Thank you for standing by, and welcome to Enterprise Products Partners L.P.'s First Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. To remove yourself from the queue, you may press star one one again. I would now like to hand the call over to Libby Strait, Vice President of Investor Relations. Please go ahead. Good morning, and welcome to the Enterprise Products Partners Conference Call to discuss first quarter 2025 earnings. Our speakers today will be Co-Chief Executive Officers of Enterprise's General Partner, Jim Teague, and Randy Fowler. Other members of our Senior Management Team are also in attendance for the call today. During this call, we will make forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, based on beliefs of the company, as well as assumptions made by and information currently available to Enterprise's management team. Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Please refer to our latest filing to the SEC for a list of factors that may cause actual results to differ materially from those in the forward-looking statements made during this call. With that, I will turn it over to Jim. Thank you, Libby. We've got a special guest with us today. Sam Hawley, our Vice President of Wholesale Propane, is with us, and we wanted to publicly acknowledge his contributions to the company. Sam's been in the industry over 30 years, with Enterprise over 20 years, and I can say I've never known anyone with more passion for our company, for his business, and for his people. You will be missed, my friend. With that, I want to cover a few highlights in the first quarter and summarize the things we look forward to. We had adjusted EBITDA of $2.4 billion, $2 billion DCF, 1.7 times coverage, $842 million of retained DCF, two financial records, and five operational records. In total, we moved 13.2 million bbl of oil equivalent a day and 2 million bbl a day of liquid hydrocarbon exports. Relative to our PDH facilities, our PDH 1 facility was down for 63 days during the first quarter of 2025 for unplanned maintenance. As of last week, both our PDH plants are online, and no major downtime is planned at either plant for the remainder of the year. If both PDH plants had been up and running during the first quarter, we would have easily exceeded $2.5 billion. We continue to benefit from growing production in the Permian and consistent domestic and international energy demand pull across our systems. For the remainder of 2025, we look forward to bringing on two gas processing plants in the third quarter in the Permian, one each in the Delaware and Midland Basin, the Bahia NGL pipeline in the fourth quarter, Frac 14 at our Mont Belvieu complex in the third quarter, the first phase of NGL exports on the Neches River in the fourth quarter, and enhancements of our ethane and ethylene terminal at Morgan's Point also in the fourth quarter. I'm sure Tony or Natalie would discuss our Permian outlook in more detail during Q&A, but there's a large backlog of wells expected to be connected to our gathering and processing systems between now and the end of the year that will feed our downstream NGL value chain. On the other side of the equation, exports—I've never seen U.S. hydrocarbons get this much attention worldwide. For now, it appears China is going to exclude ethane and ethylene from their tariffs to protect their petrochemical business. Currently, LPG has not been excluded from the Chinese tariffs, but admittedly, the situation is fluid. Regardless, the market has already gone to work rerouting barrels between the world's biggest LPG suppliers, the U.S. and the Middle East, and the biggest importing countries being China and India. It's important to note that even before the tariff pause, nominations at our docks from May indicated that our customers' behavior was virtually unchanged from prior months. The bottom line is the world needs U.S. oil, natural gas, and natural gas liquids to provide for their people and to grow their economies. Relative to all the chaos, the beauty of free markets is price always works. Price creates supply; price creates demand in the right places and, for the most part, in a timely manner. I can't help myself but to end today with comments on Washington. Stating the obvious, a lot is going on that is causing nothing short of chaos around the world. Energy is not excluded. No one can tell how all the pieces land, so I think we must fall back on what we think we know. President Trump was extremely pro-oil and gas in his first term and ran and won his second term on a pro-oil and gas platform, stressing that we must unleash and expand our domestic energy production and exports. There is also no doubt that the Trump administration understands the importance of U.S. hydrocarbons to our economy, global markets, and our balance of trade. Amid all this uncertainty, I have the core belief that when the dust settles, the end game of this administration's policies, laws, and regulations is intended to promote U.S. energy, not just for the next four years, but for decades. Enterprise is one of the largest exporters of hydrocarbons and is significantly increasing our capacity to