Good morning. Welcome to GameStop Corporation’s Fourth Quarter and Full Year 2013 Earnings Conference Call. At the conclusion of the announcement, a question-and-answer session will be conducted electronically. (Operator Instructions). I would like to remind you that this call is covered by the Safe Harbor disclosure contained in GameStop’s public documents and is the property of GameStop. It is not for rebroadcast or use by any other party without the prior written consent of GameStop. At this time, I would like to turn the call over to Mr. Paul Raines, Chief Executive Officer of GameStop Corporation. Please go ahead, sir.

Thank you, operator. And welcome everyone to the year ending earnings call for GameStop. As we begin our call, as always, I want to thank our global team for delivering the largest console launch in history as well as providing the finest customer service in the gaming, consumer electronics and wireless industries. Joining me today on our call are Rob Lloyd, Chief Financial Officer; Tony Bartel, President; Mike Mauler, Executive Vice President of International; Mike Hogan, our EVP of Strategic Business; and Matt Hodges, our Vice President of Investor Relations. What a difference a year makes. Only a year ago, here in Grapevine, Texas, we were busy planning for two massive console launches that would bring a return of innovation to our category, yet the world wondered if there would ever be another console, would software be sold for them and would they allow for pre-owned games. Well, consumers voted throughout holiday and we are pleased to report that GameStop shared launch was at its highest level in our history. Our early assessment is that the console and publisher community are investing to create extraordinary products and titles for this generation that will drive very high demand. As we shared with you on our holiday sales release, in the fourth quarter our sales mixed heavily to new hardware putting pressure on our earnings, although our comps were close to 8% for the fourth quarter, a very healthy sign. We saw a decline in current gen software which has been a historical trend during a transition period to new consoles but that impacted our results. Our pre-owned business declined slightly, but gained momentum during the quarter. Digital receipts performed as expected at double-digit growth including very strong growth at Kongregate and our new mobile business has hit it out of the…

Thank you, Paul. Good morning. I’d like to start by recapping our fourth quarter and fiscal 2013 year-end results. As part of that, I will discuss changes in our reporting of product categories to emphasize some of our growth areas, which I’m sure you all noticed in the press release. Then I’ll provide our outlook for the first quarter and fiscal 2014. In the fourth quarter, total sales increased 3.4% from the fourth quarter of 2012 to $3.68 billion driven by the successful launch of the PlayStation 4 and the Xbox One. Comparable store sales for the quarter increased 7.8%. Excluding impairment charges and changes in management estimates, earnings per share for the quarter were in line with our most recent guidance at $1.90 compared to $2.16 per share in the fourth quarter of last year. The decrease in earnings per share was primarily due to the impact of stronger than expected hardware sales and weaker than expected software sales and the impact of the 53rd week last year. Excluding impairment charges and changes in management estimates, net earnings for the quarter decreased from $262.3 million to $222.4 million. The profit impact of the 53rd week last year was $10 million or $0.08 per share. During the fourth quarter, we recorded impairment charges of $28.7 million pre-tax, $22.8 million after-tax for the write-off of assets related to the shutdown of Spawn Labs and other store impairments. In addition, as the PowerUp Rewards program and our other customer liability programs age, we have more comprehensive data on point and balance redemption patterns that allow us to refine management estimates related to the ultimate costs of these programs. At the end of each year, we evaluate the estimates we use to record future redemption in the points liability and other customer liabilities.…

Thanks, Rob. As we stated in previous announcements, we realize the importance of a strong new console launch and we took steps to drive market share in the fourth quarter. Working closely with our partners of Microsoft and Sony, we were able to procure a strong launch quantities of these in-demand products. The strategy worked as we generate our highest hardware share of any launch period, selling more than three times more PS4s and Xbox Ones than during the launch period of the previous cycle. We have already sold more PS4s and Xbox Ones launch-to-date than we had in the first 15 months of the previous launches. Our strategy also involved leveraging the strong hardware growth to sell new and pre-owned software. Utilizing our buy-sell-trade value message, PowerUp Rewards promotions and knowledgeable associates, GameStop was successful in this effort as our life-to-date attach rate on Xbox One and PS4 software of 3.3 is more than 60% higher than the rest of the industry. The strong attach rate is a key reason that we are able to procure strong post launch hardware allocations from Microsoft and Sony. Our full year total software market share grew 2.8 points to 39%, our highest year-end share ever. We also ended the year with record hardware market share evidenced by our strong execution of both console launches. 2014 is off to a strong start as we continue to maintain leading market share on next gen hardware and software. Our year-to-date combined PS4 and Xbox One software share is 47%. The greater than expected supply of PS4 and Xbox One hardware impacted legacy software sales, resulting in a reduction of PS3 and Xbox 360 software sales that was greater than we had anticipated. We expect this trend will continue and project a significant decline in PS3…

