Good day. And welcome to the Unisys Corporation Fourth Quarter and Full Year 2021 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I’d now like to turn the conference over to Courtney Holben, Vice President of Investor Relations. Please go ahead.

Thank you, Operator. Good morning, everyone. This is Courtney Holben, Vice President of Investor Relations. Thank you for joining us. Yesterday afternoon Unisys released its fourth quarter and full year 2021 financial results. I am joined this morning to discuss those results by Peter Altabef, our Chair and CEO; and Mike Thomson, our CFO. Before we begin, I’d like to cover a few details. First, today’s conference call and the Q&A session are being webcast via the Unisys Investor website. Second, you can find the earnings press release and the presentation slides that we will be using this morning to guide our discussion, as well as other information relating to our fourth quarter and full year performance on our Investor website which we encourage you to visit. Third, today’s presentation, which is complementary to the earnings press release, includes some non-GAAP financial measures. The non-GAAP measures have been reconciled to the related GAAP measures and we have provided reconciliations within the presentation. Although appropriate under Generally Accepted Accounting Principles, the company’s results reflect charges that the company believes are not indicative of its ongoing operations and that can make its profitability and liquidity results difficult compared to prior periods, anticipated future periods or to its competitor’s results. These items consist of post-retirement, debt exchange and extinguishment, and cost reduction and other expense. Management believes each of these items can destroy the visibility of trends associated with the company’s ongoing performance. Management also believes that the evaluation of the company’s financial performance can be enhanced by use of supplemental presentation of its results that exclude the impact of these items in order to enhance consistency and comparativeness with prior or future period results. The following measures are often provided and utilized by the company’s management, analysts, and investors to enhance comparability of year-over-year results, as well as to compare results to other companies in our industry. Non-GAAP operating profit, non-GAAP diluted earnings per share, free cash flow and adjusted free cash flow, EBITDA and adjusted EBITDA, and constant currency. For more information regarding these metrics and related adjustments, please see our earnings release and our Form 10-K. From time to time, Unisys may provide specific guidance or color regarding its expected future financial performance. Such information is effective only on the date given. Unisys generally will not update, reaffirm or otherwise comment on any such information except as Unisys deems necessary and then only in a manner that complies with Regulation FD. And finally, I’d like to remind you that all forward-looking statements made during this conference call are subject to various risks and uncertainties that could cause the actual results to differ materially from our expectations. These factors are discussed more fully in the earnings release and in the company’s SEC filings. Copies of those SEC reports are available from the SEC and along with the other materials I mentioned earlier on the Unisys Investor website. And now, I’d like to turn the call over to Peter.

Good morning, everyone. And thank you for joining us to discuss our fourth quarter and full year 2021 results. 2021 was a very active and exciting year for Unisys. We made advances on revenue, profit and cash flow, and our investments in solutions, go-to-market and workforce management planning have positioned us to advance our momentum in 2022. Mike will provide detail on our financial performance and accomplishments, but first, I will give some insight into the business. Starting with Digital Workplace Solutions or DWS, we made significant progress in 2021 on our goal to transform to higher growth and higher margin user experience-based solutions. As of year-end, we have established our base offering portfolio to compete effectively in additional markets and we are seeing traction with recent new contract wins. We are focused to continuously improve our solutions to involve with and lead the market. We are integrating our solutions with capabilities added through acquisitions to enhance our full suite of DWS solutions. As we noted on the last call, industry analysts such as Gartner, IDC, Everest, ISG and HFS are recognizing our improved and expanded capabilities. During the fourth quarter, we were designated a leader in Advanced Digital Workplace Services, and NelsonHall’s NEAT Assessment. During the fourth quarter, we accelerated our Unified Endpoint Management or UEM capabilities, one of our targeted solution sets, with the acquisition of Mobinergy. We are already seeing cross-fertilization opportunities across both client bases and key strategic partners of Mobinergy and Unisys, which now includes the clients from our Unify Square acquisition earlier in the year. Mobinergy has strong relationships with many telecom carriers, which are valuable prospective partners to the Unify Square business, as they can embed PowerSuite, which focuses on UCaaS. During the fourth quarter, we signed a contract with a new banking…

