Comcast Corporation (CMCSA) Earnings Call Transcript & Summary

Good morning, and welcome to the Comcast Corporation 2020 Annual Meeting of Shareholders. I would now like to turn the meeting over to Mr. Brian L. Roberts, Chairman and CEO of Comcast.

Good morning, everybody, and welcome. Before I turn to the business of the meeting, I want to welcome everyone to Comcast 2020 Annual Shareholders Meeting. I will be serving as Chairman of this meeting, and I declare that this meeting is duly convened, properly organized and competent to transact business. Polls are open and will close as soon as the official business portion of the meeting has been completed without further notice. So we encourage any shareholders to now vote if they have not yet done so. The agenda and rules of conduct that will govern this meeting are posted on the website for this meeting. Joining me today virtually are Tom Reid, Chief Legal Officer and Secretary; Mike Cavanagh, our Chief Financial Officer; Dave Watson, CEO of Comcast Cable; Jeff Shell of NBCUniversal; Jeremy Darroch, CEO of Sky; Adam Miller, Chief Administrative Officer; Marci Ryvicker, Head of Investor Relations Jen Khoury, Chief Communications Officer; Liz Wideman, Secretary; David Cohen; many other members of our senior management team. Also attending the meeting are our Board of Directors and the audit partner of Deloitte & Touche, our independent auditors. Before we begin, I'd like to give a special welcome to our newest Director Nominee, Naomi Bergman, with her extensive industry and technology background, will be a great addition to our Board. At the same time, I'd like to thank Sheldon Bonovitz, a long time and trusted Director, who is not up for reelection today. Sheldon, thank you for all your years of service and wise advice. I'd like to recognize and thank David Cohen, who, as many of you know, has been at my side for many of these annual meetings since joining our company nearly 20 years ago and is now transitioning from his leadership to a broad portfolio of responsibilities as a senior adviser role later this year. While David is here with us today, Tom Reid will serve as the moderator and secretary of the meeting. Tom?

Thank you, Brian. This meeting has been called pursuant to notice dated April 24, sent to all shareholders of record as of the close of business on April 3. John Holewa of American Election Services have been appointed as judge of election to conduct the votes of this meeting and any adjournment or postponement, has delivered to me his oath of office and has advised that based on proxies presented prior to the meeting, quorum exists for each matter to be voted upon. At 2 times during the meeting, we will entertain questions and comments from shareholders. First, we will address questions and comments related to specific company and shareholder proposals under consideration during the official business of the meeting. Later on in the meeting, we will address general questions and comments about our company. Shareholders should carefully read the rules of conduct before submitting a question. To ensure that all shareholders are able to participate, shareholders may ask only one question per proposal and during the general question-and-answer discussion. We plan on completing this meeting by 10 a.m. We may make forward-looking statements and present certain non-GAAP numbers during this meeting. Please refer to the rules of conduct for additional information. We'll now proceed to the business of the meeting. We will consider 5 company proposals and 3 shareholder proposals. Please submit any question or comment you may have regarding these proposals by entering it in the box provided on the meeting website. Please add a note to your question specifying your name, city and state and whether it relates to a company or shareholder proposal. We will introduce all the proposals now, and we'll then answer any questions received about the proposals after the last proposal is introduced. The first 5 proposals are company proposals that the Board has recommended that shareholders vote in favor of. These proposals and the reasons for the Board's for recommendations are set forth in the proxy statement. The proposals are: the election of Directors; ratification of Deloitte & Touche as our independent auditors for 2020; the approval of our amended and restated 2003 stock option plan; the approval of our amended and restated 2002 restricted stock plan; and the approval of an advisory vote on executive compensation. These company proposals are now properly before the meeting for consideration and action. The next 3 items of business are shareholder proposals. These proposals and the statements for and against their adoption are set forth in the proxy statement. The Board has recommended that shareholders vote against each of these proposals. The first proposal is to require a lobbying. Operator, do we have a motion from Friends Fiduciary Corporation or its duly authorized representative to present the proposal?

On the line is Jeff Perkins, who will now present the proposal. Please go ahead.

