Good day, and welcome to the 2022 third quarter Sallie Mae earnings call. At this time, all participants are in listen-only mode. After the speaker's presentation, there'll be a question and answer session. Instructions will be given at that time. As a reminder, this call is being recorded. I would like to turn the call over to Brian Cronin, Vice President, Investor Relations. You may begin. Thank you, Michelle. Good morning, and welcome to Sallie Mae's third quarter 2022 earnings call. It is my pleasure to be here today with Jon Witter, our CEO, and Steve McGarry, our CFO. After the prepared remarks, we will open up the call for questions. Before we begin, keep in mind our discussion will contain predictions, expectations, and forward-looking statements. Actual results in the future may be materially different from those discussed here. This could be due to a variety of factors. Listeners should refer to the discussion of those factors on the company's Form 10-Q and other filings with the SEC. For Sallie Mae, these factors include, among others, the potential impacts of the COVID-19 pandemic on our business, results of operation, financial conditions, and/or cash flows. During this conference call, we will refer to non-GAAP measures we call our core earnings. A description of core earnings, a full reconciliation to GAAP measures, and our GAAP results can be found in the Form 10-Q for the quarter ended September 30, 2022. This is posted along with the earnings press release on the investors page at salliemae.com. Thank you. I'll now turn the call over to Jon. Thank you, Brian and Michelle. Good morning, everyone. Thank you for joining us to discuss Sallie Mae's third quarter results. I hope you will take away three key messages today. First, we had a successful peak season highlighted by increased demand from underclassmen. Second, in a challenging environment, we delivered strong results for the third quarter and the first three quarters of the year. Third, our credit performance is in line with the expectations we laid out on the second quarter earnings call, and we continue to believe that the factors we previously identified as elevating charge-offs will be largely isolated to 2022. Let's begin with the quarter's results. GAAP diluted EPS in the third quarter of 2022 was $0.29 compared to $0.24 in the year-ago quarter. In the quarter, we closed a $1 billion loan sale and booked a gain on sale of $75 million. This sale also released over $50 million of reserves through our income statement and freed up meaningful capital that can be returned to shareholders. In this market environment, we are pleased that we were able to execute our planned $3 billion of loan sales for the year at an average premium of just under 10%. Our loan sale share buyback arbitrage strategy has continued to work in a challenging environment. Since January 1st, 2022, we have repurchased $553 million of shares and reduced shares outstanding by nearly 34 million or 11%. Since January 2020, we have reduced shares outstanding by 42% at an average price of $15.40. We expect to continue to repurchase shares daily for the remainder of 2022. Our financial results are not just about gain on sale. Year in and year out, our quality loan portfolio generates significant net interest income. Through the first nine months of 2022, we have generated $1.1 billion of net interest income higher than the year ago period, despite having slightly lower loan balances. In this rising rate environment, our treasury team has effectively managed interest rate risk and grown our net interest margin. The rise in interest rates has reduced prepayments, enhancing the growth of our portfolio. This is most obvious in consolidation activity, which continues to slow. However, partial prepayments are also down. This has both a positive impact on our loan balances and likely on future loan sale premiums. As we have discussed in past calls, prepayment speeds, along with rate outlook and credit spreads, have a significant impact on the expected value of a loan. While a positive slower prepayment speeds also increase our CECL allowance because we anticipate having more loans on our books for longer. We added an additional $57 million to our reserves to cover the impact in the quarter. The good news is we estimate we will have additional loans on our books that will grow to $600 million by the end of 2023 due to these slower prepayment speeds. At our standard NIM, the net interest income that will be generated from these loans will pay for these additional reserves many times over. Private education loan originations for the third quarter of 2022 were $2.4 billion, which is up 13% over the third quarter of 2021. This wraps up a successful 2022 peak season with the highest application volume we have experienced in many years. Through the end of September, we have seen 13% application growth over the same period in 2021. This has been fueled by a 15% increase in underclassmen application growth. Freshmen and sophomores have higher lifetime value to us due to greater loan serialization potential