Good day everyone and welcome to the KAR Auction Services, Inc. Q3 2015 Earnings Conference Call. Today's conference is being recorded. And at this time, I'd like to turn the conference over to Jonathan Peisner, Treasurer and VP of Investor Relations. Please go ahead, sir.

Thanks, Danny. Good morning and thank you for joining us today for the KAR Auction Services' third quarter 2015 earnings conference call. Today, we will discuss the financial performance of KAR Auction Services for the quarter ended September 30, 2015. After concluding our commentary, we will take questions from participants. Before Jim kicks off our discussion, I would like to remind you that this conference call contains forward-looking statements within the meaning of the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties that may affect KAR's business prospects and results of operations and such risks are fully detailed in our SEC filings. In providing forward-looking statements, the company expressly disclaims any obligation to update these statements. Lastly, let me mention that throughout this conference call, we will be referencing both GAAP and non-GAAP financial measures. Reconciliations of the non-GAAP financial measures to the applicable GAAP financial measures can be found in the press release that we issued yesterday, which is also available in the Investor Relations section of our Web site. Now, I'd like to turn this call over to KAR Auction Services' CEO, Jim Hallett. Jim? James P. Hallett - Chairman & Chief Executive Officer: Great. Thank you, Jon, and good morning, ladies and gentlemen. I'm pleased that you let me to add my welcome to our call. Obviously, another quarter has passed and I am very pleased with the results that we're seeing. In fact, all of our businesses are performing at double-digit volume levels. And what I do want to cover today is really a couple of things. I want to speak to our performance. I want to give you a brief update on what's going on with trade web, speak to…

Revenue per loan transaction. James P. Hallett - Chairman & Chief Executive Officer: Thank you. I'm getting mixed up here. Thank you. The average revenue per loan transaction is down approximately $5 dollars overall, just to put that in perspective for you. So, I think we're in a good spot there. We also think about interest rates at AFC. We are very well positioned, as you know, our average loan is about 60 days in duration and I believe that the structure of our securitization limits, our interest rate exposure and although interest rates may increase later this year or possibly in 2016, I think we're in a good position. If I can turn to TradeRev for a moment. I would start by saying TradeRev remains a very, very high priority for me and we're allocating more resources to support the U.S. rollout. In fact, we are now tapping into some of the talent we have within the OPENLANE organization to assist us with the rollout of TradeRev here in the U.S. It wasn't that long ago that OPENLANE was rolling out a technology product here in the U.S. and I think they have a lot of experience with rolling out a startup technology company. I think there's a lot of similarities between the roll out of OPENLANE and TradeRev and I think it would be very wise to use that talent we have within the organization. So we do expect to add more resources and continue to add more resources as we go forward. And then just the other thing I would mention on TradeRev, I would like you to think about this as not being a quick hit. I think we need to think about TradeRev over a little bit longer period of time and I think of…

Thank you, sir. And our first question comes from Ryan Brinkman from JPMorgan.

Hi. Good morning. Thanks for taking my questions. James P. Hallett - Chairman & Chief Executive Officer: Good morning, Ryan.

Hi. Maybe just firstly on the reiteration of the full-year guidance. I think that implies a fairly wide range in 4Q for adjusted EBITDA of $140 million to $170 million. Was the decision to not narrow the range just a reflection of the fact that you are on track with how you thought that the year would play out or are there some swing factors in 4Q that could cause EBITDA to be on the higher or lower end of the Spectrum? And if so, what are the most important of those factors? Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Thanks, Ryan, for the question. And that's a good question. It's been our practice in our history since going public that we only adjust our guidance annually and only during the year if there is a material change to the guidance. And so it's again, with our practice we are not adjusting the range and it's because our expectations are still within the bottom and the top of the range that we described in January. But not a reflection on market conditions on a quarter-to-quarter basis.

