Ladies and gentlemen, thank you for standing by. Welcome to the Fox Corporation Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen only mode. Later, we'll conduct a question and answer session. I would like to emphasize that that functionality for the question and answer queue will be given at that time. If you should require assistance during the call, please press Star, then zero. As a reminder, this conference call is being recorded. I will now turn the conference over to our Chief Investor Relations Officer, Mr. Joe Dorrego. Please go ahead, sir. Thank you, operator. Good morning and welcome to our Fiscal 2022 Third Quarter Earnings Call. Joining me on the call today are Lachlan Murdoch, Executive Chair and Chief Executive Officer, John Nallen, Chief Operating Officer, and Steve Tomsic, our Chief Financial Officer. First, Lachlan and Steve will give some prepared remarks on the most recent quarter, and then we'll take questions from the investment community. Please note that this call may include forward-looking statements regarding Fox Corporation's financial performance and operating results. These statements are based on management's current expectations, and actual results could differ from what is stated as a result of certain factors identified on today's call and in the company's SEC filings. Additionally, this call will include certain non-GAAP financial measures, including Adjusted EBITDA or EBITDA, as we refer to it on this call. Reconciliations of non-GAAP financial measures are included in our earnings release and our SEC filings, which are available in the Investor Relations section of our website. With that, I'm pleased to turn the call over to Lachlan. Thanks, Joe, and good morning, everyone. Thank you for joining us on this call. I don't know about everyone else, but I often find early mornings after a coffee or two or three to be a good time to reflect on the progress we are making and to plan the days or weeks ahead. Sitting here on the Fox lot with my colleagues, I can recall our Investor Day when we saw all of you or most of you in person and kicked off the new Fox now already a few years ago. Some of you asked then, correctly, could the new streamlined Fox aggressively grow its top-line revenues? While we committed to you then that we would add $1 billion of television distribution revenue by calendar 2022, we all knew the proof would be in the pudding. It's pleasing that this quarter we again delivered healthy distribution and advertising revenue growth across our brands and complemented by further stellar growth at Tubi. Overall, we delivered 7% revenue growth, led by 9% advertising growth and 5% growth in our distribution revenues. As a reminder, this 5% growth in distribution revenues does not include the benefit of any material renewals this fiscal year. Those renewals start next year. Our advertising growth was notably broad-based. Cable advertising grew by 20% in the quarter. This growth was driven by Fox News as its pricing and rating strength more than offset the elevated level of pre-emptions due to the coverage of the war in Ukraine. Television advertising grew by 6% in the quarter. This increase was led by Tubi, which saw its advertising growth accelerate from approximately 40% in the December quarter to 50% on the back of increased engagement. In addition, continued strong demand for sports drove overall growth at the Fox network. At the local level, advertising revenues increased despite continued supply chain and other economic headwinds. As we look to our upfront next Monday, we are encouraged by the early momentum in the market, and we believe that our focus on live, including the must-have events of the coming year, such as the Super Bowl, the World Cup, and even the midterm political cycle, puts us firmly in the lead with our advertising partners as upfront deals are made. As we established last year, Tubi will continue to play a leading, integrated role in our upfront efforts. We are in this enviable position due to the execution of our strategy by our core business units. It's hard work, but it pays off. Fox News Channel finished the first quarter of calendar 2022 as cable's most-watched network in prime time and total day viewers. In fact, Fox News was the only cable news network to post gains versus the prior year quarter in total viewers and the key demographic, adults 25 to 54. Fox News has now beat CNN and MSNBC combined in total day and with both total viewers and the key demo for nine consecutive months, and with a total day share of 54% across both demos. These achievements reflect the growing breadth and depth of our programming slate. Notably, The Five was the most-watched program in cable news for the second consecutive quarter. Meanwhile, Gutfeld! Delivered its highest-rated quarter ever, while Jesse Watters Primetime, which launched in late January, is averaging over 3 million viewers in the 7 P.M. time slot. Broadcasting 97 of the top 100 most-watched cable news telecasts this past quarter, Fox News continues to attract the most politically diverse audience in its peer group, watched by more Democrats and independents than MSNBC and CNN in total day and prime time. Meanwhile, our sustained and disciplined investment continued to drive subscriber growth and engagement at Fox Nation. The Fox Nation subscriber base has more than tripled in less than 18 months, driving engagement levels to new heights in each quarter. The avid Fox News