Thanks Tony. Good morning everyone. As in the U.S., GameStop's international businesses finished 2014 with the excitement of two new console launches. With unprecedented demand for the next generation of consoles, a strong attach rate on new software and accessories and our dominant market share is significantly higher than the last cycle. Our international businesses saw same store sales increase 14.2% in the fourth quarter and 5.6% for the full year. This consumer excitement continues into 2014 where we are still taking reservations on the PS4 in many markets as demand continues to outstrip supply. Also the Xbox One we’ll be launching in 26 additional countries later in the year where finally Xbox One fans in our Nordic markets will be able to experience Microsoft’s latest console technology. Our major increase in market share during the launch of this new generation of consoles versus the last cycle has been driven by several factors, including our significant investments in fully developing our multi channel strategy; optimization of the buy-sell-trade model and the global expansion of our royalty program. PowerUp Rewards continues its expansion across our international businesses. In 2014, we launched our loyalty program in several additional markets and GameStop’s international members now total greater than 7 million strong in 11 countries. The intimate relationship that we have built with our customers combined with sophisticated CRM tools has played a key role in driving double digit growth in e-commerce, digital and mobile sales. With the strong focus on building our multi channel businesses and by integrating all channels with GameStop’s loyalty program, international e-commerce sales continued its third year of double digit growth with 2013 increasing 32.2%. By effectively leveraging our loyalty program and our knowledgeable store associates to increase the discoverability of new digital content, GameStop continues to grow its…

Thanks Mike. I will begin with a quick update on GameStop’s market model. As you may recall, we introduced the GameStop market model to provide a holistic forward looking perspective on the gaming category including both physical and digital segments. Back in March of 2013, the model projected significant console category growth for 2014, anticipating successful introduction for the PlayStation 4 and the Xbox One. Specifically, the model projected over 20% dollar growth for the console category in the first year following the console launches. The console category is defined as console hardware, console software, accessories and console digital. Console digital has become a significant component of the category and it is a strong growth business for GameStop. Please note that these are North America numbers. So what have we seen to-date and what do we expect for the full year? Overall, we are seeing console category performance very much in line with what the market model projected a year ago. The appealed sales of the new consoles continues to be extremely strong, consistent with what our PowerUp consumer research showed a year ago. Model had previously projected PS4 and Xbox One dollar sales at slightly below prior generation. We are now projecting dollar sales for these 2 consoles at 125% of prior generations through the first three years. The fall off in sales for prior generation consoles is also consistent with the market model projections as well. In fact, the actual sales dollars for the new consoles during the first few months has significantly exceeded what the model projected at this time last year. This is due primarily to much better than anticipated product availability from Sony and Microsoft. The net of this for the category was an additional nearly $1 billion in next generation products sold during November,…

Great, great. Thank you, Mike. Operator, we are ready for questions and answers.

Thank you. (Operator Instructions). And we will go first to Brian Nagel with Oppenheimer.

Hey, this is Erica on for Brian. Thanks a lot for taking my questions. I guess first, I am hoping to dive a little bit deeper into the category trends, I mean clearly positive commentary in your prepared remarks around the continued performance of new gen hardware and software. Can you maybe just update us on the performance of the prior generation software; have you guys seen sales declines in that category stabilize; have they gotten worse since your holiday update in January?

Hi Erica.

Hi.

It’s nice to talk you. I think Rob probably could give us a little bit of what he sees and then maybe Tony. The only one thing I would say to the investor base is that Tony and I just got back with Mike from Destination PlayStation. And the one thing that I come away with this as consoles return to the category, we’re seeing a lot of new investment. That’s very important because for years, we watched investment flow out of consoles into other forms of gaming and electronics. And now you’re seeing, right Tony, a tremendous amount of projects there, we can talk about et cetera, but we see investment that’s good for the category. Rob, maybe you want to talk about current gen and what you see?

