Symbol supply: The Motley Idiot.
Date
Might 5, 2026, 5 p.m. ET
Name individuals
- President and CEO — Michael Rapino
- President and CFO — Joe Berchtold
- Senior Vice President, Investor Members of the family — Amy Yong
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Takeaways
- Amphitheater price ticket gross sales — Price ticket gross sales for amphitheaters are up over double digits from the prior 12 months, with display depend additionally monitoring forward, as control showed present call for and provide visibility for the season.
- Live performance reserving expansion — Live performance bookings are pacing upper throughout stadiums, arenas, and amphitheaters globally, with specific power famous in Latin The united states and world markets.
- Cancellation fee — Cancellation charges are monitoring at 1%-2%, reasonably beneath business norms, and not using a unusual cancellations anticipated for the total 12 months from kind of 15,000 displays on sale.
- Venue securitization transaction — The corporate finished an preliminary securitization the usage of over €600 million in venue belongings as collateral, enabling further leverage and long run venue growth with out affecting operational financing.
- Venue fan depend expansion — The corporate anticipates double-digit expansion in Venue Country fan depend this 12 months, elevating the full from 65 million towards 70-plus million, pushed by means of each larger current venue efficiency and new additions.
- Top class hospitality growth — New top class choices, together with ideas just like the Vinyl Room, have raised on-site spending according to fan above $100 on the Hollywood Palladium, with a objective to extend top class capability in new arenas as much as 30%, and retrofitting current venues to twenty-five% top class availability.
- Ticketing phase headwinds — There’s a mid-single-digit share earnings headwind in ticketing because of structural adjustments restricting dealer stock on Ticketmaster, described by means of control as “a one-time factor.”
- Ticketmaster expansion drivers — Control emphasised incremental economics from the Ticketmaster platform, pushed by means of increasing into new areas (significantly Latin The united states and Asia), new consumer additions, and ongoing deployment of AI for each shopper and B2B choices.
Abstract
Control detailed that live performance call for stays broad-based, and not using a noticed slowdowns by means of geography, demographic, or value level. Marketplace access and growth methods for venues increasingly more incorporate leading edge financing fashions, as highlighted by means of this quarter’s €600 million venue securitization that structurally separates assets from operational belongings. There’s a mentioned aim to boost up top class hospitality choices, together with upscaling legacy venues and integrating high-value options in new traits. Criminal and regulatory issues are ongoing, with updates pending at the federal agreement and state rulings, and the enterprise expects criminal bills to average in coming quarters. Provide-side expansion is led by means of a emerging selection of traveling artists globally throughout all venue sorts, particularly in world markets.
- President and CFO Joe Berchtold mentioned, “If we stopped making an investment this $1 billion and stopped purchasing venues, we’re going as a way to throw off a large number of money,” clarifying the underlying money float attainable if expansion investments paused.
- On secondary ticketing, Berchtold famous a structural decline is predicted, pronouncing, “If we’re a success, it’s going to decline into the only digits over the following a number of years.”
- CEO Michael Rapino highlighted call for sturdiness, mentioning there’s “no call for pullback any place” throughout fan cohorts or markets, and macro/geopolitical disruptions, comparable to within the Heart East, don’t have any subject material impact on effects.
- Venue openings are anticipated to boost up in 2027 and past, with multiyear development initiatives underway, and several other amphitheaters and theaters opening this 12 months.
Trade thesaurus
- Venue Country: Reside Country Leisure (LYV 0.20%)’s devoted venue control and construction department, specializing in development, obtaining, and upgrading are living match areas.
- AOI: Adjusted Working Source of revenue, a segment-level non-GAAP metric representing working efficiency prior to sure specified bills.
- Propco/Opco: A construction that divides genuine property assets possession (propco) from working corporate (opco) enterprise purposes, permitting differentiated financing methods.
- GTV: Gross Transaction Price, the full cost of all fee-bearing price ticket gross sales transacted throughout the ticketing platform, together with each number one and secondary ticketing channels.
Complete Convention Name Transcript
Operator: Just right afternoon. My identify is Joe. I can be your convention operator nowadays. At the moment, I wish to welcome everybody to Reside Country Leisure, Inc.’s first quarter 2026 income name. I might now like to show the decision over to Ms. Amy Yong. Thanks, Ms. Yong. Chances are you’ll start.
