Ladies and gentlemen, thank you for standing by, and welcome to the AllianceBernstein Fourth Quarter 2023 Earnings Review. At this time, all participants are in a listen-only mode. After the remarks, there will be a question-and-answer session, and I will give you instructions on how to ask questions at that time. As a reminder, this conference is being recorded, and will be available for replay on our website shortly after the conclusion of this call. I would now like to turn the conference over to the host for this call, Head of Investor Relations for AllianceBernstein, Mr. Mark Griffin. Please --.

Thank you, operator. Good morning, everyone, and welcome to our fourth quarter 2023 earnings review. This conference call is being webcast and accompanied by a slide presentation that's posted in the Investor Relations section of our website, www.alliancebernstein.com. With us today to discuss the company's results for the quarter are Seth Bernstein, our President and CEO; Matt Bass, Head of Private Alternatives; and Bill Siemers, Interim CFO. Onur Erzan, Head of Global Client Group & Private Wealth, will join us for questions after our prepared remarks. Some of the information we'll present today is forward-looking and subject to certain SEC rules and regulations regarding disclosure, so I'd like to point out the Safe Harbor language on slide 2 of our presentation. You can also find our Safe Harbor language in the MD&A of our 10-K, which we will file on Friday, February 9. Under Regulation FD, management may only address questions of material nature from the investment community in a public forum, so please ask all such questions during this call. Now, I'll turn it over to Seth.

Good morning, and thank you for joining us today. Financial markets enjoyed a strong rally to end 2023 as investors anticipated a shift in Fed policy to lower interest rates in 2024. In 2023, AB was among the beneficiaries of the early wave of fixed income reallocations with two of three channels growing organically. We drove continued market share gains in US retail, led by municipal SMA and taxable fixed income. We also saw strong cross-border fixed income flows. We made good progress in our key strategic initiatives, launching 10 active ETFs, now 12 in total at $1.5 billion in assets under management, receiving approval for our wholly-owned China fund management company license, and growing our relationship with Equitable in support of our private markets platform, which Matt Bass will touch on further. Looking ahead, US money market funds entered the year at a record $6 trillion in AUM, some of which we expect will migrate to higher return opportunities as the rate cycle turns over later this year. Now, let's get into the specifics, starting with a firm-wide overview on slide 4. Fourth quarter gross sales were $28.3 billion, down $2.6 billion from the year ago period. Firm-wide active net outflows were $2.8 billion. Full year gross sales of $101.5 billion compared to $115.6 billion last year. Adjusting for two large custom target date sales in 2022 totaling $16 billion, firm-wide sales rose slightly year-over-year. Full year active net outflows were $5.2 billion, snapping a streak of four straight years of firm-wide active organic growth. Year-end asset under management of $725 billion increased by 12% year-over-year and 8% from the end of the third quarter. While fourth quarter average assets under management were up 8% from the prior year and full year average AUM was down 1%. Slide 5…

Thanks, Seth, and good morning, everyone. I'm excited to discuss with you today AB's private markets business, with a focus on our corporate direct lending business, AB Private credit investors. Turning to Slide 14. Over the last decade, we've built a scaled private markets platform. Now approximately $61 billion in AUM were up about 9% year-over-year. Our focus is on credit-oriented strategies, a core competency that aligns with the firm's long-standing liquid credit business. Notably, with the acquisition of AB CarVal, which closed in 2022, AB now ranks in the top 20 private debt managers according to private debt investor. Highlighted at last May's Equitable Investor Day, our goal is to grow private markets AUM to $90 billion to $100 billion by 2027, supported by Equitable's $20 billion permanent capital commitment. At this level of AUM, private markets will represent more than 20% of our asset management revenues. We're well along on our path with private markets generating approximately 14% of asset management revenue in 2023, up from approximately 9% in the prior year. Today, we're focusing on AB Private Credit Investors, or AB-PCI a middle market private lending and sponsor fund finance business, which manages more than $17 billion in AUM. Turning to Slide 15. AB- PCI is a scaled platform and team with a strong reputation. Team focuses on lending the businesses in the core middle market with further focus on sectors that exhibit our targeted investment characteristics. We have a strong track record of performance, which has been delivered to a diverse array of clients through a number of different perpetual vehicles. We're excited to highlight the differentiating aspects of this platform and our plan to execute on a focused organic growth strategy. On the next slide, we introduce the team. We got to know Brent Humphries…

