Good morning. I want to welcome all of you here today. It's nice to see you folks in person. It's great to see some of my old colleagues that I spent a lot of time with on the trading floor back in the day, so it's really good to see Lonnie and John and Iggy and a few of the other boys. It's really nice to see you folks. Thanks for taking time out to come here. It means a lot. We have folks on the webcast, so they will also be participating either by submitted questions, but just so you know, I will be addressing the camera as well as the room. Thank you all for joining us this morning. It's my pleasure to welcome you to the 2023 CME Group Annual Meeting of Shareholders.
I'm pleased that we're able to resume, as I said, having this meeting in person. I'm Terry Duffy, Chairman and Chief Executive Officer of CME Group. Seated next to me is Meg Wright, our Corporate Secretary, and Lynne Fitzpatrick, she's our new Chief Financial Officer. Well, I think you all get to know Lynn well. She's a wonderful person who do a great job. She will be providing a brief financial update at today's meeting. In attendance, I wanna thank all my members of my management team and my board of directors who are in the room today. Thank you for being here. A representative from Ernst & Young, our independent registered public accounting firm, is also present at the meeting and will be available to answer questions regarding their proposals as part of proposal two.
A representative of Broadridge Financial Solutions, our independent inspector of election, is seated outside the room. Copies of our proxy statement and report in today's agenda, as well as the rules of conduct, were available at check-in and with our inspector of election. Information regarding our forward-looking statements is posted on the screens inside the auditorium here. As set forth in the agenda, we will conduct two separate Q&A sessions. The first is covering the official proposals to be voted on today, and the second covering the general business of CME Group. As a reminder, audio and videotaping photography during the meeting is strictly prohibited. Now, Meg Wright, our corporate secretary, will present. Meg.
Thank you, Terry. Shareholders of records at the close of business on March 6, 2023 are entitled to vote at this meeting. Materials relating to this meeting were furnished to all shareholders of record beginning on March 16, 2023. A list of registered shareholders entitled to vote at the meeting has been made available upon request for viewing for the past 10 days and is available for examination by any shareholder of record during the meeting from the Inspector of Election. I have been advised by the Inspector of Election that a quorum is present for all proposals, either in person or by proxy, except for proposal five. Proposal five relates to the election of the Class B-1, Class B-2, and Class B-3 directors. In the absence of a quorum, no valid election of these Class B directors can take place under our charter and bylaws.
As a result, our existing Class B-1, Class B-2, and Class B-3 directors will become holdovers under Delaware law and our bylaws and will continue to serve until his or her successor is duly elected at the 2024 annual meeting or his or her earlier resignation or removal.
Based on the secretary's report, I declare this meeting is duly convened for Proposals 1, 2, 3, and 4. The polls for voting on all matters are hereby open at this time. It is now 10:06 A.M. If you have previously voted, there is no need to vote today. If you still need to vote, please raise your hand and a ballot will be provided for you. The polls will close after the proposals have been presented. All votes submitted today during the meeting will be subject to the final verification of the Inspector of Election. The next order of business is a description of the matters to be voted on at today's meeting. Meg, would you please present those matters now?
Of course. All proposals being presented today are described in our proxy statement, copies of which may be obtained from the Inspector of Election. Proposal Number 1: Election of 17 equity directors as set forth in the proxy statement. Proposal Number 2: Ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm for 2023. Proposal three: Approval of an advisory vote at the compensation of our named executive officers. Proposal four: Approval and advisory vote on the frequency of future advisory votes on the compensation of our named executive officers. The board of directors has recommended that shareholders vote for Proposals 1, 2, and 3, and for 1 year on Proposal Number 4.
Ladies and gentlemen, this concludes the introduction of the proposals to be presented on at the meeting. The floor is now open to questions or comments from shareholders relating to the proposals being voted on at today's meeting. Does anyone still need a ballot to vote at today's meeting or to have their ballot collected? If yes, please raise your hand and we will have somebody collect it. If not, we should be all set. As a reminder, I just wanna remind everyone, we're only gonna take questions on the proposals for now, and then we'll get into the general business right afterwards. I'd ask for your patience on general questions of the company. That being said, if you wish to speak, please raise your hand and wait to be recognized.
Once recognized, please identify yourself by stating your name and indicating whether you are a shareholder of record or a proxy holder and the proposal you would like to discuss. We will take any questions on Proposals 1, 2, 3, and 4 at this moment. Yes, sir.
