Hello, everyone and thank you for joining us. I'm Atabak Mokari, Corcept's Chief Financial Officer. Today, we issued a press release announcing our financial results for the first quarter and providing a corporate update. A copy is available at corcept.com. Our complete financial results will be available when we file our Form 10-Q with the SEC. Statements during this call, other than statements of historical fact are forward-looking statements based on our plans and expectations that are subject to risks and uncertainties which may cause actual results to differ materially from those such statements expressed or implied. These forward-looking statements are described in today's press release and the risks and uncertainties that may affect them are described in the press release and in our annual report on Form 10-K and our quarterly reports on Form 10-Q. Please refer to those documents for additional information. We disclaim any intention or duty to update forward-looking statements. Our revenue in the first quarter of 2023 was $105.7 million, an increase of approximately 13% compared to the first quarter of last year, with about half of that growth being due to an increase in the number of patients receiving Korlym. To reflect that growth, we are raising our 2023 revenue guidance to a range of $435 million to $455 million, up from $430 million to $450 million. Net income was $15.9 million or $0.14 per share in the first quarter compared to $22.8 million or $0.20 per share in the same period last year due primarily to higher operating expenses as our development programs advance and we increased investment in our Cushing's syndrome business. Our cash and investments at March 31 was $465 million compared to $437 million at December 31. In April, we purchased 6.6 million shares of Corcept common stock for $145 million. I will now turn the call over to Charlie Robb, our Chief Business Officer, to provide a legal update. Charlie?

Thanks, Atabak. In March 2018, we sued Teva in Federal District Court to prevent it from marketing a generic version of Korlym in violation of our patents. Last quarter, the court ordered the party to negotiate a schedule for pretrial activities. Trial is now set to begin September 27 of this year. Keep in mind that Teva can no longer challenge the validity of one of the patents we are asserting against it, the 214 patent which was reaffirmed by the patent trial and appeals board following a proceeding initiated by Teva known as post grant review. Having lost at the patent office, Teva must concede the 214 patent validity at trial. Teva's only remaining defense is that its proposed product will not infringe our patent, a position we believe has no legal or factual support. Keep in mind also that the 214 patent is just 1 of 4 that we have asserted against Teva. Having recited these facts, it is customary to say we are confident in the strength of our legal position. That is certainly true. So I will say it. We are confident in the strength of our legal position. The problem is that this sort of stock phrase does not capture the depth of our conviction. So let me put it another way. My colleagues and I are glad a trial date has been set. We look forward to our day in court. We have never sought to delay or prolong this litigation because the law and the facts are on our side. We are absolutely confident we will win. I will now turn the call over to Dr. Joseph Belanoff, our Chief Executive Officer. Joe?

