Erie Indemnity Company (ERIE) Earnings Call Transcript & Summary

[Audio Gap] Member of the Board of the Erie Indemnity Company, and I will serve as Chairman of this meeting. I'm pleased to welcome you to this 96th Annual Shareholders' Meeting of our company. Albeit, this meeting is once again in a virtual format for the second time in our 96 years, but certainly necessitated by the coronavirus challenges still facing all of us. We hope we can return to normal next year. As a reminder, the Erie Indemnity Company is the attorney in fact for the subscribers at the reciprocal Erie Insurance Exchange and also the management company for the other -- 5 other insurance companies owned by the exchange, all of which collectively comprise the Erie Insurance Group, commonly referred to as Erie Insurance or just the Erie. Before we begin, we have an announcement about the procedures for this meeting. As mentioned, due to the ongoing concerns regarding COVID-19, this annual meeting of shareholders is being held solely by live webcast. We want everyone to know that this meeting is being recorded, and the recording is the property of the Erie Indemnity Company. Your presence here at our virtual annual meeting of shareholders will constitute consent to the recording, publication, webcast, broadcast and use of your name and comments by Erie Indemnity Company. After the presentation by management, we will address any questions that are submitted to the meeting through the website. If you wish to ask a question, please be sure to include your name and e-mail address. If we are unable to answer your question today, we will get back to you with an e-mail response. The interest of having a fair, orderly, informative and constructive meeting, we will only address shareholder questions or remarks that are relevant to the business of the company or the conduct of its operations. Questions or remarks related to personal grievances or matters that may be the subject of pending or threatened litigation will not be addressed. I now call this 2021 Annual Shareholders Meeting to order. Well, here we are at our second virtual annual meeting. Last year, who among us would have predicted the year-long and continuing challenges and effects of the COVID-19 pandemic on our lives. And most certainly, on the lives of over half million and still counting of fellow citizens who didn't survive. Typically at these annual meetings, I reflect back on the Erie's heritage and our founders. Even last year, at the beginning of this journey, I refer to the fact that both of our founders survive the pandemic of 1918, 1919 that occurred just a half dozen years before our founding in 1925. This year, however, I'm going to confine my looking back to just this past year, and comment generally on how our company has responded in these extraordinary times to its various constituencies. You will read in our annual report and here today from executive management about the details of Erie's rather remarkable performance under the circumstances of this past upside down year. What I want to give you is a brief look at that performance as it relates to the various constituencies we serve. From my perspective, as your non-executive Board Chairman with access to the Erie's internal workings. Basically, we have 5 constituencies. Employees, agents, customers, communities and shareholders. I can say without question that our company's responses to each of these constituents would not have been the successful operation it was without the dedication and hard work of our talented management team, led by our President and CEO, Tim NeCastro, and I might add, backed up by an engaged Board of Directors that at the height of this crisis as the Chair of the Board Risk Committee, Gene Connell regularly sit on -- in on management team meetings dealing with the pandemic in order to keep the Board fully informed. In short, I strongly believe that Erie has done the right thing for all of our constituents in these unusual times. Our journey affecting our constituents began a year ago March, when nearly all employees were sent home to work remote, and they still are. But to do that was an unprecedented logistical operation. Some would say nightmare. It meant making sure everyone has the tools they needed from desk, chairs, to technology equipment and most importantly, safe connection to our systems. No small task, but done in record time and with little problem or disruption. The next question was whether or not all of our jobs could be done remotely. The answer was some better than others, but that really didn't matter. All employees have been kept engaged in one form or another by their leaders. And most importantly, everyone was kept on the payroll with the usual benefits, bonuses and merit recognition. Even in these uncertain times, we have continued our 96-year unbroken record of never having a company-wide layoff as so many firms have had to do, particularly in the hospitality industry. Next were our agents and their customers who were suffering like everyone else, which led to a need by many customers to change or reduce their insurance coverage. That, of course, meant a drop in income for our agents along with the cancellation of incentive trips for our top-performing agents. Our management quickly established an interest-free commission guarantee loan program for all agencies and monetize the incentive travel awards. In keeping with our reciprocal exchange heritage, we responded to the fact that our customers were driving less because of home confinements. So the Erie distributed dividend checks to our customers and offered longer-term relief through rate reductions. All told, these measures provided $400 million in financial relief to our customers. Regarding our communities, the Erie not only kept up its regular contributions to nonprofit organizations in our home office and field office communities, but also arrange for some special donations because of the unique conditions and impacts related to the pandemic. This included extra charitable funds for each branch and claims office and $1,000 for each Erie agency to be used to support local community nonprofits in these unusual times. This totaled to $2.5 million in additional support to communities across our footprint. And the last, but certainly not least, our shareholders saw not only our usual increase in annual dividends, but also because of our strong financial condition, received special 2020 year-end dividend. In summary, my fellow shareholders, we can all be proud of the job our Erie family did in responding to all of our constituencies in these most challenging times and doing so with common sense and compassion. And now it's time to conduct some business. Then we will hear from our executive management team, which has a lot to share with us today about the current state of the Erie. But first, we'll go ahead and introduce them and then go on to our business agenda. With us today from executive management are Timothy G. NeCastro, President and CEO; Gregory J. Gutting, Executive Vice President and Chief Financial Officer; Lorianne Feltz, Executive Vice President, Claims and Customer Service. Robert C. Ingram, Executive Vice President and Chief Information Officer; Douglas E. Smith, Executive Vice President, Sales and Products; Dionne Wallace Oakley, Executive Vice President, Human Resources and Strategy; and Brian Bolash, Senior Vice President, Secretary and General Counsel, who will act as Secretary of this meeting. Getting back to the business at hand, we have posted a meeting agenda for shareholders to view during the webcast. Our company has 2 classes of common stock outstanding. Class A nonvoting stock, which is SEC registered, publicly owned and traded on NASDAQ under the symbol ERIE and Class B voting stock that is very closely held and not registered or publicly traded. The Class B stock is the only class of stock entitled to vote on the matters presented at this meeting. This Annual Meeting of Shareholders has been called for the purpose of considering and acting upon the proposals set forth in the notice of the annual meeting and information statement, which were mailed to all shareholders prior to this meeting. There is one proposal up for consideration by the Class B voting shareholders only, and it is the election of directors to fill 11 positions on our Board and to serve until the company's 2022 Annual Meeting of Shareholders and until their successors are elected and qualified. Additionally, the company's bylaws provide a procedure by which shareholders may present proposals at the annual meeting. However, no such proposals were received to be considered at this meeting. Mr. Secretary, will you please present the proofs of the due calling of this meeting.

