Greetings, and welcome to the FLEETCOR Technologies Fourth Quarter 2017 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to your host, James Eglseder, Head of Investor Relations.

Good afternoon, everyone, and thanks for joining us today. By now you should have access to our fourth quarter press release, which can be found on our website www.fleetcor.com under the Investor Relations section. I would like to point out that we also published a supplemental presentation in conjunction with the release that we hope will be useful in reviewing our results and outlook. Throughout this conference call, we will be presenting non-GAAP financial information, including adjusted revenues, adjusted net income and adjusted net income per diluted share. This information is not calculated in accordance with GAAP and may be calculated differently than other companies similarly titled non-GAAP information. Quantitative reconciliations of historical non-GAAP financial information to the most directly comparable GAAP information appears in today's press release and on our website as previously described. Also, we are providing 2018 guidance on both a GAAP and the non-GAAP basis with a reconciliation of the two. Finally, before we begin our formal remarks, I need to remind everyone that part of our discussion today will include forward-looking statements. This includes forward-looking statements about our 2018 guidance, new products and fee initiatives and expectations regarding business development and acquisitions. They are not guarantees of future performance, and therefore, you should not put undue reliance upon them. These results are subject to numerous risks and uncertainties, which could cause actual results to differ materially from what we expect. Some of those risks are mentioned in today's press release on Form 8-K and on our annual report on Form 10-K filed with the Securities and Exchange Commission. These documents are available on our website, as previously discussed and at www.sec.gov. With that out of the way, I would like to turn the call over to Ron Clarke, our Chairman and CEO. Ron?

Okay. Jim, thanks. We're delighted that you've joined us, the head of IR here at FLEETCOR. And hi to everyone, I appreciate you joining the call this afternoon. So upfront here, I'll plan to cover 3 subjects. First, I'll provide my take on Q4 and full year 2017. Second, I'll discuss our plans and our guidance for 2018. And then finally, I'll share our thoughts on our midterm prospects, those beyond 2018. Okay. So on to the quarter. We reported Q4 revenue of $610 million, up 18%, and cash EPS of $242 million, up 28%. So $610 million and $242 million, 18% top line, 28% bottom line. Some good news on organic revenue growth for the quarter. Overall organic growth improved to 10% in Q4. Inside of that, our fuel card organic growth was 5%, although we believe it would have been 8% to 9% if adjusted for the MasterCard conversion. Our nonfuel card, our product categories, tolls, lodging and corporate payments, excluding Cambridge, all grew organically in excess of 20% for the quarter. So very strong. In terms of other trends, our same-store sales were positive plus 2% for the quarter, that's on top of 2% last quarter as well. We saw increased strength in Brazil and Russia inside our hotel business, the rail and oil and gas recovered nicely and a lot of strength across the board in our Corporate Payments business. Another train customer retention, very strong 91% in Q4, that makes 11 consecutive quarters at 90% plus. Our sales, our new sales bookings, terrific, up 23% in Q4 and that's on back of 23% sales growth that we reported in Q3. So new sales bookings accelerating here in the second half versus the first half. So look, in summary, we'd say a very good Q4. Cash…

Thank you, Ron. For the fourth quarter of 2017, we reported revenue of $610 million, up 18.5% compared to $515 million in the fourth quarter of 2016. The revenue from our North America segment increased 18% to $387.8 million from $328.6 million in the fourth quarter of 2016. Revenue from our international segment increased 19.2% to $222.2 million from $186.4 million in the fourth quarter of 2016. For the fourth quarter of 2017, GAAP net income increased 196.3% to $282.7 million or $3.05 per diluted share from $95.4 million or $1 per diluted share in the fourth quarter of 2016. Included in the fourth quarter of 2017 net income was an estimated favorable impact of adoption of a Tax Reform Act of $127.5 million. Non-GAAP financial metrics that we routinely use are adjusted revenues and adjusted net income, which we sometimes also refer to as cash net income or cash EPS. Adjusted revenues equal our GAAP revenues less merchant commissions. A reconciliation of adjusted revenues and adjusted net income to GAAP numbers are provided in exhibit one of our press release. Adjusted revenues in the fourth quarter of 2017 were $579.5 million, up 18.4% compared to $489.4 million in the fourth quarter of 2016. Adjusted net income for the fourth quarter of 2017 increased 24.1% to $224.1 million, compared to $180.5 million. And adjusted net income per diluted share increased 27.6% to $2.42 compared to $1.90 per diluted share in the fourth quarter of 2016. Fourth quarter results reflect the impact of a positive macroeconomic environment. Changes in foreign exchange rates from the fourth quarter of 2016 were primarily positive, and we believe positively impacted revenue during the quarter by approximately $9 million. Fuel prices were also mostly favorable during the quarter and although we cannot precisely calculate the impact…

[Operator Instructions] Our first question is from Ramsey El-Assal with Jefferies.

