BetMGM Q3 2026 Business Update - Events Platform - Q4 - MGM RESORTS INTERNATIONAL

Good day and welcome to the BET MGM Q3 2026 Business Update. Joining from the company today are Adam Greenblatt, Chief Executive Officer, and Gary Deutsch, Chief Financial Officer. At this time, participants are in a listen-only mode. After the opening remarks, there will be a 30-minute question and answer session. To ask a question during the session, you will need to press star 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one again. Please be advised that today's conference is being recorded. I would now like to turn the call over to Adam Greenblatt. Good morning, everyone, and thank you for joining us. Today, we are providing an update on our Q3 performance and outlook for the remainder of 2026. BetMGM delivered another quarter of controlled, disciplined execution. Our Q3 Performance was driven by a strong summer and a solid start to football season, seeing us on track to hit our full-year targets. Importantly, our underlying business fundamentals and player value metrics continue to be healthy supporting positive cash flow, and adjusted EBITDA. While it's Gary and me on the call with you today, I want to recognize that our performance is only made possible with the dedication and drive our BetMGM colleagues show every day. So a big thank you to all of our BetMKMers, as well as the support provided by both of our parent companies. Q3 delivered net revenue of $710 million, and that's up 7% year over year and generated adjusted EBITDA of $86 million. The quarter benefited from a strong July, including the World Cup, and solid performances in both August and September, including encouraging player engagement during the first month of the football season. I will talk about our Q3 performance in more detail in a moment, but let me give you a headline summary first. iGaming continued to deliver top-line growth supported by our ongoing player management efforts and differentiated content. In online sports, Q3 delivered year-on-year growth in both handle and player values. Despite the highly competitive operating environment, we are pleased with our performance through the initial weeks of the NFL season, with pre-season enhancements to our sportsbook, meaningfully improving the customer experience. As we have previously highlighted, the competitive environment remains intense, particularly due to significant investments by unregulated and illegal operators offering sports betting. Consistent with our strategy, we've remained nimble and disciplined, leaning into BetMGM's strengths and where we can achieve the most attractive returns. So this has seen us increase our focus on iGaming, multi-product states, Nevada, and most recently Alberta, as well as higher value, higher staking players, particularly in OSB, while also reducing investment in certain lower return OSB-only markets. This more targeted approach is working. Our continued optimization of media channels, geographic targeting, and marketing mix is driving strong customer acquisition and attractive ROIs. Across both iGaming and online sports, player values continue to improve as we maintain our focus on value over volume. We're delighted that in Q3, our approach delivered higher than expected first-time depositors while maintaining some of the strongest paybacks we've seen all year. We're also encouraged by the early performance of several growth initiatives, including our launch in our newest multi-product market, Alberta. In Alberta, we're seeing attractive ROIs and per-player metrics, with several KPIs trending better than those post-Ontario's launch. We're also pleased with the early success of our Borgata brand relaunch. In fact, in New Jersey and Pennsylvania, where our Brogata app is live, average daily actives are up 28% versus our pre-launch benchmark in February of this year. alongside our continued enhancements to product and content Alberta and the refreshed Borgata brand strengthen our position as we look to the remainder of 2026 and beyond as I mentioned earlier our Q3 performance puts us on track to deliver our full year 2026 guidance we continue to expect net revenue between $2.9 billion to $3.1 billion and adjusted EBITDA between $300 to $350 million, with both anticipated toward the lower end of their respective ranges. This is consistent with our guidance post Q2 results. We remain laser focused on delivering profitable, sustainable growth and EBITda, and we believe our year-to-date performance is evidence of that commitment and the success of our strategy. Accordingly, we continue to see a path to $500 million of adjusted EBITDA sometime beyond 2027. So, those are the highlights. Now let me provide more detail on our Q3 performance by segment. Our iGaming business generated $483 million of net revenue in Q3, and that's up 6% euro via. NGR per active increased 4%, while active players grew 2% during the quarter. As many of you know, approximately 70% of our business comes from iGaming, and we remain focused on strengthening our differentiated offering here. A market-leading content strategy remains a key driver of our iG gaming performance. Q3, we debuted our new Game of Thrones franchise in the U.S. following its successful Canadian rollout last quarter. This has been our most successful game launch of all time across our markets, and we're excited to introduce additional titles within the franchise over the coming months, of course, all exclusive to BetMGM. We also launched our progressive side bet jackpot feature in Michigan and West Virginia, giving customers additional ways to win while playing eligible casino games. We expect to introduce the feature in all our gaming markets through the remainder of the