Thanks. Let's start with the GAAP income statement on slide 23. Fourth quarter GAAP net revenues of $1.1 billion increased 10% from the prior year period. Operating income of $238 million increased 17% and operating margin of 20.6% increased by 60 basis points. GAAP EPU of $0.71 in the quarter increased by 20% year-over-year. For the full year, GAAP net revenues of $4.2 billion increased 3%. Operating income of $818 million, increased by $3 million and operating margin of 19.1% decreased by 240 basis points. Full year GAAP EPU of $2.34 decreased by 13% year-over-year. I'll focus my remarks from here on our adjusted results, which remove the effect of certain items that are not considered part of our core operating business. We base our distribution to unitholders on our adjusted results, which we provide in addition to and not as a substitute for our GAAP results. Our standard GAAP reporting and a reconciliation of GAAP to adjusted results are in our presentation appendix, press release and 10-K. Our adjusted financial highlights are shown on slide 24, which I'll touch on as we talk to the P&L shown on slide 25. On Slide 25, beginning with revenues. Net revenues of $871 million increased 9% versus the prior year period. For the full year, net revenues of $3.4 billion increased by 1% versus 2022. Fourth quarter base fees increased by 3% versus the prior year period, as 8% higher average AUM was offset by a lower fee rate. The fourth quarter fee rate of 39.6 basis points decreased 4% year-over-year, driven by mix, reflecting organic growth into lower fee rate fixed income products and a full quarter impact from last December's large, low-fee custom target date inflow. The full year fee rate of 39.9 basis points was flat year-over-year. Fourth quarter…

Thank you. [Operator Instructions] And we will take our first question from Alex Blostein with Goldman Sachs. Your line is open.

Thanks. Hi, everybody. Good morning. Thanks for the question. I appreciate the extra discussion around private lending, definitely really helpful and an important driver for the firm. So I guess on that note, you highlighted a number of new initiatives in private markets for 2024. And based on the public data, it looks like the retail dynamics are still quite strong offer a pretty good start in January. So just maybe assuming out, what are your guys' expectations for organic base fee growth for 2024 since it feels like there's some positive dynamics on the fee rate that are also unfolding in the business?

Hi Alex, this is Bill. For 2024, we expect the fee rate it will continue to be mix dependent. In 2023, as you know, we experienced organic growth in lower fee products, such as money markets, munis were seeing outflows and higher fee active equities. Simon, we're going to continue to be dependent on the markets on interest rate movements during the year and invest a risk and return appetite. I mean on the positive side here, it's also institutional, as we've mentioned, is supported by a high private wealth exposure with the pipeline fee rate is around 3 times the channel average. So, there's no specific guidance at this point.

I guess maybe just asked another way, maybe keeping the fee rate aside, if we don't want to go to the like organic base growth discussion. But in terms of the flows and the organic base -- organic growth in the business between good momentum in retail and obviously, a lot of these new initiatives that you're about to roll out in private markets. So, I was just curious if you could give us a range of kind of what your expectations for the flows organic growth for the year.

Hi Alex, this is Onur. Thanks for the question. Yes, we remain confident about our sales growth in 2024. We have good momentum starting the year on the sales front. And this is wide based in multiple businesses as a continuation of the last few years, right? We delivered positive five consecutive years of organic growth in US retail. We delivered three years of organic growth in private wealth. As you know, the Asia extra Pan taxable fixed income had a very strong momentum as well. So, a number of our strong engines are humming. So, we feel very good about the sales prospects. As you mentioned, on private alts, we have a strong pipeline. As also Bill mentioned and we are adding more solutions to that to participate in high-growth opportunities, whether it's retail, whether it's the insurance segment to the strategic priority for us, and we are seeing traction there. Obviously, there will be some continued pressure on the institutional side. It is concentrated in a narrow set of equity strategies. We had some recent performance challenges, and it's very hard to predict those outflows given it tends to be individual mandates and lumpy. So, strong confidence in sales, hopefully contributing to positive flows with the uncertainty of the institutional side in a narrow set of equity strategies.