Good morning, Mr. Chairman.
Good morning.
Paul Capurso. I represent the Carpenters Union Pension Funds that collectively hold 49,792 shares of CME Group common stock. The Carpenters Pension Funds believe that audit firm independence is critical to protecting the integrity of corporate financial reporting. Given that audit firm and corporate client relationships are generally long-tenured, federal regulations require that the lead engagement partner be rotated out of that position every five years. Could the chair of the audit committee or a representative of Ernst & Young, which has been the company's audit firm since 2002, describe the lead audit partner rotation process and indicate who makes the decision in the selection of the new lead partner?
Sure. It's a great question, John, and thank you for that. Appreciate it. Dennis Chookaszian is the former CEO and CFO of CNA Insurance, publicly traded entity for many, many years and has since retired and has served as the Audit Committee Chairman of CME Group up until yesterday. Well, served on our board up until yesterday, but he served as Audit Committee Chairman since we took the company public in 2002. He joined in about 2003. Up until about a year ago, we switched Chairman to Mr. Kaye. Mr. Kaye is not here today. He, unfortunately, was exposed to somebody with COVID, so we have restrictions on people who can attend, so he is not here for that reason. Mr. Chookaszian can address that question, I believe, if it's okay. Meg, is that appropriate?
Yes. Yes. That would be great. Thank you so much, Dennis.
Sure. Thank you, John. Thank you for your question. At CME, as Terry's mentioned, I've been on the board of CME-
Is that mic on?
It's been my honor to be on the board of CME for 19 years and to see the company grow and expand in terms of its control infrastructure and all of the issues with regard, and I chaired the audit committee for 17 years.
I don't think your mic's on, Dennis. Is it on? There you go. That's better.
Okay. Can you hear me now?
Oh, there, yeah.
I have to eat this. Wow, you got to put it right here.
All right.
as I said, it's been my honor to be on the board for 19 years now, and I chaired the audit committee for 17 years. given my tenure, it's appropriate, of course, for directors who are longer tenured to start rotating off the board, which the CME has been very good at doing. as you point out, it's important to follow the rotation for audit chair, and we've been very scrupulous in doing that, working with Ernst & Young. every five years, we've rotated the I said the audit chair, I apologize, the audit partner. Every 5 years, we've rotated the audit partner to a new individual from Ernst & Young.
Sometimes someone who has come up through the ranks, other times from a new person coming from the outside. Always following the guidelines, which, as you know, are both stock exchange and the AICPA set guidelines, as you point out. We've done that every year. In addition to that, every year, what we do is we consider whether we should continue with the audit firm or whether we should consider the possibility of switching to an audit firm. In fact, at the audit committee that we just had, we just reaffirmed that we think the relationship with Ernst & Young is both independent, and we think they're doing a good job and want to continue it. Does that help? Okay, good.
Thank you, John. Okay? Thank you, sir. Appreciate your question. Mr. Chookaszian, as always, appreciate your expertise in this field. I think Dennis said it very, very well. The committee debates this, you know, constantly. We have had long conversations about the firms and how we want to approach it, but we share your views, and if there's concerns, we share your concerns, too. Right now, we feel very comfortable with EY. Thank you. Thanks, Dennis. Okay. Is there any other questions? I'm sorry.
Another.
I'm sorry.
Thank you, Mr. Chairman. I'm Chris Kazimer. I also represent some carpenter union pension funds. As long-term shareholders, we do support the executive compensation package. I do have a question regarding that package. As the U.S. Securities and Exchange Commission has instituted new disclosure requirements concerning compensation actually paid to senior executives in pay versus performance illustrations. The question is: Has the preparation of these disclosures prompted any committee reconsideration of its practices concerning the mix of compensation provided senior executives, the financial and qualitative metrics used in the plan, or the target compensation levels for named executive officers?
Chris, I appreciate you attending the last compensation committee meeting and being a part of it because this is exactly what we talk about. Thank you. It's a great question. I'm gonna ask Counselor Wright to go ahead and give you a response to that question.
Sure. Of course.
It's a really good question.
