Good afternoon. My name is Ian and I will be your conference operator. At this time I would like to welcome everyone to the Third Quarter 2019 Earnings Conference Call.At this time all lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Thank you. I would now like to turn the call over to our host Cynthia Hiponia.

Good afternoon. I am Cynthia Hiponia, Vice President of Investor Relations at Symantec and I am pleased to welcome you to our call to discuss our third quarter fiscal year 2019 earnings results. We’ve posted the earnings materials and prepared remarks to our investor relations events webpage. Speaking on today’s call are Greg Clark, Symantec’s President and CEO; and Nick Noviello, Executive Vice President and CFO. This call will be available for replay via webcast on our website. I'd like to remind everyone that all references to financial metrics are non-GAAP, unless otherwise stated. Please refer to the supplemental tables posted on the Investor Relations website for further definitions of our non-GAAP metrics. Please note, non-GAAP financial measures referenced on this call are reconciled to their comparable GAAP financial measures in the press release and supplemental materials posted on our website. We believe our presentation of non-GAAP financial measures, when taken together with corresponding GAAP financial measures, provides meaningful supplemental information regarding our operating performance for reasons discussed below. Our management team uses those non-GAAP financial measures in assessing our operating results, as well as when planning, forecasting and annualizing future periods. We believe our non-GAAP financial measures also facilitate comparisons of our performance to prior periods and that investors benefit from understanding our non-GAAP financial measures. Non-GAAP financial measures are supplemental and should not be considered a substitute for financial information presented in accordance with GAAP. Today’s call contains forward-looking statements based on conditions as we currently see them. Those statements are based on current beliefs, assumptions and expectations, speak only as of the current date and, as such, involve risks and uncertainties that may cause actual results to differ materially from our current expectations. Please refer to the cautionary statement in our press release for more information. You will also find a detailed discussion about our risk factors in our filings with the SEC and, in particular, in our Annual Report on Form 10-K for the fiscal year ended March 30, 2018 and on recently filed Quarterly Reports of Form 10-Q. With that, let me now turn the call over to Greg Clark, our CEO. Greg?

Thank you for joining us, and good afternoon. For the third quarter fiscal 2019, we posted operating results above our guidance. Our top-line results were driven by both our Enterprise Security business, which achieved revenue above guidance, and solid revenue performance from our Consumer Digital Safety business. We achieved total company operating margins of approximately 32%, above our guidance. We generated strong cash flow from operations of $377 million in the third quarter, up substantially year-over-year. In Enterprise Security, we delivered revenue of $616 million, $31 million above the high end of our guidance range. After a difficult first half of the year, we are pleased with a return to revenue growth in Enterprise Security, which grew 3% organically. Our third quarter implied billings of $772 million at an average ratable billings duration of approximately 18 months, represents one of the highest performance quarters for Symantec since the divestiture of Veritas. We are pleased with customer adoption in the quarter and as a result, are guiding our full year fiscal 2019 Enterprise Security revenue higher. Importantly, third quarter duration was in line with our expectations and consistent with the prior year-ago period. Our growth in contract liabilities grew 9% quarter-over-quarter and 23% year-over-year, excluding the impact of the adoption of ASC 606. We continue to build a large installed base of customers, which provides us with opportunities to execute on our cross-sell strategy, and longer-term creates a higher renewal base. We continue to bring to market the world’s most powerful cyber defense technologies. These last few months have been extremely productive in product development. One of the biggest challenges in the security industry is the lack of skilled security professionals to meet the needs of the enterprise. Our customers have heavily benefited from our leading Managed Security Service which provides…

Thank you, Greg, and good afternoon everyone. Before I jump into our results and guidance, I want to thank Greg and everyone at Symantec for the opportunity to be a part of this remarkable journey. As Greg noted, I will remain in this role until a successor has been appointed, and I will work closely with him or her to ensure a smooth transition with the goal of this being seamless for all of you on the phone, as well as for our internal Symantec team. In the meantime, I look forward to continuing to work with Greg and the executive team, as well as the strong team supporting me in the finance and operations organization, to support Symantec’s execution on our strategic growth, transformation and profitability initiatives, and driving shareholder value. Now, moving on to our results. All references to financial metrics are non-GAAP, unless otherwise stated. Please note we’ve posted information on our financial metrics, other tables and reconciliations of GAAP to non-GAAP measures, as well as currency impacts to our financial results, in our supplemental materials to our investor relations website. Starting in the first quarter of fiscal year 2019, Symantec adopted the new revenue recognition accounting standard, ASC 606, under the modified retrospective transition method. Due to this adoption method we did not recast any historical financial information prior to fiscal year 2019. However, to help investors understand our performance relative to historical results, in fiscal year 2019 we are also providing select results as calculated under ASC 605 in our supplemental materials to our investor relations website. As a reminder, the first three quarters of fiscal year 2018 included results from our website security and related PKI products that we divested on October 31, 2017. For comparative purposes, we report organic growth rates which we…