Got you. That's great. Yes, that's what I was looking for. For my follow-up, one of the products you mentioned in private credit was around, I think, non-traded BDC that you're likely to launch this year that will be more broadly disseminated. I guess when you look at that part of the market, it's gotten really crowded over the last 12 to 18 months, there are some established players, there are some traditional firms that are entered the market with new products. What gives you confidence, I guess, that this is the right time to go after that opportunity? And what makes you feel like that you guess you'll be successful with that product? And is there anything differentiated with that with respect to that non-traded BDC that doesn't already exist out there? Like what would be the pitch? Thanks.

Sure. So look, I think stepping back, first of all, hopefully, based on the commentary on ACI, we're able to kind of articulate the competitive advantage and edge in the market if it's historical track record kind of the consistency of the team are focused, our sector-led focus, our focused on the core middle market, et cetera. So, we believe we have a right to win from -- certainly from an investment perspective. And now look, as it relates to the BDC as a vehicle, the market, yes, there have been a lot of launches and a lot of capital raise, but the backdrop there as well is a very large growing market for private credit, which has gone from, call it, 15 years ago, a niche asset class into a market that rivals the size of the BSL market. And there are continued tailwinds for growth there from a supply perspective and also from a demand perspective, as retail interest and allocations increase over time. So we think the long-term supply demand dynamic is solid. But -- and we have a right to win from a capability perspective. This will be our second BDC. We have a private BDC as I mentioned, in our private wealth channel. So have experience with the wrapper and really distributing the sort of product to individual casters in their needs.

Great. Thank you so much.

We will take our next question from Bill Katz with TD Cowen. Your line is open.

Thank you very much for taking the question this morning. I appreciate the added discussion, and Bill, best of luck in your retirement, a bit jealous. I'll say. A couple of questions. Maybe from a big picture down math for you. I just really appreciate the extra insight. One of the building debates for private credit is just sort of the reentry of banks, so the leverage lending and the high-yield market has a potential impact to volume and/or pricing. I was wondering if you could address how you're positioned to potentially compete against a wider set of lenders. And then secondly, I wonder if you could just expand a little bit on the opportunity set into the third-party insurance sector in particular?

Sure. Happy to. I guess on the first question, and I'll kind of team up with owner on the second one as well. As it relates to the first question, the growth I mentioned in private credit rattling the size of the BSL market now. A lot of that has been driven by share shift deals that had historically been executed in the BSL market coming into the private market, and that's either driven through ability to execute quicker, more flexibility, certainty of close. Now some of that's secular. Some of it is certainly cyclical and we've seen banks become more offensive and aggressive and we've seen a lot of releases recently about banks moving more closely back into that market. So again, it's a trend and there'll be some cyclical ups and downs. As it relates to our business specifically, we have a focus on the core middle market. There are a lot of ways to define that. But from an average cash flow perspective, median cash flow perspective, we're around $50 million of media EBITDA and that, combined with our sector focus and the continuity of the team, gives us, we believe, a well-entrenched position in that market. We can go upmarket in certain instances, but we focus on the core. As it relates to the insurance side and Onur definitely chime in, given the focus, a key part of our growth strategy, so this is part of the CarVal thesis that applies to our other businesses as well, is leveraging existing investment capabilities that our teams have from an origination or asset class perspective into lower cost of capital strategies. So I think private investment-grade credit as an example. So CarVal historically has invested in markets such as residential mortgage, consumer finance, transportation in the context of higher risk, higher return strategies, so the flagship fund. We'll continue to do that, but increasingly working on delivering those investments to insurers on an unlevered basis or the senior part of the capital structure. So the residential mortgage mandate with Equitable is a good example there that Seth previously mentioned. We were able to leverage our existing origination capability in that asset class and deliver those loans on a whole loan basis to Equitable. And we think that would be interesting to other third-party insurers owing to attractive capital treatment, et cetera, and there are other asset classes as well that we're actively looking at.

Yes. Thanks, Matt. The only a couple of things I would add, one, obviously, a recap for Bill. As you know, insurance is a large portion of our assets, roughly quarter of our assets, AUM is managed on behalf of insurance clients. So it's core to our business. And second, as Matt briefly mentioned, we have the ability and the expertise to marry these specialized origination engines with insurance-friendly wrappers. So that structuring is very important, whether it's specialty finance, mortgages, NAV lending, rated feeders or middle market lending. We have deep expertise in terms of packaging those solutions in a capital and regulatory efficient way for the insurance companies, both in the United States as well as globally. And that, I think, creates a solid foundation for our continued growth in the insurance space.