fans have clearly embraced the Fox Nation platform, as demonstrated by its consistently high conversion rate of trialists to paid subscribers and retention rates well above industry averages. Momentum also continued at FOX Weather, which benefited from expanded distribution on Roku, YouTube TV, and Amazon, resulting in sequential growth in total view time across each month of the quarter. At Fox Sports, the USFL is off to an encouraging start. Through its first three weeks, nearly 20 million people have watched the USFL on TV, and games on Fox and NBC are averaging 1.5 million viewers. That compares favorably to well-established spring sports properties like the NHL, Formula One, the EPL, and MLS, all properties which either recently earned sizable rights increases or are expected to do so soon. We are clearly establishing that the USFL belongs in this competitive set, which is our primary goal in this first season. At the NFL, we are pleased to announce that we have reached agreement to carry an incremental game this coming year on Christmas Day. As a reminder, last year's Christmas Day game on Fox delivered over 28 million viewers. We look forward to the release of the full NFL schedule expected later this week. Elsewhere, our NASCAR season is off to a strong start. Though early, the low teens gains we are seeing in viewership would represent one of the more meaningful single-season improvements across the 22-year history of NASCAR on Fox. We couldn't be more excited about the upcoming 2022 FIFA World Cup on Fox Sports with the qualifications of the U.S. Men's National Soccer team and its blockbuster match against England on Friday, November 25. This match will contribute to an unprecedented Thanksgiving weekend of sports on Fox, bookended by the Dallas Cowboys on Thanksgiving Day and the Michigan-Ohio State rivalry on Saturday. That's likely to add up to the most-watched NFL game of the regular season, the most-watched U.S. Men's National Soccer Team match ever, and the most-watched college football game of the season, all during the busiest consumer shopping weekend of the year. This speaks to the power of our platforms and to the prudence of our strategy. Of course, our linear businesses are complemented by Tubi, where total view time increased 50%, propelled by record quarterly viewership. In fact, Tubi delivered 18 of its top 20 TVT days in its history this past quarter, a period where there's traditionally some softer seasonality in the AVOD market. Meanwhile, Tubi expanded its industry-leading library and now counts more than 42,000 titles in its portfolio. Importantly, Tubi also renewed key distribution deals, including its Amazon partnership, and signed its first custom deal for Samsung's smart TVs. In the third quarter, we continued to invest in the future of Tubi, which we believe will be a strong growth engine for the company for years to come. We have also invested in Fox Weather, which is now available ubiquitously in every broadband home across the country and provides our clients with a new, very broad advertising platform. Finally, Fox Nation goes from strength to strength as it builds upon the engagement between Fox News and our most ardent fans. These initiatives illustrate the entrepreneurial nature of Fox, endowed with America's strongest media brands and most enviable balance sheet. Before handing over to Steve, I'd just like to acknowledge the incredible bravery, sacrifice, and professionalism of the entire Fox News reporting team in covering the war in Ukraine. Journalism is rarely easy, and often it is very hard. Bearing light on the horrors of this war and the resulting refugee and humanitarian crisis it has borne is probably the hardest assignment we can give. I am, we all are, deeply grateful for the tremendous work and extraordinary journalism that Trey Yingst, Jennifer Griffin, Steve Harrigan, Jeff Paul, Benjamin Hall, and many more excellent reporters have provided our audience. Tragically, two of our journalists were killed in Kyiv, and Benjamin Hall remains in treatment for his serious injuries. Our thoughts and the thoughts of the whole Fox family are with them and their families. With that, I'll hand over to Steve. Thank you, Lachlan, and good morning, everyone. Our third quarter results once again reflect the strength of our leadership brands and the continued growth of our digital businesses. We achieved total company revenue growth of 7% year-over-year, delivering top-line growth across all of our operating segments for a fourth consecutive quarter. Total company affiliate revenues increased 5%, despite the fact that only 5% of our total company distribution revenues have been up for renewal this fiscal year. Meanwhile, the rate of industry subscriber declines remained steady in the quarter, with trailing 12-month sub losses running below 5%. Total company advertising revenues grew 9% as our leadership brands once again delivered premium pricing, coupled with continued strong momentum at Tubi. Quarterly Adjusted EBITDA was $811 million, down 10% over the comparative period last year as the revenue growth was more than offset by higher expenses. As we've foreshadowed on prior calls, the increase in expenses was mainly driven by the anticipated increase in digital investments, including Fox News Media and Tubi. Additionally, we saw higher programming rights amortization and production costs at Fox Sports, and were impacted by an approximately $30 million