Yes. That’s a big question that everyone has is what’s the fall off rate on the Xbox 360 and the PS3 software, what’s that going to do throughout the year and then what is the sort of across the curve with the next-gen? We’re continuing to see that there is decline in that category. I think what we can expect during the remainder of the year is that we’re going to see that decline rate, I don’t think it’s going to continually increase in terms of rate of decline, but I think that you’re going to see a pretty consistent rate which you’re going to see blips to the positive when we get some of this new IP that Paul was just talking about, for example, when Titanfall launches for the 360 coming up shortly.

And I would add that as you see the innovation come back into the category, you are seeing the renewal in all forms of video gaming. So we did take down our expectations for launch of some of the 360 and PS3 titles and just like the new-gen titles are exceeding the launch expectations, we’re also seeing the same thing with Xbox 360 and PS3 games. I would say there has been a leveling off since holiday.

Okay. That’s really helpful. And then just lastly, I mean how should we think about that 2% store closures that you guys highlighted in today’s release? I mean, is there any shift in strategy there or is that just simply normal maintenance?

No, no, it’s interesting, Erica. There is no shift. People love to run with these store things because with typical retail situation, you close stores. Remember that our strategy that Rob and I announced I think at the Credit Suisse conference three years ago was that using PowerUp Rewards, we would began to consolidate our store footprint in United States by 2% a year. And so this is consistent if you go back and look at our scripts from last year and the year before. The reason we can do that is because the PowerUp Rewards membership we are able to market them individually and give them incentives to go to other stores. So what we’re doing is consolidating that volume into adjacent stores, et cetera. Now that does not include the Technology Brands businesses because Rob told you, we’re going to add about 300 to 400 stores and we’ll give more guidance on that on April 22nd. But in the video game space, we’re able to create a lot of value by consolidating the footprint. And it’s not more than that because we have a lot of profitable stores, but that’s about what is right given our PowerUp Rewards productivity in our footprint.

Got it. Thanks and best of luck this year.

Thank you.

Thanks.

And we’ll take the next question from Anthony Chukumba with BB&T Capital Markets.

Hey Anthony. Anthony Chukumba - BB&T Capital Markets: Good morning. Just had a question in terms of free cash flow, I just want to make sure I got my numbers right. You said you had $632 million of free cash flow last year, and you are expecting about $450 million to $500 million. So, I guess I was just wondering what accounts for the difference in free cash flow, particularly given that net income will be up year-over-year? Thanks.

A lot of it has to do with the timing of payment of accounts payable at the end of the year. The way that the payments fell this year led to higher than guided free cash flow for 2013, the downside of that is it flips around now in 2014. So I think if you blend two years, you’ll see a strong generation of free cash flow in line with the kind of trends that our net income would expect to generate. Anthony Chukumba - BB&T Capital Markets: Okay. That’s helpful. Thank you.

And we’ll move to the next question, it comes from Tony Wible with Janney.

Hi Tony.

Guys, if we put the same used titles next to those value titles and will in anyway the price of this new value gain influence what would be the used price? In other words, will the consumer still have a say in ultimately driving up or down the kind of free market price of a used game? And then I had a follow-up after that.

Sure. Let me start that off and then Tony and Mike Hogan here can add some color. If you think about our -- what’s happening is, is we see the category growing again. And we expect pretty strong growth in pre-owned. At the same time, as the industry grows again, our partners want to try to move to some old IP. We are out of stock in many stores on some of the best selling pre-owned titles. So, while we can get enough inventory from our customers for some of those stores, we love the idea of filling in some other parts of our footprint on those hot selling pre-owned titles. And then Tony will share with you, there is a lot of appetite out there to give us, better margins for some of those repressed items. So Tony, you want to talk about that?

Sure, absolutely. And to answer your direct question, I see that you will have prices floating like we did today on our pre-owned inventory, because like Paul said, this was mainly used to certain holes. The great news about what we know with great information and with PowerUp Rewards, we know where consumer demand is for these products, we’re able to take that back to our publishing partners and say hey here is some products we cannot get enough of, there is consumer demand for. And they love that because, they either have these potentially in a warehouse or they are able to repress them in some cases for us. But we’re working very closely with our publishing partners to be able to fill in the holes that we see through our pre-owned business.

