Ladies and gentlemen, thank you for standing by. Welcome to the MarketAxess Third Quarter 2025 Earnings Conference Call. [Operator Instructions]. The conference call is recorded on November 7, 2025. I would now like to turn the call over to Steve Davidson, Head of Investor Relations at MarketAxess. Please go ahead, sir.

Good morning, and welcome to the MarketAxess Third Quarter 2025 Earnings Conference Call. For the call, Chris Concannon, Chief Executive Officer, will provide you with an update on our strategy and our trading businesses. And Ilene Fiszel Bieler, Chief Financial Officer, will review the financial results. Before I turn the call over to Chris, let me remind you that today's call may include forward-looking statements. These statements represent the company's belief regarding future events that, by their nature, are uncertain. The company's actual results and financial condition may differ materially from what is indicated in those forward-looking statements. For a discussion of some of the risks and factors that could affect the company's future results, please see the description of risk factors in our annual report on Form 10-K for the year ended December 31, 2024. I would also direct you to read the forward-looking statement disclaimer in our quarterly earnings release, which was issued earlier this morning and is now available on our website. Now let me turn the call over to Chris.

Good morning, and thank you for joining us to review our third quarter financial results. As highlighted on Slides 3 and 4, our third quarter results reflect a return to more challenging market conditions and historic levels of new issue in September as well as continued revenue growth challenges in U.S. credit. Revenue was $209 million in the quarter, up slightly from the prior year. Our revenue growth outside of U.S. credit was strong at 10%. With regard to the operating environment, we are focused on providing our clients with a platform that has the right mix of protocols and workflow tools to meet their needs in all market conditions. We intend to deliver a platform that will be protocol agnostic that uses data and analytics to help clients decide the appropriate protocol for each trading situation. Our current model does exceptionally well and higher volatility when spreads are widened out and liquidity is in higher demand. Unfortunately, we have only seen limited periods of volatility over the last several years, and we continue to see fairly tight spreads. Revenue growth in U.S. credit has also been impacted by the growth of new protocols like portfolio trading, the growth of the dealer-to-dealer market and smaller-sized trades moving from RFQ to portfolio trades at lower capture rates. The good news is that we are modernizing our technology platform, while at the same time, delivering new protocols and workflow tools to help our clients be more efficient. Most importantly, we continue to gain significant traction with our new initiatives. In the client-initiated channel, we generated 10% growth in block trading ADV across U.S. credit emerging markets and Eurobonds. This strong growth continued in October with a 21% increase in block trading ADV. In the portfolio trading channel, we generated a 20% increase…

Thank you, Chris. Turning to our results. On Slide 11, we provide a summary of our third quarter financials. We delivered 1% revenue growth to $209 million which included a $1 million benefit from foreign currency fluctuations and diluted earnings per share of $1.84. Looking at our revenue lines in turn. Total commission revenue was flat compared to the prior year. Services revenue increased 9% to a record $29 million. Information Services revenue of $14 million increased 6% or 5% excluding the impact of currency fluctuations. Post-trade services revenue of $11 million increased 9% versus the prior year or 4% excluding the impact of currency fluctuations. Technology Services revenue of $4 million increased 20%, driven by higher license fees as well as connectivity fees from RFQ Hub. Total other income increased approximately $2 million driven by a tax credit and lower FX losses in the current quarter of approximately $4 million. This was partially offset by lower interest income and a $1 million negative swing in unrealized gains and losses on investments. The effective tax rate was 27.1%, up from 23% in the prior year, reflecting the increased accrual for the uncertain tax position reserve we established in the first quarter of this year. Slide 12 provides you with a quick summary of our KPIs. We continue to deliver strong growth across most of our KPIs, which reflects the progress we are making in our new initiatives. On Slide 13, we provide more detail on our commission revenue and our fee capture. Lower total credit commissions and lower total rates commissions revenue was mostly offset by higher other commission revenue which included the impact of RFQ-hub. Total credit commission revenue of $165 million was down 2% compared to the prior year. With strong 11% growth in emerging markets and 9%…

Thanks, Ilene. In summary, on Slide 16, we are continuing to innovate and execute with our technology modernization and we are focused on the delivery of new product enhancements and new protocols for the remainder of 2025. Our new strategic hires are already making a difference in our execution and we continue to show performance across our new initiatives for block trading, portfolio trading in the dealer-to-dealer business. Our revenue growth profile outside of U.S. credit is strong, and we are addressing our challenges in U.S. credit. And while we are pleased with the growth we are generating with our new initiatives, we are confident that we can execute faster to generate higher levels of growth. Now we would be happy to open the line for your questions.

