AGM 2020

May 15, 2020

Good morning, and welcome to the Intercontinental Exchange Annual Meeting of Stockholders. I would now like to turn the conference over to Mr. Jeff Sprecher. Please go ahead, sir. Good morning. I'm Jeff Sprecher, Chairman and Chief Executive Officer of InterContinental Exchange, and it's my pleasure to welcome you to our 2020 Annual Meeting. As we previously announced, we're hosting this year's annual meeting as a virtual only meeting due to the coronavirus outbreak. We have stockholders and guests attending via the web portal that we provided. We'll provide an opportunity for stockholders to ask questions by submitting them through the web portal during the meeting and at a general question and answer session following the meeting. Though we may not be able to answer every question, we will do our best to provide a response to as many questions as possible. Only validated stockholders will be able to ask questions in the designated field on the web portal. And I'm going to now call our annual meeting to order. In order to comply with legal requirements, the voting process for the annual meeting is rather formal. And as a result, I'll be reading from a script. After the announcement of the voting results and the adjournment of the meeting, we'll begin a general question and answer session. While this meeting is largely procedural, I do want to take a moment before the formal portion of this meeting to update you on our business and to highlight our focus on serving our customers and creating stockholder value. 2019 was our 14th year of adjusted earnings per share growth, driven by strong top line contribution from our transaction businesses, complemented by compounding growth in subscription revenues from our data and listings businesses to drive a record $5,200,000,000 in net revenues. Our trading and clearing business revenues grew 5% year over year, led by a record year in our energy business, which generated nearly $1,000,000,000 in total revenues. In our fixed income and credit business, we launched our ETF hub in October. And while we're still in the early stages of development, BlackRock as well as 5 of the market's largest authorized participants are now active on that platform. We also continue to invest in ICE Mortgage Services, which in 2019 generated record eNote and record rerecording volumes as digital mortgage solutions became increasingly important to our customers' workflows. In our data services business, our revenues grew 5% to a record $2,200,000,000 This strong growth is supported by secular growth tailwinds such as the shift from active to passive investing, growing automation in fixed income markets and the push for transparency from our global regulators. In our listings business, the NYSE was once again the global leader, helping customers raise nearly $112,000,000,000 in capital, including $29,000,000,000 in initial public offering proceeds. And when we turn to 2020, the Q1 was marked by an extreme uncertainty and volatility across the markets. With the vast majority of our staff working remotely, we handled record volume, which contributed to record revenues and double digit adjusted earnings per share growth. We went into this crisis knowing that history has demonstrated that our company does well and generates outsized profits during times of stress. We take our stewardship of shareholder capital very seriously, and it seemed incumbent in this situation that we share a portion of our good fortune to support those helping to battle the effects of COVID-nineteen in the communities in which we operate around the world. And so our global team quickly identified charitable needs in their communities that we moved rapidly to assist in overcoming. As we look to the balance of 2020, we remain focused on continuing to ensure that our markets, clearinghouses and related data service performed to the highest possible standards, while continuing to enhance those markets and the ecosystem that surround them. We've begun to implement a plan for our teams to return to their offices and will be prudent and do so at a pace consistent with local and national guidance. In the meantime, I believe we've demonstrated not only over the last 2 months, but over the past 2 decades that we'll continue to invest in and execute on many of the exciting opportunities that lie in front of us to continue to create value for our stockholders. I'd like to pause and thank the InterContinental Exchange Board of Directors for their dedication and their hard work throughout the last year. Their expertise and their efforts have produced strong results and an excellent record of corporate governance. And finally and certainly not least, I want to thank our stockholders for your continued confidence. We appreciate the dialogue that we've had with you, and we strive to earn your continued support by delivering best in class results. Now before starting the voting portion of the meeting, I'd like to introduce you to the other directors of ICE who are attending this virtual meeting today. Those include Sharon Bowen, Charlie Crisp, Doria Farooqi, Jean Marc Fanari, Lord William Hague of Richmond, Fred Hatfield, Tom Noonan, Fred Salerno, Judy Spreizer and Vince Tzey. We also have a number of ICE management team members who are attending this meeting on the virtual bridge that we have, along with representatives of So let me now appoint Octavia Spencer as Secretary of the meeting to record the proceedings. Sid Rodriguez Broadridge has been appointed as the Inspector of Elections for this meeting to, among other things, ascertain the number of shares of ICE's common stock outstanding and the voting power of each to determine the shares represented at the meeting and the validity of the proxies and ballots to count all votes and ballots and to certify the number of shares represented at the meeting and to vote for each of the proposals. The