Hello, and welcome to the Hays quarter three conference call. My name is Judy, and I'll be the coordinator for today's event. Please note that this call is being recorded, and for the duration of the call, the lines will be in listen only. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing star one on your telephone keypad at any time. Please note that if you require any assistance at any point, press star zero and you'll be connected to an operator. I will now hand you over to your host, David Phillips, Head of Investor Relations, to begin today's conference. Thank you. Thank you, Judy, and good morning, everyone. Welcome to Hays quarterly update call for the three months ending March 31, 2022, our third quarter of the 2022 financial year. I'm here with Paul Venables, Group Finance Director. Before we begin, please be aware that this call is being recorded, with the recording accessible using the number and code provided in the release. Please be aware that our discussions may contain forward-looking statements that are based on current expectations or beliefs, as well as assumptions on future events. There are risk factors which could cause actual results to differ materially from those expressed in or implied by such statements. Hays disclaims any intention or obligation to revise or update any forward-looking statements that have been made on this call, regardless of whether these statements are affected as a result of new information, future events, or otherwise. I'll now hand you over to Paul. Thank you, David. Good morning, everybody, and thanks for joining us. I'll present the highlights and key themes of today's update and discuss regional performances before we take your questions. As usual, all net fee growth percentages are on a like-for-like basis versus prior unless stated otherwise. Performance overview. In Q3, we delivered record quarterly fees up 32% with excellent growth in all regions and an all-time fee record in March. Currency translation had a negative impact, decreasing headline net fees by 3%, and there were no material working days adjustments in the period. I highlight the following key features. One, we delivered quarterly fee records in 19 countries, including a standout performance in our largest business of Germany and in the strategically important markets of the USA and France. Two, growth was led by perm at 48% and temp by 21%, both excellent results. The private sector up 35%, again significantly outperformed the public sector, which is up 15%. Comparing to pre-pandemic fee levels, fees in the quarter were 11% above Q3 FY 2019. For a specialism level Technology, our largest global specialism and now 26% of group fees delivered another record performance with fees at 35%. Five, consultant productivity remained at near record levels despite increasing consultant headcount on a headline basis by 4% or 325 in the quarter. Six, our net fee exit rate in March was 26% despite a 16% tougher year-on-year growth comparative. Seven, during the quarter and as previously announced, due to the ongoing conflict in Ukraine, Hays ceased trading and exited Russia. In H1 FY 2022, Russia represented about 1% or GBP 5.9 million of group net fees and 0.8 million of operating profit. We've provided GBP 5 million for one-off closure costs, which we will incur as an expense above the line in H2 FY 2022. Eight, we reiterate the guidance given at the half year results for FY 2022 operating profit of between GBP 210 million- GBP 215 million, excluding this one-off Russia impact. Nine, finally, cash performance was strong, and we ended the quarter in a strong financial position with net cash of GBP 240 million in line with our expectations. I'll now comment on the performance by each region in more detail. Our ANZ division, which is 16% of group fees, increased by 24%, with activity stronger in March as pandemic impact eased, particularly in Perm. Perm, which represents 40% of ANZ fees, was up an excellent 57%, while Temp increased by 9% against a relatively resilient performance last year. The private sector, 66% of fees, increased by 28%, while public sector grew by 18%. Australia increased by 21%, led by Queensland, up 28%. Our two largest specialisms, Construction & Property and Technology, grew by 14% and 42% respectively. New Zealand, 9% of ANZ fees, delivered a fee record and increased by excellent 62%. Consultant headcount in ANZ increased by 4% in the quarter and 26% year-on-year. Germany, our largest business, representing 27% of group fees, delivered another record quarter up 32% and included a record in March. Overall business confidence was stable, with clients continuing to invest in new and extend existing projects. Contracting, 55% of German fees, delivered a record quarter. Fees grew by 31%, driven by 29% growth in contractor volumes, which ended the quarter at record levels. Margin and fee mix increased fees by a further 8%, partially offset by 6% lower average weekly hours per contractor. Temp, which is mainly in the engineering and manufacturing sectors, continued to recover up 28%. Although, given slower recovery in automotive and parts of the manufacturing sectors, remain 10% below pre-pandemic levels. Perm delivered an excellent performance at 43%, and consultant headcount increased by 9% in the quarter and 19% year-on-year. U.K. and Ireland, 22% of group fees increased by 29%, led by an excellent perm performance of 59% and temp up 13%. Private sector fees increased by 40%, with the public sector, which was resilient in the prior year, up 9%. Most regions traded broadly in line with the