Mr. Chairman, the appropriate affidavit has been executed, verifying that we have caused notice of the annual meeting to be mailed on or about March 19, 2021, to all Class A and Class B shareholders of record as of the record date, February 19, 2021.

The chair orders that these items be filed with the records of meeting. Mr. Secretary, please present a certified list of shareholders as of February 19, 2021, the record date set by the Board.

Mr. Chairman, as Secretary, I have certified the list of our shareholders of record as of February 19, 2021.

If there are any additional Class B share proxies that have not been filed, they may be filed with the secretary at this time. Seeing none, do we have a quorum, Mr. Secretary?

Based on the proxies received, there is present in person or by proxy, 2,541 shares of Class B common stock of the total 2,542 shares outstanding, representing 99.9% of the outstanding shares. Therefore, we have a quorum.

Required notice of the meeting has been given and a quorum is present. Therefore, the Chair declares the meeting legally convened and ready to transact business. Since copies of the minutes of last year's annual meeting have been posted and are available to shareholders, we will dispense with the reading of the minutes in order that they be inserted in the company's minute book. Board of Directors has appointed Duane H. Golden, Julie M. Pelkowski and Pamela M. Pesta as judges of election for this meeting. Each of them has signed the prescribed oath, and the Secretary will file the forms for the records of the meeting. First order of business is the election of 11 directors to serve until the company's 2022 Annual Meeting of Shareholders and until their successors are elected and qualified. All of the candidates for election as directors of the company are sitting directors. All of the nominees were unanimously recommended for election by our Board's independent Nominating and Governance Committee, whose recommendations were then unanimously accepted by the Board of Directors. I would like to introduce the candidates for election as directors of our company at today's meeting: J. Ralph Borneman, Jr. Ralph is Chair of our Strategy Commitment; Eugene C. Connell, Eugene is Chair of our Risk Committee; Salvatore Correnti, Sal is Chair of our Investment Committee; LuAnn Datesh; Jonathan Hirt Hagen, Jon Is Vice Chairman of the Board and Chair of our Nominating and Governance Committee; C. Scott Hartz; Brian A. Hudson Sr, Brian is Chair of our Audit Committee; George R. Lucore; Thomas W. Palmer, tom is Chairman of our Executive Compensation and Development Committee; Elizabeth Hirt Vorsheck, Betsy is Chair of our Charitable Giving Committee; and yours truly, Thomas B. Hagen, Chairman of the Board and Chairman of the Executive Committee. Typically, the last order of business would be the consideration of shareholder proposals. However, as I mentioned earlier, no proposals have been received. I hereby declare that the polls are now open and the judges of election are prepared to receive the votes of the Class B shareholders for the election of Directors. Mr. Secretary, are there any other instructions with respect to voting?