Amy Yong: Just right afternoon and welcome to the Reside Country Leisure, Inc. first quarter 2026 income convention name. Becoming a member of us nowadays is our President and CEO, Michael Rapino, and our President and CFO, Joe Berchtold. I wish to remind you that this afternoon’s name will comprise sure forward-looking statements which can be topic to dangers and uncertainties that would reason precise effects to vary, together with statements associated with the corporate’s expected monetary efficiency, enterprise possibilities, new traits, and an identical issues. Please check with Reside Country Leisure, Inc.’s SEC filings, together with the danger components and cautionary statements integrated within the corporate’s most up-to-date filings on Bureaucracy 10-Ks, 10-Qs, and 8-Ks for an outline of dangers and uncertainties that would have an effect on the true effects.
Reside Country Leisure, Inc. can even refer to a few non-GAAP measures in this name. Based on SEC Legislation G, Reside Country Leisure, Inc. has equipped definitions of those measures and a complete reconciliation to essentially the most related GAAP measures in our income free up. The discharge and reconciliation may also be discovered beneath the monetary knowledge segment on Reside Country Leisure, Inc.’s site. We will be able to now open the decision for questions. Operator?
Operator: Thanks. The primary query comes from the road of Brandon Ross with LightShed Companions. Please continue.
Brandon Ross: Whats up, guys. Thank you for taking the questions. First, you name out timing shifts in fan depend because of venue combine within the free up. Are you able to first give an explanation for why this 12 months appears other than maximum, after which how that interprets to AOI phasing all the way through the 12 months?
Joe Berchtold: Positive, Brandon. What’s going on with timing is we now have very sturdy expansion globally in stadiums and robust expansion in amphitheaters within the U.S. The ones have a tendency to skew extra against Q3 from a calendar viewpoint. Lots of the summer season months are in Q3. We have been calling out that as you take into consideration the weighting of the other quarters this 12 months, whilst we now have sturdy expansion throughout the entire items, that expansion is in reality going to come back extra strongly in Q3 than it could in earlier years. That can translate into more potent AOI for Q3 and, at the margin, additionally form as much as have an overly sturdy This fall.
Brandon Ross: Ok. After which talking of amphitheaters, I suppose the large stumble final 12 months was once in AMPs in reality at the delivery facet, and it kind of feels that you’ve got made up or greater than made up for that this 12 months. How positive are you that the call for is there at the AMPs to fill that offer? The main signs appear nice, however AMPs are extra of a real-time acquire, and each time there are increased gasoline costs, there is a bit more fear about amphitheater efficiency. And there have additionally been some cancellations overdue as there are annually, but when you need to cope with that too.
Michael Rapino: Allow us to get started with cancellations and paintings backwards, as a result of I do know that I noticed a few of the ones articles. This 12 months might be no other than another 12 months. We at all times have a couple of cancellations. To come up with standpoint, we have a tendency to have a 1% to two% cancellation fee traditionally, each at Ticketmaster around the business and at Reside Country Leisure, Inc. We’re monitoring reasonably beneath the business, so we see no demanding situations in any respect in that. To come up with standpoint, we now have about 15 thousand displays on sale; 100 might be canceled. That will be conventional. We see not anything about cancellations within the 2026 complete calendar that will be unusual.
There’s at all times a excursion or two that doesn’t figure out. On amphitheaters, as you stated, we’re having a powerful 2026, targeted the staff at the delivery to ensure we now have the display depend. We certainly have that this 12 months. And we all know sitting in Might, at the call for facet, we’d know by means of this time of the 12 months how we’re filling up for the summer season. It isn’t final minute. It’s on sale, and as you notice from the numbers in our free up, we’re monitoring forward of final 12 months on display depend and on price ticket gross sales, up over double digits. We see a powerful 12 months in amphitheaters.
We expect they’re a perfect product; call for will at all times be there. They have a tendency to be decrease priced than arenas and stadiums, a cheaper price access level to come back in. This can be a quantity sport, and on-site simply began. We’re days into the season; we see certain numbers thus far. Our top class gross sales, our on-site, and our call for point out we’re going to have a powerful 2026 in AMPs.
Operator: The following query comes from the road of Analyst with Goldman Sachs. Please continue.