because they are at the beginning of their education journey. Credit quality of originations was consistent with past years. Our cosigner rate for Q3 of 2022 was 89%, up slightly from 88% in Q3 of 2021. Average FICO score at approval for Q3 of 2022 was 747 versus 749 in Q3 of 2021. That's a good segue into a discussion of our credit performance. As you will no doubt recall, we had a thorough discussion of our credit performance during our second quarter call in July. At that time, we discussed in detail the transitory nature of three factors that were impacting our portfolio. These include collection desk staffing, pandemic withdrawals we identified as gap year students, and credit administration forbearance practice changes. We indicated that we believe defaults would hold steady in Q3 and decline in Q4, and that delinquencies would end the year in the low 3% range. The performance of our portfolio has stabilized. The factors that drove higher delinquencies and charge-offs in Q2 and Q3 have been addressed or are abating. Early indications suggest that the reduction in the fourth quarter will happen as expected. We have increased staffing levels in our collection center, particularly for our early-stage delinquency buckets, and, as of August, we believe we are fully staffed. Early-stage delinquency is down 13% since July month-end. Losses from the population of students who withdrew from school during the pandemic or the gap year population continue to trend lower and appear to be largely behind us. These loans are now performing much like prior annual withdrawal cohorts. As a result, future defaults from this population are expected to decline meaningfully. We believe we have realized approximately 85% of the expected losses from this population through the third quarter. Finally, accelerated defaults from borrowers who have already used all the forbearance that is available to them are also declining. It is therefore reasonable to expect that once the impacts of staffing and forbearance-related accelerations run their course, our charge-off rate will revert back to the long-term run rate under 2%. These are signs that customers are entering delinquency today at a more normal rate, and that the factors that drove the 2022 charge-off increase are normalizing. While it is difficult to predict credit performance for 2023 this far in advance, given the broader macroeconomic uncertainty, we do remain confident that the factors that drove the higher than expected 2022 charge-off performance continue to wane and will be largely or fully washed out of the system by the start of 2023. Steve will now take you through some of the additional financial highlights of our quarter. Steve? Thank you, Jon. Good morning, everyone. Let's start where we usually do with a discussion of our loan loss allowance and provisions. The private education loan reserve was $1.3 billion or 5.5% of our total student loan exposure, which under CECL includes not only the on-balance sheet portfolio, but also the accrued interest receivable of $1.2 billion and unfunded commitments of another $2.2 billion. Our reserve rate is up slightly from 5.4% in the second quarter of this year and 5.2% in the year-ago quarter. Let's look at the major variables used to calculate our allowance for credit losses under CECL. We continue to use Moody's base S1 and S3 forecasts, which are weighted 40%, 30%, and 30% respectively. We expect to use this mix going forward, except during extraordinary periods of economic uncertainty. Despite concerns about the health of the economy, forecasts provided by Moody's are remarkably stable. As an example, the weighted average forecast for college graduate unemployment is essentially unchanged from the prior quarter at 2.56% and down 31 basis points from the year-ago quarter. As Jon discussed, prepayment speeds were slower than expected this quarter due to the increasing rate environment, and our prepay speed model expects this slowdown to persist. This change caused an increase to our reserve of approximately $57 million compared to both the prior quarter and the year-ago quarter. However, it is worth repeating what John has already pointed out, that this is a positive as the assets that we have paid to acquire will remain on our books and generate interest income for a longer period of time. New commitments are also an important variable in the calculation. Q3 is our peak lending season, and we added $3.1 billion to unfunded commitments, which required a provision of $163 million. In comparison, we added $1.5 billion in unfunded commitments in Q2 of this year and $2.9 billion in the year-ago quarter, requiring $121 million and $145 million, respectively. Loan sales also impact the allowance in our $1 billion third quarter loan sale, reduced the required reserve by $50 million compared to a reduction of $115 million in Q2 when we sold $2 billion of loans. There was no impact in the prior year quarter as there were no loan sales. Our total provision for credit losses on our income statement was $208 million in the quarter, an increase of $177 million from the prior quarter, and $69 million from the year ago quarter. This quarter's reserve increase was driven primarily by strong volume increases and expected balance sheet growth due to slowing prepay speeds. Should rates rise further, we could certainly see further slowing in prepayments. Of course, if economic conditions and forecasts deteriorate, we would be required to add additional reserves in the future under CECL. Private education loans in forbearance were 1.4% at the end of the quarter, a slight increase from 1.3% at the end of Q2 2022, but lower than 2.3% from the year-ago quarter. The large year-over-year decline is driven by the forbearance practice changes that we implemented a year ago. Private education loans delinquent 30+ days were 3.7% of loans in repayment, unchanged from Q2 and up from 2.4% in the year-ago quarter. It is worth reminding investors that a natural result of reducing forbearance is an uptick in delinquencies, which partially drove the year-over-year change. In the quarter, net charge-offs for private education loans were $98 million, resulting in an annualized charge-off rate of 2.7%, a slight uptick from 2.6% last quarter. Based on the current performance of our portfolio, as well as the significant progress in levels of staffing in our collection team and other progress we made, we expect improvements as we look to the end of the year. We believe charge-offs for the full-year will be around 2.3%. As Jon already mentioned, expect 30+ day delinquencies to drop in Q4 and end the full-year in the low 3% range. Let's take a quick look at our net interest margins for the quarter, which came in at a strong 5.27%, up from 5.03% in the year-ago quarter. Our portfolio has continued to benefit from the rising rate environment, with our interest earning assets repricing faster than our cost of funds over the past year. We expect our NIM will be right around 5.25% for the full-year 2022. Looking at taxes, income tax expense was $30 million in the third quarter compared to $19 million a year ago quarter. The difference represents an effective tax rate of 28.2% and is higher primarily due to lower than expected tax credits in 2022. For the full-year, we expect our effective tax rate will be right around 26%. Turning to operating expenses, third quarter OpEx was $150 million compared to $140 million in the year ago quarter. The increase was 7% year-over-year. Meanwhile, key drivers of expense, including applications processed and loans originated and dispersed, both increased 13% compared to the year ago quarter. This is a strong expense performance in the inflationary environment we find ourselves in. We will continue to focus on driving servicing and acquisition costs lower on a unit basis. Finally, our liquidity and capital positions are strong. We ended the quarter with liquidity of 23.2% of total assets, and at the end of the third quarter, total risk-based capital was at 14.6% and CET1, 13.3%. GAAP equity plus loan loss reserves ratio we like to look at in the CECL era over risk-weighted assets was a very strong 15.7%. We are well-positioned to continue to grow the business and return capital to shareholders going forward. Jon, back to you. Thanks, Steve. The results we posted this quarter demonstrate that we are continuing to execute the business plan we have outlined for our investors. We are focusing on strengthening our core business and maximizing the value of our brand. This is evidenced by our strong origination growth, well-managed operating expenses, and the continued optimization of capital allocation. Our acquisition of Nitro College improved our capabilities in direct-to-consumer marketing, particularly in content and relationship-based marketing. Nitro has contact with 5.5 million higher education bound high school seniors and their parents. This acquisition will broaden the amount of data we collect, increase our originations, and lower our cost to acquire. We benefited in our peak season originations as a result of this acquisition. In the quarter, we also made the decision to dramatically change our approach to the credit card business. It has become clear to us that the expense required to conduct this business and the scale necessary to succeed is significant, and our past strategy would not have generated shareholder value. As such, we have made the decision to stop originating cards on our books and have reached a preliminary agreement on indicative terms to divest the $29 million portfolio. We expect the cost of exiting the business to be minimal, and it will free up management to focus on other opportunities. We do believe that marketing cards to our attractive customer base is both a source of incremental value to Sallie Mae and useful to our customers. Our focus will now shift from managing a card business to finding a suitable referral and marketing partner or partners. The macroeconomic environment is volatile. Like other banks that have reported, we are not seeing a weakening of our core portfolio. As Steve noted earlier, the economic forecast we use to calculate