Thank you for the question. The new pay versus performance rules came into effect for the proxy statement for this year. They were a complex set of rules requiring numerous calculations in order to determine what the actual pay was that was provided to the CEO as well as to the NEOs. We did have that disclosure in our proxy statement. It is something that we will look at in connection with how we are benchmarking and the overall design of our program. As you would have seen in our proxy statement, you know, we also did a lot of investor engagement as a result of the failed say on pay that we had last year.
We have been gathering investor feedback about the overall design, and we plan to look at that in the coming months, especially in front of the design of the performance shares that we're gonna be looking at. We'll definitely include that as part of the statistics in the process as well as, you know, as we've talked about in the proxy statement, you know, our overall goal is to design a, you know, effective compensation program designed to incent our leaders to grow the business for the benefit of our shareholders.
Chris, are you comfortable with that response, or would you like more? Thank you, sir. Appreciate it. Appreciate both of you being here, too. Any other questions or comments on the proposals one, two, three, or four? Okay. All right, hearing none, we will now proceed to the closing of the polls. Does anyone need time to cast their vote? I don't see anybody at this time. I hereby declare the polls are closed as of 10:15 A.M. Now I'd like to ask Meg Wright to present the preliminary unaudited report of the Inspector of Election. Meg.
Sure. Thank you, Terry. I have received the preliminary tabulation from Broadridge, and based on that tabulation, I report that all 17 Equity Director nominees were elected. The appointment of Ernst & Young LLP as our independent registered public accounting firm for 2023 has been ratified. The advisory resolution on our named executive officer compensation was not approved. The preliminary voting results also show that shareholders approved one year on the advisory vote on the frequency of future advisory votes on the compensation of our named executive officers. As we previously reported, all current Class B directors will hold over. These results are subject to final verification, and in accordance with the SEC rules, we will file a report containing the final tabulation with the SEC within 4 business days.
The report of the Corporate Secretary on the preliminary voting results is accepted. That completes the formal business of this shareholder meeting. I hereby declare that the 2023 annual meeting of shareholders is adjourned as of 10:16 A.M. Ms. Fitzpatrick, our CFO, will now provide a brief update, after which we will conclude the general questions and answer period. Lynn?
Sure. Thank you, Terry. Thank you for joining us this morning. 2022 was the best year in the history of CME Group as global market participants turned to the CME Group to navigate tremendous economic and geopolitical uncertainty. Our average daily volume hit 23.3 million contracts a day, a 19% increase from 2021. We saw record volumes across financial products, options, and non-U.S. participation. That volume strength has continued into 2023, given the continuation of the uncertain market environment. Our first quarter of 2023 saw 4% volume growth to 26.9 million contracts a day.
While we've seen a number of volume records in the last year, 2022 and 2023 are a continuation of the long-term growth that CME has been able to deliver, with 7% compound annual volume growth and 12% compound annual net income growth over the last decade. We now turn to 2022 results. There we go. That volume level drove $5 billion in revenue for 2022. That's an 11% increase in revenue versus the prior year if you adjust for the formation of our OSTTRA joint venture. We delivered $3.2 million in operating income. That's a 64.7% margin. We also delivered $2.9 billion in net income, a 20% increase from the prior year. The $7.97 in EPS was the highest annual EPS in our history.
This strong performance has continued into 2023. If we look at the first quarter, we had $1.4 billion in revenue. That was a 7% increase from the prior year. The $983 million in operating income is over 68% operating margin. We delivered record net income and EPS, $882 million in net income, up 15% from the prior year, and $2.42 in EPS, also up 15%. Our high operating margin and scalable business model leads to strong cash generation. As a result of this cash generation, we have a very unique capital return policy. We have our regular quarterly dividend as well as an annual variable dividend, which we think serves our investors well.
We're one of the only remaining pure-play exchanges in the market, and we have the highest dividend yield at 4.5% on the trailing 12 months. We've increased our regular quarterly dividend in each of the last 10 years, on average, by over 9% per year. This includes a 10% increase in 2023 from $1 a share to $1.10 per share. Since we implemented the variable dividend strategy in 2012, we've returned over $21 billion to shareholders in the form of dividends. In summary, we're very pleased with the performance of the company. The team at CME Group continues to be focused on providing the risk management products that our clients need, as well as driving earnings growth for our shareholders. With that summary, I'll turn it back to Terry.