A call-in number had previously been provided to all Class B shareholders who wish to revoke their proxy, change their vote or vote their shares at this meeting. If you have already mailed in your proxy, however, there is no need to call in because your proxy will be voted in the you specified. Unless you wish to change your vote, it is not necessary to call into the meeting.

If there are any Class B shareholders who have not voted or wish to change their vote, please use the previously provided call-in number at this time. I may repeat myself here, but I'm -- have mentioned that the polls are closed. We have heard no further information from Class B shareholders. So I now declare them officially closed. We are now ready for the report and certificate of the judges of election. Mr. Secretary?

Mr. Chairman, on the basis of the report and certification of the judges of election, I report as follows: The 11 candidates for election as directors, who are recommended by the Nominating and Governance Committee and whose recommendations were accepted by our Board of Directors, have each been elected as directors of the company to serve until the company's 2022 Annual Meeting of Shareholders and until their successors are elected and qualified.

Mr. Secretary, please file the report of the judges of election with the records of the meeting. Congratulations to all our directors who were reelected today. I can assure all shareholders that our Board is a dedicated, cohesive and hard-working group that takes to heart our founder H.O. Hirt's [ ammunition ] that the insurance business is serious business. This concludes the business portion of the company's Annual Meeting of Shareholders. On behalf of the Board, I thank the shareholders for their votes at today's meeting. We'll now hear from our Executive Vice President and Chief Financial Officer, Greg Gutting, who will discuss the state of our company's financial condition. After Greg's report, we will hear from President and Chief Executive Officer, Tim NeCastro, who will report on some of last year's accomplishments and recent developments in Erie's business. Upon the conclusion of Tim's presentation, we will address any questions that have been submitted.

