Good day, everyone. Welcome to Selective Insurance Group’s Second Quarter 2020 Earnings Call. At this time, for opening remarks and introductions, I would like to turn the call over to Senior Vice President, Investor Relations and Treasurer, Rohan Pai. Please begin.

Good morning, everyone, and welcome. We are simulcasting this call on our website, selective.com, and the replay will be available until August 28, 2020. Our supplemental investor package, which provides GAAP reconciliations of any non-GAAP financial measures referenced today also is available on the Investors page of our website. Today, we will discuss our results and business operations using GAAP financial measures that also are included in our filings with our annual quarterly and current report filed with the U.S. Securities and Exchange Commission. Non-GAAP operating income, which we use to analyze trends in operations and believe makes it easier for investors to evaluate our insurance business. Non-GAAP operating income is net income excluding the after-tax impact of net realized gains or losses on investments and unrealized gains or losses on equity securities. And statements and projections about our future performance. These forward-looking statements under Private Securities Litigation Reform Act of 1995 are not guarantees of future performance and are subject to risk and uncertainties. For a detailed discussion of these risks and uncertainties, please refer to our annual and quarterly reports filed with the U.S. Securities and Exchange Commission, which includes supplemental disclosures related to the COVID-19 pandemic. You should be aware that Selective undertakes no obligation to update or revise any forward-looking statement. On today’s call are the following members of Selective’s executive management team, John Marchioni, President and Chief Executive Officer; and Mark Wilcox, Chief Financial Officer. Now, I will turn the call over to John.

Thank you, Rohan, and good morning. I will make some introductory remarks and then focus on some high level themes impacting the industry and our company. Mark then will discuss our financial results and I will return to highlight how we continue to invest in strengthening our platform and have remain well-positioned to generate continued superior financial performance. Let me begin by saying, I remain extremely proud of how our employees have navigated through this difficult period, delivering exceptional service to our customers and distribution partners, despite the various challenges posed by COVID-19. As we stated in our earnings pre-release, elevated catastrophe losses, which were well in excess of the historical mean for the industry, alternative investment losses that we report on a one quarter lag and the impacts of COVID-19 obscure the strong underlying results of our business. Our premiums written growth remained solid, despite the challenging economic environment and we are pleased to report a profitable all-in 98.4% combined ratio, despite the higher capacity losses. From financial standpoint, for the second quarter of 2020, Selective reported non-GAAP fully diluted operating earnings per share of $0.40 and an annualized operating ROE of 4.4%. There were three main items that negatively impacted our results during the quarter. First, we reported $83 million of catastrophe losses, which was a historically significant loss for us. These losses related to numerous catastrophe events. Those more meaningful to our results included $43 million of losses related to two April storms and $20 million of claims related to civil unrest. Second, alternative investment losses totaled $16 million compared to a gain of $7 million in the year ago period. We report alternative investment performance on a one quarter lag and the results reflect a decline in investment values during the first quarter. With the market…

Thank you, John, and good morning. I will review our consolidated results, discuss our segment operating performance and finish with our updated outlook for 2020. For the quarter, we reported net income per diluted share of $0.57 and $0.40 of non-GAAP operating earnings per share. We generated an annualized ROE of 6.2% and a non-GAAP operating ROE of 4.4%. For the first half of the year, we generated a non-GAAP operating ROE of 6.7%. While our operating ROE is well below our 11% target so far this year, we feel good about the strength of our business, which continues to perform well, despite some short-term volatility from COVID-19 catastrophe losses and alternative investments. We believe we are well-positioned to generate strong profitability for the balance of the year. Consolidated net premiums written growth was 3% in the quarter and it’s includes about $19.7 million of COVID-19 related return premium credits for our personal and commercial auto lines of business. These premium credits were accounted for as a reduction and net premiums written were fully owned in the quarter and were offset by a reduction in auto order, bodily injury and physical damage losses. The premium credits had the impact of reducing our growth rate by 3% points in the quarter. Strong renewal retention, overall renewal pure price increases averaging 3.9% and steady new business volumes helped drive the solid growth. Year-to-date, our net premiums written are flat with 2019. Our year-to-date net premiums written was significantly impacted by COVID-19 related items, including the first quarter $75 million audit premium accrual and the $19.7 million on second quarter audit premium credits that collectively reduced the top line by 7% points. As John mentioned, we endorsed $14 million of workers’ compensation and general liability premium against the audit accrual during the quarter…

