QumulusAI Q3 2026 Earnings Call Transcript

Quartr
Provided by Quartr
November 10, 2026

Key Takeaways

  • Positive Sentiment: Q3 revenue more than doubled sequentially to $14.8 million, up 376% year over year, as newly energized GPU capacity began billing. Adjusted EBITDA turned positive for the first time at $3.7 million.
  • Positive Sentiment: Q3 signings reached $352 million, lifting remaining performance obligations to $515 million; 8 MW is active and billing, with another 5.45 MW contracted. Management said demand exceeds available capacity and cited rising pricing for new-generation capacity.
  • Negative Sentiment: Capacity delivery remains a constraint, with some data-center timelines shifting and several newly signed or contracted blocks still awaiting service. The additional 7 MW Atlanta expansion is a right of first offer, not a committed deployment, and its timing depends on the site operator.
  • Negative Sentiment: The company ended the quarter with $31.1 million in cash and restricted cash against $248 million of debt and finance-lease obligations; Q3 capital expenditures were about $100 million. Management expects depreciation and interest expense to rise again in Q4 as recently deployed equipment contributes a full quarter of costs.
  • Neutral Sentiment: QumulusAI reaffirmed its year-end targets of 18 MW of contracted capacity and $300 million of forward ARR, while reporting about $209 million of forward ARR under signed contracts. It expects $29.1 million of RPO to be recognized in Q4 and plans to revisit its forward guidance when reporting full-year results.
AI Generated. May Contain Errors.
Earnings Conference Call
QumulusAI Q3 2026
00:00 / 00:00

There are 7 speakers on the call.

Operator

Hello, everyone. Thank you for joining us, and welcome to the QumulusAI Third Quarter 2026 Earnings Call. At this time, all participants are in listen-only mode. After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. Today's call is being recorded. I will now hand the conference over to Zachary Graeve, Head of Investor Relations. Zachary, please go ahead.

Speaker 1

Thank you. Good afternoon, and welcome to QumulusAI's Third Quarter 2026 Earnings Conference Call. Joining me today to discuss our results are CEO Mike Maniscalco and CFO Scott Krosnowski. Before we get started, I would like to remind you that our remarks today will include forward-looking statements. These include statements about our strategy, capacity and deployment plans, customer agreement value and expectations, our market, and future financial and operational performance. Please be advised that these forward-looking statements are covered under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and that QumulusAI decides to avail itself of the protections of the safe harbor for these statements. These statements are based on our current expectations and assumptions, and they are subject to risks and uncertainties. Actual results may differ materially from those stated or implied.

Speaker 1

Those risks are described in today's earnings press release and in our filings with the SEC, including our registration statement on Form S-1 as amended and our quarterly reports on Form 10-Q. Our statements speak as of today, and we undertake no obligation to update them as a result of new information or future events. During this call, we may refer to non-GAAP financial measures. Reconciliations to the comparable GAAP measures are included in today's earnings press release. The press release and an accompanying investor presentation are available on our website at investors.qumulusai.com. A replay of this call will also be available there. With that, I would like to turn the call over to Mike.

Speaker 2

Thanks, Zachary, and thank you all for joining us. I'm pleased to report that revenue more than doubled sequentially in the third quarter to $14.8 million. Adjusted EBITDA was positive for the first time, and signed customer contracts passed half a billion dollars. Here's the simplest way to read this quarter. We did $3.4 million of revenue in the first quarter. We doubled that in the second to $6.7 million, and doubled it again in the third to $14.8 million. Additionally, the remaining performance obligations disclosed in our Q3 10-Q already schedule another doubling into the fourth quarter. That's our business model working as designed. We move quickly into smaller pockets of power and then bring them online in months, not years, allowing us to close the gap between signing and billing faster than most.

Speaker 2

Our most recent large deployment went from signed contract to full production in under three months. At any given moment, we are securing the next block, deploying the last one, and bill the ones before it, all at once and continuously. I will cover three things today: what we do, where our capacity and demand stand, and how we are built for the market we are in. Some of you may be new to the story, so let me take a moment to explain what we do. We deploy GPUs. We do not build models; we build the compute that powers them. As models get cheaper, I believe the value shifts to the infrastructure that runs them. Open models now carry nearly a fifth of enterprise tokens at a fraction of the price, and customers want that running on dedicated capacity they control.