write-down of certain scripted programming at Fox Entertainment. Net income attributable to stockholders of $283 million or $0.50 per share, compared to the $567 million or $0.96 per share we reported in the prior year quarter. As we've seen in recent quarters, this below-the-line variance was primarily due to the change in fair value of the company's investment in Flutter Entertainment, which we recognize in other net. Excluding this impact and other non-core items, Adjusted EPS was $0.81 per share compared to last year's $0.88, primarily reflecting the movement in EBITDA. Now let's turn to our business segment results, starting with cable networks, which reported an 8% increase in revenues. This strong revenue delivery was underpinned by significant gains in cable advertising revenues, which grew 20% in the quarter. Notwithstanding slightly higher levels of preemptions associated with our breaking news coverage of the war in Ukraine, Fox News was the engine of this advertising revenue growth, with strong gains in both audience and pricing. Cable affiliate revenues increased 3% over the prior year period, a result of healthy pricing gains across all of our networks. Cable other revenues increased 23%, led by the timing of sports sub-licensing revenues, which were impacted by COVID last year, as well as continued subscription momentum at Fox Nation. This growth was partially offset by the disposition of our sports marketing businesses, which were sold in March of last year. EBITDA at our cable segment increased by $14 million over the prior year period, as these revenue increases were partially offset by higher expenses related to the digital investments of Fox News Media and the timing of programming amortization and production costs at the cable sports networks following the COVID-related disruptions of the prior year. Almost matching the strong revenue growth in cable, our television segment delivered a 7% increase in revenues. This was led by an 8% increase in television affiliate revenues over the prior year quarter, reflecting increases for both our direct retransmission revenues at our owned and operated stations and for our programming fees from non-owned station affiliates. This run rate all but assures achievement of our target of $1 billion of incremental television affiliate revenue this calendar year that we announced at our Investor Day back in 2019. Our television segment also delivered 6% advertising revenue growth, reflecting strong linear pricing at the Fox network and continued growth at Tubi, partially offset by lower impressions at Fox Entertainment. At Fox Sports, the impact of the additional week to the NFL regular season was offset by the absence of the rotating NFL divisional playoff game this year. At the Fox television stations, notwithstanding the ongoing supply chain-related challenges to the auto category, we continued to grow advertising revenues supported by gains from our digital sales efforts and continued demand from the sports betting category. Other revenues at our television segment increased 17%, primarily due to the impact of the acquisitions of MarVista Entertainment and TMZ and the consolidation of our stake in Studio Ramsay Global. Television EBITDA was lower by $100 million against the prior year period, as its healthy revenue growth was more than offset by the planned digital investment at Tubi, higher sports programming amortization and production costs at Fox Sports, and an approximately $30 million write-down of certain scripted programming at Fox Entertainment. Turning now to cash flow. We generated strong free cash flow of $1.54 billion in the quarter, reflecting our normal seasonal cycle of collecting advertising revenues from our fall programming and the result of our sports rights payments being concentrated in the first half of our fiscal year. Our share repurchases since the commencement of the quarter have totaled $300 million, and fiscal year to date, we have now returned over $1 billion of capital to shareholders. This is comprised of approximately $275 million in the form of our semi-annual dividend payments and a further $800 million in share buybacks. We remain committed to utilizing our full buyback authorization of $4 billion and have now cumulatively repurchased approximately $2.4 billion, representing over 11% of our total shares outstanding since the launch of the buyback program in November 2019. We continue to maintain a very strong balance sheet, ending the quarter with $4.6 billion in cash and $7.2 billion in debt. As we look forward, the setup for fiscal 2023 remains incredibly strong with the financial tailwinds from Super Bowl LVII, the early exit of Thursday Night Football, November's midterm elections, and the start of our next major distribution renewal cycle. With that, I'll now turn the call back to Lachlan. Thank you very much, Steve. As you know, you know, we usually after Steve's comments, we go straight to Joe and straight to questions, but we have breaking news, which I'm in the spirit of being always open and giving our investors and our shareholders the latest news on the company. I'll go straight to this. Literally, this is happening in real-time. We are pleased to announce that immediately following his playing career, whenever that may be, seven-time Super Bowl winner Tom Brady will be joining us at Fox Sports as our lead analyst. Over the course of this long-term agreement, Tom will not only call our biggest