At the end of the first half of 2024, Artera posted a FOCF deficit of near $121.9 million stemming from a weak operating performance due to declining sales volume and substantial seasonal cash burn and inclusive of $43 million of interest on debt retired. During the second half of the year, we expect working capital inflows will mitigate additional cash burn and estimate its FOCF deficit will remain at about $75 million in 2024 before improving to about $25 million in 2025. Artera?s cash declined to $36.7 million as of June 30, 2024, but the company has ample borrowing capacity of $415.2 million under its first lien revolving credit facility due 2029 and securitization facility due 2027. Therefore, we believe