Analyst: Whats up, guys. Thank you for taking the questions. Michael, possibly simply increase out the query round delivery this 12 months. Within the free up you highlighted live performance bookings pacing up throughout stadiums, arenas, and AMPs. Could be curious if you need to communicate a bit bit extra about how traveling exercise is shaping up for this 12 months, the place within the slate you’re seeing the most powerful inflections year-over-year in delivery, after which the place there may nonetheless be alternative so as to add match delivery as we make our method into the summer season live performance season over the following couple of months?
Michael Rapino: If we step again, as we mentioned in our Investor Day on delivery, there are extra bands at the highway on an international foundation, so the pie is rising. Our activity is to stay ensuring we care for our marketplace proportion and develop with that increasing pie of delivery. We’re seeing this world delivery of artists regularly develop. That can imply in the end extra bands at the highway. They’re going to be filling all ranges from the membership as much as the stadium, which we’re seeing this 12 months. Lots of the delivery is coming from the rising marketplace on an international foundation throughout all ranges of delivery.
We expect that can occur for many future years as the sector has flattened and bands from all over the place—from Latin The united states to Okay-pop to Colombia to India—at the moment are at the highway and ready to commute and excursion in the entire other venues and gala’s all over the world. We’re seeing sturdy delivery around the globe at this time. Our world enterprise is powerful, possibly even more potent than The united states in relation to expansion. Latin The united states is on hearth, small to important to gala’s. We’re seeing nice world delivery and insist, as we predicted in our Investor Day, coming to lifestyles this 12 months.
Analyst: This is nice. Thank you for that. After which, Joe, possibly on regulatory, I feel that is the primary time we now have hooked up because the agreement at the federal facet after which the ruling at the state case. May just you supply an replace on the place we stand nowadays in that procedure, the place you’re feeling like your perspectives nonetheless vary from how the rulings performed out, and the way traders will have to be expecting the method to play out from right here?
Joe Berchtold: There’s a day in courtroom on Thursday the place there might be a dialogue at the procedure. 3 key parts right here: one is we now have a couple of motions that we made because it associated with one of the proof and the way that proceeds, and we want a ruling on that. Two is the pass judgement on figuring out the method for the evaluate of the agreement with the Division of Justice. And 3rd is the therapies portion of the trial that simply concluded. Now we have perspectives on how we expect it will have to continue, however the pass judgement on will make a decision that, and that can outline the timing and the precise items. Till then, we need to wait and notice how he lays it out.
Operator: The following query comes from the road of David Karnovsky with JPMorgan. Please continue.
David Karnovsky: Whats up, thanks. Joe, within the 10-Q, there’s some element on a venue securitization transaction. May just you stroll throughout the construction at a excessive point? After which how does this play into your Venue Country plans over the longer term so far as purchasing or development places?
Joe Berchtold: Positive. It is a nice car that the staff advanced to take into consideration how we fund the venue facet of the enterprise going ahead. I’ve talked prior to about how, in my thoughts, there’s a little little bit of a propco/opco two-business type that we have got right here, and there is a chance with the propco to successfully have an artificial element of the stability sheet, whilst nonetheless protecting all of it beneath one roof for flexibility and regulate. Successfully, take into consideration it as having a propco that you’ll have extra leverage on, which is collateralized by means of your entire venue holdings. Now we have an preliminary lift that we did of simply over €600 million the usage of one of the venues as collateral.
As we develop the venue portfolio, we will be able to take the venues that we upload and put the ones in as further collateral, which shall we this element of our stability sheet keep growing as we construct out the venue portfolio. This is being saved separate and no longer getting used to securitize the extra opco facet of the enterprise. That is an leading edge financing that we got here up with, which we expect works rather well in giving us step one to in reality allow our investment and proceed to construct out the venue facet of the enterprise.
David Karnovsky: Ok. After which possibly simply sticking on Venue Country. Previous this 12 months, you introduced in Argentina an settlement with Membership Athletico for sure reserving and naming rights because it pertains to the stadium there. I’m curious how replicable this type is—that means partnerships with sports activities groups in Latin The united states and even different areas the place you’re increasing venues—the place possibly there are current homes sitting there wanting capital or a refresh that you’ll input as spouse?
