Welcome everyone. I'm Tracy Bentz, insurance analyst at Barclays, and I'm pleased to host a Fireside Chat with Tom Wilson, CEO of Allstate. We have a lot to cover, I think I'll just turn it over really quickly with Tom. I think he has a few slides to go over. Well, good morning. We're going to use a few slides just to set some context for you. Slide challenge, I'll get rid of that. First, let's start on slide two. Can you see that? Hold on. There we go. All right. This is our Surgeon General warning. Also, we're doing forward-looking statements. You need to consider them in context to all the stuff we give you, whether it's the 10-K, the 10-Q. Look at our investor websites before you make your decisions. This will be available on our website soon. Slide three shows our strategy, which is the two ovals on the left. We have two components to it, all customer-focused. First is to increase personal property-liability market share through our Transformative Growth Plan. At the same time, we're expanding our protection services. The bullets on the right-hand side of this slide show how we're doing on this in 2022. We're executing a plan to improve auto profitability, which has been impacted by the dramatic cost increase to repair cars, also increase bodily injury costs. We're going to improve profitability by raising auto insurance rates, implementing underwriting restrictions in underperforming markets, continue to reduce expenses, and modifying our claim practices to deal with a high inflationary environment. I'll give you some more detail on this in another slide. At the same time, we continue to advance our Transformative Growth Plan. Protection services businesses are generating good profitable growth. Beginning late last year, we also reduced the duration of our bond portfolio to lower the exposure to higher interest rates, given the negative impact that inflation was having on auto insurance. We were in the category of catch us once, shame on you, catch us twice, shame on us. We reduced the duration and cut that portfolio in half. We've avoided about $1.3 billion of losses in the value of the bond portfolio by doing that. At the same time, our capital position is strong, enabling us to maintain high cash returns to shareholders, whether that's through dividends or share repurchases. We've reduced the outstanding shares by 4.6% just in the first half of this year. Now let's move to slide four and begin to discuss auto insurance profitability. I'm sure Tracy will have some questions about this. Our goal is to achieve a mid-90s combined ratio. In the chart on the left, you can see that we have a long history of doing that. We had an average combined ratio of 95.5 for the five-year period before the pandemic. That's 2015-2019. Our performance is amongst the best in the industry. We've been favorable to the industry by 6.5 points on our combined ratio over that timeframe. The pandemic, of course, created all kinds of volatility for that business. Stay-at-home orders early on in the pandemic reduced accident frequency, so we had way improved profitability in 2020, despite the fact that we gave our customers over $1 billion back, which we did not need to do. It was not contractually required. We led the industry on that by being customer-focused. You can see in the charts in the first half of 2021, we still had good results. As fiscal monetary policy started to drive inflation, particularly used car prices up 60% compared to 2018. That increases the cost of both replace and repair cars. That was higher than embedded in our prices. The cost of settling bodily injury claims also went up. That's escalated at first more severe accidents. People are driving faster. Higher medical costs, increased attorney representation due to more claimants. As a result, our loss costs began to increase rapidly in the second half of 2021 and into 2022. That led to 105 combined ratio through the first six months of 2022, obviously far above where we have been historically. Outlined on the right is our comprehensive plan to get back to where we want to be, which is in the mid-90s. There's four areas, raising rates, implementing stricter underwriting guidelines, continuing to focus on reducing expenses, modifying our claim practices to deal with the high inflationary environment. Starting with rates. Since the beginning of the fourth quarter of 2021, we've implemented rate increases of 10% in the Allstate brand with 7.1% through the first seven months of 2022. We're implementing more restrictive underwriting actions on our new business and locations for risk segments where we cannot achieve adequate prices, so places like California. We're also reducing operating expenses as part of our Transformative Growth Plan. We will reduce advertising in 2022 as well. Claim practices have been modified to deal with the high inflationary environment. That means getting there early, leveraging analytics, using your scale, redesigning your processes. For example, we have strategic partnerships with a bunch of parts suppliers where we buy at discounts, repair facilities. We use predictive modeling to decide should we repair or replace this car. Also to look at the likelihood of severe injury and attorney representation. Slide five talks about the question that everybody wants to hear about is, "Okay, we see you ran at 95. We're confident you can get there. When?" Of course, that's a $100 question. That's 130 or 230. That's a joke, but we'll take it. Starting on the left, the first six months of the year, the auto insurance recorded combined ratio was 105, that's shown by that first blue bar. To start with a normalized base we said, "Okay, we had some prior year