AGM 2014

May 20, 2014

Well, good morning, and thank you all for joining us here today. Before I get started in the formal meeting, though, I think it's important to recognize some people here that have been an important part of the company. First, I want to just recognize the fact that Randy Horn has announced his retirement from the company, and he'll be leaving us in a few months. He has really been the visionary for this company over the past 10 years and has just done a great job for us. We, as directors of the company, are very proud of having worked with Randy over the years. We were kidding with him last night that people have always told you, when you're going to retire from a company, make sure you pick a good time. I can't think of a better time than what Randy's accomplished with the staff he's put together and the accomplishments of the company over the last several years. Randy, we wish you well. We also are worried about your wife. In retirement, you're going to go home and act like a CEO, and I'm going to tell you, that does not work at home. Just keep that in mind. The other person I want to recognize, and I hope he would stand because I want all of you to recognize him. Gail, would you just take a second and just stand up for all of us? As I've mentioned, what Randy's done for the last 10 years was really just continue what Gail's idea was for this company many years ago. We were just chatting, and he gave me a nice smile, and he said, "Well, if it wasn't for Unum, I needed their help to get this going." Yes, you did, but you were instrumental in this company's success. I think you must feel very proud when you walk through this office and all the offices every day and see the staff and the people and the jobs you've created for this community. We just want to thank you very much for all of your effort and time. It's been great. Okay. There's a number of other people in the audience that I've seen, old friends, former employees. It's nice to see you here today too. With that said, though, we have to get started, and there's a very formal part to this meeting, and now I'm going to go through it with you. Bear with me as we really go through the formal part of the agenda. Again, good morning to ladies and gentlemen. My God, I should have done this. My name is Bill Ryan, and I'm the Chairman of the Board of the Unum Group. On behalf of the board, I'd like to welcome you to our 2014 annual meeting of shareholders. I'd also like to welcome you to Columbia. What a beautiful community. I live in Portland, Maine, so I'm not used to this great weather at this time of year. Tom, I think it's important I stay here for about 3 more weeks and just review the offices, talk to the staff, and then I'll head back to Brownville, Maine, which is what it is right now. No grass, nothing's green, but it is a beautiful part of the world. Before I get started today, though, I do want to recognize all of our directors. We have them here with us, and I think it is important that you just get to see who they are. What I would like to do is I would like them to stand just briefly when I mention their name. Please, no applause. This group will get overconfident if you give them any applause. We just do want to recognize them. First, let me recognize Theo Bunting. Theo, thank you. Michael Caulfield, Pam Godwin, Ron Goldsbury, Kevin Kabat, Tim Keaney, Thomas Kinser, Gloria Larson, Pat MacMillan, Ed Mull, Mike Passarella, and of course, our CEO, Tom Watjen, who is also a director of the company. A quick comment. We had a great dinner last night to celebrate Mike Passarella, who will be retiring from the board. We have an age requirement of 59. Mike has just turned 59, so he will be retiring. He will be retiring. Mike has been an important part of the board. He has been a legend in terms of dominating the audit committee and chairing it for a number of years and keeping us in good stead. We are going to miss Mike. He has been fun to have as a friend and as a director. We will start today's meeting with the voting items that are important to us, listed on the front of your agenda card, followed by a review of 2013 by Tom and Rick. This meeting should go fairly smoothly, and it should not take a lot of time. We will then be happy to take questions at the end of the presentation. Would you ask the hard questions of Rick and Tom and ask me the easy questions, and this will go even nicer from my standpoint. There are rules of how the meeting will be run, and they are on the back of the card. If you would familiarize yourself with that. I will preside over the formal part of the meeting that we are getting into now. Susan Roth, who is our Secretary, will be here to make sure we do things correctly. Bo Bishop is our General Counsel. Bo is here in the audience somewhere. Bo, thank you very much. We have Computershare as our trust company, as our Inspectors of Election. We furnished proxy materials to all of us who are shareholders on a record date of March 27, 2014, and they were sent out on or about April 9, 2014. You should know the record date, there were 257,837,242 shares of common stock outstanding. Number of shares represented at this meeting, shares that have been voted, are 227,866,993. That represents 88% of shares that are owned have been voted, which is a fairly high percentage number. We are very pleased that shareholders care enough to vote. Therefore, we do have a quorum that is present, and it is my pleasure now to formally call the meeting to order. Polls for voting in person opened this morning at 9:45 A.M. There may still be shareholders in the room that want to vote by paper ballot. If you have already voted by proxy, as most of us have voted, you do not have to worry about anything. But if you do want to do a paper voting ballot, you can do that. If you would just now raise