클린에너지퓨얼스(CLNE) 2026년 3분기 실적 발표 콘퍼런스콜: 45Z 효과로 EBITDA 가이던스 상향

클린 에너지 퓨얼스(NASDAQ: CLNE)가 2026년 3분기 호실적을 발표했다. 45Z조 생산세액공제(PTC), 재생천연가스(RNG) 공급량 증가, 환경 크레딧 수익 개선이 실적을 견인했다. 경영진은 연간 조정 EBITDA 가이던스를 500만 달러 상향 조정했다.

핵심 요약

• 2026년 3분기 매출은 1억 1,200만 달러를 기록했으며, 조정 EBITDA는 2025년 3분기 1,730만 달러에서 2,720만 달러로 증가했다.
• GAAP 기준 순손실은 전년 동기 2,380만 달러에서 570만 달러로 축소됐다.
• RNG 공급량은 전년 동기 대비 9% 증가한 6,680만 갤런을 기록했다. 낙농가 기반 RNG 생산량은 전년 대비 약 5배 증가한 220만 갤런에 달했다.
• 클린 에너지 퓨얼스는 2026년 연간 조정 EBITDA 가이던스를 기존 범위보다 500만 달러 상향한 7,500만~8,000만 달러로 높였다.
• 3분기 실적에는 2026년 상반기 RNG 생산량에 업데이트된 45Z-GREET 모델을 소급 적용하면서 발생한 830만 달러 규모의 소급 반영 혜택이 포함됐다.
• 회사는 1,500만 달러의 기한부 대출을 상환했으며, 9월 말 기준 현금 및 투자자산 1억 4,000만 달러를 보유했다.

주요 재무 데이터

사업 및 운영 실적

업데이트된 45Z-GREET 모델은 회사의 저탄소 집약도 낙농가 RNG에 대해 경영진의 예상보다 높은 가치를 부여했다. 이에 따라 3분기 실적에는 2026년 상반기 생산분과 관련된 830만 달러의 소급 크레딧이 포함됐다.

추가적인 생산세액공제 기여분으로는 제3자 RNG 생산자로부터 발생한 580만 달러, 텍사스주 사우스포크(South Fork) 연결 프로젝트의 3분기 생산분에서 발생한 350만 달러, bp 및 토탈에너지스(TotalEnergies)와의 합작투자에서 발생한 430만 달러가 포함됐다. 경영진은 제3자 공급업체의 크레딧이 통상 해당 업체들이 연간 세무신고를 진행하는 3분기에 인식될 것으로 예상하고 있다.

RIN 및 LCFS 매출은 전년 동기 대비 460만 달러 증가했으며, 이는 RNG 공급 물량 증가와 두 크레딧 가격의 강세를 반영한 결과다. 생산 측면에서는 운영 효율 개선과 2026년 가동을 시작한 대형 낙농가 프로젝트 2곳의 혜택을 입었다.

사우스포크와 아이다호주 이스트밸리(East Valley) 프로젝트는 지속적으로 생산량을 확대했다. 마스 에너지 웍스(Maas Energy Works)와 진행 중인 3개 프로젝트 중 하나는 시운전에 돌입했고, 다른 하나는 12월 시운전을 시작할 예정이며, 세 번째 프로젝트는 2027년 중반 가동을 시작할 것으로 예상된다. 경영진은 마스 프로젝트를 완료하기 위해 2026년 잔여 기간 동안 1,000만 달러 미만을 지출할 것으로 보고 있다.

회사는 또한 9월에 약 3,100만 달러 규모의 세액공제를 매각했다. 이는 사우스포크에서 발생한 투자세액공제(ITC) 2,600만 달러와 7개 RNG 프로젝트의 2025년 생산분에서 창출된 45Z 크레딧 500만 달러로 구성된다. 추가로 4개 프로젝트가 2027년과 2028년에 매각 가능한 ITC를 창출할 것으로 예상되지만, 경영진은 그 잠재적 가치를 수치로 제시하지는 않았다.

다운스트림 주유·충전 부문과 관련해 경영진은 운송 선단들이 커민스(Cummins) X15N 기반 트럭, 전용 충전소 및 클린 에너지의 기존 네트워크 활용을 검토함에 따라 고객의 관심이 커지고 있다고 밝혔다. 회사는 한 지역 운송업체를 위한 다수의 전용 충전소 건설 계약을 체결했으며, 펜스케(Penske)와 연료 공급 계약을 맺었다.