Michael Rapino: We adore that deal, and we completely suppose on an international foundation it’s one thing we will be able to reflect. Loads of those stadiums all over the world don’t seem to be NFL-activity more or less venues, so they don’t have as a lot exercise happening. We’re a perfect spouse to assist in making positive we will be able to put some displays in there, convey some sponsorship experience, and a few capital if we need to. Now we have a an identical association in Argentina with River Stadium. On an international foundation, we love development arenas, however at the stadium facet we love partnering with them. It’s much less capital in depth however locks up a large number of the earnings streams.
Operator: The following query comes from the road of Cameron Mansson-Perrone with Morgan Stanley. Please continue.
Cameron Mansson-Perrone: Two at the ticketing enterprise, if I may just. Michael, may just you replace us on what you and Sam are keen on from a product standpoint with Ticketmaster? After which up to now, you could have mentioned using ancillaries at Ticketmaster. Do you notice that as an increasingly more essential issue for that enterprise going ahead given what turns out like larger sensitivity round charges? After which another.
Michael Rapino: I can get started, then Joe will bounce in. We’re extremely joyful on the whole with our new rent, a powerful product engineer. Joe and I’ve ongoing discussion with him at the product roadmap on an international foundation, the best way to inject AI within the shopper facet and the B2B facet. Our best precedence is to make that on-sale easy, extra clear, and to pressure as a lot shopper self assurance as we will be able to within the procedure. He’s doing a large number of paintings on that at this time—figuring out and development out our face cost change program to be a lot more tough for artists to make use of, giving them extra gear on the whole for the on-sale. This is our largest ache level.
Now we have made nice development in the previous few years and are the most efficient within the enterprise at it, however we can proceed to make that a greater procedure with extra gear for artists and fanatics. That’s the entrance finish. Joe will fill you in at the wider standpoint.
Joe Berchtold: At the again finish, the most important unencumber that Sam is bringing is how we take into consideration a large number of the brand new markets we’re going into. The methods he has been growing for Latin The united states and Asia, specifically for Japan, determine how we don’t seem to be locked into a few of our legacy constraints of significant platforms inbuilt a time prior to we would have liked the versatility we want nowadays. Partly the usage of some AI gear and different leading edge approaches, he’s impulsively accelerating the tempo at which we’re shifting into the ones markets with the ticketing answer. That’s the large back-end piece.
After which, completely, we’re proceeding to be very keen on how we use the platform to proceed to pressure further economics from the dimensions of what we’re doing. We all know that the venue shoppers we now have which can be in reality protecting the majority of the provider commission will proceed to stay the majority of the provider commission, and we wish to proceed to seek out ways in which we will be able to construct cost off the platform and stay our justifiable share of that.
Cameron Mansson-Perrone: Thank you. This is useful and engaging. My follow-up was once on headwinds you name out in relation to the mid-single-digit headwind on the ticketing phase this 12 months. May just you remind us what precisely is integrated in that, and any steerage or expectation with reference to how you notice the criminal bills which can be operating via ticketing? Will have to we predict that run fee via the rest of the 12 months, or any colour there can be useful?
Joe Berchtold: The ones mid-single-digit headwinds are in reality speaking about steps that we have got taken within the secondary, that we introduced previous—some lovely dramatic steps that prohibit the dealer stock being put at the Ticketmaster device—that we stated can be a step down, a structural step down, that will have that point of have an effect on. That may be a one-time factor. As we develop to offset that this 12 months and nonetheless be expecting to have some expansion at Ticketmaster for the 12 months, that weight we comp and it’s now not a subject as we transfer ahead into the long run. Because it pertains to one of the one-time bills, I don’t suppose we can proceed to have this point of increased bills.
We will be able to proceed to have some bills at the criminal facet associated with the FTC and a few different actions. They will have to average over the following few quarters from the place they’re nowadays.
Operator: The following query comes from the road of Analyst with Wolfe Analysis. Please continue.
Analyst: Hello. Two for Joe, if I would possibly. One at the pace of recent venue openings. Within the final 3 years finishing in 2025, your CapEx rose from $400 million a 12 months to $600 million to $1 billion final 12 months. It might be equivalent or upper this 12 months. I’m questioning in regards to the greenback cost of venues opening in 2026 and 2027. Are we proper to think that 2027 should be a larger opening 12 months, in relation to greenback cost and earnings, than 2026 was once?