Speaker 2

We find pockets of existing power, typically 2 to 50 MW, mostly in colocation, and we bring the AI compute in those facilities online in months, not years. We are using today's capacity to meet today's demand. We are building the pipeline to power what is coming. Our current customers are AI inference platforms and the teams building on them, and they open every conversation with the same question: When can I be running? In a market that is compute-constrained from the largest providers down to the startups, speed is the decision. The next wave is AI agents doing real work, and an agent uses far more compute per task than a chat query. For example, Amazon said its customers deployed twice as many agents in the third quarter as in the prior three quarters combined, and physical AI is the wave behind that.

Speaker 2

We are distributed for speed now and positioned for inference next, building what our customers need today on the way to the distributed platform the next generation of workloads will require. That is why we built this company around hyper-speed rather than hyper-scale. Let me give you the capacity picture the way we will report it from here: active, contracted, and powered land. Active capacity, which is energized and billing, is 8 MW across five colocation sites, with the final deployments we described in August now complete and billing. Contracted capacity, which is secured, not yet billing, is 5.45 MW, 3.75 MW in metro Atlanta, expected to be ready for service in the second quarter of 2027, half a megawatt in Columbia, South Carolina, ready for service in December, and 1.2 MW in Denver, Colorado, which we just signed, ready for service in Q1.

Speaker 2

Our final takedowns for the year are in late stages of negotiation. Beyond that, we are already working towards the next generation expansions at a site we are in today. We have a ROFO on 7 MW in Atlanta, which could take that site to 10.75 MW. That is 7 MW of expansion rights on top of the 13.45 that is active or contracted today. That is expansion we have already lined up at a site we already know. We are selective about where we go, and when a site proves out, we want first call on the next block of it. These are rights, not obligations, and we will exercise them when it is right for the business. The runway is theirs, and it is ours to take.

Speaker 2

And for powered land, our long-term lease optionality is our Oklahoma site, where we have 10 MW of power active today, running our legacy mining operation, and up to 7 MW of additional grid power available. That is the supply side. On demand, we signed $352 million of new direct contracts in the third quarter, more than double the second quarter, bringing our 2026 signings to $529 million, including a number of smaller agreements we do not announce individually. Contracts keep getting larger. Deposits keep arriving ahead of delivery, and pricing on new generation capacity is rising, not falling. Our most recent three-year contracts are drawing around $19 million-$21 million of annualized revenue per megawatt, up from the $18 million-$20 million we reported in August. The market is moving the same direction. Rental rates on three-generation-old H100s are up more than 40% since December.

Speaker 2

We continue to sell capacity faster than we can energize it. Demand is not our constraint. Capacity is. Let me turn to our sector, where two things stood out this earnings season. The first is the capacity we just spoke about. Two weeks ago, Microsoft, Amazon, and Google reported earnings. Together, they disclosed about $1.8 trillion in contracted backlog. Microsoft said customer demand continues to exceed available supply. Google said it has started running third-party compute because its own is constrained. The largest buyers of compute in the world cannot build fast enough, and it is still early. The Census Bureau counts about one in five U.S. businesses using AI today. That is the market we sell into, and it is why two of our customers came back this quarter for another $241 million in total contract value.

Speaker 2

The second is the question the market has been asking for the last several weeks. The question investors have asked us since the day we listed, "How is the growth financed?" is now the question being asked of the entire sector and its largest names. The market spent weeks repricing AI infrastructure companies, their credit first, and then their equity. The worry underneath it is simple: Who is paying for the GPUs, and what happens to the debt if the customer does not show up? The question has shifted from how large the customer contract is to whether we can deliver, finance, and run it at a profit. This quarter, we answered all three. 8 MW completed and billing. Every deployment financed against its own contract, and Adjusted EBITDA turned positive. Here is how we do it. A customer signs a term take-or-pay contract and puts down a deposit.

