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Date

Wednesday, May 6, 2026 at 4:30 p.m. ET

Call participants

  • Chief Executive Officer and Chairman — George F. Colony
  • Chief Financial Officer — Chris Finn
  • Chief Product Officer — Carrie Johnson
  • Chief Sales Officer — Christophe Favre
  • Vice President of Corporate Development and Investor Relations — Edward Bryce Morris

Takeaways

  • Revenue -- $85.5 million, down 5% year over year, with research revenue declining 2%, and consulting revenue declining 13% due to the decision to exit the strategy consulting business.
  • Wallet retention -- 89%, representing a two-point sequential improvement, and a three-point increase from the prior year.
  • Client retention -- 78%, up one point from the previous quarter, and five points from the prior year.
  • Contract value (CV) -- Down 3%, reflecting an improvement from the 6% decline in 2025; management expects CV to be slightly up for the year.
  • Free cash flow -- $19 million delivered for the quarter; excluding a one-time headquarters capital expenditure of $5.4 million, free cash flow was approximately $25 million.
  • Operating income -- Negative $0.9 million (down 135%) in the quarter versus $2.5 million a year ago, with operating margin at negative 1% of revenue.
  • Net income -- Negative $7 million, compared to $2 million in the prior year, with earnings per share at negative $0.04 (down 136%).
  • Operating expenses -- Down 1%, primarily from lower real estate costs; headcount down 8%, but savings offset by one-time litigation costs.
  • Multiyear deals -- Represented 72% of total contract value, up from 71% in the previous quarter.
  • Research output -- Over 420 reports and datasets released in the quarter; highlighted new coverage on enterprise AI adoption, and challenges with measurable impact.
  • AI platform usage -- Forrester AI usage reached an all-time high, with overall usage up 55%, and prompt volume up 65% year over year.
  • Product integrations -- Forrester AI is now certified for Microsoft (NASDAQ: MSFT) Teams and available in the Microsoft Marketplace; Copilot integration launched, with double the initial traction of Teams.
  • Sales productivity -- Contract value productivity per representative was 6% higher versus the prior year.
  • Portfolio mix -- AI Access accounted for just under 5% of the contract value portfolio, and is expected to approach 10% heading into 2027.
  • Debt and cash position -- Cash exceeded $145 million, with debt at $35 million, and no share repurchases or debt paydown in the quarter.
  • Guidance adjustment -- Management raised the low-to-midpoint of revenue guidance to $350 million–$360 million (down 9%–12%), forecasting 6%–6.5% operating margin, $2.3 million interest expense, and a 29% effective tax rate for the year.

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Risks

  • Chris Finn stated, "we expect revenue to decline this year due to bookings declines we experienced in 2025, the sunsetting of our strategy consulting business, and the reimagined events portfolio."
  • Operating income decreased by 135% to negative $0.9 million, and net income fell by 135% to negative $7 million, both representing significant declines from prior-year profitability.
  • Guidance for 2026 anticipates declines in research (mid-single digits), consulting (low 20s%), and events (mid- to high teens%) revenues.
  • One-time litigation costs offset headcount reduction savings, limiting operating expense improvement.

Summary

Forrester Research (FORR 1.93%) delivered a sequential improvement in wallet and client retention, alongside a deceleration in contract value decline, while reporting a $7 million net loss on a 5% revenue decrease. Management cited accelerating adoption and client usage of Forrester AI products, integration with Microsoft Teams and Copilot, and a renewed sales focus as drivers for raising the lower end of revenue guidance. Leadership confirmed that AI Access is supporting new client acquisition and portfolio expansion, and highlighted early growth in targeted industries, particularly after the strategic exit from the strategy consulting business.

  • Christophe Favre described organizational changes in North America—including industry-based territory alignment, and sales training on AI solutions—as fully implemented and supporting improved lead pipelines in high-tech and industrial sectors.
  • Chief Product Officer Carrie Johnson said, "The launch of Copilot has actually seen traction double even that, which I think is a good testament to some clients finding it on their own through things like the Microsoft Marketplace."
  • AI Access has contributed to both new business and “win-back” client campaigns, with management noting no signs of portfolio cannibalization, and CV per client remaining stable between $160,000 and $180,000.
  • Capital expenditures included a $5.4 million one-time investment in headquarters buildout, with $4 million to $5 million in remaining spend expected for completion, net of reimbursements.
  • Recent event attendance increased by 10%, and sponsorship bookings were described as “really strong,” supporting higher events pipeline expectations for the remainder of the year.

