** This is the prepared remarks. Will follow up with the Q&A portion in separate post (40k limit be damned). It's long, there is no TL/DR, but here it is if you want to read the entire thing. **
Operator
Greetings, and welcome to the AMC Entertainment Second Quarter 2021 Earnings Webcast. [Operator Instructions] As a reminder, this conference is being recorded, Monday, August 9, 2021.
I would now like to turn the conference over to John Merriwether, Vice President, Investor Relations. Please go ahead.
John Merriwether
Head of Investor Relations
Thank you, Kevin. Good morning -- or good afternoon, everyone. I'd like to to welcome you AMC's Second Quarter 2021 Earnings Webcast. With me this afternoon is Adam Aron, our Chairman and CEO; and Sean Goodman, our Chief Financial Officer.
Before I turn the webcast over to Adam, let me remind everyone that some of the comments made by management during this webcast may contain forward-looking statements that are based on management's current expectations. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those that might be expressed today.
Many of these risks and uncertainties are discussed in our most recent public filings including our most recently filed 10-Q. Several of the factors that will determine the company's future results are beyond the ability of the company to control or predict. In light of the uncertainties inherent in any forward-looking statements, listeners are cautioned to not place undue reliance on these statements. The company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information or future events.
On this webcast, we may reference measures such as adjusted EBITDA and free cash flow, constant currency, among others, which are non-GAAP financial measures. For a full reconciliation of our non-GAAP measures to GAAP results, please see our earnings release posted in the Investor Relations section of our website earlier today.
After our prepared remarks, there will be a Q&A -- a question-and-answer session. This afternoon's webcast is being recorded, and a replay will be available in the Investor Relations section of our website at amctheaters.com later today.
With that, I'll turn the call over Adam.
Adam Aron
Chief Executive Officer
Thank you, John. Good afternoon, everyone, and thank you for joining us today.
The second quarter of 2021 was another very important quarter for AMC. We have a lot to talk about on this call as the considerable progress towards recovery that AMC is making, and we have some real news to break today as well that will be new information to all of you.
Before we go there in detail, I first would like to express a very warm welcome to what from past experience makes us believe that more than 10,000 individual AMC investors will be listening live to this webcast, and another warm welcome to the at least hundreds of thousands, if not millions of our investors, who will be listening to replays, reading our press releases at AMC Investor Connect communications or following on Twitter and other social media platforms, our earnings report and the accompanying new news that we'll be discussing later in the call.
Realizing that it is these investors who now actually own control of AMC Entertainment Holdings, for the first time ever, later in this call, we will answer a popery of questions that have been submitted to us directly by our shareholders.
As to our second quarter performance, I think you can see from the release that was issued after the market closed today, we're making tremendous progress as our business emerges from the impact of COVID-19. This progress can be seen not only in our operating statistics and financial performance, but also by the significant strengthening of our balance sheet. AMC is stronger today than it has been at any point since the pandemic forced the closure of all our theaters in March of 2020. Our quarter ending liquidity at the end of Q2 on June 30 is actually once again at a 100-year high. Now that's precisely what we said on the Q1 call, when we reported to you that at March 31, we had $1 billion of quarter-ending liquidity and that was the highest quarter-ending liquidity that AMC had ever had.
Well, in Q2, mostly May and June, we raised another $1.25 billion of fresh equity capital, and our cash burn was meaningfully less than we had previously experienced in recently past quarters. So we ended Q2 with some $2 billion of liquidity. That's cash in the bank and undrawn revolver. And just a short 3 months later from our last call, that $2 billion figure is literally double the Q1 mark, a new record, doubling the old record that was set just 91 days prior.
As for our earnings in Q2, thanks to rising attendance, increased ticket prices achieved both through mix changes and actual price increases, soaring, food and beverage revenues per patron, a relentless focus on cost containment and the pruning of marginal theaters from our network, our financial results in Q2 were well ahead of our own and consensus third-party expectations. In short, AMC crushed it in Q2.
You've already seen some of the highlight headline numbers. Revenues in Q2 are $445 million. Consolidated food and beverage revenues per patron, up 44.1% over that same statistic of the second quarter of 2019, the comparable quarter pre-pandemic. A net loss of $334 million. An EBITDA loss of only $151 million. An EPS loss of only $0.71 per share. Gross CapEx expenditures in Q2 2021 of only $17.9 million. These are very strong metrics across the board performance base AMC compared to what many people, ourselves included, thought might happen in Q2 of 2021.