Got it. So it’s basically an incremental category, it doesn’t necessarily cannibalize or take away from the fact that there is other used alternatives?

That’s right, not at all Tony. And the thing you got to think about is, we know historically the pre-owned business will have very strong growth in the first two to three years of a console cycle. There is going to be a lot of demand from the value people. So, the new game buyer will be buying all the new consoles and software. There is a value buyer that comes back into GameStop and that value buyer we want to serve them more broadly than we ever have. At the same time, as a lot of people learn and raise awareness of pre-owned, it’s a great to be extending our opportunities. Mike Hogan, do you have anything you want to add to that?

No, I just can emphasize the fact that this is incremental business. So you are not going to see the same title added to the shelf, you are going to see titles that wouldn’t otherwise be available. And I think it is also worth mentioning that we are also looking at -- we talked about we are looking building new smarter categories, you wouldn’t have seen before whether that’s a variable technology or whatever, so you might see some of that starting to show in the store as well.

That’s right, you may see fitness products and variable products, those are all products that consumers, our PowerUp Rewards consumers give us a lot of feedback on what they want to trade at GameStop and it’s becoming very broad in terms of what we can offer. So that’s also going to be part of that volume.

Okay. And last question here is, when we are talking about aligning with possibly technology partners, is there any way you can elaborate, are you talking about more hardware companies, software companies or sort of companies like cable operators?

Well, I think, if you look at what we are doing Tony, we have said we think we are pretty good at distributing technology products, working with large technology players. We have a great historical partnership with Sony, Microsoft and Nintendo, Electronic Arts, Activision, Ubisoft etcetera. As we have gotten into the Apple relationship and the AT&T relationship, what we see is that those companies really need better and more sophisticated distribution that can present their products in appropriate ways. There is a fragmented dealer base around the United States. We are a great way to go to market. And it’s interesting, for years we’ve been only in this video game business and we’ve done incredible job, but we look around and say as PowerUp Rewards becomes as dominant CRM program people are coming to our door going, hey, can you distribute some of our other technology products and it’s working pretty well. So I don’t want to go any deeper than that in terms of partners. If you look at GameStop Technology Institute, we’ve got two great partners, there is several others who we’re talking about who want to come to GameStop and say help us help you develop this unique hybrid digital store and online model. And so, I don’t want to name any other partners Tony, but distribution is the way to think about GameStop’s unique skill set.

Great. Thank you.

We’ll take the next question from Seth Sigman from Crédit Suisse. Seth Sigman - Crédit Suisse: Okay, thanks. Hey guys, how are you?

Hey Seth. Seth Sigman - Crédit Suisse: Couple of questions about the Technology Brands segment, I think you said $63 million revenue contribution in the quarter. What was the gross profit and SG&A associated with that? And then just generally, how do you think about the margin structure of that business going forward, is it accretive, dilutive to the enterprise, how should we be thinking about that?

Rob, do you want to take that?

Well if you’ll see the disclosures of the full financials around the Tech Brands segment or at least what’s required in the segment disclosures in the 10-K which we’ll file next week, I think generally you can think about the gross margin structure as slightly higher than the typical GameStop gross margin rate and then the operating margin is relatively consistent. Keeping in mind that these are largely small businesses in a high growth mode, and if you think back years ago to the high growth mode that GameStop was in, that can be a little bit challenging in the SG&A side. But overall we’re very positive about what these businesses are going to add to earnings, as we continue to grow them and the opportunity that it brings to the company as a whole.

One other thing to think about too Seth is that, these businesses are both a white space or organic growth opportunity as well as a roll up and acquisition opportunity, both pieces of this representing themselves to us in some interesting ways in these categories. So that will be a part of our strategy on how we go forward in the build out. Seth Sigman - Crédit Suisse: And I may have missed this, but did you guys talk about the CapEx required to grow that store base to 300 to 400 stores that you mentioned before?

Yes, we mentioned 35 million to 40 million for that for the year. Seth Sigman - Crédit Suisse: Got it, okay thanks. And then may be just a bigger picture question about new console adoption which looked pretty good so far. I don’t know if you have the information at this point but what are you learning about the console customer, is it a prior PS3 or Xbox 360 user, are you seeing new customers come back to the category, anything on the demographics, just curious what you guys are seeing at this point?

