Welcome to the Weight Watchers International fourth quarter and full year 2008 earnings teleconference call. During the presentation all participants will be in a listen only mode. Afterward you will be invited to participate in a question-and-answer session and instructions will be given at that time. As a reminder this conference call is being recorded March 4th, 2009. At this time I would like to turn the call over to Sarika Sahni of Weight Watchers International.

Thank you to everyone for joining us today for Weight Watchers International’s fourth quarter and full year earnings conference call. With us on the call are David Kirchhoff, President and Chief Executive Officer and Ann Sardini, Chief Financial Officer. At about 4:00 p.m. Eastern time today the company issued a press release reporting its financial results for the fourth quarter and the full year 2008. The purpose of this call is to provide investors with some further details regarding the company’s financial results as well as to provide a general update on the company’s progress. The press release is available at www.WeightWatchersInternational.com. Before we begin let me remind everybody that this call will contain forward-looking statements. Investors should be aware that any forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those discussed here today. These risk factors are explained in detail in the company’s filings with the Securities and Exchange Commission. The company does not undertake any obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise. I would now like to turn the call over to Mr. Kirchhoff.

Thank you for joining us as we review Weight Watchers International’s performance for the fourth quarter and full year 2008. Before I review the results of Q4 2008 I want to remind everyone on this call that we will be providing a full presentation of our business and 2009 strategic initiatives tomorrow morning at 9:00 am in New York City. It will be webcast on our corporate website whose address is www.WeightWatchersInternational.com. This will provide an opportunity for management to discuss some much richer analysis of our business as well as to review a number of new initiatives which will benefit our business in 2009 and beyond. Therefore tonight’s call will focus primarily on the business results of Q4 and fiscal 2008. In some respects the fourth quarter was relatively stronger than our expectations given the trends we observed through Q3. Nonetheless the difficult economic climate has continued to impact our business trends as the consumer faces ever increasing stress. It has become clear that this recession is fully global in nature and is therefore affecting all of our major markets. As we noted last quarter the primary impact of the economy has been on our meetings business specifically on enrollments while retention in our meetings have been stable. In addition in meeting product sales have begun to soften particularly in the US which we believe is also a result of consumers tightening their spending. We did see some benefit from the soft launch of our new program in the US, UK and Australia in December. As I begin to review our financial results for comparability I would like to remind everyone that fiscal 2008 ended on January 3rd and contained a 53rd week. This means we had 14 weeks in this year’s fourth quarter versus 13 weeks last year.…

Our fourth quarter 2008 financial results included a number of exceptional items that distort the comparison to prior year fourth quarter. Fourth quarter consolidated company revenues on a reported basis were $346.2 million an increase of 0.6% versus $344 million last year. On a comparable to prior year basis revenues rose a similar amount of 1% but there were significant puts and takes. Most notably fourth quarter revenues were inflated by a $9.2 million reduction in our UK VAT liability. As you will recall in the second quarter of 2008 we received an adverse ruling regarding the amount of UK lecture income that can be deemed VAT exempt. As a result we recorded a $28.5 million charge for multiple prior years’ VAT in that quarter. We recently received notice that amounts for certain periods prior to Q1 2005 were no longer owed because the applicable statute of limitations had expired. The associated $9.2 million benefit from the reduction in VAT charges increased our fourth quarter revenues by 2.7% versus prior year. Three other non-comparable items reduced revenues by a net of $10.3 million or 3% in this year’s fourth quarter versus prior as follows. First we had unfavorable foreign currency translation which reduced our fourth quarter revenues significantly by $22.5 million or 6.5%. Second, the current year impact of the UK VAT ruling reduced our Q4 net revenues by a further $1.4 million. Third and partially offsetting these was a $13.6 million or 3.9% favorable revenue impact from an extra week at the end of the fourth quarter versus prior year, week 53. Because our fiscal year ends on the Saturday closed to December 31st rather than on that actual date Q4 2008 was a 14 week quarter ended January 3rd, 2009. To summarize whereas reported revenues excluding the prior…

