Good morning. My name is Daniel and I will be your conference facilitator today. Welcome to T. Rowe Price’s Third Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode until the question-and-answer period. I will give you instructions on how to ask a question at that time. As a reminder, this call is being recorded and will be available for replay on T. Rowe Price's website shortly after the call concludes. I will now turn the call over to Linsley Carruth, T. Rowe Price's Director of Investor Relations.

Hello, and thank you for joining us today for our Third Quarter Earnings Call. The press release and the supplemental materials document can be found on our IR website at investors.troweprice.com. Today's call will last approximately 45 minutes. Our Chair, CEO, and President, Rob Sharps; and CFO, Jen Dardis, will discuss the company's results for about 15 minutes, then we'll open it up for your questions. We ask that you limit it to one question per participant. I'd like to remind you that during the course of this call, we may make a number of forward-looking statements and reference certain non-GAAP financial measures. Please refer to the forward-looking statement language and the reconciliation to GAAP in the supplemental materials, as well as in our press release and 10-Q. All investment performance references to peer groups on today's call are using Morningstar peer groups and for the quarter that ended September 30, 2024. Now I'll turn it over to Rob.

Thank you, Linsley. And thank you all for joining our third quarter earnings call. We closed the quarter with $1.63 trillion in assets under management, up 3.9% from June 30th, despite $12.2 billion in net outflows. While our net outflows increased in the third quarter, we are seeing encouraging signs that we are on the right path. Our active ETF franchise is expanding, we are deepening our retirement leadership position with the launch of innovative retirement solutions and our associates are advancing our strategic initiatives across the business. We remain on track to reduce net outflows this year. I'll now turn to investment performance. Our long-term investment performance remains solid despite softer results this quarter. In our equity franchise, US mid-cap value, US Equity research, integrated US Small midcap core equity, and integrated global equity all continue to be top quartile performers for the one, three, and five-year time periods. In our ETF franchise, our semi-transparent US equity research ETF now has top quartile performance for both the one-year and three-year time periods, and in our more recently launched transparent equity ETFs, the growth and small mid-cap ETFs remain top quartile performers for the one-year time period. In fixed income, our municipal strategies continue to be strong performers, as do our floating rate and ultra short-term bond ETFs, both of which have top quartile performance across multiple time periods. While underlying stock selection and an overweight toward US Equities were detractors to relative performance in the third quarter. Our flagship retirement funds and the new retirement blend funds continue to have strong long-term performance. Over 90% of our target date assets are in the top quartile for the five, ten, and fifteen-year time periods on an AUM basis. Returns across alternative strategies were positive during the quarter and broadly consistent with the constructive market backdrop. Private, structured, and liquid strategies generated stronger results while distressed and special situations lagged. As I shared earlier, third quarter net outflows totaled $12.2 billion. We do expect further increases in net outflows during the fourth quarter, reflecting seasonal trends and a large sub-advised variable annuity termination now expected in late Q4. Even with this loss, we remain on track to reduce net outflows this year, although not as significantly as we had previously expected. Excluding the variable annuity termination, we estimate 2024 net outflows to be less than half of 2023 levels. Jen will share more detail in a moment, but I want to underscore that while this unanticipated loss was deeply disappointing, it doesn't undo the progress we have made in other areas. We are expanding our ETF business and deepening our leadership in retirement with innovative new strategies. With our recently launched technology ETF, we provide investors our first sector focused fully transparent portfolio with the tax-efficient, convenient, and cost-effective benefits of the ETF wrapper. We also recently launched two new retirement offerings, personalized retirement manager and managed lifetime income. Personalized retirement manager is the industry's first managed account designed to create a unique asset allocation tailored for the individual, incorporating personal data into the proven life cycle investment philosophy and process that underpin our leading target date strategies. Managed lifetime income is a new retirement solution designed to provide retirees in a defined contribution plan with stable and predictable monthly income for life. Managed lifetime income combines a managed payout investment from T. Rowe Price with a qualifying Longevity Annuity Contract from Pacific Life to offer a unique union of professional asset management and guaranteed monthly payouts. We are also seeing increased client interest in co-developing and customizing our target date capabilities and we're notified of a sizable custom glide path win expected next year. We were reaching key milestones in areas beyond retirement as well. We had our first close for OLEND, our Senior Private Lending Fund, which drove much of this quarter's $3 billion increase in unfunded capital commitments. Our focus on US Wealth resulted in new relationships that are launching this year, new placements in home office models, and more partnerships focused on ETFs and SMAs. Finally, despite the variable annuity termination I noted earlier, our weighted net pipeline grew quarter-over-quarter, suggesting that elevated fourth quarter outflows are not indicative of the underlying trajectory of our business. I want to recognize the tremendous work our associates are doing on behalf of our clients, our firm, and our stockholders. It's their focus on continuous improvement and their agile mindset that are driving our progress. I'll now turn to Jen to provide an overview of our financial results.