[Operator Instructions] Your first question comes from Chris Allen with Citi.

Yes. Morning, everyone. Thanks for the question. Nice to see solid expense control this quarter. I have a bit of a 2-parter. One on the Mid-X U.S. launch, obviously, you see nice volumes to start. Can you talk about the pipeline to add additional dealers there? How it's interacting with PT, whether you see benefits there. And the second part, where you're seeing good uptake in new offerings like Mid-X you noted, your overall share gains have been elusive, which is leading to the investor frustration. Can you elaborate on your comments in terms of taking actions to deliver faster technology enhancements? How you're addressing competition, particularly if your legacy areas of shrink, which some are questioning whether there's been a degradation there, just so you're seeing uptick in new solutions, but overall share is moderated?

Great. Okay. Thanks, Chris. And yes, I'll try and get to all those parts of the 2-part question. First, on the recent launch of Mid-X which is our mid-market matching solution, really finally addressing that dealer-to-dealer market that has been growing over the last few years, now about 30% of the trace market is the dealer-to-dealer market. And we obviously have been engaged in dealer initiative business particularly using our dealer RFQ, which as you can see in the numbers and certainly in October, continues to grow. The dealer-initiated business in October was up 22%. And that's really without the full rollout of Mid-X, which only rolled out in late September and still early days. We are excited about those early days, though. As I mentioned in the opening comments, we're now seeing Mid-X run on a daily basis when it launched, it was running several times a week. So we have plans to increased the number of Mid-X sessions. We only run on a day today. But right now, we're on track to deliver around $2.7 billion in the month. That's the kind of run rate we're on. So we're pretty excited about that, just given it's so one session a day and off to a good start. The other important piece of that Mid-X solution is really our relationship with the dealer community who are a key ingredient to our ecosystem. And as you mentioned, it has a relationship to portfolio trading really, as dealers enter into portfolio positions, they obviously want to exit those positions in an efficient way. And certainly, the mid-market sessions that are out in the market have been very helpful to the dealer community for exiting that inventory. Unfortunately, they were priced at -- some of them were priced at quite a higher…

Your next question comes from Patrick Moley with Piper Sandler.

Yes. Wanted to ask about the closing auctions and the announcement that you made recently. Can you help us get a sense for just the size of that opportunity, what it could mean for data, what do you mean for your market share. And then how large a piece of the overall credit market do you think that, that sort of volume could become over time?

Thanks, Patrick. And obviously, a great question, just given how much time we've worked on the closing auction. So we're very excited to finally get that news out because it's been a sizable investment for us. It's been really an ongoing strategy over the last 4 years. We have some really great partners advising us on the project. BlackRock, State Street, Alliance and DWS have just been great partners, and there's actually more large investment managers beyond that list that we didn't disclose in the release. We've been working closely with the large investment banks and ETF market makers. They are very key ingredients obviously, the liquidity and a closing option like the one we're designed. We also have worked with the SEC, our closing auction requires filing with the SEC because it's part of our ATS. So lots of years of work and effort is finally coming to market. So we're super excited about that. First, let me tell you what it is not. The closing auction is not a mid match -- a mid-market matching session. The fixed income market has lots of mid-market matching sessions where you match buy and sell interest and just use a price at mid of the market. That's not what we've built. We've built a true option where buy and sell interest, find a clearing price and that clearing price ends up being where all the trades that are matched execute. So it's a very important difference to what is quite popular in the fixed income market. The other key ingredient to an auction is an all-to-all network that is sizable. So just given our position with our all-to-all network, we are able to allow any participant match with any other participants. So that's really a key ingredient in any auction and…

Your next question comes from Alex Kramm with UBS.

Just on the kind of laundry list of new initiatives and some of them that are running a little bit slower, maybe unpack U.S. block trading a little bit more. I know success outside of the U.S. so far, seems like U.S. block is still very early, but anything you can help us with in terms of timing of more dealer liquidity on those? And anything else where we could expect to see some uptake here?