There is no doubt that the macro economic conditions of 2008 have created challenges to our business throughout this year and particularly in the second half. As we enter 2009 we fully expect conditions to remain at least as severe if not worse and given further deterioration of unemployment and other related variables. The consensus view seems to be not to expect the consumer to begin increasing spending levels until at least the second half of 2009 and more likely 2010. As I noted before the response to the new program from both members and leaders have been overwhelmingly positive. However given the severity of the economic downturn and how it is weighing on consumers it is clear that our new program and advertising campaign have not had the impact on consumers’ minds that they would have had in more normal times. In providing guidance for 2009 we believe prudence and conservatism is appropriate. We’re in the midst of a global economic storm which few of us have experienced in our lifetime. Despite this fact the strength of our brand, the loyalty of our customer base and the variable nature of our business model are serving us well in this environment. In fact although we expect fiscal 2009 to be a year in which revenues show modest declines as a result of the global recession and strengthening US dollar we expect we will be able to hold our operating margin percentage this year. Based on the trends we have seen in our business in the first two months of the year we are projecting our global meeting room attendance to decline between 8% and 12% during 2009 versus 2008. Furthermore assuming that the US dollar remains at current levels we estimate that unfavorable exchange rates relative to 2008 will have…

(Operator Instructions) The first question comes from Michael Binetti – UBS Securities, LLC. Michael Binetti – UBS Securities, LLC: Just a couple of housekeeping questions first off. Could you tell me from where we sit today and what you have flowing through the P&L what we could expect for acquisition related boosts to North America attendance in 2009?

Probably in the range of 2%. Michael Binetti – UBS Securities, LLC: From where we sit today, could you walk us through, I’m really trying to beat up on the attendance numbers here, can you walk us through how the attendance numbers, how you see them playing out through the quarter just so we have some idea of the cadence you guys are looking at? I’m just trying to understand the run rate that you guys expect and what your guidance implies. David, it sounded like you were saying it could be at about today’s run rate or maybe even worse. So maybe you could just clarify that for us.

You mean for 2009? Michael Binetti – UBS Securities, LLC: Correct.

As we express the guidance for attendances in 2009 you know it’s an interesting exercise for the obvious reason being that the macro economic environment is to say the least volatile right now and it’s a little bit difficult to predict how the consumer mindset that we’re seeing in Q1 which is as bad as it’s ever been since it’s been measured what that’s going to look like in Q2 through Q4. So what we did when we were forecasting our attendances for the year is we tried to come up with a reasonable range that somewhat reflected that inherent volatility in the broader environment but was based significantly on some of the trends we were seeing in the first two months of this year. I don’t have any reason to believe that we’re going to see degradation in the back half of the year nor am I presuming we’re going to see a sudden hockey stick in improvement. We assume that what we’re seeing now is probably going to be fairly typical of what we see over the course of the year and that’s how we approached our view of the attendance forecast as we move through 2009 understanding that there’s the usual things associated with seasonality. For example Easter timing will somewhat benefit Q1 versus Q2 and there’s some of the usual idiosyncrasies that at this point you’re used to in following Weight Watchers. Michael Binetti – UBS Securities, LLC: If I could just ask one last question, any way you could help us estimate the impact in the fourth of lapping that 53rd week for attendance?

Let me just calculate it.

Let us get right back to you on that. Ann is just going to do a quick calculation.

Your next question comes from Karen Howland – Barclays. Karen Howland – Barclays: I was wondering if I could dive a little bit more into the SG&A expense, Dave, that you had this recent quarter. Obviously very impressive even presumably a lot of that is coming from FX. Just wondering if you could give us a few more specifics of what was actually done this quarter and if you think this is a reasonable run rate for SG&A and then you’ll layer in the additional $13 million on top of that annually or for 2009?

I think when you look at these, certainly you’re right that the G&A in fourth quarter of 2008 definitely had some benefit due to FX. As Ann referenced during her remarks we saw what was happening with the economy and we started taking steps even beginning last year. For example the hiring freeze in terms of closing out a number of positions that were open and I think that also had some beneficial impact. There might be some ins and outs as we think about next year but certainly as you think about forecasting next year some of the things that you should probably consider from a modeling point of view is that first off the cost reduction efforts I mentioned are going to significantly impact the G&A line above and beyond what we’ve already talked about. However keep in mind that most of that benefit is going to be in quarters two through four. You’re going to have some timing issues in terms of forecasting G&A and I think as we proceed throughout the year we can help you guys out in terms of guiding through some of those ins and outs. Karen Howland – Barclays: But that $44 million or so that was reported this quarter, that’s a reasonable starting point on a quarterly basis to assume going forward?

