Good morning. I would like to welcome everyone to today's call to discuss Eastern Bankshares, Inc.'s agreements to sell the insurance operations of Eastern Insurance Group LLC, and to acquire Cambridge Bancorp by merger. Today's call will include forward-looking statements related to the proposed transactions and the expected financial impacts, including statements about Eastern's future financial and operating results, benefits, synergies, gains, and costs that it expects to realize from the transactions, business and capital management strategies and plans, as well as other opportunities and potential risks that management foresees. Such forward-looking statements reflect management's current estimates or beliefs and are subject to risks and uncertainties that may cause actual results or the timing of events to differ materially from the views expressed today. More information about such risks and uncertainties is set forth under the caption "Forward-Looking Statements" in the press release and presentation, as well as in the Risk Factors section and other disclosures in the company's periodic filings with the Securities and Exchange Commission. Any forward-looking statements made during this call represent management's views and estimates as of today, and the company undertakes no obligation to update these statements as a result of new information or future events. During the call, the company will also discuss both GAAP and certain Non-GAAP financial measures. For a reconciliation of GAAP to the Non-GAAP financial measures, please refer to the company's transaction press release and presentation, which can be found at investor.easternbank.com. Please note, this event is being recorded. 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, please press star followed by the number two. Thank you. I'd now like to turn the call over to Bob Rivers, Chair and CEO. Thank you, Laura, and good morning, everyone. With me today is Jim Fitzgerald, our Chief Administrative Officer and Chief Financial Officer, as well as Denis Sheahan, Chairman, President, and CEO of Cambridge Bancorp. Today is a very important day in our history as we are simultaneously announcing two strategic transactions: the sale of our insurance operations to A.J. Gallagher and our merger with Cambridge Bancorp. Cambridge Trust is a very well-respected institution in our local market, and we share a deep commitment to our customers, colleagues, and communities. Our partnership will create increased scale, which we expect will allow us to continue to invest for the future, better compete for market share, provide greater support to our communities, as well as enhanced opportunities for our colleagues within a larger company. I'll go through some of the details of the individual components shortly, but at a high level, the sale of Eastern Insurance and the merger with Cambridge Trust will provide significant strategic and financial benefits. The pro forma company is clearly positioned as the leading independent bank in the Boston MSA, with the fourth largest deposit market share, while being well-positioned to possibly move to number three soon. In addition, the resulting company will have the second largest deposit market share in the city of Cambridge, the fourth largest city in Massachusetts, while strengthening our presence in the Merrimack Valley and in southern and coastal New Hampshire. The earnings power of the pro forma company is compelling. We expect these transactions to provide EPS accretion of 20% and to strengthen our return and performance metrics. The estimated tangible book value dilution is very manageable at 7.5%, and the estimated earn- back period is a short two point seven years. We expect our pro forma capital levels to remain very robust, with Common Equity Tier 1 capital 15%, and purchase accounting will allow us to immediately unlock the earnings power of the Cambridge Trust balance sheet. The combined wealth management platform is expected to more than double Eastern's assets under management and administration to $7.6 billion. Together, we will be the largest bank-owned investment advisor in Massachusetts and have a top ten position among Massachusetts investment advisors. The wealth business will operate under the prestigious Cambridge Trust brand and be an important source of diversification going forward. The combination is a low- risk, in-market transaction that is designed to capitalize on the strengths of each institution. We have a tremendous respect for Cambridge Trust, who is well known for their very successful wealth and private banking model, and we look forward to welcoming their employees and customers. Eastern, we are proud to be the leading independent, community-focused bank serving the Boston area with the infrastructure and experience to successfully execute the integration. I am incredibly excited to announce that Denis Sheahan is expected to join our executive management team and board as CEO, following the closing of the merger and report to me. I've known Denis for many years and can't think of a better partner to work with me and the rest of our team to take our company forward. We have a significant opportunity in front of us to continue to build the leading independent bank in our markets. Denis's proven leadership. I am very confident we will capitalize on those opportunities. Turn it over to Denis to say a few words. Thank you, Bob. We are very excited about this combination. I have the utmost admiration for Eastern, its team, its potential, and the impact it has had in the greater Boston and New