Thank you, Peter, and good morning, everyone. In my discussion today, I will refer to both GAAP and non-GAAP results. As a reminder, reconciliations of these metrics are available in our earnings materials. As Peter highlighted, we are pleased with the progress we made during 2021 on our key operational and financial objectives. The progress resulted in year-over-year growth in full year revenue, profitability and free cash flow. It also resulted in us being free cash flow positive for the first time since 2016, supported by year-over-year gross profit and gross margin increases in each of our three segments. We also achieved all of our full year guidance metrics. We believe that the investments we made during the year in enhancing our solutions, our go-to-market strategy and the proactive approach to workforce management positions us well to advance our momentum in 2022. We are expecting accelerated revenue growth and additional profitability improvement, which I will highlight when I cover our 2022 guidance shortly. First, let me review the results for 2021, full year revenue growth of 1.4% year-over-year, which is above the midpoint of our guidance range of zero percent to 2% growth. Our ongoing enhancements to our cloud capabilities and efforts to increase awareness with industry analysts and clients resulted in C&I being the fastest growing segment for the year, with full year 2021 revenue growing at 6.7% year-over-year to $496.5 million, now representing approximately a quarter of total company revenue. This was supported by full year cloud revenue growth within the segment of 22% year-over-year. As we noted on our last call, we expected C&I revenue to be down year-over-year in the fourth quarter due to a one-time revenue pickup we received in the prior year period from a public sector client. Ultimately, C&I’s fourth quarter revenue came…

Thank you, Mike. With that, Operator, can we please open the call for questions?

Thank you. [Operator Instructions] Our first question comes from Rod Bourgeois from DeepDive Equity Research. Please go ahead.

[Technical Difficulty] Talk for a second about your progress in building your growth capabilities. If I look at what’s happened over the last year, you made some leadership changes in your three segments in the first half of last year and then it seemed in the second half you started ramping your sales and branding effort investments, which was kind of a new thing, given the pension overhang in prior years, you are now kind of moved into more of an investment mode on the growth front it seems. So my question with that is the background is, are you now seeing the expected results from these sales and branding efforts coming through in your deal flow or is most of the benefits from that several months down the road as you look out over the next couple of years. I guess I am just trying to get a sense on the magnitude and timing of the returns that you are getting from the particularly the sales and branding efforts? Thanks.

Hey, Rod. This is Peter. That’s a great question and thanks for making it, and thanks also for your observations. So if we take a little bit of a bigger picture and look at how the company is transforming, 2020 was really the year that we dramatically improved our balance sheet and with that balance sheet, we were able to lay out a more powerful strategy going forward and an organization to execute on that. We did that in 2020. As you noted in 2021, right, actually in January of 2021, we then execute on that new strategy and that required changing our organization to create the business units that we talk about now, it looked inside and outside the organization to get the best leaders for those business units, the majority of those came from outside the organization and it also meant executing on both the go-to-market and the cost savings. What you saw in 2021 in terms of our margin expansion was a lot of margin expansion resulting to the cost savings part of that equation to go-to-market effort really started with new leadership in the April and May context, and then fleshing out the team throughout the rest of the year. So what you saw in the fourth quarter was really the beginning of the results of that. You saw a dramatic increase in ACV, a dramatic increase in TCV, you saw a lot of signings of our new more higher margin capabilities. So what you are -- so to answer your question, last year most of the savings or rather most of the margin improvement came from those savings. What you can expect in the next three years is continued margin improvement from the savings and by savings, I mean, things like automation and AI, not just simply kind of old fashioned labor savings, but savings because of new technologies. About half of the margin improvement will come from that. About half of the margin improvement will come from the fact that we are signing kind of next-generation higher margin work. The pipeline is picking up every one of our indices that looks to our effective go-to-market is picking up. The last element in this multiyear strategy is actually marketing and communications. We really didn’t want to start that until we had everything else in place. We didn’t want to start to market until we knew we have the capability to deliver. With the changes we made in the fourth quarter of last year, we hired all of those three very significant outside firms to help us on marketing, communication, advertising. That is well underway now and that’s really the final piece. That’s really going in in the first six months of this year. I hope that helps, Rod.

Very helpful. And then, on a somewhat sort of related line of thinking, if I kind of go back to where we were three months ago, your Q3 had what seemed to be temporary headwinds, the supply chain disruptions, some contract exits and even some lag effect in getting the pricing ramped up, maybe even some challenges in getting sales and branding efforts in place. Can you just give us an update on those headwinds, where you were wrestling with headwinds three months ago, where you are today and what you are assuming in your outlook for 2022 on those headwind fronts? Thanks.