Inspector of Elections has taken and signed an oath to faithfully execute his duties with strict impartiality and according to the best of visibility. Octavia Spencer will now say a few words about our 2020 annual meeting procedures. Thank you, Mr. Chairman. To conduct this meeting in an orderly fashion, we respectfully direct your attention to the rules of conduct that are accessible on the web portal. Any stockholder or proxy holder wishing to address the meeting should at the appropriate time enter questions on the web portal. We thank you in advance for helping us conduct the 2020 Annual Meeting in an orderly fashion. Only stockholders of record as of March 17, 2020, are entitled to vote at this meeting. The only securities that can be voted at this meeting are shares of ICE's common stock, which will vote together as a single class on the matters presented to stockholders at this meeting. The voting requirements for each of the items on the agenda are described in the proxy statement. I will now read our forward looking statement disclosure. The matters discussed at this meeting may include certain forward looking statements that represent ICE's expectations or beliefs. These statements involve substantial risks and uncertainties that may be beyond our control. Our actual results could differ materially from those projected in these forward looking statements. Additional information concerning factors that could cause actual results to be materially different is contained in the Risk Factors section of our annual report on Form 10 ks and elsewhere in ICE's filings with the Securities and Exchange Commission. We encourage you to read those materials. Thank you, Octavia. We will now proceed with the formal items of business. The record date stockholder list will be available for inspection throughout the meeting on this web portal. In addition, copies of the notice of annual meeting and proxy statement related to this meeting are also available on the web portal. Each of you should have had the opportunity to vote your shares by proxy ahead of this meeting. If you've already voted by proxy, you don't need to vote at this meeting unless you wish to change your vote. Ms. Spencer will now review the share information. I have the following information regarding the number of shares to be voted today. As of the record date of March 17, 2020, there were 549,137,617 shares of ICE's common stock outstanding and entitled to vote at this annual meeting. Such shares constitute all of the shares of ICE's capital stock entitled to vote at the meeting and record holders of such shares are entitled to one vote for each share held as of the record date. The presence via the web portal or represented by quorum. We are informed by the Inspector of Elections that there are represented by proxy at the meeting with regard to each of the proposals, at least 499,889,692,692,692 at least 89% of the total number of shares outstanding and entitled to vote. The proxies may be voted by Scott Hill, Andrew Certikowski or Octavia Spencer. Based on this information, a quorum is present, and we can proceed with the business of the meeting as set forth in the notice of annual meeting and proxy statement. The notice of annual meeting and proxy statement notes that there are 3 items of business to be voted on by the stockholders. It is now 8:39 a. M. Eastern Time on May 15, 2020, and I now formally declare the polls to be open for voting on the proposals as described in the proxy statement. The Board of Directors recommends that you vote for each of the proposals number 1, 23. Please note that we will give stockholders an opportunity to ask questions via the web portal on each of these proposals after all of the proposals have been presented. The first item on this agenda is the election of Sharon Bowen, Charles Crisp, Doria Farooqi, Jean Marc Fanari, Lord Hague of Richmond, Frederick Hatfield, Thomas Noonan, Frederick Salerno, Jeffrey Sprecher, Judith Spreizer and Vincent Teesey to serve as Directors of InterContinental Exchange Incorporated. If elected, they'll serve a 1 year term expiring at the 2021 Annual Meeting of Stockholders or until his or her earlier resignation or removal. You can find more information about each director nominee in the proxy statement. The Board has recommended that you vote for each of these nominees. 2nd item on the agenda is the advisory vote on our executive compensation as set forth in the proxy statement. The Board recommends that you vote for the advisory resolution approving the compensation of our executive officers as set forth in the proxy statement. The 3rd and final item on our agenda is the ratification of the appointment of as our independent registered public accounting firm for fiscal year 2020. As set forth in the proxy statement, the Audit Committee of our Board of Directors has appointed as our independent registered public accounting firm for the fiscal year ended December 31, 2020. The Audit Committee and the Board recommend that you ratify their appointment. If any stockholder would like to ask a question regarding any of these three proposals, please submit your questions through the web portal now. Please note that only questions with respect to these proposals will be considered at this time, and you should wait until the question and answer session following this meeting to submit questions with respect to other matters. So let me pause and ask my colleagues, do we have any questions that have come in regarding the Popovis? Not regarding the proposals. All right. Hearing none, if you're voting for the proposals at this meeting, please now do so through the web portal. Okay. We're going to now proceed with voting of the proxies that were represented at the meeting. Andrew? Now that all the votes have been presented as proxy representing shares at the meeting, I hereby vote those shares that I represent through proxy and