Okay. That's great to hear. Thanks. Then, I know you are in a position for what you just said to talk about 2016 more in the next quarter call. I'm just curious if you could talk about though the sustainability of some of the drivers that impacted 3Q? So for example the very strong volumes at ADESA for a lot of reason I think that will continue with what we know about the off lease market. But maybe comment on price net ADESA, used car prices have really defied expectations to fall much. Is that sustainable going forward? And then on the IAA side, people are driving more lower gas prices that should help volumes, but then maybe you don't have next year, the type of market share gains they had this year, I don't know? And then on the pricing side there, if you just sort straight line that the metal prices are – you expect them to straight line, I'm not sure. What does that imply for IAA pricing going forward? James P. Hallett - Chairman & Chief Executive Officer: Okay, Ryan. I'll try and remember everything you said.

Volumes and price for both divisions, yes. James P. Hallett - Chairman & Chief Executive Officer: Yes, right. Okay. So, with the volumes in the whole car business obviously I outlined in my commentary, we've very good visibility. And again, I'll just remind you of those things is, number one, the leases, we know the leases that were written, we have very good insight especially through our OPENLANE relationships and then just our physical auction relationships, we have very good insight to what's coming on leases. I've mentioned to you the opportunity for repossessions. We expect that repossession segment will continue to grow. Then I had mentioned that the program cars and the rental cars. We're going to see those cars come back in a much larger volume. As you know, there was a trend four, five years ago for these rental car companies to take more of these cars on a risk basis and sell them on their own. Now that trend is kind of reversing itself with a few exceptions and the rental car companies are back to the program cars. So, we're going to see more and more of those program coming -- cars coming back to the market. Then I spoke about the dealer consignment. I'll tell you, I can speak for Eric and myself, we continued to be amazed with the performance of our dealer consignment business. This quarter alone, dealer consignment represent a 52% of our business. And for that number to stay up at 52% with the amount of commercial vehicles that we see coming through is beyond our expectation, quite frankly, we expect that number to drop down a little bit. So, again, very good picture at ADESA. Volumes look good; our online business continues to perform very well in that private…

Okay, that was super helpful. Thanks a lot, guys. James P. Hallett - Chairman & Chief Executive Officer: Thank you, Ryan.

And our next question is from Matthew Fassler from Goldman Sachs. James P. Hallett - Chairman & Chief Executive Officer: Hi, Matthew. Matthew Jeremy Fassler - Goldman Sachs & Co.: Thanks a lot. Hey, how are you? Thank you and good morning. I'd like to dig a little deeper into the profitability of the salvage business. I think you shared the impact of the acquisition. You also shared the impact of purchase contracts. And even with that, I guess the margin came down a little bit and we're seeing a bit of softer moment for profitability of that business. So can you share with us what, if anything, would have changed from Q2 to Q3 and whether you think ex-the impact of HBC, you can stabilize the EBITDA margin in salvage? Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Sure, Matt. This is Eric. And good morning. One thing you're seeing is a typical seasonal impact. Q2 is the strongest quarter volume-wise in the salvage industry. You've got all the winter accidents that are being sold through the spring and into the early summer. So there is a seasonal impact. And then we can't fight it, and Jim mentioned it, the headwinds that are created by lower proceeds or lower average auction values paid for the vehicles. And while we can put in minor price increases over time and have responded that way, we cannot offset all of it. And then the scrap values have steadily dropped and have hit a very low point, in fact we're already down to about $120 per ton for a crushed car body. So, it continues. Jim gave a number that was $124, this month it's dropped another few dollars. Not meaningful, but still a bottom is there. So that's what…

And following from Bank of America Merrill Lynch, we have Elizabeth Suzuki. Please go ahead.

Good morning. Could you talk about the conversion rate for ADESA this quarter? Because it looks like it was up nicely compared to 3Q 2014. Could you talk about what was driving that improvement or if it was just an easy comp? James P. Hallett - Chairman & Chief Executive Officer: Yeah, I think that primarily it's driven by the increase in volume of commercial vehicles. As you may know, when you think about commercial vehicles, commercial vehicles tend to have a much higher conversion rate than the dealer consignment segment. And I think the overall conversion rate would have been up because of increase of those off-lease cars, repossessions, dealer owned cars, factory cars, program cars, the things we talk about outside of dealer consignment.