Thanks, Mark. We continue to navigate through this challenging environment in concert with our distribution partners, ensuring we have not sacrificed in any way our high standards for customer experience. While the topline growth outlook may get more difficult depending on the depth and duration of the economic downturn, we will maintain a disciplined approach to underwriting, seeking to obtain risk adjusted pricing that meets or exceeds our loss trend expectations. We are extremely pleased with the quality and embedded profitability of our overall in-force book and are well-positioned to continue to generate strong financial results. Our success is built on three primary competitive advantages, number one, franchise relationships with best-in-class distribution partners, two, a unique field model enabled by sophisticated tools and technology, and three, the ability to deliver a superior omnichannel customer experience. These competitive strengths have served us well for decades and have positioned us for continued success over the long-term. We also recognize that without a highly engaged, aligned and committed team, our success could not be realized. Our employees remain our greatest competitive advantage. We have a unique culture at Selective, one built on diversity, acceptance and inclusion, key values to driving innovative thought. Recent events, some violent and tragic, have focused long deserved attention on racial and social injustice. As an industry, we can and must do more to advance racial equality. At Selective, we continue to challenge ourselves to do more to increase diversity at all levels in the company and the ranks of our distribution partners and foster an environment of even greater inclusion. We have always believed that if we deliver for our employees, our customers and our distribution partners, our shareholders will be consistently rewarded. This focus is highlighted in our inaugural ESG report published earlier this year. It can be found on the Investor Relations page of our website and I encourage you to read it. With that, we will open the call up for questions. Operator?

Thank you. [Operator Instructions] Our first question comes from Mike Zaremski from Credit Suisse. Your line is open.

Good morning, Mike.

Guys, this is -- hey. It’s Charlie on for Mike. Good morning, guys.

Good morning, Charlie.

Good morning. So forgive me if you guys did -- if I missed this in the opening remarks, but in the past, you have kind of given rate and retention metrics for higher quality versus lower quality accounts in Standard Commercial Lines. Would you be able to kind of give us those metrics and maybe some color around trends?

Yeah. Yeah. And we did not include those in our prepared comments, but that was not for any change in the actual results. I can tell you that the variation between best and worst performing segments on a forward outlook basis remains around 7 points of rate differentials. So when you think about it, our highest quality accounts are continuing to retain in the, call it, low 90% on a point of renewal basis and we are seeing an offsetting reduction in our low and very low expected buckets, call it, in the mid-70%s to lower 80% range. So you have got, call it, about a 5% differential in retentions and about a 7% differential in rate, and remember, that above-average cohort represents about half of our premium. So that continues to drive our mix improvement. So when we talk about profit improvement, you have got two factors driving it. Number one is, the differential between earned rate and loss trend, and then the second is, mix of business change and we think that’s the best way to measure that mix change.

Got it. That’s helpful. And then on the $15 million in reserve development in the quarter, can you kind of give us a feel of what lines that was in?

Yeah. So I will start and Mark can follow on. We had $15 million of favorable prior year coming out of comp -- workers’ comp and $10 million coming out of the general liability line. We did have an offset of $10 million of adverse prior year in the commercial auto. I would say that commercial auto adjustment is spread out, as Mark put in had in his prepared comments, over the four prior accident years of ‘16 through ‘19, so small adjustments each of those prior years. In the ‘16, ‘17, ‘18 periods, the primary driver there was a little bit of movement in severity and in a ‘19 year, it was a small combination of a little bit of frequency and a little bit of severity.

Okay. That’s helpful. And one more, if I can, you detailed a lot of the moving parts in the core loss ratio in your opening remarks. I am just wondering if you can maybe just pull it apart again and to give us a sense of what may be recurring versus more a one-time benefiting from less activity in the quarter?

I think, and Mark can give you the specific pieces, I think, clearly, the biggest driver in the improvement from an underlying combined ratio basis, when you strip out all the moving parts, is the benefit to non-cat property being lower than expected and lower than prior year. And that, I would say, that makes up the majority of it. In terms of how that looks going forward, as we have said, you do have some volatility in both catastrophe and non-catastrophe losses in normal times, but as long as the economic environment remains under some strain, you could very well see some of that favorable volatility persists. But I think and it’s no different than we talked about on Casualty Line side, your severity on those losses, whether individual losses or catastrophe losses could bounce around from period-to-period, but that’s the primary driver.