Thank you, Rob, and hello, everyone. I'll review our third quarter results before opening the line for questions. Our adjusted earnings per share of $2.57 for Q3 2024 is up over 18% from Q3 of last year, driven by higher average AUM, higher adjusted operating income, and a lower effective tax rate. These factors also drove a nearly 14% increase in EPS from Q2 of this year. We reported $12.2 billion in net outflows this quarter, which is an improvement from Q3 2023, but higher than the first half of 2024. US Equity products remain the primary driver of outflows, particularly in our growth strategies. Our US Equity research strategy, however, had net inflows of over $1.5 billion this quarter. We also had positive net inflows across fixed income, multi-asset, and alternatives. Within multi-asset, we had another strong quarter in our target date franchise with net inflows of $3.6 billion. Our year-to-date inflows of $14.1 billion outpace the active industry growth rate, particularly in the blend category. Our ETF business had just under $1 billion of net inflows in the quarter, bringing our September 30 AUM to over $6.5 billion. And outside the US, we had positive net inflows driven by global equity in the APAC region and alternatives in the EMEA region. As Rob mentioned, we were recently notified of a large sub-advised variable annuity termination. We expect that nearly all of the assets related to this termination will be redeemed during the fourth quarter. Given the size of this outflow, I want to provide some background on our VA business, which you'll find on page 15 of the supplement. At a high level, we provide investment management services for VA products sold by insurance company sponsors. In some cases, we are the sole manager and the product may be branded as T. Rowe, while in other cases we're one sleeve of a multi-manager product. Our VA assets are $104 billion, or a little over 6% of our total AUM, which is down from 9% in 2019. Similar to the overall VA industry, our VA business has experienced net outflows for the past several years, and we don't expect that trend to change meaningfully. That said, given the large fourth quarter termination, the level of VA outflows for the full year 2024 will be higher than we would have otherwise expected. While this area is not an organic growth driver for the firm, this book of business has many long-standing and important clients and we will continue to deliver on their behalf. Shifting to our financials, our Q3 adjusted net revenues were $1.8 billion, which is up 7% from last year and up 3% from the second quarter, driven by higher investment advisory revenue from higher average AUM. Our Q3 annualized effective fee rate of 40.9 basis points declined from Q3 2023 and Q2 2024, as assets continue to shift into lower fee vehicles and asset classes. This quarter's investment advisory revenue of $1.6 billion included $5.6 million in performance-based fees from alternatives products, primarily from the BDC. Our adjusted operating expenses of $1.1 billion were up 3.6% from Q3 2023, due mainly to increases in compensation, benefits, and related costs and distribution and servicing fees on higher AUM. While G&A is also up from last year, Q3 2023 included a $20 million non-recurring cost recovery. Our adjusted operating income of $718 million was up 13% from Q3 2023 and almost 10% from last quarter. For the balance of the year, we continue to expect 2024 adjusted operating expenses, excluding carried interest expense, to be 6% to 8% over the comparable full year 2023 amount of $4.19 billion. While we're at the bottom end of this range through nine months, similar to last year, we anticipate an increase in a number of expense categories in Q4, some of which are due to seasonal factors and timing and will not carry into the 2025 run rate. Notably, our stock-based compensation is typically higher in December, given the timing of our annual grant. And we expect advertising and promotion expenses to be higher due to the seasonality of our advertising effort. We are also forecasting higher professional fees as we complete projects before the close of the year. Turning our attention to capital management, we repurchased $71 million worth of shares during the third quarter, bringing the year-to-date value of buybacks to nearly $264 million. We feel comfortable with our current pace of buybacks, as we evaluate repurchases through the remaining months of 2024. Combined with a quarterly dividend of $1.24 per share, we have returned over $1.1 billion to stockholders in the first nine months of the year. Our balance sheet remains strong with over $3.6 billion in cash and discretionary investments at the end of Q3. As we approach year-end, our teams are focusing on 2025 and identifying the areas where we will invest to drive future growth and deliver new capabilities to best serve our clients. We will continue to balance this investment with the need for ongoing expense discipline. And now I'll ask the operator to open the line for Q&A.