Thank you Nick. As Nick discussed, we are pleased with the third quarter and look forward to delivering on our fourth quarter guidance. After a difficult first half in FY19, regaining momentum in the business is our core focus. As we raised revenue guidance in fiscal year 2019 to reflect our outperformance in Enterprise Security in the third quarter, this resulted in a higher revenue comparison, which affects the period compare in fiscal year 2020. Our comments on FY2020 outlook is based on the change in period compare from our increased FY 2019 outlook. I would note that we are closely watching to widely reported concerns on potential softening of global economic growth as a material amount of our business is from outside the U.S. With that said it is important to note that we're still seeing a healthy pipeline in our Enterprise Security business and over the long term we believe that the cyber defense market has tailwinds for our business. The third quarter marks another quarter of installed basis expansion, which benefits future renewals. Finally, we have increased our shareholder purchase authorization, which is a signal of our confidence in our ability to continue to drive strong operating cash flow and growth. Thank you very much for your time. Nick and I would be happy to take your questions. Operator?

[Operator Instructions] Our first question is from the line of Saket Kalia from Barclays Bank.

Hi, guys. Thanks for taking my questions here. Nick, great working with you. I wish you best of luck in the future.

Thank you.

Greg, maybe just to start with you, obviously, a nice bump up in enterprise billings here seasonally and I think you've talked about – you've touched on this in your closing remarks. But can you just pick a little deeper into how the pipeline looks going into the March quarter? And how you feel about things like sales capacity and other sales metric whether that's churn or competitive win rates, for example, just a little deeper in terms of how you're feeling about that setup going into Q4?

Thanks. Saket, thanks for the question. I think as we have reported and we saw in FY 2018 seasonally the two big quarters for Symantec are the third quarter and the fourth quarter and we're just entering our fourth quarter. So well we do usually have a strong book of business in the back half of the year. And as you can see from our guidance, we're planning on delivering another substantial quarter, fourth quarter. So our pipeline is good. We do also believe that we have the sales capacity in place even though we had a difficult first half. We feel like the sales capacity we have rolling into our fourth quarter is sufficient. In terms of demand, demand cyber defense continues to be a board level and C-level topic across the globe. And I think there is plenty of opportunity for us to be able to, as I said in the prepared remarks, have the long-term deliver some good results for the business, so fourth quarter sales capacity good pipeline where it needs to be.

Got it. That's really helpful, maybe just to follow up for you Greg. I think we saw the upfront business obviously can ebb and flow from quarter-to-quarter in the enterprise business specifically. I guess the question is how do you think about that upfront mix as a percentage of enterprise revenues sort of broad brushes long-term?

Yes, so I think we definitely stand behind our comments that we've made in prior conference calls about the shift to cloud. And we do believe that that's going to continue. And so we think that the size of the business is quite large and small movements in mix for certain things is definitely not future based. But we stand behind our prior statements about how we think about that going forward. It is nice to see some of our large installed base of appliances being procured, broad based, which across the globe because that’s still there and there’s still a capacity need that happens in there. But we definitely think that going forward our comments on mix are still solid.

Yeah, Saket, it’s Nick. You can actually see it in our – some of our supplemental materials and the performance obligations information just to see the – just to compare between the upfront revenue and enterprise this quarter versus even last quarter. And that difference really rolls through straight through the results from Q3. Ultimately though, as you know, this is about building those contract liabilities over time and what that does in terms of future revenue and in addition what that means in terms of future installed base to go after and renew, et cetera. So, we're showing you the implications or the impact to the end quarter, but the overall momentum in the business and the overall shift to cloud in the business is very focused is ongoing. And ultimately, those things show up in our contract liabilities and what that revenue growth opportunity looks like over time.