Sure Tony. Yes, we’re seeing a lot of trades of prior generation coming in to fund these as Mike shared with you, nearly a third of these are funded by some sort of a trade credit. So, it is a lot of customers that work in the PS3 and in the Xbox 360 gaming arena. And they are moving up, really they are trading up to these systems. And so far I mean demand has been very limited on these consoles in general, so you’ve got early adopters. Mike, what have you seen in PowerUp Rewards?

Yes, I think from what -- obviously…

Sorry, supply has been limited not demand, demand has been good, supply has been limited.

Yes, I would say a couple of things, one is from a PowerUp Rewards perspective, starting with the consumer research, we showed some data sort of mid last year, late last year saying that over two-thirds of our base was indicating that they were very interested in buying these consoles. And so from that perspective to Tony's point, the demand has been, I'm assuming the demand has been far outstripping the supplies so far. We still see really strong demand and it's a very, very broad group. So, it's not just a core gamer here, it's definitely broadened across all of our segments. I think the first people to the stores, it tends to be a little more core, we see that base quickly broadening out and that's what caused us to up our forecast and at this point project that these consoles over the first three years are going to do significantly better than even the PS3 and the 360 did in their launch. So, we're seeing very, very broad demand here.

And as I mentioned earlier, we're still taking reservations in most international markets on the PS4. So demand has been unbelievable.

And clearly as new IP comes out like Titanfall, you see systems really explode. Seth Sigman - Crédit Suisse: Got it. All right, thanks and good luck.

Thanks.

We'll go next to Mike Olson with Piper Jaffray.

Hey, good morning.

Hey Mike.

Good morning. I had a couple of quick ones. Can you give us a sense for the mix of next-gen software sales in the total new software number at this point? Are we at like 25% or 30% of total software being sold on next-gen today? And at what point do you expect next-gen will reach more like the 50% level?

Rob, you want to reiterate your answer on that?

Yes. I think what we're going to see through the early months of the year is a little bit of lumpiness and it's going to be caused by the fact that you get something like Titanfall launches for the Xbox One in March, it's going to launch for the 360 in April that's going to drive some numbers that make it a little bit difficult to detect the pattern. I think by late in the year we see the two next-gen, previous-gen unpar with each other from a software perspective.

Okay. And then you said your console industry market model now suggests like mid-teens growth for the industry in ‘14. And can you just remind us the differences between that model when we compare it to your overall kind of company revenue guidance, which I guess is 11% at the midpoint for the year?

Sure. So the projection that we gave a year ago, so this is the console category, so that’s console hardware, it’s console software, it’s accessories and it’s console digital. And I think one of the reasons why we started looking at the category that way a year or so ago is because console digital is becoming a very important part of the category and it’s like I mentioned before it’s a very important -- it’s very important growth business for GameStop. Obviously hardware is going to be the -- although we’re not giving the specifics obviously hardware is going to be the fastest growing segment within that, but digital is also a very important piece of the category as well. What’s not included in that definition is the traditional handheld, the handheld piece of category.

Okay. And then if I could sneak one last one in, do you guys have any evidence to suggest that next-gen consoles are beginning to sell beyond the kind of early adopter crowd. In other words, we think it’s no longer debate whether the consoles are selling well, because clearly they are, but I think there is still a debate that may still be valid that says casual or even mid-core gamer kind of continues to wait on the sidelines. What are your thoughts on that?

Mike?

Yes sure. I guess I can give you sort of the two pieces for that; one is, from the consumer research to PowerUp Rewards, again we’ve seen extremely broad demand there. So even thinking about the demand in advance of purchase, the numbers that we’re seeing with over two-thirds of debate that’s a far greater number than you could get to just looking at our early adopters. So we’re seeing very, very broad purchase interest amongst the broad group of consumers including both core and broad consumers. And then as we look at the actual purchase data coming and which is of course lagging a little bit because demand has been outstripping supply, there is a lot of people that would like to get the consoles, but haven’t gotten to them yet. And we’re seeing, once again we’re seeing a very, very broad group of consumers there as well, so clearly much more than just the early adopters at this point.

Here is the other piece of anecdotal information of that Mike, is that the number one accessory that we struggle to keep in stock on the PS4 is the PS4 Camera which would definitely be a broad consumer and that’s something that we -- definitely if you see one, buy it because it’s definitely in very, very low supply at this point.

All right. Thank you.