Thank you, Charlie. Our Cushing's syndrome business is built on a solid foundation, a life-saving medication promoted by a commercial team that puts the interest of patients first. Leading endocrinologists increasingly believe that there are considerably more patients with Cushing's syndrome than was once assumed. Korlym is an excellent achievement for patients with Cushing syndrome and there are many eligible patients who have yet to receive it. We are making substantial investments to improve the screening and treatment of these patients, most notably our recently initiated CATALYST study, and are extremely optimistic about the growth potential of our Cushing's syndrome business. In the first quarter, we saw an increase in the number of patients receiving Korlym and in the number of physicians prescribing the medication. We are raising our 2023 revenue guidance range to $435 million to $455 million. We are also very encouraged by the progress of our clinical development programs. Since inception, our research and development efforts have built on the hypothesis that cortisol modulation can be a powerful therapeutic mechanism in many serious disorders. Our proprietary compounds modulate cortisol's effects by binding to the glucocorticoid receptor or GR, the receptor which is activated when cortisol levels are high. They do not bind to the progesterone receptor and so don't cause some of Korlym's off-target effects. Interestingly, while our compounds modulate cortisol activity without modulating progesterone activity, they are not identical. Some cross the blood-brain barrier, others do not. Some perform best in models of solid tumors, while others are more effective in certain diseases. Some appear to be tissue-specific, others have more global effects. These diverse qualities allow us to study a wide variety of disorders. Currently, we are conducting programs with 3 of our proprietary selective cortisol modulators, relacorilant, dazucorilant, and miricorilant in ovarian, adrenal and prostate cancer, ALS, NASH, and, of course, Cushing syndrome. We have additional compounds in clinical and preclinical development. In the next 12 months, we expect data from our GRACE, Gradient, and NASH Phase Ib studies, submission of the NDA for relacorilant in Cushing's syndrome, completion of enrollment of our catalyst, ROSELLA and DAZALS studies and initiation of a Phase IIb trial of miricorilant in patients with NASH. This is a very exciting time for Corcept. We are evaluating relacorilant in the treatment of hypercortisolism in 2 Phase III trials: GRACE and GRADIENT. Relacorilant is a selective cortisol modulator. Like Korlym, it achieves its effect by competing with cortisol at the glucocorticoid receptor. Unlike Korlym, it does not bind to the progesterone receptor, PR for short, and so does not cause PR-related side effects, including termination of pregnancy, endometrial thickening, and vaginal bleeding. By a different mechanism, relacorilant also does not cause hypokalemia, low potassium, a serious side effect experienced by 44% of patients in Korlym's pivotal trial. Korlym-induced hypokalemia is a leading cause of discontinuation. Relacorilant's Phase II efficacy and safety data were compelling. Patients experienced meaningful improvements in hypertension and glucose control as well as in a variety of other signs and symptoms of Cushing's syndrome. There were no relacorilant-induced instances of endometrial thickening or vaginal bleeding and no drug-induced hypokalemia. The trial results were published in Frontiers in endocrinology in July 2021. We are pleased to share that we have identified all the patients necessary to complete our GRACE trial. We plan to complete enrollment in the coming weeks. GRACE will serve as the basis for our NDA submission in Cushing's syndrome, which we plan to submit in the first half of 2024. Our second Phase III trial in hypercortisolism, Gradient, is studying relacorilant's effects in patients whose Cushing's syndrome is caused by an adrenal adenoma or adrenal hyperplasia. Patients with this etiology of Cushing's syndrome often experience a less rapid decline, but their health outcomes are poor, including a higher risk of death. While we do not expect our NDA in Cushing's syndrome to depend on data from GRADIENT, we do expect that its findings will improve the care of these patients. We are also excited that our recently initiated CATALYST study is now enrolling patients. CATALYST is a 1,000-patient Phase IV trial examining the prevalence of hypercortisolism in patients with difficult-to-control type 2 diabetes. Patients diagnosed with hypercortisolism may enter a randomized, double-blind, placebo-controlled study of Korlym. Many independent studies conducted over the last 15 years have found that the prevalence of hypercortisolism in patients with type 2 diabetes is substantially higher than in the general population. The most prominent diabetologists in the United States helped us design and are participating in CATALYST, which will be the largest study of its kind. Data from CATALYST will enable physicians to better identify and care for these patients. We expect to complete enrollment by the end of this year. Our oncology program is testing 3 anticancer mechanisms, first postulated by investor Gates at the University of Chicago and later confirmed by other prominent researchers. One mechanism is increasing apoptosis, the programmed cell death that chemotherapy is meant to induce in solid tumors. Cortisol works against the beneficial effect of chemotherapy by suppressing apoptosis. In our successful controlled Phase II trial in women with platinum-resistant ovarian cancer, the addition of our selective cortisol modulator, relacorilant, enhanced the effect of chemotherapy, likely by blunting cortisol's anti-apoptotic effect. Relacorilant provided meaningful benefit to many of the women in our study. While these women's disease have progressed on 2 or more previous lines of treatment, including previous taxanes, relacorilant appeared to resensitize the disease to chemotherapy's beneficial effects in some women. Those who received relacorilant intermittently the day before, the day of, and the day after they received nab-paclitaxel exhibited a statistically significant improvement in progression-free survival and duration of response compared to the group who received nab-paclitaxel monotherapy. Women in the intermittent relacorilant group also lived longer than those in the comparator arm, with a p-value that approached statistical significance. 