Very helpful. Thanks again guys.

And our next question is from line of Michael Turits from Raymond James.

Hey, guys. Let me just drill down a little bit more on the shift to upfront. I just want to make sure – it sounds like and I would think it is a function of more appliance take rate. So maybe you can put that in the context of your refresh and how people are choosing appliances versus virtual versus your WSS cloud service.

So we are still seeing a very strong element of the form factors in the cloud based WSS or Cloud Access Brokers are a big piece what happens. And we do get appliance refreshes also because capacity needs increase there and things wear out. And as you can see in this quarter, we definitely saw some of that. I can say it wasn't one big deal. It's kind of across the geographies and broad based, but again it's a big business and $30 million of mix is not a substantial swing or either way. I wouldn't read too much into it. We do believe that the cloud transformation is ongoing, and we think that as we look at the future that's where our work is and we look forward to talking about that when we guide 2020.

Hey, guys All right. I just want to make sure, Nick, that I clarify the numbers. I didn't catch them all in terms of the mix impact. So are you saying that the upside to guidance was all from mix? Would you have been in line ex the mix, if you'd been at anticipated mix?

Certainly, the amount over the top in the $30 million plus range was due to that Enterprise mix and you can see that on the revenue line and the operating margins and straight down to the bottom line.

Great. Thanks very much.

And our next question is from the line of Gabriela Borges from Goldman Sachs.

Great. Good afternoon. Thanks for taking my question. Greg, you made a comment in the prepared remarks about productivity and innovation and they are indeed part of your business. It sounds like maybe you're competing with a stronger or a broader set of products. The question is, it's not having implications on pricing in the competitive environment, meaning can you maybe extract a little more pricing power than what you may be able to do a year or two ago? Thanks.

I think what's benefiting us at the procurement table is the fact that we are bringing a bunch more products to the table, which allows us to have more flexibility on pricing. So depending upon the competitive mix, it gives us a lot of different choices, but I definitely think over time people will value the fact that they don't have to integrate the pieces and they get them from us, which should allow us to command a little bit more price and perhaps a more commoditized element of the bill of materials. So we think that we have aspirations for that to be a supporter of ASP as we go forward, because we believe over time people will value that integration and pay for it.

That's helpful. Thank you. And the follow-up is, Nick, if I may could you level set us on where we are with some of the cost initiatives that you've targeted in the back half of the fiscal year. I think, you talked about $115 million potential savings and are there still more block and tackle efforts that you can approach after that or are we pretty much coming towards the tail end of optimizing the business profile? Thank you.

Sure. Thanks for the question, Gabriela. And, I think, if you look back over the last couple of years, we've talked about cost opportunities and integration opportunities and taking costs out of the business which we've very successfully done over time. So as we have moved through this fiscal year and as we pivot to 2020 and as we pivot to our operating plans in 2020, those cost actions and those opportunities are going to be in or reflected in the numbers that we give you. So the pace of those things can always change one way or the other. The amount of severance, if you will, in one quarter versus another or transition costs one quarter versus another can move around, but we are on track to our commitments and what we intend to do. I think – from the original comments of mostly done inside this fiscal year, that may move a little bit into 2020 and have a little bit of cash implication and if FY 2020, but if you kind of look back at the prepared remarks from earlier, we have a substantial takedown of cash costs in general in restructuring, transition, transformation type costs as we go from 2019 to 2020.

Thank you.

And our next question is from the line of Fatima Boolani from UBS.

Good afternoon. Thank you for taking the question. Greg, maybe a question for you. Just in the context of the strength in the Enterprise Security business, I was hoping you could make a comment on some of those leadership changes that you’ve brought into the organization more recently, and sort of how that is factoring into your expectations as you head into a seasonally stronger execution period for the company. And then I have a follow-up for Nick as well.

So, I think, yes, we announced last quarter, I can’t remember exactly what the date was – a restructuring in our enterprise to separate the product from selling and Art Gilliland coming on board to look after our product pieces, and Mark Andrews, he already taken control over the worldwide sales organization. I think, this is definitely helping us as we go forward. We have very focused and concentrated energy on the product side and also on the field side. So I think that transformation is going well for us. And I think as we sit here reporting on that period, I think, we had a good outcome. And so we feel like that organizational change is going well.