NFL games with Kevin Burkhardt, but will also serve as an ambassador for us, particularly with respect to client and promotional initiatives. We are delighted that Tom is committed to joining the Fox team, and we wish him all the best during this upcoming season. I'm sure everyone joins me in warmly welcoming Tom Brady on board. Thank you very much. With that, I'll hand over to Joe. Thanks, Lachlan. Now we'd be happy to take questions from the investment community. Ladies and gentlemen, I'd like to emphasize the functionality for the question-and-answer queue. If you wish to ask a question, please press one then zero on your touch tone phone. You'll hear a tone indicating you've placed yourself in queue. You may remove yourself from the queue at any time by once again depressing one then zero. If you're using a speakerphone, please pick up the handset before pressing the numbers. It has been requested that you limit yourself to one question. Once again, if you have a question, please press one, zero at this time. One moment, please. We have a question from the line of Ben Swinburne. Please go ahead. Well, I wanna ask when Tom Brady's actually gonna stop playing, but I'll save that for an offline conversation. Congrats on that deal. I wanted to ask you guys about Tubi heading into fiscal 2023. Could you talk a little bit, Lachlan, about how you plan to position that business in the upfront, to the extent you can share any goals in terms of how much of that business may actually be sold in the upfront? How are you guys thinking about investments relative to letting that business start to generate some profits next year as you continue to obviously see a lot of top-line growth? Thanks. Thank you very much, Ben. Look, I can tell you on the first part of your question, that like I said, we're incredibly excited to have Tom joining us. It's entirely up to him for when he chooses to retire and move into his you know, what will be a you know, exciting and stellar sort of television career. That's up to him to make that choice when he sees fit. In regards to Tubi and the upfronts and how that plays into sort of how we position the Tubi business going forward and to when it returns to profitability, it's important to note that on Monday when we you know engage in our upfront presentations, we've already spent you know several weeks engaging with clients and advertisers on upfront negotiations, and Tubi has been you know at the forefront of all of those conversations. I think you know our clients can see you know both the shift to AVOD and to streaming advertising. At the same time, they see, you know, the strength of where Tubi is positioned as a leader in that market. You know, we're constantly on a regular sort of daily basis, you know, balancing carefully the ad load in Tubi and the fill rate of those advertising slots. As you know, Tubi has an incredibly intelligent ad tech that can do that dynamically, viewer to viewer, customer to customer. We can dial that up or dial that down, you know, really as we see fit, but we think it's important that this, you know, early life cycle of advertising video on demand services, you know, to maintain the highest sort of quality, you know, viewer experience, and kinda consumer experience on the service. We're pleased with where that is, but really would be up to us to be able to increase that ad load and drive revenue and bring it back to profitability, which as you know, Tubi has been profitable in past quarters. As of today, you know, the right strategy and the right way forward, you know, is to continue to carefully and deliberately invest in the growth of Tubi, which, you know, we think is gonna really be the leader in advertising video on demand, certainly in this country. Operator, we can go to the next question. We have a question from Jessica Reif Ehrlich, Bank of America. Please go ahead. Thank you. Trying to think of how I make this one question. Your two key drivers are obviously advertising and distribution revenue. In the advertising, you're incredibly well positioned going into the upfront, given as you highlighted your incredible array of marquee sports. You'll also have USFL coming in and news couldn't be more dominant. Just, you know, can you give us color on expectations for. I mean, your positioning is great, but expectations for your performance in the upfront market and the health of the overall industry. On the pay TV side, while your, again, outperformance in news and other areas is very strong, pay TV market has been shrinking. You seem pretty confident about the affiliate renewal cycle coming up. Can you give us color on that and how you offset the shrinking universe? Sure. Thank you, Jessica. I'm not sure if that was two questions or seven, but they're always good questions, so thank you very much. Thanks. On the outlook, I think I'll remember to address, to answer on most of them as I go through this answer. Look, from an advertising perspective, and particularly heading into these upfront negotiations, you know, we're already in the upfront season, but as we get to the pointy end of that season, you know, we're seeing really solid demand, you know, across our businesses. In pricing, you know, entertainment's seeing pricing, you know, in the sort of high single digit, mid to high single digit sort of range above last year. In sports news, you know, as you said, we're very well positioned. You know, we're seeing sort of our pricing