Welcome to the IGM Financial Disclosure Enhancement conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star, then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and zero. I would now like to turn the conference over to Keith Potter, Senior Vice President and Treasurer. Please go ahead. Thank you, and good morning, everyone, and welcome to the call, where Luke Gould, Executive Vice President and CFO of IGM Financial, will review enhancements to our segmented disclosures. Without wasting any more time, I'll turn it over to Luke, and you can take us away. Great. Thank you. Good morning, everybody, and welcome. As you saw in our press release, we've seen and heard increasingly that many of you are focused on earnings, and we thought it made good sense to expand our segment disclosures to go beyond EBITDA or and EBIT and take it down to a net earnings line. I'm going to walk pretty quickly through a few slides, outline the changes, and then I'll open up to questions. But first, stopping on page, page 4, our documents incorporated by reference, I'd like to point out point 2A, that we published our press release with February sales results last Wednesday. As part of this, some of you may have seen we introduced a new disclosure in the form of a trended monthly history, PDF and Excel documents, that was published to our website. Please take note, we made 2 enhancements as part of this. The first, we started providing detail monthly on net sales into Mackenzie's mutual funds that are on IG Wealth's approved list. This is net sales through IG on Mackenzie products where we earn full manufacturing net profit margin, and we thought it important that this gets called out as net sales to our AUM. And as a reminder, over the last 12 months, this has represented over CAD 500 million in net sales through IG. Second, we provide detail on Mackenzie's retail mutual fund and retail ETF mutual fund net sales. We started disclosing this quarterly about 2 years ago, and, and we started now to produce it monthly as well. Turning to page 5, this is just a reminder of the segment disclosure changes that we introduced in October of 2020, which broke our segments into wealth management, asset management, and strategic investments and other. Today's enhancements complete these changes, which are designed to help people understand the character and the performance of the underlying businesses. If you move to page 6, it outlines the objectives we had in moving our segment disclosure to the net earnings line and the approach we've taken in doing so. I just have a few quick comments here. First, under objectives, I'd highlight points 2 and 3. We recognize that a number of our operating companies have significant capacity for financial leverage, and they actually have the financial leverage, so it made good sense to report the business performance after interest expense. Likewise, these businesses also have tax as well, so it's, it's important to include this in the business performance. Under point three, we'd like to encourage assessment of value for underlying businesses against appropriate peer groups, and we want to make sure we simplify this work for those who use earnings as a key metric. If you go to the right column, you can see under approach that the debt is going to be allocated and has been allocated based upon management's assessment of each business's capacity to service the debt, as well as our assessment of where the debt is being serviced from. I'm going to give a bit more color on this in the next line. Under point two, I'd highlight for you that we'd expect any changes to this allocation of debt between segments to be very infrequent, and it would typically relate to a retirement or an issuance. In point three, you'll see our determination is that we've allocated the entirety of our CAD 2.1 billion in long-term debt to our two core operating companies, IG Wealth and Mackenzie Investments. Turning to page seven, you can see our 2020 segmented statement of earnings, detailed by reporting segment and underlying business. You can see at the bottom that we've blue shaded the expanded disclosures that previously weren't reported. A few comments I'd make on the long-term debt and associated interest expense and how it's been allocated. First, you can see that none of the debt has been allocated to strategic investments. This doesn't mean that there's no capacity to support debt here. What it does mean is, is we think of these things as free and clear. When you look at something like our 4% ownership of Great-West Lifeco, it is best to think of this as free and clear or, or surplus capital. For China Asset Management, we're getting a healthy and growing dividend, but at this time, we didn't feel a need to burden this investment with the debt. And for Northleaf and Wealthsimple, these are developing investments with high growth profiles and are not noticeably contributing to the servicing of the debt this time, so there's been no allocation there. When you look at the allocation of debt between IG and Mackenzie, you'll see there's a slightly higher debt-to-EBIT ratio at IG. This reflects higher credit support from IG for two reasons. First, IG has less operating leverage than Mackenzie, so it has the capacity for more financial leverage. Second, IG is a retail financial planning business and has consequently less variability in net flows. And third, IG has more diversified sources of revenue than