Yeah. That’s exactly right. And Charlie, the only thing I’d add is that, obviously, it’s been an unusual year with a lot of moving parts between catastrophe losses, a reduced level of economic activity that impacts those catastrophe property losses and expenses, and then, obviously, the COVID-19 specific accruals. When you kind of parse through all of that and all of the moving parts, I will kind of take you back to the beginning of the year as we laid out our combined ratio forecast, which was essentially 140 basis points of margin improvement from last year and expectation of a 91.5% for the full year on an ex-cat basis accident year. If you look at where we are year-to-date, we are at 90.4% on accident year ex-cat basis. Our guidance that we put forward for the full year at 90% to 91%, that’s on an ex-cat basis. If you adjust for the reserve development that we have recorded on a year-to-date basis kind of annualize that, that puts the underlying combined ratio expectation at a 91% to 92% for the full year, so kind of split the difference. It sort of gets you back to where we were at the beginning of the year the guidance of 91.5%. Now embedded in that are quite a few moving parts, we have the earned impact of the audit premium accrual. We have all the bad debt that we recorded, and as John mentioned, the $10 million of COVID-19-related specific IBNR for the potential for some specific coverages for BI within property. But then you also have some offsets, as John mentioned, related to non-cat property losses and a reduced level of underlying expenses. But I would kind of take you back to kind of the 91.5% expectation for the full year when you kind of parse through all the moving parts in the quarter.

Got it. Thanks, guys. Congrats on the quarter.

Thanks, Charlie.

Thank you.

Thank you. Our next question comes from Matt Carletti from JMP Securities. Your line is open.

Good morning, Matt.

Hey. Good morning. Good morning. How are you?

Good. Thank you.

Just a few questions, I was hoping to start off maybe just on the topline on premiums. I was hoping you could help us get a feel for just how things progressed across the quarter, because clearly, conditions economically and the lockdown and stuff changed from April to May to June. So whether that’s premium growth levels or submission flow or just any way you can help us kind of get a little bit of a picture of the progression as it went across the quarter, and of course, I know it’s just the last day of July. But if you have any insight into how July looked, that would be helpful, too.

Yeah. Thanks, Matt. This is John. So -- and I am going to focus my comments on our predominant segment, which is Standard Commercial Lines, call it, 80% of our premium. I would say, you definitely saw over the course of the quarter progressive improvement from our topline perspective and you saw the overall number of 3%, which actually is 6% if you strip out the impact of those audit premiums. For Commercial Lines, it was about two points on that 5% growth for commercial. So, actually a pretty solid, more than solid overall growth rate for Standard Commercial Lines. And it got slightly better as the quarter went on. I don’t know that it was that dramatic. I think our performance has been pretty consistent. And I would tell you, July, we still have two booking days left, today and tomorrow for premiums to be booked. I would expect July Commercial Lines premium to be in excess of what you saw for the second quarter and I think that’s a combination of pricing and retention holding strong, but also very solid new business performance. And I think this is an important point, and I know companies talk about their competitive advantages and their great relationships and their sophisticated tools. We continue to thrive in this environment and the ability to produce a 3% growth rate, even if you include those premium credits in a quarter where you all see what’s happening to GDP in the quarter. I think speaks volumes about our positioning in the marketplace and the fact that our distribution partnerships want to continue to grow with us and they continue to provide us with opportunities. We continue to use the tools we have, including a tool we recently rolled out a couple of quarters ago. That allows us to work with an agency to evaluate their entire portfolio relative to our underwriting appetite and identify accounts that we think would have a better home with Selective and I think that’s feeding a fair amount of our growth opportunity. So, overall, I think we feel good about our ability to grow the Commercial Lines business, despite what’s going to continue to be some economic headwinds as we move through the year.

Yeah. I think and…

Go ahead.

I was just going to add just one observation to that that, and John is exactly right, the performance has been exceptional and the growth rate has continued through July. The one caveat I think we would be remiss not to mention is we did let the billing hold to early July. And depending on whether our customers come in line with their premium payments, it could be a little bit of an offset in terms of some cancellations coming through to August and September. But that’s a little bit of a wild comment at this point, we don’t expect that to be meaningful, but there is some potential for some pressure on the topline related to some cancellations due to the leniencies we had in place.