Great and, Nick, a question for you, just on the consumer business specifically and the guidance there, may be a little bit lighter than what we were looking for. So just wanted to understand some of the puts and takes on the consumer segment guidance as we close out the year, and that’s it for me. Thank you.

Sure. Yes. So, thanks for the question, Fatima. And I think, first of all let me talk about consumer in the overall in the year. And you heard about our view of 3% organic growth for consumer. We are basically on the plan and we feel very good about what’s going on in the consumer segment. You can see that in our kind of discussions on subscribers, on ARPU, et cetera. So we feel quite good about that. There’s always going be a movement a bit, quarter-to-quarter. We’re coming off a compare on the Equifax side. And we’ve built all of that into our results here, but our organic initiatives, the cross-sell and the retention work that’s gone on in consumer, we feel very, very good about and those operational teams deserve praise for the amount of work they’ve done.

Very clear. Thank you.

And our next question is from the line of Brad Zelnick from Credit Suisse.

Excellent. Thanks very much, guys. It’s great to see the progress this quarter, and Nick, congrats to you it’s been a pleasure working with you over the years.

Thank you.

You’re welcome. And Greg, I’ve got one for you and a follow-up for Nick. Greg, many have been speculating about your appetite for acquisitions, particularly large deals, and especially now that we’re past the audit committee review, should we see the addition to your buyback authorization signaling less of an interest or am I misreading this?

No, I think Nick’s prepared remarks covered, I’d say the tenants of our capital allocation, which concluded I think some supporting statements about maintaining some capacity for M&A.

Okay. And Nick, as we look at your year-to-date implied Enterprise billings adjusting for the divestiture of WSS and PKI, your year-to-date, I know it was a tough start to the year, but you’re down 8% year-to-date, down 3.5% this quarter. And I’m just having a tough time seeing how you get to mid-to-high single-digit revenue growth in Enterprise next year. And I guess you can – there’s more upfront business like you get like we saw this quarter. But how should we think about bridging to that kind of revenue growth. And in your prepared remarks, you talked about the business picking up in Q4 and into next year that helps to get you there, but what’s the kind of billings growth that you would need to drive that revenue result?

It’s a good question, Brad. So let me kind of walk you through it. And I think the first part that’s really important here is understanding. This is made up of multiple components. First component is the roll-off of existing contract liabilities, and you’ve seen and we’ve disclosed in our supplemental materials, how those contract liabilities are growing and certainly how they grew in the third quarter, very similar to some of the heavy growth we had in last year. And as Greg’s comments on duration and you see it in our recognition charts on when this is all coming in, this is tight inside periods of time and consistent in terms of the roll-off of contract liabilities. So we feel good about that. So you have to take number one that. Number two, what’s our expectations for the fourth quarter and Greg talked about it and I gave you the specific numbers on that. There is an in-period recognition to that, and then there is a radical amount and there is a recognition in further periods. And we look at that go-forward recognition, probably not that different from prior recognition. And then the final element is our billings growth expectation and our mix expectation for FY 2020. So we’ll talk more about that on our next call, but it’s those elements and the stacking element on the contract liability side that has amortization to it that underpins and gives us strong evidence to how we think this business will grow. Remember this all started back at the beginning of FY 2018 with a business and a set of products and a sales force that came together under a new way of how we were going to sell. So when you see that, that machine that really got built over a year ago, has been adding to these contract liability balances that will yield benefit for us next year.

Really appreciate it. Thank you.

And our next question is the line of Karl Keirstead from Deutsche Bank.

Thank you. Greg, maybe one for you. If we could go back to the appliance strengths that you saw, this is the second quarter in a row that that’s happened. And I’m just wanted to understand why you think that’s happening, is this just a fluke of a few large deals, is there any kind of demand issue that’s causing the upfront appliance strength to be a little bit better than you were expecting. And then, maybe I’ll ask my follow up to Nick now as well. Nick, on the operating cash flow side, $377 million is the highest operating cash flow in some time, and it looks like the 4Q cash flow guide is pretty strong too. So I’m just wondering if you could take a minute to discuss maybe what a couple of the drivers of that strength are and in particular, whether this upfront appliance strength you mentioned it drops to the operating margin. Could that have been a contributor to the cash flow as well? Thank you.

