Transcript: 5N Plus Q2 2026 Earnings Conference Call

5N Plus (TSX:VNP) reported second-quarter financial results on Tuesday. The transcript from the company's second-quarter earnings call has been provided below.

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Summary

5N Plus reported a 28% increase in Q2 2026 revenue to $122.4 million, driven by higher volumes in renewable energy and bismuth-based products.

Adjusted gross margin increased in absolute terms but percentage declined due to higher metal and chemical costs, with adjusted EBITDA rising 10% to $26.6 million.

The company maintains a prudent outlook amid geopolitical risks and inflation, reaffirming full-year adjusted EBITDA guidance of $100-$105 million.

Operational highlights include ongoing capacity expansions, integration of new equipment and employees, and strong backlog in specialty semiconductors.

Management emphasized the resilience of the business, strategic investments in capacity expansion, and exploration of M&A opportunities, despite current high valuation environments.

Full Transcript

In the meantime, we are working to partially offset these pressures through economies of scale and continued operating efficiencies. Performance Metros also delivered a solid quarter segment. Revenue increased nearly 40%, driven primarily by our volumes of bismuth based products. As anticipated, margins continue to normalize from the record levels achieved last year and sustained in the first quarter. This reflects higher metal input costs and a significant increase in chemical costs in recent months. Even so, the business continues to generate profitable growth and demonstrate the resilience of its portfolio. Halfway through the year, we continue to take a prudent approach to our outlook. Geopolitical risk continue to evolve rapidly and influence inflation across many regions. Various input and operating costs remain elevated.

We're also increasing production volumes and operating our equipment at high capacity while integrating a significant number of new employees. In this context, we remain firmly focused on disciplined execution and operational excellence. As we enter Q3, our priorities are to improve operational and maintenance processes, advance our productivity initiatives, and execute our capacity expansion plans. These expansion plans all remain on plan. Finally, our balance sheet continues to provide us with significant financial flexibility. Organic investment remains a priority as we expand capacity to support contracted demand. We also continue to actively evaluate external opportunities that could complement or extend our capabilities.

Near term impacts and quality variations aside, we are building a business position to deliver sustainable, profitable growth over the long term by supplying advanced materials to critical industries. That strategy continues to be validated. Customers increasingly value secure, reliable Western supply chains, particularly in markets tied to renewable energy, space security and advanced technologies. These trends reinforce the value of our differentiated capabilities, manufacturing footprint and long standing customer relationships. As a result, we remain well positioned to create sustainable value by executing our growth strategy. With that, I'll turn the call over to Albin, who will review our financial results and outlook in more detail.

Thank you, Richard, and good morning to all of you. Before turning to the results, I would like to reiterate how enthusiastic I am to be a member of the executive team of 5N at such a critical juncture in its growth and development. I've engaged with other teams and with the investment community in the last three months. Those discussions have reinforced my confidence in our strategy, in the inherent strength of our business, in the strong financial foundation and the opportunities ahead. Turning now to our financial performance, revenue increased 28% to $122.4 million in Q2 2026 compared with Q2 2025. For the first half of the year, revenue reached $240.3 million, an increase of 30% over the same period last year.

The increase primarily reflected higher volumes in renewable energy and more favorable product mix in space power. It also reflected higher volumes of bismuth based products. Adjusted gross margin increased to $37 million in Q2 2026, representing 30.3% of sales. This compares with $33 million or 34.6% of sales in the second quarter of last year. While adjusted gross margin increased in absolute dollars, margin percentage declined. This primarily reflects higher metal input costs, temporary operational inefficiencies associated with the production ramp up and higher chemical costs. For the first half of the year, adjusted gross margin represented 32.6% of sales. Adjusted EBITDA increased 10% to $26.6 million in Q2 2026 compared with Q2 2025 year to date. Adjusted EBITDA reached $55.8 million, slightly above the midpoint of our full year guidance range.

Net earnings amounted to $19.7 million or $0.22 per share, compared with $15.2 million or $0.17 per share in the second quarter of last year. In specialty semiconductors, revenue increased 25% year over year to $89.2 million. The increase was primarily driven by higher volumes in renewable energy. Adjusted Gross margin represented 30.2% of sales compared with 32.7% in Q2 2025. This decrease primarily reflected higher metal input costs and lower operating efficiency. Adjusted EBITDA increased by 16% to $22.1 million. Higher volumes mitigated the impact of suboptimal operational performance and higher maintenance expenses. Backlog remained at the maximum level of 365 days as per our definition, with the effective backlog for this segment continuing to well surpass the 12 month mark in performance.