And here are more operating statistics that also suggest things are improving at AMC as 2021 unfolds. Overall ticket admissions revenue in the United States in 2021 versus 2019 pre-pandemic -- though this is overall ticket admissions revenue in the U.S. -- well, it was 13% of what it was 2 years ago in this year's Q1. But it was 29% of what it was 2 years ago in Q2 of '19. And so far, in the first weeks of Q3, we're running 45% of our 2 years ago levels. So Q1, it was 13% of of what it was. Q2, 29% what it was. Q3 so far, 45% of what it was. It's still down, but the trend line shows significant improvement. And even that's someone misleading because we've reduced so many showtimes at our theaters to save on theater operating expenses, which partially mitigate those revenue declines. So if instead, rather than just looking at ticket admission revenues, if one looks instead of capacity utilization, that's the percentage of seats that we sold as a total of what was available for sale, you'd see that our capacity utilization was 41% in Q1 of 2021 of what it was 2 years ago in Q1. It was 61% of 2 years ago levels in Q2 and 68% of 2 years ago levels so far in Q3. Again, capacity utilization, 41% in Q1, 61% in Q2, 68% so far in Q3. Again, that trend line is pointing up. We certainly have a way to go, but progress is clear. And we should be getting to play a lot more big movie titles in the balance of Q3 and Q4 2021 as contrasted with what was shown in our theaters in the first 6 months of this year.
Incidentally, we see the same exact positive trends at our European theaters. Let's start with 2021 admission revenues. In Q1 of 2021, it was a pretty bleak 2% of 2019 levels, 2%. In Q2, it was 18% of 2019 levels. But so far in Q3, we're now running at 57% of 2019 levels. 2%, 18%, 57%, clearly an upwards trend.
The same holds true for that same capacity utilization statistic in Europe for us. In Q1, our capacity utilization in 2021 was 53% of the 2019 level. In Q2 was 56% of the 2019 level. But so far in Q3, it's 69% of the 2019 level. 53%, 56%, 69%, again, up arrows, with ways still to go for sure, but up arrows nonetheless.
Despite the financial and operating results would suggest we're on a path to to recovery, I want assure you there are no victory laps being taken. We are still losing money. We are still burning burning cash. We're less of it, but we're using cash, not generating cash. So we're not out of the woods yet. We do still live in a COVID-infected world.
But fortunately, we can see a light at the end of this tunnel. Vaccination rates have climbed quickly in 2021. And the counterintuitive result of this new Delta variant is that vaccinations likely will continue to rise, and vaccination increasing is very important for AMC and for the movie theater industry generally.
No one has a perfect crystal ball, of course. But based on what we know and what we see today, we currently estimate that AMC's theater level cash flows will turn positive in Q4 of this year, assuming that we all see at least a $5.2 billion domestic box office cumulatively for the year.
Now there are some naysayers who are quick to point out the size of our debt load. What they do not bother to mention, perhaps because it does not fit their narrative, is that we have smartly laddered that debt. We have no debt maturities at all until 2023. And most of our maturities do not come before 2026. This gives us considerable time to deleverage our company to further strengthen our balance sheet and to refinance our liabilities, and hopefully, in better times.
I'm reminded in all of this that there were those who were absolutely certain, they just knew, that AMC would file for bankruptcy in calendar year 2020 or early in 2021. At AMC, we proved them wrong.
There are those who were sure that our recovery in Q2 would be slower than is the current reality. Again, the Q2 numbers for AMC have proved them wrong as well. But there are those still who continue to forecast the demise of the theatral exhibition business overall or maybe they just want to predict the demise of AMC. They say that streaming is going to beat us. That's their conventional wisdom. Well, a lot of people lack conventional wisdom because so often, it's just playing out wrong.
You've likely heard before this mantra, maybe even repeated it yourself. Radio is going to kill off movie theaters. TV was going to kill off movie theaters. VCRs was going to kill off movie theaters. DVDs were going to kill off movie theaters. Each time, movie theaters proved resilient.