Yes, so to take your question on appliances first, so we don’t have any single large deals with either appliance related in these results. This is more broad based cross geography. And I think it does speak to the fact that there is some capacity growth. We are in a hybrid world. There are still on-premise networks and things like that around our capacity needs growing there. And we still stand behind our transition to cloud statements. We’re seeing a very good situation where incremental capacity, roaming user capacity is being purchased through our cloud proxies and through our Cloud Access Brokers, which only come in a pure cloud form factor. There isn’t any on-premise co-related things like our Cloud Access brokers in these things. So more broad-based, I think, it is that – we are in a hybrid situation in the world where there is still a substantial clip of information and computing done on-premise, and we do see some appliances there. We are not seeing that across the Board. I think we look forward to talking to you more about that as we dig into the 2020 guidance, but I think it’s a good guy for our appliance business. Definitely not a sea change for how we think things are going to go on cloud.

Hey, Karl. Let me just give you a couple of comments on the cash flow side [indiscernible] (47:08) and certainly the over edge on enterprise sort of rolls through, but I think the other thing that’s important to understand is that, we have indicated that our restructuring transformation or transition in other costs will be coming down over time, and that’s obviously a benefit to cash flow. If you look at those costs on just P&L basis for this quarter versus a year-ago quarter, they’re lower. Obviously, there’s a translation to cash that needs to occur, but we also – when we look at cash and cash flow opportunities go forward into fiscal year 2020, we benefit obviously from net income growth and some of the numbers we’ve talked about there in the high level guidance, we’ve given an outlook for 2020 there. But in addition, I think you need to look at that restructuring transition and other costs line. And year-to-date, this year that’s $205 million in expense and that’s an area that as we bring these projects to close, that’s a benefit to cash flow.

Okay. Very helpful. Thank you both.

And our next question is one line of Keith Weiss from Morgan Stanley.

Excellent. Thank you guys for taking the question. Two for you Greg. One, just in terms of the competitive environment. We’ve seen better sort of appliance strengths. There’s been something sort of more so on the Blue Coat side of the business. Can you talk about sort of the competitive environment you are seeing out there and how well you’re doing in competition against some of the newer vendors in the space. So you’ve seen a lot of momentum guys like Zscaler whether your kind of hybrid cloud offering has been effective against those. And then, one on the consumer side of equation – it sounds like you guys are still pretty confident and sort of durable growth in that business, but we have seen several quarters in a row of the – like the subscriber count coming down, and I think you’re down like 5% on the year-on-year basis. What gives you guys confidence, like, it’s part of the equation that that’s going to stabilize over time and what gives you confidence that, that stabilizing gives you guys sort of that good foundation for growth on a going forward basis?

Yes, let me take the consumer question first, and then I’ll come back to the competitive nature in Enterprise. So we are very focused on bringing back net new member growth to the consumer business. That is something that we really care about and we continue to, I think, narrow the gap there. I think we’ve got some good results there. I think it’s difficult period compares right now, because as Nick mentioned before, this is the period that’s comparing back into the huge Equifax, I would say, identity protection procurement period, which is very high ARPU procurement. We had some great results in that period a year ago. So I think we are very pleased that we managed to deliver a good quarter there, and now the business is on plan for the full year. But definitely – our management team and consumer is definitely focused on net new member growth and turning that curve and we measure that very carefully in our management reviews and that’s what a lot of our initiatives are at. I think the deal that we talked about in our prepared remarks around Aon are examples of new routes that can also help address that. And we do have better retention in the business, which is also, I think, part of the business case that when we sell our cyber safety platform, we lose less customers at the hardware refresh on the malware side of things. And they’re much easier to reacquire on the other side of a new PC. So I think all those premises that are behind our strategy and consumer are still there, and we like the long-term outlook for the business. I think we’re innovating there. We launched our Norton privacy manager, which is a very important topic for the…

Excellent. That’s very helpful, thanks.

And our next question this from the line of Shaul Eyal from Oppenheimer.

Thank you. Hi, good afternoon and congrats on the progress on the enterprise front. Greg, I’d like to know, given you guys have a sizable exposure to the European continent, and there has been some conflicting messages with respect to macro demand, what can you tell us about what Symantec has been seeing during the quarter coming out of Europe? Thank you.