I don’t know if I would base it strictly on fourth quarter. My advice always when modeling G&A is to look at typically a couple of different quarters because some of the things with G&A that also have to be factored is that inevitably if there’s any accrual reversal that might be in one quarter and not versus another quarter as well as fluctuations in terms of IT spend and depreciation and amortization. I think if I were modeling I might look over say a two quarter period as a basis for forecasting forward.

Also when you’re looking at the G&A you have to just remember that it is impacted by the currency and currency impact is certainly stronger in 1H than 2H on expense and revenues. I would look at that as well. Karen Howland – Barclays: Is the G&A allocated similar levels to sales levels for different countries?

Somewhat similar but there is a headquarters component as well. So just bear in mind that it’s a little more heavily weighted to US than revenue is. Karen Howland – Barclays: Turning to WeightWatchers.com and the Internet business, I apologize, did you say that the sales number that was reported, that $43.2 million, is that on a 52 week year?

Thank you for asking the question. This is a vagary of the fact that WeightWatchers.com started as a separate company back in 2000. Weight Watchers International has kept track of its books if you will on a weekly basis throughout its history. When we started WeightWatchers.com back in 2000 we did the books on a monthly basis. So the issue with the meeting business is that you would periodically have this effect where the Saturday followings ended up creating this situation that’s almost like a leap year although not quite where you would have this 53rd week pop up. That was never the case with WeightWatchers.com. What you’re seeing in the WeightWatchers.com revenue was true comparability 2008 versus 2007. Because we never put WeightWatchers.com because it’s a separate accounting entity we never put it on the same weekly accounting basis that we did with the meetings.

While we’re on this week 53[inaudible], the impact on the fourth quarter of ’09 is about 4% negative from week 53 being in 2008 and on a full year basis it’s just about .5%. Karen Howland – Barclays: On WeightWatchers.com it’s on a different reporting period than the consolidated numbers are?

Ever so slightly.

By a couple of days, it’s on a calendar. Karen Howland – Barclays: What percentage of WeightWatchers.com is international versus North America?

We will actually be going through that for the first time in fairly gory detail tomorrow. So, you’ll be able to see exactly how that plays out over the coming years. So, you might find the answer a little bit more rich when we go through the PowerPoint tomorrow morning. Karen Howland – Barclays: You don’t want to give us a quick preview tonight.

I don’t mind giving it to you I’m just trying to remember what the percentage was off the top of my head. I mean it’s roughly – let us just get back to you with the precise number tomorrow rather than sort of giving you an estimate that’s going to be plus or minus 2% or 3%. Karen Howland – Barclays: One last question, Dave you mentioned that the fourth quarter came in in line with your expectations however, looking at the paid weeks and the attendance growth that you had actually given rough guidance to, it appears that they actually came in quite below those numbers and I was just a little bit confused as to where the discrepancy was.

My recollection was for example in talking about NACO we had suggested to look for a attendance trend in Q4 that was similar to the attendance trends we saw in Q3. Q3 organic attendance trends were in NACO on attendances they were about -7%, -8%. If you looked at sort of organic excluding 53rd week, excluding acquisitions and NACO in Q4, they were about -8%. The trend that we saw in the UK was actually a little bit better in Q4 versus Q3 and the trend we saw in CE was comparable. Karen Howland – Barclays: It seems that the paid weeks somewhat though feel below expectations in the UK and CE?

No. Paid weeks in the UK for the fourth quarter were pretty solid at 15%. I don’t think we guided on paid weeks in the last call, we were guiding strictly on attendances. So, let me answer the question differently, in terms of how paid weeks came in versus expectation, they came in pretty much bang on with what we were thinking about given the sort of same reflective attendance trends for NACO, the UK and CE. In fact, if anything, paid weeks in CE might have come in just a little bit better than what I might have thought while I was sitting here in Q3 and attendances for the UK certainly came in better in Q4 than what I was expecting given what we were seeing in Q3.

Your next question comes from Chris Ferrara – Bank of America Merrill Lynch. Chris Ferrara – Bank of America Merrill Lynch: So, the attendance for next year, if we’re talking about attendance being down sort of high singles to low digits, what are you basing it on assumptions for potential degradation of monthly passes? Are you assuming it still sees no degradation? And, I guess what does it assume for retention in general for the year?