클린 에너지 퓨얼스는 차량 연료 공급 외의 천연가스 공급에도 점차 비중을 두고 있다. 잠재적 활용 분야로는 기존 압축 설비 용량, 트레일러 및 LNG 자산을 활용해 유틸리티 연결을 기다리는 산업용 고객을 위한 가교 에너지(bridge-energy) 솔루션과 선박용 LNG 벙커링 등이 있다.

경영진 가이던스

클린 에너지 퓨얼스는 2026년 연간 조정 EBITDA 가이던스를 500만 달러 상향한 7,500만~8,000만 달러로 제시했다. 경영진은 이번 상향 조정의 배경으로 3분기 실적 호조와 업데이트된 GREET 모델에 따른 45Z 크레딧 가치 상승을 꼽았다.

회사는 검토 중인 조직 개편으로 인해 2026년 4분기에 일회성 비용이 발생할 수 있다고 밝혔다. 구체적인 세부 사항과 2027년 전망은 2월 4분기 실적 발표와 함께 공개될 예정이다.

리스크 및 주목할 점

• 대형 RNG 트럭 도입은 운송 선단의 구매 결정, 충전소 건설, 차량 인도 등 여전히 긴 영업 주기의 영향을 받고 있다.
• 경영진은 디젤 가격의 변동성이 RNG의 경제성을 뒷받침하지만, 운송업체들은 대체로 현재의 높은 디젤 가격이 무한정 지속될 것으로 기대하지는 않는다고 언급했다.
• 규제 환경이 여전히 불안정한 상태이며, 일부 운송업체들은 RNG의 잠재적인 총소유비용(TCO) 절감 효과를 아직 완전히 이해하지 못하고 있다.
• 3분기 판관비(SG&A)에는 변동 보상과 시장 및 조직 최적화 관련 비용이 포함되었으며, 경영진은 이번 분기 비용이 향후 경상 비용 지출 추이를 나타내는 것은 아니라고 밝혔다.
• 휴스턴 인근의 한 LNG 공장은 잠재적인 선박 연료 공급 기회를 지원하기에 앞서 보수 작업이 필요한 상황이다.

애널리스트 Q&A 주요 내용

경영진은 커민스 X15N의 초기 기술적 문제가 해결되었으며 현재 운송업체들의 피드백도 긍정적이라고 밝혔다. 주요 운송 선단들은 충전소 건설과 트럭 구매를 포괄하는 제안요청서(RFP)를 발행하고 있으나, 생산량 확대가 천연가스 시스템의 추가 비용 감소로 이어지지는 못한 상태다.

회사는 이원화된 충전 모델을 예상하고 있다. 대형 운송업체는 전용 충전소를 구축할 수 있으며, 이 경우 클린 에너지 퓨얼스는 RNG를 공급하면서 건설, 운영 및 유지보수 마진을 확보할 수 있다. 다른 운송업체들은 트럭을 리스하고 회사의 공용 충전소 네트워크를 이용할 수 있으며, 경영진은 이 공용 네트워크의 충전 마진이 더 높다고 밝혔다.

비운송 시장과 관련해 경영진은 파이프라인이나 유틸리티 연결을 기다리는 산업 및 상업 시설을 위한 임시 CNG 공급을 강조했다. 또한 갤버스턴 해로(Galveston Ship Channel) 및 로스앤젤레스항과 롱비치항 인근에서의 선박용 LNG 벙커링을 기존 자산의 잠재적 활용 방안으로 제시했다.

실적 발표 컨퍼런스콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Hello, and welcome everyone joining today's Clean Energy Fuels Third Quarter 2026 Earnings Conference Call.

[Operator Instructions]

Please note this call is being recorded. [Operator Instructions] It is now my pleasure to turn the meeting over to Tom Driscoll, Senior Vice President, Strategy. Please go ahead.

Thomas Driscoll

Thank you, Leslie. Earlier this afternoon, Clean Energy released financial results for the third quarter ending September 30, 2026. If you did not receive the release, it is available on the Investor Relations section of the company's website, where the call is also being webcast.

There will be a replay available on the website for 30 days. Before we begin, we'd like to remind you that some of the information contained in the news release and on this conference call contains forward-looking statements that involve risks, uncertainties and assumptions that are difficult to predict.