your hand so that we can get you a paper ballot, if anybody's requiring a paper ballot. Is there anybody requiring a paper ballot? No. Thank you very much. Let me then close the polls, if I would, since there are no paper ballots. The Inspectors of Election have performed an initial count of all the votes cast by proxy for this meeting, as I've just told you. I will now give the preliminary vote results, and final results will be reported on a Form 8-K that we're required to file no later than May 27th. The first item of business is the election of directors. Each nominee received a number of votes for his or her election, representing more than a majority of the votes cast. Therefore, I'm pleased to say each nominee is elected. Obviously, the directors that are up for nomination, they were a little more serious this morning here saying hello to you. They're not serious anymore. They've all been elected. The election results reflect upwards of 90% of the votes for all the directors. Second item of business is the advisory vote to approve executive compensation. It's commonly known as say on pay. This item seeks advisory approval for the compensation of our named executive officers. The Inspectors of Election report that 97% of the shares were voted for approval of the named executive officer compensation. Say on pay has been an issue over the years where shareholders want to make sure they have a say in the voting of compensation, and our shareholders have spoken with a 97% approval rating. Therefore, the shareholders have approved the advisory basis, the compensation for named executives. Third item of business is the ratification of the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for 2014. Representatives of Ernst & Young are present and are prepared to answer any appropriate question that you may have at this time. Are there any questions of Ernst & Young? Inspectors of Elections report that 98% of the shares were voted for ratification of the appointment, so Ernst & Young will continue to be the independent registered public accounting firm for our company in 2014. Before I turn the microphone over to our CEO, Tom Watjen, I'd like to just take a minute and share a couple of thoughts with you. This has been a very good run for Colonial, for Unum, for the U.K. business that we have, for our American business. We are feeling very good about the company over the past few years. Hard work of all of you in this room, the hard work of the directors and senior management at the company have allowed us to continue to be a company that people treasure and value for their stock portfolios. That's reflected in our stock price. As you know, over the years, we've had mixed results of how our shares have been traded. But now we're on a good plane, and we're moving forward in a very, very positive way. When you look at our total shareholder return, which is really the bottom line of what we're talking about, for 2013, it was 71.8%. That's a huge number, a huge return number at a time when all returns are generally very, very low. Again, the end results are there so far. But more than that, it looks like we're preparing ourselves for several more good years. Again, we're going to need all of you to work hard at this, and we can't take it for granted. But I have to tell you, there are some years when you come to an annual meeting and you're a little nervous about what you're going to say and how people are going to hear you. I don't think we have to worry about what we say today or how people are hearing us. They're hearing us very nicely, and they're giving a thumbs up for Colonial, for Unum, and for all the businesses that we run. Usually in companies, you have one business that does well and sometimes other businesses don't. This is right now a terrific opportunity for all of us because all of our businesses are doing very, very well, and we're really proud of that. It's not easy to have that occur, but that's what we're doing right now and we hope we can continue that as we go forth. As you do it, you look quickly and say, "Okay, it's Tom Watjen is the CEO, and Rick McKenney is the Chief Financial Officer." They'd be the first ones to say, "Yeah, we're an important part of this," but it's the people who work here every day. It's the people who every day come to work with a sense of trying to make our customers feel comfortable with what we're doing. That's what really gets this company moving, and we do appreciate you all, and we do know you're the ones that make this company work. So thank you very, very much. I'd also like to mention, again as we talk about our directors, we'll be adding more directors in the next year or two. We have a number of directors retiring in the next coming years. But I want you to know we feel very, very proud of the directors and what they've accomplished. So we'll make sure that the directors that become directors of the company in the future will be of the same caliber and certainly of the same ilk in wanting this company to be successful. So let me now introduce Tom Watjen, our CEO, and he can go forward with his presentation. Tom? Thank you, Bill. Good morning, everybody. It really, as Bill Ryan said, it's a great pleasure to be here in Columbia, the home of Colonial Life this year. As everyone knows, this is the 75th anniversary of Colonial Life, and there's an awful lot of great history and heritage that's been created over that period of time. Gail, thank you again for all that you and others have done to put us in a position to continue to be successful today and frankly, have a great outlook for the future, which we'll talk about over the course of our comments today. It wouldn't be possible without your work, but also the other executives I know who are here who have worked at times and made a contribution. I want to thank all those retirees