nice pickup post quarter end. During the prepared remarks, you did call out that timing was a driver for the softness. Can you dig into that a little bit further? I don’t think we’ve seen a level like that in the history, at least the last several years. So were you passing on deals in the quarter, and then just differences between the third quarter and October?

Plus just any color there would be great.

Jim Labe (Chief Executive Officer)

Yeah, it’s Jim speaking. Piper—sorry, Kristin—it’s a good question. But periodically, on and off over the years, we’ve talked about how fundings aren’t necessarily always within our control or timing. And quite frankly, the bulk of them came towards the end of the quarter and spilled over into the early part of this quarter. So we’re back on track from the lumpiness aspect. The other thing that’s going on when it comes to fundings is documentation, and some of these things take a little bit longer or drag or don’t exactly happen quarter’s end. Having said that, though, as you heard, just over the month of October alone, in a couple of days we’re already at a strong number. It’s not related to any kind of—I’m sorry, it’s not related to any kind of market or pipeline or originations or any changes on that front. Those all remain strong.

Crispin Love (Analyst)

Okay, perfect. Makes sense. And then I think Sajal alluded to this, but I just want to make sure that I have him just for cleanup. I understand the fourth quarter is going to have higher debt fundings, but is that go-forward guide of 25 to 50 million as you look beyond the fourth quarter still the right number to be using?

Mike Wilhelms (Chief Financial Officer)

Yeah, this is Mike. Yeah, 25 to 50 million would be a good guidance for going forward. And as always, we have line of sight and we’re looking at potential prepayments, scheduled maturities that could drive that range and potentially push us above the 50 million if, in fact, we’re seeing more prepayments and scheduled maturities in a respective quarter. But 25 to 50 is a fair guidance for future quarter fundings.

Crispin Love (Analyst)

Great, thank you, Mike. Appreciate both taking my questions.

OPERATOR

The next question is from Paul Johnston at KBW. Please go ahead.

Paul Johnston (Analyst)

Yeah, good evening. Thanks for taking my questions. So just curious, is the dividend, the 23 cent base dividend, does that still more or less remain, I guess, the earnings bogey for TriplePoint Venture Gwth in terms of where you would like the BDC to be generating, I guess, NII? And then could you maybe talk about the bridge to getting there from the 16 cents and maybe excluding—I guess you have some accelerated income coming in next quarter, 2 million or so.

That’s positive, but just kind of the normal recurring, I guess, parts of the model—would be curious to hear kind of how you anticipate getting there.

Mike Wilhelms (Chief Financial Officer)

Yeah, Paul, thanks for the question. You know, dividend sustainability remains an important consideration for the management and board. We, you know, we mentioned that the third quarter was artificially low for the reasons we talked about, most notably the Prodigy disposition and the lower accelerated income. We’re encouraged by the, you know, increased activity that we’re seeing here in the fourth quarter as well as we’re expecting a very large accelerated income for the quarter.

But with respect to your specific question, as far as bridging us back to the 23 cents, you know, ultimately the board is, you know, on a quarterly basis evaluating our dividend policy. We’re factoring in not only the earnings power, but also including, you know, what we’re projecting as far as that earnings power, taxable income, that is spillover and overall liquidity and long-term interest of shareholders. So we are in the midst of evaluating that.

And as far as the 23 cents, it’s our target for now, but that’s subject to change in the future.

Paul Johnston (Analyst)

Got it. Okay, very helpful. And then in terms of the liquidity available, there’s obviously a few moving pieces here of the focus within the BDC in terms of just rotating out of some of these assets and improving the ROE, but do you think there’s maybe a little bit more of an emphasis on just retaining liquidity until you have exited some of those larger investments, particularly like the non-yielding equity, going forward, or I guess is that not the case?

Mike Wilhelms (Chief Financial Officer)

Yeah, no, it’s certainly something we are evaluating constantly, that being our liquidity and our overall leverage with our target leverage of 1.3 or lower. Paul, at this point, as you mentioned, certainly rotating out of certain legacy credits is an aspect, but also refinancing the February 2027 notes remains one of our highest financial priorities. So that’s another consideration when factoring in our liquidity and overall leverage targets. So, you know, we’re focused on achieving an execution that provides certainty of funding while also, you know, appropriately balancing our cost of capital and financial flexibility.

So we are focused on the rotation, but I would also say it’s a focus on the 2027 refinancing.

Paul Johnston (Analyst)

Got it. Okay, thanks for that. And then in terms of just exits, Prodigy was a positive one. Revolut seems to be shaping up positively as well. Are there other processes within the equity portfolio, equity warrant portfolio, where you have the ability to potentially sell or exit, you know, partially exit that investment on funding rounds with the pickup in fundraising activity in the venture capital space? Or is this just more unique to the much larger sort of unicorn venture capital companies?

Sajal Srivastava (Co-Chief Executive Officer & Co-Founder)

No, I would say, Paul, those remain as options. And there is probably a pretty active secondary market. And as I mentioned, we have a pretty strong fair value warrant and equity position across a number of companies that are progressing and doing very, very well. And some, such as Revolut, we’ve monetized. It’s something we continue to evaluate, think about, have as an option available to us—will depend on the facts and circumstances and the pricing.

But it’s not just confined to the unicorns. It’s a sign of the current market and something we continue to actively evaluate as an available resource on the liquidity front.

Paul Johnston (Analyst)

Got it. Okay. Appreciate it. That’s all for me. Thank you.

OPERATOR

The next question comes from Chris Muller at Citizens. Please go ahead.

Nate

This is Nate on for Chris. First of all, thanks for taking the question. Let’s say congrats to Sajal on the management changes. As for my question, I’m curious about how you guys are thinking about the buyback that was authorized in May. I can tell you guys haven’t made any repurchases yet, shares trading in the 50, 60% range. What are you guys thinking about that—more like a liquidity constraint issue, given what you guys kind of just talked about?

Or is it something else? Just any color, that would be helpful.

Mike Wilhelms (Chief Financial Officer)

Yeah. No, thanks for the question, Nathan. We recognize that our shares are trading at a significant discount to NAV. And those repurchases would be very accretive to our NAV and to our NII. However, we also need to consider our overall liquidity position. So you mentioned that as part of your question—unfunded investment commitments, leverage, and upcoming, most notably, upcoming debt maturities. So we see it as an important aspect to our overall capital strategy.

But at this time, we’re more focused on our liquidity and our targeted leverage. And so at this time, you’re correct. We have not made any repurchases as of yet.

Nate

Right. Makes a lot of sense. That’s it for me. Thank you.

OPERATOR

This concludes our question and answer session. I would like to turn the conference back over to Mr. Jim Labe for any closing remarks. Please go ahead.

Jim Labe (Chief Executive Officer)

Thanks, operator. As always, I’d like to thank everyone for listening and participating in today’s call. We look forward to updating and talking with you all again next quarter. Thanks again, and have a nice day.

OPERATOR

The conference is now concluded. Thank you for attending today’s presentation. 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.