overall business, apart from the Northwest and Southeast, which grew by 49% and 41% respectively. Our largest U.K. region of London grew by 28%, including London City, which is predominantly private sector-focused, up an excellent 57%. Ireland delivered another excellent performance with fees of 61%. At the specialism level, we again saw excellent growth in Technology at 52%, as we did in HR and Education at 52% and 50% respectively. Accountancy & Finance, our largest U.K. business, grew by 35%, and C&P 16%. Consultant headcount increased by 4% in the quarter and 24% year-on-year. Rest of World, representing 35% of group fees and comprising 27 countries, grew by 36%, with 17 countries delivering quarterly records. Perm, which is 68% of Rest of World fees, increased by 43%, with temp up 24%. In EMEA, ex-Germany, fees increased by 33%, and activity levels remain high. 10 countries delivered record quarterly fees, including our largest Rest of World country of France at 38%, Spain 46%, Poland 39%, and Switzerland up 28%. The Americas grew by 54%, with records in all countries in the region, including the USA, our second-largest country at 47%, Canada 64%, and Brazil 78%. Asia fees increased by 27% with standout performances in Malaysia at 53% and Japan, which showed improved momentum with fees at 42%. China grew by 10% and growth slowed through the quarter as strict pandemic restrictions were reintroduced. Consultant headcount was at 1% in the quarter and 34% year-on-year. Cash flow and balance sheet. Cash collection was good, and we ended the quarter in a strong financial position with net cash of GBP 240 million in line with our expectations. Current trading and guidance, I'd make the following points. One, while we're mindful of increased macroeconomic and geopolitical uncertainties, client and candidate confidence remains strong, with continued skill shortages and rising wage inflation globally, especially at the higher salary levels. The group's activity levels remain strong. Two, after significant investments in consultant headcount over the last 12 months, we expect investment to moderate to 1%-3% over the next quarter, with headcount growth in Germany and in our strategic growth initiatives, which continue to perform strongly. Consultant productivity remains at near record levels, and we expect to increase this further in FY 2023 and beyond. Three, on April 28, 2022, we'll be hosting an Investor Day in London focusing on the significant structural growth opportunities we see across many markets. We look forward to seeing many of you in person on the day, but we'll also be live webcasting the event, the details of which are in our Q3 statement. In conclusion, we are focused on driving further profitable growth as we pursue our route to exceeding previous peak profit levels supported by our strong brand, highly experienced management teams globally, and our financial strength. We're firmly focused on positioning Hays as the clear market leader in the most attractive long-term sectors and geographies, including technology and Germany. I'll now hand you back to the administrator, and we're happy to take your questions. Thank you so much. As a reminder, if you would like to ask a question or make a contribution on today's call, please press star one on your telephone keypad. To withdraw your question, please press star two. I will then introduce you accordingly. Again, it is star one on your telephone keypad if you would like to ask a question on today's call. Question is coming from the line of Rory McKenzie from UBS. The line is unmuted, and now go ahead. Hi, Morning all. It's Rory. Firstly, on the group exit rate of +26%, obviously year-over-year growth is slowing due to the comparators. I think looking at a three-year stack, your net fees were up 10% for the quarter and 10% for March, including the Russian closure. Is it fair to say you probably exited the quarter still seeing a small underlying acceleration? Secondly, German contractor fees look exceptionally strong. Can you just talk about the kind of volume, contractor margin, sickness dynamics and how we kind of build up that fee growth rate? Yeah, maybe just those two first, please. Okay. On the group fee exit rate of 26% and the other comments you made, first of all, we were 11% above Q3 FY 2019, and March was a very strong record performance. It beat previous records by a significant amount in GBP millions and was really uniform across the patch within that. Continental Europe was by far the strongest performance. I mean, we had a record in mainland Europe, ex-Germany, that was a good 15%-20% better than we've done before, so very strong performance. Really across the board. You know, I mentioned a number of countries earlier on have had strong quarters. Certainly France, which has been one of the businesses that has returned to material growth slightly later than places such as Southern Europe, Spain, et cetera. France had a monster March. I think all of that is encouraging for the next few months. Certainly from a March standpoint, how did we feel? Continental was the strongest, Germany was the second strongest, and then I guess a gap to Australia and the U.K. We're very happy with it. On the German contractor market, I think the first thing is it's a very strong market at the moment. There is no doubt that in all markets in the world, including Germany, those parts of the market that are higher salary levels, strong decision-making or strong technical skills areas have got both the highest demand, have got the fastest decision-making, and have also got the most