authorize the delivery of a ballot and corresponding proxies to the Inspector of Elections so that the shares represented thereby shall be voted in accordance therewith with respect to Proposals 1 through Proposal 3. Thank you. Any stockholder who has not yet voted or wishes to change their vote may do so by clicking on the voting button on the web portal and following the instructions there. Stockholders who have sent in proxy or who have voted via telephone or via the Internet and who do not want to change their vote do not need to take any further action. Let me pause for a second. This concludes the voting on the proposals on the agenda. It is now 8:43 am Eastern Time on May 15, 2020, and the polls on each of the matters are now officially closed. We will now tally the results of the voting. We will now announce the preliminary results of the voting. Ms. Spencer, do you have the totals on the proposals? Yes. Before reading the preliminary vote totals, I would like to state that we have a sworn affidavit of distribution from Broadridge Financial Solutions, Inc. The affidavit states that Broadridge calls the mailing of the information relating to the annual meeting on March 27, 2020. The information was delivered to the stockholders of record as of the close of business on March 17, 2020. The preliminary voting results are as follows: each director nominee received more votes cast for such nominees election than votes cast against such nominees election. And therefore, Sharon Bowen, Charles Chris, Doria Farooqi, Jean Marc Fornieri, Lord Hague of Richmond, Frederick Hatfield, Thomas Noonan, Frederick Salerno, Jeffrey Sprecher, Judith Spreiser and Vincent Tisi are duly elected as Directors of the company. Also, 409,654 1,059 shares were voted in favor of the 2nd item on the agenda, which is the affirmative vote of the majority of votes cast for or against the advisory resolution on our executive compensation. So the advisory resolution on executive compensation is approved. And 484,620,159 shares were voted in favor of the 3rd item on the agenda, which is the affirmative vote of the majority of votes cast for or against the proposal to ratify the appointment of as independent registered public accounting firm for the fiscal year ending December 31, 2020. So the appointment of is ratified. The final vote results will be filed with the Securities and Exchange Commission on a current report on Form 8 ks in the next few days. The certificate and report of the Inspector of Elections, which contains the vote totals, will be filed with the minutes of this meeting. We would now like to adjourn the formal portion of this meeting. Octavia? I move that the meeting be adjourned. Andrew? I second the motion. All in favor, say aye, please. Aye. The Annual Stockholders' Meeting is now adjourned, and that concludes the announced items for the meeting as specified in the notice of annual meeting and proxy statement. I'm going to now open the meeting up for questions from our stockholders. And in doing so, I ask that you reference the rules of conduct provided today. If we're unable to address your question at the meeting today, we'll follow-up with you after the meeting. If you have questions for the company, please submit them now through the web portal. And I see we do have some questions coming through. The first question is you've consistently grown the dividend and you are again this year. Do you expect to continue to do so? Is there a possibility for share buybacks? First of all, let me tell you that our balance sheet is in great shape and our cash flows are very strong. And we're in a great place compared to most companies around the world. We have the Board has had a philosophy that they like to grow the dividend as our earnings grow. And there's been no change as we sit here today at that attitude. So we also have a current buyback authorization of $2,400,000,000 and we used the Q1 to repurchase a record $700,000,000 worth of our own shares in order to return capital to shareholders. So we're in a very, very enviable position. And honestly, partly why we asked our employees to seek out charitable foundations that and areas where we could contribute locally was in order to share a small piece of the good fortune that we have during times of stress. I remind you that we're in the business of helping people manage risk, and there's a lot of risk in the world right now. And it appears that there will be a lot of risk in the foreseeable future as we try to return to a new normal. Second question is the North Sea is being depleted of oil. So how will the price of Brent be determined? And what impact does $20 oil or even negative oil prices in West Texas Intermediate Crude Oil have relative to Brent? Those are good questions. So the North Sea has been over the entire history of the over 20 years of the Brent contract, the North Sea has been being reduced in what people believe is the amount of oil, only to be surprised by the fact that technology continues to find new ways of discovering oil. And we continue also to evolve that contract to add new sources of oil. And so Brent Oil, while it's called Brent, we really use oil from Brent, EcoFisk, 40s and a few other fields to augment the capabilities of the Brent fields in the North Sea. So like most things, it continues to evolve as there have been changes in the physical structure. West Texas Intermediate crude is an important marker, but it is a marker that is indicative of oil delivered at a specific moment, at a specific place and time. And in this case, Cushing, Oklahoma. And it's delivered there via a pipe. So if there are problems with the pipe or if there are problems with storage or any other physical issue at that specific point, at that specific moment in time, that market the price of that market can do abnormal things. Brent is a little different. Brent as we talked about, Brent is oil that comes out