year. In New Jersey, we released a new live streamed slots experience in partnership with Awager. The experience combines the convenience of digital play with the authenticity of land-based slot machines. And lastly, we also launched several sports-branded casino games ahead of the NFL season, including content connected with our new multi-year partnership with the Minnesota Vikings, which we know will be particularly enjoyed by our Canadian players in Ontario and Alberta. Turning to sports, online sports generated 216 million dollars of net revenue in the third quarter and that's up seven percent year on year while retail sports generated 11 million dollars and that is up five percent year over year. It's worth noting that year-on-year comparisons for OSB in Q3 are impacted by sports calendar differences with this year including the World Cup in July but also having one fewer weekend of NFL and college football activity in September. So digesting this calendar point, OSB handle grew three percent in the third quarter, and more importantly, player engagement and player value metrics remained attractive, particularly among the high value customers at the center of our premium mass strategy. Handle per active was up 13% year over year, while NGR per active grew 18%. As expected, average monthly actives were down 9%, consistent with our continuing refinement of our player base as we focus on player value over volume. Some more detail on the Sportsbook enhancements I mentioned. We significantly improved speed, stability, and responsiveness of the app. We also expanded cash-out and bet tracking capabilities, expanded smarter betting insights, provided more ways to build customizable bets, as well as improved our rewards hub. September saw strong reactivations among high-value customers, demonstrating the effectiveness of this focused approach. We've also seen a continued increase in bet mix from parlays and SGPs, which has driven a slight uptick of our margin. However, our sports business continues to face competitive pressures from both regulated and unregulated operators. And we expect these dynamics to persist at least into mid-2027, so we will remain agile, adjusting our operating and capital allocation plans accordingly. Despite these headwinds, the underlying fundamentals of the business remain healthy. Our lower play account is entirely as expected and reflects our intentional decisions around customer acquisition and marketing investment. Each active customer is contributing greater handle and NGR, with our pullback in OSB-only marketing also generating operating efficiencies and improving our unit economics. We're also encouraged by the continued benefits of our omni-channel proposition in Nevada, with OSB handle growing at 8% in the quarter. As we look ahead, we're excited for the heart of the NFL season in Q4. We continue to manage the business with discipline, investing behind our most valuable customers and strongest markets, while continuously adapting to the competitive environment. Moving on to our financials, as mentioned, Q3 net revenue was $710 million, generating adjusted EBITDA of $86 million. As a reminder, we began paying parent fees to Entain and MGM Resorts earlier this year for licenses and services provided to BetMGM. These fees are recorded in our P&L as an operating expense and are calculated as a percentage of revenue. For Q3, we are paying $18 million to our parents for parent fees. BetMG's other avenue of returning cash to its parents is through cash distributions. So in addition to the parent fees of $18 million, we distributed $50 million. Therefore, total cash to parents for the third quarter was $68 million. These payments demonstrate the continued cash-generating capacity of the business. In summary, Q3 was a pleasing start to the second half of the year. BetMGM enjoyed a strong late summer and a solid start to the NFL season and our underlying player fundamentals for both sides of the business continued to be healthy execution of our strategy is working we are putting full force behind BetM GM's areas of strength and where we generate the most attractive long-term returns while at the same time continuing to optimize marketing investment and drive operating efficiencies all across the business. We are therefore pleased to reaffirm our full-year guidance and remain confident in our ability to drive sustainable, profitable growth and return cash to our parents this year and beyond. So with that, I thank you and I'll hand over to the operator to open the line for questions. As a reminder, to ask a question, please press star 1 on your telephone and wait for your name to be announced. To withdraw your question, please press start 1 again. We do ask that you limit yourself to one question only in order to enable as many people to participate as possible. Please stand by while we compile the Q&A roster. Our first question is from the name of Ed Young of Morgan Stanley. Please proceed with your question. Ed Young, of Morgan-Stanley, please proceed with your question we will move on to our next our next analyst and we'll come back to you if we can thank you our first question is from jordan bender of citizens jordan please proceed with your question hi everyone good morning and thanks for the question um adam gary i'm looking at promos both for eye gaming and sports betting is i'm look at that as a percentage of ggr it's now increased for the last couple quarters you know albeit maybe alberta is maybe having an impact um in the 3q so as you continue to fight for players in now uh you know fairly mature states how do you think about the catalyst of actually starting to bring um the promotional intensity within your business down moving forward thank you