Good morning. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the DuPont line of business Teach-In Safety Solutions conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again press star one. Thank you. Chris Mecray, Vice President, Investor Relations, you may begin. Hello, and thank you for joining this morning's line of business Teach-In with Leland Weaver, President of DuPont Water and Protection. Leland will provide an overview of the DuPont Safety Solutions business, one of the three businesses within the W&P segment. We've prepared slides to supplement our comments during today's webcast, which are available on the Investor section of our website. We hope that today's Teach-In provides additional details of the underlying technologies, the Safety Solutions business, as well as our views on the market. Leland will open with prepared remarks, and then we'll move on to Q&A. We're targeting a total of approximately 45 minutes for today's event. Before we begin, let me remind you that during today's prepared remarks, as well as the Q&A section, we will make forward-looking statements regarding our expectations or predictions about the future of the business. Because these statements are based on current assumptions and factors that involve risks and uncertainties, our actual performance and results may differ materially from our forward-looking statements. Please ensure to read the forward-looking statements disclaimer contained in the slides. I'll turn it over to Leland now. Thank you, Chris, and good morning, everyone. It's great to be with you today as we wrap up our Teach-In series for the Water and Protection segment with an overview of the Safety Solutions business. In DuPont Safety Solutions, we want every citizen of the world to be safe at work, in transit, and at home. Our renowned brands, Tyvek, Nomex, and Kevlar, are known for performance, quality, and science. We are well-positioned to drive innovation that not only protects life's essential needs but enhances them in the key markets we serve. For more than 50 years, we have been a category creator and global leader, delivering innovative solutions that enable endless possibilities. Safety Solutions is known globally as a trusted partner with the capability to work across our value chains to help deliver solutions that meet or exceed global safety standards. This is made possible by our deep application engineering expertise and strong growth mindset. We are grounded in our core values and enduring commitment to innovation. Safety Solutions is one of the key market-leading businesses in the DuPont portfolio and is well aligned with secular growth trends that combine leading innovation, global reach, and deep customer relationships. With 2021 sales of $2.6 billion, Safety Solutions represents nearly half of the Water and Protection segment. We have decades of experience in crisis management and are proud of the work that our teams have done to support the global response to COVID. In 2020, our world-class teams rapidly scaled up production and supplied over 100 million Tyvek garments to help protect frontline workers across the world during the pandemic. As recovery from the pandemic continues, our market-leading brands and technology platforms are well-positioned to capitalize on growth opportunities in the attractive end markets which we serve. Let's turn to slide two to highlight a few examples. In Safety Solutions, we have the trusted product technologies to provide extremely strong, inherently flame-resistant, and durable clothing. Workers need protection from multi-hazard threats, including chemical, electric arc, cuts, or ballistic threats, and our products provide lifesaving solutions for millions around the world. There are several global trends that position our business for long-term growth. First, advancing worker protection is a key priority for the industrial economy. We play a pivotal role in helping to protect those that protect us. Whether it's first responders, industrial workers, or military personnel, we recognize that everyday heroes deserve to have the trusted solutions, especially when the cost can be loss of life. Second, as routine health care and elective medical procedures rebound from the pandemic lows, demand for our packaging solutions and patient treatment continues to grow. Broad access to health care is a trend that continues to escalate around the globe. Our customers demand a reliable, durable packaging solution that they can trust on a global scale. Third, we see a significant transformation in the automotive industry, with nearly 50% of new vehicles sold in 2025 expected to be electric. We are bringing technology to our customers, which will enable the delivery of safer, more energy-efficient vehicles. Next, there are many ways our innovative solutions enable a more sustainable future. For example, our solutions can be found in numerous applications, including electric vehicles, lightweight aviation, wind turbines, and high-speed rail applications. As clean energy grows to become an increasing share of our global energy consumption, so will the opportunity for our products that enable safe generation, transmission, and distribution of electric power. Finally, with the increase in geopolitical conflicts and uncertainty on the rise, we are seeing increased defense spending. All equipment modernization projects are advancing, and our technology and innovations for soldiers and law enforcement protection play a pivotal role in making sure those on the front lines come home safely. Let's take a deeper look at the Safety Solutions business on slide