Speaker 2

That deposit covers the portion of the GPU cost that is not financed, and equipment financing tied to that contract covers the rest. The contract revenue services the financing behind it. We use a mix of loans and leases, depending on the terms and overall cost of capital. At the end of a loan, the equipment is paid off free and clear and ours to keep. At the end of a lease, we retain flexibility to acquire the equipment at fair market value, with most capped at a relatively small percentage of its original purchase price, preserving significant residual asset value and upside, or we simply return the equipment with no further obligation. Each financing is tied to a deployment, and each deployment to a contract. We have no unsecured bonds. The customer's commitment funds the hardware, and the hardware earns the customer's commitment back. That is the model.

Speaker 2

On the customers themselves, they are mostly AI-native inference platforms, growing fast, and they pay ahead of delivery. We structure every contract for the credit we take. Take-or-pay terms, deposits upfront, and remedies if a customer doesn't perform. We are deliberately building towards a mix where a meaningful share of our capacity is anchored by creditworthy enterprise customers alongside of the AI natives. That work is underway, and you will hear more about it as it lands. Let me pull it all together. Three months ago, we told you we had 8 MW sold with final deployments in process. Those deployments are done, and they are billing. Revenue doubled. Adjusted EBITDA turned positive for the first time, and the remaining performance obligations disclosed in our Q3 Form 10-Q already schedule another doubling into the fourth quarter. Today, 8 MW are active and billing. Nearly 5.5 more are contracted.

Speaker 2

Seven megawatts of expansion rights sit at a site we are already in, with 17 MW of powered land in Oklahoma behind them. We sold every megawatt we have energized before it was turned on. Half a billion dollars of signed contracts is a starting point, not a ceiling. In a market that is repricing scale, we are built on sold, funded capacity delivered in months rather than years. Secure the next block, deploy the last one, bill the ones before it, then do it again. All three moved this quarter. They are moving again now, and our conviction in this model has never been stronger. With that, I will turn it over to Scott to walk through our financial results in greater detail. Scott?

Speaker 3

Thanks, Mike. Good afternoon, everyone. I will take revenue first, then walk down the income statement, then cash and the balance sheet, and finish with our outlook. First, revenue. Third quarter revenue was $14.8 million, up 376% compared to the prior year period, and more than double the second quarter of 2026. The growth came from capacity we energized during the quarter, much of which billed for only part of the period. Compute accounted for 96% of revenue, up from 47% in the prior year period. Next, remaining performance obligations. RPO, direct customer compute contracts signed as of quarter end, ended the third quarter at $515 million, nearly three times the $173.1 million at June 30th, with a weighted average term of about 2.5 years. That is the contracted revenue in front of us.

Speaker 3

Under the terms of those contracts, $29.1 million is scheduled to be recognized in the fourth quarter, and the remaining $486 million from 2027 through 2030. Down to the operating line. Operating loss was $41.6 million. That includes a $26.4 million non-cash charge for shares issued as a professional services fee in connection with our public listing, a one-time item that is added back in Adjusted EBITDA. Beyond that charge, the loss widened as compared to the second quarter for a favorable reason. Depreciation and amortization was $14.9 million, up $8 million quarter-over-quarter, as the capacity Mike described was placed in service. That is the cost of the capacity that doubled revenue. Adjusted EBITDA was $3.7 million, representing a 25% margin and our first positive quarter, compared to a loss of $0.8 million in the second quarter and a loss of $0.6 million a year ago.

Speaker 3

Depreciation and interest are expected to step up again in the fourth quarter, with a full period on the equipment placed in service during the quarter. Stock-based comp will normalize moving forward as the initial issuance of employee and director RSUs, including one-time grants that vested on issuance, was recorded in September. Below the operating line, third quarter net loss was $14.4 million, or $0.43 per share. That includes $32.3 million of non-cash gains from marking our convertible notes, the related option, and our warrants to fair value, gains that move inversely with our share price, and the $26.4 million non-cash charge for shares issued as a professional services fee in connection with our public listing. Net interest expense was $5.4 million, up $3.3 million quarter-over-quarter, driven by equipment financing for deployments placed in service. Turning to cash, customer prepayments are funding the build.