our CECL reserves remain relatively strong, particularly where it concerns college graduate unemployment. However, as the economy potentially weakens from the significant rise in interest rates and other macroeconomic factors, we will remain vigilant across the board on credit, funding, capital, reserves, and expenses. We do take solace from the knowledge that the private student loan asset class tends to hold up well, even in serious economic downturns, which was observed in the great financial crisis and informs our assumptions for capital stress tests. Our only change to our 2022 guidance provided on the last call is a narrowing of the range for diluted non-GAAP core earnings per common share. We now expect the range to be between $2.50 and $2.60, relative to our previous range of $2.50 - $2.70. Before we take questions, I'd like to announce some changes to our investor relations team. After nine years in his role, Brian Cronin, who has led our IR team since the company spin in 2014, will be moving on to a key leadership role in our commercial organization. Melissa Bronaugh, who is a leader in our corporate accounting team, will replace Brian as he moves on to this new position. She has been with the company since 2003 and comes with a deep financial background and knowledge of Sallie Mae. The transition will continue through the end of the year, and Brian will remain your key point of contact during that period. I thank Brian for his time and hard work over the years, and welcome Melissa to her new role. With that said, Steve, why don't we go ahead and open up the call for some questions? As a reminder, if you'd like to ask a question, please press star one one. Our first question comes from Sanjay Sakhrani with KBW. Your line is open. Thanks. Good morning, and congratulations to Brian and Michelle. Just a question on the incremental loan growth this quarter. It's really positive that you guys have absorbed the growth inside the EPS targets you guys mentioned. I'm just curious how we should think about that loan growth into the future. Obviously, the gain on sale was still pretty good. Do you think that level of gain on sales continues? Thanks. Sanjay, I'm sorry. You cut out at the very end there. Can you please repeat the last part of your question? Yeah. The gain on sale on loan sales was still pretty good. Do you think that level continues into the back part of this year into next? Thanks. Yeah, Sanjay. Look, first of all, let me say, I think it's impossible for us to predict market conditions, you know, going out into next year. As we've said all along, you know, the strength of the auction, you know, is obviously a big determinant of the premiums that we get, and, you know, we've worked hard to sort of strengthen that. You know, I think what I would say is the following. Number one, we remain very committed to a strategy of returning capital to shareholders. We remain very committed to the arbitrage strategy that we have laid out. You know, I think while we saw a lower premium in the last loan sale than those several before it, you know, that was offset by a lower share price as well to buy back shares, you know, with the proceeds of that loan sale. As I think we've described in the past, we continue to use a very rigorous sort of grid, if you will, you know, to look at that relationship between loan sales and share buybacks. We certainly expect, you know, although can't guarantee, we certainly expect there to be a continued positive relationship, you know, for the foreseeable future between likely loan premiums and sort of the multiple at which we would buy back those shares. I think we were encouraged that even during a period of pretty unprecedented market volatility and interest rate increases that we were able to, you know, execute the last loan sale at a what we think is a very respectable premium and one that creates real shareholder value. I think it is certainly our belief that through the course of 2023, you know, markets will normalize and, you know, there will be you know sort of a great environment for us to continue that loan sale, you know, sort of strategy. You know, it's again hard for us to make predictions about exact premium. I think based on what we're seeing here, you should expect that general strategy to continue. I appreciate that. I know it's pretty volatile out there. Follow-up question is on kids coming back to school. I'm just curious if you're seeing any difference in the behavior of those. Obviously, the prepayment speed slowed some. Maybe you could just give us a little bit more color on that as well. Thanks. Yeah, I think in terms of the behavior of kids coming back to school, you know, I think all the industry data that we are getting is, you know, that the pandemic did not influence every school and every region equally, and that, you know, schools and students are not recovering equally. If you look at it, I think there are certain geographies that have a little bit slower to come back to norm. I think there have been certain schools that have been a little bit slower in coming