gather, process, transport, upgrade, distribute, and export hydrocarbons. We feel great about our assets and the investments we're making and what they mean to our future. With that, turning to Randy. Okay. Thank you, Jim. Good morning to everyone. I'll start off with the income statement. Net income attributable to common unitholders for the first quarter of 2025 was $1.4 billion, or $0.64 per common unit on a fully diluted basis, which compares to $0.66 per common unit for the first quarter of 2024. Adjusted cash flow from operations, which is cash flow from operating activities before changes in working capital, was $2.1 billion for both the first quarters of 2025 and 2024. We declared a distribution of $0.535 per common unit for the first quarter of 2025. This is a 3.9% increase over the distribution declared for the first quarter of 2024. This distribution will be paid May 14th to common unitholders of record as of the close of business on April 30th. In the first quarter, the partnership purchased approximately 1.8 million common units off the open market for $60 million. Total repurchases for the 12 months ending March 31, 2025, were $239 million, or approximately 8 million EPD common units, bringing total purchases under our buyback program to approximately $1.2 billion. In addition to buybacks, our distribution reinvestment plan and employee unit purchase plan purchased a combined 6 million common units on the open market for $181 million during the last 12 months. This includes 1.1 million common units on the open market for $35 million during the first quarter of 2025. For the 12 months ending March 31, 2025, Enterprise paid out approximately $4.6 billion in distributions to our limited partners. Combined with $239 million of common unit repurchases over that same period, Enterprise's total capital return was $4.9 billion, resulting in a payout ratio of adjusted cash flow from operations of 56%. Since our IPO in 1998, we have returned $58 billion to unitholders in the form of distributions and buybacks. Total capital investments in the first quarter of 2025 were $1.1 billion, which included $964 million of growth capital for growth capital projects and $102 million of sustaining capital expenditures. Our expected range of growth capital expenditures for 2025 and 2026 remains unchanged. For 2025, this is $4 billion-$4.5 billion, and for 2026, it is $2 billion-$2.5 billion. We continue to expect 2025 sustaining capital expenditures to be approximately $525 million, which includes a planned turnaround at our octane enhancement plant later this year. Our total debt principal outstanding was approximately $31.9 billion as of March 31, 2025. Assuming the final maturity date of our hybrids, the weighted average life of our debt portfolio was approximately 18 years. Our weighted average cost of debt was 4.7%, and approximately 96% of our debt was fixed rate. Our consolidated liquidity at the end of the quarter was approximately $3.6 billion, including availability under our credit facilities and unrestricted cash on hand. Our adjusted EBITDA for the quarter was $2.4 billion, and for the last 12 months was $9.9 billion. As of March 31, 2025, our consolidated leverage ratio was 3.1 times on a net basis after adjusting debt for the partial equity treatment of our hybrid debt and reduced by the partnership's unrestricted cash on hand. Our leverage target remains 3.0 times plus or minus 0.25 times. With that, Libby, we can open it up for questions. Thank you, Randy. Operator, please open the call for questions. As a reminder, to ask a question, you will need to press star one one on your telephone. To remove yourself from the queue, you may press star one one again. Please limit yourself to one question and one follow-up, or two questions, to allow everyone the opportunity to participate. Please stand by while we compile the Q&A roster. Our first question comes from the line of Jean Ann Salisbury of Bank of America. Please go ahead, Jean Ann. Hi, good morning. You are a major LPG exporter. Can you tell us—you touched on this in your comments—can you tell us what you're seeing real-time today? Is all U.S. LPG currently being rerouted away from China? As my follow-up more broadly, can you talk about how you see the competitive landscape for LPG exports here in light of the tariffs and significant capacity being bu ilt by you and others? Thank you. Hi, Jean Ann. This is Tug. On the first part of your question, we are currently seeing the trade flows work to balance. We have not seen a disruption on any of our exports on ethane or LPG. We have limited direct exposure on LPG and ethane to China. We do not have a single contract with a Chinese entity. Our counterparties are typically international companies who know how to navigate international volatility. Now, what our customers export to China is approximately 32% on LPG and 40%-50% on ethane. On the second part of your question about the competitive landscape, the capital for our brownfield expansion at the Houston Ship Channel is around $400 million, and we get 300,000 bbl a day of capacity for that investment. Compared to the other announced projects and their respective