29% of the patients who took intermittent relacorilant were alive 2 years after their study start versus only 14% who took nab-paclitaxel alone. Perhaps even more important, the women who received relacorilant plus nab-paclitaxel experienced no additional side effect burden compared to those who received nab-paclitaxel alone. The results from this study have been submitted for peer review publication and were featured in podium presentations at the 2021 and 2022 European Society for Medical Oncology, ESMO meetings and the 2022 American Society of Clinical Oncology, ASCO Annual Meeting. ROSELLA, our pivotal Phase III trial in recurrent platinum-resistant ovarian cancer, is enrolling patients. ROSELLA's design closely tracks our Phase II study. Planned enrollment is 360 women randomized 1:1 to receive either relacorilant plus nab-paclitaxel or nab-paclitaxel alone. The primary endpoint is progression-free survival, with overall survival being a key secondary endpoint. We are conducting this study in collaboration with leading clinicians from the Gynecological Oncology Group in the United States and the European Network of Gynecological Oncology Trials Group in Europe. We are on track to complete enrollment in ROSELLA by the end of this year. Our goal in Phase III is simply to replicate our positive Phase II results. Leading gynecological oncologists have told us that, in their view, relacorilant's potential benefit and improved progression-free and overall survival without increased side effect burden would constitute an important medical advance in the relacorilant plus nab-paclitaxel has the potential to become a new standard of care in women with platinum-resistant ovarian cancer. A second mechanism by which cortisol modulation may prove useful is by blocking an important tumor growth pathway. Cortisol stimulation is a major reason why patients with prostate cancer treated with the widely prescribed androgen receptor antagonist enzalutamide eventually experience resurgent disease. Deprived of androgen stimulation, their tumors switch to cortisol activity to stimulate growth. Our hypothesis is that adding a cortisol modulator to androgen deprivation therapy will close this tumor escape route. By midyear, our collaborators at the University of Chicago plan to begin a randomized placebo-controlled Phase II trial of relacorilant plus enzalutamide in patients with prostate cancer before these patients have had an initial prostatectomy. A third therapeutic mechanism seeks to treat tumors by enhancing the body's immune response. Cortisol suppresses the immune system, thereby reducing the effectiveness of cancer therapies intended to stimulate the immune system. Our hypothesis is that adding a cortisol modulator to immunotherapies such as checkpoint inhibitors may enhance the effectiveness of those therapies. We are conducting a Phase Ib trial of relacorilant plus the PD-1 checkpoint inhibitor, teplizumab, in patients with advanced adrenal cancer whose tumors produce excess cortisol. ALS, commonly known as Lou Gehrig's disease, is a devastating illness with an urgent need for better treatment. DAZALS, our 198-patient randomized double-blind placebo-controlled Phase II trial of dazucorilant in patients with ALS, is briskly enrolling patients. Dazucorilant is a selective cortisol modulator that has shown great promise in animal models of ALS, improving motor performance and reducing neuroinflammation and muscular atrophy. We are conducting this important study in collaboration with TRICALS, the leading ALS academic consortium in Europe. We are on track to complete enrollment in DAZALS by early next year. Finally, I'll turn to our program in NASH, a serious liver disorder that affects millions of patients in the United States. Miricorilant, an oral medication, continues to demonstrate great promise as a treatment for NASH. In our prior NASH study, patients who received miricorilant exhibited large, rapid reductions in liver fat but also substantial albeit transient elevations in the liver enzymes ALT and AST. The improvement in liver fat in these patients was greater and occurred much more rapidly than we had expected and is rarely seen over any period of treatment. Our Phase Ib dose-finding study, which has completed enrollment, has identified a range of doses, all substantially lower than our originally tested doses, that appear to cause large reductions in liver fat without causing excessive liver irritation. We expect to share results from the study by midyear and plan to start a Phase II trial in the fourth quarter of this year. In conclusion, we are extremely optimistic about the growth potential of our Cushing's syndrome business, which continues to generate substantial profits even as our development programs advance. We have raised our revenue expectations for this year and expect growth for years to come. Our newest study, CATALYST, represents a significant investment to improve the screening and treatment of patients whose difficult-to-control diabetes is caused by hypercortisolism, a population whose Cushing's syndrome frequently goes undiagnosed. Our development programs are generating increasing evidence that validates our long-held belief that cortisol modulation has the potential to treat a wide range of diseases. Reducing cortisol activity is a straightforward and effective way to treat Cushing's syndrome and can offer substantial benefits to patients with other serious disorders. Ovarian cancer, ALS, and NASH are current examples, but there will be others. In addition to relacorilant, dazucorilant, and miricorilant, we have many other proprietary selective cortisol modulators in our portfolio with potentially very different clinical attributes. In the next 12 months, we will see data from our development programs in Cushing's syndrome and liver disease. We will submit relacorilant's NDA in Cushing's syndrome and will complete enrollment in large controlled studies of recurrent platinum-resistant ovarian cancer, ALS, and diabetes caused by hypercortisolism. We will also begin a Phase IIb trial in patients with NASH. As I said, it is an exciting time for Corcept. I thank our dedicated, creative employees and loyal investors for making that possible. I'll stop here for questions.