Okay. So we can probably think about that conversion rate as being relatively strong going forward, given the mix of commercial? James P. Hallett - Chairman & Chief Executive Officer: Yeah, I believe as these commercial cars keep coming, I would look for that conversion rate, to your point, to remain strong. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: But, Liz, I would highlight there is a seasonality to it, fourth quarter, prices. Definitely stronger as you get into the first and second quarter next year that would be the seasonal impact. Fourth quarter, I'm kind of expecting a strong conversion rate, but it can go either way. Right, Jim? As you've been in the business a long time. James P. Hallett - Chairman & Chief Executive Officer: Yes, there is a lot of factors that come into play in the fourth quarter. We'll start dealing with some weather here and we'll start dealing with some other elements that could cause business to possibly slow in the fourth quarter. It's a little bit more unpredictable.

Okay. Great. And just one more which is, at IAA and AFC, your EBITDA margins have been coming under some pressure despite the very strong volumes. Could you just talk about specific cost headwinds that are likely to continue? Or what, if anything, you can do to lower cost of services in a weaker pricing environment? Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Well, let's start with Insurance Auto Auctions, Liz. First, we've talked in previous calls about the service levels being required by the insurance companies. And that does have the impact of more direct cost for towing, having to move the cars around faster, try to get them through the auction and incur a little bit more labor. I don't know that that's disruptive to us, but that's a pressure when you combine that with lower average auction prices, which comes through the buy fee. The seller is not really impacted. They're paying a fixed fee, but the buy fee has being directly impacted contributing. And then last, the mix. It's really interesting, even though we had 6% purchased vehicles a year-ago and 7% this year, when you dig into that, that 6% last year had a much higher sale price with more margin in it, than this year, while, the price went down, which has put pressure on revenue believe or not, the margins all but disappeared because of scrap prices, because a large number of the purchase vehicles are the very low-end vehicles. So, Jim, do you have anything to add on insurance Auto Auctions? James P. Hallett - Chairman & Chief Executive Officer: Yes. Maybe I could just add that, the management team at IAA is very focused on continuing to expand its opportunities working with expanding the buyer base and…

Thanks. That's very helpful. James P. Hallett - Chairman & Chief Executive Officer: Good. Thank you. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Thanks.

And next we'll take Ali Faghri from Sterne Agee CTR (sic) [CRT] [38:14]

Yes, this is Ali Faghri from Sterne Agee CRT. Thanks for taking my question. Just a quick question on capital allocation. In your prepared remarks, you sounded a lot more confident and direct about capital allocation in terms of deploying capital and increasing your leverage target in early 2016, what's driving that confidence? James P. Hallett - Chairman & Chief Executive Officer: I am very optimistic and I am very committed to getting capital deployed here. I think, I shared with you that, we have assessed what fits and what doesn't fit. We've developed a strategy on these targets. We are well down the road and our conversations with a number of these targets and I feel that we will get some of these targets over the finished line in early 2016. And we know that our investors are very interested in how we're deploying capital and how we return value. And I think it's been a major focus not only of Eric and myself, but of the entire senior management team is to how we continue to do that. And without being able to give you any specifics, I can just tell you, we all have full time work.

Great. Thank you. And just one quick follow-up. Is there any way you can outline what the fourth quarter acquisition contributions are going to be? Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Ali, that's -- we'll report it as it comes in. We've said where the integration is going to take about a year. So in terms of achieving some targets we set out in the earnings supplement of last quarter, those were for 2016, not expected to be hitting in the fourth quarter of 2015.

Okay, great. Thank you. James P. Hallett - Chairman & Chief Executive Officer: You're very welcome.

And following we have Gary Prestopino from Barrington Research.

Hi, good morning. James P. Hallett - Chairman & Chief Executive Officer: Hi, Gary. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Hi, Gary.

Eric, why was your interest expense up 20% year-over-year? Could you give us some detail on that? Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Yes. You're looking at corporate interest expense on the P&L, Gary. That includes...

Right. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: ...the interest on the AFC securitization...