reserve increases in the first half of the year, we normalized the catastrophe ratio to our historical five-year average," that improves the combined ratio by 2.5 points. The second green bar reflects the estimated impact of rate actions already implemented that have not been earned. Remember, we go to the regulator, we get it approved, we implement it. It takes six months before all of our customers roll over, then it takes us another six months to fully earn all that money into the P&L. This is an additional $1.7 billion through the Allstate and National General brands, and those will be earned by the end of 2023. That said, we expect loss costs to continue to increase from here, which requires us to further increase auto insurance rates. We're pursuing larger rate increases in the second half of 2022 than we did in the first half. The number I talked about, we believe we will exceed that in the second half of the year. Auto profitability will improve then as rates already taken and the future rate increases come in. We're also a couple of years into a cost reduction program. The benefit of us starting Transformative Growth a couple of years ago is we're already well on the way of reducing our expenses, so we didn't have to start anew. It's just accelerating some of it. That will help improve the combined ratio, then, of course, the question is, how does that relate to what happens to loss costs? Our goal is to be in the mid-90s. Let's turn to slide six and discuss our industry-leading position in homeowners, which has generated $1.2 billion annually of adjustment net income over the last 10 years. The graph on the left shows the homeowner insurance combined ratios. Allstate's in blue. The industry is that green dashed line. Some individual competitors are put on the slide as well. As you can see, Allstate leads the industry in homeowners just as we do in auto insurance. With climate change, although I would say in home insurance, we're kind of by ourselves. In auto insurance there are a couple other people who are quite good at running good combined ratios there as well. With climate change, it's increasing the severity of weather. This is a growth business. We're also increasing policies in force. The components of the way we got here to build this business are shown on the right. It starts with risk selection. We created a balanced risk portfolio through individual market risk actions taken over multiple years, including lowering our catastrophe risk exposure by 25%, or 2 million policies from 2005 to 2013. We also developed advanced tools to evaluate the risk at the individual level to ensure that we have the right price for the exposure. That includes wind scoring, aerial imagery, evaluating property conditions, and all kinds of other sophisticated analytics. Product design is also important to make sure we meet the customer's needs, but at the right price. Let's consider roofs. A new roof is typically more resilient to damage than an old roof. Not a surprise. The shingles are not worn out. If you think about a house, the thing that's most subject to be damaged is a roof because it's the thing sticking out. We age rate roofs pricing with newer roofs paying less than older roofs. Or you can buy it out and not have full replacement on your roof as well if you don't want to pay the extra price. You can see another element of pricing sophistication clearly this year, when we have, it's called a property inflation adjustment. It increases the price we get for homeowners insurance as property values go up when it happens. This year, homeowners' average gross premiums are up 13.7% through June compared to the prior year. We also established required capital by geography, reflecting the risk to that area. This leads to a lower combined ratio target for the coastal zones than the more catastrophe-prone areas. The system also is designed to meet our customers' needs, as we have to serve our customers. To lower our costs and manage earnings volatility, we're a very large and sophisticated user of reinsurance, because it has a lower cost of capital for us, and we can spread the risk around the world. We also provide customers with third-party coverage. We're a very large broker of other people's products in places like Florida and other places where we want to serve our customers and sell auto insurance, but we don't necessarily have the capacity or want to sell them homeowners insurance. Our claims capabilities are really effective and efficient. We leverage technology. We leverage drones. We're all over the analytics on it. What that's done is created an industry-leading, sustainable position in homeowners. By the way, every quarter, we do a special topic on some subjects. We did auto earlier this year, homeowners this year. We just did investment. If you're interested in more detail on that, you could go to our website and do the deep dive. Let's move to slide seven and discuss what we're doing on Transformative Growth. This is our multi-year initiative to increase personal property-liability market share by building a low-cost digital insurer. There's five components to this effort. One, improving customer value. That means More competitive price, better features, a better experience, expanding customer access, increasing sophistication, investment in customer acquisition, deploying new technology ecosystems to make all that work, enhancing our organizational capabilities. We made significant progress on all of those. You can see that this creates kind of a flywheel of growth. You start at the top of that graphic there. Reducing expenses enables us to give a more competitive price relative to our competitors without having