capital, our expansion is the most capital-efficient on a per-unit basis of export capacity. We expect a significant capital advantage to translate into the most competitive terminal fees in the market for our customers. Great. That's helpful. I will leave it there. Thank you. Our next question comes from the line of Spiro Dounis of Citi. Please go ahead, Spiro. Thanks, Operator. Morning, team. Jim, wanted to go back to some of the projects you had sort of listed off coming online later this year. I think in total, something like $6 billion of projects starting up in 2025, which just sort of basic midstream multiple gets you about $800 million of incremental EBITDA. Curious, how much of that would you say is sort of hardwired and does not really rely on a lot of incremental growth here? How should we think about that EBITDA ramp and cadence? It sounds like more of a 2026 item, but curious how to think about that. Sorry. I'm having a hard time understanding you. You have got $6 billion of projects, and that is about $800 million of EBITDA if you put a pretty standard multiple on it. I guess I am just curious how you are thinking about the ramp-up and the cadence of that $800 million of EBITDA coming online. Is that all a 2026 item? Is that going to take years to kind of come to fruition? What's the ramp on your processing plants, Natalie? Our processing plant, when they come online here in the next couple of months, will be close to full in Midland and, let's call it, 60%-75% full in the Delaware. Pretty fast for us. Okay. Zach, where will you be on your Frac 14? I don't think we've ever shown that we haven't brought up a frac not full. Okay. Tug or Justin, exports? Yeah. I mean, on the exports, we're 85%-90% contracted on LPG. I think I mentioned that last earnings call, and we're now towards the upper band of that. As those projects come online, they're contracted. We have, I think it's 12 projects that we list. Eight of those projects are supply projects, and the remainder are market projects. We're pretty confident that they're going to be fairly full when they come up. Great. Good to hear, Jim. Thanks for that. Second question, maybe over to you, Tony. Obviously, you put out your fundamental update a little less than a month ago. Obviously, a lot has happened since then and in and around that time. Just curious maybe how you're thinking about some of the assumptions that went into that initial forecast. If anything's sort of changed in the last month or so, I realize it's still to some degree early days here. To the extent you're seeing any sort of producer reaction based on some of this OPEC supply returning to the market? Yeah. Spiro, let's first talk about what we show, what our numbers show happen in 2024. I think that's a good place to start. For the Permian Basin, I'll focus on the Permian Basin. We show that black oil production grew about 325,000 bbl in 2024, rich gas about two and a half Bs, and NGLs about 300,000 bbl. We run our base case that we recently published on $65 WTI and $3.50 natural gas at Henry today that oil prices, we go forward over the next three to five years, sit closer to 60 than it does 65. In general, we and others believe that 55-60 puts the Permian more or less in a maintenance mode, and closer to $50 takes the Permian probably below maintenance. It's likely the largest, and soonest impact will be on smaller players. Those run in less than three rigs. Out of 300 rigs running in the Permian, about 75 of those are operated by small operators that have three or less rigs running. That's probably the most immediate impact you'll see. You are hearing some of the producers at this point, and Natalie, I guess I'll speak to it here in a second, talk about dropping some, I'm going to call onesies and twosies, but no big step function in what they're planning to do. I think the most important point to make, and we've been trying to make it for at least the last three years because crude declines are steeper than natural gas, we've run a theoretical flat case for Permian between now and for Permian black oil between now and 2027 to stay right where it is. In that case, rich natural gas grow between 1.3 and 1.5 BCF a day between now and 2027. Call that a couple of hundred thousand barrels a day of natural gas liquids. That is what the fundamentals show. Natalie, tell us what your producers are telling you all the time. Yeah. I'll just add, as it relates to Enterprise and on the gathering and processing business, by design, our producers are some of the largest and most sophisticated and best-positioned players in the basin. A large percentage of our biggest producers, ex-integrated majors, are either entirely or primarily focused on the Permian. Just to put that into perspective, we connected over 1,000 wells in 2024, and we're expecting a similar number of well connects from line of sight that we have in 2025, but it's very second-half oriented. Got it. That's great color. I'll leave it there. Thank you, team. Thank you, Spiro. Our next question comes from the line of Theresa Chen of Barclays. Your line is open, Theresa. Thank you. I wanted to touch on the Petc hem and Refined Products