Good day, ladies and gentlemen, and welcome to the Newtek Business Services full year 2017 earnings conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that. [Operator Instructions]. As a reminder, this conference is being recorded. I would now like to introduce your host for today's conference, Barry Sloane, CEO and President. You may begin.

Thank you, operator, and welcome investors and analysts to our full year 2017 financial results conference call. We certainly appreciate your interest and investment in the past year of 2017. And we have posted a PowerPoint presentation for all of you to follow along. Go to our website newtekone.com and then you could go to the Investor Relations section and you'll be able to follow along on the presentation. I'd like to draw everyone's attention to the forward-looking statement message on slide number one. For you speed readers out there, we can now go right to slide number two where we'll begin our presentation. We always like to point out our historical stock performance. These numbers are taken right off of Bloomberg. Last year's one-year return, including dividend, 27.5%. Our three-year return, 102.2%. Our five-year return, 220.9%. Given our comparative returns versus other BDCs, we're extremely proud of the financial results and I specifically wanted to thank all the employees, stakeholders, management team of Newtek and the Board of Directors on being able to deliver these results to the shareholders. On slide number three, we report our full year 2017 financial result information. We're proud to announce an increase of NAV of 5.5% over the $14.30 per share at Dec 31. We finished last year at $15.08. If you look at all of the other metrics, you could see that we've clearly had real good performance in the year. Net investment loss, which is unique obviously for a BDC, is $7.9 million. However, that did narrow from $9.3 million. The delta here is, as a BDC, that's unusual to sell its loans regularly. We've done so for 14 years and booked gains on sale. Those capital gains do count as qualified income. But for the GAAP NII number, it shows…

Thanks, Barry. Good morning, everyone, and thank you for joining today's call. I'd like to start with some financial highlights from our 2017 consolidated statements of operation. Slide 27 depicts a summary of our year-to-date and our quarter-to-date 2017 results. In total, we had investment income for the year ended December 31, 2017 of $38.9 million, a 25.7% increase over $31 million in 2016. The majority of this increase was from the growth in interest, interest income, servicing income and other income on our non-affiliate investments year-over-year. The increase in interest income was attributable to the average outstanding performing portfolio of SBA loans, increasing to $227.8 million from $176.2 million for the years ended December 31, 2017 and 2016 respectively, as well as prime rate increases throughout the year. We recognized servicing income of $7.2 million in 2017 as compared to $6.2 million in 2016, a 17% improvement which was the result of the SBA loan portfolio for which we earned servicing income increasing from $633.1 million to $783.6 million year-over-year. Other income, which relates primarily to legal, packaging and other loan-related fee revenue, increased by approximately 21.2% from $2.7 million in 2016 to $3.3 million in 2017 as a result of an increase in loan origination volume year-over-year. Dividend income in 2017 declined by $826,000 to $9.7 million from $10.6 million in 2016. For the year ended December 31, 2017, our dividend income included approximately $7.1 million from Newtek Merchant Solutions, $1.6 million from Premier Payments, $560,000 from IPM, $225,000 from Sidco and $200,000 from CDS. Total expenses increased by $6.6 million year-over-year or 16.3%. Salaries and benefits increased by $4.1 million, representing higher compensation levels and an increase in the number of employees resulting primarily from increases in loan originations, underwriting and closing and servicing activities required to…

Operator, we welcome calls from the listening group.

[Operator Instructions]. Our first question is from Leslie Vandegrift from Raymond James. Your line is now open.

Hi. Good morning. And thank you for taking my questions. I know you touched on this a bit in the prepared remarks, but the other operating expenses and G&A, can you give me a break down of that just for the fourth quarter?

A break down in terms of what the change was?

Yes.

Sure. So, we had an increase in other G&A of about – let me just hold on one second. That's in the slide actually.

Jenny, this is relative to the lease this year. Leslie, while Jenny is looking for the number, there's two items that we believe are non-repeatable and non-reoccurring. One, we had a gain in 2016 that related to the extinguishment of a lease operation. So, from a comparison, it then looked like 2017 had extra costs. The other expense, Jenny, while she's digging out the number, related to funds that we see pushed down into banc-serve, its portfolio company, to cover legal expenses to clear the current issue up. What's the total of those two, Jenny?