Materials revenue increased 38% year over year to $33.2 million driven by higher volumes of bismuth based products. Adjusted gross margin was 30.9% of sales compared with 41.1% in the prior year period. The decrease reflected the anticipated margin normalization with a higher metal input and chemical costs. Adjusted EBITDA increased 7% to $8.5 million. The increase was primarily attributable to a more favorable product mix and higher volumes net of higher metal input and chemical costs. Backlog represented 99 days of annualized revenue reflecting the timing of contract renewals and the continued execution of long term contracts.

Turning now to our balance sheet and cash flow in Q2 2026, cash used in operating activities was $1.9 million compared to cash from operating activities of 22.3 million in Q2 2025 year to date Operating cash flow reflects continued growth in working capital in line with revenue and cost increases. Looking ahead, we expect net working capital to evolve broadly in line with revenue growth. Cash from Investing activities includes $16.6 million of PP and E CAPEX year to date with proceeds from the renewal of our total return swap. These proceeds were largely used to reduce debt. As a result, our financial position continues to strengthen. Net Debt stood at $23.7 million as of the end of June compared with $50.3 million at the end of 2025. Our net debt to adjusted EBITDA ratio improved to 0.21 times.

This highlights the strength of our balance sheet and provides significant financial flexibility to support our long term growth. Turning now to guidance in specialty semiconductors, structural growth across our core end market continues to support demand, particularly in renewable energy and space power. In performance, materials pricing conditions are normalizing largely as anticipated. More broadly, we continue to operate in a dynamic rising cost environment. We notably expect margins to come under additional pressure in the near term due to higher metal input costs and chemical costs cost which will partially be recovered with a timeline of at least two quarters. Against this backdrop, we are reaffirming our 2026 full year adjusted EBITDA guidance of between 100 and 105 million dollars.

This reflects our confidence in continued revenue growth and higher growth margin dollars during the second half. Also incorporates a prudent assessment of ongoing operating and input cost environment. That concludes our formal remarks. I will now turn the call back to the operator for the question and answer session with financial analysts. Thank you.

Thank you. If you'd like to ask a question, please press Star one on your telephone keypad. One moment please for your first question. Your first question comes from Baltej Sidhu from National bank of Canada. Please go ahead.

Hey, good morning, Richard and Albon. A few questions from you. So you noted higher metal input costs and the unplanned equipment maintenance at both the renewable and solar side as the primary drivers for the pressure and the semi business. Could you help us think about the relative impact of both those factors as it pertains to margins?

Yeah. We assess that both factors, the higher metal input cost and the operational difficulties, have had a fairly equal impact on our gross margin during the second quarter of the year. So it's been fairly well shared between both parameters.

And I think Richard had noted that the unplanned maintenance is temporary. How much of an impact could we see in the second half of the year? And by Extension didn't have any impact on the backlog and decision to maintain

guidance at this point in time. We don't see, we don't foresee impact from a. From a delivery perspective in H2, all of our people applying themselves obviously to on the remaining issues, improving or preventing plan better staffing, our night and weekend shift. So everyone is applying themselves to turn this around. So we continue to say it's a temporary measure with no expected impact from a shipment perspective in H2.

Great. And then turning over to the ongoing capacity expansions, how much of an impact did it have on margins in Q2 and would it be correct to think of it as not being able to attribute the absorb overhead?

Missed the beginning of your question.

Yeah. So how much of an impact did the ongoing capacity expansion have on the margins? And is it accurate to assume that this is largely attributable to unabsorbed overhead?

Yeah, exactly. It's a combination of unabsorbed overhead and also extra maintenance expenses. Okay. That's all we come up with. As Aban just mentioned earlier, the actual impact in Q2 was pretty balanced between the two. So a combination of it in the case of the equipment, a combination of extra maintenance expenses and as you just referred to on absorb operating costs during the.