in some mid double digits, so sort of the mid to high teens pricing increases, you know, driven by demand across live sports and live news. So as that gives us a great deal of confidence as we move into these upfront negotiations. You add to that obviously the inclusion of Tubi with 50% growth in TV time and TVT time and engagement. It's a really strong position to be in. Our sports properties are driving, and our must-have sports tent poles this year are really driving a lot of interest from our clients. You know, if I could give one word of advice, which you know I wouldn't do, but if I give one word of advice to our clients and advertising partners, it's get in early because you know some of these key events are selling you know extremely well already. We fully expect to see sort of continued you know advertising strength. That's you know without even talking about you know the midterm election cycle, which by all estimates you know will be you know a record midterm cycle for us. We keep a close eye on the races in all of our markets. You know, it's pretty amazing to see, you know, where we have not only tight races, but also contested primaries pretty much across the majority of our owned stations. You know, we think the coming midterm elections will really be an advertising boon for us as well. Now moving on to pay TV pricing. Well, frankly, from both an advertising point of view, which is, you know, incredibly strong with the strength of, Fox News, and I spoke about a little bit in my earlier statements, the strength of Fox News, but also the strength of, Fox News and the station group from a retransmission, and, distribution revenue point of view, really has never been stronger. You know, Fox News is effectively competing with the free to air broadcasters in terms of audience. It's actually usually beating or many nights of the week sort of beating broadcast networks. We expect, you know, our pricing power to continue to strengthen with performance like that. Yeah, I think I've answered most of, if not all of your questions, Jessica, but in short, from both an advertising perspective and from a television distribution or retransmission revenue perspective, we think we're well positioned, particularly in a year or a cycle where we're coming up to, I think over the next two years, two-thirds of our distribution revenue coming up for renewals. Operator, we can go to the next question. We have a question from Robert Fishman of MoffettNathanson. Please go ahead. Morning. Question on television profitability. Given the $30 million write-down of the scripted programming at Fox Entertainment in the quarter, and then as we get closer to fiscal 2023 when Thursday Night Football losses go away, can you just help frame the other swing factors that could impact a big increase in television EBITDA next year? Maybe any early look into incremental digital investments and how you're thinking about the general entertainment programming spend to help fill that Thursday night programming gap. Thank you. Hey, Robert, how are you? Well, one of the, you know, pieces of work that the entertainment network has sort of undertook over the last, I'd say over last year, but it's earlier than that, is really the ability to kind of transform that business to where it can, you know, tightly control its programming costs in a way that really hasn't at a level that really hasn't been achievable before. You know, this goes to the acquisition, you know, a few years ago of Bento Box, so we can control more of our animation costs. It goes to the acquisition of TMZ, so we can, you know, really control, you know, sort of, you know, high quality factual content and specials that we put on the network and other things such as MarVista. Although MarVista was, you know, focused a bit more on Tubi. So the work in the background of being able to, you know, own and control. I should also mention, by the way, very importantly, the joint venture with Gordon Ramsay in Gordon Ramsay Productions, that's incredibly exciting. You know, Gordon's been, you know, a key partner of ours for many, many years. You know, his plans for the growth of that business, not just in the U.S., but what we can do with the IP, Gordon Ramsay's IP around the world is really exciting to see. We have high expectations for that partnership. All of that really feeds into the network's real ability to control its programming across multiple nights. As you know, the Fox network is only two hours a night in primetime. It's an easier volume of hours to digest and to program towards. What was the last part of the question? T he crop. Yeah. You wanna talk— Robert, just in terms of the swing factors, listen, there's a ton of tailwind behind the TV segment going into next year. You called out Thursday Night Football dropping off. That, I think we've said in the past, that release is around $350 to $400 to the bottom line for us net, net. Then you've got all the other things that play into next year for us. You've got Super Bowl, political, and you've got the FIFA World Cup, and then you've got Tubi with the momentum that's showing top line. Listen, we couldn't be better positioned for fiscal 2023 from a television segment perspective. You can say more please. Steve's very careful. Thank you. Operator, we can go to the next question. We have a question from Doug Mitchelson of Credit Suisse. Please go ahead. Hi, Lachlan and team. Thank you for— Hi, Doug. Thank you for the