The sum of those two amounts are about $1.3 million. So, that's really your increase quarter-over-quarter. We had other G&A $841,000 in Q4 2016 versus $2 million in Q4 of 2017. And that's the primary driver of the increase.

Those two items account for like $1.3 million?

$1.3 million.

And what's the full delta?

The full delta is $1.2 million.

There you go. It's those two items.

Perfect, thank you. And on the net asset value increase in the quarter, can you give me an idea of how much of that was due to changes in value due to tax reform or other factors at the end of the year?

I think it's a little bit of both. I think the entire stock market has been affected by changes in tax reform as it improved most businesses' cash flows by 20% to 30%. I think the other thing that you look at is – in particular, the public market comparisons of these businesses. They're off the charts. We can't ignore that. So, if the public stock markets keep rising, that's part of our evaluation basis, it's cash flow – just kind of cash flow which obviously tax reform would affect. It's a public market comparison and it's based upon where, most importantly, we feel we can sell these assets and negotiate [indiscernible] transaction. So, I think the increases that we took were more than appropriate and, clearly, not excessive or aggressive at all.

Okay, thank you. And then, on the 504 loans and the 7(a) loans expectations for the year, you said about $75 million to $100 million on the 504 that the pipeline right now is almost $100 million. What's the hit rate on that fund of ones in the pipeline that you end up doing? And then, on 7(a), what are expectations for 2018?

Sure. I think it's also important to note, and this may take some more work, it's a little bit tricky, the revenue recognition which is down to portfolio company gets taxed and then gets distributed and dividended up. So, I believe, Jenny, we are able to recognize revenue on the fees –

Yes, origination fees.

Origination fees as they come in because the loans typically in this environment are there for sale, particularly the origination fees on the second debentures and then on the first and then we get gain on sale when we sell it out. I think that – and these pipeline numbers are going to change as we continue to dive into this market and our mix gets better, but I think that on that existing pipeline, I think you could easily forecast 30% of that pipeline as it exists today should close with a pretty high level of confidence. Then, the loans could close, you've got – in the 504 business, you've got some ground-up construction, you've got some partial refurbishing and rehabilitation of properties in there. So, the team that we have in Orlando, very well versed in this business. 20-plus-years' worth of experience. We think this is a major growth business for us. We're very excited about it.

All right. Well, thank you for taking the questions this morning.

Thank you.

Thank you. Our next question is from Nick Grant from KBW. Your line is now open.

Hey, good morning, guys.

Good morning.

Good morning.

So, maybe I'll start with kind of the originations here. Obviously, the pipeline is really strong. Your guidance is strong. We've heard from some other competitors in the SBA space, the move to require 10% down payments is impacting growth. Do you guys see any impact from this at all or would you comment on that statement?

Could you clarify that, Nick?

Yeah. I think the SBAs are now requiring a 10% down payment on all the different loan segments.

Well, the typical equity infusion if you're looking at commercial real estate, property is between 80% to 90%. So, that doesn't really affect us. The one thing I will say is my recollection of the SBA statistics at the end of their fiscal year, which was September of 2017, their business was off 11%. Our business is up. Our business is up because of our differentiated business model, because we don't use brokers coaching borrowers. So, we're looking for businesses, are looking for long-term capital. I'm not looking for businesses that are typically coached by PDOs in the middle to get the maximum leverage out of us as a lender. The only thing I would say is, because of our business model, and we don't push ourselves out as a 7(a) lender, we're just a small business lender, we take the opportunity in and we figure out what is the best program for the customers. Is it 7(a)? Is it 504? Is it line of credit? As I mentioned, we've had this in our public documents since 2014 when we converted. We do plan on coming out with a conventional program. That does not bother us. It is creating fits for the people that their entire distribution channel is based upon a brokered network.

Okay, great. And then, you kind of touched on this already, but how should we think about dividends from controlled companies growing here. Obviously, payments, companies making a lot more. It sounds like there is a pretty significant ramp in 504. So, how should we think about what would be paid up in dividends?