After which a longer-term query about your money float: if the enterprise weren’t increasing capability, what do you suppose Reside Country Leisure, Inc. may just generate in relation to loose money float as a share of EBITDA? What do you suppose the loose money float margin of this enterprise is at stable state?
Joe Berchtold: Algebra check in genuine time. It’s not that i am going to check out to come up with precise numbers. If we stopped making an investment this $1 billion and stopped purchasing venues, we’re going as a way to throw off a large number of money. The Ticketmaster enterprise nowadays is an especially excessive money float conversion enterprise. Now we have been the usage of a large number of that money to pressure expansion at the venue facet, however it could be throwing off an amazing sum of money. At the live performance facet, repairs capital is in reality just a couple hundred million bucks, so you may be throwing off lovely wholesome money at the live performance facet as neatly. That stated, we nonetheless see an extended runway of alternatives for venues.
We do be expecting to look acceleration of their opening. It’s not that i am going to provide the precise 2027–2028 timing. The venues that we have got beneath development are all multiyear development initiatives. Those that we began final 12 months and this 12 months will take a couple of years, and we’re opening a pair nice amphitheaters this 12 months, in addition to a lot of different theaters and different venues. We think that to boost up as we get out into 2027 and 2028.
Operator: The following query comes from the road of Batya Levi with UBS. Please continue.
Batya Levi: Nice. Thanks. Apply-up at the ticketing facet: adjusting for that criminal spend, it seems like margins have been up effectively year-over-year. Are you able to speak about the place the outperformance got here from? Are you seeing good thing about those AI gear already flowing via? And at the live performance facet, are you able to communicate just a little in regards to the outperformance in spite of tricky comps that you simply had in LatAm? Any areas that you’d name out for the remainder of the 12 months?
Joe Berchtold: I can get started with the ticketing facet. We’re providing you with the amount right here: ticketing gross sales are up effectively. We keep growing the enterprise however one of the headwinds at the secondary facet on account of the movements we now have taken there. A large number of the expansion at the Ticketmaster facet is coming from further live performance tickets being offered. The enterprise operationally and its basics proceed to be in just right form. We’re including extra shoppers globally and promoting extra tickets. The underlying enterprise is operating rather well and environment this up effectively as we cross into the latter a part of this 12 months and into subsequent 12 months.
At the live performance facet, there’s a large number of bouncing round quarter to quarter. It was once an excellent quarter in Latin The united states, which drove each live shows and sponsorship efficiency. Some gala’s there did neatly. Going ahead, we see each North The united states and world markets appearing very strongly this 12 months. Michael talked previous: stadiums are up globally, up within the U.S. in spite of an overly sturdy 12 months final 12 months, and up strongly in world markets. Amphitheaters and arenas are up effectively within the U.S. That are supposed to pressure cast expansion all the way through North The united states. You will have Latin The united states, Europe, and portions of Asia; we’re seeing very sturdy world call for for live shows, which is then translating into the sponsorship and ticketing companies.
Operator: The following query comes from the road of Ian Moore with Bernstein Analysis. Please continue.
Ian Moore: Hello, thank you. The secondary ticketing enterprise is obviously present process a lot of adjustments to additional mitigate scalping and bot exercise. Up to now, you could have sized secondary as a low double-digit % of fee-bearing GTV. However given the sustainability of number one ticketing expansion, the place do you notice secondary proportion of fee-bearing GTV going as the ones adjustments play out? Is it excessive singles or mid singles?
Joe Berchtold: I feel it’s most definitely a steady decline. However one of the adjustments we’re making this 12 months, there might be a structural drop, and I feel over the years number one will win. Content material will regulate its tickets, and it’s going to be a sluggish decline. Now we have lengthy stated we believe this to be a function, no longer a standalone product. Whilst secondary is being presented, we wish to be sure fanatics can come to our web site for a protected change and get tickets they know might be delivered. It’s there as it is a part of the ecosystem, and we wouldn’t have a method to develop it.
If we’re a success, it’s going to decline into the only digits over the following a number of years.
Operator: The following query comes from the road of Kutgun Maral with Evercore ISI. Please continue.
Kutgun Maral: Thank you for taking the questions. First, I do know Reside Country Leisure, Inc. is in reality a supply-driven enterprise, however I did wish to persist with up at the call for facet given investor focal point. Beneath the outside, are you seeing any variations by means of geography, source of revenue cohort, venue kind, or value issues? And given the wider macro and geopolitical volatility, together with the disruption within the Heart East, is there anything else you’re seeing in both the U.S. or world markets that would impact call for, routing, or fan conduct as we transfer all the way through the 12 months? 2nd, I sought after to invite about top class hospitality inside Venue Country.