of the North Sea and it doesn't go to shore. It is pumped out of these deepwater deborn derricks and put directly on ships. So Brent crude oil is mobile and it can go anywhere in the world. And so while you can have shipping issues and weather issues and you can have storage issues and port issues, you have a much bigger canvas because that seaborne cargo of Brent can theoretically go anywhere in the world. And so it has a more of a buffer, if you will, than what we have at Cushing, Oklahoma. So while it's possible that all ports and all storage around the world could at the same moment in time have no capacity and that that contract could go negative or it could be some massive supply disruption or weather disruption. The reality is there's more flexibility in that contract, which is why the industry over time has continued to increasingly use not only Brent, but all of the products that come out of a barrel of Brent as tools for global hedging. Next question is, given the strong cash flows at Intercontinental Exchange, how do you feel about the ability to continue to invest in the business or pursue strategic M and A opportunities? And do we see M and A opportunities for the rest of 2020? Again, we're in a good position from a finance standpoint, very, very strong balance sheet, investment grade ratings. The debt markets right now are very open to investment grade companies. So from a purely financial standpoint, we're in an enviable position compared to most companies around the world. And we always have a buy versus build strategy here. We believe as a management team that you hired us to look for opportunities for growth of this company. And we're constantly scouring the landscape for ideas to either buy or build. And we're in an enviable position. So if there are such opportunities in 2020, we're going to be in a position to capitalize on it, we believe. This is an interesting question. So I'm going to combine actually a couple of questions here. Over the years, it seems like we've had technical issues regarding New York Stock Exchange. Is there an overt issue of technical malfunctions that occur regularly? Are we seeing increased trading at New York Stock Exchange due to algorithms? Do we need to continue to invest in cybersecurity every year? And how do we go about recouping our expenses? Those are all interesting questions because those are all the challenges of operating the New York Stock Exchange and all of our platforms, honestly. You may recall for those shareholders that have been with us a while that we when we acquired the New York Stock Exchange shortly after Hurricane Sandy hit the East Coast of the United States. And during that period, the New York Stock Exchange didn't have the capability of operating. Its employees were sent home and trying to operate the business on mobile phones and with technology while there were massive power outages along the East Coast was too much of a challenge and the New York Stock Exchange shut down for a while and so did all of trading on Wall Street. And there have been many, many lessons learned since that time. And one of the things that we did when we acquired the company after Hurricane Sandy was a complete revamp of trading technology inside the New York Stock Exchange. And in doing that, we adopted the requirements of Regulation SCI, which is a regulation that requires very rapid response to outages. So a combination of regulatory push plus a new technology build has allowed us to today operate the New York Stock Exchange completely remotely, completely electronically. And the market makers and floor traders that you would normally see on the floor are still connected to us and they're working from their homes in various locations around the world, and the business has run incredibly well. In building that new technology and in fact, in all of ICE's working from home and working remote capabilities, we have really hardened them for cybersecurity issues. We take our cyber overlay very, very seriously and have built business continuity planning around our business that includes a cyber overlay. And we again, we're fortunate that we've done a lot of work on that and we were relatively seamlessly able to operate not only the New York Stock Exchange, but all of our businesses remotely and they're doing quite well. Next question is, have we seen a spike in trading and transactions during this time of the pandemic compared to earlier years. Yes, but we started the year with a record January and then saw a record February. And it was really March where the world decided to largely shut down due to the pandemic. And when that happened, our volumes just took off. Again, we're in the business of managing risk. And so the risk of the pandemic caused tremendous amount of volume. In fact, at the New York Stock Exchange, our peak record of messages that we handled was between 2 and 3 times our normal the highest peak we'd ever seen, our normal high peak. So there was tremendous risk management that went on in the month of March. And so not only we have a record January, record February, but then of course we had a record March. And if you look at the volumes, the public volumes that we put out in April year to date in May, we're doing very, very strong business. We continue to do strong business. And I would suggest to you that that's largely because there's a lot of risk still in the world. Next question is, so we're holding our virtual meeting. And what are our thoughts on that? Is that is this a new normal for ICE? And it's interesting. Our first of all, our past meetings have been in person, but then have also been webcast. So we've always had a virtual element to our shareholder meetings. And we like that because I make the point to my colleagues, there's a difference between socializing and in person and socializing over video. And it's great to have human connection. And as a manager, I deal