I have to say this, Nick. Number one, I really appreciate the work that you and the other analysts do in our company because it's not that easy and simple to follow. It's confusing. What we are the analysts in the Street to do, we have a three-year track record of forecasting, being conservative in our forecasting. And you can follow trends. Jenny has kind of giving you numbers that we've dividended up. So, take a look at our dividend forecast of $1.70. We always aim to try to get right in the middle. It's never going to happen where it's 95%. It's always going to be 93%. Sometimes, it might be 97%, but we've been pretty good over the course of time. The important thing is there is an upward trend. So, we looked at the dispersion, for example, of the Street estimates in 2017. Boy, there was some pretty wide dispersion out there. And we don't really know how that stuff gets that dispersed. So, I think the good way to look at it would be figure 30% to 40% of the income will come from the portfolio companies. That could change. That's kind of been our history, although we started of a little bit higher, but the leading business is outperforming. So, if you take that into account and you back into what we put out there from a long-term forecast, that's a good thing. Sometimes, people get upset because we didn't highlight our press release with fourth-quarter numbers. Well, we've done that for 20 years. We've always reported the fourth quarter on an annualized basis. The fourth quarter numbers were in the PowerPoint. They're in the Ks and Qs. You can get to them. But, really, try to look at this from a long-term trending perspective and a long-term investment opportunity. And I'm really pleased. The Street, the analysts have been very supportive in that area. And I think that's why we're trading at a premium to the NAV.

Okay. Appreciate the color on that. And maybe I'll kind of ask it in a slightly different way, so as we think about earnings increasing quite a bit from tax reform at the controlled company levels, how much of the increased cash flow or earnings in those different units kind of calls to the bottom line through being dividended up?

Yeah. So, that's a great question because, clearly, the tax rate change is beneficial to the portfolio companies. However, if you look at what we put in this presentation, we have bigger growth rates in the lending business now than I do from the portfolio companies. The management team, the board and I are working very hard to change that, but I would sort of stick to the overall ratios that I gave you. And don't – if you're going to get over-exuberant, you I would do it on the lending side. We might get some favorable tax benefit from CDS, which does lending as a portfolio company, but right now the growth is in the lending part of the business. I hope I answered that. I tried.

Yeah. No, that works. I guess the biggest thing to me is – so, you have this really significant growth pipeline in 504 that's kind of new, right? And that's coming through the controlled company. So, I'm just curious what – I guess the earnings in that company – or in that unit, what falls through dividend income from controlled and what gets, I don't know, reinvested in the business? I'm just trying to think about how much dividend income from controlled grows with that unit seeing so much growth.

I would say, given where we are in the phase, there's difficult visibility there. Also, we try to put a materiality gauge on these before we give out because, otherwise, we've got a lot of these businesses, Nick. I appreciate you being interested in the granularity. I think that, if you work through the model and you figure out some of the assumptions I've given in funding, you take average prices, I think you can back into a number that would come out of a CDS or out of the 504 business over time. We do think it's a growth opportunity for us. At the moment, and I say that 2017 not material – I would say not material first quarter, it could actually be a couple of points, 5% of total earnings, but I don't – I guess I should keep my mouth shut and say, as I'm struggling to try and help you, I don't have good visibility on that.

Okay, great. Appreciate all the color. Thanks for taking my questions.

Thank you.

Thank you. Our next question is from Mickey Schleien from Ladenburg. Your line is now open.

Good morning, Barry. And congrats on a good 2017.

Thank you, Mickey.

I guess I also want to ask some questions about 504, and that's simply because it's a large part of the growth this coming year. So, those are fixed rate loans. I'm just curious whether you're seeing your customers, your borrowers accelerate their plans to borrow ahead of expected rising rates and sort of what cadence can we expect for your forecast loan closings of $75 million to $100 million?

Sure. I think that because of the changes, it's reduced the burden of rising rates on fixed rate obligations. And not all these businesses will qualify. And we're not yet in a lending environment where community banks are aggressively looking to do these kinds of loans. Now, if all of a sudden, the commercial real estate component of these assets picks up in valuations or somebody can go out of an originally originated 80% or 90% LTV commercial real estate-backed CI loan where they can get a 70% into a bank to get it fixed, you're going to see that. The 504 is an alternative to being able to get somebody into a fixed-rate option. 504 loans are fixed for five years and then they adjust over a five-year index. We're not seeing a tremendous amount of that, but I do think that's possible another quarter or two down the road as you get another 25 or 50 basis points in rate hikes.

Okay. And I'll follow up on the 504. Last year, you funded $18 million of the 504 loans and you sold $6 million. So, I realize that there's economics to consider in terms of what you keep on the balance sheet or actually, technically, I guess, it's on CDS' balance sheet and when you sell. But can you give us a sense of how quickly you expect that portfolio to turnover?