Hampshire communities. I'm very proud of my colleagues at Cambridge Trust, their capability, and the great company they have built over our 133-year history. Our focus has been, and will always be, on serving our clients and communities, and I am delighted the Cambridge Trust brand will continue to grow and thrive, representing wealth management and private banking within Eastern Bank. I firmly believe this combination represents a tremendous opportunity for the combined Cambridge and Eastern team, and I look forward to working with my colleagues at both firms on the integration and in capitalizing on the days ahead. Thanks, Denis. I'll now provide some of my perspectives on the individual transactions. The decision to sell Eastern Insurance was made to capitalize on its strong valuation and allow us to focus on the growth and strategic initiatives of our core banking business, such as the merger with Cambridge Trust. While the decision to sell Eastern Insurance is clearly in the best interest of Eastern moving forward, the moment is bittersweet as our insurance agency colleagues leave us to join A.J. Gallagher. I have worked directly with the insurance team since my arrival and have been actively involved with their leadership since then. Many of my colleagues there have become friends, and I will miss working with them greatly. The team has built a fantastic business over the last 20 years and have been a great contributor to our overall success and culture. The value they have created over time is reflected in the sale price to A.J. Gallagher, and I wish them all the best. I have every confidence that A.J. Gallagher will be a great owner and a place to work for all of our Eastern Insurance colleagues, and we look forward to continuing to partner with A.J. Gallagher in the future. I'd like to especially thank Tim Lodge, Eastern Insurance's President and CEO, who was instrumental in strategically reorienting Eastern Insurance over the last several years. As a former top producer, Tim instilled a robust sales culture and a focus on organic growth over the past few years. He also was a great executive for Eastern and did a fantastic job leading the process that led to last night's announcement. The realization of the value created in Eastern Insurance has provided us the opportunity to partner with Cambridge Trust. I have long viewed Cambridge Trust as a premier bank in our market, with great employees and a highly attractive franchise. This transaction uniquely enables us to strategically deploy a portion of our excess capital by bolstering our dense Boston area franchise, diversifying our revenue, and enhancing our wealth management business. I am very confident that bringing the two institutions together will create a bigger, better opportunity than either of us could have had on our own. The power of the combined franchise is very clear. As you can see from the market share table and the maps on page 11, the Eastern-Cambridge combination is a powerhouse. Both of us have improved our deposit market share over the last number of years, and I am optimistic we will soon be a challenger for the number three position in the Boston MSA. The map provides a good visual of the quality of the combination, with Cambridge filling in some important new markets in our already dense footprint. I think it's easy to see that the combined company is stronger than either company separately. The projected financial metrics on page 12 tell a similar story. The combined company has more scale and better financial returns than either company did individually, and more importantly, the opportunity for improvement going forward is significant, with a leading capital position, quality balance sheet, and the other synergies of the transaction. In summary, we are extremely excited about both of the transactions and believe the timing and the capital supplied by the insurance transaction gave us an opportunity to accelerate the path we were on to become the leading independent bank in the Boston MSA. Cambridge Trust is an ideal partner, and I look forward to working with Denis to build an even better company going forward. And now I'll turn it over to Jim. Great. Thank you, Bob, and thank you, Denis, and good morning, everyone. As both Bob and Denis have said, we're very excited about the combined transactions and are confident they will provide strategic and financial benefits in both the short and the long term. In many ways, the transactions are highly complementary, and we're pleased to be announcing them together. As is outlined on page 13, Gallagher is purchasing Eastern Insurance for $510 million in cash, and the closing is anticipated for the fourth quarter of this year. CEO Tim Lodge, his executive leadership team, and all of our insurance colleagues will join Gallagher upon closing. In light of the very quick closing timeframe, there will be a short period where Eastern will provide transitional services to Gallagher. We also look forward to the future partnership with Gallagher for both Eastern and our customers' insurance needs. The merger with Cambridge Bancorp will be an all-stock transaction, with each Cambridge share exchanged for 4.956 shares of Eastern stock. The exchange ratio is fixed, with no caps or collars, and the pro forma ownership will be 82% Eastern and 18% Cambridge. Upon closing, Denis will join the Eastern executive team as CEO and report to Bob, who will become the Executive Chair. The transaction will require approvals from both sets of shareholders and all of the customary regulatory approvals. We expect to