Thanks, Lynne. If you have any questions of Lynne, you can address them in the general session of the meeting. The floor is now open for questions or comments from shareholders relating to the general business of the company. Again, if you wish to speak, please raise your hand. After being recognized, please identify yourself, stating your name and indicating whether you're a shareholder of record or a proxy holder, and we will go from there. It says keep your questions to two minutes, we won't keep them to two minutes. Whatever you want to say is fine. I will take any questions on the general business of the company. Sir.
Yes. My name is Daniel David Joseph. I'm a small but not a short seller of CME stock. I own about 103 shares. I thank you for having meetings that people can attend again. You learn a lot by how the meeting is handled and meeting people at it. I hope you continue. The other thing is I always like to read about a company, what it does, how it does it, and where it does it. The last one I'm still scratching my head at about where it does it. I still remember in the '50s, the Board of Trade had these cacophony of trading pits that I heard while going up to the open air observation deck on top of the building.
I'm still curious about where it has locations and what it does at them?
Daniel, thank you for your question. I appreciate it. The locations of CME Group's markets are everywhere in the world. We're in over 200 countries around the world today. The distribution is second to none of any institution in the world. As my CFO just said, we are a pure play on derivative futures contracts versus some of our supposed peers who do multiple different things. Obviously, you can use that money to pay for other bad decisions. We are a pure futures play, and we, again, have distributed our products globally. We continue to do so. As you may have seen in the news recently, we signed a deal with Google to continue to distribute our technology and grow our business using their services in the cloud. We are very excited about that.
Let me answer your direct question about the Chicago Board of Trade, one of the most iconic buildings in the United States of America. There is still a trading floor at the Chicago Board of Trade. We just retrofitted it for the new SOFR options contract. It's the last contract to be traded on the floor. Some of my colleagues who are sitting in this room today, if I told you the volume of a SOFR contract today, it's about three times what the entire exchange did in a week back when they were trading. SOFR options trade over 1.5 million contracts a day. This is a contract that was barely moved from the LIBOR business, which was the Eurodollar options, which is now extinct, into SOFR options.
That has now supplanted the Eurodollars as the biggest contract in the world. We still have SOFR and SOFR options, but the options are on the trading floor at Chicago Board of Trade, and they are flourishing. Their percent of trade, I believe, hold me honest here, where is Tim? Is Tim here? 60%, roughly. 60% of the trade is still done on the trading floor for SOFR options versus screen, where every other product is basically 100% on the screen or some ex-pit type of trading. That's really where the business is at today, sir. It was a great question, so I appreciate it. Appreciate you being here. Thank you, sir. Any other questions of the general business?
Would you like me to read? We had 1 pre-submitted question.
Sure.
Okay. This question was submitted by Steven D. Spinner. He is a Class B-3 shareholder and also owns various trading rights at CBOT Exchange. His question is: What is the CME Group's plans for promoting exchange memberships? Is there an annual budget to help increase demand and advertise the benefits of memberships? Should a committee be organized to assist in this process?
Well, Steven, thank you for the question and, kind of a difficult one to answer, and I don't wanna duck it, so I won't. There is not technically a budget just for the B shares. What there is we have what's called a new client acquisition program. And in the new client acquisition program, when I brought Julie Winkler on to be our Chief Commercial Officer, her first order of business was a new client acquisition program. And what we did was we promoted memberships through this new client acquisition to show them the benefits of memberships. We believe that we live in a world of efficiencies, and if you don't create efficiencies, you probably won't be around very long.
One of the efficiencies that we still have embedded in CME Group, which we've had since the day we went public in 2002, nothing has changed, is a membership and people who use those memberships. We see the value in them associated with growing our business and that Julie and her team work together to continue to promote the value to new clients. As we look at the amount of volume they trade, what they could do to create efficiencies by owning a membership or not. That is part of the way we look at the new client. To say we have a strict budget for that would be not true.
We have people that work for the company that would be part of a budget if you wanna look at it that way, but not to physically or, you know, advertise promoting memberships. We don't have a budget for that. We use it through our new client acquisition program.
That was the only pre-submitted question we received.
Okay. Yes, sir.
My name's Bill Lurch. I got a IMM and a CME B share and A shares. Years ago, we used the B shares to stimulate new contracts. We had 15 minutes. They did it for S&Ps and Gold too, I think, to get volume stimulated for a new contract. How are we using the B shares now when new contracts come out? Are we using them to get the volume off the ground?