three. Our leading brands, Nomex, Kevlar, and Tyvek, have a strong reputation, which has been earned through demonstrated performance, innovation, and deep trust with our customers and end users. We are in the number one or two leadership positions in each of the end markets we serve, including personal protection, electrical and industrial infrastructure, health care, aerospace and defense, and in electric vehicles. Nomex and Kevlar make up over half of Safety Solutions revenue, with Tyvek accounting for the remainder. From an end market perspective, we have a well-balanced portfolio of solutions bringing value to diverse, growing markets and applications. With six DuPont-owned manufacturing facilities, four joint venture partners, and over 60 downstream contract manufacturing partners, we have a large global footprint, which provides us with both scale and agility. Additionally, our local presence and highly skilled application engineers enable deep customer access and collaboration. From a geographic perspective, the Americas account for over 40% of our sales, with Europe and Asia accounting for roughly 30% each. We have approximately 4,100 employees around the world and have decades-long partnerships and deep application knowledge, with materials that are often specified or designed into high-value applications. Our ability to consistently deliver new product applications is the reason why customers trust Safety Solutions. Turning to slide four, from 2019 to 2022, Safety Solutions is expected to grow organic revenue at a compound annual growth rate of approximately 3%. As the demand for Tyvek protective apparel increased during the COVID-19 pandemic, we increased production of our garments business to record levels to support pandemic needs. Our industrial-focused products in infrastructure, aerospace, and automotive saw a decline consistent with global macroeconomic trends. Post-pandemic, these industrial segments are experiencing solid recovery, while pandemic-related Tyvek personal protection sales are nearing pre-pandemic growth levels. Going forward, we expect the strength of our portfolio and innovative solutions to deliver growth in line with key end markets, along with strong margins and cash flows. We are well-positioned to win in secular growth markets such as health care, electric vehicles, and renewable energy infrastructure, all benefiting from continued recovery in the aerospace and automotive end markets. Across Tyvek, Nomex, and Kevlar, increasing safety regulations, higher performance standards, and our strong customer relationships will continue to create growth opportunities in these end markets. Slide five provides an overview of our three industry-leading brands, as well as the key end markets that they serve. Each of these brands has its own story, with an unparalleled reputation known for meeting the highest safety standards in critical applications. We have a broad portfolio of Safety Solutions, and whether it is a finished garment, fabric, paper, or fiber, our unique material attributes and global scale give us a leading position in each of the end markets where we compete. Our trusted solutions represent the highest quality standards, with customers often choosing to specify our products. Our proprietary Tyvek technology creates fabric that is lightweight and durable, with a unique ability to provide both barrier protection and breathability. This distinctive balance of properties has allowed Tyvek to create and lead both the protective apparel and health care packaging categories. Tyvek is also a material of choice for consumer applications, including graphics and packaging. Nomex is a global leader in inherently flame-resistant materials. It can be constructed into fiber, paper, fabric, garments, and many other forms that deliver superior performance under demanding, safety-critical conditions. The unique molecular structure of Nomex is non-flammable, so the performance is built-in and cannot be washed or worn away. Nomex thermal protective solutions are globally recognized for quality and end-use comfort, while providing unmatched protection to frontline emergency responders and industrial workers. Nomex's flame resistance and electrical properties make it a leader in insulation applications for electrical infrastructure equipment. We are also focused on growing Nomex paper applications in electric vehicle motors, wind turbine systems, aircraft cabins and exteriors, and data centers. In the world of high-strength fibers, no brand is more universally recognized than Kevlar. It is the category creator for ballistic protection. Kevlar is synonymous with lightweight and high strength and is available in many forms, such as fiber, fabrics, paper, and engineered yarns. Our Kevlar product offering provides protection for military and law enforcement personnel from multiple threats, including ballistic, knife, and stab events. Kevlar is also a critical component in the tires of electric vehicles, gloves for industrial workers, and structures for aerospace and defense applications. Our portfolio has exposure to several attractive end markets that are experiencing secular growth. This has allowed us to remain resilient against industry-specific cycles, resulting in stable performance. We are investing today in the highest growth, highest value opportunities to further strengthen our portfolio. On the next few slides, I'll provide more color on some of the most exciting growth opportunities within each of our business lines. Starting with slide six, the Tyvek business represents the largest and most profitable brand within Safety Solutions