Americans went to a movie theater 1 billion times in 2019. That's 1 billion with a B. And the global box office in 2019 was a record high $43 billion. Yes, there was a pandemic, but now streaming is going to kill off theaters, we breathlessly hear. Well, at AMC, we intend with all of our might and and brains and heart [indiscernible] to prove those casinos and prognosticators wrong, too.
I'm now going to turn over the call to our Chief Financial Officer, Sean Goodman, to give you some more insight into the progress we're making. And then I'll come back to break some news before we head to the Q&A. Sean?
Sean Goodman
Chief Financial Officer
Thanks, Adam, and thank you, everyone, for joining us this afternoon.
As Adam noted, this quarter marked an important and very successful step along our pathway to recovery. Overall, our global attendance in Q2 was more than 3x that of Q1. While this is approximately 77% below 2019's attendance levels, it is only approximately 45% below our 2019 attendance per showing. This is an illustration of how we're actively managing our show times and associated costs to optimize the efficiency of our operations.
We have a way to go before the business fully normalizes. But clearly, we are on the right path in making significant progress. In general, comparison of our results to 2020 and 2019 are not particularly meaningful given that we are still in a ramp-up phase. However, there are certain metrics that are really very encouraging and worth mentioning.
Compared to the second quarter of 2019, the domestic average ticket price was up more than 15%, and food and beverage revenue per patron was up nearly 42% to a very impressive $7.91. And this compares to $5.58 during the same quarter of 2019. Similarly, the international average ticket price was up 6%, and food and beverage revenue per patron was up nearly 33% compared to the second quarter of 2019. This food and beverage increase is primarily driven by a significantly higher percentage of guests choosing to purchase our food and beverage concessions.
We are continuing to see strength in both average ticket price and food and beverage per patron as we move through the third quarter. Clearly, our guests are celebrating the event of going out to see a movie and enjoying the full immersive theatrical experience: the the sights, sounds and innovative AMC concessions.
Let's talk a bit about our balance sheet.
As Adam noted, we ended the quarter with $2.023 billion of total liquidity. And this is comprised of of $1.811 billion unrestricted cash and $212 million available under our revolving credit facilities. This record liquidity level was made possible by our equity issuances during the quarter plus the the completion of sale of our remaining equity interest in theaters in Lithuania.
On average, during the second quarter, our cash burn was $85 million per month. This is a significant improvement from Q1 when the average cash burn per month was $120 million. And this improvement in cash burn is a result of higher gross box office grosses together with our very strong operating performance. And it's particularly noteworthy and an impressive improvement when one considers that our cash interest spend and deferred rent repayments were significantly higher in Q2 than they were in Q1.
If we look at cash burn before the payback of deferred rent and debt servicing costs, it was approximately $40 million per month in Q2 versus a burn of $115 million per month in Q1, a very significant improvement. Note that our cash burn numbers are stated after normalizing for the impact of capital raised during the quarter and therefore, exclude the proceeds from completion of the sale of our theaters in Lithuania and the equity capital that we raised during the quarter.
Regarding capital allocation. We're pursuing a balanced approach to capital allocation, and our priorities are as follows: one, ensuring that we have sufficient liquidity to withstand any bumps along the the road and inevitable volatility as our industry recovers from the impact of the COVID pandemic; two, strengthening our balance sheet by reducing our debt and associated interest costs; three, investing in our business to enhance the guest experience; and four, opportunistically pursuing value-enhancing partnerships or acquisition opportunities.
With our current solid liquidity position and the recovery that we are seeing in the business, we believe that it is appropriate to carefully deploy our cash in ways that are most beneficial for the long-term future of the business while, of course, we will will continue to be ultra focused on our operating efficiency. This be rather than focusing on short-term monthly cash burn. And what I mean in this regard is we expect going forward, that we will choose to pay cash interest as opposed to payment in kind or PIK interest. This will avoid any increases in our debt position. We also anticipate taking thoughtful actions to reduce our debt, including the deferred rent balance, all of this with a view to strengthen our company for the future.
In addition, we will continue to actively manage our theater portfolio, closing underperforming locations. We've quietly closed more than 74 marginal or money-losing locations over the last 18 months and opportunistically pursuing attractive high-potential locations, which Adam will discuss when he comes back on.
Turning to our landlords. At the end of the second quarter, we had deferred rent obligations of $420 million, representing a decline in obligations of approximately $55 million compared to Q1 of 2021.