Such forward-looking statements are not a guarantee of performance, and the company's actual results could differ materially from those contained in such statements. Several factors that could cause or contribute to such differences are described in detail in the Risk Factors section of Clean Energy's Form 10-Q filed today.

These forward-looking statements speak only as of the date of this release. The company undertakes no obligation to publicly update any forward-looking statements or supply new information regarding the circumstances after the date of this release.

The company's Non-GAAP EPS and adjusted EBITDA will be reviewed on this call and exclude certain expenses that the company's management does not believe are indicative of the company's core business operating results. Non-GAAP financial measures should be considered in addition to results prepared in accordance with GAAP and should not be considered as a substitute for or superior to GAAP results. The directly comparable GAAP information, reasons why management uses non-GAAP information, a definition of Non-GAAP EPS and adjusted EBITDA and a reconciliation between these non-GAAP and GAAP figures is provided in the company's press release, which has been furnished to the SEC on Form 8-K today.

With that, I will turn the call over to our President and Chief Executive Officer, Clay Corbus.

Barclay Corbus

Thank you, Tom. Let me start with the headlines. Both our upstream RNG production and downstream fueling businesses performed well in the third quarter. Also, positive developments on the Section 45Z clean fuel production credit helped to drive strong financial results. 45Z will improve our outlook for the remainder of 2026 as well and should strengthen our position for the years ahead. For the quarter, we reported $112 million of revenue, 67 million gallons of RNG and generated $27 million of adjusted EBITDA. Based on that performance and the improved value of 45Z, we are increasing our 2026 adjusted EBITDA guidance by $5 million to a range of $75 million to $80 million.

During the quarter, we also repaid $15 million on our term loan, leaving us $140 million in cash and investments. We funded this repayment with proceeds from tax credit sales. In September, we sold approximately $31 million of tax credits from our RNG portfolio. That included a $26 million investment tax credit, or ITC, for our South Fork project in Texas and $5 million of 45Z credits generated by 2025 production at 7 of our RNG projects. In our fuel distribution business, volumes are steady and results were solid. The combination of continued high diesel prices and positive experience with the X15N engine is translating to increasing customer interest, including large fleets evaluating private station builds alongside fueling in our network.

In our upstream business, we continue to ramp up performance at our 2 largest projects, South Fork, Texas and East Valley, Idaho. In addition, construction on the 3 projects with Maas Energy Works continues to advance. One project is currently getting commissioned, one is planning to begin commissioning in December and the final project is expected to come online in mid-2027.

ITC and 45Z tax credits are key value drivers for our upstream projects and increasingly for our business as a whole. So I want to take a few minutes to explain them. I'll keep it at a high level, and JJ will walk through the details.

45Z is a production tax credit. It's earned by projects that produce low-carbon transportation fuel like RNG. The value of the credit is set by the 45Z-GREET model, which is determined by the Department of Energy using project and fuel-specific inputs. Our 2025 production was valued under the original model published last year. That model set the value for the 2025 45Z credits we sold this past September.

Also in September, the DOE published an updated GREET model. It applies to fuels produced starting January 1, 2026. We expected an updated model this year, and our original guidance included some uplift for that.

The good news is that the new model recognizes the ultra-low carbon intensity profile of our dairy RNG fuel and the value came in above what we assumed. Now here's what that means for the quarter. We recorded first and second quarter production at the old values. So the third quarter reflects the new value for the third quarter production plus a catch-up for the first half of the year.

There is also a downstream benefit. Under arrangements with certain third-party RNG producers, we are entitled to a share of the 45Z value they generate. In the third quarter, we recognized over $5 million for their 2025 production.

So to put it simply, our upstream results reflect 2026 45Z value. Our downstream results include our share of our producer partners' 45Z value in 2025. That downstream piece matters. It shows the value of our fueling network and our RNG offtake business. We connect producers to the highest value market for RNG, which is transportation, and we aggregate that supply to deliver almost 100% RNG to fleet customers who count on us for reliable, low-cost RNG fuel.

Finally, our project at South Fork Dairy in Texas was the seventh ITC we sold from our portfolio. We have 4 more projects with ITCs we expect to sell in 2027 and 2028, which will provide additional cash.