Mackenzie. On this slide, I also commented on the income taxes associated with the different businesses. You'll see if you look at the proportionate share of earnings in Great-West Lifeco, ChinaAMC, and Northleaf, these were already after tax, even when included in our EBIT line. So there's no tax entry for this. The one thing I would highlight is in the China Asset Management column, you'll see CAD 4 million and a 10% rate. I would let you know there's a 10% withholding tax on repatriation of dividends and capital gains from China, and we accrue for this regularly against our proportionate share of earnings, and we can expect it to continue. Going to page 8, this is just an illustrated example reminding how the businesses work, and just to show the operating leverage having regard to our expense guidance for 2021, as well as the financial leverage that we started disclosing today.... You can see in this hypothetical example, with 8% growth in net revenue, EBIT growth by 12.5%, and with the introduction of today's disclosure enhancements, you can see the impact of our financial leverage on net earnings, which brings the increase in this example to 14%. And we've clearly tried to call out the operating leverage, which we expect to be a character of our business model, as well as the financial leverage, which will now be part of the operating business. If you go to page 9, I've just got a quick reminder of the growth in business during 2020, that's providing significant earnings momentum heading into 2021. While financial markets did a significant V during the year as a result of the pandemic, with significant declines in the first half and significant improvements in the second half, we generated record high net sales of CAD 7 billion, or 4% of assets. We had investment returns for our clients of CAD 12.5 billion, or 6% of assets. So we had 10% growth organically, with a lot of it coming on during the fourth quarter. We also completed the acquisitions of GLC and Greenchip, which provided another CAD 30 billion dollars worth of net revenues that we have coming on, or supporting net revenues coming on. Also, I'd highlight, not including these numbers, we also acquired a 56% participating stake in Northleaf, which has CAD 15 billion dollars in earning assets. I also remind that we sold Personal Capital that was not contributing to our earnings. Page 10 gives context to the earnings momentum that we have heading into 2021. At the left, you can see that we've highlighted consensus analyst estimates of CAD 3.78, which is an increase of 18%. I'd highlight for the audience, at this same time in 2020, we had similar momentum in net flows and similar momentum in the business. This was stalled by the impact of the pandemic on financial markets, which you can see clearly in the chart in the middle. And we're actually getting a do-over this year that we're quite excited about. In the middle, you can see our daily balance of assets under management and advisement, which is a key driver of our revenue. We've put two dots at the December 31, 2020 point. The first is meant to highlight the meaningful growth in AUM and A of around 12% relative to the 2020 average balance as a result of our net sales and investment returns. So this is the driver momentum we have going into 2021. You can also see the impact of the acquisition of GLC and Greenchip, which closed on New Year's Eve. Then on the right, you can see our expense growth, including guidance for 2021. I'd remind that overall, we've guided to about 3% growth in our expenses in 2021, and this is being largely driven by Mackenzie, where we have sales-related expenses and some discretionary promotional and project expenses that we permissioned to make sure we're leaning into the exceptional growth opportunity Mackenzie has right now. Go to page 11. We've highlighted our year-to-date February sales results on the left, and our last 12-month trailing results on the right. In the top left, I'd highlight that IG's net flows of CAD 795 million is an all-time record high, and it's driven by growth inflows up 20%. You can see in that yellow stack, we've also shown the net flows to our AUM, the net sales to AUM, and you can see that this is at a very respectable level relative to past years and is trending up. On the bottom left, you can see Mackenzie is having a breakaway year, with CAD 1.7 billion in net sales year to date, which you'll see in the appendix, is driven substantially by retail. I remind that March is a seasonally high sales month for Mackenzie as well, not just February, where all the money contributed RRSP season gets put to work in the coming weeks and months after the season closes. On the right, you can see the last 12-month trailing net sales rates. The orange is Mackenzie. This is, this is happening, and this is just awesome. The top thin line is retail. If you extrapolate, you can see that we will expect to close 2021 over 10%, should this momentum continue. The thick blue is IG net flows, and you can see this is improving at a healthy rate. And the thin blue right below is IG net sales to AUM, which is, again, is improving and is now positive on a 12-month trailing basis as well. I'd remind to our call a few weeks ago, a lot of our net flows to IG is money that's contributed to accounts in kind, in the form of third-party mutual funds and securities. We earn advisory fees on all these assets, and we earn profit fees over time as