Sure. So, the $18 million – just round numbers, assume $9 million was taken out in debentures, right? So, they've only got $5 million. And those, most likely, are loans that still haven't fully funded or partially funded. The appetite, we've got investors that are coming in and wanting to put circles on loans before they're even close, when they're in underwriting. So, there's a real good appetite for loans with the spreads, they're high-quality loans, they're 50%, they're C&I loans, loans made to a business with 1.1, 1.2 debt service coverage ratio with 50% LTVs on the real estate collateral. So, they're really good loans. There's a real good loan appetite for particularly smaller banks that want these products. So, I think this is a good market. I think this is also good market for us because we're going to be able to think some of that $11 billion that we look at in 2011. And some of that, we're growing – right now, you're in a $13 billion, $14 billion type run rate for this year. And put them into 504 for loans. With the borrowers not saying, do you have a 504 loan? Most borrowers don't know what a 504 loan is. They don't know what a 7(a) loan is. They come to us for a small business loan.

I understand. I'm going to ask a similar question that was previously asked, but maybe in a different way. Again, focusing on CDS. Can you give us a sense, at least what sort of net margin that business might have this year, even if it's a range, and what kind of payout ratio they can manage, taking into consideration their working capital needs?

As we sit here today, CDS also has a line of credit in the inventory business unit, which generates a decent amount of cash flow. So, I would guide you toward the fact that we can pretty fully pay out the earnings and we'll continue to push capital down into the business as an as-needed basis to fund the haircuts.

Okay, that's helpful. I appreciate your time this morning. Thank you.

Thank you, Mickey.

Thank you. Our next question is from Casey Alexander from Compass Point. Your line is now open.

Hi, good morning. This is really just a maintenance question. And probably Jennifer can answer this in terms of modeling. For Q1, I think you're going to have around a million dollars of accelerated debt offering costs related to the call of the 7% baby bond. Are you going to leave that in the adjusted NII number or will you back that out of the adjusted NII number when you report Q1?

We will be adding that back to the adjusted NII number in Q1.

Great, thank you. That's my only question. I appreciate it.

Casey, thank you.

Thank you. Our next question is from Scott Sullivan from Merrill Lynch. Your line is now open.

Hi. Thanks for taking my call. And congratulations on another great quarter and for really cutting yourselves from the herd in the BDC space in what, obviously, has been a tough interest rate environment. So, this can be a rather complex story with all the layers in the deck. So, Barry, what would you say is the most important takeaway for us and for new investors? And then, I have a follow-on.

I think that what we tried to do for this earnings call was really demonstrate the longer-term trends. The long-term trends and how the stock has moved around from $120 million BDC to 323 and $30 million BDC, the fact that we've always been able to – hopefully, this will continue in the future. I got my lawyer sitting up my shoulder. Promise, but deliver more, both in dividend – we've tried to evidence that we've been prudent. We've been in the lending business for over 14 years. Our cost of capital continues to go down. Our Capital One bank line rates reduced. Our baby bond rates reduced. We've been more efficient in raising equity. So, what we're trying to get investors to focus on is that we're a long-term opportunity and we're going to have bumps in the night. They always happen to happen to everybody in every aspect of life and they certainly happen in business. So, that's the big takeaway. Look at the long-term trends. We always put slide number two out there. We try to show what we do year-over-year. And one other thing that's important. We're doing a lot of things at the same time. People tell me you can't do that. Well, we've done it now for 20 years at the company and 18 as a public company. We work hard at it. Not all things are going to go straight up at the same time. There are many times we've got to best in businesses. We're, obviously, dealing with the banc-serve issue and some other issues that we hogtie us. But we've got a great core strategy in terms of how to acquire clients, how to acquire referrals and to process the business and a management team that is very dedicated and focused towards its strategic goal and mission. So, that's hopefully what the primary takeaway is.

Fantastic. Barry, thanks. And finally, from a blue sky perspective, in terms of things that could go really well and really right for you, what would you say those one or two things are? Is it in cross-selling? What really gets you very excited about a blue sky going forward?