Now I want to spend a few minutes on where we're headed. When I stepped into this role in May, I said my focus was growth, execution and operating discipline and fully using our assets, team and the latest technologies. Over the past several months, we've done a lot of work on what that means in practice. That work is now largely finished, and it's shaping how we plan for 2027.

We brought in a global consulting firm to look at 2 areas: first, the heavy-duty trucking market and the pace of natural gas adoption. Second, where else can we grow, given our long experience in alternative fuels and the capabilities and assets we already have.

On trucking, we verified the economics really do work for RNG. Diesel is expensive and volatile. After the initial bugs are worked out, the Cummins X15N engine is now performing extremely well, and our station network is built and ready today. The work has sharpened where the economics to adopt RNG clearly pays off today. Many fleets where RNG lowers the cost of ownership or TCO versus diesel still haven't made the move. That gap is our opportunity. The economics suggest the adoption of RNG should be higher, but change is hard, the regulatory picture has been unsettled and many fleets don't yet fully understand how RNG lowers their costs.

So we're changing how we go after it. Rather than pitching the entire heavy-duty market, we'll concentrate where RNG's case is strongest, lower TCO and total and lower emissions. And we'll be realistic about the pace of adoption and build our plan around that rather than wait for a step change in the market that we don't control. We are already seeing early examples of this being the right strategy.

We recently signed a contract to build multiple private stations for a regional carrier. That carrier has ordered trucks equipped with the X15N and will fuel in our current network until their stations are completed in 2027.

Another significant milestone that was crossed last quarter is a fuel agreement we signed with Penske, one of the country's largest truck leasing companies. Through its national sales force, Penske can now offer heavy-duty truck fleets a discounted price on RNG at a time when RNG is already selling at a historical discount to diesel.

Penske has deployed several demonstration trucks with the X15N around the country that are being tested by fleets, and we are encouraged by the early feedback of the truck's performance. At the same time that RNG is catching on in the heavy-duty truck market, demand for natural gas solutions outside of vehicle fueling is growing rapidly. Today, it's a small part of Clean Energy's business, but the potential is promising.

As a reminder, we currently have natural gas compression capacity through our fueling stations across the country, a fleet of CNG tube trailers that operate today primarily in the Northeast, 2 LNG plants and dozens of LNG trailers and a team that has designed and built LNG systems for power generation, ship bunkering and other applications. We're going to put more focus and discipline behind growing that business.

So here's what you should expect from us. We're aligning our company behind this newly defined focus and organizing how our management team is structured. A few items we're working through could also result in onetime charges in the fourth quarter. Nothing is final yet, but I wanted you to hear it from us now.

Let me be direct about this. This is not a change in strategy. It's more discipline in executing the strategy we already have, and we're doing it from a position of strength, a strong quarter, a strong balance sheet and a higher outlook for the year. We'll share more detail in February when we report fourth quarter results and provide our 2027 outlook.

I also want to address our share price. In my view, the decline we've seen in recent months is disconnected from the fundamentals of this business and from our improved outlook. We can't control the share price in the near term. What we can control is execution. Long-term value for shareholders is the lens we use to manage this company, our strategy, our operations and how we allocate capital.

Executing that strategy takes the right leadership team, and we've put it in place. In June, we named Bart Frabotta, Chief Operating Officer, to drive execution, operational performance and technology across the company. In October, we named JJ Armstrong, Chief Financial Officer. JJ has been with Clean Energy since 2014, most recently as our Corporate Controller and knows our business and our financials inside and out.

I look forward to you getting to know JJ better, beginning with his first earnings report in a few minutes. Also in October, we named Sean Wine, our first-ever Chief Revenue Officer.

Sean has been with Clean Energy since 2006, headed our refuse sales in the West and then took over our RNG distribution business and has managed it over the last 5 years to become our most profitable business. Creating the CRO role is one way we're acting on the work we did this year. Sean will bring our revenue teams together under one commercial strategy. And before I hand it over to JJ, I want to take a moment to recognize Bob Vreeland. For over a decade as our CFO, Bob guided Clean Energy's finances with steady judgment and professionalism. It was a genuine pleasure to work alongside, and he's a good friend. Many of you on this call have worked with Bob over the years, and I know you join me in thanking him. On behalf of the entire company, we wish Bob all the best in retirement. With that, I'll turn the call over to JJ.