Our first question comes from Matt Kaplan with Ladenburg.

Congrats on the results for the quarter. Can you give us a little bit more insight into the GRACE study? And how enrollment has evolved here and what your thoughts are? You said in the coming weeks, you expect to complete? Can you give us a little bit more detail where you are in that study so...

Sure, Matt. And good to speak with you. Let me reintroduce everyone to Bill Guyer, who's our Chief Development Officer and runs all of our clinical programs. Bill?

Great. Thanks for that question. I mean first and foremost, we're excited and focused on finishing the GRACE study as are each and every one of our investigators around the world because they see the benefit that relacorilant can bring to their patients, not only from the Phase II trial but from what they're seeing currently in the Phase III trial. In the past few months, we've seen an unprecedented number of patients coming into the clinic and being screened for this trial, more than we've ever seen previously. Therefore, based on that, all of the patients to complete the study have been identified and we're working them through the process to enter them into the study and we plan to complete enrollment in the coming weeks. And what you need to understand is for this trial, for the GRACE trial, Cushing's syndrome is a very complicated disease and requires multiple criteria to confirm that they qualify for this particular study. The screening process takes on average about 6 weeks, and sometimes it can be longer, but we believe we do have all the patients needed to enroll this trial.

That's very helpful. And then just staying here, the CATALYST study, your new study in 1,000 patients. Can you give us a sense of what you believe currently that the prevalence is of hypercortisolism in this type 2 diabetes patient population?

Good question - great question. When you look at multiple independent European studies to be specific because that's where most of the research has been done that have been conducted over the last 2 decades, they found that the prevalence of hypercortisolism in patients with type 2 diabetes is substantially higher and it ranges on estimate between 17% and 33% with patients that fit this type of profile that we're looking at in the CATALYST study. Therefore, it's clear to us that there are more patients with hypercortisolism. However, there are no U.S. or American studies like this, and this will be the first U.S. study, and it will be the largest prospective study ever done.

Okay, great.

And Matt, I want to remind you one thing for the audience. It's not 17% to 33% of all patients with diabetes, it's 17% to 33% of patients who have difficult, refractory diabetes and have tried many different medications. I understand it's a large number of a significant subset, but it's not the entire group of patients with diabetes.

Okay, fair enough. Great. I'll hop back in the queue now.

Our next question comes from David Amsellem with Piper Stanley.

Just had a couple. First, can you talk through margin expansion over the long term? I'm particularly interested in how we should think about the benefit of the sales force expansion and how we should ultimately think about operating margin expansion over time. And I guess as a caller, just philosophically, just given all the pipeline activity, how should we think about R&D spend longer term? And I guess more specifically, should we think about sort of a steady state figure or percentage of sales figure? How do you think about that? I'll stop there.

Okay. Thank you, David. And we'll try to sort that out as best we can. So first, again, for the group, let me reintroduce you to Sean Maduck, who's the President of our endocrinology division. And Sean, several of those questions really fall under your domain. So please go ahead.

Yes, David, thanks for the question. So I'll touch on the sales force specific question of growth. Let me take everybody back to the beginning when we launched Korlym, we started with a very small sales force that, as we've invested over time, we've added to and we've grown that team. So where are we now? We're really focused on continuing to develop and strengthen the team that we have and add to it. We will complete our expansion to 60 clinical specialists in the coming months. Our newest clinical specialists that have joined in the last year are starting to contribute, and we expect that contribution to continue to increase in the second half of this year. The rationale behind why we have continued to expand is the understanding and recognition of hypercortisolism continues to evolve and grow in the market. More and more physicians are being educated and are aware. And right now, the best way for us to get in front of them is obviously with our field support. So right now, we're planning to get to 60 in the coming months, and we'll continue to assess that team over time.