Industry glossary

  • Contract value (CV): The aggregate annualized value of all active client contracts for research, consulting, and related services, excluding nonrecurring revenue.
  • AI Access: Forrester Research’s offering providing flexible purchasing options to access the company’s AI and research insights, designed for both new and returning clients.
  • Forrester AI: The proprietary AI platform developed and upgraded by Forrester Research, enabling research discovery, multi-language support, and integration with workplace tools.
  • Agentic AI: AI applications capable of taking autonomous actions on behalf of users, emphasized by management as a key technology impacting enterprise software transformation.
  • AIQ (Artificial Intelligence Quotient): Forrester Research’s proprietary metric assessing a firm’s organizational aptitude in utilizing AI technology.

Full Conference Call Transcript

Operator: Good afternoon, and thank you for standing by. Welcome to Forrester Research, Inc.'s first quarter 2026 conference call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. Please be advised that today's conference is being recorded. I would now like to turn the conference over to the Vice President of Corporate Development and Investor Relations, Edward Bryce Morris. Please go ahead.

Edward Bryce Morris: Thank you, and hello, everyone. Thanks for joining today's call. Earlier this afternoon, we issued our press release for the first quarter 2026. If you need a copy, you can find one on the website in the Investors section. Here with us today to discuss our results are George F. Colony, Forrester Research, Inc.'s chief executive officer and chairman, and Chris Finn, chief financial officer. Carrie Johnson, our chief product officer, and Christophe Favre, chief sales officer, are also here with us for the Q&A section of the call. Before we begin, I would like to remind you that this call will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Words such as “expects,” “believes,” “anticipates,” “intends,” “plans,” “estimates,” or similar expressions are intended to identify these forward-looking statements. These statements are based on the company's current plans and expectations and involve risks and uncertainties that could cause future activities and results of operations to be materially different from those set forth in the forward-looking statements. Factors that could cause actual results to differ are discussed in our reports and filings with the Securities and Exchange Commission, and the company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.

Lastly, consistent with our previous calls, we will be discussing our performance on an adjusted basis, which excludes items affecting comparability. While reporting on an adjusted basis is not in accordance with GAAP, we believe that reporting these numbers on this adjusted basis provides a meaningful comparison and appropriate basis for our discussion. You will find a detailed list of items excluded from these adjusted results in our press release. And with that, I will hand it over to George.

George F. Colony: Hello, and welcome to Forrester Research, Inc.'s Q1 2026 earnings call. With me is our chief financial officer, Chris Finn, who will deliver a financial report following my remarks. I will be covering four key themes today: one, our financial performance in 2026; two, trends in the AI world and their impact on Forrester Research, Inc.; three, an update on our journey to become the AI research company, including key research releases; and four, an update on our progress toward our four company initiatives. Starting off with a summary of our financials. In Q1, we saw continuing momentum on our key business indicators.

Wallet retention improved by two points from last quarter to 89%, which is up three points from the previous year. Client retention improved by one point from the prior quarter to 78%, up five points from the prior year. Finally, the percentage of multiyear deals as a percentage of our total CV reached 72%, up from 71% last quarter. On the CV side, we saw a decline of 3%, an improvement on the 6% decline in 2025. Our revenue was down 5% from the prior year at 85.5 million. Research revenue was down 2% while consulting revenues declined by 13%. Consulting weakness is associated with our decision to exit the strategy consulting business in 2026.

We had strong cash flow in the quarter, delivering 19 million of free cash flow. We are increasing the low end of our revenue guidance, driven by improving metrics and confidence in our business, and Chris will go into more detail shortly. AI technology continues to shift and evolve at fast rates, presenting our clients with two challenges. One, they will have to construct a private model that will serve their customers. And two, they will be replacing many of their internal systems like CRM or financials with new software based on what Forrester Research, Inc. calls AI computing.

The market is composed of public models built by Anthropic, OpenAI, Google, and others, and private models deployed by Bank of America, Bloomberg, and many other large enterprises. Forrester Research, Inc. believes that approximately 70% of the revenue earned through AI in the future will come from private models, not public models. Why will private models proliferate? Data sensitivity, regulatory pressure, and intellectual property protection will increasingly push businesses to build and operate their own AI models for specific use cases across banking, insurance, and other sensitive industries. Retaining customer trust will be a primary incentive driving the construction of these models.