Good morning, fellow share owners and members of the Comcast Board of Directors. My name is Jeffery Perkins, and I'm the Executive Director of Friends Fiduciary Corporation. We are a long-term shareholders of Comcast. I hereby move proposal 6, asking our company to provide a report on its state and federal lobbying expenditures, and indirect funding of lobbying through trade associations and nonprofit entities. Company transparency and accountability are in the best interest of all Comcast shareholders. Comcast spent more than $28 million in 2018 and '19 on federal lobbying activities, according to federal disclosure reports. This expenditure ranks as the sixth highest of all reporting U.S. companies. Disclosure of the spending could easily and inexpensively be provided directly to Comcast shareholders. Spending disclosure at the state level, where our company also lobbies extensively, is incomplete. Investors have no idea how much the company is spending overall, and yet Comcast could easily and inexpensively disclose this information. Further, our proposal ask Comcast to disclose memberships in and payments to trade associations, including amounts used for lobbying. These amounts can be quite large. For example, Comcast serves on the Board of the Internet & Television Association, which spent over $27 million on lobbying in 2018 and '19. Company payments of these types to organizations go unevaluated by shareholders and the Board. Additionally, memberships in and payments to trade associations and other tax-exempt groups can cause reputational risks. Comcast is a member of Broadband for America, a 501(c)(4) group, which has been subpoenaed by the New York Attorney General investigating potential fraud with comments submitted to the Federal Communications Commission when it was deciding whether to classify Internet service providers as public utilities. We encourage the company to align its memberships and payments with its corporate values of respect and acting with integrity by disclosing the names and amounts paid to trade associations and other tax-exempt groups, which lobby or endorse model legislation. Proxy adviser, ISS, supports this proposal, noting that Comcast fails to provide information on its lobbying expenditures and does not identify its trade associations. Comcast Board and its share owners need complete disclosure to be able to evaluate the use of corporate assets for lobbying and any risk that spending controls. The company could easily and inexpensively provide this information. We urge shareowners to vote for proposal 6. Thank you.

Thank you, Mr. Perkins. The second shareholder proposal is to require an independent Board Chairman. Operator, do we have a motion from John Chevedden or his duly authorized representative to present this proposal?

There is no duly authorized representative on the line.

Thank you, operator. Because, therefore, the shareholder proposal has not been properly presented, it will be [indiscernible] this meeting. We'll now move to the third shareholder proposal, which is to conduct an independent investigation and report on risks posed by failing to prevent sexual harassment. Operator, do we have a motion from Arjuna Capital or its duly authorized representative to present the proposal?

On the line is Natasha Lamb, who will now present the proposal. Please go ahead.

Thank you, and good morning. My name is Natasha Lamb, and I move proposal #8 on behalf of Arjuna Capital and our clients, asking NBC Comcast Board to conduct an independent investigation on the risks posed by the company's failures to prevent workplace sexual harassment. Comcast and its subsidiaries are under intense public scrutiny for an alleged failure to protect employees and hold those culpable accountable. In 2017, NBC attracted global attention when it fired Today host Matt Lauer for ongoing sexual harassment of employee. But that attention was once again magnified in October when it was reported that NBC covered up accusations against Lauer. Numerous allegations have also been made against on-air talent, Simon Cowell and Chris Matthews as well as managers at call centers. Controversy is focused on the company's insistence on conducting internal investigations led by management, rather than independent advisers. As investors we're not alone in expressing concern. Six Presidential candidates also called for an independent investigation into Comcast's toxic culture. It is clear that a transparent approach is essential, and that is the purpose of today's proposal, yet Comcast tried to block our proposal from going to a vote by petitioning the Securities and Exchange Commission. After that unsuccessful move, the company did take an encouraging step by ousting NBC News Head, Andy Lack, and sidelining his lieutenant, Noah Oppenheim. UltraViolet, a leading national women's organization, commented, "While no single decision or individual can eliminate the pervasiveness of sexual abuse and harassment in the workplace, these are positive developments. Still, NBC has a long way to go before it takes the steps necessary to address their toxic workplace culture." Just getting rid of a few high-profile problem cases does not let Comcast NBC off the hook. We need to be sure that this pervasive corporate culture problem is analyzed and then remedied. In the case of workplace sexual harassment, sunlight is the best disinfectant, and continued attempts to sweep concerns under the rug sends absolutely the wrong signal to shareholders. Investors are legitimately concerned about their long-term wealth and the kind of regulatory fines, and court imposed judgments that could lie ahead. The risk of an action on workplace harassment is considerable. The market capitalization of Wynn Resorts dropped by $3 billion following harassment allegations against Steve Wynn. And Twenty-First Century Fox agreed to a $90 million settlement with shareholders who alleged that Directors failed to hold senior executives accountable for sexual harassment. To avoid legal and reputational risks, Comcast must create a culture of accountability and transparency to protect employees and long-term shareholder wealth. Thank you.