I wanted to ask about the organic guidance growth. You hit 10% this quarter, which was great, and yet next year you have a little bit of deceleration, I understand there are some puts and takes and sort of potential headwinds from the conversion but what would cause your organic growth performance to trend at a lower end of the range versus the upper end of a range or to exceed?

Ramsey, it's Ron. I'd say, the short answer is we're lapping a bit of the pricing late in the year, late in '17.

Okay. And then in your presentation, you'd mentioned that no impact for the ASC 606, and that's something that you're still evaluating. Is there a -- do you have any way to help us think about what the potential impact there could be if it would be material, et cetera?

Ramsey, this is Eric. Yes, we don't expect any material outcome certainly on our bottom line results in any way, shape or form. The only thing that we're really discussing is whether to use the metric that we call, adjusted revenues today versus just revenue. So there is a possibility that, that would be our revenue going forward, but we'll have an answer to that in obviously in about 30 days.

Okay. And just quick last one from me. Just was wondering, and this is kind of reaching back in the past a little bit. Any incremental regulatory or legal items that are worth calling out or anything -- any developments on that front in the last few months?

Not really, Ramsey. No, no real new -- there's no development there at all.

Our next question is from David Togut with Evercore ISI.

Slight deceleration in the fuel card business in the fourth quarter, the 5% from 6%, I believe, in Q3, any call outs specifically behind that?

Yes, David, it's Ron. Same thing, I think the GFN thing widened just a shade from our estimates in the summer, so I'd say, that's probably a point of it. So again, we kind of say, we think without the GFN thing we'd probably be around 9% for the quarter for fuel.

So did GFN have a greater incremental negative impact in Q4 than it did in Q3?

Yes. But more importantly, It had -- I'd say a couple of million more than our forecast from back in the summer.

And any commentary on -- like client retention in that portfolio? Has the retention stabilized?

Yes, I think obviously this is not our fondest topic. But I think the good news is we're kind of on the other side, all systems are green. We're selling back on the platform. Sequential retention of the base, that's on it is in line with where we think. So I think it's effectively over other than basically on the compares going forward. But we are finally on the other side of it. All fixed, people happy, back to normal.

Got it. Okay. And then performance of Cambridge global payments acquisition versus your buy plan?

Yes, not super. I'd say it had a bit of a sluggish revenue Q4, and mostly, because we were working on restructuring. We exited some people. I think we've told you that we're pretty focused here on profit pools, and so that business has a very large number of small unprofitable clients. So there was a lot of energy in the quarter. Repricing and exiting what we think are a set of pretty unprofitable accounts. So that's going to result in big margin expansion for that business in 2018, and still I say, we're planning kind of mid-teens growth. So I'd say the plan that we have for '18 is pretty in line with the thesis we had this summer.

Understood. And then question on the cost structure, and realize these are GAAP numbers, general and admin expense at least on a GAAP basis was up 51% year-over-year. How much of that is onetime in nature versus sustainable in '18?

Yes, so there's 2. And let start and I'll give it over to Eric. So there's a couple of things going on, one is a couple of onetime legal settlement kind of restructuring things in there, and then two, we greenlighted a bit of discretionary spend when we saw the business was tracking kind of ahead of our forecast particularly around IT, and a bit around some consulting projects. I'd say, ballpark probably about $20 million of this spend was one of those 2 flavors, either legal settlement flavor or a bit of a step up in discretionary spend. And then the balance is obviously the business mix, right? The fact that we own lower-margin assets, for example, like Cambridge in that quarter. You have any answer to that?