these assets convert to our in-house solutions. And then lastly, turn to page 12. I really apologize. I recognize that they're a really busy slide, but I wanted to get a few points. On the left, you can see our 2020 EBIT, net earnings, and EPS by underlying business. And you can see now, the earnings by business based upon these expanded disclosures. In the set of columns in the middle, I'd anchor to the bottom right, and you can see analyst consensus earnings for 2021 of CAD 3.78, and that's what was presented three slides ago. What we've done is we've taken all of the published, estimates and PNLs, and we've simply averaged them to create this allocation by, by segment that you can see above. In the right column, called earnings growth, I just highlight three of the rows. The first, IG Wealth net earnings are expected to grow at 14%, according to consensus analyst estimates, and Mackenzie's net earnings are expected to grow at 39%. You can see we've put more than 39% just to indicate that when you exclude the impact of the GLC and Greenchip acquisition, Mackenzie's net earnings are still expected to grow by 35%. I'd also highlight China Asset Management earnings are expected to grow at 23%, from analyst estimates, and this is actually a bit lower than the growth in AUM and earnings that we've been running at, which has been running at over 30% for the last 5 quarters. In the right, you can see a set of columns under enterprise value, and here we've done an allocation of our market cap of CAD 8.9 billion at the close of business on Tuesday, at a share price at close of CAD 37.32. I'm gonna go from the bottom to the top in this equity column and highlight what we believe are a number of conservative assumptions on each of our investments, excluding IG and Mackenzie, and then we've deducted all those investments from the market cap to arrive at the implied PE multiple on IG and Mackenzie. Starting at the bottom, in unallocated capital, you can see CAD 241 million, and I'd remind that that's invested in liquid, high quality securities. Going way up from there, you'll see CAD 593 million of carrying value in our investment in Wealthsimple and Portage. We record this as fair value through other comprehensive income, and I'd remind that this valuation is based on Wealthsimple's equity issuance in October. That issuance valued the company at CAD 1.5 billion, and this is our proportionate share of that. I'd note that since that time, Wealthsimple's business has obviously continued to experience meaningful growth, and I'd also suggest that valuations have expanded since since that last valuation date, if anything. CAD 200 million for Northleaf reflects our purchase price, and I'd remind, we just closed that deal a few months ago. CAD 720 million in China Asset Management is our book value. You can see that this implies a PE multiple of 15.7x, and that's after the withholding tax we have coming from China. I'd just remind this audience, our multiple on entry was 17.5x, and I'd also remind that that business is growing their earnings at a very high rate. Right above this, you can see CAD 1.2 billion is the value or 4% holding in Great-West Lifeco, and this reflects the closing price of their shares on Tuesday. We've also highlighted that there's capital gains tax payable where we dispose of this investment, and you'll see in the footnote that this taxation will be quite trivial. Last, deducting these investments from the market cap for IG, IGM in total to arrive in a slide IG Mackenzie, implies a PE multiple on these businesses of about 7.8x. You can see if you go to the right column, that we've indicated the current average PE multiples for peer companies, and this is on the basis of their next 12-month expected earnings. In the case of IG, we've used global wealth managers with a market cap of over $5 billion, and we've footnoted the specific peers. You can see that the average is 15.4x in relation to an implied PE of 7.8. In the case of Mackenzie, we've used North American asset managers with a market cap of about $5 billion as our peers, and we've footnoted the specific peers. You can see the average of this peer group is 13.2x multiple, and I'd also remark, this is the average. The peers that are growing at a healthier rate, the multiple is obviously higher than the 13.2x. That concludes my comments. I'm happy to take questions. We will now begin the question and answer session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. We will pause for a moment as callers join the queue. The first question comes from Tom MacKinnon with BMO Capital. Please go ahead. Yeah, thanks very much for taking my question here. Just, maybe just stepping back in terms of the rationale for the strategic investments that you have here, and why they're held at the IGM level versus the, the Power Corporation level. You know, Power's an NAV stock, and I wouldn't think that IGM's an NAV stock. And presumably any of the, you know, benefits in terms of, knowledge gained or whatever from, these, strategic investments is, you can garner those benefits even if these investments are held at, at the Power Corporation level, i.e., then they'd still just be part of the whole Power family. So, maybe you can, elaborate a little bit on that. Thanks. Great question, Tom, and good morning. So, you know, I'm gonna go through each of them since there's only four and give, starting with Great-West Lifeco, I highlight. This is