Okay. Perfect. Makes sense. Then the other question I want to ask you is, there’s been in the press in the past week kind of just, I guess, a Task Committee, the New Jersey COVID presumption bill for workers’ comp and I know it’s a rebuttable form. Just your thoughts on it and kind of in relation to kind of your book of business and your workers’ comp exposures and what you make of it?

Yeah. Thanks, Matt. So this is John again. We -- I think we talked about this a little bit in the -- on the first quarter call. I think as long as the presumption was for regulations remain appropriately focused on essential employees who are required to interact with the public in the course of their employment, they are very manageable. And I think what you are seeing with what the New Jersey law proposed, I think, is actually scheduled for the assembly floor today, assembly or Senate floor today. I would say, that bill as currently constructed is reasonable. But I will also say that we are in -- we are far up into this pandemic to have a good sense in terms of reported claim activity for workers’ comp. And that includes those that would be covered and those that would not be covered. And these presumption bills, when you think about the claims adjudication process for workers’ comp, you would be hard pressed to deny one of those claims, whether there’s a presumption law in place or not for an employee who was required to come to their job because they were deemed essential in an essential business and could reasonably prove that they contracted the virus in the course of their employment. But I will tell you that, what we have seen to this point and it doesn’t mean that things couldn’t change and frequencies couldn’t go higher as we move through the balance of the year. But to this point, there’s nothing in actual reported frequencies to suggest that with or without a presumption law in any given state, the activity for working age population is going to result in that much frequency of severity. Now, I think, there are clearly segments of the employee population and specifically first responders and medical professionals who work in hospitals and are routinely exposed to COVID-positive patients, and I think, that’s an entirely different story. That’s not really what our workers’ comp book is made up of. So I can’t speak to the experience on that front.

Great. And then one last just numbers question. I apologize if I missed it, but the cat losses in the Commercial Lines segment, do you have the split between the kind of three different lines that at least historically catch cat, the property, the auto and the BOP?

Yeah. Just give us...

Yeah. We did that breakdown.

Yeah. You want within Commercial Lines?

Within Commercial Lines.

Yeah. Within Commercial. Yeah.

Yeah.

Yeah. For the quarter, the impact, let’s make sure, exactly, so the cat losses also not cat profitable. Yeah, so 37 points on the Commercial Property Line, Commercial auto was just under a point at 80 basis points and BOP was 52.1 points on the combined ratio in the quarter.

Right. For a total of 10.1 points for commercial in total.

Got it. Great. Thank you very much.

Thank you, Matt.

Thank you.

Thank you, Matt. Next question comes from Paul Newsome from Piper Sandler. Your line is open.

Good morning, Paul.

Good morning. Good morning. You guys also you talk a little bit more about the -- a little bit more broadly about the competitive environment at the moment, particularly among your regionals, you saw a heck of a lot of growth at it to, say, financial. It doesn’t seem like we are seeing some of the pullback from a competitive environment among similar companies that we were seeing elsewhere. Maybe that’s wrong, just your thoughts on whether or not that’s really you have seen an uptick or downtick in competition given the crazy environment?

Yeah. Paul, this is really hard to evaluate, because I think, the information flow with the pandemic ongoing is a little bit more challenged and it’s also hard to really unpack some of the drivers of different companies’ performance between new business and stronger retentions. We pick our spots and we always have picked our spots and our agents are providing us with opportunities, as I have said and we are our hit ratios, actually if you want to think about hit ratios as a proxy for the competitive environment. Our hit ratios have actually been fairly stable across small, middle and large accounts, which I think, would suggest that there hasn’t been a radical shift in the competitive environment. But I qualify that by saying that, I do think some companies have struggled to maintain the level of interaction with their distribution partners because of the disruption in their operation. And I think and I can’t speak for other companies, whether regional or national, but our operating model has underwriters that are specifically assigned to agents as opposed to broken out by class of business. What that does is it gives you a great line of communication to the individual producers on an account. So our ability to feed off of those relationships and maintain them with outbound calls to request opportunities is different from companies who might have more of a centralized underwriting approach where there’s not an established relationship between the account producer and the individual making that underwriting decision. So for companies that are structured like us and there might be one or two others that you would put in that category, are probably having an easier time identifying opportunities and creating submission flow.