question. Should investors expect fiscal 2023 to see operating leverage against your digital investments, you know, revenue growing faster than OpEx with those? You know, Lachlan, I'm not sure, you know, if you're prepared to give any sort of update on ambitions for Tubi, but it's been growing rapidly. You're investing a lot in it. You know, Fox has been making kind of an interesting investment in that, you know, not making as strong a pivot to streaming as some of your peers, but yet Tubi's an interesting investment opportunity that's impacting margins this year. Just to kind of understand where you think that asset could go and what the investment cycle looks like would be helpful, I think. Thanks so much. Thank you very much, Doug. We see the level of investment this year in our digital properties, and that's Tubi, but it also includes you know, Fox Weather and Fox Nation, and some other you know, smaller elements. We you know, see the current level of investment as the appropriate level you know, going forward. That's what we've guided the market to between $200 million and $300 million that we're putting back into investing and into growing those businesses. We would not expect you know, any kind of significant level you know, above that on sort of our current plans. We think that level is the right amount, particularly with an asset like Tubi that really is gonna be the you know the future of you know how people watch television in this country. You know, we think, when you look at Tubi, it's interesting. I looked this up the other day, but you know, Farhad really began Tubi or the early version of what ultimately became Tubi with a tech business you know over 11 or 12 years ago. Ultimately evolved into Tubi as he, you know, understood, you know, what the value of taking his, you know, intelligent ad tech business and then actually licensing programming along with that to monetize that programming most efficiently. As I said before, you know, it's great to have the Tubi team and the company really focused on the technology side of this business and understanding how they drive engagement and drive viewing, which is, you know, very different from what, you know, than an older sort of media model or view of it would be. Because of that and because of the long track record, the lead time they have, the fact that they've been doing this a long time, you know, we think it's you know, it's really poised to continue to win in the market. That level of investments is the right level to help it achieve that. Operator, we have time for one more question. Our last question will come from the line of Steven Cahall of Wells Fargo. Please go ahead. Yeah, thanks very much. Good morning. Maybe first, sorry if I missed this, but I think you maybe indicated that you could be at an end of arbitration by June. Just wanted to see if that timing is still correct, and would love to know if you have any metrics to update us on for FOX Bet and how that's continued to grow, and how you kinda feel about the relationship with Flutter and some of your strategic opportunities there. Then also, as we think about long-term sports rights, you've got a lot of rights, especially digital rights, do you see those as largely staying inside the linear ecosystem, or do you think there's an opportunity to sub-license some of those to some of your peers who are spending a lot on their à la carte streaming products? Thank you. Thanks very much, Steven. In terms of our sports wagering strategy and business, we remain in arbitration, and we expect in the summer that arbitration to be resolved, you know, if not sooner. There's not much more we can say about it, but it's been, as you know, a long and sometimes arduous process. The most important thing though to you know to remember, I suppose, is the value of the business that we've created and the value of that sort of top of the funnel you know with FOX Bet Super 6 in particular, you know a free game with 6.6 million, I believe now. We're in a traditionally quiet period for you know sports wagering, particularly around you know obviously with no football. You know, the FOX Bet Super 6 continues to do incredibly well and continues to be able to drive wagering customers into paying games. We're incredibly pleased with how we've delivered operationally on our side of the partnership. We look forward to the end of arbitration and moving forward with our wagering strategy. In terms of sports rights and whether they remain on linear, our own sort of owned sort of linear platforms, absolutely. You know, we think that our key rights deserve the ability to stay on our broadcast and cable networks exclusively. This is very important to us. It both gives our league partners the most breadth and reach that they can achieve in viewership and for their fans. Also it's really key to our distribution strategy. It's how, you know, we will deliver industry-leading distribution revenue gains, you know, by keeping the highest quality exclusive content within, you know, our platforms, as I said, exclusively. Sublicensing those to others or to put behind a struggling paywall would not be the right strategy. At this point, we are out of time, but if you have any further questions, please give me or Dan Carey a call. Thank you once again for joining today's call. Ladies and gentlemen, that does conclude your conference call for today. Thank you for using AT&T Executive Teleconference. You may now disconnect.