Right. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: ...which has a significant increase year-over-year, the portfolio is up over 20%, I think on a year-over-year basis. I don't have that number right in front of me, but it's a very significant increase. And secondly, while there is no change in the spread on that information, part of the reason that's up as we reported again in the previous quarter, we increased our advance rate. So in other words, part of it is we're using a securitization more, yes, 31% of the securitization is up year-over-year, so it's a big number. So, that's what's driving it. We have not seen increases on the corporate interest and we've not had changes in our corporate debt. So, it's all being driven by AFC.

So is that... Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: And as you know, that gets adjusted in the adjusted EBITDA calculation in the AFC business, that is taken out of our contra revenue for purposes of adjusted EBITDA in our calculations.

Right. I know that. Okay. And then in terms of Insurance Auto, could you maybe size the percentage of vehicles or your percentage of revenue that is being impacted by strength in the dollar? James P. Hallett - Chairman & Chief Executive Officer: Yes, that's a difficult calculation. Eric, do you want to speak to that? Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Well, (41:37) issue because it's one of those things where somebody is going to buy the car and the domestic buyer might be impacted by scrap metal prices and the foreign buyer buy foreign currency because they're going to use the car differently, but neither one of them is bidding more. James P. Hallett - Chairman & Chief Executive Officer: Right. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: So I would say that we're wanting to be other and splitting hairs and differentiating will be very difficult. On top of that, each buyer is going to have a unique perspective on the value of the car. I mean bottom line, those two factors are both contributing to the value of the car going down because the economic transaction has lost value in U.S. dollars for whoever is buying the car.

Right. And so, I guess some of these guys have agents too here in the United States and they're paying in dollars, but it's hard to get... Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Well, yes, but again, paying that agents is the same as paying us. They have less local -- they have the same local currency and less U.S. dollars as Jim mentioned. James P. Hallett - Chairman & Chief Executive Officer: At some point in time, Gary, it all reverts back to their local currency.

Yes, right. Okay. And then in terms of, Jim, you talked about expanding the buyer base for ADESA, you're focused on that. At a high level, could you give us an idea of how you do that? I mean, I would assume that everybody who knows, it's an oligopoly, everybody knows you're out there selling cars, so how do you get more buyers through the door? James P. Hallett - Chairman & Chief Executive Officer: I think couple of things, Gary, and we've talked a little bit about this in the past. Number one is, we've publicly stated that we're interested in acquiring additional physical auctions. And we've done an acquisition that we've talked about in Pittsburg where they announced that we're opening a new greenfield site in Chicago in mid-2016, and we've said that we will continue to pursue brick and mortar auctions. By adding these brick and mortar auctions, there is no question as you go into a new market, you pick up new buyers and not only do you pick up new buyers for the physical auction, but there is a direct correlation with online buyers as to where you have the physical presence. So, we believe that we -- through these physical auctions we get both the -- pick up the physical buyer and the online buyer, and then, the other areas that we can expand the buyer base -- the two other areas really is number one is, we can enhance our technology, enhance some of the technology in offerings that we've added, won the products that we have added recently, as we've added Autonic, which is a service that we've again added that the dealers are very much appreciating one. It's a -- it gives them real time pricing on vehicles while they're in the lane buying vehicles. Those kinds of technologies will certainly help build the buyer base as they tap into your technologies. And then, the other area that we've been focused on recently is, we've really been focused on best venue where we've taken an opportunity to take a look at our buyers at IAA, take a look at our buyers at ADESA and where they overlap and is there an opportunity to get more the buyers from each of those segments buying in the other segment and we've absolutely proved that there is an opportunity to bring buyers from one segment to the other. So, that's another way that we've been able to grow our buyer base. So hopefully that gives you some indication what we were doing.