to give up margin. A more competitive price, when you combine it with new protection services and digital service, will increase customer retention as well, and new business close rates. We've seen that in the market with what we've already done, hence growth. Then if you enhance and expand your distribution, whether that's Allstate agents, our new market sales agents, whether it's on direct, we now sell direct under the Allstate brand, 7% less. If you make it available to more people, you're going to sell more. You got to then be sophisticated in your customer acquisition. Industry spends a lot of money getting customers. We think there's an opportunity to reduce cost and be better at that. The new tech platforms help us do that, and that just gets you in the circle. New tech platform cuts your cost as well. Let me cover investments and protection plans for just our protection services in a minute, and then we'll go to your questions. We have a really strong capital position, good risk diversification on an enterprise basis. Given the predictability of our cash flows, and we invest a large percentage of our portfolio in fixed income, that gives us the opportunity to invest in performance-based assets like private equity, real estate, agriculture, and infrastructure. That generates higher returns because those investments obviously have greater short-term volatility. We can manage that volatility because of our overall enterprise risk position. Our results are really good when you compare us to external benchmarks, and that reflects the system of people, processes, and relationships. We focus on talent where we believe that proactive management can generate excessive returns. Within the public market, that's really credit. We're really good at credit research, portfolio management. We also have a strong private equity group. To turn that into that talent into excess returns, you have to have sophisticated processes and analytics. It starts with, of course, fundamental research like you do, quantitative tools are really a foundation for us making asset allocation decisions. Those are some of the reasons why we lightened up on duration, and equities late last year. We also leverage relationships with other world-class providers. Either that's give them the money and let them manage it, we do a lot of co-investing through our private equity portfolio. In the results you can see on the right-hand side there, we measure our performance against various benchmarks. In fixed income, we're in the first or second quartile, depending which chunk of fixed income you're looking at. Private equity results are in the second quartile, and that's compared to a fund-to-fund measure. Real estate, while a smaller portfolio, in total hits first quartile returns. We have good results overall in investments. Let's move to slide nine. These are property and liability business. I think they often get overlooked when you're valuing our stock. We offer our customers, that's the bottom oval on that strategy where we started, a wide variety of stuff from workplace benefits, telematics, roadside services, car warranties, TVs, cell phones, Allstate Identity Protection. These are significant businesses which have combined revenues of $4.6 billion and over half a billion dollars of EBITDA. Given their growth prospects and competitive positions, we believe these businesses have a value between $30 and $35 per share, or about 25% of the share price when they only represent 10% of the revenue. Let's close on slide 10, which is why are we an attractive investment opportunity? If you look at the table on this chart in the three columns, you'll see performance metrics for Allstate, P&C peers, one column, and S&P 500. You can see we outperform in both cash returns and EPS growth over the last five years. Yet the trailing 12-month price-to-earnings ratio is significantly below those broader investments. Despite our success, we believe Allstate continues to be an attractively priced stock. With that, Catherine. Thank you, Tom. That was a very good overview. I'm just going to start off with some questions, but definitely take questions from the audience. If I just look back in 2015, that would seem to be more on the loss cost trend side of a frequency story. If I think about loss cost trends now, it's much more multilayered. How have you changed your playbook? Some of the things have stayed the same, and some are different. One of the things that's the same is, of course, loss costs are up, and it doesn't really matter why they're up. What you do about it matters, as you point out. Loss costs are up, so what you have to do is raise prices. We've done that. What's different this time is in loss costs, before it was driven by frequency, so people just started getting in more accidents, and then that went down actually in 2017. We don't believe these loss costs are going down. I don't think what you're seeing in used car prices, maybe they'll moderate some, we're not going back to where we were before because it gets embedded in the system. People buy cars, they get loans on cars. Nobody wants the prices to go down by 40% to get back to where they were. That's not going to happen. You act differently. We have taken larger, more rapid price increases. On the bodily injury side, I mentioned a couple of drivers, more severe accidents. Just medical inflation. The thing that really we see is new is during the pandemic, the trial attorneys, the plaintiff bar, figured out how to use data and analytics in marketing to get more claimants. We're seeing more attorney representation. I think in part that was people weren't driving, they weren't getting in accidents, so they