Speaker 3

Contracts signed in the third quarter carried $71 million of customer deposits, more than double the second quarter, and deferred revenue rose to $79 million from $30.5 million at June 30th. On our major multi-year contracts, we typically require prepayments of 15%-20% of the total contract value. That money supports the deployment it's attached to and reduces what we need from debt. As a result, operating cash flow was positive $32 million in the quarter. Capital expenditures were approximately $100 million in the quarter, primarily for GPU servers, and we added approximately $94 million of equipment and facilities under new leases, with about $194 million placed in service, which drove the step-up in depreciation. Financing activities provided $44.6 million in Q3, and we ended the quarter with $31.1 million of cash and restricted cash, of which $9.2 million is restricted under our loan agreements.

Speaker 3

On the balance sheet, total assets with $394.1 million at September 30th, up from $215 million at June 30th, as equipment was placed in service. Debt and finance lease obligations totaled $248 million. The large majority is equipment financing tied to a specific deployment and amortizing against the underlying contract. In the quarter, we closed a $51.5 million loan and completed a third draw under our USD.AI facility. After quarter end, we expanded our lease financing with TFC to $123.6 million, all without new equity. Shareholders' equity was $25.3 million at September 30th, up from a deficit of $0.8 million at June 30th. Finally, turning to our outlook, we are reaffirming the guidance we issued in July for 18 MW of year-end contracted capacity and year-end forward ARR of $300 million.

Speaker 3

We have 8 MW active and another 5.45 MW under executed agreements, bringing our total footprint to 13.45 MW, with the balance in late-stage negotiation. About $209 million of forward ARR is under signed contracts today, and we are now marketing our newest capacity. We are also evaluating how we provide guidance, and we expect to update the way we provide forward guidance when we report the fourth quarter, as we look ahead to 2027. With that, I'll hand it back to Mike.

Speaker 2

Thanks, Scott. Let me finish off where I started. The question in our sector has become whether capacity can be delivered, financed, and run at a profit. We now have 8 MW fully active in billing and 5.5 more under contract. We financed every deployment against its own contract. Our Q3 Adjusted EBITDA was positive for the first time, and remaining performance obligations in our 10-Q already schedule another sequential doubling of quarterly revenue in the fourth quarter. Step back for a moment. This company listed in July. It went through the hardest stretch the sector has seen in years, and it came out the other side with revenue doubling, contracted revenue tripling, and Adjusted EBITDA turning positive. For a company of our size, those are real accomplishments, and the team here earned every one of them.

Speaker 2

We're still early in AI adoption and early in this company's growth. Customer demand and the AI use cases driving it remain extremely strong, and we believe we're incredibly positioned for significant growth ahead. We're just getting started. Moderator, we're ready to take questions.

Operator

We will now begin the question-and-answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Michael Donovan with Compass Point. Your line is open. Please go ahead.

Speaker 4

Thank you, operator. Hi, guys. Congrats on the execution, and thanks for taking my questions. For the two B300 agreements signed in September, how much capital is still needed, and then how much is covered by customer prepayments and committed financing, and how do you expect to fund the balance?

Speaker 2

Thanks, Michael. Appreciate it. I will let Scott chime in on that one.

Speaker 3

Hi, Michael. One of the orders is fully paid for, and then the other, we did a 20% prepay.

Speaker 2

The RFS date slipped.

Speaker 3

Yes.

Speaker 3

This is not able to complete the finance phase.

Speaker 3

Yeah, we have a 20% prepay, and the balance is in process.

Speaker 2

On that one, as we noted, the RFS slipped slightly on that, so we are aligning the timing on that final financing to where the RFS actually lands in the data center capacity coming online.

Speaker 4

Appreciate that. That is helpful. With the additional 1.2 MW in Denver expected to be ready in the first quarter, is that capacity tied to existing customer contracts or new demand?

Speaker 3

The new capacity is, that we just signed, that is currently being marketed. It is not yet sold.

Speaker 2

I believe that all of the capacity, with the exception of Columbia, is being marketed right now.

Speaker 4

Great.

Speaker 2

Columbia we already sold and announced.

Speaker 4

Appreciate that. You mentioned interest from potential customers beyond AI-native platforms. Can you provide more color on the types of customers you're seeing and the workloads they're looking to run?

Speaker 2

Yeah, I think it's important to point the current pockets of power that we're growing into and how those fit the various customers that we're selling and marketing towards. As you know, some of the larger customers want some of the larger footprints. As we look forward into our pipeline of larger sites, that starts to change the shape of those customers and what they look and feel like. But right now, for the smaller pockets that we have been successfully finding and acquiring that capacity and then marketing it to our customer base, a lot of that is happening within the AI natives. Still a lot of healthy demand there. But at the same time, we are working the pipeline of the enterprises. They tend to make decisions on different timelines, so we're trying to work and align those timelines appropriately.