uh hello um firstly thank you for the first question i'm happy we got the tech working um your observations are absolutely right the pro the competitive environment is it has been over the recent months uh really challenging uh very competitive we've seen some new entrants some months ago now but the com the impact on the market remains elevated in particularly in gaming some new entrance to uh to uh some of our gaming states uh we've also as you say had uh the launch of alberta we've had uh latter stages of the world cup so they have been you know what i would consider one off or not not sustainable uh events which have had an impact on that uh promo level um having said that look long what this year versus last year uh we have invested a little bit more into into players at the start of the season we should actually see the promo uh the balance between marketing and promo shift over time as our focus uh increasingly is on a retained base of players and and fewer new players but as i say So a number of a number of factors to consider one of events in this year, the fact that we've invested more concertedly in at the beginning of the season. We think over time our GGR promo level should ease from current levels but not massively so. Great. Thank you very much. Your next question is from Ben Shelley of UBS. Ben, please proceed with your question. Hi, good morning and thanks for taking my question. I just wanted to ask about iGaming market growth. It looks like the US iG gaming market slowed a little bit in August. Judging by Q3, did September then accelerate? And more broadly, how are you thinking about the growth outlook for the US gaming market from here? Thank you. Yes, it does seem that, well, the the market data indicates as you say ben that um august was slower uh we have been very happy with how uh september went for bed mgm and uh our momentum has continued into into october so i think if if there is the the outlier from the wet from from the seats we're sitting in uh the The outlier is August. Thanks very much. Your next question is from Barry Jonas of Truist. Barry, please proceed with your question. Hey, guys. Thank you for taking my question. Following the recent CFTC verbiage on a prediction market casino product, I'm curious if you see that as no longer a risk now. There's just general thoughts there. Thank you. What an interesting question, Barry. I don't think it's no longer at risk. I think if anything, the risk has been stayed for some time. I think what's happening now is cosmetics in pursuit of survival. I'm very much looking forward to this whole ambiguity being clarified by the Supreme Court. And the overwhelming majority of cases being now determined in favor of states and AGs and tribes, we expect we expect that outcome from the Supreme Court we hope to see that in the 27 session 26 27 session so I don't think there is I think to the extent prediction markets survive I think it's just a matter of time before that the casino like products reemerge in some other incarnation or some other form you know just as easily as the rules were made you know are being attempted to be made now they can be uh undone and changed in the future i think the the key test is whether this was the intent of congress and i think uh that that will be shown to not be the case thank you very much okay it your next question is from ed young of morgan stanley ed please proceed with your question hello can you hear me hello ed yes he's back he's wonderful look at that we made it work um adam you spoke about lowering investment in your lower return areas just being a theme for some time and obviously contributed to the really strong drop through you've seen on incremental revenue essentially everything has gone to the bottom line this quarter how do you think about the balance there of what you reinvest back into growth momentum versus what you're achieving at the moment how do you get the balance right particularly given on a market level and for your business we're seeing iGaming which is obviously your your mainstay decelerating whether we're looking at on a on an overall basis or on a per active basis so how do how do we think about that as you go through key forward into 2027 yep uh thanks for the question ed um look we think about these things are distinctly between acquisition and retention on acquisition we have uh we have our response curves are you know a lot of work done on on uh efficiency of spend uh we talk a lot about the flexibility deliberate flexibility that we have in in how we allocate capital in the world of marketing focused on acquisition and the north star is payback periods roi and so we we drive that obviously in two ways one is how much it costs us to buy to acquire a player and then of course tracking their value over time and we are continuing to invest in two parts of that obviously one optimize optimize and reduce the cost of acquiring a player and then off course looking after our players to drive the return side of that equation now what's been very good for us in in recent weeks in fact since uh back end of the world cup is the acquisition environment uh has for for bed and gym improved a lot so our cpas have meaningfully reduced and our predicted returns as measured in uh months to pay back we haven't seen returns this favorable frankly since for months and months since the beginning of the year back end of last year so the acquisition environment uh is is favorable and we will continue to invest as long as the returns are attractive uh on the retention side it's really it's just a manifestation of our strategy the the execution of our tragedy we are putting money we are reinvesting in player retention as our states mature we are hyper focused on