And our first question comes from Alex Blostein with Goldman Sachs. Your line is open.

Hi, good morning everyone. Thank you for the question. Rob, would love to get your perspective on the organic growth to start a good perspective on the VA business on Slide 15. I think you mentioned that, you guys obviously made progress on the business, excluding the VA sub-advisory outflows expected to be, I guess less than half of the apples you sell last year. That still, I think implies a pretty meaningful step-up in outflows in Q4, excluding the VA sub-advisory issue. So maybe just on PAC, what you're seeing in the fourth quarter and whether or not the outflows there on a kind of core basis are also a bit more elevated than normally. And any thoughts you have for '25, but would be appreciated as well. Thanks.

Yes, Alex, regarding 2024, we are observing trends that align with typical seasonal patterns, particularly experiencing increased redemption pressure in the fourth quarter as we approach the year-end. Excluding the specific VA mandate, the fundamental trends appear to be headed in the right direction. Overall, if we consider the figures without the VA loss, the outflows for 2024 would be less than half of what we saw in 2023, indicating significant progress from our previous position. Looking ahead to 2025, we anticipate substantial improvements as we work towards positive flows. It's important to note that active equities and mutual funds have been experiencing outflows for some time. However, we see potential for improvement in active equities, especially within our large cap growth sector, where improved performance has led to increased gross sales and redemptions. Additionally, we are witnessing positive flows across other asset classes in various vehicles, with gross sales up year-over-year in nearly all our channels and regions thus far in 2024. We remain optimistic about strong growth in retirement date funds in 2025 and beyond, with current year-to-date figures showing an uplift compared to last year. We anticipate an even larger contribution from alternatives, ETFs, and SMAs in 2025. There is also an opportunity for us to enhance our momentum in fixed income, particularly in insurance sectors, and while there is work to be done, we are prepared to seize these opportunities. Predicting flows is challenging, and it's uncertain if we will achieve positive territory in 2025. However, my current outlook indicates that we will continue to make meaningful progress, albeit not for the entire year. Regardless, I believe we are on a trajectory that will lead us back to organic growth, whether that goal is reached in 2025 or not. Jen, do you have anything to add?

No, I think you covered it.

Thank you. And our next question comes from Michael Cyprys with Morgan Stanley. Your line is open.

Hi, good morning. Thank you for the question. I would like to hear your thoughts on the retirement market and the competitive landscape. Can you share the steps you are taking to promote growth in the retirement channel, particularly regarding the new lifetime managed payout product? It would be great if you could explain how it works, your strategy for launching it, and your plans for gaining traction. Additionally, I recall you mentioning a Glide Path win for next year; could you provide some quantification on that? Thank you.

Yes. Hi, good morning. So the specific win that we referenced is a custom Glide Path win. So as you know, we have a tremendous amount of research behind our life cycle investing approach, and we have a Glide Path that underlies the asset allocation of our target date funds. There are certain instances where you have a plan sponsor that wants a Glide Path designed specifically to the demographics of their participant pool. And for us, typically a fee for that would be relatively small, and it would come in as AUA, so it wouldn't come in the investment advisory fee-line. So that was what that specific reference was. In terms of broad trends, I would say, we've got a lot of momentum across our set of offerings, flagship retirement date fund, but also blend. Our pipeline there is very strong, specifically as it relates to the two new products that were launched. They are launched on our record keeping system, which I think shows the strategic benefit of having a record keeper. Personalized retirement manager is a managed account strategy that's customized based on input from the participant in addition to just their estimated retirement date. And we think it is particularly compelling. It uses a lot of the research and assumptions that underlie the core target date franchise, but custom tailors it to the particular interests and positioning of the underlying participant. I would also say that the fees on that are attractive relative to other managed account offerings in retirement overall. Finally, with regard to the lifetime income product that incorporates a QLAC, we think it's a compelling design structure. It is also initially being launched on the T. Rowe Price record-keeping platform. Both products are new to market. But in time, as we build scale and demonstrate the attractiveness, we expect to be able to extend them to other record-keeping platforms in time.