Sure. Thanks, Alex. And certainly, we see the block market as the biggest opportunity in front of this company. It is really -- when you think about the overall global fixed income markets. Right now, the nonelectronic portion of that market globally is far greater than what is already electronics. So we see it's rare that you have a company that has a market opportunity that is bigger than the market it sits in today. So we're pretty excited about the block opportunity globally. But particularly here in the U.S. Overall, as you saw in some of our numbers, our block growth rates in Q3 across all the products was about 10%. But in October, we saw that jump to 21%. So we are seeing the block initiatives yield some results. I'd say in U.S., as you point out, it's not at the levels that we would want just to give you some stats in U.S. IG in October, we did see it jump to 30% growth. So our block activity in October is up. But as you can see in our share, it's up slightly. We'd like it to be up much further. I think the key ingredients are really still content. So we have made huge inroads in the content that we share with our clients, both in U.S. credit, but certainly in EM and Eurobonds where we have pretty robust content. We are also constantly delivering new features. So we're excited about new offerings rolling out just in another week that will help address some of the key ingredients to block solutions and block trading where we want our bank partners -- our large investment bank partners to be able to share their [ acts ] content directly with our clients. That's a key ingredient for the block market to take hold. So where we have content, we're seeing success. And now we're delivering with the rollout of EXPAREL in Europe, we're now delivering just a better workflow for that block trading content in Europe. Certainly, in the U.S., we're making regular changes to our block solution. So we're excited about the coming months and some of the changes that we're delivering.

Next question comes from Benjamin Budish with Barclays.

This is Chris O'Brien on for Ben. I wanted to ask a broader question about the environment. We're seeing continued lower credit spreads, lower volatility. Just curious how you're thinking about growing through this kind of environment if it were to persist? And is there anything that you could see that would maybe make a meaningful shift in the environment that we've been seeing over the last several months?

Sure. Great question. Certainly, over the last several years, we've seen generally lower volatility, tightening of spreads. And certainly, that has had an impact on some of our core offerings. We did see return to volatility in the second quarter. So we're happy and pleased with that second quarter spike of activity, but much of that was short-lived, and we can see how quickly volatility comes and goes in the marketplace. I'd say in the current month, we are seeing higher levels of volatility. Obviously, you're seeing VIX above 20%, and we're seeing spreads widen in the current environment. certainly, in November, the market is reflecting higher levels of volatility. TRACE in -- is up 46% in investment grade and it's up about 25% in high yield. So we're seeing in the current month activities that would suggest a little bit of unlocking to that lower spread and lower volatility. But as you point out, it's been -- if you look at the summer months, in the third quarter, there was very little spikes of volatility or volatility activity. So challenging environment. But certainly, both in October and now in November, we're seeing higher levels of volatility and a little bit of spread widening, which makes our all-to-all liquidity that much more attractive.

And then I would also just add, if you think about market expectations for Fed rate cuts this year, they remain sort of at the 2% to 3% with a possibility of a third cut in December, having declined a bit as we heard post Powell's remarks last week. But there's still a more likely than not probability of a December cut but perhaps with less conviction. Having said that, the curve is still trending towards a gentle steepening but the front end is being fairly anchored. The belly largely holding and the long end remaining sort of sticky. So in other words, if you think about short-term yields could fall when the Fed cuts and long-term yields not falling maybe as much and if such a scenario plays out, this should be positive for liquidity, secondary turnover or things like that. And you could see more willingness to buy longer-duration bonds. And I think, as you might have imagine, right, we saw just, for instance, in -- on our platform during the quarter, we saw that the weighted average years to maturity moved up to about 9.1 years. From the 8.5 year level we saw the prior quarter. And all of that said, as Chris just said, we are seeing some interesting movement in November. And even just in the first few days, we've seen weighted average years to maturity. And that was only the first 2 days. So you have to keep that in mind, but we did see weighted average years to maturity up to about 10 years, let's call it. So there are some other factors to keep in mind as well when you think about the macro environment.

Next question on comes from Michael Cyprys with Morgan Stanley.

Maybe just continuing with the last question, macro backdrop, clearly, moving your way in November as you just answered with the last question. But if that proves short-lived and macro backdrop returns to a bit more challenging backdrop like we've seen for some time. I guess, what's the scope to returning to higher levels of growth parts of the business do you see as perhaps the most meaningful contributor to that? I know you mentioned some tangible progress on new initiatives, some of which are lower fees. So just curious how you're thinking about that as you look out over the next 12 to 18 months?