close the transaction in the first quarter of 2024. There are valuation differences between banks and insurance agencies that are important to understanding this transaction. The complementary nature of the transaction, as well as the relative pricing comparisons are provided on page 14. While banks are traditionally valued on a price to forward earnings and a price to tangible book value basis, insurance agencies are valued on a forward-looking EBITDA and revenue basis. In addition to EIG's existing earnings, Gallagher expects to realize synergies under their ownership that are reflected in the $510 million purchase price. As you can see, Eastern Insurance's pricing relative to GAAP earnings at 35x is significantly higher than EBC's trading multiple of about 11x earnings. Valuation premium is why we initiated the transaction and are very pleased with the outcome. Eastern hasn't been able to fully take advantage of Eastern Insurance value under our ownership, and unlocking this value through the sale is important for our shareholders. The overall gain from the transaction is projected to be approximately $260 million, and the cash received from Gallagher will improve our overall liquidity position. The insurance sale provides a unique opportunity for the Cambridge merger. Our capital position was already very strong, and the ability to immediately redeploy the capital from the gain will allow us to significantly improve our future earnings and overall financial performance. Cambridge has a very high-quality balance sheet. However, like many banks, higher interest rates have had an impact over the last year or so, such as creating a lower net interest margin and net income compared to historical results. The transaction will allow us to mark their balance sheet to fair value, which will immediately improve the earnings outlook and net interest margin. These improvements will provide benefits to the combined company. As you can see on page 14, the purchase price for Cambridge of 1.14x tangible book value is relatively low from a historical perspective and slightly below EBC's trading multiple. I wanted to spend some time going through the capital implications of the combined transactions on page 15. The gain on sale from the insurance transaction translates to an increase in the Common Equity Tier 1 ratio of approximately 2.5% points that we will deploy into Cambridge. The 4% capital reduction from Cambridge comes from both the acquisition itself, which accounts for a reduction of 1.5%, and then also from the fair value marks, which total another 2.5%. The dilution created from the rate marks is temporary, as it will be accreted back into net interest income over the life of the assets. Importantly, we view this accretion and the related earnings as sustainable in today's higher rate environment. For fixed-rate assets, in essence, we are locking in today's rates for the life of those assets. The lower asset yields that Cambridge is living with today will be gone at closing, and there will be an immediate, sustainable increase in net interest income that will benefit the pro forma company over the long term. We think that this is demonstrated by the estimated short earn back of tangible book value dilution of two point seventy-five years. At closing, we project the CET1 ratio to be approximately 14.5%, which is well above the KRX median and well above our internal target of 12%. These strong capital levels, combined with a higher earnings outlook, provide us the opportunity to provide greater return to shareholders over time through higher dividends and share repurchases. The waterfall on page 16 provides the breakdown of the earnings impacts from the combined transactions on an after-tax, annualized basis. In addition to the consensus earnings expectations from Cambridge of $36 million, we project $63 million in income from accretion of the rate marks and $29 million from the expense savings. To reiterate, we view the accretion income as a sustainable source of revenue in today's higher interest rate environment. The expense savings are 34% of Cambridge's total expenses and are derived primarily from the consolidation of the two banking platforms. The waterfall also shows the loss of EIG earnings and the net impact of all the other merger items. The net earnings benefit is very powerful and translates to an estimated 20% EPS accretion and a nearly 3.5% estimated improvement in return on tangible common equity. Coming out of our IPO three years ago, we've been very focused on improving our return profile and believe the combination of these transactions, plus the acquisition of Century back in 2021, have allowed us to make ins- have allowed us to make significant improvements in our financial metrics. We believe the pro forma company is well positioned to continue that improvement path. I wanted to take some time to talk about the impact of interest rates and purchase accounting, which is important to understanding this transaction. On page 23, we provide a high-level summary of the rate marks, as well as our current assumptions for the amortization periods. As you can see, the vast majority of the accretion comes from the loan and securities portfolios and is derived from the fixed rate portion of those portfolios. The estimated, the... Excuse me. The estimates related to purchase, to the purchase accounting marks and related earnings projections are based on the current interest rate environment. These estimates will change between now and closing. We believe our strong capital position insulates us from a variety of