Yes. Let me address your question about our research and development spending. Our philosophy has always been to support successful results in moving drugs through the development pathway to approval. There's a natural ebb and flow to this process. Studies in earlier stages are less costly, while Phase III studies tend to be more expensive. However, we are committed to supporting any data that shows a drug is significantly beneficial to patients and can achieve approval. As a result, we anticipate our research and development spending will be considerable over the long term, contributing to increased profitability and improved patient service.

That's helpful. If I may ask a follow-up, is it accurate to say that after this initial expansion you will adjust your commercial infrastructure? Do you foresee any further expansion of the infrastructure in the future?

Yes, I'm going to throw you back to Sean for that.

Yes. No, thanks for the question. At this moment in time, we believe that we'll be rightsized with that infrastructure. But as I said on your previous question, it's something that we look at very closely. If we feel like there's an opportunity to add and grow that team, we will assess it at that time and do so.

And our next question is going to come from the line of Edward Nash with Canaccord.

I wanted to ask about the ALS trial. You're conducting that trial with TRICALS in Europe. I just wanted to understand what the next step would be specifically as it relates to the U.S.?

Yes. Great question. Yes, we've designed this trial as a Phase II trial to be majority run in the European nation. The reason for that is we've got 25 sites in Europe that are going to be active and enrolling extremely well. I think Joe had stated that earlier, and they were very brisk. When we look at the United States, we're actively working with the FDA to get our IND open to allow us to initiate the study here in the United States. But we only plan to have 5 sites in the United States for this trial.

Got it. And then just switching over to NASH. I assume that you're going to look to get into a Phase IIb trial. So I assume this will be a biopsy-driven trial?

Yes. That is correct. I mean we believe in our Phase Ib study that we've accomplished our goal to find dose and dosing ranges that allow us to reduce liver fat over time at a steady pace without seeing any rises in ALT, and that allows us to then feel confident to go forward in the Phase IIb trial, which will be a biopsy-driven trial, correct?

Our next question comes from the line of Roanna Ruiz with SVB Securities.

Great. So I'll start with one on Korlym. I was curious, what recent trends are you seeing among prescribers that gives you confidence in your new guidance for 2023? And along those lines, any new strategies that your field force is using to help educate and drive more prescribing there, too?

Yes. Roanna, nice to meet you. Thanks for being on the call. I'm going to pass you again back over to Sean.

Thank you for the question. In terms of trends, there's a growing awareness among physicians that these patients may be part of their practice, leading to increased screening. As a result, more patients are being identified, which we have observed nationwide, contributing to our first-quarter results. We have the highest number of patients on Korlym in our company's history, which influences our new guidance range. Regarding tactics in the field, we have a couple of significant organizational initiatives to discuss. One pertains to the field and the other does not, but both are crucial for our current and future business. I previously mentioned the growth of our sales force, which is progressing well, and we are dedicating considerable effort to enhance that team. We are definitely seeing positive outcomes from this initiative. We are aware that these patients exist, and physicians need more education. We recognize that through education, their understanding of potential applications in their practices is improving. We believe that this increase in disease awareness, alongside our streamlined training efforts, will enhance the productivity of our clinical specialists. We anticipate our newest clinical specialists will reach productivity milestones more quickly. Additionally, I want to highlight CATALYST again, which was mentioned earlier. This is the Phase IV study we initiated in the first quarter, and it's important to note that a substantial amount of data already exists for this patient group. There have been many small retrospective studies indicating that patients with challenging diabetes often have higher instances of underlying hypercortisolism. CATALYST is set to be the largest prospective study conducted in this patient cohort and we believe it will be a definitive study for this population. It will provide physicians with critical prevalence and treatment data to promote increased screening, ultimately leading to diagnoses and subsequent treatment. In recent months, I've been speaking with physicians in the field about this and they show a strong interest in the study and its results. The evolution of disease awareness is gaining traction, and the timing is perfect for this study and our other initiatives. Ultimately, all these efforts are aimed at enhancing patient care, and we are very excited about the progress being made.

And really, the bottom line from all of this is that we are confident in our outlook for the remainder of the year and really look forward to seeing the growth that Sean was talking about over an extended period of time.

Yes, makes sense. Super helpful. And one more for me. I was curious if you could remind us what is the bar for efficacy that you're looking for, both in the GRACE and Gradient trials? And any other details that you hope to tease out from the data results?

Yes, Roanna, let me give you back to Bill.