today. The strong underlying outlook of our key markets is driving significant investment, including construction of a new production line at our Luxembourg facility to address demand growth. In our personal protection segment, we provide the broadest portfolio of protective garments in the industry, including coveralls for full-body protection and accessories like hoods, aprons, and shoe covers. These garments are used by industrial workers and first responders to provide protection against chemical, biological, and particulate hazards. We also have a specific clean room portfolio, which is used to keep controlled environments like pharmaceutical manufacturing clean and sterile. Our finished product model in this segment gives us great headroom for customer-led growth, as we can innovate together both at the fabric and garment design levels. We work hand in hand with our end users to develop application-specific products, solving their ever-evolving needs for protection. Within the personal protection segment, our products are often used in times of severe crisis. Our Tyvek team has decades of crisis management experience through all types of natural and man-made disasters. Whether by providing critical protection to frontline workers during the COVID-19 pandemic or those managing the Fukushima nuclear disaster, you will find Tyvek protective apparel is the solution of choice to help safeguard the lives of everyday heroes who rise to the occasion during these inevitable events. Health care packaging is also a key growth segment for Tyvek. Tyvek materials are the preferred packaging choice to protect sterile medical products from microbial contamination throughout their life cycle. As global access to quality health care increases, demand for medical devices and pharmaceuticals is also increasing. Advancement in new pharmaceutical technologies is driving additional growth, including medical packaging for biologic treatments and prefilled syringes like the COVID vaccine. Tyvek is trusted for providing safe, sterile packaging of medical devices and pharmaceuticals. In the consumer segment, Tyvek is also used as a lightweight, printable, tear-resistant material for graphics and packaging applications like wristbands, signage, and shipping envelopes. Designers also choose Tyvek to make their creative ideas a reality, developing lifestyle offerings with recyclability that enables end-user sustainability goals. Moving to slide seven, while Nomex products are most often recognized by users for flame-resistance properties used in firefighter clothing, one of the most common uses of Nomex today is as electrical insulation paper used to protect electrical infrastructure equipment, such as transformers and generators. As investments in grid electrification and renewable electrical energy consumption grow, we see accelerated growth for Nomex paper to improve the performance and durability of electric motors, power generation, and distribution equipment. Nomex paper allows wind turbines to be more efficient and helps communities source cleaner and more reliable energy to power homes and businesses around the world. Today, our Nomex paper is found in nearly every electric vehicle. We work hand in hand with leading OEMs to design higher efficiency, lighter weight electric motors. With our application engineering expertise, trusted brand, and incumbency, Nomex development engineers work side by side with leading OEMs to solve problems and push the limits of electric powertrain designs. In aerospace, Nomex paper assemblies provide the lightest weight structures that are flame-resistant in commercial airplane interiors and exteriors. In fact, Nomex is qualified into nearly all commercial airplanes. This is a testament to our sustained innovation and consistent quality. In thermal protection, Nomex is the global leader in providing fibers for industrial workers, firefighters, and military. Our teams work closely with standard-setting organizations to help address these emerging concerns with new innovations. Our priorities are focused on investments to meet the evolving needs of frontline workers and multi-hazard scenarios they face, improving both comfort and protection while meeting the highest compliance standards. For example, in the firefighting community, there's an increase in fatality from occupational illnesses. This is leading to new PPE requirements for hazardous particulate protection, such as Nomex NanoFlex used in barrier hoods. Moving to slide eight, Kevlar protects frontline workers from multiple threats, such as ballistic, cut, and explosive hazards, and offers some of the most flexible, highest performing, and lightweight solutions in the industry. In many industries, Kevlar has fundamentally redefined what is possible, whether it's stopping bullets, making aircraft lighter, or increasing the efficiency and performance of electric vehicles. We will continue to bring new, innovative solutions to industries that cannot settle for good enough. In the market, there are a few industrial brands that have had the power to become a household name in the manner that our business has with Kevlar. It is a bold brand that is widely recognized and inspires confidence in any product made with the fiber, making it a natural choice with our partners and customers. Kevlar has been the trusted market leader for military and law enforcement, where the cost of failure is the loss of life. Kevlar is the trusted brand in aerospace applications and can be used alongside products like Nomex to provide a multi-material solution and composite structures. The strength of Kevlar