rate scenarios and accounting implications, while still allowing us to realize the strategic and economic benefits of the transaction. Page 17 demonstrates the significant improvements in our Net Interest Margin, Efficiency Ratio, Return on Average Assets, and Return on Average Tangible Common Equity based on our estimates and the projections for the combined company. We are optimistic there is room for improvement on all of these metrics as we look to capitalize on the significant opportunities that are in front of us. We provide the details of our transaction assumptions, the fair value marks, and the buildup of Tangible Book Value based on our projections, as well as some historical financial data on Cambridge in the appendix on pages 22 to 25. As is covered on page 22, there are two important items for our Q3 results I wanted to make sure were mentioned. We will account for our insurance operations as a discontinued operation starting in Q3. For Q3 and all prior periods, we will eliminate all the insurance revenues and expenses and provide the results through a net income from discontinued operations line item. We then expect the sale to occur in Q4. Additionally, the sale and related gain will result in us eliminating a tax valuation allowance that we set up in Q1 due to the security sale. This is estimated at $12 million-$15 million and will be recorded through the tax line in Q3. To conclude, I'd like to reiterate what Bob said at the beginning of the call: This is an important day in Eastern's history, and we are very excited about our future. We will now open the line for questions. Thank you, Laura. Thank you, sir. At this time, I would like to remind everyone, in order to ask a question, please press star, then the number one on your telephone keypad. Again, that's star, then the number one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster. Your first question comes from the line of Mark Fitzgibbon from Piper Sandler. Please go ahead. Hey, guys. Good morning. Good morning. Good morning, Mark. First, I wondered, Jim, any plans to restructure Eastern's available-for-sale securities book in conjunction with the transaction? At this time, Mark, it's something we're going to study. Obviously, the transactional close in the first quarter, Purchase Accounting, quite honestly, as you know, it gives you some advantages. So, that'll, you know... There's a lot of things that will happen between now and then in terms of rates and, and other market conditions. So that's something that's not included in the pro forma, but that we will study going forward. I think it would more likely be on the Cambridge side because of the Purchase Accounting, though. Gotcha. And then, what are you modeling the pro forma NIM in the first full combined quarter? Let's say that's the second quarter of 2024, you know, with and without accretable yield. I guess, is that 3.05 that you referenced in the slide presentation sort of an average for the year or end of period? I guess, if any color on that would be great. Yeah, it is an average for the year. Average, you know, post-closing, so, you know, on an annualized basis. Okay. And then I guess, you know, sort of bigger picture, how did you get comfortable that you'd be able to get regulatory approval in a reasonable period of time, sort of given the challenges that a lot of other banks are having with getting those regulatory approvals? Yeah, no, very good question, Mark, and one we're very cognizant of. We've always had very strong relationships with our regulators, and we've continued to update them throughout this process. And I would just think that good communication that we've had over time, plus the preparedness that we've got to begin the regulatory approval process as soon as practical, puts us in good stead there. But we'll continue to communicate as we go through the process. Okay. And then lastly, I wondered if maybe Denis could comment. I guess I was curious if Cambridge ran a traditional sale process or this was, you know, negotiated solely with Eastern? I think, Mark, it's best that, you know, that will all be disclosed in the filings associated with the merger. I think I'd rather leave it at that. Thank you. Your next question comes from the line of Damon DelMonte from KBW. Please go ahead. Hey, good morning, guys. Hope everybody's doing well today. Just kind of curious. I noticed in the slide deck you highlighted mid-single-digit growth, and I just wanted to get some clarification on that. Is that on the combined company going forward, or is that more of an updated guidance to your outlook based on what you had communicated last quarter during the conference call? Yeah, Damon. No, it's a good question. It's really for the combined company going forward. I think, you know, over the next quarter or two, we had given guidance for Eastern at lower than that, and it continues to be a difficult deposit timeframe. So the guidance for Eastern would be the same, meaning low single digits. I think our view is when the companies combine and we get through the integration, the market opportunity, and hopefully the environment, quite frankly, will be a little bit easier, and that over time, that mid-single-digit growth would be sustainable and something we will aspire to. And as it relates to, you know, folding in Cambridge into the mix here, you know, they seem to have a larger residential mortgage portfolio. So do you see an opportunity to kind of maybe leverage their commercial side, where maybe they don't have as much penetration as you guys do, and that could be an avenue for