Yes, and just to add to that. I mean, again, just to add, the last thing that Ron said, I mean, don't forget, a year ago we did not own Cambridge, we did not own CLS, we did not own the private -- the small private-label account in Russia. So you've got the year-over-year impact of owning that business, which is actually the majority of the increase in revenue -- I mean, in expense. And then there's the 2 or 3 things Ron kind of packed on to that kind of added some expense in the fourth quarter. But most of that stuff was one time.

Got it. Just a quick final one for me. Net cash from operations was down about $39 million year-over-year in 2017 versus '16, and it looks like accounts and other receivables were up about $100 million year-over-year in terms of using cash. [ The ] call-out on DSO, was that -- is that business mix-related?

Yes. You know what? A lot of it had to do with the acquisitions. Again, don't forget that we added a lot of new business versus the prior year. We also made more tax payments this year than we did last year, which also impacted the cash flow from operations. But if I could remind that -- you that our business is very simple from a cash perspective. We bill and we collect. I mean, our DSO literally runs approximately 15 days. So we collect 99.995% of all of our receivables. So it all turns into cash. If there's any variances on the operating cash flow statement, it really is just timing.

Our next question is from Darrin Peller with Barclays.

Good trends. I just want to start off, you're mentioning for guidance mid-teens growth in the nonfuel areas other than gift. So corporate, tolls, lodging, it seems like those were growing. At least toll's up 20%, lodging up over 30%. So first of all, how is -- making sure lodging, that's organic, that's without CLS, I think, right? And then, why would those businesses, including corporate up 16%, decelerate to mid-teens, which is what it sounds like you're trying to imply in the guide?

Yes, Darrin. Hey, it's Ron. So the short story on CLC is we got some hurricane FEMA help in Q4 that probably gave us 10, 12 points of incremental growth. So that thing was still -- excluding the hurricane, a mid- to high-teens grower. And then on the other 2, I'd say, again, the comment I said to Ramsey, it's really kind of lapping some pricing so the compare gets steeper as you get later into the year, particularly in corporate pay and STP. So I would say those are the couple of reasons that something that's in the low-20s will be in the mid- to high-teens. But I do want to say, [ because ] it doesn't sound this way, we're happy. I mean, we're happy in this company to have 3 lines of business, that are half the company, grow in mid- to high-teens. I don't want you to miss that point. We're happy.

No. Yes, we're not missing that. Just one quick follow-up and then some really -- a couple of technical questions. One of them is on the fuel price assumption. It looks -- I think you're using $2.57. I think the spot's closer to $3 now, so just a quick comment on that. And then on the gift business, you left us off last quarter thinking there could be something coming with regard to structural changes. Just wondering what's -- what the strategy there is now.

Yes. So the fuel price, Darrin, is basically a mix of diesel and unleaded, and obviously, it mirrors the geographies and stuff that our client base is in. And so yes, sitting here at this moment, I'd say the number that we have in is a bit conservative. But as you know, that price can move, obviously, materially up or down. So if they stay where it is, there would be some upside in the plan.

So Darrin, just to add to that, that guide is really for only those businesses that are directly sensitive to the movement in the retail price of fuel, so it's primarily our fuel -- like our MasterCard businesses, as an example would not include Comdata as an example, which is obviously 95% diesel, because those businesses really don't react that much to changes in fuel price. So again, it's really those 2 businesses, and that business has more of a 50-50 kind of mix between gas and diesel.

What was your second part, Darrin? What was the second part of your question?

Yes, the gift business strategy now.

Yes. So we're still, I'd say, at the plate. I think what we said last time is the same, just slower. So we're on our third idea for that business and still actively working on it. So no news to report today. I think I said this last time. Hoping to have some news next time we talk. So we're still chopping wood on this idea we have.

[Operator Instructions] Our next question is from Sanjay Sakhrani with KBW.

I guess, a question on -- so the nonfuel businesses at the mid-teens and maybe more the toll business. When we think about the growth rates you're anticipating, are you assuming any benefit from beyond fuel? And if not, when can we conceivably expect any upside to kick in?

So the first thing is the -- most of the beyond-fuel initiative is in our fuel segment. When we use that term, we're referring to our fuel card clients, primarily here and in the U.K., that buy only fuel, opening those cards and letting them buy some other things like construction supplies. But again, I said the same thing earlier, we're pretty happy with mid to high teens for the 3 nonfuel card businesses, and the reason that's decelerating a bit is they're lapping, again, the exit rate or the pricing.