When we provide the forecast of course when we’re doing our internal manipulations we’re looking at a combination of underlying drivers such as enrollments, retention rates, propensity to attend, a lot of different metrics. We historically have not broken those components out while providing guidance. I think that when we were taking a recessionary view of the economy we considered the potential for recessionary impact across the board. I think that the hypothesis that given how much of our business is on commitment plans that we could have some credit card exposure was not an unreasonable hypothesis and it’s one that we thought of. We’ve certainly been gratified in the first two months that we have not seen any fall of on retention partners for monthly pass. So, so far based on the first two months of this year we’re pleased with the results we’re seeing. I think if anything, as I said before, with the program and reflecting the fact that it’s just been difficult to get the program news to sort of penetrate the public conscientiousness I think if there’s one place where we have we believe are getting some benefit from the momentum, discovery, etc., new programs has been possibly a little bit incremental in retention based on what we’ve seen so far in January and February. The reason for that simply is that people seem to be really liking the new program and so that’s a good reason they’re staying. I think the nice thing about getting a retention benefit from a new program is that it doesn’t expire on the relative newness of the program so to speak. So, as I think about retention trends over the course of the year, I mean again, with this kind of environment it’s difficult to predict what’s going to happen. If all of a sudden if every third credit card in America were to get sort of destroyed, yes that would have an impact on our business but I don’t think anybody is forecasting anything so dire. Nonetheless, it’s going to be a trend that we’re going to continue to watch closely. But, I think that the attendance trends that we’re sharing with you reflect a sort of balanced view in terms of the combination of enrollment and retention activity.

When you look at the fact that we are giving you a range of expectations, of guidance for 2009, the lower end of that range assumes obviously some degradation versus the upper end. Chris Ferrara – Bank of America Merrill Lynch: I guess kind of following up a little and of course appreciating that you don’t want to show all the stuff at any given time but I guess how would you think inceptionally a recession affects the components of your ability to recruit people or of your attendance in general. You have a new product out there, I would imagine that you’d be expecting enrollment trends to pick up for 2009. Do you think the recession in general would hit enrollment trends harder than retention trends in general? So maybe you’re not looking for enrollment trends to pick up despite having a new product? Is that thinking about it right?

I think the way we think about a recession and again, Weight Watchers hasn’t seen a recession like this I guess possibly ever in the 50 years that we’ve been around and certainly nothing that is vaguely comparable since the 70s and early 80s. So it’s been a little bit difficult to sort of estimate exactly how the business would react to this kind of consumer environment. As I look at what we’re now seeing, what we would expect is think of it in terms of three components. One is enrollments of people who have never been to Weight Watchers before. Two, is enrollments of people who have been before so in other words lapse members or rejoins and three, is retention. Based on a whopping two months this year and a few months last year, what I would expect is that the most significant impact of a recession is going to be on a never enrollment. I think this is the kind of consumer, and I’m sure you all saw the same surveys that I did, I think it was last week or the week before, the New York Times said that 55% of Americans were concerned about being able to make ends meet, 60% of Americans were concerned about either losing their job or someone else in their household losing their job. I think in that kind of environment where people are sort of tightening down or saving rates or shooting up in everything else and all the macro variables that you guys are aware of, it’s very difficult to sort of break through to the person who’s never been with us before, may not fully appreciate the value proposition. I think that’s a more difficult environment with which to get trial. I think that’s different than with…

Your next question comes from Analyst for Greg Badishkanian – Citigroup. Analyst for Greg Badishkanian – Citigroup: You mentioned the effectiveness of your marketing has been impacted by the weak economy. Have you seen any changes in the effectiveness of your marketing over the last couple of months? And also, how are you looking at marketing spend in ’09?