segment. With the return to utilization or full utilization for PDH, what is your outlook for the segment for the remainder of the year? If you could touch on some of the smaller components as well, including the conversion of the 20% of your propylene production to fee-based. How much volumetric exposure do you have there, as well as the octane spread for MTBE to U.S. Gulf Coast gasoline? What is your outlook there as well, please? Hi, Theresa. This is Chris D'Anna. That was a lot. I'll try to hit all of it. On PDHs, both of them today are running very well. Even PDH 2, although it's not meeting the full expectations, we are meeting our contractual obligations on that. That's a big step from where we were even the last call. Our expectation is that we continue to run those plants at the same rates we're running today. PDH 1 is running above nameplate, by the way. It did have a very rough first quarter, as you saw in the release. The issues that we had were mechanical, not anything else, and we think that we've resolved those. On the RGP, PGP, that was something that we've been working on for a little bit. Most of our refiner suppliers wanted less exposure to RGP and more on the PGP side. We felt it was a win-win. We got what we thought was a very fair fixed fee going forward. That is going to reduce our volatility on the splitter margins. Let me make sure I have covered all your questions. I think the last one was around octane spreads. Yes. We have talked about in the past how we hedge the normal to RBOB spreads. We have done that this year. We have about 75% of our spread hedged. The overall MTBE has been a little bit weaker so far this year. Typically, we see in the last half of the year, kind of in the summer, fall timeframe, as driving season picks up, we see that widen a bit. That is kind of what our expectation is looking forward. Of course, there is no forward curve to look at for that product. Thank you, Chris. I'll leave it there. Thank you. Our next question comes from the line of Jeremy Tonet of JP Morgan. Your line is open, Jeremy. Hi, good morning. Morning, Jeremy. Hi. I just wanted to touch on the topic of buybacks, if I could, and how recent market price volatility might have impacted your view on the near term there and thoughts, I guess, moving forward in 2026 as CapEx tapers off a bit there, if there might be room for buybacks to step up a little bit next year? Yeah, Jeremy. Appreciate the question. I think we covered it on the fourth quarter call. Really, we're in the same place today that if we come in and look over the last 12 months, our excess distributable cash flow is about $3.3 billion. The way I think about excess distributable cash flow, so you've already taken care of the distribution. The next is to go ahead and cover growth CapEx. After that, what you have left is available for buybacks and for debt paydown. What we had highlighted on the last call, if you come in and you look at mid-single digits growth and cash flow per unit, once you get out to 2026, it's probably putting you somewhere around $3.6 billion area for excess DCF. With growth CapEx in a range of $2 billion-$2.5 billion, that leaves you maybe $1 billion-$1.5 billion available for debt paydown and buybacks. Again, 2026 should be a big change in excess distributable cash flow. Got it. Thank you for that. If I could, maybe just as it relates to the management team, it's seen departure recently. When might we hear more, I guess, on the COO role or any other changes in management? Oh, you know, this is Jim. I love what Randy says. He said, "We think in terms of decades, not quarters. We got a bench that is unbelievable. We've got young to middle-aged talent. And I'm not worried at all about what our succession plans are." That is about all we're going to share. Got it. Fair enough. Thank you. Thank you. Our next question comes from the line of John Mackay of Goldman Sachs. Please go ahead, John. Hey, good morning. Thank you for the time. I want to go back to the NGL exports and some of the kind of global dynamics, understand the comments on tariffs, ultimately, maybe at least for right now, not being a major issue. Just curious, are you seeing any sort of slowdown, though, in terms of a broader macro impact, meaning we could see kind of lower demand in Asia for some of these products and therefore see some knock-on effects, or is everything going pretty well there so far? I'm going to hand it off to Tug. This is Jim, and I'll start. We've recently signed contracts with Southeast Asian companies, and they're not small. I've not seen any change in behavior at our docks. You want to pick it up? Tug, are you sold out on your ethane export docks? Yeah, we're fully contracting our ethane exports. What about LPG? Like I mentioned earlier, 85%-90% on our LPG. If you look at it, it does not change the fundamental fact that if there is a demand slowdown internationally, all that means is that propane has to continue to price lower to compete with naphtha because ultimately the barrel has to clear. We can store a lot of propane as a country in the U.S., but we cannot do it indefinitely. Price will solve that. It will displace