The discharge known as out the continuing rollout of the Vinyl Room, as an example, with on-site spending on the Hollywood Palladium already over $100 according to fan, which is encouraging. How acceptable is that playbook around the wide venue portfolio, and as you scale some of these top class hospitality ideas globally, how significant can they change into as a motive force of per-fan monetization and Venue Country AOI over the following few years?
Michael Rapino: I can get started with the Heart East because you introduced it up. It does no longer impact our enterprise nowadays. The Heart East is an overly small traveling marketplace general, so it could don’t have any subject material impact on our enterprise. We think that over the longer term it’s going to be a traveling area, nevertheless it does no longer impact routing nowadays. We had no excursions or displays deliberate in that marketplace at this time. At the call for facet, we now have ongoing studies; we perceive fan demographics and who’s coming to our displays. It is rather wide, as you’ll believe. Concert events enchantment from 12 to 90 years previous relying at the artist and the place they’re taking part in.
We see no slowdown in any style or demographic. If it is an amphitheater in Indianapolis or a dear stadium display in New York, we now have noticed no call for pullback any place. Identical factor in the remainder of the sector—from Argentina to Milan to Singapore—we don’t see any pullback. Shoppers nonetheless believe the are living display essential of their social calendar for the 12 months. Whether or not they will one, two, or 3 displays a 12 months, it’s paramount that they get to that display. Now we have noticed wide, sturdy call for around the board on all genres in any respect venue sizes.
On top class, we expect on the whole the song enterprise, venues, and gala’s can do a greater activity of offering a greater provider and product. Traditionally, the live performance has been about 99% GA and 1% top class. We now see that individuals pays for a greater revel in. I used to be in a development assembly this morning shopping at two new arenas we’re development, and our objective there’s to have as much as 30% of that area in a top class capability so we will be able to have a greater revel in the place fanatics wish to come to the night time and improve and take a seat in a greater suite or field or have higher hospitality.
A large number of the CapEx we spend at our amphitheaters is doing that. Now we have geared up 3 this summer season—Indianapolis and Dallas—the place we took the prevailing enterprise and added upscale top class choices like a Vinyl Room that we have got scaled or an identical golf equipment just like the Again Lot. We’re taking the ones amphitheaters from 1%, 2%, 5% top class as much as 25% top class. This can be a lengthy haul to get there; it’s more uncomplicated if you find yourself development from scratch. We consider there’s a large number of alternative in top class and a greater revel in. It isn’t with regards to being top class. Shoppers pays for a shorter line, higher parking, higher hospitality.
We’re shopping at that similar to sports activities arenas have completed during the last 10 to fifteen years.
Operator: The following query comes from the road of Jason Bazinet with Citi. Please continue.
Jason Bazinet: I have in mind again in November while you gave the Venue Country fan depend of five million and it form of upset other folks. I feel within the free up nowadays you took that quantity up. Is that M&A taking place extra impulsively or development taking place extra impulsively, and will have to we take the 2029–2030 numbers up, or is it extra a serve as of front-loading the Venue Country fan depend relative to what you stated in November?
Joe Berchtold: We stated we predict to develop the Venue fan depend this 12 months by means of double digits. Prior to now it was once 5 million on 65 million, so 65 million to 70-plus million tells you it will be fairly extra. It’s most definitely lovely flippantly disbursed between larger efficiency at our current venues that we’re working and what we now have been including. We be ok with this 12 months. I don’t suppose we’re in a position reasonably but to begin considering precisely what we’re going to upload in 2027, 2028, and 2029, however we expect this 12 months displays the ability of what we’re doing with the venue technique.
Michael Rapino: I agree.
Operator: Thanks. Women and gents, this concludes the query and resolution consultation. I wish to flip the decision again to Michael Rapino for final remarks.
Michael Rapino: Thanks, everybody, to your fortify. We’re shopping ahead to a perfect summer season, and we can communicate to you in August.
Operator: Thanks. This concludes nowadays’s convention. Chances are you’ll disconnect your strains presently, and we thanks to your participation.