So for the GRACE trial, let me remind you, it's a randomized study, but yet there's an initial part to that study. There's an open-label piece to it where we're evaluating patients who are on relacorilant for those who meet the criteria of response for hypertension and diabetes, then get into the randomized withdrawal piece of that trial. The endpoint we're looking for is the percentage of patients who lose control as we randomize them to either stay on relacorilant or be randomized to placebo. So that's the endpoint we're targeting for GRACE. For the GRADIENT trial, at the outset, it is a randomized placebo-controlled trial. In those patients with hypercortisolism, we're looking at the comparison of relacorilant versus that of placebo, and similar but yet slightly different. We're looking at the response to the hyperglycemia endpoints as well as the hypertension endpoints. Thus, we're looking for statistically significant changes there in either one and hopefully both of those endpoints.

Our next question comes from the line of Greg Fraser with Truist.

Good afternoon, folks. On Korlym sales growth looks quite good for the quarter. I know historically, you've seen some pressure on net sales in the first quarter due to insurance resets with other drugs. You bucked that trend this quarter. What went better than expected? Any color on that would be helpful.

Yes. Thanks. So every year in the first quarter, as you just mentioned, we expect a decline in paid tablets due to the impact of the donut hole and insurance reauthorizations. This year, however, that seasonal impact was muted somewhat by the increase in our patient base and our growing business.

What was volume growth in the quarter?

Year-over-year, it was around 6% volume growth.

And then on SG&A, spend was up significantly quarter-over-quarter. You mentioned spending more behind the Cushing's business. Were there any one-time items in the quarter? How should we think about SG&A spend over the next couple of quarters?

Yes. Not really any meaningful one-time expenses. I mean, I think the only small portion is related to expenses related to the tender offer, which was sort of in the million-dollar range. But I'd say as you look through the rest of the year, operating expenses will approximate what we saw in the first quarter.

Got it. Okay. And then on the patent case, have you engaged in settlement discussions with Teva? Or are you still open to exploring a settlement? You're clearly confident in your position but wondering if a settlement that would bring certainty and also reduce the legal spend is still a possibility?

I just want to remind everyone of Charlie Robb, who's going to answer this question.

Sure. Settlement is always a possibility in every case, and we are rational business people. So, in that regard, yes, settlement is possible. However, I believe our focus and everyone’s expectations should be on going to court and meeting Teva. That’s our plan and the expectation we are working towards.

Our next question comes from the line of Arthur He with H.C. Wainwright.

Good afternoon, everyone. Congrats on the first quarter progress. Most of my questions have been asked. I have 2 quick questions on the clinical study. One is for the ovarian cancer study. Could you remind us for the inclusion/exclusion criteria? Is there any specific color for the bevacizumab and PARP inhibitor usage for the patient?

Yes. Let me give you back to Bill Guyer.

Yes. So thank you for that question. We are looking at inclusion/exclusion criteria, where women with platinum-resistant ovarian cancer who previously have taken 1 to 3 lines of therapy, with one of those lines being prior bevacizumab. There is no restriction on PARP inhibitor requirements in this trial. And so that hopefully answers your question.

It is. And so regarding the NASH study for the Phase II upcoming, are you planning because I noticed you've mentioned the multiple doses and regimen could be working? Are you planning to take multiple dose levels and regimen into the study?

That is our intention. We will be working with the top specialists and hepatologists through this process to help advise us on how to best move forward into Phase IIb. But yes, our intention is to take multiple doses compared to placebo in our Phase IIb trial.

And Arthur, just let me add to that a little bit. When you're starting at the beginning of the first trial in humans, you don't know exactly what you're getting. You know that things from animals don't always translate exactly. As it turned out, miricorilant, although it was very potent in animals, and we expected some drop-off into humans, was equally or more potent in humans. As a consequence, the doses that Bill has been testing in this Phase Ib study really are substantially lower than the doses that we thought initially were going to be required. There's more than one other that looks promising. So we're in the process of designing that Phase IIb study right now. We know we're going forward, but exactly what it's going to encompass in terms of dose groups is being determined. You'll know that in the next 3 months or so.

Thank you very much. Thanks for everybody for listening in. I hope everyone has a good next 3 months, and we look forward to updating you at that point in time. Good afternoon.

This concludes today's conference call. Thank you for participating. You may now disconnect.