naphtha or other products. All right. That's clear. Thank you. Maybe just picking up on a couple of threads from earlier, Tony, your market forecast, kind of reflective of some of the changes you made last couple of years, higher GORs, stronger NGL outlook, even if oil is a little flatter. Is this changing your view at all on how you're thinking about the 2026 CapEx budget? With that in the context of maybe a macro slowdown a little bit, is there a risk to the upside or downside to that $2 billion-$2.5 billion of CapEx you're framing up for next year? Yeah, John, I may jump in here because really, when we look at 2026 and look at $2 billion-$2.5 billion of growth CapEx, the bulk of that CapEx is related to this $7.6 billion worth of assets under construction. If you say, "So our range expectation is $2 billion-$2.5 billion," and let's just say $2.5 billion, that's probably $600 million-$700 million worth of unidentified growth projects that still may be in development, but nothing has been FIDed. If you even take that away, that comes in and tells you we probably have $1.8 billion-$1.9 billion in growth CapEx next year just to come in and finish construction of the projects that have already FIDed. Does that help? Yeah, that's clear. I appreciate it. Thank you. Thank you. Thank you. Our next question comes from the line of Michael Blum of Wells Fargo. Please go ahead, Michael. Thanks. Good morning, everyone. I want to sort of follow up on the CapEx question in a little, maybe a little more detailed. If tariff policy does slow global demand on a more consistent basis, and this isn't a temporary situation, would you consider slowing some of your NGL expansion projects, or are those just kind of fully contracted, committed customers so they're going to move forward regardless of what happens on tariffs? You're talking about what we have under construction now? Under construction and plans. Yeah. I think we're pretty well contracted. I can't see us slowing down on what we've got under construction. Yeah. Michael, I think one of the ways we think about it, Tony commented earlier that even if you saw crude production go flat, you still have, call it 1.5 BCF a day of natural gas production growth out of the Permian, which represents maybe 200,000 bbl a day of NGL growth coming out of the Permian. Again, the projects that we have under construction, I mean, the bulk of them will be finished by the end of the year with some carryover on Port Neches. A lot of them will be finished by the end of the year. It's hard to see any slowdown from that standpoint. I think one of the things to also keep in mind is, and I think Tony's had it in past Investor Day presentations, that when you come in and you look at crude oil demand growth and ethylene and propylene demand growth, they're about, I think, crude maybe 0.9 times GDP growth. Ethylene growth is like 1.2, propylene maybe 1.3 GDP growth. The economists that I've seen, as far as them trying to come in and forecast the impact of tariffs on global GDP growth, the estimates I've seen is anywhere from a half a percent to 1%, but you still have growth. It is hard to see where we're not going to see demand growth for the product in 2025 and 2026. Does that help? It does. Thank you. It does. I appreciate that. All right. That's all I have today. Thank you. Thank you. Our next question comes from the line of Brandon Bingham of Scotiabank. Please go ahead, Brandon. Hi, good morning. Thanks for taking the question here. Would just like to maybe talk about the inorganic side of CapEx. Just in light of kind of where everything's trading now, public and private, if you see maybe a growing opportunity to capitalize on some of these enterprise prices, or if maybe there's kind of just a standoff between a bid-ask spread situation where sellers are more unwilling to transact at this level. Just any high-level thoughts you have around how that might factor into the strategy moving forward? Brandon, this is Jim. My high-level thought is if it does not fit what we have, then we are probably not going to be interested. If you look at our system, everything we have acquired or built fits what we already have. Plus, Randy always says, "Price matters." Okay. Fair enough. Maybe just a quick one. Looking at the slides, it looked like some of the movements on a quarter-over-quarter basis in segment margin were related to marketing. If you could just maybe provide some incremental detail around the moving pieces there. Yeah. In NGL marketing, specifically in the first quarter, we had additional LPG contracts step up at lower rates than the spot rates we achieved last year. We had two to three cargoes a month we were selling, for example, in the fourth quarter, around $0.20 a gallon. That spot margin has compressed in addition to additional term contracts stepping up. Now, on the flip side of that, we had a pretty good quarter in natural gas marketing, didn't we? We did. On our natural gas marketing segment, we had really two bites of the apple at winter volatility in January and February, which helped us out. We We are also seeing higher west to east spreads, Waha. That was beneficial. Awesome. Thanks, guys. Thank