Okay. And when we think about other initiatives within toll that I think you've talked about in the past, are we expecting some of those to kick off in 2018? Or is it more just -- more of the same in terms of organic growth?

Yes, that's a great question. So again, the toll business, the STP business that we just reported in Q4 is 97% toll- and parking-related revenue. And then the third part is a little bit of fuel revenue for the people that use the toll product. So the big idea we have there is what we call fuel first, which, in English, means offering that same technology to consumers or businesses that don't go on the highway, so are not toll users. So effectively almost like a fuel card, people that go locally and go into the major branded stations would be able to avail themselves of the STP technology. So that opens up a market, call it, 5 to 10x the size of the market that we're in, and we've got a unique position having our STP [ gadgets ] in those locations and having those contracts. So we've got, I don't have it in front of me, probably circa $5 million to $8 million, I think, in our '18 plan for that initiative. So this is a "pilot and start to ramp it up" year.

Okay. Maybe just one quick follow-up on the reinvestment of the tax benefit, Eric. It sounded like 1/3 of it sort of maybe not recurring. Is that the way we should think about it? Or is the total reinvestment the recurring amount after 2018?

Yes, again, we're still developing some plans on exactly what we're going to invest in. I think, as Ron kind of mentioned, we're going to invest some money in some people, and then hopefully more sales investment into some other things to more protect the business. We don't have the exact number we're going to spend. We kind of called out about 1/3, but that would be something we would consider to be at least ongoing for now. It might change next year, but for now, we would expect that number to be in the business.

Yes, just -- Sanjay, it's Ron. I'd say the only piece that feels a little bit more onetime in that third is the segment we call transformation projects. So we do have a couple of big kind of onetime things. We're trying to clean up and make better. I don't know if that's going to run for a year or a little bit more, but call it, 1/3 to 40% of the third Eric mentioned may be kind of more onetime-ish.

Our next question is from Tim Willi with Wells Fargo.

My first question, Ron or Eric, on the M&A front, when you think about some of the areas, I guess, around like fleets and payments, do you see opportunities to acquire businesses or technologies that might take you deeper into the value chain for, I guess, more of your larger fleet customers beyond just a transactional service that you provide? Is there something else where you see a logical, I guess -- to deepen that relationship and helping them manage their fleets and their businesses, et cetera?

Yes, I would say that, that's probably not a primary area that we're looking at. Again, I think our idea for deepening relationships are, A, to open up the cards and allow controlled purchases in adjacent space like for a big construction client, as an example. And then I think, B, the other deepening is the cross-sell into some of our clients our corporate pay and FX kinds of solutions. So I think that deepening idea is a little bit closer to kind of what we're in, in some of the divisions that we've got than it is something entirely new.

Okay. And then my follow-up sort of related to that is, obviously, you've got a lot going on around [ work ] initiatives, and I think it touches on the last question around investing the tax savings. Would it -- just conceptually, as we think about -- out over the next, call it, 2 years, 3 years, as these new initiatives around expanding the categories and spend in Cambridge, et cetera, begin to take off, is that another leg to the margin story? Or is there an investment amount in here right now that's sort of suppressing the margins otherwise that we see more clearly as those initiatives move forward?

No, I don't think it's a margin enhancement. I think it's a revenue acceleration opportunity. So for us, we look closely at the sales and loss or retention metrics that we quote, and that math is penciling out to kind of 9%, 9% and 9%, right? We said 9% organic growth, '16; 9%, '17; and normalized kind of 8% to 10%, call it 9%. So 9, 9, 9. I think what we see is if we can get from those 4 or 5, what we call, big ideas or big initiatives to hunt, that, that provides potentially some revenue acceleration in those various businesses, particularly in the case of where it can be added on to a client we have. That would create a little bit of margin leverage, like getting existing clients to buy additional things. So I'd say that it's really more directed at revenue growth than it is margin.

Our next question is from James Schneider with Goldman Sachs.

Good to see the same-store sales stabilize at 2%, same as last quarter. Based on what you're hearing from your clients right now, I mean, do you think that, that could improve a lot or at all throughout the year from -- especially from some of the industrials clients? And maybe just kind of comment on whether your guidance just assumes that the same-store sales level continues as it is now.