Yes. That's great. Thank you. And then beyond that just quickly, are you seeing anything beyond normal seasonality in pricing at auction? James P. Hallett - Chairman & Chief Executive Officer: For the most part I would say no. You get adjustments from time-to-time, but for the most part I would say, it's pretty stable. And I think I read an article yesterday again, if you complete everything you read, I read an article yesterday that's saying that, they're expecting used car sales to be up in 2016 as well. And that's also with the prediction that they're going to have a SAAR of 17.4 million new cars. So, again, it looks like a very good picture as we look forward. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Yes. And if you read (45:51) commentary, our economist, he puts out a monthly report that gives you surprising information. It's remained amazingly strong with the supply increasing and that's been a pleasant surprise for everybody in the industry.

Yeah, thank you very much. James P. Hallett - Chairman & Chief Executive Officer: You're very welcome.

Our next question is from Bob Labick from CJS Securities. Please go ahead, sir. James P. Hallett - Chairman & Chief Executive Officer: Hi, Bob.

Good morning. Good morning. This is actually Robert Majek filling in for Bob.

You sound like Bob.

Volumes remained pretty strong, are the opportunities to get more leverage out of SG&A, as you integrate some of the acquisitions? Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Robert, that's a good question. Yes, and as we announced again last quarter, as we integrate that we do expect to improve the profitability from the current levels. I had mentioned last quarter, these acquisitions that were done to date and they were not added this quarter would add $5 million to $10 million of adjusted EBITDA. And obviously we're in that range with how we're performing on a quarterly basis. and we expect that to grow to $20 million to $25 million once integrated into our businesses. And so you see some of that will come out of leverage of the SG&A, and those are all numbers we talked about last quarter.

Great, thanks. And with a full quarter under your belt from the HBC acquisition, what's your overall impression of the acquisition in the U.K. market? James P. Hallett - Chairman & Chief Executive Officer: Yeah, Robert, I'm glad you asked. As a matter of fact, I've just been in the U.K. here within the last 30 days and I had an opportunity to personally visit with our office in HBC and meet with the management team as well as meet with the employees. And I can tell you that these commodity prices are having a stronger more negative impact on our U.K. operations then they're here in North America. As you know and I think previously mentioned or cited on the call, about 90% of our vehicles with HBC are purchased vehicles. So the impact is being felt heavier. But the good news is I was very pleased while I was there, the management team had prepared for my arrival and they had actually outlined the strategy of how they plan on shifting the business model, both for the seller and the buyer in terms of the pricing. And they've actually made a shift in that respect and I think they've got us in a good position going forward and I think we'll be pleased with the outcome as we head into 2016. But there has been no question in terms of our timing on acquiring that business and scrap metal prices being what they were, we got off to a difficult start.

I appreciate it. Thanks a lot. James P. Hallett - Chairman & Chief Executive Officer: You're welcome.

And following from Credit Suisse, we have Shreyas Patil. Please go ahead. Shreyas Patil - Credit Suisse Securities (USA) LLC (Broker): Thanks, guys. I just had a couple of questions maybe around the acquisitions at ADESA. Could you maybe just give us a sense of what the impact to units sold was from the acquisitions? And is the revenue per unit similar to your core ADESA business? Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Shreyas, this is Eric. The volume, it accounts for, I'm looking it up here, ex-acquisition was about 2% less. So it contributed about 2% year-over-year on the quarter, obviously it was zero last year. And that's from the Pittsburg auction. The other businesses we acquired don't contribute volume, they're services around the auction process. And does that answer that question? You'll have to calculate what you think that number is, we don't disclose specific volumes. In terms of profitability, as you won't be surprised, I find in all of our acquisitions, the profitability prior to integration tends to be a little bit lower than our core business. Not materially different, but tends to be a little bit lower as we put in our pride processes as we call them, and another things we do it in auction, as we integrate our technology acquisitions into the technology footprint that we have as a company as a whole and leverage their skills, it's actually not reducing it, it's leveraging their skills over a broader technology need of the organization, and integrating that I do think there is opportunities to increase the profitability once fully integrated. And, again, I'll remind you of what I said last quarter because I'm not giving new information, that's how you get something that contributes $5 million to $10 million…

We'll take our next question from Bret Jordan from Jefferies.