Sure. Great question. As we mentioned in our opening remarks, a key ingredient to our strategy going forward is being what we call protocol agnostic. We need to deliver protocols that our clients choose at times of high volatility or at times of low volatility. So when I think about low vol environment, the things that tend to stand out in the market are portfolio trading, the dealer-to-dealer mid-market sessions, things like Mid-X, which we've just rolled out. And you see higher levels of block activity move into the market where spreads are stable and tight our investor clients tend to move back to going direct to dealers. They don't leverage that unique liquidity in the all-to-all marketplace that we run. So really, the key ingredient is providing those protocols seamlessly to our clients, but then using our unique proprietary market data to help them decide which protocol to choose from. It gets complicated to decide whether to do a portfolio trade or to do a list and just go out to all via RFQ. A lot of our data can help traders decide which protocol to use for any given environment. And that's kind of the key ingredient of the strategy going forward is that protocol agnostic approach where we can provide things like block trading tools directly to the client where that client can trade directly with a dealer that has an act or has content or more importantly, we can help that client select the dealer based on their activity in the market that we see. So all of the key initiatives, the block portfolio trading and the dealer-to-dealer initiative are really designed for lower vol environment, whereas our key liquidity solution, the all-to-all network is certainly robust in the volatility that we're seeing in today's week and the last couple of days.

Our next question comes from Simon Clinch with Rothschild.

Again, sort of thinking about the market environment. I was wondering, Chris, if you could give us some thoughts around the mix of volumes in credit and just the real reasons why and sustainability or the surge into the size of trades at the block end side and then the sort of shrinking of the size of trades to the other end. And I kind of -- and really, what we're seeing like month in month out seems to be a squeezing of that -- the dealer to client portion of the market. And I just wanted to get a sense of is that just a trend that's going to be going for you? Or do you think that is a cyclical element here versus -- but any thoughts that would be useful.

Sure. It's a great question because it's certainly the stats that we shared in our slides are unique, where you see the smaller trades get smaller and the larger trades get larger, that you don't see that too often across an evolving marketplace. With regard to the smaller trades getting smaller, we are absolutely well positioned to capture the efficiencies that are required to handle all of those trades and all of those trade sizes, that is clearly driven by one portfolio trading. Remember, portfolio trades are big notionally, but each of the line items are quite small. So part of the growth of that -- those tickets in the market that we shared is the growth of portfolio trading over the years. The other key ingredient to the growth of the smaller tickets is obviously the growth of SMA in the fixed income market. That's been a real driver of asset allocation among our biggest clients and will continue to be a driver as it collects more and more assets over time. And so those are certainly where we see the largest use of our automation tools are coming from clients with very large SMA, and we're happy to report that some of our biggest clients are continuing to invest in SMA either through acquisition or just overall investment in the SMA investment. So we're expecting the smaller tickets to grow as a percent of the overall trade market. we think we're well positioned. The other reason why we think they'll grow is larger trade sizes are going to be broken into smaller trades. We're already seeing that in our algo suite, where clients are taking advantage of our credit algos where they are able to trade large blocks of 20 in sizes of $1 million or $2 million…

Your next question comes from Jeff Schmitt with William Blair.

So there have been a lot of growth in industry share portfolio trading through last year. It seems to have stalled out at around 11% or 12% of credit volumes. You've still been able to grow share nicely. But what do you think is driving that pause that protocol matured? Or do you think it can continue to grow?