If I look at the effectiveness of our marketing in Q4 to sort of more specifically parse the question, if I look at our marketing effectiveness in Q4, keep in mind that we just frankly don’t do a lot of marketing in Q4 so it’s a difficult period of time to look at. If I look at our marketing effectiveness in the first quarter, all of the testing results, and we’re going to share some of this with you tomorrow, all of the testing results that we’re seeing for example of the new TV spots we’ve been running in January and February is that they’re getting good response. The copy test results are very positive. In fact, in a number of dimensions where historically we haven’t seen as good performance are doing very well. I think that literally you’re in a environment where trying to get a message out right now for many companies sometimes feels a little bit like shouting in to the wind. Nonetheless, we think that we are getting some benefit and we are getting some sort of recognition of the advertising of the new product because we’re getting feedback to that affect, it just may not be of a degree that we would have gotten under normal times. In terms of marketing spend over the course of next year, our expectation is that first off our competitors are going to be dealing with a similar situation so everybody is going to be carefully monitoring the marketing spend over the course of the year so I don’t anticipate a significant share of voice issues for any of us. What I would expect is that we would be able to hold marketing as a percentage of sales in 2009 versus 2008. That means that if we’re therefore expecting some reduction in top line revenue, we would expect a similar amount of reduction in 2009. The other point I also want to make about marketing spend in 2009 is that in any given marketing budget when you look at it there are those expense specifically in [inaudible], in other words working dollars that we know to be high return on investment in terms of the enrollments per dollar spent. Then, there’s going to be those marketing vehicles which are good ideas under normal times but under difficult times the ROI becomes increasingly difficult. So, when you’re scaling back your marketing a little bit to reflect the new shape of the demand curve, what it allows you basically to do is to start reducing some of those things that were frankly a little more incremental and a little bit more nice to have any way so you can moderate your marketing spend without losing much of your enrollment effectiveness. You effectively put yourself in an environment where you really focus just about every penny you spend on marketing in to things that you know drive business.

Your next question comes from Bob Craig – Stifel Nicolaus. Bob Craig – Stifel Nicolaus: Just a couple of quick ones, any planned pricing adjustments to either monthly pass or pay go as you go through this year?

No plans to take it up given the environment. I expect you might be asking the opposite question, are we planning on taking prices down? Well, first off we wouldn’t take prices down per say but a different question might be are we thinking about maybe taking a more aggressive posture in promotions. To that end, we have not done so in the first two months of this year with respect to Weight Watchers, for example, monthly pass and free registration and sort of the usual promotions that we run. We are looking at ways of making sure that our message is hitting the point of value and in an appropriately strong way. We will continue to evaluate different potential promotions to determine if we see something that we think is going to give us a sort of positive revenue lift, we will absolutely take a look at it. But, what we don’t see is doing something radical that would somehow completely shift the economics of the business because then that would put us potentially in a more difficult position as we look to come out of the recession going in to 2010. We will evaluate it but we will do it prudently. Bob Craig – Stifel Nicolaus: David, any actions being contemplated to sort of bolster the product sales side? The introduction of any lower price SKUs?

We are going to continue to look for ways of bolstering product sales. On the product sales side I think that is a place where promotions can make a lot of sense. It’s a little bit of a different environment because at that point we’re talking about a captive customer base because the products are exclusively available in our meeting rooms and I think that affords us a little bit more flexibility on promotion schemes. So, I think promotion schemes are potentially going to be more interesting on the in meeting product sales side. But, the other important thing on the product sales side is that it’s an opportunity for us to be maybe even more aggressive in terms of getting some new products out the door. A good example of this has been we recently came up with a very simple device, it’s not very expensive it’s $5 which think of it as just a little clicker that you can continue clicking and it sort of ratchets the points up. Similar to like imagine a guy counting attendance coming in to like concert venue or something. This was just a very simple way of sort of like keeping track of your points in your pocket if you will. They’re selling like hot cakes. I think those types of product launches plus some sort of good creative thinking in terms of promotions within in meeting product sales I think can go a long way in terms of reversing otherwise what I think would be a much more difficult trend to fight against in terms of product sales for attendance.

Your next question comes from Michael Binetti – UBS Securities, LLC. Michael Binetti – UBS Securities, LLC: Just a quick follow up from the last question there, I think you mentioned on the last call and I couldn’t remember if you said it today, you gave some specific product types that you were seeing slow down at the meeting level, maybe some of the bigger ticket items which seems pretty obvious. I’m just wondering, based on everything that you’re seeing today and the types of items that you’re seeing maybe slow down in the classroom in terms of product sales, does your guidance imply product sales to slow more than attendance in the year?