Yes. I might just add. I mean you asked about the go-to-market strategy and many of the things that Rob highlighted, as you just mentioned are on our record-keeping platform. But we serve retirement plans not only on our own recordkeeping platform, but even more so on what we call DCIO, our DC investment-only strategy. And we have opportunities to either provide our target date products. Over time to be able to sell some of these more extended strategies, but also to be able to participate as a sleeve in certain cases of other people's products that they're developing.

Yes, we've really leaned in to build our partnership with a number of the leading retirement franchises, both firms that focus on retirement consulting, but also the record-keeping platforms. We worked hard with co-development. And as a result of that, I think we are very, very well positioned with our suite of retirement day products, as well as some of the things that we're doing for retirement income across recordkeepers, not just on the T. Rowe Price recordkeeping platform.

Thank you. Our next question comes from Benjamin Budish with Barclays Capital. Your line is open.

Good morning, and thank you for taking my question. I wanted to inquire about private credit. Specifically, could you remind us how much of the business is associated with senior direct lending? I'm interested in understanding the potential opportunities as we head into next year, particularly with expectations of increased transaction activity in the market. How are you positioned for that? Additionally, Rob, you mentioned plans to expand on the fixed income side within insurance. I would like to know if that could be connected to private credit, or what else you meant by that. Thank you.

Certainly, Ben. I'll address the latter part of your question first. Regarding opportunities in insurance, this pertains primarily to our fixed income business. Fixed insurance general accounts usually have significant investments in investment-grade corporate credit, where we see potential for growth. Additionally, we see opportunities to provide private credit and alternative strategies to insurance investors. Many of these investors are looking to enhance the yield on their portfolios and are considering private strategies as an attractive risk-adjusted option. This approach would not only improve their economics but also make their products more appealing. While we will explore opportunities with OHA, our focus is not limited to that; we also see potential on the liquid side, both with OHA and T. Rowe Price's fixed income platform. Specifically, when it comes to private credit, OHA has not traditionally offered dedicated senior private lending to their clients, though they have extensive experience in private credit overall. They have recently completed their first dedicated senior private lending fund. Looking at the bigger picture, OHA had a record quarter in capital raising, with $5.5 billion in new capital commitments this quarter, bringing the total for the year to over $9 billion. A significant portion of these commitments has been in private credit, with the first close of their senior private lending fund amounting to $2 billion. As these capital commitments come in, they will enhance flows as the capital is invested. This will depend on origination and the opportunities OHA identifies, but I'm optimistic that, based on current capital commitment trends, the flow of alternatives should increase into 2025.

Thank you. Our next question comes from Dan Fannon with Jefferies. Your line is open.

Thanks, good morning. Rob, I wanted to follow up on your comments around the institutional backlog building ex the sub-advised mandate. So can you put some context around that in terms of the products, and ultimately, how you think about I guess, the sales cycle here today? Is that the funding is that looking into next year? Or is that more of the three months, four months kind of window?

Yes. Thank you for the question, Dan. It is over a year; it is a weighted pipeline. It's not just institutional. It is really across our book of business, and it's across asset classes. So basically, we have mandates that are risk-weighted and marked at risk, as well as opportunities that are risk-weighted. And I think it was very notable that despite the fact that we were notified of this sizable termination that the risk-weighted pipeline actually increased on a quarter-over-quarter basis. Now this particular mandate was partially marked at risk, but not fully kind of marked at risk, which it clearly is now given that we've been notified of termination. But we were able to, on a risk-weighted basis, bring in enough new opportunity that we think will close over the course of the next 12 months that despite taking that to full loss, the pipeline has increased. And I would say that it's broad-based. Again, I think it is reflective of the trends that you see in the underlying business. It is less at risk and more opportunity in active equity in particular, large growth. It is continued momentum in equity in areas like structured research in certain of our global equity strategies. It shows some momentum in fixed income and clearly a very nice pipeline across the retirement date suite.

Thank you. Our next question comes from Ken Worthington with JPMorgan. Your line is open.