fiber is needed to maintain stability under exceptionally high loads while delivering maximum performance. Similar to Nomex, Kevlar is also qualified into aircraft builds under stringent standards for commercial and military aviation. As the aerospace industry continues to recover from the pandemic, we expect strong demand to continue. The same performance attributes that make Kevlar ideal for aircraft components also make it an attractive material for the automotive industry. As the trend for durability and lightweighting accelerates, Kevlar plays a significant role in improving the range and strength of critical automotive components. We invest differentially in areas where we can raise the bar for the entire industry, create new category segments, and participate in attractive growth opportunities. As new standards for frontline protection evolve, we are advancing our technology platform to deliver superior flexibility, durability, and unmatched ballistic performance in a manner that meets the highest standards of protection for the modern military and law enforcement. Let me now turn to slide nine to highlight how Safety Solutions is advancing sustainability. DuPont has the science, scale, and commitment to not just comply, but to help advance transformation in the industry towards sustainable solutions while continuing to remain aligned with our economic outcome of revenue growth and improved margins. We recognize that our customers and influencers also demand solutions that address sustainability. We will continue to use our passion and proven expertise in science and innovation to create mutual value opportunities driven by market-backed insights that can be deployed across our businesses in alignment with DuPont's 2030 sustainability goals. Earlier this summer, DuPont announced that it is committed to setting science-based targets to reduce greenhouse gas emissions under the Science-Based Targets Initiative. Setting and achieving goals aligned with SBTI is a critical step to reducing our climate impact. This announcement builds on our long-term commitment to protect the planet by reducing the carbon footprint in our operations and value chains, in partnership with customers and suppliers. Furthering our climate action commitment, we have taken steps to reduce greenhouse gas emissions associated with our global manufacturing facilities. Illustrating our commitment, earlier this year, we announced that all Tyvek, Nomex, and Kevlar manufacturing in our operations will be produced with electricity backed by renewable energy. We are proud that the most trusted names that protect people worldwide are now doing even more to protect the planet. We recognize that sustainability enables our success and growth and plays a central role in our strategy planning, innovation projects, and customer conversations. Together, our deep understanding of science and technology, along with our close collaboration with customers, enables us to create sustainable solutions that have the potential to create positive change in the world. In closing, let me summarize a few key takeaways on slide 10. First, our deep application development expertise and sustained innovation enable us to solve some of the world's most critical challenges, whether it's protecting the lives of frontline workers or enabling reduced carbon emissions in the transit industry. Second, we are positioned to deliver on growth with end markets tied to secular trends in electric vehicles, health care, and solutions that enable global electrification and increasing renewable energy. Next, our global reach and expert technical support have led to long trusted relationships with customers. This has allowed us to drive enhanced innovative solutions that support our customers in meeting their goals. Finally, we are category creators and continue to innovate with new solutions. Regulators and customers demand sustainable solutions that meet the highest safety standards, as well as high levels of comfort and protection. By leveraging our engineering expertise, strong customer partnerships, and leading position, we will continue to enhance our financial performance while solving problems in critical end markets around the world. With that, let me turn it back over to Chris to open the Q&A. Thanks, Leland. Let me remind you that our forward-looking statement disclaimer applies to both prepared remarks as well as the following Q&A. We'll allow for one question and one follow-up question. Operator, please provide the Q&A instructions. At this time, I would like to remind everyone, in order to ask a question, press star, then the number one on your telephone keypad. Your first question comes from a line of Jeff Sprague from Vertical Research. Your line is open. Thank you. Good morning. Hey, Leland. Thanks for the call. Hope you're doing well. Two questions for me. First, on Nomex and the electrical play you're laying out here. Could you just be a little more specific on what it is about the product that creates an advantage versus maybe historical alternatives, and how new or significant relative to kind of historical penetration has this developed? Yeah, thanks for the question, Jeff, and good to hear from you. What I'd say from a Nomex perspective, there's a couple of things. I think the one area for us, Jeff, that we found Nomex really attractive is when you think about the thermal resistance that it has in electrical insulation applications. Whether that's in transformers or whether it's in electric motors, what we've seen is that there's been a proliferation in demand as it relates to coming up with barrier