who have joined us today because it's you that actually helped create the platform from which we operate today. Many of the key principles that we started 75 years ago, I think as a company, are ones that we adhere to today in terms of things that are very important to us as a company. I want to talk about actually four of those before I turn things over to Rick McKenney, our Chief Financial Officer, to go through a more extensive review of the financial results. Let's start obviously with customers, and it goes back to the origin of all of our businesses. As we know, we can serve an incredible need in the marketplace by providing very essential service to people in their time of need. As you look back over the last year, we paid out almost $7 billion of benefits as an enterprise to help individuals and their families in a very, very critical part in their lives where, frankly, they needed that financial support. We helped probably a quarter of a million consumers get back to work, actually, with vocational rehab training and skills that actually they need to get back in the workplace and have a more productive lifestyle. Probably in the U.S., about 25 million individuals benefit from the fact that they know they actually have basic financial protection that's there when they need it. Again, it's essential to their wellbeing, it's essential to protecting themselves and their families. This is a very nice scorecard for what we mean to customers. It's a wonderful business to be in. It was a wonderful business when Colonial Life was established 75 years ago. It was a wonderful business when Unum was established 175 years ago. As I'll talk about actually in just a second, it remains a wonderful business, one that we can be very proud of. It starts with the fact that we can deliver significant value to people at their time of need. The answer is also we can deliver solid returns. I don't want to take away from Rick's presentation in just a moment, but it's not mutually exclusive. You can deliver solid results for your customers while at the same time doing it financially disciplined in a responsible way. If you look at the track record of this company, we've continued to grow earnings per share, we've continued to grow book value per share in a very healthy way, in a very consistent way. Rick will talk more about this in his discussion. Financial returns to our shareholders are also a critical important part of our focus and our mission as an organization. As you can see, we're doing it very, very well. We think that we should be able to continue these results into the future. How we get our results is also incredibly important. We talk about this a lot inside the company, but it's also very important to those that are very key stakeholders for us around the company. We don't try to collect awards or recognition, but it is always nice to see continually your efforts validated from people on the outside. They're validated in terms of the integrity of the decisions we make, the reputation we've built in the marketplace, the leadership positions that we have in our respective markets, frankly, our commitment to the environment and sustainability, and most importantly, to being a place where people want to work. Because none of this would have happened if we didn't have the absolute best people in the business working for our company. It's nice to see the recognition that we continue to get for being a best place for people to work. So it's nice to do the things that we do, but it's also nice to be sure we do them the right way. There's more to do. Just as we talked about, probably if we had a meeting like this 75 years ago, the need for the things that we do today has never been greater than it is right now. We talk a lot about this as an organization. As good as we are at actually getting to the marketplace, growing our business, serving a customer need, the need has never been greater because frankly, many consumers lack the safety net to fall back on if they have an unfortunate issue to where they're disabled or lose a loved one who was a primary beneficiary. In fact, as we know the statistics very well, almost 40% of consumers actually live paycheck to paycheck, yet have maybe a one in three probability that they have a disabling condition that puts them out of work for a period of time, and they don't have the resources to fall back on. Unfortunately, still people lack the basic insurance protection, and they need to provide for themselves and their families. So there's a tremendous opportunity, obviously, to get to those portions of the market that frankly, for individuals don't have basic protections. That's the business we're in, as we know, doing it in a very simple, cost-effective way, and we do it through the employer. Every indication is that the employer wants to continue to be a very important part of that delivery system to get to vast portions of the population. As we all know, governments face significant challenges in trying to fill that void. It is awfully nice to be in a business with such a rich history of delivering for customers, being responsible to shareholders, but doing business in the right way, yet present yourself with a future where we are very good at what we do, but there is awful lot of opportunity to continue to build and grow from that businesses. With that, I am going to turn things over to Rick McKenney to give you a more detailed review of the financial results, and I will come make a few closing comments. Thanks, Tom. Good morning, everyone. Thank you for being here at the annual meeting of our shareholders. I have a report to give you this morning, which I think will show our shareholders and talk to our shareholders about some very good results that the people in this room, people from around Unum have produced over the last several years. It