making sure that we look after our premium players in both sports and gaming and that's it you know the the the this this question of of of under investing i i don't we we spend no time thinking about it we're driving towards positive outcomes and efficiency of spend and the most efficient capital allocation and that's how we run the business for both acquisition and retention and so your your question around you know the lower investment and have we i think it's have we gone too far and we don't believe we have our north star is profitable revenue growth over time generate cash and ebitda for our shareholders and that's that's what we're executing against and it seems to be successful you know as i said the external environment seems to me more favorable to bet mgm today than it's been for some time and like remember we've been at this for seven eight years now we've figured out the tools and methods that make marketing more efficient so some of the reduction is just from our wisdom over time and look just to punctuate ed and this is an important point that the notwithstanding quarters now quarters under our belts of progressively easing marketing investment our market share has remained really solid so from you know coming out of 2025 our record-breaking 2025, our market share in both sports and gaming has remained at 8% and 20% respectively. So I think that is testimony to the achievement and the efficiency, the effectiveness of our marketing drive for marketing efficiency. We have been able to maintain market position while spending a lot less, and that is the recipe for our future profitability. Understood. Thank you. our next question is from joe stoff of susquehanna joe please proceed with your question uh good morning adam um i i wanted just to ask a refresh question in terms of the percentage of your i casino actives um that also bet on sports and is it fair to assume i guess at this point, that Nevada really is your largest, say, customer acquisition pathway for new sports customers. Sorry, Joe, I've got the first question, which was around iGaming OSB cross-sell. I didn't hear the second part. It was in Nevada. Would you mind repeating that, please? Yeah, of course. On Nevada, it seems as though outside of likely Alberta, Nevada is really the biggest source of new customer acquisitions, obviously originating in sports, and then obviously you manage those based on the source markets that they come from. Will Nevada continue to be the biggest area of acquisition of new customers going forward for you? Got it. Okay. So first question is about cross-sell. In a regular week, about 55% to 60% of our sports players also enjoy playing in our gaming side of the business. And in reverse, it's about 15% to 20% of gamers first also participate in OSB. So that's the two-way view. On the Nevada question, it continues to be, as I think I mentioned after the Q2 results, we generate thousands of new registrations and first-time depositors on a weekly basis out of Nevada. And as you say, they go back to their source markets as they do. um nevada will continue i see no slowdown no meaningful slowdown uh on that rate of acquisition now of course repeat visitors to nevado will should in theory uh reduce that base of new potential base of New First Time depositors over time we're not seeing that uh in in a meaningful way yet we are still seeing very very healthy new player acquisition from Nevada, as to whether or not that will continue to be the biggest source of traffic. In isolation, it is not our largest source of traffic, you know, in isolation, you know, we will recruit directly in our multi product states, we are actively recruiting directly for premium mass OSB through the, you know, the myriad channels that are available to us. So the Nevada, while important, is only a component of our long-term acquisition strategy. Thank you. Our next question is from John Decree of CBRE. John, your line is now open. Please go ahead. john decree with cvre please proceed with your question we will move on with our next analyst and try to come back our next question is from charlie muir sands with pnb paribas charlie please proceed with your question. Thank you very much. Good morning, guys. Adam, thank you for taking my questions. It's Charlie from BNP Paribas. I have questions on the newer competition, the prediction markets. Firstly, your improvement in customer acquisition costs that you said you've seen since the latter stages of the World Cup. I think previously you flagged that things were becoming tougher because of increased marketing spend by rivals, including the prediction markets. Is it an easing off of the competition on spend that's making that more efficient? And also on those, a couple of the leading players of, well, at least Cauchy's had to implement geo-blocking in a couple states now. I just wondered since that's been put in place whether you'd seen any particular change in competitive trend in those markets where they're no longer able to operate. Thank you. Thanks, Charlie. So you rightly referenced some of my comments earlier in the year around the impact of prediction markets spend. The first observation is that there has been no change in prediction market spend. Prediction markets continue to spend heavily in the category. I think what we are seeing now is more a function of the work that we're doing day-to-day, week-to week, month-to month at BetMGM. And it's a testament to our strategy, to our marketing strategy. A marketing strategy, as I've said before, I think, is that we want to remain as flexible as possible to respond to market conditions as they evolve and change over time. And the distortion that has been introduced and remains by prediction markets is just