layers that are thinner and more temperature resistant. The unique attributes of Nomex make it such that we can take weight out of things like electric motors while still providing the type of thermal and electric insulation that those motors need. Our teams continue. We created this space decades ago as it relates to inventing the Nomex product line. I'd say the thing that we continue to do across the portfolio, Nomex is not the only area, but across the portfolio is coming up with new applications for molecules that we've invented a number of years ago. Is this a relatively new development that you're seeing penetration in these electrical markets, or is there a kind of a longer established history there? Yeah, good question. I'd say from an electrical infrastructure perspective, we've been in generator and transformers and the like for a number of years, Jeff. What we're seeing, though, is the proliferation as you have more renewable energy coming online and there's a need to enhance the electrical infrastructure. We're seeing an uplift there from a Nomex paper perspective. Obviously, the EV play, I mean, you know it better than most, right? If you take a look last year, about 5 million vehicles of the 77 million that were produced were electric vehicles. We think that number, based on estimates that we've seen, goes to probably 50% of the vehicles produced in 2025 will be fully EV. There's a nice secular growth opportunity for us to introduce Nomex in those applications as well. Great, thanks. Yep. Your next question comes from a line of Christopher Parkinson from Mizuho. Your line is open. Great, thank you so much for taking my question. Can you just give a quick update on the Tyvek lines and what investors should be expecting on the cost front, as well as if there are any other opportunities, Leland, since you've been there, to further streamline results and improve the cost structure in an effort to get the margins of the aggregate segment back up? Any color would be helpful. Thank you so much. Yeah, thanks for the question, Chris. Let me just start with your first one, just as it relates to Tyvek lines and where we are there. What I'd tell you is that from a line eight perspective, and as you may recall, that's our newest line that we're bringing online, the project continues to progress as planned. We anticipate that we'll bring that line up towards the end of next year, so probably mid to late fourth quarter of next year. Things continue to progress there. I'd say the team has done a nice job at looking at the other lines that we have across our assets and trying to unlock incremental capacity at those assets. Our Luxembourg facility, I was over there during the middle of the second quarter, and the team has done just an outstanding job at making sure that we're keeping the assets running reliably. In fact, we set a production record as it relates to the most consecutive number of days that those assets have run. The team's done a nice job there. Also, if I point you to Spruance, I'd say that Spruance is also doing a really good job, right? If you take a look at what we've done throughout the pandemic to try to bring Tyvek production to bear, they've done a nice job at unlocking incremental capacity. I think you hit the nail on the head as it relates to the cost front. What can we do to continue to get better from a cost perspective? Again, it's something that we're doing not only at our Tyvek assets, but also across the manufacturing assets as a whole. I think Ed and Lori have been pretty clear as it relates to what our long-term margin opportunity is for Water and Protection. We've talked about externally, that's probably 27% to 28%. When you take a look at where we are now from a W&P perspective, kind of X the price cost piece, Chris, we're about, call it the mid-20s. A couple hundred basis points for us to improve as it relates to that. As we've talked about in the previous Teach-Ins, from a safety perspective, safety is kind of the largest business within W&P, and it's got the largest margin profile. Then you have Shelter that's next in terms of revenue. Its margins are a little bit below segment average, and then Water comes in with the smallest revenue, so to speak, but the margins are kind of at company average. I think the pathway for us to get to 27% to 28% is really clear, right? It's really about driving productivity across all 34 global assets that we have. Whether that's by unlocking incremental capacity through lean or other process improvements, I think that's critical for us. We also have to continue to work on improving reliability of the assets, right, and to reduce the number of unplanned down days. I just talked about what we're doing in Luxembourg and the records that the team has set there. Lastly, what I'd tell you is that we have to continue to innovate. I think innovation is at the core of everything that we do. Innovating allows us to get more price. Whether that's through product innovation or through things like business model or process innovation, optimizing our supply chain or manufacturing footprint, I think we have to continue to look at that. Maybe the last thing I'd leave you with, Chris, especially given the environment in which we find ourselves today with inflation, is to the extent that we can, as prices or as costs start to come down, maintaining that gap between what our price does and what costs do is also a nice lever for us to be able to get to the 27% to 28% margin range there. It's great detail. Thank you very much. Yeah. Your next question comes from a line of Josh Spector from UBS. Your line