For the second quarter, actual cash rent paid was approximately $55 million more than what is shown on the face of the income statement as we repaid deferred rent. While future cash rent payments will continue to be dependent on ongoing discussions with landlords, we anticipate cash rent paid in the second half of 2021 will be significantly higher than in the first half as we we continue to work on reducing the deferred rent balance and take advantage of opportunities that may arise to, for example, prepay rent in exchange for favorable lease terms.
For now, we continue to focus the substantial majority of our capital expenditures on maintenance spend. However, a small amount of growth campus could arrive from potential opportunistic high-return investments later on in the year.
CapEx for the second quarter was $10.5 million. This is net of landlord contributions. Net CapEx for the whole of 2021 is expected to be in the range of $100 million to $120 million.
Reflecting on our results and the the financial position at end of Q2, it is quite remarkable just how far we have come in a relatively short period of time. We believe that we are uniquely well positioned for a strong and profitable recovery now that all our theaters are open. We had a backlog of exciting movie titles to be released and we have record levels of liquidity.
And with that, I'll pass the call back over to Adam.
Adam Aron
Chief Executive Officer
Thank you, Sean.
I've been saying publicly ever since we raised that life-prolonging additional equity in May and June that it was high time for AMC to start playing on offense again. And earlier on this call, I promised you some news. So here goes quickly on 10 specific items.
One, you already know that with ArcLight and Pacific theaters decision to permanently shut down. We announced that we've executed 2 leases with Rick Caruso's world-class real estate organization to add to the AMC fleet of theaters, 2 of Los Angeles' highest grossing cinemas. The Grove and and Americana at Brand were the second fifth highest grossing theaters in Greater Los Angeles as recently as calendar year 2018. They should open later this month as AMC theaters. However, I can confirm today that the number is not 2 new theaters for AMC. It might be 10.
We actually now have 6 new theater pickups under lease or signed letter of of intent, not 2. 3 those are in Los Angeles, 2 were in Chicago, 1 is in Atlanta. And we also are currently in advanced negotiations to add 4 more, bringing the possible pickups to 10. 8 of the 10 would come from former Arclight Pacific locations. Item 2. Speaking of new theaters, in 2021, we will open about a dozen newbuild theaters in the U.S., Europe and the Middle East that were all well underway before COVID struck. I'm happy to report that we do know something about designing beautiful and productive theaters.
In the United States, for example, we opened 3 new theaters in 2021. The 2 in Los Angeles, AMC Porter Ranch and AMC Dine-In Mont Claire, are already each among the top 25 highest-grossing movie theaters in the entire United States. That puts each of these 2 theaters in the top 1/2 of the 99th percentile of highest grossing U.S. cinemas. And that was achieved in just their first few months of operation. Really astounding. Our new AMC Dine-In Theater in Sunnyville, California also is doing amazingly well. It's in the 94th percentile of highest grossing U.S. theaters.
Item 3. Many of our new individual investors have showered us with great ideas about how we can strengthen and brighten the future of AMC. Among their ideas for AMC are that we show concert movies, professional sporting events, e-Sports and gaming events. Wasting no time, we've immediately started to implement on these very good ideas. Our first 2 UFC matchups, which were in July, drew significant attendance to our theaters. Our first 2 concert movies with Chance the Rapper and Halsey will show an AMC theaters across the country later this this month in August.
We're quite optimistic that alternative programming can be built into a real revenue opportunity for AMC in future years, and we're chasing it hard. We also hope to engage in meaningful dialogue with professional sports leagues and collegiate sports conferences to see if we can obtain the rights to show more sporting events at our theaters.
As for gaming opportunity, indeed, the President of Epic Games is a member of of the AMC Board Directors. And I cannot even count the number of times already that our shareholders have asked us to reach out and partner with GameStop. We're on the case. More to come.
Item 4. Many of our new shareholders also are quite enthusiastic about cryptocurrency. Some of you may know that my best brand of almost 25 years duration in Europe, the billionaire former Chairman and owner of Silversea Cruises formed a SPAC earlier this year called Centricus, and he asked me to join its Board of Directors.
SPAC for those of you who don't know, it stands for a special purpose acquisition company. That's a fancy name for pooled investment capital in search of a company to buy. Ironically, Centricus is under contract to buy a fascinating company called Arquit,A-R-Q-U-I-T, who just happens to be on the very cutting edge of quantum encryption and blockchain technologies. It was initially funded by the British government. Its clients include British Telecom, the European Space Agency and Verizon, among others.