significant, wage inflation going through. I think what we tried to do in these results is give a little bit more color in that, specifically on contracting. You know, we've had some previous trends where actually our volume was slightly greater than fee growth, but that was to an extent partially offset by reduction in hours. We're continuing to see more four- and three-day assignments, and I think that's natural in the world we're in today and also in a very skill-short market. If we've got an excellent IT professional that wants to work three or four days a week, our clients are taking them very quickly. Whereas I think it's fair to say in Germany three or four years ago, they would have wanted somebody to have worked five days a week. Secondly, as you can see, margin and fee mix increased fees by 8%. As we said before, you know, we are determined to show that we're a winner on the back of wage inflation. These are very skill-short candidates, and there is an appropriate rate to charge for them and an appropriate level of margin. We are trying to edge that up, which I think is an important part. Generally, the dynamics in contracting, which is technology, more technology-focused, very strong. Things like sickness, yes, a little bit more. Actually in the contracting space, that doesn't matter as much because a large proportion of our contractors can do and can work from home. The sickness part of it was a little bit greater within temp, but on the basis that our temp fees were up 28%, it didn't make sense to pull that out. Of course, we've got a number of countries around the world at the moment, not just Germany, where the Omicron variant has kind of ripped through. Clearly, where you have contractors or temps that physically are working at client premises, a number of those have to test on a regular basis, and there's been a kind of a slight impact. I think if anything, Rory, we can take some confidence from that these, you know, these results take a little bit of a hit on the sickness side of it. Now, that is being more than offset by what we're doing in average perm fee and on temp margin. Okay, great. Thank you. Then just lastly, to be clear on the profit guidance, you're taking the GBP 5 million charge for closing Russian operations, above the line rather than taking an exceptional charge. Maybe out of Easter, I should say an eggceptional charge. Then that's the only change to the headline guidance range for this year. Correct. I think there was an Easter pun there somewhere, but I guess you're getting a prize for that. I'm not sure what prize yet. I mean, the point is that we're a business making more than GBP 200 million a year, and therefore, under the definition of the accounting standards, while this is an exceptional event, it is not material enough to be treated as exceptional. Clearly, it's a one-off and therefore is irrelevant from, you know, the long-standing profit generation capacity of the business. We just wanted to be very clear today so that there was no misunderstanding. Great. Thanks so much. Yeah, excuse the jokes. Thank you so much, Rory, for your questions. The next question in the queue is coming from the line of James Rose from Barclays. Your line is unmuted, and now go ahead. Hi, it's James Rose from Barclays here. I've got two, please. The first is on China. Could you talk through what trend you're seeing in March and, you know, potentially what we could think about modeling for April? You know, has activity completely stopped there? Is it probably down, you know, double digits? It'd just be helpful to frame that. And then secondly, on wage inflation, do you get the sense that it's becoming more broad, you know, across a greater variety of roles and income levels, or is it still fairly concentrated in the more high-skilled roles? Thank you. On China, clearly, I guess a couple of bits of color if it is useful, first of all. You know, clearly within China, there are two component parts. There is Mainland China, and that was down 4% in the quarter, and there is Hong Kong, which is at 46%. I think there are different conditions in both. Hong Kong is clearly more white-collar, banking, accounts and finance, technology-focused. Still strong conditions because, you know, they're continuing with lockdowns. I think in China, what really was the issue was the fact that when the lockdowns were imposed, there was a high expectation it would continue. You know, clearly it's being imposed, which is meaning that lots of businesses know that they won't be able to operate, or at least if they do operate, people are sleeping. You know, in a lot of the banks, people are actually sleeping in their offices. We were certainly negative in March. The good news is that most of those fees, it's not like we've at this stage lost fees. A lot of the fees were deferred. Clearly, we recognize permanent revenue when somebody starts work, and therefore the fact there were significant lockdowns across March means that, you know, we lost some fees that have gone forward into April or May. Therefore, I think the real issue for Q4 is how long will these lockdowns continue and on what sort of basis afterwards. We've got a great business in China. I think considering the circumstances, the team have done an exceptional job, clearly looking after our own employees as well as helping our candidates. I've got no doubt that we'll return to growth very quickly. On wage inflation, you're kind of correct. If six months ago, this was more sector-focused, I think we all understand areas such as IT, where you know, I can pick a number of