back to norm. You know, if you've read any of the Wall Street Journal or other articles recently, you know, for example, it points out smaller liberal arts schools in the Midwest tend to be, you know, a little bit slower in coming back than potentially some others. I think the impacts out of the pandemic, you know, have been a little bit uneven in that regard. This is obviously where our having a relationship with, you know, the vast majority of colleges and universities out there is really an advantage. We obviously have relationships with schools who are doing exceedingly well this year, you know, and I think you see that in our numbers. In terms of, Sanjay, your question on prepay speeds. Look, we really view the slowdown in prepay speeds as an incredibly welcome and we think positive thing for our business. We work hard, you know, to attract customers. We work hard, you know, and spend money to book loans on our balance sheet. You know, we think a primary investment thesis of this company is we originate and hold lots of high-quality assets and slower prepayment speeds, we think make that investment thesis even stronger. We have certainly incorporated current trends in prepayment speeds into our outlook and model. I think it's certainly possible that you will see an even further deceleration. I think Steve mentioned this in his points in prepayment speeds going forward. The economics, you know, of loan consolidations, I think, you know, really support that in higher rate environments, it's just more economically challenging for competitors to engage in that part of the business. I think if that happened, we would be delighted. We love the incremental, you know, $600 million of loan balances that I referenced in my talking points. But I think, again, we're gonna continue to watch this, and it's certainly a possibility going forward. Great. Thank you. Our next question comes from Rick Shane with JP Morgan. Your line is open. Thanks for taking my questions. Brian, thank you for all the help over the years. We really do appreciate it. You know, a comment and then a question. You know, the decision to back away from the card space, I think that reflects a culture of you know, constantly reassessing your business, and I think that's really healthy. I hope, frankly, that we do that as investors, and I think that's a good development or a good signal in terms of the way you guys assess things. I am curious, you know, obviously a lot of conversation this morning about the slowdown in consolidation. One of the concerns has always been that the loans that are consolidated away basically cause your portfolio to incur a modest degree of adverse selection. Are you seeing any sort of positive mix shift, or would you expect a positive mix shift as your best loans stay on longer? Rick, first of all, thank you for your comments about Brian, and thanks for your question. You know, I think I would step back from the premise, and Steven, you should jump in if you disagree. You know, that consolidations have never been, you know, an outsized part of our business. I think there was concern about this sort of 3, 4, 5 years ago. I think as I've said on a past call, you know, what we've really interpreted it is it's been sort of a, you know, a modest and perpetual cost of business, you know, doing business for us. You know, so, you know, the honest truth is, I don't think we yet have enough experience to know, you know, whether there will be a material mix shift, you know, in terms of credit quality. I think, you know, the reality is the volumes that we're talking about relative to the balance sheet overall, I would not expect that you would see material changes in credit mix, even if there was the positive selection that you referenced. Just because of the weighted average math of the whole thing. I think it's a positive in terms of overall balances. I'm not sure I would build in or assume, you know, a material change in credit metrics as a result. Got it. Just one last question. You talked in terms of the loan sales about the auction process. You know, obviously we sit here basically with two metrics, volume and margin. Can you give us a little bit of insight, obviously, I realize there's discretion about who the potential buyers are, but what that process looks like, the number of participants and just help us understand that a little bit more. Sure, Rick. This is Steve. Happy to answer the question. Look, with each additional loan sale, we have tended to attract additional interested buyers. It is a very attractive asset class, high quality loans, good, you know, good returns to the buyer. The more, the continued auctions attract more people that do the work, understand the asset, and are ready to participate in the auctions. I mean, to put a number on it, there's probably at least a dozen interested buyers at this point in time. In a typical process, they're working with a banker that helps them securitize the loan and parcel out the different segments to the appropriate portfolios within a purchaser's organization. You know, there are a number