Jason Armstrong

Thank you, Clay, and good afternoon, everyone. I'd first like to echo Clay's appreciation for the more than decade Bob Vreeland has given to Clean Energy. I greatly benefited from working with Bob these many years and wish him the very best in retirement.

With that, details on our Q3 results. Our GAAP net loss of $5.7 million for the third quarter of 2026 was significantly improved over the net loss of $23.8 million in the third quarter of 2025. Adjusted EBITDA of $27.2 million for the third quarter of 2026 was also significantly improved over last year's adjusted EBITDA of $17.3 million. The primary reason for the improvement was the 45Z production tax credit and gains in RIN and LCFS revenues over the last year.

Within our PT results is a catch-up amount of $8.3 million from applying the new GREET model values to RNG production from the first half of this year, as discussed by Clay. The remaining PTC recognized this quarter, exclusive of the catch-up amount, breaks down as follows: $5.8 million from the third-party RNG producers Clay described, $3.5 million from our third quarter RNG production at our consolidated dairy project in South Fork, Texas, and $4.3 million from third quarter RNG produced by our joint venture dairy projects with bp and TotalEnergies.

The PTC amount from the third-party producers and from our South Fork, Texas project were reported as reductions to cost of sales in our consolidated financial statements, while the PTC from our RNG joint ventures was included in earnings from equity method investments.

Lastly, we expect to recognize PTC from our RNG suppliers each year in the third quarter as we did here in the third quarter of 2026, as this generally coincides with the filing of annual tax returns by our RNG suppliers.

The other important -- the other improvement over 2025 third quarter results were our RIN and LCFS revenues, which increased $4.6 million in the third quarter of 2026. This was driven by higher RNG volumes, including the addition of our South Fork dairy and higher pricing for both credits. RNG volumes distributed totaled 66.8 million gallons, up 9% year-over-year. RNG volumes produced at our portfolio of dairy projects increased to 2.2 million gallons in the third quarter of 2026, which is a nearly fivefold increase to our production in the third quarter of 2025.

The increase was due to improved operations as well as having 2 more large dairy projects in operation in 2026 versus last year. Higher SG&A expenses in the third quarter of 2026 reflected variable costs tied to strong quarterly earnings as well as costs related to market and organizational optimization efforts.

As a result, our third quarter SG&A expense is not indicative of a go-forward run rate.

Operating cash flows for the quarter was $36.2 million, including $23.3 million in net proceeds from ITC and PTC sales. Capital expenditure totaled $5.5 million and investments in our Maas dairy RNG joint venture totaled $12 million, excluding capitalized interest. We expect to spend less than $10 million during the remainder of the year to complete our Maas Dairy projects. Our long-term Stonepeak debt amounted to $235 million at the end of September after the $15 million paydown. With that, operator, you can open the call to questions.

Operator

[Operator Instructions]

And we will take our first question from Eric Stine with Craig-Hallum.

질의응답

Eric Stine

So just on the X15N, I mean, obviously, it's been quite the wait, and it's taken longer than anyone would have expected. And I know that there were some early -- early issues that needed to be worked out. But I mean, in this environment with $6-plus diesel, if there's an environment that it's really going to work, I would think it's this.

But curious if you could just talk about how much is the fact that this is a tough market for fleets? How much that is playing into it? What you're seeing in terms of incremental cost of systems versus diesel? Just some of the things because it does seem you are more confident that kind of the page has turned and that this actually might start to be adopted.

Barclay Corbus

Yes. I mean, Eric, it's a good question. It's the question. For us, as we mentioned and as I think you're sort of seeing in the popular press out there, the X15N, it had -- let's just -- and it's any time a new technology is introduced, there's always bugs that have to be taken out. And I think that we've -- Cummins has gotten past that. And all the data and all the responses we've gotten from the fleets is that they have worked out the bugs and that the truck is working extremely well now.

We are seeing some of the major fleets in the country are now putting out RFPs looking for building stations and buying X15N trucks to put out on the road. So whether -- now whether we get those stations or not, I think it's indicative of the fact that there is renewed interest that has been accelerated by the high diesel price, but really just by the performance of this. The -- I'd say that as of right now, we haven't seen the incremental costs come down because you haven't seen volume go up.