roles where if I actually look at what the going rate is for those roles today versus what it was a year ago, actually the starting salaries has gone up between 10%-20%. So there's really quite significant in the technology space. I think now much broader across the market, there are two things driving it in some respects. A massive skill shortage in any of the decision-making roles. For example, if we said decision-making roles are GBP 50 thousand, GBP 60 thousand, GBP 70 thousand and above, very skill short. Our clients continue to make fast decisions, and they understand that candidates have got choices. They're going to have several options, and there's also going to be a lot more counter offers from employers desperate to hold onto them. We really are seeing an uptick in inflation across the board. I think that is now almost baked in for the next 12 months because, of course, inflation is now at exceptionally high levels. I think it's very difficult for a lot of organizations across the board if inflation rates are up 6% or 7% or 8% or 9%. I think you can see generally most companies that we're seeing are doing increases in the 4%-5% across the board, but they're paying for talent at a higher level than that. I think the benefit for us is, as we described at the interims, what our average Perm fee, for example, was, you know, there was nothing, minimal increase up to September. We saw that really accelerate, and we had an exit rate up of about 3%. That's continued to accelerate into this quarter. I think Emma's much pleased by the Temp margin because, of course, that means that as we place each new temp into an assignment, they are getting more money, so we get more pounds margin per hour. We're also able to get a pickup in the margin that we're being able to charge. Yes, it's more ingrained. Yes, it's at a higher level. It feels like calendar year 2022 will be the year of kind of around 5% across the board. Then people are changing jobs, that's normally for a promotion. In the past, you would have expected to have got 10%-15%. At the moment, it is much more in the 15%-20% or around 20%. It's you know, I've only done this job for very close on, you know, two weeks off 16 years now. When I joined, wage inflation was about 5%. Today it's about 5%. Of course, the difference today is that cost inflation for a lot of individuals is to higher level. I think one of the quandaries for companies is, you know, the need to make sure that they do something proactive with their employees, because otherwise, in a very skill short, hot market, the best opportunity for people to get a material increase is to change jobs. Of course, at Hays, we're very happy to help all of our candidates find the next perfect role for them. That's very helpful. Thank you. Thank you so much for your question. As another reminder, it is star one on your telephone keypad to ask a question on today's call. The next question in the queue is coming from the line of Thomas Shacker from Jefferies. Thomas, your line is unmuted, and now go ahead. Yes, good morning, all, and congratulations on a strong set of Q3s. I have two questions, if I may. The first of which is regarding the net cash of GBP 240 million, whether there's anything to comment there, either on cash flow, working capital and if cash collection has remained strong. My second question is just regarding headcount investment, thinking further out into FY 2023, as to whether there's any view there or whether there is sufficient capacity in the system to fuel strong growth going into that year, given FY 2022 investment was quite strong. Thanks. Thank you. No, two good questions, Thomas. First of all, on cash, happy with where we are at the end of March and confident that we will increase it further as we go across the back end of the year. As most of you know, we always tend to have a stronger cash performance in the second half versus the first half. There are no encumbrances when we get to the end of June, so I think we'll have a strong cash performance that will clearly put us in a position to, you know, materially reward our shareholders at the end of the year, and we'll give more on that when we come to the Investor Day in two weeks' time. David has told me if I don't get five plugs for the Investor Day, then I won't be able to, you know, stay in the office any longer. There's plug number two. I'll come back later on that. I think cash performance is good, and we expect to do even better. Clearly, we've got interim dividend to go out in April, but you know, a lot of the tax that we pay is front-end loaded, so I think we're in a strong position there. On headcount investment, I've only done the job for 16 years, which means I've got three-five weeks. You know, I know we've got three-five weeks visibility, and we will continue to look at everything like a hawk as we do. You know, every Tuesday morning, we get all of the trading data globally graphed against where we expect it to be, where it's come out, all those things. That's important in determining headcount. The important point, which is what you alluded to, is the headcount we've got today. We can increase our fees by 5%-10% without further headcount investment. Absolutely, FY 2023 is going to have a greater degree of monetization. You know, we'll continue to invest in areas such as the structural growth initiatives, you know, technology. We're a number one, number two player at the moment. We're determined to double the size of that business, and we will continue to invest behind that. I think Germany will continue to get significant investment