Thank you, Tom, and good morning, everyone, and thank you for taking the time to be a part of our 2021 Annual Shareholder Meeting. I will, of course, be share 2020 financial performance with you this morning, but first allow me a few minutes to share some highlights about the outstanding job our teams did in responding and adapting to the challenges Erie faced in the year certainly like none other in our history. On March 16, 2020, we took immediate action in response to the ever-growing threat of the COVID-19 pandemic. This meant finding an alternative to the daily routine entire workforce, quickly mobilizing them to a work-from-home setting. And as difficult as uprooting thousands of people may seem, it was our best option to assure the health and safety of our employees and their families. I'll admit I was worried, not only about the safety of our workforce, but also about how we would function as an organization. There were so many unanswered questions. What challenges would work from home create? What immediate changes would be needed for our employees to simply complete their duties? And more importantly, how would we remain above all in service? The only thing we knew for sure was that we would have to change fast. Certainly, all Erie leaders had to be very thoughtful about how the work would get done. As CFO, it was my job to make sure employees in finance had the tools and support to perform critical regulatory functions on March 17. Missing a beat was not an option. We had to change. You wouldn't normally think that the words change in finance would go hand-in-hand, but these were certainly not normal times. We need to adapt to the challenges of closing the books, while still maintaining compliance with the regulatory standard we're held to. This required a great deal of change. No longer would we be able to pass reports in paper from cubical to cubicle or stop by our colleagues desk and discuss a journal entry. We had to find a different way to connect and get the work done. And we met the challenge head on. Being prompt discussion at a cubicle turned into a Microsoft Teams meeting. The paper journal entry became a PDF file, and the prioritization of tasks became a methodical process. Everyone knew what we had to do, and we all did exactly that. Surprisingly, we functioned amazingly well under the new work conditions. We even thrived under them. The challenge of working differently became an opportunity to modernize our processes and accelerate our digital capabilities. We were more efficient than ever, while remaining compliant and enhancing our audit trail. That was all great, but we still had to maintain the human touch that has always been what sets us apart from others. It's the foundation for which Erie prides itself. We are a relationship company. So when policyholders found themselves in unforeseen circumstances, staying home and driving less, we reached out to help. In a matter of weeks, our treasury department quickly pivoted from managing our daily cash operations to developing a solution to distribute over 2.5 million policyholder dividend checks. Meanwhile, our pricing department was busy filing rate reductions on our auto products, which began in July of 2020. These actions continue to prove that no matter the circumstance, we remain above all in service. Now I'd like to share with you our 2020 financial results, beginning with the Exchange, the insurance operations we manage. The direct and assumed premiums written by grew 1.7% over 2019 to over $7.6 billion. Although the Exchange experience declines in new business premium in the first half of 2020 due to business disruptions and recessionary conditions, new business premiums grew 10.8% in the second half of 2020 compared to the same period of 2019, contributing to the total year growth. Please keep in mind the premium growth was negatively impacted by the $200 million in auto rate reductions we implemented beginning in July of 2020, $90 million of which impacted the direct written premium in the second half of 2020. Providing relief to policyholders, be it through rate reductions or a policyholder dividend, was truly the right thing to do. The Exchange recorded a combined ratio of 93.7% for 2020 and coupled with the strong financial markets allowed the policyholder surplus to grow by nearly $1.3 billion, ending 2020 at over $10.7 billion. The Exchange continues to be operationally and financially sound, maintaining an A+ superior rating for the Property & Casualty Group and an A excellent rating for Erie Family Life from the A.M. Best insurance rating company. Turning our attention to your company, Erie Indemnity Company. Net income of $293 million for 2020 was a $24 million decrease from the prior year. This was the result of slowed management fee revenue growth, combined with some increased expense levels related to underwriting profitability at the exchange. Despite the slight decrease in net income, we still recorded one of the highest levels of net income on record, and we are proud of the strong financial position of Indemnity. Operating income before taxes decreased $19 million or 5.4% compared to 2019. Management fee revenue from policy issuance and renewal services, combined with management fee revenue from administrative services, increased almost $34 million over 2019, while operating expenses increased $51 million. Commissions paid to our agents increased $27 million in 2020 compared to 2019, driven by the 1.7% increase in the direct and assumed premiums written by the Exchange as well as higher agent incentive compensation related to profitable growth. Noncommission expenses in 2020 increased $24 million compared to 2019. Underwriting and policy processing costs increased $6 million, primarily due to increased personnel costs and underwriting report costs. Information technology costs increased $6 million, primarily due to increased personnel costs and hardware and software costs. And finally, administrative and other expenses increased $9 million, driven by increased personnel costs. Increased personnel costs in all categories included higher incentive plan awards stemming from the profitable underwriting year experienced by the exchange. Income from investments totaled $33 million for the year, down 17.8% compared to 2019. Together, Indemnity's income from operations and investments resulted in earnings of $5.61 per diluted share for 2020 compared to $6.06 per diluted share in 2019. We remain committed to our disciplined capital management practices. It is these disciplined practices that afforded us the opportunity to provide you, our shareholders, with dividends in the amount of $273 million, including a special dividend of $2 per Class A share in 2020. And with full confidence, our Board of Directors approved a 7.3% increase in the regular quarterly cash dividend for both Class A and Class B shares for 2021. As your Chief Financial Officer, it is my continued privilege to report on another excellent year for both Erie Insurance Exchange and Erie Indemnity Company. Both companies are well positioned to face the new normal and the challenges that stand before us. I want to say thank you to our employees, our agents and our customers. But I want to especially say thank you to you, our shareholders, for allowing me to address you this morning. It is my hope that next year, at this time, we are all gathered together in person to celebrate Erie's continued success. Thank you and stay well. With that, I will now turn today's meeting over to Tim. Tim?

Thanks, Greg.