with and talk to 100 and 100 of shareholders a year and get feedback along with all of my managerial colleagues here. And it helps inform us and give us ideas and get your feedback. And so while I'm happy to sit here and read the questions that you submit over the Internet, it's much better to do that in person and have a back and forth dialogue as opposed to a serial dialogue. So we'll analyze how this virtual meeting went and we'll take your feedback on it. But personally, I hope that we'll be back in person next year. We it looks like just from the data, we can see the number of people that connected in addition to see the questions that you're typing in. And it looks like attendance in this virtual meeting is about what we have at a in person meeting, including our webcast. I'll take that as a compliment in that we didn't lose viewership as a result of not being able to be in person. And just from a purely business continuity planning standpoint, this holding this meeting is another example of the work that our colleagues in our BCP group do. In fact, that group actually had already a pandemic virus plan in place, which came from past concern around the world about virus. And so we were in a very good position to not only run our business, but hold our earnings calls and hold our shareholder meeting. And shortly later today, we'll be holding a virtual board meeting. So we've done well in terms of knock on wood in terms of being able to manage the business almost seamlessly. Next question is about our more ask if I could talk about our mortgage business, emerging mortgage business. So our mortgage business was really predicated on the idea that the U. S. Residential mortgage business is still very analog. It's very paper oriented. They're still very document oriented. In a world where increasingly just like this call today, we're using technical systems to allow us to do business from our kitchens and home desks. And there was a sense that the mortgage industry was lagging behind and we decided to invest in that space and try to drive more adoption of digital mortgages. And I'm pleased to say that we're again at the right place at the right time. There are a lot of people right now that want to take advantage of very, very low interest rates. There are a lot of people right now that are that need cash and are need to take some of the equity out of their homes in order to become slightly more liquid in cash. And so there's been a big demand for mortgage refinancing in the United States as a part of this crisis. And it's been very, very difficult for people due to physical distancing to get together in offices to write mortgages. And so we've seen a massive uptake of our digital mortgage solutions that allow lenders and borrowers to do business with one another from the privacy of their homes or home desks. And so I think that this moment in time will be remembered as a tipping point where people really say it's time now to get off the heavy paper laden mortgage business. 1 of the things that we discovered is that many, many states require a notarized physical document. And we've worked along with many in the industry to try to move quickly to have certain states and localities change their rules so that we can do a digital notary. But there are still speed bumps along the way here around the United States that I think this pandemic crisis will help to move along regulators and legislators and other people that have dragged their feet on digital adoption. And that's a good thing. Next question is I've read about various Securities and Exchange Commission actions and how are these impacting your New York Stock Exchange business and particularly how is that impacting your New York Stock Exchange data business? Very good question. Our industry in securities and also trading more broadly is going through a massive shift where increasingly traders are able to do their business digitally and banks and brokers and other intermediaries are actually able to reduce their headcount and automate more of the intermediary business in trading. As headcount is reduced and technology spending goes up, many people are seeing that their payroll costs are going down, but their data and analytics and technology costs are increasing. I personally think that that's a very, very good financial trade off. But nonetheless, as people are focused on efficiency, there's been a push to try to lower the unit cost of data and technology. And by the way, we're in the consumption of data and technology and we have that same mindset of trying to manage our own costs here. So we fully appreciate it. Unfortunately, rather than allowing the free market to do that, many people want to try to litigate changes. They want to try to influence government to regulate pricing or regulate various aspects. And the problem that and this is a personal response from me, the problem that I see is that whenever you get government involved in a negotiation, things slow down. And so what you've seen now is really a freezing of the status quo in terms of pricing. It would be for us to raise prices at for data around the New York Stock Exchange, we would need to submit those ideas to government, then they would go through an approval process. But also the lower prices and to affect what many people would like, which is a reduction in the unit cost of data and analytics, We also have to submit that to government. So the whole dialogue has been slowed down and the market has not in my mind been allowed to operate freely as buyers and sellers would normally do. And so what we're seeing is just a freezing of the status quo. There's a lot of litigation around this. Ourselves are litigating some of it. That means that you'll go through SEC hearings, then you'll go through court hearings, appeals. Oftentimes, courts will remand these things back for new hearings. And so I think we just are frustrated as