My role as a Board member is merely to ensure that all laws and SPAC norms are being complied with when that acquisition of Arquit is completed, which will be soon, I would expect. I will then drop off the Board of Directors.
However, to get to this point, I've had to learn more in the past 6 months about about blockchain and cryptocurrency than I learned it in the entire decade before that. This increased knowledge has given me the confidence to tell you all today that AMC is hereby formally announcing on this call that by year-end, we will have the information technology systems in place to accept Bitcoin as payment for movie tickets and concessions if purchased online at all of our U.S. theaters.
We also are in the preliminary stage of now exploring how else AMC can participate in this new burgeoning cryptocurrency universe, and we're quite intrigued by potentially lucrative business opportunity for AMC if we intelligently pursue further serious involvement with cryptocurrency. More detail will be shared publicly with you but only if, as and when, our plans are more firm.
Item 5. Since we had to do the IT programming to accept Bitcoin anyway, we are simultaneously writing the code right now to accept Apple Pay and Google Pay for online purchases at our U.S. theaters also. These new payment methodologies for us should also be implemented by year-end.
Item 6. Again, speaking of our new shareholders. In June, we introduced a new program called AMC Investor Connect that got a lot of of press attention. It's part AMC Stubs and offers our shareholders who participate full stubs benefits. We are thrilled that almost 300,000 of our shareholders have already joined.
Our goals with the program are simple. We'd like to improve the the communications that we have with people who own AMC. And we also want to convince many of the millions of people who are now our shareholders into becoming avid customers of our theaters as well. Hence, we already have made multiple free and discounted offers to participants in AMC Investor Connect, and we're setting up a program of special advanced screenings for our AMC Investor Connect members.
To that end, a very special thank you to Sony Pictures for enabling our first such advanced screening in July, ahead of the scheduled release of Escape Room Tournament of Champions.
Item 7, also to heighten the information exchange with our new shareholders as as well with the public at large, in April, I started actively creating again, which I've not done since my days when running the Philadelphia 76ers back in 2013, when Twitter was my social media platform of choice to interact with sports fans.
My Twitter followers have more than coupled since April and now exceed 150,000. But what blows my mind is that according to Twitter analytics, my tweets, which I write personally, so far have been read more than 72 million times.
In addition, I'm actively following almost 2,000 people who appear to be interested in AMC to get a better sense of what they're saying and thinking. I also make it a point to check and read my inbound Twitter feeds personally. There are hundreds and hundreds of replies to any tweet that I publish, which I find give a more sophisticated and better understanding of what's on the minds of AMC's new owners.
Item 8. With labor costs going up in some places around the country, our costs are rising in the United States. We've also noticed that there's appear to be little price resistance to the increased prices currently being charged at our U.S. theaters. So just last week, we imposed an approximate 5% admissions ticket price increase at many of our U.S. theaters. On average, that's about $0.50 or so [ at ] an increase in admissions ticket price. We think consumers will find that palatable, But hopefully, that will meaningfully strengthen the AMC bottom line.
Item 9. There's a lot of talk currently about exclusive theatrical windows or the lack thereof. You all know that AMC was way ahead of this issue, reaching a landmark and historic agreement with Universal in July of 2020 on their concept of premium video on demand. We were pleased then, and we're still very pleased now with the outcome of the Universal-AMC agreement. And in our mutually working through that initially contentious issue, AMC and Universal are now very close. In fact, I think we have the best working relationship than we've had together in many years.
In this same vein, I'm also pleased to announce today that AMC just reached formal agreement with our friends at Warner Bros. to show all of their movies in calendar year '22, importantly, respecting an exclusive theatrical window of 45 days prior to home release for all Warner Bros films.
It's no secret that AMC was not at all happy when Warner decided in December to take movies to the home on HBO Max simultaneously with theatrical release. Therefore, it's especially gratifying that Warner is yet again embracing an exclusive theatrical window. And for us at AMC, it's especially pleasing to be working so harmoniously with Warner Bros. once again.
We actually are in dialogue, active dialogue with every major studio on this very important topic. We are hearing considerable support in Hollywood that an exclusive theatrical window is an important way to build big and successful movie franchises. Clearly, though, this whole subject is quite topical. It's very much a work in progress. We will keep you posted as things turn out.