you. Our next question comes from the line of Manav Gupta of UBS. Please go ahead, Manav. Good morning. I wanted to ask you, can you give an update on the progress you are making at the Mentone West and Mentone West 2 to get those projects online? Yes. This is Graham. Both of those projects are coming online. Construction is going very well. We're in early commissioning on the first Mentone West project and looking at those projects probably coming in a little bit ahead of schedule. Perfect. You do have $7.6 billion of major capital projects under construction. $6 billion are expected to come online in this year. Help us understand how are the talks going to replenish the backlog? Once these projects do come online, how can you grow the backlog from here? What was the question? Yeah, Manav, that's where stepping out to 2026, that's where our expectation is growth CapEx is $2 billion-$2.5 billion. And we've said that if you would, the unidentified wedge in that is only about $600 million or $700 million. It's two plants. Yeah. As Jim said, it's two natural gas processing plants. Again, some of this is going to be dictated. The need for the plants, obviously, is going to be dictated by the pace of producers and producer activity. Just even again, throwing out what Tony did earlier, even if crude were to stay flat, crude production out of the Permian were to stay flat for two years, you've got an increase of 1.5 BCF a day of natural gas. That's five processing plants at 300 million cu ft a throw. I think some of the pace of growth will be dictated by our producer customers here in the near term. Thank you, guys. Thank you. Our next question comes from the line of Keith Stanley of Wolfe Research. Please go ahead, Keith. Hi, good morning. Wanted to ask the CapEx question from another angle, which is, are there any things on the drawing board that could potentially cause 2026 growth CapEx to be materially higher than $2 billion-$2.5 billion, or is that very unlikely at this point? Randy, I'm going to say it's very unlikely. Yeah. Keith, if I could, one other thing I would throw out there, I think we're talking about level of CapEx relative to where CapEx has been in 2024 and 2025. Really, these are peak levels of growth CapEx for us. You have to go back to 2018 and 2019 when we were at that level of growth CapEx, when we were bringing on new plants, and really are not really new plants because those are more bite-sized. When we were building more crude oil pipelines, NGL pipelines from Permian to Houston, that is to a degree what's happening here. We have two projects that I can think of that probably are almost 50% of that $7.6 billion under construction. Again, we are at very elevated levels then. When I think about some of those projects, the operational leverage that we have around that, that we can add a lot of capacity for, for instance, in Bahia, we can add a good bit of capacity for, and call it 400,000 bbl a day of capacity for probably $300 million. The operational leverage that we have on expansions as a result of what we spent over the last couple of years really comes in and makes our growth CapEx in 2026 and what we envision in 2027 really to be able to come back down to a more normal run rate of 2-2.5. Natalie, how many processing plants have we built in the Permian in the last three, four years? More than I can count. What do we got out there? Twenty trains? We're on number 11 in the Delaware and number 8 in Midland. A lot of what we're doing is supply projects. I think to Randy's point, look at what Tug said earlier. We're going to get 300,000 bbl a day for $400 million on our export facility. I think that's a classic example of what our future looks like with our asset base. That's very helpful color. Didn't realize the 400,000 a day on Bahia for $300 million. Second question, just on the crude segment, Q1 was lower. You called out lower deficiency fees. What asset is that on? Is the Q1 results more reflective of a run rate from here or not? Yeah. Keith, this is Jay. As we think about the Q, our results this quarter on crude, we had a couple of impacts. One was on lower sales volumes, and a piece of that is also on sales margins. Just concentrating on the volume component this quarter versus first quarter of last year. Keep in mind that we had volumes on our Midland to ECHO 2 pipeline that was still flowing into Midland before we turned it over to NGLs. And then a little bit on EFS. To your question about how we think about that moving forward, we're already into April. We're seeing good results both on the volume and margin side. My view here, at least as April stands, is we're pushing past that. Are your pipe out of Midland full? Yeah. Our pipes out of Midland are full today. Looking forward to getting Seminole back into crude service here later this year. Will it be full? It will be full. Thank you. Thank you. I would now like to turn the conference back to Libby Strait for closing remarks. Madam? Thank you to our participants for joining us today. That concludes our remarks. Have a good day. This concludes today's conference call. Thank you for participating. You may now disconnect.