had less cases. They said, "Hey, we need to find some more new cases." Now they spend $1 billion a year advertising, which is a pretty large category in and of itself. We're having to change the way we handle bodily injury claims, to counter the fact that the attorneys are taking on more cases. I think another thing that's different is, in 2015, we weren't two years into a cost reduction program where we're going to take out a huge amount of cost. This good news is we were taking those costs out so we could have a more competitive price. At this point, we're continuing to take out those costs to get back to the profitability targets we want. Eventually, we'll have a more competitive price. I think the other thing, Tracy, I would say that's different is in 2015, or I would say in this year, everybody's taking very aggressive price increases. I was out with a group of agents a couple weeks ago, consumers seem okay with it. I'm not saying they're happy we're calling them saying their rate's up 15%. They're like, "Yeah, my house is worth more, my car is worth more. Everything else is going up. Food's up, gas is up." They're not shocked. When you look at our retention levels and its impact on growth, we're outperforming our retention given the size of price increases taken. I think bottom line, I'm completely confident we'll get back to the mid-90s. The real trick will be how much does inflation keep going and used car prices kind of leveled out. That's not true with labor costs and parts costs. The auto manufacturers are still trying to catch up and raise prices on OEM parts. Great. For Allstate, we've seen claims emergence from the notification period, and I'm just wondering if you now consider auto more of a medium tail line from short tail? No, it's still pretty much short tail. Yeah. Maybe it's lengthened a little bit, but I think it depends what your spectrum is. Like workers' comp is at 10 years, general liability, really long. In auto insurance, about 60% of the costs are just physical damage stuff that gets wrecked. That's generally solved within 90 to sometimes all the way to days. It's a little stretched out in the supply line now, but I wouldn't call that getting to medium. Then on the bodily injury side, about 80% of your costs are paid out in four years. I think it's still short tail. Yeah, I don't see a big change in how we think about the inflation risk. I know you were up on the podium. You were saying it's the magic question, when will pricing reflect a loss trend? Any commentary you could give on that because we are seeing loss accumulation in the meantime. Yeah. Obviously sooner is better. If you looked at our objectives for 2022, it's improve auto profitability, make sure we maintain homeowner profitability. Growth is way down the list. The third is continue to do Transformative Growth. Fourth is make sure we invest and get through this cycle all right. Growth is way down the list. When we're deciding whether we raise prices, we're not moderating that because we want to keep growing. The interesting thing is we've still done pretty well in growth despite that, which just says the environment's a little more volatile. I've heard you describe certain states where you're not getting rate adequacy, we have to take more bold underwriting actions, like a state like California. I'm just wondering how that's feasible, just thinking about Proposition 103. I think you can't non-renew more than 10% of the business in force in a year. Assuming you're more selective on new writings, you could non-renew to that 10% limit, would that be enough? Well, first let me go up for a second. Our objective is every line, every state, pretty much every year, has to make its number. We don't believe in cross-subsidizing from auto to home or California to New York or New York to Florida. Everybody's got to live on their own because we're trying to minimize customer subsidization. People in Florida don't want to pay for people in California. You rightly point out California is a hard one. They haven't approved any, I think it's been 29 months. We've had a commercial filing in there for a couple of years. We thought we had a deal on homeowners, we apparently no longer do. We're in an environment where we're assuming that not much is going to change in the near term. Some of it, there's an election coming up. Even after elections, nobody wakes up the day after the election and says, "Geez, I need to get the market stabilized again." I think the California market will get increasingly unstable. That will include actions we take. We're working on a, right now you can do things like down payment requirements. Right now we're at 50%. When you raise your down payment requirements, people buy less. We're looking at a whole range of things that are going to fix the profitability in that state. I think you should expect us to get smaller in that state. That's 12% of our premiums in the auto business. We're completely comfortable with it, like if we don't grow in California, we can't give our money away. Let's shift gears to homeowners. Can you discuss the inflation guard piece? I'm just wondering what it was trending like when inflation was more benign and how it is trending now. Well, it's up almost 14% this year. That's based on home values. As home values have been skyrocketing up, I don't think they'll come down a lot. I don't think we're going to see it back off, because again, that inflation gets embedded in prices, so people get mortgages. People aren't interested in having their home price come down like a stock does. The good news is that we're ahead of it. Had we had that for used car prices in auto insurance, our prices would've gone