Speaker 2

But to give you an example, the financial services sector is still a pretty hot one for us. As we announced the DRW announcement in the last few months here, I think that's a good example of those types of customers. But general enterprise, I mean, it runs the gamut as far as who we're targeting within those segments.

Speaker 4

Thank you. Best of luck moving forward.

Speaker 2

Thank you.

Operator

Your next question comes from the line of Fedor Shabalin with B. Riley. Your line is open. Please go ahead.

Speaker 5

Thank you very much, operator, and good afternoon, everyone. Congrats on this quarter, solid and clean progress. My first question is on probably kind of research nature. Since this neocloud and just related infrastructure stock sell-off that followed CoreWeave several weeks ago, have you seen any change in the cadence or maybe even quality of inbound demand for new capacity? Maybe just number of RFPs, deal size, or maybe any differ in contract terms? On pricing, are new B300 inquiries still clearing around the $4.30, something like per GPU hour level of your current recent contracts, or is the market softening? Thank you.

Speaker 2

Yeah. I will answer the first part of your question first, and thank you for the questions. We are continuing to see a very healthy amount of demand and have not really seen a big shift since last month, one way or the other. What we are seeing is, I think trying to think of the right way to explain it, but a little higher sense of urgency of our existing customers and their desire to lock down capacity because I believe they know that the scarcity of that capacity in the market. I would also say that that is pointing towards the stability or even increasing of the GPU per hour pricing and GPU prepayment terms. Generally speaking, that is what we are seeing in the market right now, that the pricing on the B300s continues to inch up as pricing of everything is continuing to increase slightly.

Speaker 2

The demand is remaining strong, and the terms are improving in our favor currently.

Speaker 5

Thank you for that. Just a little follow-up on the Atlanta contract. What slipped there from early 2027 to the second quarter 2027? What is it, power, colocation provider, or maybe hardware delivery? Does the customer's contract start date move with it?

Speaker 2

I might have misunderstood the question, so feel free to ask it if I misspeak here. But I think that what we're seeing right now as far as scarcity is the data center capacity itself. So that is really the biggest driver of the kind of early 2027 growth and potential from a supply chain perspective on the GPUs and associated equipment themselves. We've done a good job of logistics on pre-planning and getting that supply allocated and arranged ahead of time and those orders in ahead of time. That side of things is a little faster right now, and that's how we're managing the placements. Did I answer your question?

Speaker 5

Yeah. Partially, yeah. But just maybe just to frame it shortly, what was the reason of this timing shift?

Speaker 2

Yeah. Yeah. Yeah. I can speak to that. I mean, when the timing's shifting, it's usually a number of factors. Just speaking more generally about all of the capacity out in the market, sometimes it's the supply chain on the data center owner-operator side of things where they estimated around all of cooling or electrical equipment and maybe were just a little too aggressive. So we're trying to do a better job of giving buffers there. As you have heard on these, we're also narrowing in a little more on quarters than months so that we have that flexibility given the supply chain is just so dynamic right now. Then we're also, as I think I've mentioned on some of these calls and on conversations with the market, the way we've been finding this data center capacity has been generally going back to existing data centers.

Speaker 2

Oftentimes, those are legacy data centers, and oftentimes, those legacy data centers have existing tenants. So a few things need to happen. The existing tenant needs to have a proper vacation date and move out on time. Then the data center owner-operator needs enough time in between that window to retrofit and renovate to accommodate the GPU servers rather than some of the legacy equipment that was in there with the tenant that's vacating. Then they have to arrange the financing and move that through. So there are several different levers that have to move to hit these dates, and what you're seeing with some of these delays is just slight shifts in some of those levers.

Speaker 5

Thank you very much for all this color. I turn it over for now and continue. Best of luck.

Speaker 2

Thank you.

Operator

Your next question comes from the line of Bill Papanastasiou with Chardan Capital Markets. Your line is open. Please go ahead.