Yeah. So, Rod, that’s also a great question. Let’s split up the headwinds into a couple of different categories. On the supply chain, in general, I would say that, we have -- we are not seeing the supply chain issues that we were seeing in the third quarter and that we thought might last longer. We are just not seeing them. So I think supply chain in the broad sense is not having a material effect. None of the headwinds that you listed are really having a material effect on us at this point. I think all of that has been eliminated. The exception to that rule is really related to the cost of labor. So you are still seeing and we all know it, there’s an increase in demand for IT services, labor, which is a good thing for our industry, but that’s coming with an increase in labor cost. And as we said, we are managing that through a majority -- a variety of factors, not just increasing compensation, although we are doing that, but also increasing entry level recruiting, increasing the amount of people we get as a company from referrals and also keeping our overall turnover below where we think the IT services market is in general. So we think we are being effective in that. So if I wanted to say there was one headwind remaining for us, it really is, we have to manage the cost of labor very carefully. With respect to our numbers for this year the obvious headwind that Mike talked about is, this is not as strong a year for ECS licensing revenue as last year and so that affects not only revenue, but it affects profit. The good news is that the other two segments DWS and C&I are expected to really rise to the occasion and make up for that.

Yeah. And Peter, if I could just add to that, Rod, as well, just on that ECS comment, the expectation as we get into 2023 and 2024 is that ECS license revenue and services revenue starts to come back in line with things that we have seen in earlier years, like, 2020 and 2021. So that is temporary in nature, Rod, in the sense of, as you well know, it’s just the schedule in which those licenses get renewed. I mentioned in my prepared Remarks the renewal rates remain to be pretty high in that business. And I think, maybe two or four components of headwind, Peter picked on the staffing piece, I think, he’s 100% right there, but we have been happy at least that the pricing side of the coin has held pretty steady, people are certainly aware that the cost are rising and we seem to be able to bring that forward as well. So I think that’s been pretty solid and we are looking forward clearly the go-to-market investments that we have made already and we will continue to make through certainly the front half of 2022 and beyond to start seeing that pipeline increase. I mentioned, we are targeting about a 10% increase in backlog year-over-year. So we are really the -- to earlier point focused in on all of the investments and heavy lifting that we have done over the last 18 months to really shift that focus to growth, but still increasing the operating margin along the way as well, right? So maybe not as dramatically as the almost 200 basis points or 180 basis points this year, but still moving up as well. So I feel pretty good what we have done today and where we are going.

Our next question comes from Matt Galinko from Maxim. Please go ahead.

Hey. Good morning. Congrats on a good end to year. Maybe the first question is, it sounds like the bulk of revenue growth is expected to be inorganic in 2022 vis-à-vis your guidance. To what extent do you put cross-selling in the inorganic versus organic bucket? And I guess, secondarily, are -- you talked about feeling pretty complete with the platform, are you done with M&A for the year or do you still see some opportunities to add to that what you are doing there? Thanks.

Yeah. Thanks, Matt. I think, one thing to keep in mind on the inorganic versus organic is that, the largest acquisition we did by revenue was CompuGain, a very important acquisition for us. That was not closed until December. So that changes -- so there simply wasn’t much revenue from CompuGain in 2021. With respect to future acquisitions, we closed three acquisitions in 2021, which were the first acquisitions we had done in over a decade and that was largely because we had made the balance sheet changes we did in 2020. That acquisition program remains active and we are continuing to look for good opportunities. Those opportunities tend to be in the DWS and in the C&I space, and we are focusing on those two areas with respect to acquisitions. With respect to the cross-selling and exactly where that is -- that revenue is taken up, our approach is pretty clear. Those acquisitions came with a certain amount of revenue and we are treating all of the revenue that those acquisitions came with as inorganic. Then the question is, what did we build from on top of that, that revenue is considered organic, because it is requiring the company to support the way we are moving forward. Mike, any clarification on that or further thoughts on it?

Perfectly stated Peter. I wouldn’t change a thing.

All right. Great. And maybe just one follow up, I think, you mentioned, wanting to get closer to maybe industry standard levels of turnover in your workforce. I think you mentioned something along those lines. What are you using as the benchmark and how far do you feel you have to go to get there?