really a result of history. It started with Great-West Lifeco's acquisition of London Life back in 1997. And at the time, it was identified that IGM, IG at the time, was gonna be a recipient of a lot of the synergies of the deal. And so as a consequence of that, we participated in the financing through subscribing to shares, and they used the proceeds to fund the London Life acquisition. And we indeed did benefit from the synergies of that transaction. That was followed up by IGM buying Mackenzie and Great-West Lifeco made an investment in us to support that deal. And again, they participated in the synergies of us buying Mackenzie. And the last investment that happened with Canada Life being purchased by Great-West Lifeco. And we again supported that deal and enjoyed the synergies. As we're sitting right now, it's been a great investment for us over time, and we've been being clear, we view this as exit capital. This is our sister company. We appreciate that it's a publicly owned marker of what it's worth because it's publicly traded. And it's been a great investment. It contributes to earnings, it pays a healthy dividend, but it is not core to us and is really available to us. China Asset Management, we view very differently. This has been a long journey for us, wanting to have this exposure to asset management in China. This is called a strategic investment because it obviously is. It supports our business here in North America, and it gives us access to distribution opportunities in Asia that we believe are important. And we really do cherish it as part of IGM. We think it actually has the best chance... being recognized from a valuation standpoint within the IGM Financial, because it's a meaningful and growing part of it. We're interested in actually keeping, cultivating, and even increasing this investment over time, given the importance of it to our businesses. Northleaf Capital, too. We, having private within our roster as an asset manager and as a wealth manager, we view as so strategic and we're so pleased with the deal. When we look at IG Wealth, we believe that Northleaf allows us to bring product to our clients in a very profitable way, and it's a really unique opportunity for us to offer something special to our clients. We think that IG is so uniquely positioned to capitalize on the opportunity because of over 40 years of incorporating private into client portfolios. As separately, it really is a key strategic anchor for Mackenzie to have private equity, private credit, and infrastructure within its roster capabilities. So this one, we'd hate for it to be a power. This is a core part of who Mackenzie is and who IGM is. And Wealthsimple is part of our FinTech investment. We obviously have Personal Capital as well, which we sold to our sister company earlier in the year. And the thesis here is these investments, and Wealthsimple in particular, it is a wealth manager. It provides unique opportunities between the companies to work together, and it is part of our ecosystem right now, and an investment we're proud of. We don't know what the future holds for Wealthsimple, and as you can see here, the company's growing at a really healthy rate, and we're really cheerleading it and pushing with all we got on their success as well. And I don't know what the future for Wealthsimple is, but right now we've got a very solid investment at IGM. We're the largest shareholder, and there is a clear synergy with our group of companies. And when we look at Power Corporation, there's a move there to make more investments in the financials, services companies. And then when I look at your strategic and other investments, those are investments in financials companies. Is there, is, isn't there a way of making this, this whole, organization a little more simplified by having those strategic investments in other financial institutions, all just at one level? Or how should we be thinking about that going forward? I think, Tom, you should expect from us to continue to have our foot on the gas on that theme of simplifying the Power group and simplifying and clarifying IGM. We're pleased to bring to life in 2020 the acquisition of GLC, where we consolidated Canada Life's Canadian investment management operations at Mackenzie. And you can expect us to continue with that theme of simplifying the group, and that'll continue. And where we'll ultimately end up with each individual one of these strategic investments, I don't know, but I would commit to you we're working on it. And I would declare with China is very strategic to us. It is in two places now as a result of history, and we're working on figuring that out. And on Wealthsimple, that's another one that we're working on. And right now we're all just pushing behind the success of that firm. And we think it's obviously been a very good investment for us, and we will work to figure out where it properly belongs with the wealth and asset management businesses at IGM or somewhere else in the group. Okay. And if I could just squeeze one last one on Wealthsimple. You mentioned Personal Capital was a drag on earnings. What about Wealthsimple? I mean, on the shown on slide 12 here is the adjusted EPS is zero, and same for 2021. Like, how should we be thinking about the earnings at Wealthsimple? Yeah. So right now, Tom, we account for that investment as fair value through other comprehensive income. And so we mark to market that investment on an ongoing