Hi, good morning. And thanks for taking the question. In terms of your ETF franchise, to what extent is it expanding your customer reach and allowing you to get into different distribution channels? And to what extent is it just sort of cannibalizing your existing fund assets for an extra basis point? And in terms of the cost of distribution here for ETFs, is it any different than kind of what you're paying for access with the fund franchise? Thanks.

So on the first part of the question, Ken, I would say there's some element of both, right? And in other words, I think there are some buyers that have historically used open-ended mutual funds that at the margin have a preference, particularly if the same strategy is available for ETF. That said, we have a number of strategies that we're offering in ETF, particularly the fully transparent suite that are not strategies that are available in open-ended fund. I'd also say that we're reaching a different set of buyers. There are a number of advisers that are exclusive to ETF. So by definition, historically, they wouldn't have been involved in our open-ended fund. We actually just hosted a due diligence event for a number of ETF-focused advisers here. So I do think we are reaching new buyers. I think in particular with several of those strategies that aren't offered in open-ended fund, we can clearly ascribe that to being an incremental opportunity. But there has to be some element, particularly with the semi-transparent clone of cannibalization. I can't say that we see a lot of people moving from one to the other. You have to remember a lot of the investors in the open-ended funds have sizable embedded gains. So it will be costly for them to sell the open-ended fund just to buy the ETF. I think there are a lot of wealth platforms that prefer not to offer the same strategy in both vehicles. So I think we can say with reasonable confidence that a substantial portion of what we are getting in the ETF business is new and incremental. But there clearly is some cannibalization. With regard to cost to access, I’d say it really is no different. I mean it really varies by platform. We have some partnerships with folks that are focused on ETF that we are developing. And I would say the same sort of distribution economics apply to ETFs that they do to open-ended funds with the exception being that you don't have kind of some of the non-management fee expense ratio opportunities with an ETF that you do with an open-ended fund.

Thank you. And our next question comes from Craig Siegenthaler with Bank of America. Your line is open.

Hi, good morning everyone. Hope you're all doing well. I have a follow-up to Mike's question on Managed Lifetime Income. So many view the rider as a positive by recreating a defined benefit-like experience for retirees. But I was curious about the IRR math by adding an insurance guarantee onto our Foreign Key investment product just given the added cost. They take away downside risk, but what is the annual cost of these riders? So essentially, how does it impact the long-term return math, and given that foreign key plan sponsors are generally pretty fee-sensitive, how does the guarantee get around that constraint?

Yes. That's a pretty specific question. I think to get into the detailed specifics, I will have you follow up with Linsley, but we think this is a really well-designed product. We think incorporating the QLAC and having the guaranteed payout start on a deferred basis creates a more optimal outcome for the plan participant. I think our team believes that marrying it with T. Rowe Price to manage payout option gives a tremendous amount of flexibility in the early years of retirement when the participant is more active and may require greater flexibility, and then the guaranteed payout outcomes later in life where it ultimately becomes more important. Specifically with regard to the trade-offs and the economics, QLACs are quite affordable relative to other fixed annuities. So kind of ultimately, there is some cost to getting the guarantee, obviously. But in terms of the specific economics, I probably should have somebody from that team and Linsley follow up with you on that.

And part of the design of it is that it's not the full amount of the assets that the client has. So you are designed to do a small portion of it so that you’re balancing the risk and cost trade-off.

Thank you. Our next question comes from Glenn Schorr with Evercore ISI. Your line is open.

Thanks, hello. Quickie, how close do you think we are to seeing private market allocations inside target date funds and retirement plans? And maybe more importantly, how are you thinking about leveraging the great T. Rowe Price brand and distribution network, specifically related to private markets? Thanks.

It's difficult to predict at this point. With an election coming up next week, the outcomes will shape our regulatory direction. There's considerable discussion and possible interest, but we need regulatory clarity before any real progress can occur. Currently, we lack visibility on when that clarity might arrive or how it would come about. However, once there's interest from plan sponsors in integrating private market alternatives into defined contribution offerings like target date funds, we are well-prepared to approach this thoughtfully. We've engaged in extensive discussions and research and have a solid understanding of our options available. That said, I want to emphasize that the defined contribution market is sensitive to fees, and the existing record-keeping platforms aren't equipped to handle the challenges presented by private market alternatives, such as daily pricing and liquidity. Moreover, there's no regulatory clarity regarding the inclusion of these alternatives, and plan sponsors have legitimate concerns about potential litigation risks. As a result, it's likely going to take time before we see movement in this area. Even after we achieve regulatory clarity, it will require time to gain buy-in from plan sponsors and set up the necessary infrastructure. Once that happens, we will be an extremely attractive partner, and it will provide opportunities within our offerings at T. Rowe Price. Everything we do will be designed to be appealing and beneficial for plan sponsors and their participants.