So we don’t break out in our numbers – specific numbers on the geographies, but I can give you some longer-term views and what we’ve seen over the last little while. We have a very substantial amount of our business from overseas and we’ve seen some very strong examples, couple of them, we used in our prepared remarks, the home appliance, vendor and the hospital in Northern Europe. We are still seeing strong demand. I do believe that cyber defense is a non-negotiable across the board rooms of the larger organizations globally, including every major geography of Western Europe, especially after what happened to a couple of companies over there in the 2018 calendar year and 2017 calendar year around some of the malware worms that took out shipping companies and things like that. So, there is definitely a heightened sense of need for cyber defense there, and also the privacy movement is alive and well there, and data privacy and corporations is a big care about. So, we are happy with our outlook in Europe, but we are cautiously watching it, because we’re reading the same headlines and listening to everything else that are generating the comments. And we had a statement on that in our prepared remarks. but right now, for Q4, we’re in good shape in Europe and what we think, as we get to 2020, we’ll have some more – some more thoughts for you.

Thank you for that. And also, Nick congrats. It was a pleasure working with you.

Thank you and with you.

And our next question is from the line of John DiFucci from Jefferies.

Hi. Thank you. Greg, questions for you. It’s been touched on here. When given the guidance, total – even total revenue mid-single-digits into fiscal 2020. I mean, that’s still acceleration and it’s good to see some of the metrics looking a little better, but they looked a little better two quarters ago too and then last quarter looked as good. I just – I don’t think you’ve done mid-single-digit revenue growth on an organic constant currency basis, and I don’t mean just you and I don’t think Symantec has done it, since they divested Veritas. So, we see in our numbers and maybe we’re off a little bit there, but I don’t think so. So that’s why I become the fourth person to ask a question on this new topic, because it does also sound like we should be seeing some kind of a hardware component here. We get that. That revenue is recognized right upfront. So that’s going to help. But we’ve been waiting for that – for sort of a couple of years and I thought it just sort of passed us by. So, I’m not sure like it, is there like this – these customers that have they need to replace their proxies and the time is now to do it and you’re assuming they’re going to do it, but can’t they just go with other solutions too? And you said you’re ready for the cloud and I think of it. And it could be your solutions, but that would be less revenue and I don’t know, I’m just trying to figure it out, because...

So, John, I think if you – yes, so good question and I understand that there's a lot of – I would say I want to understand this better in the analyst community and I would just say that we just closed out Q3, we had a 3% organic revenue growth in the Enterprise and we also grew the contract liabilities at the same time. So the revenue growth is now coming at the expense of the build in the forward contract liabilities' database – sorry, a backlog, it's our view. Roll that forward, I think you'll get to the numbers we're at. And then I think the other thing to keep in mind is if you look at the discussion we're having, go back over the customer examples that we've rolled out on many calls over the last few quarters and have a look at the product examples that we're giving in that. There is a lot, lot more for sales here than hardware proxies in our Integrated Cyber Defense story. And then every solution that we talk about, we are talking about a number of products that are in there as adjacencies that are being sold. And I think that as you then close those deals, the beautiful thing about that is that they renew. When their service delivered, they renew and I think that's better for us. It's better from a cost of sales point of view and it's better from a stickiness point of view. I think as we move through what was FY18 and we had a big back half in FY18, did some great billings numbers in 18-month duration. We're doing it again in the back half of 2019, and we plan to do it again in next year. But you will find that, that renewal base gets very strong and that deferred revenue build, as Nick mentioned before, the stacking of that is quite good and we believe that our longer-term outlook being mid-single for the Company is achievable. We are in a transition as we mentioned before, and we're going to be coming out of the other side of that as we look forward, and we think that's where we build that guidance from. And I appreciate the question. And please pay attention to the size of the portfolio that's behind Integrated Cyber Defense and anchoring that growth on purely proxies and hardware proxies is not the case. And we're a big leader in Cloud Access Brokers. Those things have never seen a customer's data center they all run in the cloud as a bunch of products like that are pure cloud here at Symantec, and they're driving a bunch of great adjacencies and growth for us. So I appreciate the question. I think we have done a lot of work behind that answer and that's why we talk about it.

Okay. Thank you, Greg.

And at this time, I'd like to pass it back to the presenters for any closing remarks.

Great. Thank you everyone for joining us this afternoon and we look forward to updating you on our next call.

Thank you all very much. Thanks for the questions.

Ladies and gentlemen, this does conclude today's conference call. We thank you greatly for your participation. You may now disconnect.