I would say that the most important thing that – I'm going to give you two answers. The simple one – and I do have a lot of my staff that listens to these calls. The important thing is that we get more senior managers in the company that work with a passion, look at what's working, figure out – because some of these team managers are new and really fit into the strategy and be additive because if we can get these three other pillars cranking, it's going to be really exciting. That's what gets me excited over the top. The easy, low-hanging fruit, frankly, is to continue to go on the path to what we do well, particularly in the lending and the payments business and exploit the opportunities that we have in the market. I think there is – I want to jinx us. I'm knocking wood. There's wind at our back. We've got the technology. You can't replicate this in a finger's snap. You can't replicate 10 years of conversations with people making referrals to you, building the technology, finding the staff that does the business differently than any other place. We have that. That's not easy to replicate. So, I think for the short-termers out there, continue to look for really good success in our top two businesses. For the long-termers, have patience, we will figure out these other three areas and then it becomes a very, very, very exciting horse race.

Thanks and congratulations again.

Thank you.

Thank you. Our next question is from Lisa Springer from Singular Research. Your line is now open.

Thank you. Usually, Barry, you'd give us a slide showing us about what's in the pipeline for acquisitions for the portfolio companies. I'm just wondering what's going on in the area. Are valuations so rich? O are you focusing on digesting what you've already purchased? Could you comment?

Check, check. So, you've got a crystal ball there and you've got the exact answer. Valuations are expensive. We have a couple of small ones we're looking up, but nothing major. And we have so much on our plate right now that the better opportunities are focused on the existing assets and resources that we have. So, those are insightful questions and appreciate your thoughts.

Okay, thank you.

Thank you. Our next question is from Marc Silk from Silk Investment Advisors. Your line is now open.

Hi, Barry. Congratulations on another solid year.

Thank you, Marc. Thank you.

Okay. So, my first question is, after the whole tax law changed, obviously, not just the tax rate, but more importantly the investment in equipment how it gets expensed, have you seen an uptick in interest, A? And, B, also, your existing clients that have loans, have they come back to you and said, you know what, now we were holding off some investments, but now maybe we want to redo our loan and borrow more money?

Clearly, the latter more. A lot of our existing companies are experiencing and anticipating increased cash flow. And we do find that existing portfolio pretty regularly to see who has additional – whose business is working well and qualifies for additional funding. Marc, what was the first part of your question because I kind of [indiscernible] that?

Just with the change in the tax law, we are – more importantly, the way that you can expense investments, have you just seen a larger wave of incoming – inbound calls, let's just say, to inquire about, obviously, borrowing money now whereas they might have been holding off in the past.

We think there's a lot of business demand. Here's what's interesting and this is an important point. The world, whether it's a consumer or a business, they're reluctant and resistant to change. There are a lot of businesses that are not making changes, that are not making changes in how they deal with consumers, how they manage their staff, how they manage their technology. Those businesses are going to go away. They're not progressive. But businesses that are progressive, and there's a lot of them, there's a good need for capital out there. And we could provide it and those are the businesses that you want to back. So, I think this is a very healthy business environment that will not be thwarted by an increase in rates, provided that they're gradual, muted and don't – that we're not – we're talking about 100 to 200 basis points and not much more than that.

Sounds good. On your technology business, I know you've always felt like that could be the next growth driver. So – and I assume you've definitely made some investment in human resources. What other things are you thinking of? Like, maybe buy some IT companies that maybe are – because they're so competitive, that aren't doing well and throw them a bone before they go out of business and on the cheap by their client base, although that can be a risky endeavor. I just kind of want more color on where you think you can see some growth in that area because I know you're very high on it.

Okay. Well, in addition to going to synagogue this weekend, Marc, we think that the IPM acquisition was a very good acquisition for us and bulking us up on institutional intellectual capital to help businesses find the right solutions. We're still very acquisitive. We are looking for additional help in that area. When we see things that make sense to us, we'll jump on it. But there's nothing in the pipeline right now.

Okay. And a BDC question. So, I know you're very unique. Let's say this year's dividend, assuming the price is around $17, give a 10% yield, because one of your biggest challenges, telling people we're your grandparents' BDC because, again, you have upside potential and, as you said, your cost is a lot less than the normal BDC.

It's what we do regularly. I appreciate the comment. We do that regularly. We do it on the call. I do that in investor meetings. We'll do that at Raymond James. So, yeah, that's basic blocking and tackling that we've done for three years as a BDC and we're comfortable with it.