of buyers that range from insurance companies to fixed income money managers to hedge funds, et cetera. There is a pretty deep buyer base for these assets at this point in time. Terrific. Steve, as always, I appreciate your willingness to put a number on things, so thank you. Our next question comes from Jeffrey Adelson with Morgan Stanley. Your line is open. Hey, good morning. Thanks for taking my questions. Appreciate the color on being back in the market on the daily buybacks. Just curious, you previously mentioned before that you were looking to do about half of that $1.25 billion buyback plan this year and next year. Just wondering if that still holds. Then, just given the slower prepayments and impacts to the loan balances, and then you've got, you know, another leg of CECL phase-in coming in 1Q, wondering if there is any consideration for that in the buyback plan as well. I'm sorry, I missed the second part of that question. Jon says he's got it. The CECL phase-in, the next leg. Yeah. Look, I think that at the beginning of the year, we indicated that we were going to spend about $700 million in calendar year 2022 on the buyback. That very much continues to be the plan for the year. I think we've spent somewhere along the lines of $580 million at this point in time. There is a considerable amount left to be spent in a short number of trading days left in the year. Jeff, to your question on the next CECL payment and sort of whether it's factored into the share buyback program, the simple answer is yes. We do pretty comprehensive capital plans, and obviously the CECL contributions are, you know, a key part of that. You know, as a reminder for everyone on the call, you know, part of why we really like and think the share buyback loan sale program is so accretive is, you know, while post-CECL phase-in, you know, we have great confidence in the organic capital generation capability of this business. You know, during CECL phase-in, there's obviously an additional draw on, you know, sort of capital to make those incremental payments. What the share buyback program allows us to do, the loan sale share buyback program, you know, is it allows us to, one, take advantage of the arbitrage. That's the single biggest reason. It also allows us to ensure that we are consistently every year returning capital to shareholders at a time where we would have less capital to return, you know, had we not done that again because of the CECL phase-in. Make no mistake, we view, you know, the share, the loan sale buyback program, you know, as a medium-term strategy. We absolutely believe that, you know, post-CECL phase-in, there will be much more organically generated capital. But, you know, the CECL phase-in is one of the reasons why we implemented this strategy and why we like it so much. Got it. Thank you. Then I noticed that your deposit growth ticked up a little bit this quarter. It looks like you're maybe leaning into CDs a little bit. Can you just remind us of your funding strategy and, you know, what your plans are for the funding there? Our funding strategy has pretty consistently been to use deposits for 80% of our funding and the asset-backed market for the balance of 20% of our funding. We really like the asset-backed market as a means to extend the duration of our liabilities, where we can basically get life-of-loan funding. Of course, we are a bank, and the bank deposit market is deep and very liquid, so we do take advantage of that. Our plans for balance sheet growth as we execute the loan sale buyback strategy are, you know, very modest, so the balance sheet's going to grow, you know, in the low single digits over the next couple of years. We anticipate that our deposit base will be growing accordingly, and we will grow both our activity in the retail, internet-based deposit market as well as in what we view as very favorable funding market, the broker deposit market, where we can also raise long-term funding to match the long-term assets that we have on our books. Okay, great. Thank you. You're welcome. As a reminder, to ask a question, please press star one. Our next question comes from Moshe Orenbuch of Credit Suisse. Your line is open. Great. Thanks, Jon, Steven, and Brian. Best of luck. What I was hoping without kind of beating a dead horse completely on the gain on sale, I guess if you think about the three components, one is obviously the interest rate or margin on your loans. The other is you know, underlying credit performance, and third is the loan life. It just seems to me like each of those three move to the positive. While we don't know exactly what the interest rate environment will be, you know, when you're doing these loan sales, you know, in 2023, I guess one would hope there's a little more stability. I guess, is there anything wrong with the logic that each of those three components is better, and you've probably got a 3% larger book to think about? Like, you know, can you kind of critique those statements? No. Look, Moshe, I think you're absolutely correct. In Jon's prepared remarks, he did indicate that the