The second challenge will be rebuilding internal systems using new software constructed with AI computing technologies, primarily agentic AI. The way that our clients operate their businesses will be vastly changed over the next five years. Why are these two changes relevant to Forrester Research, Inc.? Whenever there has been a revolution in how large companies connect to their customers, as with the advent of mobile and social, our business in B2B marketing and B2C marketing has grown. And when global enterprises move to a new generation of internal systems, as with cloud computing, our technology research business has historically expanded at faster rates.

Change is the gasoline that drives our model faster, and the AI wave is forcing unpredictable and relentless change on our clients. This was very evident last week when we held our B2B Marketing Summit in Phoenix. The theme of that event was the go-to-market singularity: how AI is radically changing the rules of developing, marketing, and selling products in the B2B world. In the first quarter, we released over 420 research reports and datasets, and I wanted to highlight two of them here. A report entitled “Accelerate Your AI Voyage” found that most enterprises are struggling to turn growing AI adoption and investment into measurable business impact.

One of the key factors holding businesses back is low artificial intelligence quotient, or AIQ—Forrester Research, Inc.'s measure of AI aptitude—with many employees lacking a clear understanding of how to use the technology. Other barriers include an overemphasis on productivity-focused use cases, difficulty measuring impact, and siloed adoption within individual functions. This report surveyed over 1,500 AI decision-makers at firms accelerating their AI efforts. It found that while there is an urgency to adopt AI, many businesses are paralyzed by a lack of understanding and disjointed, siloed adoption. “Forrester's AI Use Case Catalog,” another report, is designed to help senior decision-makers narrow their options on where AI should be applied.

It includes more than 900 use cases organized by functions, industries, and desired outcomes. The tool allows clients to filter their specific needs to serve as a short list of use cases and pinpoint the AI opportunities that best align to their specific business goals. We are leading this new era by expanding our research coverage of AI, but that is not the only way that we are seizing the moment. As we have discussed on previous calls, we are using AI technology to improve the way that our clients use our research and services, and I want to take this opportunity to update you on our progress.

We have upgraded our AI model from the first generation, what we call Izola, to a new generation, Forrester AI. This new version has improved capabilities. One, the model is now fully conversational, enabling clients to go deeper into our content. Forrester AI suggests prompts, leading users to comprehensive answers. Two, we made structural improvements to bring more transparency and depth to the responses. When a user types a prompt, Forrester AI is deploying reasoning to show how it arrived at the response, surfacing the key steps and research underlying the answer. And three, Forrester AI provides responses in 197 languages.

In March, we announced that Forrester AI is certified for Microsoft Teams and is available as an app in Microsoft Marketplace. This means that a client can use Forrester AI from within Teams—we are going where our clients work and live. Last week at B2B Summit in Phoenix, we announced that clients will be able to work in Microsoft Copilot but receive analysis and answers from Forrester AI. These answers can be integrated with a range of Microsoft tools, including emails, presentations, and documents. We are doing this through the deployment of our model contact protocol server. In addition to Teams and Copilot, we are developing integration with other models and systems—again, going where our clients work.

Client adoption of Forrester AI continues to grow. Usage hit an all-time high in Q1, with overall usage up 55% year over year and prompt volume up 65%, reflecting growing client demand for trusted, research-based AI guidance. Turning finally to our four key initiatives for the year. While these are internal initiatives, I thought that investors should be informed on our progress. They are: one, execution of the retention life cycle, our post-sales program for ensuring that clients are engaged and getting value from our research. From Q4 to Q1, the customer success organization accelerated clients’ time to onboard. This is one factor in helping us to improve client retention numbers.

Two, expanding the product portfolio and embedding Forrester AI where clients work. With the Teams and Copilot integrations, we are on schedule here. We are leading AI. Three, building a culture of growth within sales. Q1 was the first quarter under the guidance of our new chief sales officer, Christophe Favre. We have made a good start to the year, with Q1 CV productivity per rep 6% higher than a year ago. We have intensively trained the sales force on how to position and sell our new Forrester AI portfolio. And four, offering actionable, all-seasons research. We are building more research that our clients can apply immediately and research that is relevant even when companies are not transforming—hence, all-seasons.