Ann is going to take a quick look to confirm but certainly our expectation is as we look out over 2009 that we would expect to see a little bit of softening of product sales per attendance as we go in to next year sort of based a little bit on the trends that we’re seeing right now and our current forecasts. However, I think that some of that slippage may not fully contemplate some of the initiatives that I was talking about on the previous question. So, I think that it’s a place where we might have a few more options in terms of reversing the trend. But, Ann do you want to build on that?

There is a bit of slippage implied in our revenue numbers, not dissimilar to some of what we saw in the fourth quarter. Michael Binetti – UBS Securities, LLC: Then just a quick follow up, could you maybe talk a little bit – you guys gave some helpful comments about how to think about the operating margin for the year, maybe help us think about the gross margin a little bit better as far as what you guys can do to kind of combat deleveraging at the meeting level? Maybe just how that works on the ground, how long it takes, do you close down meeting areas? What kind of room do you have to reduce labor in the existing meetings and what kind of time frames do you need to make those kind of moves if you were to see another leg down from the consumer in general here?

Here’s the good thing to the extent that being in this environment can ever be a good thing but, if I look at the flexibility of our business, one thing to keep in mind is that Weight Watchers has for a very long time had a business model that understood the need to be able to vary and flex with changing conditions and demand and that’s simply a function of the fact that we have a highly seasonal business. So, we have a long history of opening and closing meetings as is appropriate to reflect the underlying demand. So, we have a system that is very well attuned to making some of those adjustments. So, on the variable costs side which would be the most direct way of looking at it would be the size of the meeting base, we have a decent amount of flexibility. In fact, even where we have six locations which is about two thirds of our NACO attendance, by way of example in centers, even within centers we have flexibility in terms of adjusting how many meetings per week are in that center, what day, what time, some of those types of things. So, unlike a traditional retailer where they’re sort of stuck with the kind of significant fixed overhead and it takes them a long time to adjust the size of their infrastructure, we actually have a lot more flexibility. Now, if you look at the other elements of gross margins, there is a fixed component to a certain extent that is rent and then the other significant of that would be local management, territorial field management and that part would be more fixed. But, certainly if you look across the board our ability to sort of reshape gives us a fair bit of flexibility. Ann do you want to comment just for the year in terms of the way of looking at gross margins?

Just what I was going to add is that even on the rent side we do have an ability to look at what the real estate situation is in the various markets that we’re in and potentially renegotiate or if not renegotiate, move to different venues that are less expensive because I think we can take advantage of the market right now.

What’s also interesting, and you’re going to have a chance to meet tomorrow our new President of North America Steve McCormick who is already making a terrific impact on the business. Not to steal too much of Steve’s thunder, I think we’re also looking at this environment opportunistically. If you look at it from a rent perspective it’s maybe a different way of looking at it and Steve will be able to take you through tomorrow some different ways of thinking about our locations strategy. Michael Binetti – UBS Securities, LLC: If I was to look at the ‘03/’04 period which kind of the glory days of the Atkins diet in the US and I look at the cost of meetings line that you guys break out specifically and I look at that as a percent of the standalone non-online revenues, in ’03 you saw about 95 basis points of pressure there and then another 200 in ’04. What should we think about as far as what’s different now versus then as far as trying to figure out where we want to come out in our models for that margin line next year? Is that a very similar thing like we can maybe get caught with a couple of basis points of costs that you can’t get out in a quick down turn? Or, maybe anything you can help me think about on that.

First off, there’s the overall gross margin for the business. One thing to keep in mind is that one of the things that is working nicely in our favor is that if you look at our two growth vehicles which is basically .com and licensing, they have extremely high gross margins. So, the part of the business where you would really want to make sure it’s doing well from a mix point of view is doing relatively speaking much better. So, that’s one of the things as you model out gross margin for the corporation as a whole that you absolutely should think about is that we’re going to be getting lift from a mix perspective on gross margin on that side. I think it would be our expectation that that would probably be enough to relatively offset any slippage that we saw on the meetings side.

I think there will be some compression in Q1 for example but, as we move through the year, the cost initiatives that David talked about will have an impact on our gross margin and I don’t think that we’re going to see too much deterioration in the meeting business gross margin.

There are no further question registered at this time. I will turn the meeting back over to you Mr. Kirchhoff.

Thank you for joining us today and I look forward to sharing more with you tomorrow morning.

This concludes today’s conference. Please disconnect your lines at this time. We thank you for your participation.