up automatically. We didn't. Nobody does. It's sort of a one-time thing. No one's ever experienced it before. homeowner prices continually go up. We are looking at how do we build those automatic rate mechanisms into auto insurance, and what we would do with home insurance. I'm more interested in home insurance because it's a 12-month policy. It takes longer to get the money. Things like severe weather and stuff, we're looking for ways to build in a prospective increase in homeowner prices or trends in severe weather, just like you have trends in the value of a house. We don't get caught when, oh, geez, we just had a hurricane. We need to raise prices. Maybe just a quick technical follow-up on that. Is that considered a non-rating variable if you embed that in auto? I think on the homeowner side it is. Would it be a non-rating variable? It's an insured value variable, yeah. I guess in the regulatory scheme, that wouldn't be- Yeah considered a rating variable, yeah. Okay. That said, they would have something to say about it if they're not acknowledged. The regulators have something to say about everything. How do you envision that would impact bundling and retention on the auto side? We're doing really well on bundling. If you look at our homeowners business, it's way up. It's up, I think, 1.7% relative to auto insurance. Our agents are really focused on bundling. We've shifted their compensation to focus on bundling. We just launched in Arizona in the IA channel, where we bought National General. Our idea was National General, non-standard carrier. We want to compete head-to-head with Progressive in the IA channel with traditional standard autos and traditional homeowners. We're rolling those products out. We just launched in Arizona, and we're seeing good uptake there in bundling. I think you'll see us continue to do more bundling. If you look at our competitors in homeowners right now, nobody's making as much money as we are. They're not going to keep giving it away. Great. On the capital management side, I noticed that your statutory surplus fell like $5 billion in the first half of this year. On a stat basis, that wouldn't be due to negative marks on your portfolio. At the same time, you have really healthy dividend capacity, about $5.5 billion coming through February 23 from the opcos to the holdco. How should we think about your RBC target, how that could trend this year, and the minimum amount of holdco cash you'd like to keep as a parent company balance sheet? Okay. First, we're very well capitalized from all standards, whether that be at the enterprise or at the insurance company levels. We have very sophisticated math we use to determine what the right amount of capital is at the insurance company level. We look at RBC, but it's kind of like a check. We don't actually base the amount of capital based on that. Jeff actually has put that system in place. Our capital management philosophy is leave only as much money in the insurance companies as you need to, and take everything else and put it up at the holding company. The logic is if the insurance company needs it, we can always give it back. If we have it at the corporate level, we got a lot more flexibility whether it's buying shares back, buying somebody else. We manage it so we have the capital at the insurance company level is what we think the insurance companies are appropriately capitalized at. The amount at the parent company goes up and down. It was way up before because we sold the life companies, and as we buy stock back, it goes down. When we look at using capital, it kind of has a pecking order. First, grow our business organically. 2, if we can leverage our capabilities, resources by buying somebody else, we do that. Pay dividends to shareholders and buy stock back. Dividends, we increased our dividend about 50% last year. The logic was we were buying back so much stock. We were like, "Geez, those shareholders who don't sell aren't getting as much of a cash return." We raised that by 50%, and of course, we still buy back a bunch of stock. Okay. We'll just take a pause and see if anyone in the room may have some questions. We have mic runners. If anyone wants to raise their hand. I see one over there. If you could just wait for the mic. Yeah, right there. Right. Oh. Mark leads investor relations. I'd be happy to have him ask a question. Yeah. It'd be an easy one. Thank you, Tom, Tracy. Bentz, sounds like he's not really auto price back or reduction there. Public mention the impact that it's had on you. If I interpret you right, that really isn't much of a component at all. Hasn't had much help in that it's flattened out. Even gone down maybe. It all depends what index you look at, but we see it basically flat. It maybe goes from 214 to 218 on our measures. It's basically flat for the last six months. That hasn't had really any impact on the P&L because we still got the loss cost, and we haven't got the price yet. Once we get the price in, then if it's flat, it should help. Just a couple of numbers. About 40% of our auto collision losses are total losses. If a car used to cost $16,000 and now it costs $22,000, we're writing a check for $22,000. We wrote that in March, and we would write $22,000 out. It's still flat. What we are seeing is the prices of replacement parts, whether they be OEM parts or out of the salvage market, have continued to go up, even though used car prices have flattened out. It kind of takes a while to get through the system. Somebody at a salvage yard buys the car. They pay $22,000. They say, "I got to make more money on the parts." The OEs decide, "Gee, this is a pretty good gig. We can make good money on our OE parts." I