is a story that has gone over multiple years in terms of what we have been able to do. I start off with the earnings front. We would have looked at 6% earnings growth over the last period of time. I think when you do that, you go back to 2009, particularly in the U.S. and around the world, we were in a very different time back in 2009. The company did an excellent job at that period of time, making sure that we were careful in how we chose risks around the organization, whether that is our investment portfolio, whether it was actually how we managed our business overall, and we were actually able to see good underlying growth, very stable, and at the same time, buy back our shares, which accrued to the benefit of our shareholders through that period of time. As you come up into this year and what we are trying to look at, it is a good underlying growth combined with continuing to return capital to our shareholders on a very effective basis. If you looked at the first quarter, I think it was a good example where you saw that balance coming back in, where we saw a 9% earnings growth, per share growth. You would have seen half of that roughly coming from good underlying organic growth and about half of that coming from capital management. When we look at the company, the stability that we have had, the earnings generation, we think this is a good model to take us into the future. The reason we can be confident in that is when you look fundamentally at the franchise, we have some leading market positions which we have maintained for a long period of time. In our Unum US business, a number 1 group disability position, one that we have maintained for over 30 years. This is a business we know very well. It is certainly a cornerstone of the franchise. We have also been able to leverage that into market-leading positions in other parts of our business. Group Life, a number 6 position. It's a market that actually has many participants in it, but with that combination with our group disability business, one that we can bring a very powerful proposition to the market. A voluntary benefits position where we see the markets going over the next several years, a number 3 position that we have out there today. We are positioned well in this market, both from what we have from a core capability perspective, but also making sure that we've made those investments over the last several years to ensure that voluntary benefits is one that we'll be positioned for in the future. I'll come back to that in a second as well with Colonial Life. In the U.K., a number 1 position, our group income protection, a very high market share, roughly north of 40% market share in that business. We also know that very well than what we do in the U.K., leveraging best practices that we have, both in the U.S. as well as in our U.K. business, and able to retain a very strong, profitable number 1 type position that we have there as well. Group Life, a number 4 position, so continuing that strength with a complete product offering that we have there as well. With Colonial Life, here we are in Columbia, South Carolina, with a very strong voluntary benefits business. We have a number 6 ranking when you look at it. As this market has evolved, I would tell you that in the particular space that we operate in our agency model, delivering a top 3 position against some of our competitors, this is a space that is actually being well-recognized by our competitors as a place to go. I think that with the market share that we have, the operations that we have here, and our continued ability to know our markets and know our customers, give us a great spot to continue to grow this business in a very good, responsible way as the market continues to accrue to the voluntary benefits space. One of the things when you have leading market positions, you can actually do very well from a profitability perspective as well. If you look across all of our franchises we have here today, you'll see the key leading franchises, north of 13% return on equity, a very strong position that we've had over a number of years. Strong, steady, stable. If you look at our Unum US business at 13%, market leading from the returns that we see in our group benefits business. Our U.K. business at a 14% return. We actually see that increasing over time, going back up towards that 20%, which we have seen in previous years, a good, strong, healthy franchise. Here at Colonial Life, 16.5%, which is a phenomenal ROE that we've had consistently year on year. In fact, in the first quarter, it was 18%. So we see very good returns in our business, serving our customers how we know. Our closed block of business at 2.5%, 2.8%, actually is one that we continue to manage very well. It's how we continue to take that business and make sure that it's stable, steady, and growing that ROE as we look at it over time. When you bring it all together, 11.5% ROE for the company, a very good spot, one that we've seen over multiple years. I take into account in that 11.5% that we also have a very strong capital position, which I'll represent to you in a second, but I think it continues to be very good. I want to take a second for our team here at Colonial Life in Columbia to talk about the contribution to the enterprise and a thank you from the senior team here in terms of what you have been able to do year in and year out. I also recognize how you've been able to grow the company. Roughly 23% of our earnings come from Colonial Life here today. It's one that we can count on. These sales and earnings that we see are very strong, very good, and have been very steady over a period of time. We want to continue to grow that as we look out. As you can see from a sales perspective, almost a third of all sales of the company coming here from our Colonial Life team. We think that we have good