Yeah. So, Matt, I think that was in response to my answer to Rod earlier and I may have confused the answer. What I intended to say was that, we are already we believe below the average involuntary turnover rate. So we think we are better than the industry right now. It’s hard to tell and to some extent, it doesn’t really matter, because what matters is how you manage the turnover yourself. But our turnover effective for the full year of 2021 was 17.1%. That we believe based off what we have seen in other reporting is slightly lower than the involuntary turnover average for our IT services competitors. Importantly for us, it’s also lower than our turnover rate in 2019. So we are still operating at below the turnover rate that we saw pre-pandemic. So I think we all expect that rate might increase some in 2022. We are doing a lot of activity, as I outlined, to keep that under control. But at this point, we don’t see that turnover rate has affecting operations or our ability to grow.

Thanks. If I could sneak just one quick last one in there. I think you have referenced the metric 80% increase in cloud credentials in your workforce. I thought that sounded like a pretty nice increase? And I am curious if that was -- how much of that was M&A versus organic workforce development and how does that translate into an ability to execute on your current pipeline?

Yeah. Mike, may have the split of how much of that was M&A versus organic, but I would tell you from the work that we did at what we call Unisys University, which is part of our HR team, we entered the year in 2021 with a very significant goal for certifications organically and we exceeded that significant goal. So I am going to guess that the vast majority of that, if not all of it, we are counting was organic. But, Mike, do you have any more data on that?

Yeah. I don’t have anything more specific, but based on the fact that the acquisitions that we brought in were obviously very late. I would agree, like, we have seen trends happen throughout the year as far as our improvement in those certifications. And Matt, that’s something, as you know, when we talked about the investments that we have been making, it was not only in our solution, obviously, it was in our people as well and that certification process and we have talked a little bit about some of the other reporting and Peter mentioned it in his prepared remarks around some of the D&I stuff, the outside of that piece of it and the leadership development, it’s also about the upskilling aspect and just making Unisys a better place to work. And I think, you know, those are good KPIs or metrics that we track to continue to provide opportunity for associate base here.

Yeah. Just picking up on what Mike said, Matt. One of the indications of how effective that certification process has been for us is the amount of open positions that are filled internally. Those are almost exclusively people who are moving from one job to another job, because the new job is better. It’s more next generation. It pays better. It has more opportunities and it’s growth. So getting certifications and one of the reasons that we exceeded even our aggressive role on certifications is people are seeing that correctly as a way to really advance. So if we look at the last three years in 2019 and 24%, as I mentioned, of our openings, came from internal fills that jumped to 30% in 2020 and 33% in 2021. So those certifications are working, and I think, as Mike pointed out, that’s one of the reasons we have kept attrition down because people are seeing their ability to advance inside the company.

Our next question comes from Jon Tanwanteng from CJS Securities. Please go ahead.

Hey, guys. Thank you for taking my question, and Mike, again, congrats on the strong performance ending the year. My first one is just a little more color on the ECS license renewal, both in Q4 and heading to next year, if you could. I was wondering, did you pull in any from 2022 or was that just simply a bigger renewal than you expected, first of all? And then, second, do you still expect services revenue within ECS to grow even while the license renewals decline?

Sure, Jon. So -- yeah. So in my prepared remarks I talked a little bit about the ECS. I hesitate to say pull-in, because as you know, it’s really typically client generated that they want earlier than thought. There was some ECS pull-forward, I will say, in regards to those early renewals in 2021. But regardless of that particular value, the 2022 and to some extent 2023 were just both lower renewal years in general in regards to when those contracts were due. And then if I look out the 2024 that renewal schedule jumps back up to 2021 level. So it’s really the cadence in which those contracts were signed and the length of those contracts, as I know you are aware as well. Sometimes a three year contract turns into a five. I think in earlier this year we had one that was a five-year contract signed at a seven-year contract. So, clearly, the desire for the product is there and we continue to kind of grow that base in regards to both volume, as well as what you have mentioned in the second part of your comment. Services is definitely still a focus of growth in the segment in total. In fact, when we are calling for growth for the total segment in 2022 and 2023, it’s about the services expansion and that services expansion, as you know, comes in a couple of different flavors. Some of it is services expansion from a managed services perspective for the clients that are running the clip forward on operating system, but everything above that operating system, when you look at it through the lens of application development, apps modernization and migration are other areas of services that we are addressing within that also security related services above that operating system layer are also areas of services growth expansion. So still very keenly focused on growing that services component of that particular segment, but as Peter mentioned, and I did earlier, having a lower renewal cycle has not only impact on the topline, but as you know, the ECS margins are north of 60%. So it also has a little bit of pressure on the margin profile. But if you look at the total company overall, we are still feeling margin growth in spite of that. So it gives you a sense of how those other two segments are growing [Technical Difficulty] augments of that. So, hopefully, Jon, that captured both your components.