But the TCO, given the price of diesel has definitely come down, and that's what's gotten people's attention. And while most of the fleets believe that diesel will not remain this elevated for very long, they really have -- are just getting tired of the extraordinary volatility that they're seeing in diesel. So that they -- in order to tame that volatility compared to RNG, which is so much more stable, plus the performance of the engine is really sort of giving -- having them take a second look.

So we are -- as far as the overall adoption, we're excited. Now this doesn't mean that they're going to be on the road in Q1. It's a long sales cycle. It's a long time to get the stations built. It's a long time to get the trucks on the road and painted and put the right transmission and all that. But I think we're very excited about the overall direction that things are headed.

Eric Stine

And when you think about adoption, I mean, obviously, you've got your station footprint, but you're also talking about fleets looking at having their own stations built. I mean, how do you kind of view that playing out that a fleet might say, "Hey, I'm going to use Clean Energy's footprint along their routes or that they would want their own stations?"

Barclay Corbus

I think realistically, it could -- it's going to follow a bifurcated model. You're going to have some of the larger fleets that have cheap cost of capital are going to build their own stations on their own yards, very much like you see happen in the refuse and the transit market. So where we play in that game is that we would -- we help build those stations, we get a construction margin. We do the O&M, get an O&M margin and then supply RNG and sort of work through the benefits that we have of our sort of very large looking for the word, a very large portfolio of RNG supply.

So we've been very successful in doing that in the refuse market in the transit market. So we would just assume that happens in the -- for some of the larger fleets with cheaper cost of capital. For those that don't have that and are going to be going to our stations, we use, obviously, our stations. The margin is a little bit better for us on those stations. And I think that's where some of the -- it can be really important where a deal like we have with Penske, where fleets may not be wanting to put out all their money and buying the trucks upfront, but may want to lease the trucks and come to our station and get cheaper fuel, ultimately is going to be a winning strategy.

So I think that as we look at the -- as we start to look at the adoption of what this industry and what our business can look like in the next couple to 3 years, it will be a combination of sort of backlot fueling for some of those larger fleets as well as other fleets coming directly to our stations and filling up there.

Operator

[Operator Instructions]

We will take our next question from Rob Brown with Lake Street Capital Markets.

Robert Brown

I wondering if you can expand on kind of the opportunity set on some of the new markets that you sort of talked to about fuel bunkering and maybe power gen -- power supply for power gen, but what's sort of the kind of opportunity that you see there?

Barclay Corbus

We've -- as you know, we've got these stations all across the country, and we've got our business NG Advantage in the Northeast, which is really supplying CNG to standard industrial customers like hospitals or paper plants or food processing companies. And as the sort of demand for energy continues to increase and you see a lot of the data centers sucking up all that excess capacity, we found a lot of customers that are not the same loads as data centers, but are smaller loads and maybe fulfillment centers, they may be other food processing plants that are built and are waiting for power simply can't get that power.

And so we see an opportunity to be able to provide sort of bridge energy solutions until they can get hooked up to either local pipelines or the local utilities. So we definitely have seen an opportunity there. And since for us, it's a relatively low-risk dip our toe in that water. We have excess trailers. We have excess compression capacity. We just need to line up those contracts and start to fuel.

I think the other side of -- the other opportunity is really on the LNG business, which is where you see a huge increase in the number of ships that are using vessels, ocean-going ships that are using LNG in lieu of diesel or in a dual fuel solution in those large ships. Since we have -- we've got a plant that needs repairs, but we will be working on that in -- outside of Houston, so you can hit the Galveston Ship Channel as well as L.A. and the Port of L.A. and Long Beach with our Boron plant. We see those as great opportunities to take the assets that we have and sort of point them in a direction where you see -- where we see growth in the marketplace.

Robert Brown

Okay. Great. And then I think you mentioned 4 projects that you're still looking to sell the ITC for those. Can you give us a sense of what the potential value is or maybe you don't know yet, but a sense of the value for those?

Barclay Corbus

Well, we've got the -- the 4 projects include the 3 Maas projects and then our project up in Idaho. So I don't know off the top of my head, and I think we want to just be careful on that since there are so many rules that go into those, I think we want to be careful on sort of giving an indication what those are going to be right now.

Well, it's wonderful to announce earnings on a day when the market is down 5%, so nobody tuned into your conference call. But we -- Rob and Eric, we appreciate that. Everybody else who's been on the call. We appreciate you listening in, and we look forward to speaking with you at the next conference call. Thanks very much.

Operator

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.