Thank you, Ms. Lamb. We'll now respond to any questions on these proposals. We have a statement regarding the lobbying proposal, which I will read out. It is not a question, but I will read it out, which says that we, as a company, have a special role to play to support thoughtful, forward-looking public policy and that this request for more lobbying disclosure is also an opportunity to tell our story more publicly, about the positive role that the company plays, and lobbies fall on public policy. And the shareholder hopes that we have an open mind about more transparency regarding our lobby. We have no further questions on these proposals. The polls have been open since registration began. All shareholders and proxies have by now had an opportunity to vote, and the polls for each matter are now closed. The judge of the election has informed me that based upon his preliminary tally, shareholders have voted in favor of each of the 5 company proposals and have voted against the approval of each shareholder proposal made at the meeting. The judge of election will execute a certificate with the final voting results that will be filed along with the minutes of this meeting. These voting results will be filed with the Securities and Exchange Commission on a Form 8-K within 4 business days. If any shareholders would like to submit a general question or comment and have not yet done so, please submit it now. We will address those questions following a brief report on the company that Brian Roberts will now give. Brian?

Thank you, Tom, and good morning, again, everyone. Before I talk about 2019, I'd like to first acknowledge the extraordinary time we are living in. Society -- our society has been challenged like never before. And on behalf of all of us at Comcast, our hearts go out to everyone who has been impacted by COVID-19 and the events associated with the senseless killing of George Floyd. With regard to COVID-19, as we have endured this crisis, I couldn't be more proud of our company, our employees and our leadership teams for making a lot of tough, fair and, I believe, best decisions for our customers and our organization. COVID-19 has created a tremendous amount of uncertainty and financial strain for people and businesses around the globe. Few companies are immune to this dynamic, and Comcast is no exception. These businesses, like broadband, which have just had their best quarterly net additions in 12 years, with continued momentum through today. And then we have businesses like theme parks as well as television and film production, which have been under substantial duress as people shelter in place, and some of the businesses are closed entirely or shut down. Against this backdrop, we are using 3 principles to guide our responses and help move our company forward. First is to protect our employees, especially on the front lines. For those working in news, managing our networks or ensuring that our customers maintain vital connectivity, we've taken many safety precautions to keep them and our customers well protected. At the same time, we've successfully moved tens of thousands of employees across Comcast Cable, NBCUniversal and Sky to a work-from-home environment. And for our employees who are not able to work because operations have been closed or severely impacted, we've differentiated ourselves by committing $500 million to support them during this crisis and help bridge this moment. Our second guiding principle is to serve our customers and continue to innovate at a time when they need us most. This talks with Xfinity Internet. In the face of COVID-19, we quickly agreed to continue service for customers facing economic hardship by committing to the FCC's Keep Americans Connected Pledge and going further to ensure that all our customers stay informed, engaged and in touch. We are not disconnecting Internet or voice services that are yet to pay. We are also offering new Internet Essentials customers 2, 3 months of service, providing free Xfinity WiFi access by opening our public hotspots and giving all the Internet customers unlimited data for no extra charge and permanently increasing the speed of our low-cost Internet Essential service. For all of this, the company is working overtime to ensure that our world-class network and services have the capacity they need to keep people productive, informed and entertained during this difficult time. At both NBCUniversal and Sky News, we seamlessly move to production in home, working 24/7 to keep viewers up to date. In addition, in the U.S., we responded quickly as theaters shutdown, bringing several of our movies, including Trolls world tour, to customers' homes throughout the world, and we made more free content available to X1 video customers. Moving to our third principle. We are focused on successfully navigating through this period, while simultaneously making plans to emerge with an even stronger future and opportunity to create value for our shareholders. Importantly, the principles that we're using to guide our decisions today reflect the values that have served our company incredibly well since our founding. At Comcast, we aspire to build better lives for all of us and all of our customers. We strive to have a diverse employee population and recognize it only by interacting with and listening to people of all races, backgrounds, ethnicity, sexual