basis. As a consequence, it doesn't flow through our earnings. Right now, you should think of Wealthsimple as being a developing company that really is coming to its own. So we've seen extremely healthy increases in revenue, and we've seen obviously a lot of growth in what started as losses obviously as it's developed and it's really improving. So at this time, we do not disclose Wealthsimple's earnings, but you can see the metrics that we publish on an ongoing basis to understand the growth that it's experiencing in clientele and in the assets under management. Okay. Thanks for your time. Yeah. Thanks, Tom. The next question comes from Rasib Bhanji with TD Securities. Please go ahead. Hi, good morning. Thanks for the analysis, it really helps, especially the monthly flow trends as well. I had a question on the peers for IG Wealth and Mackenzie. In your view, would you be able to point out any one or two peers, both on the wealth and asset management side, which would be a good, or which would be like the most appropriate comparable for IG Wealth and Mackenzie are right now? Good, good question, Rasib. I'll say two things. One, on Mackenzie, we've been focusing mostly on pure price. When you look at the publicly traded asset managers, we've been looking for those peers that have the same growth profile and character. And so you'll see the peers that we've chosen, and we look for asset managers that kind of have the same trajectory to develop costs. There's a whole bunch of other ones that may not have the same growth as Mackenzie at this time. But it's actually not a bad peer group when you look at the U.S. asset managers and the global asset managers. On IG is where we've been more challenged over time to find public peers in Canada. We don't believe there is any clear peer for a wealth manager like IG, that's pure play and it's publicly traded. So that's why we've been looking abroad. We have two examples that we believe are kind of as good as we're going to get. The first is Ameriprise. I highlight with Ameriprise, you know, IG was founded as the Canadian arm of what's now Ameriprise. To this day, the character of the company is quite similar. The one difference we have is that insurance is a much larger part in Ameriprise's business. But as far as the character of what the business is, Ameriprise is quite close. The other company we point to is St. James's Place which is UK based, and they really are the same business model as IG within the UK market. And so we've been looking at them, you know, quite closely for quite some time. They've always been very successful and are growing at quite a high rate, but we view the character of their business very similar to IG, and we're pleased that we do have a publicly traded comp like that because there aren't many. Yeah, that's helpful. Thanks for the color. And just my last question. I know this is a bit forward looking, but hypothetically, in the process of simplifying the holding structure of the power group of companies, if as a result, IGM gets a lot of capital, if any of the strategic investments are divested or values realized over there, would you have a second go in terms of priority, like where your capital allocation would be more focused towards? I can't give guidance on that right now, Rasib. If we were to do something to sell the investments, where would we reinvest the proceeds? I'd say right now there's a lot of things we have to figure out. I'd like to let the audience know, you know, share buybacks is obviously something that's clearly on our mind right now. But when you look at where our valuation is, and you look at the confidence we have in the future of this business, but there are a lot of things we have to figure out strategically within the group of companies. As we've talked about China Asset Management on this call, and there's other things that are out there where there's opportunity to simplify the group of companies and really provide clarity for what IGM is and where it's gonna grow. Mm-hmm. Yeah, thanks. Thank you. The next question comes from Scott Chan with Canaccord Genuity. Please go ahead. Good morning. Just to follow a quick follow-up on the last question in terms of capital deployment. Like, just I guess in the recent past, you've talked about perhaps raising your dividend, if your payout ratio, kind of, kind of was lower to, to the 60-65% level. Kind of looking at the earnings growth trajectory on consensus, you're, you're probably gonna get there. So what is, what is the priority on, on dividend growth? Cognizant of the fact that you haven't raised one in I think 5 years, and your yield is pretty, pretty attractive right now. Great question, Scott, and good morning. Yes, right now our focus is growing our earnings. And that's, you'll hear it from James, you'll hear it from me. We’re leaning in growing the earnings, and it does bring us to that point of, you know, when’s the next dividend increase? We've been really clear, we're focused on maintaining and growing our dividends over time. As you point out, we've got a higher dividend payout rate than any other Canadian financial service company. And so any recommendation on the dividend we make to the board will be based upon our outlook of what the best use of capital is at the time. But that'd be our commitment, is we're certainly focused on maintaining the dividend, and we will be assessing growing it as we grow earnings. And just on AMC, you're