extending weighted average life is a net positive as the cash flows are greater and longer. Look, I think, you know, the credit, despite, you know, the last two quarters, has been very consistent. Investors have done the work to understand the asset class and how to model it. The last thing that I would point out is we are still a 50% variable and 50% fixed rate portfolio that we sell representative samples of. The reality is that really only half of it is exposed to rising interest rates. Yes, we continue to feel very good about the market for loan sales. The last thing that I would add, and we have some terrible background noise, is that when we look at the premium, we also consider the reserves released to be part of the profitability of the loan sale. You can think about adding 5% of loan sale reserve release to whatever premium is that we earn on the portfolio. It's still a very viable and important strategy for the company. Got it. Maybe as a follow-up, given the commentary on the credit card sale, Jon, are there any other sort of areas that you're thinking about in terms of ways to, you know, kind of, expand marketing to your customers, either directly or through partners? Yeah. Moshe, the real first step, I think, in this strategy was to enhance our you know direct to consumer marketing capabilities. You know, as I said in my prepared remarks, really in the area of content-based and sort of solutions-based marketing. We think that the Nitro acquisition has really done that for us. What we have added through that acquisition, you know, is a capability that now, one, allows us to have a customer-initiated conversation with, I think the number ended up being this year, about 37% of all sort of college-interested high school seniors and families. We think that will grow. You know, we said this last year when we did the deal. We think that will grow to upwards of 50% over the next year or two. We get to have those conversations, and we get to have those conversations in a much broader way than simply talking about loans. We are engaging with them on a wider range of topics than what Sallie Mae has historically engaged with those customers on. Our focus for that acquisition through the first six or seven months has been integration and delivery of peak season. We very purposefully asked that team and the rest of our commercial organization, you know, to not worry about the future, but to deliver the present. I think the 13% numbers that we laid out earlier, you know, indicate that the team was nicely successful in doing that. The real focus now is going to be figuring out, you know, how do we expand, you know, what that, you know, can look like. By the way, I think that will come through, you know, direct product referrals for, you know, banking type products. I think it will also come from us looking for other ways to monetize, you know, the rich first party data that we think we will have from these customers now and going forward in the future. Credit card will be, I think, the first step there. By the way, continuing to market to those customers our existing deposit products, I think will be one of the very first sort of steps out of the gate. We've got some great savings brands out there, for example, our SmartyPig brand that we think fits very, very nicely with this overall population. I think you should expect, you know, in the, you know, next couple of quarters for us to, you know, lay out a bit more of a roadmap on what some of those other opportunities could be. Because again, while we feel like there's real earnings growth potential in our core business, you know, and you'll remember the little ditty I always talk about, you know, sort of high single digit origination growth, 60% fixed cost business, real operating leverage. You know, we like the organic growth capability of our core business. We think the real future growth is gonna be through these kinds of things. I would focus on the shifting card strategy and sort of deposits as the first set of things, but I think you should also expect to hear, you know, more in the months and quarters ahead. Thanks very much. There are no further questions. I'd like to turn the call back over to Jon Witter for any closing remarks. Great. Well, I will be brief. Brian, thank you again for all of your service over the last nine years. Melissa, welcome. Look forward to working with you. Thanks to everyone on the call for your interest in Sallie Mae. We are excited about the performance of this quarter and look forward to what we know will be continued strong performance into 2023 and beyond. With that, Michelle, Melissa, Brian, thank you. Thank you, everybody. Hope you have a great rest of your week. Thanks, Jon. Thank you for your time and your questions today, and thank you for the last nine years. Call presentation will be available on the investors page at salliemae.com. If you have any further questions, feel free to contact me directly. This concludes today's call. Ladies and gentlemen, thank you for your participation. You may now disconnect. Everyone, have a great day.