It does. Thank you. And it actually leads pretty well to my next question, which is -- what is the implied improvement in total services margins, given that renewables are just going to be weaker this year?

What, John, I will have to go back and look at that and maybe get back to you offline on that. I don’t have that right in front of me. But I can certainly get to it and we will put something out on the website as well, so we can make sure it’s Reg FD cleared.

Yeah. And Jon, just following up, one of the reasons that Mike doesn’t have that in hand, because Mike has everything in hand, is that, with the changes we made, we really don’t segregate between services revenue and tech revenue. That -- I mean, which doesn’t mean that you shouldn’t and it doesn’t mean it’s not important to you or to anybody else. But just as the way we operate the company, we are really operating the company now based off these three segments. And so all of the revenue in the three segments is fair game for us in terms of what we are looking to those segments to produce. So we have gone more to a segment approach than a services and tech approach. That is just the way that we are -- if you were leading and operating the company doesn’t mean that that number is not relevant and we will get it to you.

Yeah. And look, I am able to dig it up while we are chatting here. So roughly, Jon, about 7% increase from the services side of the house is what we are expecting in that segment.

Our next question comes from Joseph Vafi from Canaccord. Please go ahead.

Hey, guys. Great progress in 2021. Congrats on that. I was wondering if we could just talk about growth. We have been talking a lot about labor. How linear is growth now for you to growth in headcount and maybe if you could break that down, like especially maybe in DWS and C&I, I think, does headcount have to grow in line with revenue there or is there leverage now and then a quick follow-up.

Yeah. So, Joe, I will take that at first and then let Mike follow-up. One of the things that has been an active focus of our efforts has really been to decrease the cost of labor as a percent of revenue. And so what you saw, if you go back to FY 2020 or two years ago, the cost of labor as a percent of revenue was about 55.6% and then if you look at last year, the cost of labor decreased to 52 -- 54.2%, so more than about 1.4% less. That’s really one of the ways we are measuring, if you will, the tide and it is our goal to continue to drive that down and we think we will continue to drive that down in 2022. If we think about the different segments, whether it’s DWS or C&I or ECS, really we are separating, if you will, the direct correlation between cost of labor and revenue in all three of those. In DWS, that comes largely from automation and AI, in C&I as well and then in ECS, it’s a little trickier, because although we are getting more efficiency in our software development efforts, because services is becoming a larger percentage of that and services is more dependent on labor as just kind of a general principle than software is, there’s going to be a little bit of a countercyclical affect in ECS just by the nature of that work. But I would say in the real areas of revenue growth of C&I and DWS, we are using AI and automation to really take away some of that direct link between cost of labor and revenue. Mike, follow up on that.

Yeah. No. Look, I think, you have got all the components right, Peter, both by segment and otherwise. So, Joe, I would say is that, we look at our revenue growth in 2022 and beyond, clearly the headcount is not moving nearly in the same manner and for all the reasons that Peter just mentioned. So I do think there is leverage happening and will continue to happen. We are not where we want to be fully from an automation perspective and that’s the reason why you are seeing gross margin improvement continue in both DWS and C&I and that’s really exactly what you are speaking to. So we will continue to see some benefits as leverage model and so I don’t think it’s certainly not linear. And as Peter mentioned that, the total cost of workforce in comparison will be flat and/or declining over those periods, which tells you that the headcount is to be levered even more so from a linear perspective.

Sure. Got it. That’s great. And then, is there any -- are there any heritage contracts that may roll off this year? I mean, maybe at this point, there’s a chance they could still renew or not, but is there anything built in the guidance on that at this point? Thanks a lot.