Fantastic. And the last one for me is just on the PM side and we've noted in the past few quarters, we expect the pricing to normalize. Would you say that Q2 represents a reasonable run rate for the business or could we see incremental pressure? Just given what you're seeing in the

market as of today,

in the case of preventive performance materials going forward, like it will depend in large to the actual product in client mix to be realized over H2, Q2 was particularly low. Okay. So going forward, I guess, I guess the gross margin around the year to date could be used for the moment. Okay. The tricky part remains chemical costs and other costs like this that continues to be on the rise. Nitric acid, caustic soda and all of those chemicals that we're using on the rice. That's the unknown part from a forecasted client and product mix at this point in time, the year to date gross margin could be used as an assumption for H2 on performance materials.

Understood. Thank you, Ian, Albin and Richard and I'll pass the line, thanks.

Thank you.

Your next question comes from Amar Ezat from Canacard General. Please go ahead.

Good morning. Thanks for taking my questions. Maybe just on the equipment, I think Richard, your comments suggested that some, but not all of it has been resolved. That I misunderstand. Then can you help us understand, are these issues like a function of the operational intensity associated with the significant volume and capacity ramp, or can you just tell us what's the nature of the equipment issues you've had?

Well, we've been integrating a number of equipment, new equipment, in a sense, new design and else all of that. At the same time, we've been integrating a large number of new employees. So it's. And we're pushing every equipment we have close to its limit. Okay. While in parallel we continue to increase capacity by adding additional equipment to meet demand of 27 and so on, so forth. So it's really a combination of large number of new equipment, new equipment with different designs and operating parameters, a large number of new employees. We need definitely to better staff our night and weekend shifts and we need to improve our preventive maintenance in light of those new equipment and parameters that we're working with today.

Understood. And are they largely resolved? I understand you won't have any issues delivering, but are these equipment issues largely resolved?

Most of them. But we still have issues here and there throughout the different product lines that we have. All of those issues are being addressed by some key members of the team and else. And with the support of external contractors and else, we're bringing on board a bit more larger number of spare parts, for example, and all of these things. So look, we used to operate manufacturing operations with various sites. So look, we're applying. It's more challenging because there's a larger. There are more equipment, as I just said, new design and house and all. But look, we're addressing all of those issues. We have contingency plans. So on that basis we don't see any forseynchanna issue or risk of not making required shipments in H2.

Fantastic. Your revenue is obviously extremely strong, significantly ahead of expectations. But like we spoke to EBITDA was only modestly ahead because of some of the issues you've outlined. But I'm wondering like how much of the revenue upside actually came from higher physical volumes versus the metal prices? And sometimes you've got contractual pass throughs so they could inflate your sales and they're just like pass throughs. Or would you quantify the revenue, the strong revenues as really mostly volume driven?

That is very high quality, as we've mentioned in the case of Bismuth, clearly volume, okay, same thing with renewable energy. And to a smaller extent because of different operational challenges. A small extent our space solar business. But overall volume is the main factor behind the increase in revenue.

Fantastic. Then maybe one last one for me on capex. I'm just looking at the year to date. You guys are approximately 17 million and I appreciate, you know like there's some of the equipment issues that you've outlined and I believe that you said you guys are building redundancy as well, but I believe a couple of quarters ago you guys mentioned like the 2026 output for capex would be similar to 2025. It's like 20 or 21 million. Do you guys have a revised sort of full year expectation for us on

a, on a net cash out basis considering that some of the equipment that we'll be adding in the US is supported by a government grant, so the value remains valid at this point in time. We did though however brought on board different equipment earlier in the year than later this time in order to be ready to address 2027 volume requirements.

Fantastic. Congrats on the very strong revenues and I'll pass the link.

Your next question comes from Michael Klein from Raymond James. Please go ahead.

Hey Richard, just hoping that you can dig into some of the backlog that you're looking at in terms of the Azure project wins right now we've been reading a lot about these space based data centers. Are you seeing any projects come in with those type of build outs?

The data centers in space, those are still under development. It will take, will take probably a couple of years before you actually see those being launched and else so at this point in time it's too early. As I've said in our introduction, in our introduction, in terms of bids that we've placed in this first half of the year on a dollar basis it's at least twice the dollar amount compared to last year's same period. But to our knowledge none of those are specific to data centers. And based on our intel of the market, this is still a product development under product development space.

And are you in Azure? Are you able to indicate, did you add new customers in the segment this quarter?