Jim, it's Ron. So let me take the second part first. So our guidance, our plan for '18 is using roughly the average of '17. I don't have it in front of me, but that would pencil out to be somewhere between 1% and 2%. And again, that consolidated number that we quote is made up of lots of product lines in lots of geographies. And so mostly, what affects it is when pockets that may have been weak, like Brazil or Russia, start to strengthen or an industry type, like rail and our hotel business, tends to strengthen. I'd say those things seem to have more impact on the total number than, call it, the normal accounts that we would have in fuel or somewhere else. So we're planning it kind of consistent with the prior year, but who knows? Again, it's a macro assumption sitting out there.

That's helpful. And maybe just as a follow-up, quickly on the MasterCard, the universal product, I know you started -- restarted sales there. Can you maybe give us a sense as to what point you can be back to the prior kind of like 8% to 10% growth rate? Is that sometime by Q2? Q3? How should we think about how we get back to that previous growth rate?

Yes. I think, if you looked at our plan, I think, as we lap the Q1, Q2 issue, it's double-digit starting in Q3 and Q4. So again, getting -- someone asked it earlier, getting the salespeople's confidence back on the product and that we're going to deliver it in a quality way, that builds a bit with time. But yes, the plan is to keep investing behind that product. And I think I mentioned that same product functionality running on the mainframe has continued to grow really nicely throughout the whole time, which reminds us that the product that we've got is good and is in demand. And so we just have to make sure we deliver it in a quality way.

Our next question is from Tien-tsin Huang from JPMorgan.

Great. Thanks for the presentation, too. It's helpful. Just the bookings. What sold well, guys? If you don't mind sharing, maybe by segment, just any other detail there. And I'm curious, given some of the pipeline for potential sold business this year, you think you can do better, worse, same as '18 that you posted in '17?

Hey, Tien-tsin, it's Ron. It's a great -- that's a great question. I'd say, sitting in our kind of close-of-the-year staff meeting in December, we remarked that, call it, out of 12 or 14 sales lines that we report and look at, I think all but one of them was up pretty significantly. So this is the first year that I can recall that kind of almost everything we have in the company in almost every place sold a bunch more than the prior year. And then, second, which I mentioned earlier, is the sales levels are accelerating. We did a lot better getting away from the distractions of the first half of the year. And so we planned sales a bit more conservatively for '18, but we like how things are rolling into the front of the year.

Our next question is from Danyal Hussain with Morgan Stanley.

Just a couple of quick ones. Just on the Chevron contract. Does your guidance assume that the conversion begins sort of on day 1 in Q3? And then does that come off gradually or all at once? And do you expect there'll be any cost offsets in -- during the year?

Yes. Again, it's Ron. I don't think we'd comment that specifically on a given partner, but I'd say it'd be kind of okay for you guys to plan that we retain that thing for, call it, at least the first half of the year. I mean, practically all conversions have a beginning and end. So to your point, they actually stream over some period of time, usually 4 to 6 months. So that's what the shape of the thing will look like.

Okay, great. And then just a quick one on, I guess, M&A pipeline. You had suggested there might be a couple tuck-ins that are imminent, and then maybe just juxtaposing that against appetite for buybacks, I think, just given where the market is now.

[indiscernible] today, that's a more -- even a more relevant question. So yes, on the first part, I did mention that we've got 3 or 4 active acquisition things that we're working on. I would -- I guess, I'd characterize them as kind of mid-size. They're not super small, they're not super big, they're, call it, $100 million to $300 million or $400 million, $500 million kind of in size. So my guess is that we will work some of those through the pipeline before we get to the turn. And yes, on the question of buybacks, I think we've shown that we'll buy back FLT. We've bought back, whatever we said, 2.5 million shares...

2.5 million shares.

Yes, last year. And so like always, it's a function of relative price. So when we see the price of our stock vis-à-vis its comps and we look at our deal pipeline and we look at our liquidity, which are all good, our leverage ratio, I think, was 2.4 at the close, and so yes, I would say, at these kind of prices, we're certainly buyers of our stock.

Our next question is from Oscar Turner with SunTrust Robinson Humphrey.

I guess, one more follow-up on this 2018 outlook. With regards to your nonfuel segments, can you provide a detailed growth outlook for those 3, I think it's tolls, Corporate Payments and lodging, just given that those are the revenue growth engine?