orientations and abilities can we hope to truly understand and appreciate one another. While no company is perfect, and we strive to improve, our recent external recognitions and some awards for diversity and inclusion reflect the progress that we're making in our journey and our commitment to being a champion for quality in the community. Another way that we're making a difference is enclosing the digital divide. Through our Internet Essential program, we provide low-cost, high-speed Internet to eligible households and Comcast service areas. Since the program's inception in 2011, it connected a cumulative total of approximately 8 million people to the Internet at home, most of them for the first time in their lives. We have a special culture at Comcast characterized with a high integrity and respect as well as a focus on innovation, collaboration, entrepreneurialism and growth. Through this culture and the successful execution of our strategy, we have firmly established ourselves as a global leader in connectivity, media and technology. We have the necessary scale and direct-to-consumer relationships and premium content to continue benefit from major global trends, especially streaming and content aggregation. Now let's turn to some of the highlights from 2019. On a consolidated basis, we delivered strong operational and financial results, while increasing our dividend by 10% to return $3.7 billion to shareholders during the year. At Cable, we continue to successfully execute our connectivity-centric growth strategy. We deployed xFi Advanced Security to protect WiFi connected devices and made Flex available to Xfinity Internet-only customers at no additional cost, further differentiating the experience that we deliver in the market. Fueled by our strength in high-speed Internet and business services, Cable delivered 1.1 million customer relationship net additions, its highest on record, and increased adjusted EBITDA by 7.3%, the highest year-end -- year-over-year increase since 2008. And net cash flow was up 18.4%. At NBCUniversal, despite tough comparisons to the PyeongChang Olympics, Super Bowl and FIFA World Cup on Telemundo, EBITDA was up 2% in 2019, driven by a great year in film and solid results at our TV businesses. Theme parks were also meaningful contributors to NBCUniversal's profitability. And continuing our innovation-based strategy, we opened new attractions at each park to drive future growth. At Sky, on a pro forma basis, excluding the impact of currency, adjusted EBITDA increased 12.2% in 2019. The team made further progress in deploying Sky Q and grew our customer base in Europe by 394,000, bringing Sky's total customer relationships to nearly 24 million at year-end. On the content side, the Sky original Chernobyl collected 3 Primetime Emmys, making it the most awarded British series of the year. In summary, 2019 was a terrific year for Comcast, with double-digit growth in full year consolidated revenue, adjusted EBITDA and adjusted EPS, and record free cash flow generation of $13.4 billion. Our operational and financial results in 2019 contributed to our superior total shareholder returns. We outperformed the S&P 500 for the year and also for the trailing 10 years. And on an even longer-term basis, our total shareholder returns have been extraordinary. If you've bought 1,000 shares of our stock, which would have cost $7,000 at the IPO in 1972, today, you would have nearly $15 million at the end of 2019 versus $854,000 if you had invested the same amount in the S&P 500. Looking ahead, I'm confident that we will successfully navigate the current environment and emerge from the COVID-19 crisis even better positioned than when we were before and as an industry leader across every one of our businesses. We're uniquely well positioned, and long-term outlook remains bright. Tom, back to you for any questions.

We will read you the first question from [ Justin Danhof ]. After days of looting and riot, which saw hundreds of businesses burnt to the ground in Minneapolis, actions which were passively endorsed by so-called journalists of MSNBC, MSNBC host, Ali Velshi, seemed to be disappointed when tensions began to cool. Sunday evening, while live on air, he exclaimed, "For better or worse, it seems much more calm in Minneapolis tonight." That's appalling. At the same time, MSNBC host, Hallie Jackson, continues to give cover to domestic terror group, Antifa, which has infiltrated protests across the nation to cause racial division and mass property damage, including damage to churches and synagogues. Does Comcast leadership and Board also support Antifa? Or is it just the talking heads at MSNBC?

As I said in my report, it is truly heartbreaking and tragic that, in 2020, we find our society still struggling with issues that are so core to human dignity. Racism, injustice, violence have no place and cannot be tolerated. And I think the news coverage, a risk of personal harm and injury and, in some cases, loss of life for our journalists continues to be one of the most important parts of NBC News and, for that matter, Comcast NBCUniversal. And so, by and large, I think the coverage continues to inform and educate our society. And that specific clip, I have not seen, but thank you for your comment. And we will continue to strive to inform the American public. Tom?