New customers? I cannot say specifically. I mean we've been supplying for years all of those primaries that are subcontractors and there's been, there's been a few newcomers in the last two, three years but for most of them, if not all of them, they're already clients of Azure Space.

Okay. And then just on the renewable side or I'm not sure if it translates to the space side as well. Can you give an update on where your product line sits with perovskite and the timeline associated with for any significant increase in perovskite volumes from 5N but

currently the strategy for the company is to focus on the individual elements making up perovskype rather than the the actual encapsulation technology or else. Okay. At this point in time still early stage for the outside China to introduce perovscribe as a tandem as a tandem material. So it's still early stage. We still, we believe before any meaningful volume an introduction of perovscribe into into in a commercial phase we're still, we're still most likely a year or two away.

Okay. And is this only applicable to terrestrial or would it be applicable to both space and terrestrial?

It could be applied on both but the terrestrial applications are a lot more advanced in terms of introduction.

Okay, thank you.

Your next question comes from Daniel Lavois from Ventherm Financial. Please go ahead.

Got two questions to start. One is the overall capacity expansion and the recent issues running on plan maintenance. Just wondering if that makes you think differently about the pace of capacity expansion and when looking at Asia's end customer, what needs to happen for you to see accelerating demand and give you confidence in taking a bolder move in terms of adding more capacity. And the second question is related to guidance. When looking at the guidance for 2026 obviously the very strong half at 55.8 million of realized EBITDA in H1 it kind of implied like a flattish EBITDA dollar into H2 despite the strong revenue momentum. So I understand there's some couple of quarter for pass through for the hour metal input cost but can you just help us understanding that math for the mar there. Thank you.

Okay, so on capacity expansion, same approach that we've been applying ourselves to in the last two, three years in line with earning contracts we're reassessing the capacity that we need to have installed and we take at that point in time the appropriate measures to add capacity. So that's, that's, that's, that's the approach we'll continue to apply. We'll try to correlate as much as we can order taking with capacity investments. So that's for the first question terms you had a question on forward looking. Look, we continue to take a prudent approach on KF which take a prudent approach. I mean it's a complex environment. We see a lot of inflation across many regions and as you probably as you know those factors continues to contribute to ongoing uncertainty and often with a very limited warning to us.

So forward looking for the second half we take a prudent approach and we anticipate a certain lag especially for metal input costs to be in order to recover.

Thanks. And lastly if I may, is the CVSE line up and running right now in Montreal?

Yes. Oh, CDSC, sorry, sorry. this point in time the plan is to have it to start running at some point in the second half, most likely around the end of Q3. We currently have products that are being pre qualified but the ramp up and the formal qualification will occur later in the second half of this year.

Thank you, Have a good day.

Your next question comes from Nick Boichuk from ATB Core. Mark, please go ahead.

Thanks for Guys curious, you mentioned that some of the larger constellations you're bidding on the size of the backlog, the rfp. What makes these either interesting to you guys? Is there something about the characteristic of the style of constellation, size of the opportunity? Just looking for a little bit of color, especially as that pertains to the mixed comments that you made this quarter. But how Azure had positive mix.

Look, it's quite diversified in terms of referring to the high number and high dollar value of the bids. It's highly diversified as to the clients and the hand Constellation and our satellite programs. It varies a lot. There's nothing very specific that came up in H2 other than it's a large number with actually large dollars actually of bids that have been placed.

Okay. Anything in terms of the industry though, is everyone still acting rationally and sort of behaving as you would expect or are you starting to see a little bit more increased demand either regionally by constellation, by customer?

No, at this point in time the distribution region announced it's similar to what we've been experiencing so last couple of years.

It's just.

It's just a number of the dollar values that have been, as I've just said, at least twice this first half of the year compared to the same period last year.

Okay, and then on the metal pass through, what's the timing and the lag? Do you expect you'll be able to recover some of those costs?

The metal pass through? We expect it to happen with the caught with at least two quarter lags and in the partial way it won't be 100%. So we are at the point where we see the margin for Q2 2026 being extended in the second half of the year within approximately 1 percentage point.

Okay, thanks Alban. So is it fair to assume then on that comment that the normalized margins this quarter, excluding the unplanned maintenance and the Price impacts of the metals, it would have been about 2 percentage points higher than where it currently landed.