opportunities to continue to grow that as we grow the whole pie and making sure we keep pace. So we're very happy with what we've been able to accomplish here. Thanks to the team that's in this room and to our Colonial Life members from around the U.S. If I talk to you about the balance sheet, which is important to all of our shareholders, I'll start out with the investment front, particularly as you go back to that 2009 timeframe. Keeping a very stable, steady portfolio is one of the most important things that we can do. Brie Shraer and her team on the investment side have done a good job making sure that our investments are ones that stay very steady and stable for our investors. You'll see we own about three-quarters of the portfolio in corporate bonds, which are invested around the world in companies that have proven to be very stable through this environment, and a couple of other allocations that we have out there with real estate, governments, and other investments. So you can see a portfolio where we don't take a tremendous amount of risk. We think that we make our money certainly in terms of serving our customers and doing that on a very good basis. Our $40 billion portfolio has maintained that steadiness over time. To illustrate that, going back to 2009, you can see back in the challenging times, we had about $700 million of bonds that we actually were watching and that we're a little bit more concerned about given what was going on in the wake of that crisis. If you look at that number today, it's about $50 million. We know those bonds. There's only a couple of them. We actually don't worry about them a tremendous amount. The team has done a good job, and the proof is in the pudding, ultimately, that our average losses on the portfolio are 2 basis points. We haven't seen any losses actually come through, and that's important for our shareholders. That's shareholder money, ultimately, and making sure that we're taking the appropriate risk. We just have not seen losses in this portfolio coming out of a very difficult time. Next piece on the balance sheet I want to talk about is our risk-based capital. This is the capital that we hold to back our policies that we have out there. We run it around 400%. The reason you see this, that actually these bars are very steady over the last several years, has as much to do with the steady, stable cash flow generation we have in our operations. We can predict very well in terms of what the cash flows will come off of our operations to make sure we maintain a very high level, while at the same time being very active on the capital management front. This 400% is more than we need. We actually talk about needing roughly 350, so we maintain multiples of what we need there as well. At the same time, when you look at our holding company cash, we have maintained greater than our one-year fixed costs over the last several years. You can see many multiples of that, including in the first quarter, we are roughly 3 times our needs. Those fixed costs are things that we pay on an annual basis, the cash we need to pay our dividends, to pay our debt service, and to run the overall operating company. We make sure we have a lot of flexibility with those cash levels to do what we need to do to run the franchise, and then ultimately look to be acquisitive out there as well, making sure we have the ability to do so. But we do not hold cash for that. This is one of the things that is nice out there. We have the ability, as we did in the first quarter, to issue debt at very attractive rates, and we will continue to manage it on an effective basis. I talked for a second about capital management. One of the things through that period of time, I talked about in a slower growth environment, we took the opportunity to buy back our shares as a percentage of book. Actually, our shares were trading at a discount, as many companies were at that point in time. We bought back, as you can see, over the last several years, a fair amount of our own stock, where we have seen very good returns over that period of time. It is something we will continue to do. We still generate that cash, and we will continue to buy back our stock at a very reasonable pace. Importantly, too, for our shareholders, dividends are a way that we return that capital to shareholders. You look at that, you can see the 13% increase that we have seen over the last 7 years in our dividend. This year is no different. This morning, we announced actually another 14% increase in our dividend. We are very proud of that steady, stable cash generation and making sure we deliver it and return it back to our shareholders also at a very good clip. We are very happy about our overall dividend story in the context of our overall capital management. One of the things as you are doing this over the last several years, and much hard work that has gone into the many people of our company, is you do have an indicator out there of where it is going. Our stock price over the last year, as Bill mentioned, up almost 68%. We saw our shares appreciated last year. You don't see many charts on a 1-year basis like this, so I'm very happy to put this up there in terms of what we saw from the appreciation last year. We continue to do the same things day in and day out in terms of driving the overall value for our shareholders. But it is good to see a year like 2013, where that certainly is recognized and reflected in the market. Then finally, just to put that out there from a benchmark, the overall shareholder world actually did better in the stock markets. The S&P 500 was up 32%, in our sector was up 63% when you look at the overall life and health. Then as Bill mentioned, we were up over 72% last year. When you look at the 1-year results in the company, doing extremely well. I think when you take that back 5 years, the company