because the sheer profit upside in that business. Beyond that, I think we'll focus much more on driving consultant productivity, monetizing the investment we've put in place, take advantage of price inflation, which we'll need to do because, of course, we'll have cost inflation. All of our own pay increases go through in July, and so that's gonna be important for next year. I guess just finally as a point, you know, we certainly for this financial year, and we expect the drop-through to be between 40% and 50% in that, you know, if you look at the mix of growth in this quarter, there was a little bit more in rest of the world. There was a little bit less in Australia than we'd expected, and therefore, that has a little bit of a mix. 40%-50% drop-through for this year. We go into next year looking to monetize at significant levels of the investment. I think we're well-placed. As to the actual headcount we do next year, you know, we look at that. We always have plans for the next three months, but of course, we look, we update those plans every single month based on activity levels and discussions with clients, et cetera. Great. Thank you. Thank you so much for your question. The next question in the queue is coming from the line of Anvesh Agrawal from Morgan Stanley. The line is unmuted, and may now go ahead. Hi. Good morning. Most of my questions have been asked. Just one from me. You obviously called out auto with sluggishness in Germany and outside of that, would you like to point any other industries where possibly we could see some impact from the current geopolitical uncertainty. Just thinking about the leading indicators of the KPIs as you sort of head into the final quarter of the year and FY 2023. Yeah. I think your point is well made. First of all, credit to you for dialing in from your vacation. That's very impressive. I think we mentioned auto. Auto is an interesting industry for us at the moment because I actually see that as a significant upside potential in Germany simply because, as you guys know, it used to be about 20% of our fees. Today, it's about 6% or 7% of our fees. We really are the lead recruitment company in providing engineers in the electrification of vehicles, and there's a lot of demand going on in that space. Now, coming to your broader point, I think we're all mindful of where PMI indices are across the world and specifically of course within Germany. Of course, manufacturing PMIs have dropped dramatically over the last six weeks, et cetera. So far, we've seen no impact in our forward indicators, and we continue to have very high levels of incremental contractors and temp. Specifically within this quarter, the actual absolute growth in percentage terms of new temps really started to pick up, Anvesh. I think again, that's quite encouraging as we went across the quarter. Of course, most German companies will be watching their own indicators very tightly, as do we. So far, all of the indications we've got are positive. As you guys know, you know, one of the benefits of this very experienced management team, both globally and in all of the countries, including in Germany, is that, you know, we've all been through various cycles across our period of time, various sensitivities. We watch our business like a hawk, and we'll move quickly if we have to. At the moment, indications are positive in Germany, and we will continue to invest in headcount in Germany, in this quarter. Again, one of the advantages for everybody on the call, if you attend the Investor Day, you'll actually have the top three members of our German management team there. You know, you can ask them specifically those questions both at the session and in the drinks afterwards. Yep. Sure. That's very clear. Just as a follow-up on that really, has anything sort of changed structurally for you that you can be a bit more resilient even if we have a bit of an industrial softness, let's say, in Germany? I mean, the traditional wisdom is we probably see the slowdown first in sort of the Adecco and Randstad cities of the world and then sort of followed by Hays. Have things changed post-pandemic structurally that you could be a bit more resilient? I think it will. We're always into theory here, aren't we? You're always into how difficult the event is, how long does it go. That determines whether companies just go a little bit slower on hiring or whether they stop hiring. Sitting here today, I would be very confident with our contractor base. Of course, one of the benefits I think now versus, let's say, the pandemic scenarios, I don't really see a situation in absence of, you know, further escalation or a large energy issue within Germany, the clients are gonna stop doing things. Clearly, there's lots of supply chain issues that we're seeing in the manufacturing sectors around the world. I think one of the benefits in the contracting space is the high salary levels, the massive skill shortage in that market today, and the long tenure of each contract. Our average contracting assignment is about nine months. At the moment, our average temp assignment is about 12 months. Therefore, I think one of the things that Germany gives us, and it's one of the reasons that we're happy to continue to invest, is that we've got a greater forward secured revenue stream in Germany. Therefore, for a recruitment company, you know, one of the benefits, one of the structural benefits we've seen having a high-end contracting and temp business, is that there's a longer term visibility that gives you in revenue stream, and therefore you go into an FY 2023 with a greater