Speaker 6

Hey, good evening, gentlemen. Congrats on a strong quarter, and thanks for taking my questions. For the first one, I was hoping you'd be able to share a boots-on-the-ground perspective of the supply-demand environment for data center colo capacity and how you expect it to evolve. I'm curious in particular if you're seeing the same level of availability for the sub-5 MW colo opportunities, or are you seeing that dynamic shift at all given the continued regulatory headwinds that are bringing pressures on larger sites? I guess long-winded question of, do you expect to see new entrants seek out smaller-scale deployments given what we're seeing on the regulatory front? Thank you.

Speaker 2

No, it's a great question, and thank you for the question, Bill Papanastasiou. I would say that it's not necessarily getting more competitive for that space, and a lot of these smaller pockets that we have been moving into because they're existing haven't necessarily been impacted by some of the headwinds facing the data center market. I will say some of the bigger sites that we're eyeing into the future may be impacted a little more greatly by that, but that's factored into later into 2028 and late half of 2027 right now, and that's something we're thinking through as we're thinking through our options for growth. I think there's a few different points I want to make here. We have found success looking for even smaller pockets of power, and I think that the Columbia, South Carolina site is a great example of that.

Speaker 2

We're continuing to be very flexible and opportunistic of where we're finding pockets of power, because a 500 kW site accommodates roughly 32 GPU nodes, which is a healthy and marketable footprint for a lot of our inference customers. It's still a very marketable pocket of compute and power that we can sell to our customer base. It also is still somewhat significant to our revenue in that if we can monetize that at the $20 million round number, that's still $10 million of potential revenue, and we can replicate that at several sites and bring that online quickly. It fits our model really well. That's one thing we're doing.

Speaker 2

The other side of things is the credit crunch has certainly put a crunch on the data center capacity in the smaller scale data centers, and I think that's been more impactful than, say, a lack of supply. Right now, it feels like that was a broad stroke overreaction by some of those data center owner-operators and investors, and we are watching closely to see if that loosens up. To give you a little more specificity there, some of those smaller colocation pockets made a pretty fast adjustment to say that they do not want to sell to non-IG in those instances. As you know, most of the IG customers are looking for much bigger pockets than a megawatt or two here or there. I think they're going to see that problem pretty quickly.

Speaker 2

That's been one thing that's impacted our ability to find some of that data center supply, but we've also been looking at creative ways to work through that through increased customer prepayments on the upfront deposits on our contracts, and also looking at various instruments in the market for a credit wrapper, to give you a specific example. That's how we're working through the current conditions.

Speaker 6

Appreciate that. That's really good color. Then just as a follow-up, with respect to the 7 MW under the right of first offer at Metro Atlanta, can you just refresh the scenario there? When could that come online and be ready for service? Is there an expiry date attached to that ROFO? Is there enough demand today to sign that contract if it's possible to enter?

Speaker 2

Yeah. I mean, the demand still is extremely strong. The pipeline the sales team has and the customers that are calling them consistently asking for updates in our capacity in 2027 is certainly not a limitation to our growth right now. It really is aligning the right supply. As to the specifics of the Atlanta property, I'll answer it to as much detail as I can give you top of mind, and then if we have follow-up information, we can certainly address that. But that one is an expansion that the owner of that data center is planning to do earmarked for 2027 delivery. That is at their discretion. So, as we get more information from that owner and operator on their ability and timelines to expand that, I'll have more specifics on the actual timeline of RFS.

Speaker 6

Great. Appreciate it. Thanks for answering my questions, and best of luck in Q4.

Speaker 2

Thank you. Appreciate it.

Operator

We have reached the end of the Q&A session. I will pass the call back to Michael Maniscalco for closing remarks.

Speaker 2

I think through my commentary on the Q&A and my parting comments coming out of the earnings report really highlighted the points. I think the demand in the market is still really strong. Supply is continuing to be constrained, a lot of that by external factors, and I think those factors are changing pretty consistently. We're, as I mentioned before, looking at creative ways to work through those in the near term. Really the goal right now is to continue executing in the way we've been doing and bringing that capacity online in smaller packets of power, lining up with customer demand, and continue to grow, because that's what the customers are asking for. I appreciate everybody's time today. I appreciate all the questions, and have a great evening.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.

Powered by Quartr