It's a great question because we've been watching that share portfolio trading share. Remember, it's a sizable part of the market. It's a key tool for our investors. From a market opportunity, it's quite small from an overall revenue opportunity. But because it's a critical tool for our clients, we continue to invest in it. The -- we're seeing kind of an equilibrium, I call it, in the IG market from a portfolio trading standpoint. I know some people predicted it would go to 20%. But it's really, as you point out, has really flatlined anywhere from 10% to 12% of the overall market. However, that said, where we have seen growth is in the high-yield market. That market, even in November, is up closer to 15% of the overall market. whereas just a few years ago, it was closer to 5% and 6% of the overall market. So we are seeing a number of our clients using the high-yield portfolio trading tool as a way to access liquidity. What's interesting is, as you point out, in IT, the flatness of the growth that is not for lack of dealer liquidity. We have seen more and more dealers move into the dealers place -- space for providing liquidity on portfolio trades. So there is ample liquidity in that portfolio trading market to support a higher percentage of the market. I just think the market is quite comfortable at the levels that they're hitting, which is anywhere from that 10% to 12%. The only time that we see it spike up is when we see what we call a mega portfolio, something greater than $1 billion in a single portfolio. And we've seen those be anywhere from $1 million to $11 billion in size. And those are obviously rare and just come once in a while. But yes, I think -- I do think we've hit some level of equilibrium in IG, but we are seeing this -- the growth in high-yield our high-yield market share of the portfolio trading market share has grown dramatically. We've been quite proud. We obviously talked to the dealers a lot about how we're doing in that one asset class. And we're certainly in a what we call a leadership position in high-yield PT right now. So we're excited about the investment we've made there and the returns that we're seeing.

Your next question comes from Dan Fannon with Jefferies.

You have Rick Roy on for Dan today. But I'm sure you're going to be excited for a third follow-up to the macro environment. But just on that, we see duration and yield to maturity, at least measured on the bond index, creeping up month-to-month, your charge for that as well. I was hoping you could provide an updated outlook on maybe where you think the curve could land from that perspective and maybe the updated impacts to fee per million based on that? And then separately, with the expense control that you guys have demonstrated year-to-date and the reaffirmation of guidance today, I get to kind of an implied sequential increase in 4Q that seems a bit elevated relative to historical seasonal patterns. So if you're able to quantify which line items might be driving this increase? And if I'm so lucky to get a little bit of insight into 2026, that would be helpful as well.

Okay. Let's unpack your questions. And let me take them in turn. So if I start with the macro and the weighted average years to maturity, look, it's really -- I think I kind of laid out when I spoke before about what we're seeing in the environment in terms of the rate environment. and how things could play out in the scenarios depending on where we end up with a rate cut. And I did talk about how we're currently -- and remember, we're talking 4 trading days here. So we've got to understand that we've got to see where this lands. But we're seeing about 10 years weighted average to maturity on the platform. And in terms of yields, we actually saw yields out a little bit, although still in significantly from the prior year time period. So I think we're going to have to wait and see how that goes. I think you guys all remember the sensitivities at this point in terms of where high-grade duration helps us when it comes to yield if you're 100 basis points in, in terms of yield, we can see that adding, call it, $3 to $5 on the fee per million in high grade. And obviously, we've talked about this as well, but 1 year out on weighted average use to maturity can be worth about, let's call it, $15 more or less. And so those sensitivities still hold within a high grade. Obviously, there's lots of puts and takes, and we have to look all in at the credit fee per million and the different protocols and what's happening. But that kind of gives you a sense for how to think about the high-grade duration piece of this. And let me take your expense question. It's a good…

Your next question comes from Eli Abboud about with Bank of America.

I wanted to dig into your growth in Open Trading. It looks like Open Trading kicked up to 39% of your credit volume in October, which is the highest level since the regional bank crisis. Usually, I know this is a protocol that does well in the volatile backdrop, but volatility was up pretty modestly in October, certainly not on par with the levels during the regional bank crisis in April's tariff disputes. So what can you share to help us make sense of the stronger Open Trading adoption lately?

Yes. Great question. And obviously, Open Trading, certainly in lower vol environments have not had the level of penetration that we would prefer. And certainly, in October, we saw Open Trading move up just from September from 30% up to 34% and change. So while there was spikes of volatility, as you point out in October, it was quite muted across the months. And we -- I think one key ingredient that we've been adding to our Open Trading liquidity is new sources of liquidity. It's coming in two forms: One, we continue to add systematic hedge funds to the platform. They certainly enjoy the benefits of all to all where they can price other clients' bond requests on RFQ. And also, we've also seen a number of very large investment managers take advantage of all-to-all as well where they are providing responses to other investors request for price. And that's actually a fairly new phenomenon here. Usually, we try to provide things like our algo suite or our auto responder to traditional buy-side clients. But we've seen one or two buy-side clients make sizable investments in their own automation tools, and we're starting to see that behavior help support the liquidity even when there's lower volatility in our OT marketplace. We also saw in where we see higher penetration is in high yield. We also saw that tick up in October up as high as 43% of that market is our Open Trading liquidity source. So again, it's part of a longer investment of both helping large investment managers use tools to provide liquidity. And it's also the new entrants into the market that are creating unique liquidity opportunities that's increasing our overall Open Trading penetration.