Great. Thank you. And just as my follow-up, Seth, for you, I was just wondering, what was your and the Board's decision to bring this marks in given where I think maybe the evolution of the Alliance Bernstein model might sit? And then within that, given that your margin today is bucking up against your 30% margin you laid out at the Investor Day more recently, how should we be thinking about that in light of just obviously a higher level of assets and just your incremental cost guidance, is 30 now, a bit of a stale outlook ex-markets? Or is there more opportunity here to get to a higher run rate margin? Thank you.

Bill, thanks very much for the question. Good morning, everybody. I'm going to actually defer to Bill to talk about the margin impact, but let me touch on Jackie and her role. We have been blessed for a number of years by having an incredibly capable and well-regarded controller who has been CFO a couple of times now on an interim basis. And it's precisely to reinforce the skills and disciplines that Bill has embedded into our team that I found Jackie so compelling. She has a very deep skill set and experience in the controller function generally, but also in global treasury and tax, as well as her skill set and strategy. So I think she brought a package of skills or brings a package of skills together that are quite complementary to what we have in the firm. And I think she has the leadership skills to move forward without skipping a beat as Bill moves on to the call [ph] of course. So I would simply say that we're very pleased that she's arrived and Bill will transition after this quarter. And so I think she's well-positioned to take the role forward. I think with respect to the relationship with Equitable, I think the skill set is quite complementary to what the Equitable team would be looking for. I think she will be an added voice with respect to advocacy for AB and its strategic goals and needs. And I think we're off to a pretty good start. So let me pass it over to Bill to give you a little more color on our expectations on margin.

Thanks, Seth. Yeah, Bill, I mean, we don't give, as you know, specific margin targets, particularly for the next year, but we did give the top side, 2027 targets at the Equitable Investor Day. But that said, yes, I mean, we are starting at a better AUM level this year, than last year. AUM starting point being almost $80 billion higher, but with that, I mean, we're going to continue to invest in our business for growth. And then we have to continue to remain competitive and pay our people for performance and then, manage all our non-GAAP expenses. So with that said, from the Investor Day, we mentioned with the VRS JV, we were going to -- on a run rate going forward, annual basis, get 250 basis points of improvement. That's definitely going to come into fruition this year. To what extent, we don't know. It's according to when the transaction takes place. So we might only get a piece of that. And then as we've mentioned, the completion of the relocation is going to add another 100 to 150bps. That will actually trigger first thing next year. Right now, we're in the Hudson Yards and also 1345. So I mean, once we get at 1345, this year that will trigger. And then, of course, the other remaining stuff is just Growth Investments and Private Alts rounding out that number. But the big thing to note also is all these improvements that I'm talking about, I mean that's potential benefit without market improvements in there right now. I mean, so we put some market improvements in there, we would be able to beat those numbers.

Thank you. And best of luck again. Bye-Bye.

Thank you very much.

And we will take our next question from Craig Siegenthaler with Bank of America. Your line is open.

Good morning, Seth. Thank you for taking my questions.

It's too good to hear you.

Will give your perspective on how you think your fixed income lineup is positioned for money-in-motion duration extension with future Fed rate cuts and the yield curve steepening? And what I'm getting at is do you think you're missing or light on any capabilities like core total return that could limit your ability to win some money motion.

Craig, thanks for the question. Look, I think it's clear that we're at the end and the issue of the right of the raises and rates. And the issue now is when that starts easing. We have thought it's later in the year all along. And the recent strength we've seen in payrolls and ISM, we don't change our expectations in that regard. And while we do see the economy slowing, we do think that we're in a soft land bank for the first time that I can remember. And so I'm going to rejoice in that. And what we're seeing quite clearly is that, investors are now increasingly comfortable with extending duration and moving into credit. We're seeing that most definitively offshore and the very strong growth that we've had in Asia. And we think that continues. And in fact, that strength, I think, reflects both increased comfort with extending duration and having higher yields switch between AIP and American Income and Global High Yield range between 5% and 7% today. But I think what's most interesting is that the alternatives available to our local investors are less attractive to the mainly onshore Chinese equities. I think that's, I think, a pretty compelling case for us, and we hope to ride that. I think retail in the US, I think we're quite well positioned with high net worth individuals, who are focused on the municipal marketplace, the tactics that marketplace we've been building share, as you know, for years, and we think we have a differentiated product proposition in how we build these separately managed accounts, which is where we see all the growth there in ETFs that I think will really drive pretty strong demand over the course of this year and hopefully into next. We also feel that we benefit from an institutional capability and with insurance companies that will continue to pay us dividends as they seek better ways of managing public market investment grade credit. Our systematic strategies have proven to have very strong risk return characteristics and we can do so at a quite a competitive cost, and we're seeing increasing interest there, not just in the US but really outside the US as well. But it's certainly true, Bill, that we don't have an installed base of traditional DBDC ag-based core strategies, although we think we have a pretty compelling product proposition that may be better at addressing our client teams, particularly to becoming increasingly cost competitive. So I'm going to actually ask Onur, if has anything to add to that answer