Yes. Yeah. No. Look, I -- we have mentioned in Q3 of last year that there was only one or two other contracts that that we had in our guidance that we are being renewed, that we had any concerns with and one of those is actually already signed. So I don’t think there are any that we are concerned about as far as the renewals are concerned. As I mentioned, in Q3, the handful that we exited were kind of oilfield service related and then, frankly, kind of white label or POS type work. So we really don’t have a ton of that in the pipe here as far as renewals are concerned and we feel pretty good that the renewal base not only it’s healthy, but the renewal base is, what we expect to be on our client experience journey and can really show value to those clients. So we feel pretty good about that on a go forward basis.

Our next question comes from Anja Soderstrom from Sidoti. Please go ahead.

Hi. Thank you for taking my questions and congratulations on the good performance in 2021. So just had a follow-up first on the -- you were talking about the M&A, you are expected to continue to be active in that. What are you seeing in terms of the valuations there, given how the public market has come down? What are you see seeing in the private market and what you are looking at?

Yeah. So, Anja, this is Peter. That’s a great question. And we are seeing kind of a continuation of the relative valuations we saw last year, but we are seeing a decrease in the valuations almost across the Board. So what I mean by relative valuations is, the closer you get to cloud, the more expensive the acquisition is in terms of the kinds of deals we are looking at, the closer you get to DWS, the less expensive. And that’s in part an indication of the DWS market in general is growing more slowly than cloud and is a little less profitable. From our standpoint that works great for us, because DWS is an area where we believe that we have now a really powerful solution set, especially with the acquisitions we made last year and we could look forward to more scale acquisitions as we go forward if we find that opportunity at the right price and we do think that prices is again lower than a comparable cloud company. With respect to cloud acquisitions, we have to be careful, because historically in the last 18 months, they have been expensive and although the price is down a little bit, they are still expensive in terms of our analysis. That said, the CompuGain acquisition we made in December was exactly the one we needed to make. We had been looking for an acquisition like that ever since we started the program up after changing the balance sheet in 2020. All of that CompuGain revenue and talent is in cloud work and application development work. And as I think all of you know the applications and an AI portion of cloud is where a lot of the growth is and although we had some capability in that particular area before the acquisition of CompuGain, it’s a whole new world for us now. It’s a dramatic increase in capability. So that was a little more expensive, because it was cloud related, but it exactly filled our needs and we are very enthusiastic about the ability of that organization to grow. So that’s kind of what we are looking at, Anja. Little long winded answer, but I hope that’s helpful.

Yeah. And Peter if I…

And Mike any -- yeah, please.

Yeah. Yeah. I just wanted to one slide add on, some of the things that we are looking for are more skill based and solutions based in some of that in regards to M&A and the solutions based IP is what drives a lot of those valuations really high. So we are talking about CompuGain being a great example where we really enhanced our skill set in regards to apps development and things like that. Although, cloud oriented you still don’t have quite as bad as some of the multiples that you have seen in preceding transactions where it’s really IP that you are after. We feel pretty good about our portfolio, both in cloud and in DWS about the solution itself, right? So it’s really more about, the analysts and the engineers and the development team, which is a little more pulling some of the other elements that you see.

Yeah. Mike, that’s exactly right. Anja, any follow-up on that or did that hopefully answer your question?

No. That answers my question. Thank you. That was all for me.

Thank you.

This concludes our question-and-answer session. I would like to turn the conference back over to Peter Altabef for any closing remarks.

Thanks very much. I want to thank everyone for attending the call this morning. As I think we, Mike and I answered the very, very first question that came from Rod. This is a company that it might be a little different than your average bear. We have a very -- we believe to be a very strong multiyear strategy and we are marching to it. And the changes we made in 2020, the execution in 2021, the performance in 2022 is really all based on a very deliberate approach. We are very pleased that we made all of our guided metrics in 2021. That’s been a habit with us and we hope that habit continues and we are continuing to march down our pathway and we are very excited about that pathway. With respect to the people on this call and the investor analysts, I really want to personally thank you for following us, for being part of this journey and for really kind of taking the time to understand us and I thank you for doing that. We remain available to you. We will have one-on-ones and calls. Our Investor website continues to strengthen, and but absent all of that, we look forward to hearing from you and talking to you next quarter. With that, Operator, we will end the call.

The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.