Mathematically assuming it's about half. That's our estimate. Yeah, that would work.

Excellent. Thanks so much, guys.

Your next question comes from Nelson Nguyen from RBC Capital Market. Please go ahead.

Great, thanks and good morning everyone. So you're common in terms of adding a lot of equipment and lots of employees. Just to clarify, that's in the terrestrial renewable energy side or both renewables and azure space as well.

It's almost equally attributable to both terrestrial and space.

Okay, got it. And then I think you mentioned that the ramp up in the azure space side is taking place in the second half of the year. So on the renewable energy side, obviously you have more volumes with first solar over the next few years as well as starting last year. Is that ramp pretty gradual over last year? This year and the next two years.

This year we definitely have more volume than last year. And then for the coming two years we'll have more volume, but not of the same magnitude. In terms of incremental volume, if you compare it to 25 to 26.

Okay, but each year we'll have more volume.

Yeah, 26 is a bigger volume increase. And then 27 and 28 are also increased volume, but of a smaller scale.

Okay. And then just on the balance sheet, like net debt was standing at around 24 million. So it sounds like you are on track to have to be roughly net debt free by the end of the year. I think you commented that working capital will be consistent with with the revenue increases. Is that correct?

Yeah, that's correct.

It's going to be aligned with growth plus or minus. Obviously some additional investment we may make in terms of safety stock.

Yeah. Essentially in line with revenue growth. Plus whatever specific action we need to take for safety inventory or strategic inventory, but roughly in line with revenue.

And then I know you previously talked about M and A opportunities and how you want to find the right opportunity sometime this year, but can you just talk about the environment now? And obviously there has been bit of a pullback in valuations in some sectors, including the space related sector. Can you just talk about some of the opportunities you're seeing, whether things are. Whether the environment has improved.

Look, we continue to scour market for many opportunities. Obviously, despite some corrections as you refer to in the space industry, it remains across many, many sectors that we cover quite high still today. But we continue to be very optimistic to get our hand on something accretive and strategic to five and plus. But things are definitely expensive still today.

Okay, got it. And there's one last question. Just marine shipping costs. I don't know how big of an exposure you have on shipping costs, but since the Iran war, can you just talk about how that has kind of

impacted your

transportation costs?

So you're talking about the increased shipping cost that we see right now in the market. So I think, you know, we cannot single out this factor, but overall it contributes to the increase we see in our chemical products, generally speaking. So it's one factor which we cannot single out, but which is a contributor.

Okay, got it. I'll leave it there. Thank you.

Your next question comes from Frederic Tremblay from Desjardins Capital Market. Please go ahead.

Thank you. Good morning.

Good morning.

On the two quarter lag to recover higher metal costs, I'm just curious, is that a lag because the metal prices went up so fast that it's, I mean, it's going to be more gradual to implement price actions or is it more contractual in nature? Just trying to better understand the two quarter dynamic there.

It's a combination of both, obviously, the speed and the magnitude. Plus after that, the recovery depends on a per product on a per client basis. So contractual.

Okay, perfect. And then just on the bidding environment you mentioned for Azure, that things are going well on that front. I'm just wondering about competitive discipline, meaning is the higher metal environment being properly reflected in new contracts and new bids across the industry, or are we kind of, you know, resetting to a different margin level given the middle environment?

So, you know, I think as Vishard mentioned, there is a way to structure contractually our growth. We're working on it. So there will be capacity to pass through metal cost with a delay and with a certain percentage, but we are building that.

Okay, and then last question, just on the US Germanian refining capacity expansion and the grant that you received or announced, give an update on that on how that's progressing.

It's progressing as per plan. It's a fairly large project at the end. So we're expanding the building that we're in today. We started to receive some additional equipment. We have ordered more equipment that is on its way. So to complete the project, it's going to take probably close to a year and a half, two years. But gradually we're adding more capacity and capabilities from one quarter to the next. So it's actually, it's all at per plan. Okay, that's all I had.

Thank you.

Your next question comes from Jonathan Goldman from Scotiabank. Please go Ahead.

Hey, good morning guys and thanks for taking my questions. I just want to clarify a couple points on the margin discussion. So gross margin was down 430 basis points year on year. And you're saying half of that was due to the unplanned maintenance, is that correct?