call it they like to give away the razor and sell the blades. Then labor costs are up. State Farm just raised their labor rates $6 an hour across the country. We don't do it that way. We do it market by market, customer by, vendor by vendor. That put some pressure. I don't think you'll see as big a drive. When you go up 60% on 40% of your cost, all you can do is try to catch it. I think the current stuff will be a slower growth rate. I don't see it moderating yet, which is why we're going to take bigger price increases, bigger rate increases in the second half of the year than the first half of the year. Dan. Thank you. Tom, you guys have done some interesting M&A over the years as you've tried to evolve and advance the business model. Dan. Well, right now we're kind of highly focused on getting auto profitability up and getting Transformative Growth done. That said, sometimes stuff shows up and it's maybe not the right time, you still do it. We bought Esurance in 2011, and I think that year we made $751 million or something like that. It wasn't the most optimal time to buy it. Right now there's sort of nothing immediately in our scope. I will tell you, the logic that we've used is, if we're a better owner, and there's a couple of reasons for that, then we'll buy the company. Protection Services, that's the one that insures cell phones, TVs, stuff like that, and provides product warranties. It gave us a whole new product suite. It had a really good tech platform. It had good relationships with big retailers. They didn't have Walmart and The Home Depot. We said, "If we buy them with their tech stack, their capabilities, our brand name, our financial capability, if we win Walmart and The Home Depot, it'll be a terrific deal." We paid $1 billion for it, and that's worth two and a half to three times that now, five years later. It's a great business. National General was a little different, Dan. That was, we've been trying to grow in the independent agent channel for years. We bought a business from CNA back in 1999. We paid nothing for it, but we didn't really get that much for it, I guess in the end when you look at it. We just couldn't seem to get it. Barry Karfunkel, who's owned National General, I went to him, I said, "Look, I got to decide, either I'm either in or out on independent agents. I've tried to run this company like three times. We haven't been able to pick up shares, I've decided to get out. I think you guys are the right owner of the company because you got a good tech platform. You got a good team. You know how to do this. We can expand. The only difference is we're going to buy you first, then we're going to give you Encompass, and you're going to smash it together with your company. I don't care what you, like you can do whatever you want with it. Just treat it like you're wiping out all the costs." We're in the process of doing that. Sometimes it's because we see they bring us capabilities. Sometimes there's things we can do for them. We bought State Auto last year, small, a couple hundred million dollars worth of premium. We just rolled the book in with NetGen. Everything else goes away. We make really good money on it. I don't see a big need in the property liability business right now. There might be some fill-ins we'd want to do or particularly independent agent stuff if somebody has trouble in this environment and we can buy it cheap, maybe we'd buy it. The protection services business, we're still working on how do we expand the identity protection and how do we leverage the Arity platform. I don't know if I don't have somebody in mind who said if I go buy them, would be great, but those are just strategic issues we still have to solve. Thanks for taking my question. If you guys did not give capital back during COVID time period to your customers, where do you think combined ratio would be today, and where do you think retention ratio would be today? I think the combined ratio would be exactly where it is because it was a one-time deal. Some people took their rates down, but I'll come back to that in a minute. In terms of retention, it might be a little worse, but people have short memories. They forget we gave them the money back. We had good bump in retention. First time, right after we gave them all the money, everyone's really happy. By the time we get a couple of cycles out, people forget it. The one thing that did cost us a little bit in margin now is as part of Transformative Growth when we were in the pandemic, combined ratios are really low. We're cutting expenses. We took a couple billion dollars out of expenses. We lowered our prices by about 2% in the early part of 2020, no, 2021. Had we not done that, we'd be a little higher right now. We've more than caught up and got that back. Transformative Growth was cut expenses first, have lower prices follow. We were on that path, then in the second quarter of 2021, we're like, "Oops, not a good time to be lowering prices." That's when we started raising. I think we're out of Oh, okay. Yeah, just a last question. Real quick. In California, what would the state filings show that your combined ratios are for auto? Can you share that with us? We just filed for a 6.9% increase, which is the max you can get without going to a hearing. We need more than 6.9%. I won't give you the specific number what the filing gives you, but we need more than 6.9. We're not going to get 6.9. They've told everybody, "You can send in whatever you want, but we're not looking at it." We're not going to wait, and hope's not a strategy. How about that? I think we're out of time. Thank you so much, Tom. Okay. Thank you. Really enjoyed the discussion. Thank you, everyone.