And actually a little bit relatedly, again, could you broadly talk about what you think -- a little bit more about the claim cost inflation underneath. You have had some strategic comments, I think, maybe a good way to put it for various companies about whether or not we are seeing an uptick in the underlying inflation of the -- underlying inflation for the business. Obviously, it’s not easy to tell with all the other things going on at the same time, but do you have any further thoughts on that?

Yeah. I don’t know that I would consider our commentary to be contradictory of what you are hearing. I think what we often point to is that, we have always had a disciplined approach in making our casualty loss hits and always embedded an expectation for future loss trend. So while actual frequency and severity trends over the last several years will influence a loss ratio hit for Casualty Line, we would always adding an expectation for future loss trend. And over the last couple of years, that expectation has gone up and we have been fairly transparent about this. It would have been in the 3% range typically a few years back and over the last couple of years, we have inched that up to just under 4% for Commercial Lines. And I think to your point, you have got a couple of quarters now where it’s hard to make any determinations as to whether or not that trend has been modified in any way. But I think for us and our ability over 10 years, when you look at the track record and lay our rate and retention over the top of that loss trend, we have been meeting or exceeding that number on a consistent basis for 10 years. So turning that dial up a little bit, which I think, in our pricing outlook discussion, we do think there is a need and an opportunity to dial up price a little bit going forward and it’s driven by a number of factors. While one of them might be a movement from a loss trend perspective, you also have this cat and non-cat loss volatility. But most importantly, you have got this lower for longer investment environment that for all companies and we certainly embed this into our approach will lower your effective target combined ratio, because you can fully expect that through the balance of this year and into ‘21 at a minimum. You are going to generate less ROE from your investment portfolio unless you are willing to dial up the risk profile, which is not how we do business. So you are going to need to lower your combined ratio target, which will lower your price -- raise your pricing indications and that’s how we will work that through. So long way of saying, I think, we recognized some increase in loss trend, but also with our portfolio of smaller to mid-sized accounts of a generally lower limits profile. We don’t see the sort of headline loss ratio -- loss trend movements that some other companies may be pointing to.

But my apologies, I didn’t mean to say you were contradicting the industry, I just think, we have seen a lot of different views for everybody this quarter.

Yeah. No offence taken.

Thank you very much.

Thank you.

Thank you, Paul.

Thank you. Next question comes from Sean Reitenbach from KBW. Your line is open.

Good morning, Sean.

Good morning. Can you guys walk us through what you saw with workers’ comp claim counts through the quarter and at the -- as it got toward the end? And then also maybe just a word some words on pricing as we have heard some talk about pricing potentially being nearing a bottom?

Yeah. So I will start and we don’t get into a lot of details or specifics around individual line claim counts in the quarter. But suffice it to say that based on my prior comments relative to the workers’ comp presumption discussion, we have not seen a significant level of COVID related workers’ comp claims reported. But I think clearly, we have seen a drop-off in non-COVID claims reported over the course of the quarter. I will say, you have started to see it return to a little bit more of a normal run rate, but still below what we have historically seen. And as Mark and I both indicated in our prepared comments, we haven’t reacted to that frequency for our casualty side. I think it’s not prudent to do so because of the severity driver on the casualty loss picks and the need to allow those to age a little bit more before reacting to that. So that would be the point relative to claim counts. In terms of pricing, and I have seen the commentary relative to workers’ comp bottoming -- the price reaching a bottom. I am not going to disagree. I think that’s probably accurate, but you want to put that in the proper context, which is, it’s bottoming at a significant negative rate level and will likely continue to be negative. It might be less negative as we move into ‘21, but it’s still going to be a negative influence on the forward loss ratios for that line of business. I do think what you might start to see is and we have commented on this in the past. In addition to the bureau filed rate changes which has continued to be negative, I have seen some aggressive pricing activity in the market on top of that. That might start to change, which will make pricing look a little bit better. But our expectation is you are going to continue to see negative file rate changes, albeit slightly lower, less negative than they had been to this point.

Thank you. That’s helpful. Secondly, can you give what kind of feedback have you guys gotten on the personal auto rebates and how are you thinking about Personal Line exposures to some of the bigger auto insurers potentially enacting rate decreases?