Your next question comes from Patrick O'Shaughnessy with Raymond James.

So the electronification of high-yield corporate bond trading isn't as far along as investment grade, but it's also seeing share gains still out by you as well as other platforms. What are some of the unique challenges to growing electronic market share in high yield?

Great question. Obviously, the -- by nature of the high-yield market, one key ingredient is liquidity. Our clients come to us and talk about the challenges of liquidity and high yield. Obviously, when there is volatility, our high-yield our high-yield all-to-all provides that liquidity and certainly jumps in terms of market share. But really, the key complaint that we hear from clients in the high-yield market is just the lack of -- lack of liquidity, sorry, in that market. The other challenging in the high-yield market is information leakage. If you're in a position and you're looking to move that position, you want to be very careful how that information is shared to move that position. So picking the right bank or the right counterparty to seek that liquidity is a critical ingredient. So we spend a lot of time on the high-yield block trading solution and a high-yield dealer content to provide our clients with that unique information so they can actually reduce information leakage by increasing the likelihood of being filled when they reach out to a dealer. We also have developed an AI tool where we help with using AI to select dealers that are more likely to respond to your request for price. So those are key ingredients that we see being deployed in that market. The other unique fact that we're seeing play out this summer and continuing into November as the growth of portfolio trading in the high-yield market. That's a new fact, that we didn't see in prior years. We've also seen it play out in higher times of volatility. Normally, portfolio trading tends to move further down as a tool when there's high volatility uniquely high yield has recently been a tool that our clients are turning to even in heightened volatility as a way and a source to get liquidity. So I think the -- obviously, the ETF market and having a very liquid high-yield ETF market is supporting the liquidity that we're seeing in the portfolio market as well. But I would say that we are seeing growth in the E part of the high-yield market. It's coming in the form of that portfolio trading tools.

Your final question comes from the line of Simon Clinch with Rothschild.

Thanks for the follow-up. Chris, I was wondering if you could just talk a little bit about the competitive environment as well. You were just talking about portfolio trading. And we know that there's been more competition in that space, and that's kind of reduced the revenue pool in -- are we seeing any other sort of incremental changes elsewhere that would ultimately affect the overall revenue pools in other protocols or other parts of the market?

Obviously, if you look at our fee per million, it's largely been a result of the mix. The two areas where we run lower fee per million is obviously, as you mentioned, the portfolio trading area. And that's an area of growth for us. We actually came from behind and certainly are growing against a pretty fierce competition. And then certainly, the dealer-to-dealer space, which, as I mentioned earlier, is a very large part of the market, 30% of the market is dealer-to-dealer. And it's an area that we really underinvested in that one area and made a decision to support the dealer community with better tools for exiting inventory. And so our growth in the dealer-to-dealer segment of the market certainly comes at a lower fee per million, but it's all incremental revenue. The launch of our Mid-X matching solution is brand new. It's certainly early days, but that's at a lower fee per million, but it's all new revenue to the MarketAxess top line. So we're excited to see the early days of growth and a way to address the market as we proceed. When we look internationally, obviously, the EM market is quite exciting for us. We've seen sizable growth across LatAm and APAC, and we continue to see that growth. We've launched India just recently. So we're excited about adding additional products to that overall market. And we feel very good from a competitive standpoint in that market. We have certainly years of investment and many, many sales visits to grow that market and add clients to that market. And obviously, our all-to-all network is a sizable portion of that market close to 40% of the liquidity in that market. And we're seeing consistent quarter-over-quarter growth in the EM market. So we're quite pleased with the competitive landscape there. I'm also happy that we have a portfolio trading tool that is being adopted by clients in and we've launched a Mid-X for EM as well. So we've tried to address all the areas where we've seen competition move into the market, and we'll continue to do that as we invest in that EM business because it's a sizable business for us. It's -- if you look at the overall EM market, it's about the same size as U.S. credit. So it's a very exciting market to be certainly positioned where we are in that market.

There are no further questions at this time. I would now like to turn the call back over to Chris for any closing remarks.

Thanks, everybody, and we look forward to talking to you in the new year about our fourth quarter. Thanks.

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