one of the macro factors that we have to respond too. And so credit to the team, they have absolutely done exactly that, looking for new pockets of opportunity, looking for unexplored areas that have been less impacted by the prediction markets. And, you know, the impact on our CPAs and payback periods have been very gratifying. and so i think what it demonstrates is that i don't want to say in too emphatic terms but what it demonstrate is that almost regardless of what happens in the external environment we will find a way and that's what we're demonstrating now now to the second part which is around the the impact of of geo blocking um because of so nevada is a good example uh Nevada is a difficult example, however, because there are some nuances to the Nevada market around how players sign up, where you're able to sign up. Which means that the impact isn't as linear, isn't as direct. And so as a result of that, it's a difficult question to respond to with any degree of clarity. I do expect, however. The directional impact to be positive. And Nevada is not alone. We see a number of other states, as you've been following, a number of other States which are going to follow the Ninth Circuit and the Sixth Circuit rulings. And so we should see a progressive reduction of the addressable TAM for prediction markets, as we wait for the Supreme Court to decide whether to take the case or not. great many thanks our next question is from john decree with cbre john please proceed with your question hi everyone can you hear me now you're back hey john oh wonderful sorry about that uh a question adam on uh i gaming exclusive content uh you highlighted it a few times and of course, on past calls being a key differentiator for you. I know side bets in more states coming, Game of Thrones successful launch, but could you speak a little bit to pipeline in iGaming, how much kind of exclusive content you'd expect to deploy over the next 12 months or, you know, really just some insight into what you're thinking the product roadmap for iGreaming and content looks like over say the next 12 months or so yes um so thank you for that as as you'd expect it's something that is uh that is particularly competitively sensitive uh what i will say is we had a bed mgm board meeting just last week and uh there was a whole section of of the presentation dedicated to this topic you know how we make our iGaming business better stronger but one of the components, critical components, of course, is our content strategy. We have a very rich pipeline. At BetMGM, we own the category of entertainment. We've also leaned, you know, October is legendary spook month. We're going, so we're leaning into the Halloween theme this month. um and so really we're we're following seasonal moments and building around those seasonal moments with uh with our content offering uh you rightly called called out game of thrones we've talked about the success of that game we have follow-ons uh to that game coming we've just launched traitors in one of our markets uh sidebar jackpot is proving to be uh very uh very attractive to to our players we don't have it rolled out in all of our states it's only now live in in two of our states so before the end of the year we should see a improved impact of that product it's a high margin product relative to our aggregate margin in gaming so that should offer a lift but it's not just content and this is the important part that i wanted to share also it's not just content, we've got a lot of improvement still ahead, in relation to speed and stability, the the navigation experience, the discovery experience, the personalization and recommendation engine, all of these areas will be we have plans in the very, very near term to make progress again. So while our content strategy is very much one of the anchors of our differentiation strategy in iGaming, we have a lot of goodness coming around that. Fantastic. Thanks, Adam. Sure. Our next question is from Ben Chaiken with Mizuho. Ben, please proceed with your question. Hey, how's it going? Thanks for taking my question. Maybe another follow up on cost. You hit the marketing point fairly well in a prior question. I'd like to talk about the contribution profit, though, which sits above the marketing expense, I believe, and flow-through was close to 100% there. Is that an area you see as having more leverage, or is there an item specific in the quarter? And I guess I also bring this up because I believe that's where the $18 million parent fees would sit, presumably, to get it back. Thank you. Yeah, Gary, would you mind? Yeah, sure. We put the parent fees actually below in G&A from when we looked at it that way. But remember, we're moving the parent fees out of the adjusted EBITDA anyways, when we look at it from an adjusted EBitda standpoint. But for the operating costs, the general operating costs it's a tough environment in some ways. We've managed to get some reductions in our payment costs as a percentage of revenue, but those are always hard fought. There's a tension in the business between having flexibility for customers and them then using that flexibility to move money in and out of the platform, which can drive up costs. So our unit costs on payments have gone down, but sometimes that can be undone by some of the movement velocity in andout. We have data fees, we have content fees, as Adam was just talking about with the casino content, we have a world in which sometimes our fees will go off as a result of the exclusive content. Sports data, It's not something that tends to go down in cost very often. Taxes tend to be going upwards rather than downwards. So when you get into the sort of blunt parts of the direct costs, it is a battle to get leverage