Hey. Good morning, guys. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Good morning. James P. Hallett - Chairman & Chief Executive Officer: Hey, Bret. Hi, Bret.

I have a question on TradeRev, you were talking about maybe accelerating some investment or reallocating some resources into that program. Is that something that is going to be an increased investment or you're bringing folks in from other parts of the organization? I guess is it impactful on EPS next year? James P. Hallett - Chairman & Chief Executive Officer: Your first question is that, we're utilizing internal resources and we're also...

Yes, are you bringing in incremental resources or just reallocating internal, is it going to cost anything? James P. Hallett - Chairman & Chief Executive Officer: And we're definitely recruiting some additional talent into the organization that we think can specifically add value to rolling out TradeRev. In terms of anything meaningful in the next year I think you asked, I would say, I would not expect anything meaningful in 2016. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: And Bret, let me add, those resources are being added to the company that owns TradeRev of which we own 50%. It does not hit our P&L as anything other than our interest in a minority-own subsidiary. So it's below the line per se.

Okay, great. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: And it's not going to be material.

Right. And then a question sort of big picture on crushed car bodies. Do you have a longer terms of inflation adjusted in a range that that's been in, so we can get a feeling for how close to the bottom we might be? Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: I don't have any in front of me, Bret. But I can tell you the bottom would have -- the last bottom we had I recall was following the 2008 Olympics when China discontinued buying crushed car bodies in the United States pretty much and it probably got below the current levels. My recollection is, it's bottomed out below a 100 at some point. But generally speaking, I don't know what the bottom is, but we're in the range of the bottom now.

All right, great. Thank you. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: At some point, it doesn't have as big an impact on us anymore, because they're at the minimum bid and that's the key. The bigger impact is, when you move from Jim's numbers of 312 to even 198 and then 198 to 124, those were big shifts, because they were affecting minimum bid, they were still taking away some of our ARPU.

Yes. Great, thank you. James P. Hallett - Chairman & Chief Executive Officer: You're welcome.

And we'll take our next question from Bill Armstrong from C.L. King and Associates. Please go ahead sir. James P. Hallett - Chairman & Chief Executive Officer: Good morning Bill. Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Good morning Bill. William R. Armstrong - C.L. King & Associates, Inc.: Good morning, Jim and Eric. Just a couple of question on SG&A. With the Insurance Auto Auctions, your telecom costs were up about $1 million and that's actually been the case for the last three quarters. What's -- why they're up so much and kind of what should we look forgoing forward on that? Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Well, I don't want to get technical; Bill, but I can answer the question. The telecom costs are going up, because we're upgrading the networks and the accessibility. When you run a live and live online auction, the important part of telecom is that's your network that ties directly into your network access. And again, I don't want to get too specific, but we've been upgrading the infrastructure throughout all of our businesses, then it just happens to be one of the larger differences that we're using because we explain everything over a certain dollar amount and that's one of them. But it's really the updating of the infrastructure at all of the auctions and it's part of our normal process, and with that, the cost has been going up. William R. Armstrong - C.L. King & Associates, Inc.: Got it. Okay. And then on the holding company, looks like SG&A is about $25 million per quarter, is that a good run rate to use going forward? Eric M. Loughmiller - Chief Financial Officer & Executive Vice President: Well, you're probably excluding…

Ladies and gentlemen, at this time we have -- are done with our Q&A session. I'd like to turn the call back over to Jim Hallett, for any closing or additional remarks. James P. Hallett - Chairman & Chief Executive Officer: Good Danny. With that ladies and gentlemen, I just want to say, thank you again, thank you for your interest in our company. And I can just recap by saying we feel very, very, very good about the company and very good about how the company is performing. I won't go through the list again, but there is a long list of bright spots and opportunities in this company. We're never without some challenges and a few headwinds that we spoke about, but we really like the visibility we have, we like the picture that's in front of us, and now it's up to us to go out and execute and deliver that value. So with that, we look forward to a great fourth quarter and reporting year-end results. And I thank you for your time for being on the call this morning. Thank you.

Ladies and gentlemen, that does conclude today's presentation and we appreciate everyone's participation.