This imperative is on track as we have created 70 initiative blueprints in Q1—step-by-step guidance on how our clients can advance their most important projects. The year has gotten off to a good start with Forrester AI growing, more practical research in the hands of our clients, engagement with the clients accelerating, and sales continuing to focus on expanding CV. We are turning the company back toward growth, and we have made a good start executing that pivot. Thank you, and I will now turn the call over to Chris.

Chris Finn: Thanks, George, and good afternoon, everyone. In the first quarter, we saw improvements in our key metrics, continuing the momentum we experienced in 2025. Client retention and wallet retention continue to improve, and the decline in CV continues to slow. With the improvement in our metrics and progress on our strategy—embedding our products where our clients work—we are raising the low end of our revenue guidance for the year. In addition, we generated strong free cash flow of approximately 19 million for the quarter. Excluding our one-time headquarters CapEx of 5.4 million, free cash flow was approximately 25 million.

Q1 saw a 3% CV decline in the quarter, and based on incremental improvements over the coming quarters, we continue to expect CV to be slightly up for the year, driven by the following areas: one, client demand for trusted advice to help them navigate their AI journey; two, our continued investment to enhance the capabilities of Forrester AI; and three, our product strategy with AI Access and embedding Forrester AI in clients' existing work environments, along with further product portfolio enhancements to come. All these initiatives will continue to support and drive improvement in CV performance. These ongoing efforts are laying the foundation for sustained CV growth in the coming years.

For the total company, we generated 85.5 million in revenue, compared to 89.9 million in the prior-year period, which is an overall revenue decrease of 5%. As we outlined on our Q4 call, we expect revenue to decline this year due to bookings declines we experienced in 2025, the sunsetting of our strategy consulting business, and the reimagined events portfolio. In terms of our revenue breakdown for the quarter, research revenues decreased 2% compared to 2025, with revenue from research products down 4%, offset by growth in reprints. Client retention of 78% was up one point from the prior quarter and up five points from the prior year.

Wallet retention was up two points to 89% from 87% in the prior quarter and up three points from the prior year. We believe the retention improvements reflect the ongoing alignment and improvements across the go-to-market ecosystem of customer success, sales, and research functions as they execute on the retention life cycle work. Our consulting business posted revenues of 18.6 million, which was down 13% compared to the prior year. The content marketing business was down 5% while the advisory business was up slightly. The majority of the decline can be ascribed to the strategy consulting business, which we stopped actively selling early in the quarter.

We will continue to execute delivery on existing strategy consulting backlog over the coming quarters and exit this business by year-end. Regarding our events business, revenues were insignificant this quarter and in the prior year, as we did not hold any events during these periods. Continuing down our P&L on an adjusted basis, operating expenses for the first quarter decreased by 1%, primarily driven by lower real estate costs. Headcount was down 8%; however, these savings were offset by one-time costs largely associated with now-concluded litigation. Operating income decreased by 135% to negative 0.9 million, or negative 1% of revenue in the current quarter, compared to 2.5 million, or 2.8% of revenue, in 2025.

Interest expense for the quarter was 0.8 million, up from 0.7 million in 2025. Finally, net income and earnings per share decreased 135% and 136%, respectively, compared to Q1 of last year, with net income at negative 7 million and earnings per share at negative 0.04 for the current quarter, compared with net income of 2 million and earnings per share of 0.11 in 2025. Looking at our capital structure, first quarter cash flow from operating activities was 25.6 million and capital expenditures were 6.2 million. Approximately 5.4 million of capital expenditures are associated with the one-time physical buildout of our Cambridge headquarters.

Remaining cash spend for the buildout, net of reimbursements from the landlord, will be approximately 4 million to 5 million. Our balance sheet is strong, with cash at the end of the quarter of over 145 million and debt of only 35 million. In addition, in March, we executed an extension of our credit facility, moving the maturity date to March 2029. We did not pay down any debt nor did we repurchase any shares in the quarter. Moving on to guidance. For 2026, we are increasing the low-to-midpoint range of our revenue guidance, with the rest of our guidance remaining unchanged. Let me provide some additional commentary on our outlook for the year.