Yes, we did. I did provide some guidance on that. All of them are projected to grow kind of in that kind of mid- to upper-teens rate in 2018. We didn't talk about it specifically by product. I'd have to go back and look at it, but I would expect all of those, the tolls, the lodging, the corporate pay businesses, to be in the -- kind of the mid to upper teens.

Okay. And then, appreciate the color on the midterm growth initiatives. I guess, my question's -- or follow-up's particularly on the beyond fuel. Can you provide color on the time line for broader rollout of beyond fuel? And then, I think you mentioned testing that with some of your domestic customers. And how much revenue from that initiative's in your 2018 guidance?

Yes. Oscar, it's Ron. It's a really good question. And so what I'd say is that we've done the iceberg work here in the U.S. and the U.K., so we now have lots of our fuel card clients on platforms that we can open up and offer nonfuel things to them, point one. Point two is we tested pretty hard for about 1.5 years in one vertical, the construction vertical, and had a lot of success with it. About half of the purchases of these new construction clients were construction supplies and the other half were fuel. So we've got good demonstration that this beyond fuel idea works, at least in some places. So what we're doing now, and is in kind of our plans for '18, is widening that and looking at other verticals, looking at our customer base to upgrade. So I'd say a lot of the work now is around targeting, marketing, credit analysis because it would increase obviously the credit for the accounts. So I would think that probably a fair amount of this year will be getting some other areas including the client base and other verticals fine-tuned so that it can be a much more material number next year. But it is working, wherever we tried it, it is working.

And our final question will be from Bob Napoli with William Blair.

Thanks for the outlook, the detailed outlook. But as we look at the numbers -- and mid-teens, I agree, are very healthy growth rates for those 3 segments. Where do you see the biggest risks to that outlook? Which businesses or which segments are you most confident in achieving those numbers? And so where could there be upside and where do you see -- if you missed these numbers next year, where would they -- which segment would it come from? Is it in -- where is the execution risk the highest?

Bob, it's Ron again. I'd -- it's a good question. I'd say that I'm not particularly worried about any of them because we've built plans, again, I think I'd tell you guys, that we think we can make. But I'd say that because of the model of Corporate Payments, I would have higher confidence because of the implementation cycle. So I'd say sitting here today, that book is sold already to make the plan. So the risk there is really implementation, not selling. But in the case of tolls and even lodging, those things have to be sold. We have to sell more in 2018, but obviously, we sold a lot in 2017. So I'd say, if you made me order them, I'd have the most confidence probably in corporate pay, probably second in lodging because this revamp of the product is just crazy good. We've taken a product that was not super easy to use or super easy to book rooms, low-cost rooms, and we've made it like super easy now. And looking at January, we're getting a lift. So I'd feel I'd say super good there. And so I'd say the one that's just more of proving to do that's just got a pretty big number would be the tolls business, would be my order.

And which of those do you see the most likely to have upside potential, I guess? Would it be in the same order?

I'd say probably, for the same reason. Because beta flexes down and beta flexes up. I'd probably say the same thing. I was looking at the report this morning of the new tolls. I think I mentioned that in the upfront remarks. There's 4, I think, new toll roads expected to come online starting actually in Q2. So we've built some kind of forecast of the lift, which is -- starts to be pretty meaningful as you exit the year. So I'd say that, and then the common someone -- or question someone asked earlier about fuel first, I'd say the same thing. That thing is kind of ready to go. We're testing. We put a little bit in the plan, but from the research and the reactions, that's something that could roll way faster. So I'd say, although it has to all be sold in the year, which could create some risk, I think it's also got some flex where it could do a lot better.

And last, I have to ask about Europe and fuel card outsourcing by the major oils which we've talked about for years. And you mentioned some potential major partnerships that could affect the numbers this year.

Yes. I'm always wrong, I feel like when I try to answer this question. So you guys have made me a bit cautious. But it's a bit of a broken record. Yes, I'm looking at some partner pipeline, and there are 3 or 4 things in Europe that we're in conversations but where and when those things will land, I don't know. But it continues to be something of great interest. I got an e-mail from one of my guys who had a great meeting yesterday and wanted to report back. The CEO, they want us to meet. So it continues to be of interest, but it always seems a bit harder to actually get it over the goal line.

Thank you. This concludes today's conference. You may disconnect your lines at this time, and thank you for your participation.