future growth? I think we see synergies everywhere, Damon. I think it's a very interesting transaction from many perspectives, and I think everywhere we look, we see synergies like that. I think combining the commercial franchises, enhancing the residential side, all things that we're going to study very hard and would expect over time to execute against. Great. Okay, and then just lastly on, I apologize if Mark had asked this, I'm not sure. But, the timing on the realization on the integration and the cost savings. So if the deal closes late first quarter, you know, that 50%, do you expect to get that more kind of front-weighted in 2024? Or is that going to be kind of spread out evenly over the year with the remaining 50% kind of going into 2025? Right. So, not right to your question. It's a good question. Let me clarify because we didn't probably do that. Sorry. So we just to back up, we expect the closing to be in the first quarter. There are two conversions that will happen. The banking conversion, we would anticipate in the second quarter. As I did mention, most of the expense consolidations are on the banking platforms, so the 50% really sort of points to the fact that that conversion would be done before mid-year. The second conversion would be the wealth platforms. That will take a little bit more time. That's probably later in 2024. And as I said, most of the expense consolidations are on the banking platform. So that's where the 50% in 2024, and then in 2025, the full realization. That's a little bit of background on that. Got it. Great. Thank you very much. Thanks, Damon. Just a reminder, if anyone has a question, please press star followed by the number one on your telephone keypad. Your next question comes from the line of Laurie Hunsicker from Seaport Research. Please go ahead. Yeah, hi. Thanks. Good morning. Denis, congratulations. Great, great sale price. I wondered if we could go back to the accretion income, and I love how you have it laid out on slide 16, but that's just for 2024. That $63 million. If we look at obviously the accretion is $63 million, and then the ATC plus costing- Hey, Laurie, I don't know if you can hear me, but we lost you. Yes, sir, we lost her line on the queue. Okay. Let's go ahead and move to the next question. Your next question comes from the line of Jake Civiello from Janney. Please go ahead. Hi, good morning, everybody. Morning, Jake. Maybe, maybe I can follow up on what maybe Laurie was addressing in terms of on page 16 of the slide deck. So the waterfall analysis that you have in that chart, can you just explain to me what fully synergized net income means? Sure. So, really, I think the place to look, Jake, and I think Laurie as well, I'm going to triangulate between pages 15, 16, but then also 23. So on page 23, we tried to break out in as simplistic a way as possible, the rate marks and the amortization terms, both on a pre-tax and after-tax basis. I think you can hopefully, we structured this so you could tie into the numbers that relate back to page 16, the $63 million. There is a little bit of rounding there. But you can see that's as I said in my remarks, the $63 million is an annualized after-tax amount, which I think would tie to what you see on page 23. So in the first year of the transaction, when we're looking for a close at the end of the first quarter, obviously, we wouldn't get the full year there. But the $63 million, again, is an annualized after-tax number, and I hope you can tie that in very, comfortably to page 23. Also, it gives you the amortization terms on the far right. And as I said in my remarks, the vast majority, the overwhelming majority of the $63 million comes from the loans and investment securities. Okay. Okay, that's helpful. I mean, so would the same thing be true in terms of looking at the cost savings from the perspective of that $29 million that you show is representative of a full year's worth of cost savings on a after-tax basis? Whereas- Correct. If a deal is going to close in the first quarter, or the recognition, as you pointed out earlier, is going to be closer to the second quarter, it's really only half a year's worth. So my point is that I'm trying to correlate kind of the timing difference that's between what you have shown here in terms of 20% EPS accretion, compared to the actual 2024 EPS impact is probably going to be less than that 20% number. Is that fair to say? Correct. Correct. Okay. Correct. The timing of the transaction and the conversions of the systems will be in 2024. The full run rate would be in place at the end of 2024 and then, then into 2025. Yeah. Yeah. Okay. All right. Thank you for that, Jim. The one other question that I had for you was around the 3.05 NIM assumption. Thanks for some of your thoughts around that. But I want to make sure that I understand how to think about that from a starting point, and then where you expect to be after, you know, after the deal closes and for that first full quarter, that you see where the margin is. So, you alluded to the fact that they're in that 3.05 assumption, that there isn't any balance sheet restructuring of the Cambridge assets included in that number. How do we think about where your prior guidance was for the back half of 2023, in terms of there being potential additional margin pressure to come, both on your balance sheet and on the Cambridge balance sheet as well, in terms of a starting point? Is that 3.05 taking that potential additional margin compression into consideration? It is, Jake. So I think that you're absolutely right. What we have guided