obviously carrying in a book or carrying costs, and the franchise is growing. I think last quarter you said 30% on an asset and earnings basis. Is there an event where you could get that marked up, like a Wealthsimple? Like, is there a catalyst to kind of mark that up over time? I just can't think of anything in my head, so I just thought I'd ask. Yeah. Great question, Scott. So the accounting and conclusions we made on this investment is we, we have significant influence of it, and as a consequence, we equity account. So the way our share value is going to travel over time, it will be taking our proportion of their earnings, and that will increase the return value and the dividends that they pay us comes off of it. So that's the mechanics of it, and that's the way we account for our investment, Great-West Lifeco as well. So it's not a fair value investment like Wealthsimple. And what I would expect to happen is that we're gonna continue to enhance our disclosure on China Asset Management as it grows, and we're gonna work with all of you to ensure that you understand it and can properly assess its value. And I highlight, this is actually a very unique one. It's an interesting valuation challenge for us. You know, IGM is the only place you can disclosure some domestic asset management in China in a publicly traded vehicle. When you look at our company, it's a consistent top player in that market, and it's growing very well for them. We're gonna continue to enhance the disclosures, and we are gonna be leaving it to you and the market to make an assessment of what it's worth. And just lastly, you kind of talked about the flows and year to date, it's been very solid. But you also talked about March being seasonally strong. Is that seasonally strong for IGM in particular? Maybe just kind of talking about some of the facets that you went through. I just kind of missed, I think, a few of them. Scott, great question, Scott. Yeah, so on the chart where we talk about year-to-date flows for January, February, but for a wealth manager like IG, our peak season has that end date, 60, you know, 60 days into the year. And so the money comes into the accounts in those period. We do see March as a strong month, but most of the push is in January and February. Mackenzie very different, and that's what we want to highlight. Where the distributors, the wealth managers, have the push to get money in the account before the deadline, the money gets put to work in the coming weeks. So I want to highlight that, that unlike IG, where, where February is the peak, peak month for Mackenzie, March is, is a very, very strong month as, as money gets put to work. And that's not unique for Mackenzie. That's, that's the same for Mackenzie and all its peers. Okay. Thank you very much. Yeah, thanks, Scott. Once again, if you have a question, please press star, then one. The next question comes from Gary Ho with Desjardins Capital Markets. Please go ahead. Thanks, and good morning. Thanks, Luke, for the enhanced disclosure. Just one question from me, which is more of a kind of what's next type of question. So you guys provided enhanced disclosure two, three months ago that breaks down the asset management and wealth management businesses, and now you're taking the next step, providing, you know, all the way down to the earnings line. Like, what else are you guys working on? You know, is this... Are you guys planning to kind of separate the two businesses? Just wondering kind of what's ahead of us here? Yeah. Thanks, Gary. Right now, the focus... This actually completes the journey on the disclosures, as far as the changes that we want to make. We've needed to finish the GLC acquisition to bring to light the segment of wealth management versus asset management. You'll remember, having clarity around wealth management was so important to us. IG, and IG are different businesses from Mackenzie, and traditionally, we've been in this, you know, public asset managers peer group that really doesn't convey a good comparison to the wealth businesses. Winning and earnings kind of finishes it. Right now, we think we've done the important changes people need to understand the businesses. We've also enhanced the expense disclosure, so people can get a sense of what the drivers are and what expenses are more fixed versus those that vary with volumes. As far as the business decisions, right now, we're just pushing behind all of our businesses. We've got no plans to do anything as it relates to IG vis-a-vis Mackenzie. We're very pleased that we now have Canada Life as another anchor client of Mackenzie, with a CAD 50 billion relationship, and we're just leaning into organic growth. And that's what you can expect from us over the coming quarters: us to continue to help first engage with you to understand what you wanna see from us in terms of disclosure and in terms of the business, and being us, just presenting the results and keeping you abreast of how the business performs. Got it. Okay. Thank you. That's it for me. Yeah. Thanks, Gary. This concludes the question and answer session. I would like to turn the conference back over to Keith Potter for any closing remarks. Yeah. Thank you everyone for joining us today and all the great questions. Please feel free to reach out to myself if you have any additional questions you'd like answered. With that, I'll close out the call. This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.