For 2026, we now expect revenue to be 350 million to 360 million, or down 9% to 12% versus 2025. The increased confidence in the range is driven by the metric improvements previously discussed and stronger sponsorship bookings for the upcoming events. This guidance assumes the outlook for research to be a mid-single-digit decline, consulting to be a decline in the low 20s, and events to be a decline in the mid to high teens for the year. Despite the first quarter one-time expenses, we still expect our operating margins to be in the range of 6% to 6.5% for 2026, and interest expense is expected to be 2.3 million for the year.

We are guiding to a full-year tax rate of 29%. Taking all of this into account, we still expect EPS to be in the range of 0.72 to 0.82 for the full year. We are continuing to see the positive momentum we experienced as we exited 2025. The first quarter of 2026 saw significant enhancements to our Forrester AI capabilities. This included embedded access via Microsoft Teams and the launch of the Forrester AI agent in Microsoft Copilot public models and custom applications as we embed Forrester AI into the places where our clients work.

In addition, our unique research focus on key AI topics puts Forrester Research, Inc. in a strong position to take advantage of the upcoming AI demand. We are looking to capitalize on this demand, continue our focus on execution, and use it to drive continued metric and operational performance throughout 2026. Thank you all for taking the time today. I will hand the call back to George.

George F. Colony: Thank you, Chris. To conclude, we are making steady progress on our four key initiatives for the year, including our execution of the retention life cycle, increased product options and AI opportunities, a renewed culture of growth within sales, and actionable, all-seasons research. As a result of these measures, we are seeing early but encouraging positive signs in our key metrics. We will now open the call for questions. I will now turn the call over to the operator for questions.

Operator: Thank you, sir. As a reminder, to ask a question, you will need to press 1-1 on your telephone. To withdraw your question, please press 1-1 again. Our first question comes from the line of Anja Soderstrom from Sidoti. Please go ahead.

Anja Soderstrom: Hi, thank you for taking my question. First, I am curious, given that you see contract value decline but expect that to increase in the coming quarters, what gives you confidence in that?

Unknown Speaker: Sorry. Can you repeat the question?

Anja Soderstrom: Yes. You mentioned you expect incremental increases in the contract value in the coming quarters. What gives you confidence in that?

Chris Finn: From a contract value standpoint, we have seen really strong bookings this year compared to last year on the sponsorship side, and we are coming off a really great B2B event in Phoenix where engagement was incredibly strong with clients. We had a significant increase—actually, we were up 10% on attendees. All the metrics are pointing in the right direction on the events business—certainly much stronger starting this year off with event season than last year or prior years. We continue to expect that momentum to move in the right direction. The way the events business works, attendees and sponsorships are sold significantly in advance, so we are seeing really good engagement there this year, and we are really excited.

I think a lot of the changes that we made in the format—more local and customized content—are really making a difference.

Anja Soderstrom: Thank you. And then, in terms of the product portfolio expansion, what does your roadmap look like for the rest of the year?

Carrie Johnson: Hi, Anja. Thank you for the question. We have two key initiatives on the product portfolio front. One is providing clients with more options in the way that they buy Forrester Research, Inc. AI Access was a big change that we announced last year, and we are seeing good success there, and you will continue to see more of those types of products—both for some access options for Forrester Research, Inc. and then also to work more closely with our most senior analysts. Stay tuned for that on the roadmap. The other side of the roadmap is, as you have heard, a lot of Forrester AI.

We continue to have major releases of Forrester AI, as George mentioned, and also plan to continue to deliver on what we call our “where you work” strategy, which is embedding Forrester AI where clients work. George talked about Copilot—stay tuned for more options for our clients that work in other types of tools as we build out that roadmap throughout the year.

George F. Colony: Yes, there are two major initiatives here, Anja. One is embedding AI where our clients work, as Carrie just said, and the other one is filling out the product line so she has more optionality—so embedded and optionality.

Anja Soderstrom: Okay. And as you get embedded in these systems, do you see a strong uptick in interest, or how is that affecting your sales model?

Carrie Johnson: We launched Microsoft Teams first in March, and that was very well received. The launch of Copilot has actually seen traction double even that, which I think is a good testament to some clients finding it on their own through things like the Microsoft Marketplace, because it is such a compelling offer to remove friction in accessing Forrester Research, Inc.’s insights and now getting true advice alongside their actual work. We are really pleased with what we are seeing so far there.