Thank you, Tom Hagen, and members of the Board, and thank you, shareholders, for your continued support of Erie and for listening in today. Last month, as we reached the 1-year mark of living and working in this very different way, I spent some time reflecting on this most unique year we've all experienced. As many of you can recall, 2020 was the first time that we conducted this Annual Meeting of Shareholders in a virtual format. We thought it was an accommodation we'd have to make only one time. Well, here we are a year later, connecting with you virtually once again. It's remarkable how much our perspectives have shifted and how much we've learned over the past year. When we made the move to close our offices to everyone but essential personnel more than 1 year ago, it wasn't easy. For a close neck culture like ours, having to work mostly separated from one another didn't feel right, but it certainly was the right thing to do. I'm proud to say that we were prepared to do it. A cross-functional Erie team have been preparing for a situation that will require us to mobilize into a highly remote workforce. While we hope we would never have to implement our business continuity plans, that robust preparation proved to be invaluable when we needed to protect our employees and prevent disruption to our customers and agents. Because of that, the transition was incredibly smooth. As Tom touched on earlier, our service to customers and our level of productivity did not waiver, even in those early days of adjusting to what would become a new normal. Something I don't think any of us were ready for was just how long we would be living and working in these different ways. Even so, we were prepared. We were prepared because of the strong relationships that have been built over years, sometimes decades with our agents, customers and each other. We were prepared because of the values that have guided us for 96 years, values that compel us to put service above all else to practice the golden rule and to treat one another like family. So while we could never be fully ready for all the challenges the past year had in store or for how long those challenges would continue, our firm foundation has guided us and supported us. It's in times like these when we're tested, that we gained an even greater appreciation for those qualities that make this company so special. And with that, comes a heightened sense of determination to preserve and strengthen the distinct characteristics that make us Erie. So when the human touch in a literal sense was taken away in 2020, we were compelled to find different but still meaningful ways to provide it. Over the past year, we saw Erie employees and agents taking new and creative approaches to giving back to their communities. Our teams use that same creativity to connect, collaborate and celebrate milestone moments even when they couldn't be physically together. And even when faced with unique challenges, we continue to provide the same level of exceptional service that customers have come to expect from us. That was reflected in a letter one of our branch managers recently forwarded. One of our customers had sent it to Franklin Insurance Agency in Franklin, Pennsylvania. He and his family experienced a profound loss in July of 2020 when their home was burned to the ground. In his letter, he wrote the house was still smoldering, our yard filled with firefighters, and Dave, our Erie agent, said to me, I know it looks really bad right now, but I promise you, a year from now, you look back and see that it's all okay. Today, I have the gift of hindsight and understand what they've meant, the customer continued. He knew the agency he built. He knew the insurance company, he represented. More importantly, he knew the staff and people behind the name of the company and he knew with certainty that Erie Insurance would take care of us as they were built to do and bring us back to better than we were before. The level of dedication, commitment and customer service I have experienced from Erie Insurance and Franklin Insurance Agency is nothing short of spectacular. We are eternally grateful. That letter is a testament to the value of our independent agent model and a testament to the high caliber of employees we have at Erie. Together, they are steadfastly committed to upholding the human touch no matter the circumstance, no matter the challenge. The challenges that emerged in 2020 could have threatened our focus and productivity. Instead, we came out of the year even stronger than we went into it, evidenced by the strong financial results for the year that Greg just reviewed. A disciplined approach to underwriting and sharpened focus on investments helped us grow policyholder surplus by almost $1.3 billion and solid retention and impressive growth in new business premiums helped us increase our property casualty premiums by 1.7% over 2019. While adapting to the demands presented by the pandemic, our nearly 6,000 employees and more than 13,000 agents not only met the expectations we had going into the year, but often exceeded them. Several product launches and enhancements that came to fruition in 2020 demonstrate that remarkable productivity. And early engagement numbers from these products indicate that they are already having a positive impact. ErieSecure Business reimagined 7 legacy products into 1 single customizable commercial multi payroll product. Agents can get a quote in about 7 minutes, and nearly half the policies are instantly issued without underwriter review. This is a considerable improvement from the days and weeks these tasks took with the legacy products. Since the new product rollout in late 2020, ErieSecure Business has generated nearly $35 million in new written premium and provided protection to nearly 15,000 businesses. ERIExpress Life, a new instant issue term and whole life products can be quoted, bound and issued during the auto insurance quote and application process without the need for a medical exam or physician