Great summary. Two-thirds of our institutional sales in the fourth quarter was fixed income. So, we are definitely showing strength in institutional and fixed income as well. That's perfect to summarize the strength in retail across US and international markets. I would also highlight the growing ETF product range we have, where we participate in core and other taxable and tax-exempt fixed income categories. We are very pleased with the build-out and the asset capture of our ETF franchise and that should help us increase our penetration in taxable fixed income including core and core plus categories as well. Again, early days, but the signs are very encouraging, combined with our distribution power in US retail.

Thanks, Onur and Seth. And I actually have a credit one, so I might take advantage that Matthew Bass is on the line too. But I know you launched a NAV lending strategy last year. And we know the LTVs are quite low in this product from a lender standpoint. But, you know, I wanted to see, if you think it's a good idea for buyout funds to cross-colorize their portfolio companies in order to get early cash flow events to their LTVs?

Yeah, sure. So I think stepping back, there are various use of proceeds for NAV loans. And I think considered along with a kind of growing and functioning secondaries market, is this just another way to provide liquidity to a growing private equity market, right? So, think of it holistically. NAV loans have been around for a while. They can be used offensively to enable portfolio companies to make acquisitions when capital is not available or funds outside of its investment period. Could be used, defensively to de-lever portfolio companies at a lower cost of capital. Could be also used, your point, as a liquidity tool for GPs to return capital to LPs. So we would look at all three types of transactions. Ultimately, it depends on the quality of the sponsor and the underlying. But there are various use cases that may or may not make sense for different sponsors based on the particular situation. So very, very, very situation-specific, I would say.

Thanks, Matthew.

And we will take our next question from Dan Fannon with Jefferies. Your line is open.

Thanks. Good morning. Wanted to talk about the private wealth channel and adviser growth and productivity increased year-over-year, I was just curious, as you think about 2024, how those metrics should track and maybe any changes or plans to accelerate hiring or growth in that segment?

Thanks for the question. Yes, you're right in pointing out to our consistent growth pattern with the financial adviser, which we now call wealth advisers and the productivity along with that. We take it through the cycle mindset to growing our client-facing headcount, so we'll continue to stay at that same pace. Obviously, it takes time for the new wealth advisers to become fully productive, but we have high confidence in our long-standing and well-regarded training programs. As you know, we have a heavy bias towards organic growth by hiring new advisers to the industry, which takes time to grow into our culture, but then delivers very strong outcomes, as you have seen on the sales productivity side. In addition to that, we continue to be open-minded about financial advisers with existing clients and books as well as adjacent opportunities in the RIA space [ph]. Again, we are always looking for the best value for our shareholders, and we'll continue to stay on the organic growth path and be open-minded about any add-ons.

Great. And then, Seth, just as a follow-up on your active ETF business. I know it's small, but you've launched a bunch of products here in 2023. How do you think about that landscape over the next several years and your role within that and kind of obviously, some of what the growth potential of those products could be.

Yes. Let me start, Dan, and then I'll pass it over to Onur to give more color to it. In our view, ETFs are a better wrapper for many of our clients. And we think that increasingly, and in fact, it's been the case for AB, we are going to introduce new strategies via ETFs to the extent they're feasible from an underlying securities perspective to do so getting the better tax treatment for taxable investors, as well as just the day-to-day perceptions of liquidity and transparency, which we think actually offers real advantages and comfort to our investing clients. What I would say to you is we continue to plan to expand the range, particularly focused on new strategies and where we see differentiated opportunities that align well with the capabilities that we have. So to the extent, for example, we see tax aware fixed income as a place where we have an edge, and it's a very efficient tax vehicle for our clients, we'll launch strategies like that. And tax key [ph], which is our vehicle has been a successful product in that array. But I think you should expect to see most of our issuance activity through ETFs going forward. Onur, please jump in.