And it looks like we have time for one more question. And we’ll go to Arvind Bhatia with Sterne Agee.

Hey Arvind.

Hey guys. How are you?

Good.

So one thing we didn’t touch on that we keep getting questions on is the rate of change going on in terms of digital downloads. And I know Paul you have a view on that in terms of the chronology of that et cetera. Just wondering if you are seeing anything different now, because we hear more chatter on that front, that’s one? And then with things like Google Fiber in places like Kansas City, Austin and other places, are you seeing anything from your research that tells you the rate of change is different than it was there a couple of years ago and how do you see that going forward? Thank you.

Sure, sure. I’ll let -- Tony, why don’t you talk about what we’re seeing?

Sure. What we’re seeing, obviously PS4 there is no doubt that there is a lot more going on from a digital sharing perspective as I’ve referenced by our PS4 sales. We are seeing an uptick in the sale of digital games at GameStop. The most, the highest growth item now that we’re seeing is the content that is now pretty well fold with every significant launch that takes place. So we are seeing an ever increasing amount of DLC sold. Our penetration of DLC sold on every launch is increasing. So, we see a lot of that. Obviously we’re doing a lot to drive the identification of that over. But in terms of full game download that still remains a very, very small percent of our business. And so, we see it more on the downloadable content side.

Yes. I think it’s one of those things Arvind; it’s exciting to talk about. And we like the idea, right, of selling full game digital content, we’re pretty good at it at this point. But I would say it’s still like technology versus chronology. And don’t forget, the games are getting bigger. I mean these new -- these next-gen games are stunning, but that requires a lot of size. So, not much change there yet.

Okay. And then one last one from me; still little bit unclear on how this is going to pan out in the value price versus your pre-owned software. So as a customer, I walk into a store, obviously I can’t tell the difference between the two. How do you promote one versus the other and how would that not impact the mix and potential cannibalization et cetera? I am just trying to figure out how that would work out from your perspective.

Sure, yes. I mean the way to think about it Arvind is, it’s really, it doesn’t need to be promoted differently; it’s all about feeling unmet demand. There really is no change to what we’re doing on the pre-owned side. We’re buying back from customers games at the prices that our algorithm tells us to buy that. But there will be games that are just not available in every store, because we can’t get enough of them. There will be new games, we have tested reprinting games, vintage games and customer demand is sky high. PowerUp Rewards tells us there is a lot of enthusiast for old games out there. Mike Hogan, do you want to share something?

Yes, I would just say amplifying Paul’s point, one of the ways to think about pre-owned business is it’s a supply constraint business. And so we often have areas in which we can feed their significant consumer demand with the products unavailable in our stores, and we think there is a nice opportunity within the core gaming category to go and identify older games that we think there is some strong consumer demand. And we’ve done some of this over the last year or so, we did some online very successfully, particularly in the vintage category and we think there is opportunity for more of that. And then I’d also once again add that we think there is a broader category after we can get into, there is a lot of related technology category -- technology products that aren’t currently available in our stores that we think could bring in at a value price as well.

Yes, I think one of the things Arvind that you got to look at is as the category returns to growth, there is a lot of things that are going to happen; one of them is that competitors will return to it, because they see that there is growth there, because value shopper is coming back. So we have a unique opportunity with PowerUp Rewards to provide all kinds of new growth opportunities to those customers. At the same time technology around variables is going, is just skyrocketing and we’ve been told by many of our PowerUp members that that’s something they are looking for. So, that’s the way to think about it as an incremental additive piece of that business. And the reason to add it to the categories, because if they value category, it would be silly to have a value product next to the pre-owned product and try to think of it as a different. Because our consumers tell us, they always go the pre-owned wall for value. So, that’s the idea.

And so the margins on this would be just similar to new software margins or slightly better on the value price category?

We think better obviously it is not really worth doing, if we can’t get better margins on some of this stuff. But Tony has gotten a great response so far, because it’s incremental revenue to our publishers who may have old IP sitting on a shelf unused if you see. And that’s going to provide us some opportunity.

Thank you guys and good luck.

Great. And with that, we will wrap it up. I just want to thank investors for their time and for supporting GameStop and invite you to our Investor Day on April 21st and April 22nd at -- here in Dallas. Our IR team can provide you information. We think it will be a worthwhile use of your time. Thank you very much.