Next question is from [ Cecilio Metza ] of the Carpenter Union Pension Funds, pension funds has combined assets of $70 billion, which have the collective ownership position of 1,745,236 shares of Comcast common stock. The recent growth and the size of passive mutual funds, corporate ownership interest in U.S. corporations has been dramatic, raising important public policy and corporate governance issues. Currently, BlackRock owns 7.1% and Vanguard owns 8.9% of the company's outstanding shares. Vanguard manages assets in the company's retirement plans. Does the Board see this growing ownership concentration of passive index fund holders as a positive or negative development as regards long-term corporate planning and performance? And also are there potential conflicts of interest when a 5% holder is managing company retirement plan assets?

I'm not sure that I have any specific answer other than the shareholder population, the Board reviews it on a very regular basis. We're in constant dialogue with all of the shareholders and institutions that we are able to do so during the year, which is many, and including some of the institutions you mentioned. But it is a constantly changing investor base. And so as management and the Board, we try to develop long-term strategies, articulate them and try to execute upon. Thank you for the question. Tom, any more questions out there?

Yes, one question coming by. One minute. Your customer service question from [ Anthony Abeo ] since the majority of your cable subscribers are over age 60 and have some degree of hearing loss, how do you justify customer service reps who do not speak clear English and work with unacceptable levels of background noise? As our population is aging, your market is shrinking, as no one under 50 subscribes to cable. You really need to improve your customer service. That's the question.

Thank you for the question. We will look back to see what your interactions have been and reach out to you if we can assist in your service. Many of our service executives on the phone, but I would note that we've generally improved, by almost all external and internal measurements, the satisfaction of our customer service. But in your case, it doesn't sound that's like it's been the case, and we will see what we can do to improve your experiences. But we're very proud of the progress we've made on so many fronts. Tom?

We have another question from [ Tim Smith ] our company and business community is facing a new set of challenges we couldn't have imagined even a few short months ago. The pandemic and the widespread racial injustices that have resulted in nationwide protests are facing us. Given that, what role do you feel Comcast and business leadership in play to contribute to solutions to racial inequality? I know we have had programs in place for some time now, but what more can we do?

Well I think -- thank you for the question. As I mentioned a couple of times, we're very aware of the moment, as everyone is in our country, to reexamine all forms of our society and our corporate practices. And I think we will have a number of initiatives from our company in the months and years and weeks ahead. And we're hopeful that this dialogue at this time can lead to some real change that has been lacking over the years in this country. And I'm hopeful that our company can play a constructive role in -- on the news to film and to television as well as our broadband Internet connectivity services, making it available to more Americans. We play a very important role in our society and in our employee base. And diversity, we strive to always be a better company and stand for the values that have built this organization. So I think there's a lot of reflection and discussion happening, and we welcome that in our company as well.

We have a question regarding pay ratio. Given our CEO's enormous existing stake in the company by virtue of its Class B shares, does he need to be further incentivized by a CEO pay ratio of 461:1?

I think the Board of Directors looks at all the compensation metrics that our company and other companies in our industry perform, and we understand the opportunity to find ways to incentivize the team and all executives in the company and employees. And thank you for your question.

We have another question from a unnamed shareholder. I'd be grateful if shareholders would state their names when submitting questions, please. This question is about the Independent Chairman role and asks, why the Board does not recommend an independent Chairman?

Well, what has served our company extremely well has been the structure that we today have since the inception of the company. We have a very independent Board. After this election, 90% of the Board will be independent. We have a presiding Director, Lead Director, Ed Breen, well known as a Chairman and CEO of other public companies, including DuPont. And over his career -- and we have many other wonderful members on the Board of Directors, so I think there's a tremendous independence. But the structure has worked well for us. And the shareholder returns that I referenced in my earlier report, we're very proud of and, I think, put us in the very top, top pinnacle of public companies for that duration of time.

We have a question regarding Board refreshment. Currently, no -- and it's from [ Obi Jua ] from Toronto, Canada, who asks, no one on the Board currently is under the age of 50, and no one has a tech or a digital background. As Board members retire, are there currently any considerations for a Board refreshment?

We actually have had a number of Board changes over the past several years, including at this particular meeting, as I mentioned. And Naomi does have a tremendous technical background, and you can read that in the proxy materials. And as we continue to have -- with a retirement age of 72, a fairly robust refreshment, that does occur naturally with the Board. Thank you for the question.