proportion. Then finally, of course, two final messages. First of all, you know, a lot of the work we do goes into the R&D space. Secondly, one of the common themes in Germany and across the rest of the world is how many of our clients have come out of the pandemic and are really focused on driving efficiencies and digitization in their own business. I think that's one of the reasons that we're seeing, you know, significant growth in the tech space. You know, it's one of the reasons as well, I think we're perfectly placed. In whatever the scenarios are over the next few years, you know, I think if clearly there is some sort of economic weakness, and again, we'll set out this case at the Investor Day, that may just delay our opportunities for one-two years. I'm incredibly bullish on the tech and the German opportunities for this group. I've said on Open Mic before, you know, I will exit the business with about, you know, my total shareholding will be about 2 million, and I intend to keep those 2 million shares, 'cause I actually think the opportunities for Hays over the next five, 10 years is really quite dramatic. that doesn't mean that we can buck a cycle, Anders, but I think it does mean that our German business has the greatest forward secured revenue stream of any high-end recruitment business in the world, which is a good position to be in. Yeah. That's very clear. Thank you so much. Thank you for your question. The next question is coming from the line of Steve Woolf from Numis. Steve, your line is unmuted, and now go ahead. Morning, all. Just a quick question regarding your own headcount experience and the additions that you've been making. Where has it come from, whether it's been competitors or new people to the industry? How easy has it been, given the way that you're recruiting now with use of technology? Whether to get people in the door, you've had to change any of your, you know, wage structures or cost structures accordingly, whether it's higher or lower incentive proportions around that? Just any sort of color around headcount, please. Yeah. The mix has continued to be similar to previous quarters in about 20% is experienced hires from the competition, and about 80% are newcomers, whether that is people with experience in industries. You know, we bring a lot of people into our business who've got experience of construction or accounts and finance or HR or legal. They know the sorts of roles before they join us and may not have recruitment experience but they know that. And that's always been one of our target markets. I think first of all we've got a great brand. Secondly, we've got a great proposition. You know, come and join us, be successful, and you can run the group. You know, we've got lots of fabulous role models in running specialisms, running offices, running countries that started with Hays five, 10, 15, 20 years ago and are now running large businesses, so that's successful. Of course, you know, we also have. I mean, one of the beauties for experienced consultants today, and also for those consultants coming through, is in a very strong perm market where clients are making fast decisions and you have some wage inflation, you know, commission is much greater. I mean, I think we said at the interims our commission percentage payout this year is about 2% of fees higher than normal, 'cause we've got a lot of recruitment consultants who are billing, you know, GBP 500 million a year, GBP 1 million a year, above GBP 1 million a year because it is a very strong market. The nice part there is the more successful they are, the more they bill, the more they earn, and the more we retain them. I think it's a virtuous model. I think Sandra Henke, you know, who's our HR director, you know, has been with our business for more than 20 years, has done a superb job with the teams around the world in making sure that we've always got a real talent pipeline. We focus very heavily on our employee value proposition in the way we go to market and the way we bring in. Our training programs are second to none. You know, I think all of those are very important in trying to make sure when you bring somebody in you give them structured training, mix of kind of classroom and via technology and on-the-job training. I think that continues to be the case. We've been able to increase our headcount, very happy with the quality, very happy as people are moving up the productivity curve, which I think again sets us well for next year. I think the teams have done a good job in getting a high quality intake in this year in clearly what's a again, as you say, a tighter market. That's great. Thanks, Paul. Okay. Thank you all for your questions. There are no further questions in the queue. As a final reminder, it is star one on your telephone keypad to ask a question on today's call. If that's all of the questions for today, and we only had two Easter references, but I think certainly Rory felt like he was on the beach already or heading to the beach. We'd like to thank you all again for joining the call. I look forward to speaking to you at our Q4 FY 2022 results on the July 14, 2022. Of course, seeing you at our Investor Day, which I think gets me to five, which means I can now have a cup of coffee. Should anybody have any follow-up questions, Dave, Charles, and myself will be available to take calls for the rest of the day. Thank you very much for joining us and also thank you very much for your questions. Thank you. Bye. Thank you everyone for joining us on today's call. You may now disconnect your handsets. Folks, please reconnect it.