Billy, thank you for the question, and it's nice to see you. What Bill Lurch is referring to is for some that weren't around, I know many were, we had all trading floors. We were going back to the earlier question asked, I think by Daniel, where is CME's market? CME's markets during 1981 and two for 15 minutes, please, were in one central location and one central location only, and it was at 444 West Jackson Boulevard. That was the only place that contract that Bill is referring to was at.
The only way to stimulate, we felt at the time, was to get members to go in there and create liquidity so we could attract outside investors to feel comfortable to exercise and put paper into the market, for lack of a better term, in order to do their risk management. That's the way we did start a lot of newer markets by asking members to help create liquidity. We do the same thing today, Bill, but we do it in a, in a way that people who own memberships, whether they're participating in the market of creating liquidity today, we go to them, to create programs in order to create liquidity so people can transfer risk and feel comfortable about doing so. Nothing's really changed except for the electronification of that market.
The same people, most of them, I would say, that create the bid offers in today's world like they did on the trading floor in 1981 that you're referring to, all own memberships. They are the ones still providing liquidity for new markets, and we have programs that we address for every new market we launch. Here's a great example, Bill. The largest market in the world I referenced a moment ago, which is Eurodollars. When LIBOR was going away, and we had to get a new overnight benchmark for interest rates, there was a jump ball supposedly about who was going to be the prevailer of the new short-term interest rate contract.
One of the things I had said to my investors was, "I think we're the tallest one on the floor, I think we can continue to move this market into Eurodollars." We were able to do that by going to proprietary trading firms, going to other folks in the business who own memberships to create that liquidity to transfer from Eurodollars, which was extinct, going to be extinct, into SOFR options. We went from 45 contracts a day with 100 contracts open in open interest in your SOFR options a year ago, to 40 million contracts open today. 40 million. It's way bigger than Eurodollars ever was. How do we do that? We do it the same way, kind of, what we did in 1981 when some of our predecessors were sitting up here or telling about the business then.
I think that's exactly how we use memberships to continue to promote it, Bill.
the first six months.
Bill, if, again, another great question. Starting in June of 2022 through August of 2022, we did not charge for your SOFR options in order to transition that business 'cause we thought it was a good investment to let people trade it for free to create the $40 million that I just referenced. We did that. You're absolutely right. That was all member-driven volume.
Questions?
Thanks, Bill. Appreciate it.
Is this on?
Yes. Yep.
Hi, Terry. Just Terry Brady. I've been here before. I came with a question on cryptocurrency. I talked to this gentleman down at the end of the front row over here. He answered about 99% of the questions I had.
Did he give you the right answer?
Yeah. I did have one. Could you ever accept a trade where you, especially on lightly traded ones, where you don't have a buyer and a seller already established, is there any... I'm not sure the total mechanics of how the trading floor works here, but is there ever a possibility on a low-traded crypto, or you might end up with only one half of it established and have a risk in terms of being able-
No.
To find the other half of it.
No.
Are they always paired?
Every buyer has a seller, every seller has a buyer. That's the way we manage the clearinghouse. If, in fact, someone's trying to enter into a trade, whether it's crypto or whether it's the biggest contract in the world, as is mentioned, SOFR . If, in fact, the buyer can't find the seller, we'll see the price move until it attracts that seller. If the seller can't find a buyer, the market will attract that buyer. We will not pair up, we don't put a trade in our clearinghouse unless it's got the other side of the counterparty going into it.
I thought, I hoped that was the answer-
Yes, sir.
you were gonna give me, and thank you very much. Appreciate it.
Yeah, we don't speculate in the market.
Yeah.
Terry. We, you know, we manage risk. We don't create risk. That's what we do very well here at CME Group. We don't participate in the marketplace. We would never take a trade that we had to take the other side of, 'cause we don't do that.
Right. Good. Thank you.
Thank you, sir. Come on, Garrity. Where are you? Oh, there you are. You're on Lonnie's shoulders. What do you mean you're standing? Does anybody else have a question or a comment on the general business of the company? John, are you gonna ask something or no? You came all this way. How's Debbie? Okay, never mind.
She's doing great. She wants me to work out all the time. Okay. You know, everything looks so great. I was wondering, what do you need to do to get the stock price up?