No, thank you, Seth. Yes, I mean, our strategy is very clear. We look at basically areas where we can differentiate ETFs allow us to complement, supplement our SMAs, which has been very successful in U.S. retail. So we typically see that pairing quite powerful in the fixed income space, for instance. We also take advantage of conversions when it makes sense. Obviously, like any vehicle, ETFs have their limitations, particularly in the retirement plan space. And as a result, we are mindful about that. But in general, particularly in the non-qualified space, ETFs remain our dominant vehicle preference, along with SMAs and CITs, where we see the future. And then internationally, it's a little bit more nuanced picture for the active ETFs. The regulatory framework is now catching up, and there might be opening up opportunities where we could potentially leverage our distribution reach to disrupt some markets by offering ETFs, but it's more exploratory at this stage, and we don't have any concrete plans. I would say, it's an option on the table. Our primary focus remains in the U.S. And you will see us build on the good momentum that you have seen in the last 1.5 years with the 12 ETFs and growing.

Great. Thank you.

And we will take our next question from John Dunn with Evercore ISI. Your line is open.

Thank you. Maybe could you expand a little more on the product demand trends you're seeing in retail and institutional overseas, maybe ex American income and global high yield funds?

Sure. Happy to take that. As you know, in addition to Asia, ex Japan, we have a strong franchise in Japan. We continue to remain very strong in U.S. equities. We have a very dominant position in large cap growth that continues to be a strong area for us. So, definitely, I want to highlight outside Asia, ex Japan, outside the AIP and global high yields. Definitely, our U.S. -- sorry, our EMEA business tends to be skewed towards equities as well because the European buyers like the U.S. and global equity products. We continue to see demand in some of the strategies that we offer in the UCIT formats, sometimes more lower volatility kind of strategies that are a little bit more defensive. For instance, would be an example of that. And then definitely, with the non-traded BDC, we would be targeting the U.K. and Swiss market along with the Asian market. So definitely, we see demand towards private credits. And then finally, we have a strong position in LatAm with the pension systems, whether it's in Mexico with afores or with the Chilean pension systems, and that tends to be a pretty strong demand for equities, including emerging markets, given their bias towards emerging markets. And then on the institutional side, we touched on it, but private market is a great focus area for us, and I see that as a global phenomenon. Again, there might be different self patterns when you think about different geographies and different types of clients, insurance versus pension plans versus storing wealth, but depending on the risk appetite constraints, yield expectations across middle market lending, real estate lending as well as specialized strategies through CarVal we see demand.

And if I could just jump in, I think longer term, China does present a real opportunity for us. As you may know, we did get our license from the Chinese regulator at the end of the year, and we're hopeful to launch our first strategy in the near term. China/Asia strategy, sentiment is not great, obviously, in China, but we think there's strong demand ultimately and we plan to launch a number of strategies over the course of the next two to three years, which would both reflect equities as well as fixed income. Q – John Dunn: Got it. And then there's been recently an uptick in private markets firms deciding to join traditionals or other larger oil firms. Maybe just what you guys see a lot of activity. What are you seeing? And any change in your appetite for maybe adding teams or even bolt-ons?

Well, let me start, and Matt or Onur smay join in. But my view is we have a pretty full set of capabilities today in Private Alts, for example, while we've had a good start with CarVal, there's a lot more work to do there and to get private credit investors stuff in our commercial real estate business up to their full scale. That doesn't mean there aren't niche services and capabilities, we would not be interested in. We do when we look at them. But I think they would be smaller in size and very specific in terms of the needs, at least at the moment in Private Alts. Switching over to more traditional, as I think we've also disclosed, we have acquired a very talented team in Europe focused on global growth and has an excellent European capability as well. And so we're -- it's early days there, but we're upbeat as to the potential of that service. The short summary is we have -- we always are looking for teams. We're always looking for ways of refining and updating our product suite, but there's nothing in and or large at the moment we're looking at. Q – John Dunn: Thanks very much.

And ladies and gentlemen, that is all the time we have for questions today. Mr. Griffin, I will now turn the call back over to you.

Thank you, everyone, for participating in the call today. Please reach back out to Investor Relations with any questions, and have a great day.