is open. Yeah, hey, Leland. Thanks for taking my question. I just wanted to follow up on some of the electrical commentary earlier, particularly just focusing on automotive. Can you talk about combustion engine versus EVs in general? I don't know if you can frame that in terms of dollars of content uplift per vehicle that you think about now. Along those lines, how much of that new gain would be specified in versus more competitive? Is there anything in a combustion engine that we should think about you losing that we need to watch out for? Yeah, so maybe what I'd say just at a high level, Josh, is that look, from an ICE perspective, we see the opportunity for us to be much greater in EV as opposed to ICE, right? I'd say on an order of magnitude basis, you're probably looking at content per vehicle opportunity going from about, call it, 10% or so to 25% to 30%, depending on how successful we are with some of the new applications. I think we'll continue to see, as I highlighted to Jeff, the proliferation of EV vehicles, right? If you look at the fact that over half the vehicles produced in 2025 are expected to be EV, we think that bodes well for Nomex as we move forward. I think from a specification perspective, we like end markets where our materials get specified. I think as I look across the entire safety portfolio, I could point you to countless examples across both Tyvek, Nomex, and Kevlar where that's the case. I think that we're excited about what the future holds from a Nomex perspective as it relates to EV. There are also opportunities for Kevlar, for instance. As you look at the lightweight vehicle and get to extend the range and battery life, there's opportunities for us to grow in Kevlar there as well. I think I'd step into that with just a quick follow-up in that we don't have a lot of exposure directly to the ICE engine within the business today. The bits that are not necessarily EV specific are simply car agnostic. Kevlar in tires, for example, is a good example of content that would be persistent through any vehicle made. I think Leland did a good job of describing Nomex as a big incremental contributor to EVs. It's also worth mentioning that we have. I wanted to set an example of where we're at in an ICE vehicle. It's things like maybe some high-pressure or temperature hoses or belts. As Chris said, not a huge exposure there from an ICE engine perspective. Yeah, of course, since we're talking about EVs, it just bears mentioning that obviously the majority of our EV content in DuPont as a whole does not rest just within Safety, but rather across the portfolio through other businesses such as our adhesives business. All right, thanks, Chris. Thanks, Leland. Yeah, thank you, Josh. Your final question comes from the line of PJ Juvekar from Citi. Your line is open. Hey, Leland. Good to hear from you. You had a good question. In Tyvek, your home wrap product for construction used to be the big end market. Now you have new applications like health care and graphics materials, et cetera. How big is construction for Tyvek and maybe for other products as well? Yeah, great question, PJ. Again, it's good to hear from you. It's been a while since we've talked, right? I hope all is well with you. I'd say from a Tyvek perspective, if you go back to the chart that we had in the deck, I think it was chart six, I believe. If you look at the footnote, we did not include Tyvek house wrap in this presentation with it just being Safety Solutions. That sits within Shelter Solutions, as you know, so that wasn't included on the graphic here. I'd say from a sales perspective, I meant when you look at Tyvek for Shelter, you're probably looking somewhere in the $350 million, $400 million range on an annual basis is what we do for building and construction for Tyvek, PJ. Thank you. You talked about your good EBITDA margins in that high 20% range. Have you seen any capacity in China or other markets that could potentially come in and compete with your products? Yeah, so certainly it's something that we're always paying attention to, right? If you take a look from a para and meta-aramid perspective, so think about it from a Kevlar and Nomex perspective, we've obviously seen some Asia competition come in there. It's nothing that we haven't been able to continue to monitor and compete. There's nothing that gives us any grave concern as it relates to that, PJ. Certainly, you know, we see it in the aramid space within our portfolio for sure. In the past, DuPont talked about some patterns regarding manufacturing and how difficult it is to manufacture this product. Can you just tell us what is your position there in terms of patents and how do you protect the technology? I think that there's several different ways that we do it, right? I think that patents are certainly one way that we do it, but I'd say that it's not the only way, right? We also have a lot of trade secrets, PJ, that we don't necessarily patent because, as you know, patents have a useful life, and when that life expires, it enables potential competitors to come in and take your patent. I'd say we do a good mix of both patents and trade secrets in order to keep our businesses competitive. We'll continue to do that as we move forward into the future. Great. Thank you, Leland. Yeah, thank you, PJ. Good to hear from you. This concludes our question and answer session. I will now turn the call back over to Chris Mecray for some final comments. Okay, thanks everybody for joining the call today. As a reminder, a copy of the transcript will be posted on our website shortly. This concludes our call. Thank you again.