continues to do extremely well. We want to take that out further. So it's not about last year. We're already deep into 2014. As we take this and continue to run with the same operating mechanisms that we have, the same strong franchise positions, we see a good future ahead as well. With that, let me turn it back to Tom. Thank you, Rick. Thanks, Rick. Thank you, Rick, and hopefully you see what I see, which is an enormously consistent, predictable company in terms of results. I think some people would actually call that boring. I think I, as a CEO and a board, would actually call that actually what we want to do and how we want to behave, actually. Again, thank you so much for what you've done to help assure that we deliver those results, actually, because again, it's not easy to do the things that I think Rick just went through. A couple of themes that I think have become very clear that are inherent to our ability to be successful as an organization. One is focus, and as you know, we are very deeply focused on being sure we're in the business of providing very basic protection to individuals in their place of work. We're not trying to be all things to all people, but we're staying very focused on that one particular strategic mission. We're also staying very disciplined. Again, discipline again is not one of those easy things to do. It's discipline about what businesses and products you offer. It's discipline about what pricing you undertake. It's discipline on how you actually manage expenses. Again, I think as indicated from Rick's report, we continue to do a very good job of staying focused and staying disciplined. I want to bring that back to a thank you to all of our people because that couldn't be possible without the things that you do each and every day. Everything you do matters in our ability to deliver on those kind of results. Rick touched on the dividends. I won't sort of go belabor that except to say again, we wouldn't be able to do that if it weren't for the very solid, consistent performance that we got from the businesses. That's very linked to the things that our people do each and every day that make a difference in the business, make a difference in individuals' lives, and ultimately connect with actually creating great value for our shareholders. As Bill mentioned earlier, the other key announcement in terms of one of our people is that Randy Horn indicated after 10 years as CEO of the President and CEO of Colonial and over 40 years of experience in the industry, has elected to retire. I think those in the Colonial and the Columbia campus know Randy very well. He's been a tremendous contributor during his entire tenure with the company. He's shown enormous leadership. He's helped guided us through a very difficult time. There's a lot of work still to do before we let Randy step out the door, but this is the last shareholder meeting. I wonder if, Randy, if you could stand with your wonderful wife, Karen, as well. Karen's been a very important part of the Colonial family, so thank you so much. For those in here in Columbia and elsewhere, there are going to be plenty of chances to recognize you in the future. There's still a lot of work to be done, as we know. Anyways, it's wonderful to get that recognition. Randy, you and Karen should feel very good about that. Again, thank you so much for what you've meant for this company and what you've done for this business. With that, again, I want to thank all of our shareholders for all the support they've given us again this past year. Thank the board for what they've done to help continue to provide that guiding light to the management team as we've worked through business issues and tried to continue to generate the solid and consistent results that we've shared with you today. With that, I'll turn things back over to our Chairman, Bill Ryan, for a few closing remarks. Bill? Thank you, Tom. I do not know, Randy. He announces that you are going to be retiring, but make sure you work until the last day. There is still a lot to do here. We are not going to take it easy here, so just keep that in mind. He is a tough guy to work for, I guess. I tell you. Rick and Tom both, thank you for your presentations. I think you can see we are in a good place. We are in a good place, and it is our job to make sure we stay in that good place over the next few years. I think we are all very, very confident that that is going to be the case. Thank you again for your hard work, and it is always nice to come to an annual meeting like this where you are saying goodbye to some very special people, saying hello to people that are even more special than that, who have worked at this company for many years. It is really just a pleasure to have that happen. Mike Passarella retiring. By the way, I just want to correct, there was a joke, and I want you to know the retirement age of the company is age 72. When I said Mike was 59, I hoped you would notice that. He turned around for this side of the audience here, and they all gasped. He is the oldest-looking 59-year-old they had ever seen in their life. Go ahead, Mike. Go ahead, one more time. Okay, so I think really at this point, we are open to questions for our meeting. You have heard our presentation. You have seen the shareholders vote on the various proposals. What we would like to do now is take any questions that we may have from the audience. Tom and Rick, why do not you join me up here because you are going to be answering most of the questions if there are any. Are there any questions for management or the directors today? Okay. Boy, that was easy. That was well done, Bill. No questions. With that, let me adjourn the meeting and thank you all for joining us here today. We really appreciate you coming. Randy, we wish you well. We really wish you very well. Thank you all very much.