Thank you. Our next question comes from Patrick Davitt with Autonomous Research. Your line is open.

Thanks for the VA disclosure helpful. Could you remind on the makeup of the client base of the other $85 billion and why that's stickier than the VA side? Thank you.

So regarding the other $85 billion, not related to variable annuities, I'd like to clarify that while you mentioned outside of VA, there is indeed an additional $85 billion in that category. I want to make sure there’s no confusion with those figures. To explain further, we serve as the sub-advised carrier for various types of plans outside of variable annuities, primarily in retirement plans. These assets tend to be more stable, and I could provide more details on that.

We are not experiencing the same trends in the sub-advisory platform as we are in variable annuities. Variable annuities are a business that some of our clients have reduced emphasis on, and within their portfolios, they have lost market share to fixed index annuities and registered index-linked annuities in a higher interest rate environment. While this product remains important and prioritized by certain clients, it is not the case for the entire sub-advisory business. The other areas of sub-advisory, particularly in wealth and retirement, do not face the same underlying pressures, so the trends there are not aligned with what we are seeing in variable annuities.

Thank you. Our next question comes from Brennan Hawken with UBS.

Good morning. Thanks for taking my questions. The performance this quarter seems to take a rather meaningful hit, especially on a one-year basis. Could you maybe provide some color around what you think might have driven that? And any potential adjustments or actions you guys could be taken on the back of it?

Yes, I can provide some insight. I want to avoid focusing too much on one specific quarter, as it wasn't particularly strong. There was a notable rally when it became clear that a 50 basis point cut was likely in September, and our portfolio is positioned to benefit from that. It's challenging to generalize given the diverse nature of our operations, but I recognize that the overall statistics are currently weak and not where we would like them to be. However, this is a temporary situation. I have strong confidence in our research platform and our portfolio managers. Looking at the year-to-date and over the past year, there has been noticeable improvement in key areas, particularly in US large cap growth. Our US structured research strategy reflects the strength of our research platform. In my earlier comments, I highlighted several areas with positive numbers. While we certainly have areas to improve, I believe we have a strategy that will yield results over time without needing drastic changes. It's also important to note that the poor performance in 2022 has had a lasting impact. That decline began in Q4 of 2021, so for many of our major strategies, we are starting to move past that negative cycle. If we execute well in the coming quarters, I anticipate that our overall metrics will gradually improve.

Thank you. And our next question comes from Mike Brown with WFS. Your line is open.

Hi, good morning. Thanks for taking my question. Jen, I appreciate the expense comments for next quarter and for the full year. I guess I know it's early in probably the planning process. But as you look to 2025, how are you thinking about expense growth next year? And what are some kind of key areas of investment that you'll be focusing on next year? Thank you.

Thank you for the question. We are currently in the midst of our annual planning process, so I'm not ready to provide formal guidance for 2025 at this time. However, like last year, our goal during this planning phase has been to align expense growth with forecasted revenue growth based on our current AUM trajectory and average market returns. Last year, we began with an expense growth target of 3% to 5%, excluding carried interest compensation, and we have since adjusted that range to 6% to 8% due to higher average market returns and the related market-driven expenses. Considering our revenue momentum moving from 2024 into 2025, it is stronger this year than it was last year. Therefore, I expect our initial expense guidance will be somewhat higher than last year, but we won't have a final figure for you until next quarter. We are careful to balance our areas of investment with the need to manage expense growth. Our investments focus on the momentum that Rob mentioned earlier, including enhancing our ETF franchise, expanding other investment vehicles, broadening our marketing efforts outside the US, supporting our alternative sales initiatives and platforms, and improving efficiency in our core operations and technology.

Thank you. I'm showing no further questions at this time. I would now like to turn it back to Rob Sharps for closing remarks.

All right. Very good. Thank you all for your questions and your interest in T. Rowe Price, and we look forward to speaking to you next quarter.

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