entrepreneurs that we're not able to innovate around what we see as some of the real demands and needs of our customers. But we do our best. We continue to try to find other areas where we can help our customers. And for example, digital mortgages that I just mentioned is exactly one of those where the industry was able to evolve literally over a matter of weeks as opposed to what's going on in front of the Securities and Exchange Commission, which is evolution over many, many, many years. With the friction in China, how does it affect IPOs through ICE? That's really through the New York Stock Exchange, I assume. Good question. There has been a dialogue going on that predated the COVID-nineteen dilemma about the improvement of accounting and transparency standards for China companies. And China and the United States and the rest of the world have been in a dialogue and we participated in a number of meetings through dialogue on how there can be developed truly global standards that would allow companies around the world to all have a GAAP like accounting oversight or international accounting standard oversight. What does that really mean? It means that at the end of the day, some third parties need to be able to review the books and records of companies and ascertain that the data that's coming, that's being published by those companies is true and correct and transparent to investors. And so I think this current stress point is accelerating that the demands for transparency and accountability. I think that's a good thing. New York Stock Exchange and the U. S. Equities markets stand for transparency and accountability. I think that honestly, even in private companies in the United States who want to avoid going public, Some of that is really the avoidance of transparency and accountability, market accountability on companies. And so we are constantly urging our own colleagues in the United States that they should become public. I personally really like ICE as a public company. You recall I'm the founder and ran it for many years as a private company. But public markets put a certain discipline on my colleagues and I being able to take these questions right now and answer them in real time is part of the transparency that comes with being a public company. And so we're working with China. We're working with the administration and we're advocating strongly that there should be transparency, accountability and access to public capital. By the way, just as an aside, we saw a under the in the United States, under the CARES Act, many small businesses quickly take out loans that were backed by the U. S. Government. And we saw an immediate pushback by the press and various pundits that public companies had taken these loans. And there was a strong pressure and demand that public companies return those loans to the government. What was really implicit in that behavior was a recognition that public companies have access to capital, that public companies have other ways of financing themselves. And those are the public markets. And while that whole episode was written as quite a negative thing by many in the press, as an operator of the New York Stock Exchange, we saw that it was actually a validation that the public markets were up and working and available to companies and that there was an implicit acknowledgment by the broader public that companies that have access to capital should take advantage of. Looks like we have time probably for one more question. So this is a good one. If I'm correct, you've been public for 15 years and you started the company 20 years ago. What is your vision for the next 20 years? Good question. I will tell you 20 years ago, I had no idea that I'd be on that I would be a public company CEO and operating as a group, a Fortune 500 company that operates internationally 20 fourseven around the world. So it's hard to sit here and have a vision for the next 20 because the last 20 has been so amazing. But the thing that we have now is a very, very big and broad footprint that we didn't have as a start up. We have tremendous access to capital as a public company on the greatest public market in the world, the U. S. Equities listed on the New York Stock Exchange. We have an investment grade rating and access to capital from the debt markets. And so we have advantages to build and grow this business that we didn't have 20 years ago when the company was being financed out of my checking account. And so our vision is much bigger today, and the opportunity set for us is much bigger and broader today. And so one of the things that I and the other people that were here in the early days have come to recognize is that we can think big. And we have all these advantages that come with what we've built. And so my vision, by the way, is and the vision that I share with management team is continue to grow and to build a culture of growth and continue to build a culture of listening to customers and developing around their feedback because they're your best source of inspiration for new ideas. So let me just say we're going to have to end this meeting now. And if we didn't get to your questions, and you or you do have more questions, you can continue to enter them in the portal right now. And we'll follow-up with you as long as you include the contact details that are asked for when you submit the question and we'll definitely get back to you. And so with that, I want to thank you all for your continued support, particularly during these complicated times. We really value your feedback. And so we're always available to answer your questions, if not through the portal, via e mail or telephone. And hopefully, we'll talk before the 1 year period that will mark our next Annual General Meeting. Thank you. Ladies and gentlemen, the session has now concluded. Thank you for your attendance. You may now disconnect, and we hope that you enjoy your weekend.