John, that, you know, that is a question that myself, my team, and my board have had a lot of discussions around lately. We look at what we've done, as Lynne pointed out, 2022. Every quarter when you meet with your investors and analysts, The question is always, "What's next?" Not what happened, what's next. We don't predict the future, but we say we think that we can manage risk, and we think that the world's a dangerous place, and we think we have the right tools in place for multiple asset classes, which nobody has, to manage that risk.
Whether it's in precious metals or whether it's in short-term rates or long-term rates or commodity products, energy products with the Ukraine war, all these things that we have that we're very fortunate to have the deep pools of liquidity and the distribution across the world. When we look at this and we look at the results that Lynne just showed you, one would say, "Why isn't the market higher?" What I said to my board yesterday, which is hard to do because, you know, here, there was a question earlier about comp. I don't know who asked it. It might've been Bill. I'm not sure who. One of the guests, one of the union fellas, about comp. We have what's called performance shares for myself and my team, and half of our comp is in performance shares.
We had the biggest year in the history of 2022. Okay? You know how much we got in performance shares? Zero. Because it's based off the stock price. We did everything we possibly could do to create the biggest year in the history of CME Group. Myself and my team got no performance shares, and that's half of our comp in equity. It's really a strange phenomenon sometimes. That's just the way it works. We accept it. You know, we get paid in other years, but this year we didn't get paid. It's a strange situation. I was talking to Lynne right before we came up here, one of our I don't wanna call it a competitor because I like the ecosystem in our world. I think it's important. We're part of an ecosystem.
I want it all to grow because I think we'll grow with it. The Intercontinental Exchange reported earnings today, they beat by $0.01. They missed on revenue. We beat by $0.05, beat on revenue. We go down, they go up. It's. Sometimes you just knock your head against the wall. Again, I will stay focused, my board will stay focused, my team will stay focused. I'm managing the business, and we will let the stock price take care of itself because there will be never any financial engineering going on by me or my staff. We will stay focused on growing this business, and we think the value will be there. John, it's a great question 'cause it does get a little frustrating.
When you gotta remember in halfway, a quarter, 25% of the way of 2022, we were trading $256 for a fleeting second, as we all saw. Not quite sure what the price or what the reason for that was, the next moment you're trading $200, so. You're having the biggest year ever. I don't. No good answer, John, other than we'll keep working. Thank you. Other questions or comments? Lonnie, nothing?
Very well.
Sir. Thanks, John.
I'm Andy Sauve. It's great to be back in person. I'm an A shareholder and a B shareholder. I'll ask the question. I'm anticipating your response already, Terry. Is there any information, any color that you could provide with regard to the Langer lawsuit? That this thing has been out there since 2014, now we're 2023, and everything that's happened in between. As we were just discussing about share price, uncertainty is always a factor in share price, amongst other things. Perhaps it is, perhaps it's not, with regard to the Langer lawsuit. Is there anything that you could say at all with regard to that, case?
Andy, thank you for the question, and I appreciate your participation on both the A and B shares that you own. We don't comment, and you know that was gonna be an answer as it relates to that, but I will say something about it. What I will say, and all the lawyers are going, "What the hell is he gonna say?" What I will say is that as I go around the world and talk to the people who own CME Group, I have never heard and anybody has said to me that they think that is a headwind for our stock price. They don't believe anything associated with that litigation has anything to do with performance of the company. As I said, just a moment ago to Mr.
Garrity, you referenced 2014, this has been out there since then. We hit a historical high just last year of $256 a share. I would say that the investors are not, you know, they're not focused on that part of it. I think a lot of companies look at litigation and understand they have to price that in no matter what it is. I've never had someone come to me and say, "We think that's a headwind that's causing your stock to be not moving forward." That's all I can say about it. Hopefully I was... Is that all right, Jonathan?
Yeah.
Okay. That was Jonathan's answer. He told me to say that to you, Andy. Any other questions or comments? I can't thank you guys enough. I appreciate it very, very much. you know, it's great to. I don't know who said it, but it's really nice to be back here in person, and it's nice to see some of my old colleagues that I grew up with on the trading floor. You guys look great. I wanna thank my board and my management team and the rest of the staff that's here today. If there's no other business, I don't know if I have any formal presentation. I think that we would. We're gonna adjourn the meeting. Without any further discussion, the meeting is adjourned. Thank you all very much.