there. We do find operating leverage in terms of staffing and where AI will take us. And some of our work on promotional, how we optimize across states can drive some better improvements on taxes as a percentage of revenue. But in this quarter, the overall flow-through is being driven by the reduction in marketing compared to last year. And we expect even in the next year, we'll see some of the benefit from changes in the marketing strategy. Okay, thanks. Our next question is from Pravin Gauntale of Barclays. Pravin, please proceed with your question. Hello. Good morning. Thanks for taking my questions. I would like to revisit the full year EBITDA guidance here. You sort of clearly flagged your discipline on promotional and marketing spending there. Could you talk about the sort of other components of the higher EBITDA drop-through implied in your full-year guidance, FY26, and is the previous decision around 40% to 50% EBIT drop-thru guidance still holds true for outer years? Thank you. So, starting with the latter point, yes, the sort of low 40s is a run rate, all things being equal target on flow through. As we've had different moments where we've stepped down our investment in marketing, that's caused an increase in the flow through, which we've now seen for a couple of different periods in a row. The other benefits we're getting to drop through this year is we have had some efficiencies on payment processing. We've had a couple other things just in our operating costs, some of the minor gains than ones i was just talking about on the last answer but the big driver of the high flow through this year is our year-over-year stepped out of the marketing cost um you know as adam said at the up top you know we feel comfortable that the guidance we've given and what we've seen in the the health of our cohort so far this year and where we are going into fourth quarter we're in a good place to meet the guidance thank you and this is really clear thank you our next question is from sam nielsen of jp morgan sam please proceed with your question hey thanks for taking our question and congrats on a strong quarter um could you talk about what you've seen maybe from a handle growth perspective for the nfl season thus far and maybe kind of your latest thoughts on any change in pm cannibalization there i mean we've seen you know small year-over-year increases in handle um we've also seen small upticks in the bet mix to a favorable margin profile you know we had a big we had big sort of first four weeks in terms of hold for the house on the nfl which has a suppressive impact on handle because there's less recycling so now we'll see we have to look at the numbers through this last weekend was our first sort of bad house results weekend of the year which I expect we'll see some increase in handle as a result but you know it's been similar with the rest of the year in terms of the handle growth and as Adam alluded to in the remarks we have a value over volume approach to the player management we've seen upticks in our NGR per active but we've seen year-over-declines in the number of players in the book for sports, and that increase in revenue is coming from higher handle per active. Look, Sam, just to add to that. Thank you very much. I'm delighted with the handle performance. Let's step back and put things into context. We have meaningfully reduced investment directly in OSB, marketing, player acquisition and this is a few quarters mature now that this approach as you know and that notwithstanding we've seen in q3 handle growth handle growth at bed mgm despite both reduction in in marketing indirectly towards osb and the prevalence and growth and investment of prediction markets um so we're really pleased actually with the the shape of uh continued momentum as well as the resilience of our business makes a lot of sense good luck thank you our final question comes from richard stuber with deutsch bank richard please proceed with your question thank you um and good morning um just a quick one for me um on alberta i mean it's been live for most of the quarter. So can you just quantify how much impact that had on both revenue and EBITDA this quarter? Presumably it was still loss making. And secondly, what would the annualized impact of live in Alberta be? Thank you. Well, let me start with this. For the first quarter, it was live. You know, it has a negligible impact on revenue and sports. It has probably two percentage points of growth impact on on the iGaming business you know from an acquisition standpoint about 20 percent of the new players we acquired in Q3 were from Alberta so we've had a really good burst out of the gates there we modeled in our own forecast for Alberta to sort of mimic a trajectory takeoff that we had in Ontario a few years back we've been we've ramped up faster and higher than that trajectory so that's positive we're exceeding our daily target so we're all we're all good there. In terms of, you know, the longer-term outlook, obviously, that will grow. You know, we'll see what we're going to look at for next year at this point. Thank you. Thank you, that concludes the Q&A session. I will now turn the call over to Adam for his closing remarks. Please go ahead. Thank you operator, and thank you all for joining us today. we're very pleased with our Q3 results and we look forward to a strong finish to 2026 we remain focused on disciplined execution, profitable growth and building long term shareholder value, so once again thank you for your time, thank you für joining us and we Look forward to reconnecting next year, have a great rest of the day, bye bye This concludes today's business update Ladies and gentlemen, thank you for participating, you may now disconnect Thank you.