And my question is, on your cross selling, on a percentage of just, say, business, because apples and oranges, the lending to like your payments, where do you get the most success? From like a payment company to your lending, your lending to your technology, a percentage-wise because, again, obviously, number-wise, just because of the size of the banks, you'd obviously be the first – I mean, the lending would be the first. But just curious.

We're very careful on the lending side and really have not traditionally tried to interrupt the flow there. And we also are very careful never to cross the line of financing with a service. We're still trying to figure out that mousetrap to make sure customers are comfortable being solicited at the time that they have a loan or after the fact. The two easiest areas of integration are payroll and insurance. Payroll, workmen's comp and health insurance and HR, that is ham and eggs. We can go and do a PEO, but, frankly, it's a very expensive way to take care of that solution. So, we're working hard at getting those units to work together. And I would say, payments and Web design and hosting are also very closely related. But we're still working on figuring out the best mousetrap to get into this market.

And one comment. As a shareholder, I appreciate your continued and the board's continued buying of your shares outstanding because it just shows you that you guys know more than anybody seeing the business and the fact that you keep throwing money at this even though you don't have to because you have such a sizable position, it's just as a shareholder – it's nice to know that we all are happily on the same page. So, congratulation on another good year and continued success.

Thank you, Marc.

[Operator Instructions]. And our next question is a follow-up from Mickey Schleien from Ladenburg. Your line is now open.

Barry, just a couple of quick questions. Is there anything that you can say about the banc-serv situation in terms of an update and when do you expect to file the 10-K?

Sure. On the last question –

Probably in about five more days. Our auditors are still wrapping up their review process. So, probably about five more days to filing.

Tuesday?

Yeah. Monday or Tuesday.

Monday or Tuesday. Okay, five more calendar days. And, Mickey, on banc-serve, that incident is now about six months old. We continue to cooperate with the authorities. We've been open for business from the day the incident occurred. No one's been terminated. From my perspective, as the company that's invested in banc-serve, we believe we've got a duty to shareholders that if we saw anything that was inappropriate or wrong, we would take an action. So, so far, we've done tremendous amount of investigation. We've brought significant amount of external people into the company to try to get a handle on what it is. This, frankly, may have something to do with banc-serve or it's conceivable it may not. I don't have any other update than that. I do appreciate the question because it helps me at least address the investment community, but I don't know anything that you don't know at this point in time.

Okay, thank you, Barry.

Thank you very much.

Thank you. Our next question is from Michael Kitlinski from UBS. Your line is now open.

Hey, Barry. Congratulations on a great year. Couple of follow-up questions about interest rates. At what point when rates rise do you expect maybe to slowdown in loan origination? And also, at what point would you imagine that the loans start getting a little more risky in terms of default?

Sure. Clearly, rising rates for a business, with everything else being held constant, is problematic because you have to use more of your cash flow to service higher levels of debt. I think the long ham [ph] schedule helps because it really reduces the overall payment. The tax cut, however, is giving businesses significantly more excess cash to be able to combat the issues of dealing with rising rates. Relative to a certain level of rates slowing down borrowing needs, we've been – I started in the investment business in 1982 when the long bond was 14s of 11 and the Dow was in the 700s. So – and people actually did business with treasury rates at double-digits. People would buy homes and pay 13%, 14%, 15% on a mortgage. People actually did that. I think some people find that like amazing, but, yeah, it happened. So, from our perspective, what's being discussed, which is a 1% or 2% – actually, no one is talking about that. That's what I'm talking about. I think the Fed is talking about hundredish movement in rates. And most people don't talk about like a 5% tenure, which I think is viable. This economy still moves. You're going to get some inflation in the numbers. From everything I could see, there is nothing from these rates rises that will slow the economy down and we don't see our borrowers feeling that way either. We don't have a tremendous amount our borrower complaint currently about rates rising.

All right, great. Thank you for the question.

Thank you.

Thank you. At this time, I am showing no further questions. I would like to turn the call back over to Barry Sloane, CEO and president, for closing remarks.

Thank you, operator, and greatly appreciate the amount of questions we had today. It was terrific. We certainly welcome the opportunity to chat with investors. Many of you are aware you can contact Jane directly or me directly. Jane's information is on the front page of the PowerPoint. We look forward to working with you. And we look forward to having a great 2018 as well. Thank you very much.

Ladies and gentlemen, thank you for your participation in today's conference. This concludes the program. You may now disconnect.