Christophe Favre: And from a sales perspective, Anja, it is clear that large enterprises are willing to scale intelligence across their different functions, and Forrester Research, Inc. has the ability with Forrester AI to deliver trusted advice fast. Those organizations are looking to elevate leaders’ confidence to act and decide in this period of uncertainty, volatility, and opportunity with the AI revolution. I am training my sales organization to be able to sell those large enterprise-wide deals, and we see a very interesting pipeline moving forward.

Anja Soderstrom: Thank you for that color. I also have a follow-up for you. You mentioned in prepared remarks that you are building a culture of growth within sales. Can you talk about what changes you made for the sales force to motivate them more?

Christophe Favre: We already have some pockets of growth in the international market. My focus since I took my new role has been on the North American business. We have organized North America around six industries where Forrester Research, Inc. has strong expertise and growth opportunities. I have redefined the territories to ensure that our best account managers and our best new-business developers are in front of the highest-potential accounts. The second thing I have done is train our sales force to leverage AI to improve their productivity and feel more confident when discussing key AI changes taking place in the marketplace. So one, changes on the territories; two, training; and three, building their confidence.

Everybody is excited by the new Forrester AI roadmap that we put in place.

Anja Soderstrom: Thank you so much. That was all for me.

Christophe Favre: Thanks, Anja.

Operator: Thank you. Our next question comes from the line of Vincent Alexander Colicchio from Barrington Research. Please go ahead.

Vincent Alexander Colicchio: Christophe, what portion of the changes that you plan to make have started to get implemented? And how long before you expect the changes you bring to bear to have a meaningful impact?

Christophe Favre: Vince, I wanted to act fast because the opportunity is in front of us. All the organizational changes that I just discussed have been put in place in the North American business, and we have put sales technology and marketing technology in place to help that organization grow in efficiency. We can now really take advantage of the new Forrester AI portfolio, and we are starting to see pockets of growth in the North American business. I will name two industries where we see that growth: high tech and the industrial sectors. We see some good momentum here.

George F. Colony: Vince, George here. Christophe is not one to wait. He is moving quite fast, and everything he is speaking about, he is implementing.

Vincent Alexander Colicchio: Good to hear. Next question on the sales pipeline for CV. Has that improved since last quarter?

Christophe Favre: Yes. We see consistency in the growth pipeline, and we have seen acceleration in two areas. One, thanks to Forrester AI, organizations are really looking for help in adopting AI and getting trusted advice faster, and with Forrester AI we have a unique competitive edge in the marketplace. The other is that we are starting to see very large organizations interested in our embedded portfolio, and the announcements we made regarding our partnership with Microsoft Teams as well as Microsoft Copilot have resonated in very specific industries. That is looking good.

Vincent Alexander Colicchio: Which industries?

Christophe Favre: We have seen financial services, agencies, and government being interested in that type of solution.

Vincent Alexander Colicchio: And George, how is AI Access performing? Is it helping to bring back old clients?

Carrie Johnson: We are a little bit ahead—AI Access has basically hit our expectations, especially on two fronts. One, new business, which is quite useful for our win-back programs of former clients who are looking for more flexible price points but appreciated Forrester Research, Inc.’s insights and advice. Christophe can expand on that. And the other is expansion within existing accounts, which is also the role of launching that product. We are pleased it is doing what we wanted it to do for our CV portfolio.

George F. Colony: Forty percent of reps have now sold AI Access, so that is very encouraging.

Chris Finn: And Vince, this is Chris. I would add that we are seeing good momentum as a percentage mix of the portfolio from a CV perspective. It is just under 5%, and in the near term, we expect it to approach 10% as we exit the year and get into 2027. We are really happy that, as we look at our CV per client, we are not seeing any degradation there. CV per client has been pretty consistent in that 160,000 to 180,000 range, so we are really happy with that. We are not seeing cannibalization at all either.

Vincent Alexander Colicchio: Thanks, guys. I will go back in the queue.

George F. Colony: Vince, thanks very much. Appreciate it.

Operator: I am showing no further questions in the queue at this time. I would like to turn the conference back over to Chris Finn, chief financial officer, for closing remarks.

Chris Finn: Thanks, everyone, for joining today. Please reach out to Edward Bryce Morris or me if you have any follow-up questions. Appreciate it.

Unknown Speaker: Thank you.

Operator: Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.