And finally, 10. I'd like to thank the Board of Directors of AMC for electing me in July to serve as Chairman of the Board as well as CEO of AMC Entertainment. You know all that. And you've also heard that former U.S. Ambassador in the United Kingdom, Phil Lader, was elected to serve as the board's Lead Director.
Surely no surprise to any of you that we have a highly able experienced and dedicated Board, I feel fortunate to serve with them all. But the news on this point is that at our first meeting of the Board in my new role, I discussed with the Board that I think it is extremely important that company insiders maintain a significant financial ownership stake in AMC through owned and/or granted shares so that that insiders have financial interests are directly aligned with those of our shareholders. Our Board members already have a policy in place that they must hold any granted shares for at least 1 full year. But there was no such plan currently in place for the company's 19 most senior executives. Therefore, I will be recommending to the Board a new policy. Without going through all the nuances and it's kind of complex, but to simplify it and break it down, I will propose that I as CEO be required to hold a number of owned or granted shares at least equal to 8 years of my salary. In my case, 8 years of my salary would mean that I would be required to have at least a $12 million ownership stake in AMC of owned or granted AMC shares.
Sean, our Chief Financial Officer, would be required to hold 6 years of his salary. Our Executive Vice Presidents will be asked to hold 4 years of their salaries in owned or granted shares. And our Senior Vice Presidents will be asked to hold 2 years of their salaries in owned or granted shares.
The Board will consider this proposal as new policy at its next regularly scheduled meeting.
At the same time as I am emphasizing share ownership, I'd like to remind you that I have not sold 1 share of AMC stock in the 5 full years I've been running this company, even though it represents more than 3/5 of my annual -- when when I say it, stock represents more than 3/5 of my total annual compensation. Other than gifting a small percentage of my AMC ownership stake to my 2 adult children earlier this year, I also did not sell any AMC shares in March when I could have. I did not sell any AMC shares in June when I could have in 2021. I similarly will commit that I do not intend to sell any AMC shares in September of 2021 when I'm legally permitted to do so.
But as as much this pains me to admit, in September, I'll be celebrating my 67th birthday. I'm going to be a young vibrant 67, but hey, it's 67 nonetheless. Two months ago, more than 85% of my net worth was in AMC stock and proper estate planning for a 67-year-old suggests I should diversify my assets a bit. But I don't want any of you ever to think that I have anything but full confidence in AMC's future. So I will do so under the auspices of the parameters of what is called a 10b5-1 plan, where I pass off all the share trading control of the shares that I own or granted to an independent third-party bank based on parameters of the plan that I only partially set. The plan would not go into effect until towards year-end at the earliest and only a small percentage of my owned or granted shares could get sold in any 1 month. And that would then be repeated over a period of at least several months. This way, I really have passed on the decision-making to someone else on this important topic.
Additionally, whatever is sold or not sold by an independent third party, I still will have millions of AMC shares that either are owned by me personally or have been previously granted to me personally. My economic incentives are very much aligned with yours to increase shareholder value for all the owners of AMC. What's more, I so fully believe in transparency that I'm letting you all know this well in advance, even though current U.S. law does not require me to make this or even any public disclosure now at this time or at any time soon, prior to any shares actually being sold.
Well, there you go. That's the quarter. That's 10 items of news.
Our second quarter was a very encouraging one for AMC. We believe we're in a road to recovery, and we're ever so grateful to our friends and allies who share our passion that AMC's best days to be those that are coming. You can take comfort that our deeper financial reserves allow us to to stay the course, innovate again and to capitalize on the opportunities that we see around us. We fundamentally believe that ours is a future that is is bright, because there nothing as as magical seeing dazzling images on a huge silver screen.
We're now going to turn this call to the questions that were submitted and upvoted with the greatest shareholder interest on the technology platform, and then we'll take some questions from analysts if we, if you will, in the sparest of time. I should point out that this is an experiment, this state technologies platform for us. It works works really interestingly, but it only with some brokerage firms, not all. So many of our U.S. shareholders and especially many of our international shareholders may not have had a chance to ask their questions on this call. Still, we've had quite a bountiful array of questions posed to to us answer. Sean, what's the first question?
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