to, and I think others have as well, is that the environment, the operating environment continues to be challenging on the deposit side. What we said on our last call is we, you know, we gave the NIM guidance for the year, which was slightly below what we had guided to the prior quarter. So that's no change there. One of the things that happens in the transaction, as you know, is purchase accounting happens literally on day one. So, the improvement in the margin generally is coming from that, and that's where the impact to elevate the margin comes from. Okay. Could you provide what your expectation is for margin ex purchase accounting, and then margin, obviously, with purchase accounting would be the 3.05? We've provided the 3.05. We think that's what the operating company will produce. We don't- Okay. That's not well, something we could talk about, but that's not something I expect to share without purchase accounting. Purchase accounting is part of—will be part of our results. Understood. Okay, thank you very much. Your next question comes from Laurie Hunsicker from Seaport Research. Please go ahead, ma'am. Welcome back, Laurie. Good night. Hey, good morning. Can you hear me now? We can. Okay, great. We were disappointed. We thought you weren't gonna make it back. We were disappointed, but please go ahead. I'm only kidding. Okay, good. Yeah, just to follow up where Jake was on accretion income. So the $63 million that you're presenting there on slide 16, and I love that waterfall effect, but help us think about what that looks like in 2025, because accretion income will obviously wind down. And so as we get into a more normalized run rate, how should we be thinking about that for 2025? Sure. No, it's a great question, and I, hopefully, I won't repeat too much of what I said in my remarks. But I'm going to ask you to just look at page 23, Laurie, because what we tried to do there was give some help on this question, which is very important. So what we've got there is the rate marks by securities and loans. You, as I said, that's the overwhelming majority of where the rate marks are. You can see it both on a pre-tax and after-tax basis. We also included the amortization term that we're assuming, which on the loans and securities, is seven years. So the $63 million that you see on an annualized run rate basis, to repeat, is simplistically the $454 million over seven years with a little bit of rounding. In the first year, you can see the deposits and borrowings have an impact as well. Again, we expect the transaction to close. We're saying the end of the first quarter. So for calendar year 2024, it would be simplistically three quarters of that. But the key point that we think and is different than, you know, acquisitions maybe 10 years ago or longer, is that what we're doing here is just replacing the lower yields that are from Cambridge when they originated and bought securities in a lower interest rate environment. We're replacing those with market yields today. So the seven-year estimated amortization term, we believe that tells you it's sustainable, right? It's not gonna change year- to- year. Again, it's over that amortization period that will get more sophisticated as we get to closing, but it's over a very long period of time. And in essence, it's just unlocking the value from the Cambridge balance sheet at purchase accounting. Now, hopefully, that's helpful. Yep, got it. Thanks. And then just remind us how much in intangibles is going to go away with the EIG sale. How should we think about that? Sure. It's $93 million, to give you a very straightforward answer. I think, not to get too gritty, but on page 24, when we give you our tangible book value roll forward, you can see impacts from insurance sale, which is $365 million, and that's $260 million from the gain, $93 million from the intangibles, and then $15 million related to the tax attribute I mentioned, and we outline on page 22. Perfect. Perfect. Okay, great. And then how should we think about the tax rate pro forma with the EIG sale and purchase? It looked like CAT was running at a higher tax rate. How should we think about that? Sure. We think that at the end of the day, with the sale and then the combination with Cambridge, the Eastern tax rate that we would have guided you to will go up about one percentage point. Okay. Okay, great. Great question. Thanks. And then just one last question. Thank you. One—just one last question here. The office book, CATC's office book, this is round numbers I extrapolated from their deck, $285 million. What was the credit mark portion of what you're taking associated with their office book, if you can share? Sure. Sure. So, what I would—the comments I would give you, and we did try to lay out our key assumptions on page 22. So the credit mark that we've got for the entire portfolio is the $44 million, 1.09% of total loans. The office portfolio and, and the entire commercial real estate, and really, all the loans are in there, obviously. But we, we certainly spent a lot of time reviewing all their commercial real estate and the office portfolio, and our expectations are included in that number. Okay. Okay, thanks for taking my questions. Great to hear from you, Laurie. There are no further questions at this time. I will now turn the call over to Bob Rivers for any closing remarks. Well, thank you for your interest and your questions. We look forward to talking with you again when we announce our third quarter earnings at the end of October. Thank you, sir. This concludes today's conference call. You may now disconnect.