Yeah. We did provide the premium credits for the months of April and May, and at this point, have not extended that. And I will tell you what we have seen is the actual reported claim activity as the quarter went on has bounced back a fair amount, still a little bit below where it’s historically been, but not meaningfully below. With regard to the actions of the bigger auto writers, it’s just not an area we compete in. We are generally writing companion accounts that package up the auto and home and we are generally competing for more of what we would describe as a consultative buyer, who’s going to focus a little bit less on price and a little bit more on making sure they are buying the right product with the right coverages to protect their not just their auto, but their home as well. So I won’t say that change in competitive environment among the bigger players won’t put pressure on auto hit ratios. But it was a small segment of business for us. You have seen us struggle to generate consistent topline growth in auto, in part because of that competitive pricing environment and the pressure that puts on our hit ratios and we think that will probably continue with some of the actions that we have seen from some of the bigger players.

Okay. Thank you very much. Be well.

Thank you.

Thank you.

Operator, we have any more questions on the line?

Yes, sir. We have a question from Bob Farnam from Boenning. Your line is open.

Yeah. Hi there and good morning.

Hi.

Actually two smaller pieces here, I wanted to talk about the Excess and Surplus Lines market. You have had a lot of companies saying they are pretty excited about the prospects in that line, in that business rates going up, submissions going up. So I just kind of want to get a feel for what you guys are seeing in that line and what we should expect going forward?

Yeah. Thanks. We saw a solid growth quarter out of the E&S, not extraordinary, obviously. But in light of the economic circumstances, pretty solid growth and pretty solid improvement from a pricing perspective. I think it’s important to recognize that what we write in E&S tends to be the smaller it’s a $3,000 average policy size, predominantly in the binding authority space, kind of lower end from a severity perspective and complexities perspective in the E&S market. So I think some of what you might see in terms of the headline growth that the E&S tends to be focused on cat exposed or coastal property and some of the higher casualty, and certainly, Excess is one of the areas that’s running pretty hard from a market firming perspective. I would say the one area that, we have seen some migration from the admitted to the non-admitted market would be avocational and that’s a segment that typically does bounce back and forth between admitted and non-admitted at times like this and that is presenting some opportunities for us. But that’s also a bit of a challenged segment from a pricing perspective and it’s an area in need of rate level.

Got it. Okay. And one other smaller point, apologies to Mark maybe I missed it. But other income went up in the quarter more than I expected it to. What was driving that, is that one time or should we expect some strength there going forward?

Yeah. The other income line, there’s a couple of different items in there. So as we net that off again, other expenses within the expense ratio when you look at the combined ratio. There’s nothing in particular that stands out in terms of kind of ongoing run rate in other income.

Okay. Great. Thanks.

Thank you.

Thank you. Our next question comes from Charlie Lederer of Credit Suisse. Your line is open.

Good morning.

Hey, guys. Hey, guys. Just one more, on the Commercial Standard Lines pricing, just wondering if there’s anything to kind of glean from the decelerating quarter-over-quarter, just looking at the supplement?

Yeah. And I would -- I don’t think you can call it decelerated, I mean, it was 4% and 3.9%. The two slight movements by line, when I say slight, we are talking 10 basis points or 20 basis points would be workers’ comp down a little bit, that could be mix of business generated and then property was probably down about a similar amount to 4.5% in the quarter versus 4.7% on a year-to-date basis. I would characterize this as stable pricing over the last few quarters. But we do think there’s an opportunity in property. Certainly, you might see some improvement, albeit, still negative in comp and the GL line continuing to move further north and then property, excuse me, we would expect to continue to be at the kind of run rate we have seen. So I think we feel good about the pricing environment, but you did see a stable quarter in our results. And I want to also highlight, and I know, I said, this a couple of times in the prepared commentary. We have got a really high quality and adequately priced in-force book of business driving our results in Commercial Lines. So to a certain extent, your underwriters are going to make sure they are focusing on protecting that renewal book, and I think, you might have seen some of that in the quarter with all of the struggles in the economy, there were certainly a desire to protect that renewal inventory.

Got it. Thanks again, guys.

Thank you.

Thank you. Currently, speakers, we don’t have any more questions on queue. I will turn the call back to John for closing remarks.

Well, thank you all for your participation today. We appreciate the engagement, the questions, and feel free to reach out to Rohan or Mark with any follow-ups. Thank you all.

Thank you.

Thank you. And that concludes today’s conference. Thank you all for joining. You may now disconnect.