Yeah, that's about that, yeah.

Okay, and when do you think you would recover that impact? Would it be a couple quarters? Few quarters. But the unplanned maintenance part, the overhead efficiencies from that, when would that be resolved?

Okay, so unplanned maintenance and else we're applying ourselves to resolve the remaining issues that we have. Okay. So for us this is temporary and we have mitigation plans and health and we don't foresee any issue from. In order to realize contracts on hand in H2 metal is a bit more tricky because it varies from, as I've said earlier, it varies from product and clients and by default also contracts that are different depending on the business lines and clients and products. So for that we take a print approach and we see at least 2/4 for that to be resolved.

Okay, that makes sense. And maybe I missed this in the prepared remarks, but did you mention additional margin pressure before we come back to the normalized margins when you recover the metal prices?

Nothing specific other than look, it's a complex environment and inflation, chemicals, energy and health can occur with a limited warning. That's why we continue to take a prudent approach on our guidance and forecast for the second half of the year.

Okay, and Albain, I missed your comment. You said the margins in the second half kind of being where the Q2 level is within 1%, is that correct?

Yeah, that's the view that we currently have. That the gross margin that we've seen for Q2 would probably be a good projections for the second half within 1 percentage point band.

Okay, understood. And then very strong growth in performance materials on the revenue line. I've always thought of this business as kind of a GDP type of growing business. And I think Vishal, you mentioned a lot of that was supported by volume. So I'm just trying to understand what's supporting the strong growth there and how should we think about the balance of the year in terms of the top line and performance material?

Typically, historically, if you look at a numerous number of years, performance materials would typically do better in the first half and the second half with many of our clients under that segment. I guess reducing the inventory at year end to show a better balance sheet and else. So typically historically the first half from a Volume perspective has always been better than the second half. So that's essentially what we anticipate will happen again this year.

Okay, makes sense. And on Azure, could you give us an update on the order book? How much of the order book is fully booked in 27 and how much orders are currently taking to 28 and maybe beyond?

Look, 26 is, at this point in time, 26 is sold out, 27 is sold out. And we continue, obviously we're assessing opportunities to increase further capacity for 27, but at this point in time, we're working out scenarios for 28, 29 and 30 forward.

Okay, perfect. And maybe one more for me. If you could just remind us your capital allocation priorities. I mean, balance sheet's in great shape. It got better, I think. You know, an earlier analyst mentioned, you know, maybe leverage neutral by the end of the year. But how do you evaluate MA versus buybacks here? Organic growth and what's the Runway for organic growth? To expand capacity further

with no surprise. And I'll let Alba compliment, but with no surprise, organic growth. Proper inventory levels is the priority at this point in time because as you know, commercially we have a lot of visibility and we need to fulfill those contracts.

And just to complement that, you know, as I've said, we're making ruined our balance sheet. We continue to scan for M and A opportunities, so we want to have the room and the capability to make a valuable acquisition if it presents itself.

And is there any update on the M and A pipeline? Has anything become more interesting lately?

There is nothing specifically, no.

We have obviously a list of files that we do spend more time than others, but that we can communicate this morning.

Okay, fair enough. Thanks for taking my questions. I'll get back in queue.

Thank you.

As a reminder, if you'd like to ask a question, please press star one on your telephone keypad. Your next question comes from Baltej Sidhu from National bank of Canada. Please go ahead.

Sorry, I have myself on mute there. Thanks again for taking my question. I just wanted to quickly ask, on Azure and other product lines, you may be considering just the number of satellites that are looking to be sent up into orbit over the next 10 years? Right now you're tackling true. Leo, are you looking at opportunities within the BLEO market? And then how should we think about

the product suite that could culminate at the present time? As you know, our technology are referred to as 3,5 multi junction solar cells applied to what I often refer to as truly o MEO and geo distances from Earth. Are we contemplating adding a new product line to address the video market. Maybe. But nothing confirmed or very concrete this morning. So we continue to focus on ion applications for seller cell.

Great. Thank you. I'll pass the line.

And there are no further questions at this time. I will turn the call back over to Richard Perrand for closing remarks.

Look, I would like to wish you all a good day, and thanks for being with us this morning.

Ladies and gentlemen, this concludes today's conference call. You may now disconnect. Merci.

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.