We have a question on voting, which I can answer briefly, Brian. And the question is, "Is there a way to know, how many or the percentage of total shareholders actually voted today?" There are about 100 shareholders on the call, and shareholders have had an opportunity to vote before and during this meeting. Any more questions? We've got a question regarding detail and how we will know the details of votes voted for and against? And again, I can answer that briefly and say that as we stated at the beginning of the meeting, we will be filing the voting results with the SEC within 4 business days. We have a statement, not a question, but it is a statement that just wants to thank the company leadership for everything they are doing. Keep the company running in a way that meets the needs of the company, employees, its customers and shareholders from [ Stephen Rosenberg ].

Well, thank you very much, Stephen. We have a lot of people on this call and listening who will be appreciative of that comment.

We have a question from [ Gerry Inderes ], which who have been told that senior discount -- it is a question about senior discounts, and they've been told that they are only available to subscribers in certain areas, such as Philadelphia, the D.C. area and Florida. The question is, are senior discounts planned for other areas of the country?

I will appreciate the input. I will ask our Cable team to look into that question, and we appreciate the input.

We have a question regarding stock compensation, which asks, are there any plans for a stock split?

Not today. That's something the Board of Directors historically has looked at, at various times in the company's history. But I don't believe that, that is the case at this time. We look forward to that someday in the future.

Do we have any more questions? Yes, one is on the way. From Rebecca Taylor, she sends her congratulations on a robust 2019 but asks, Brian, if you have any words on the first quarter or second quarter of this year?

What I can say is what we've announced at the last quarterly results was that the -- and I said again today, that the momentum in broadband continues to perform well as it did in 2019. Secondly, we are hopeful to be to reopen some of the closed businesses, which we identified at that time. And I know the various current moment in our pandemic realities of public events. But we're optimistic that there is going to be a thoughtful and gradual return. So we will continue to feel the effects of this crisis significantly in the current quarter and in the quarters ahead, but we hope that we are beginning -- to begin to see a return to many of those businesses reopening. Tom?

We have one more question coming. One shareholder is asking for some brief comments on Sky and Peacock.

So I would comment that on Peacock, it's very, very early days to refresh everybody's memory. That is a streaming service from NBC and Universal, where we offer -- we'll be launching in July. We have launched in Comcast markets, and the response were very excited, but it's very, very early days. The product is, if you take any of the Comcast Cable services, the product is free or no additional cost. And as we launch it nationally, there will be a version that is free and a version that is available to purchase. Sky, we're very affected by the sports cancellations or delay around the world. And Sky through Sky Sports is pleased to report that in Germany and recently announced in United Kingdom and hopefully in Italy will be resumption of both on America soccer, football for Europe, and that will have a tremendously positive impact for Sky. Also I would like to mention, extremely proud of Sky News' coverage in addition to NBC News that I talked about. Coverage of the COVID-19 crisis. And for many, the world saw Italy very hard hit early on in the crisis when it started to spread. And there's been several documentaries that I would recommend to one, Into the Red Zone, that -- in particular, that we've made available on Comcast Cable here in the United States on the Xfinity on-demand service. So whole company working really well together, including all the parts from Cable, NBC and Sky.

We have a question, which relates to the legal SEC shareholder proposal process, which I can answer. It's from Jeff Perkins, and he asks, what the company's position is on recent SEC considerations regarding the process for shareholder proposals, including increasing the holding requirement, the proposed resolutions in the first place and increasing those thresholds for resubmissions of proposals? Mr. Perkins, Comcast welcomes full engagement by shareholders with the issues of the company's business. And we -- by full engagement, we believe that the engagement should be kept fresh. We do believe that shareholders should have meaningful investments in the company. And we believe also that we should not have proposals come, time and again, when shareholders have voted substantially in the same direction, time and again. We have one more statement from [ Jerry and Denise Lynch ], which thanks you, Brian, for your offer to look into that question regarding senior discounts. There are no additional questions at this time, although we have received some that are substantially repetitive questions that have already been raised. So with these questions already been addressed, we'll not read any of the repetitive questions out now. Brian, please proceed.

Okay. Well, if there is no further business to come before the meeting, then the meeting is adjourned. Thank you for attending our annual meeting.

The annual meeting has now concluded. Thank you for participating in the meeting.