Thank you.
The geographic breakdown is correct; the other info as well. As far as we can ascertain. LAS.A has not mentioned tariffs in any of its public documentation/press releases, so we can at least assume impact will not be material (or management does not expect it to be). On earnings, of course the whole definition of 'surprise' is something investors didn't anticipate. But the Q3 was solid and we would have no additional concerns. Valuation is low enough anyway to reflect a lot of potential issues. It also raised its dividend in February which can be taken as confidence. We would view it as a buy, but reflective of its small size and a higher than average debt level.