statement. More than 2,400 policies were placed in less than 4 months after it was introduced in August. ERIE Rate Lock, which provides customers with an option to lock in their auto rate until they've made a qualifying change, was refreshed with more competitive pricing and rollout in 10 states. Auto conversion rates increased nearly 25% and applications are up more than 10% in those states. YourTurn, a product that rewards safe drivers and financial benefits expanded to 4 additional states. More than 22,000 drivers have registered for YourTurn in the 8 states where it's now offered. YourTurn is one example of ways we are providing customers with more robust digital capabilities, while maintaining Erie's distinctive human touch. Another example, also introduced in 2020, is Erie's new mobile app. With just a couple of taps on their mobile device, customers can access their policy information and insurance ID cards, make a payment, view the status of the claim or contact their agent. The app has been downloaded nearly 110,000 times since it launched last September. On the claims side, a new text messaging platform is being piloted for use by both policyholders and claimants. In the pilot groups, 73% of participants have opted into the service, showing great initial engagement. Plans are in place to integrate that service into our claims management system, enabling a more seamless connection among customers, agents and employees. These advancements made during the past year demonstrate our commitment to strengthening our position in the marketplace, creating new sources of revenue and meeting the changing needs of our customers. Of the many lessons we learned in 2020, one of the biggest is that having a robust digital presence is not only important, it's critical. We've always done a great job of meeting our customers where they are, and more and more where they are is online and on their mobile devices. The pandemic has only accelerated that trend toward digitally enabled convenience. We will never lose the human touch, has always been and will always be our differentiator. Going forward, we see an opportunity to leverage the human touch in ways that will further set us apart in the market base and expand our ability to deliver on our service commitment. That means embracing the digital environment fully and distinctively with our agents. By thinking of digital more holistically, it becomes for us less a set of tools than an enabler of the human touch. Both our agents and our employees are key to delivering those digital capabilities in ways that are uniquely Erie. So growing and strengthening those relationships are a top priority as we look ahead. Our annual branch meetings have been an important opportunity to recognize and connect with our agency force for more than 80 years. That long-running tradition could have been upended in 2020 by the need for safety and social distancing. But instead, nearly 4500 employees and agents connected live through 18 virtual events held in the fall. Just like we do at the in-person events, we reflected on the successes of the year, looked at what's ahead, honored award recipients and even had a little fun. While we all missed shaking hands and catching up in person, the spirit of coming together to celebrate our mutual achievements was very much alive at each event. We are committed to maintaining these cherish connections with our agents as our partners and success. We're also committed to providing them with the resources and support to grow their businesses and support diversity, inclusion and equity efforts. The new diversity production incentive offer is a forgivable loan program for agencies. It demonstrates a commitment to growing their businesses in ways that will further expand Erie's customer base in diverse or underserved communities. We began approving agencies for the program within just 2 weeks of the announcement in August. I'm proud that our agents are eager to step up and do the work to ensure that we have a rich and diverse workforce and that we're meeting the unique needs of every customer. And I'm looking forward to seeing the great things our agency force does with this program. The past year has taught us so much as a company and as individuals. It showed us that we're more nimble and more adaptable than we ever knew. It's reaffirmed that relationships are critical to our success as a business and precious to us as people. And it's proven that our values and firm foundation endure through changing and challenging times decade after decade. I've come away from the past year with an even greater appreciation for the Erie and all it encompasses. I'm grateful that our strong position and service commitment has allowed us to be there for so many people at their time of need. I'm proud that we kept health and safety in doing the right thing, a priority, and I'm excited to move forward with agents and employees who have showed just how talented, capable and committed they truly are. To all of you who make are what it is, our employees, our leaders, our agents and customers and communities, our Board of Directors and our shareholders, thank you. Please stay well. Tom?

Thank you, Tim and Greg. We will now address any questions from our shareholders. Again, I would remind any shareholder who is submitting a question through the webcast to include your name and e-mail address so that we can provide a follow-up response if we are unable to address the question today. Hearing no questions, we will conclude then our question-and-answer period. And I would like to thank all of you for participating and for your continued support, not only as investors, but hopefully also as valued policyholders of the big little areas H.O. Hirt called it. Now if by some remote chance, any of you who are not any policyholder, please check out the Erie's website at www.erieinsurance.com There being no further business to come before this meeting, I would like to wish our shareholders, employees, retirees, agents and policyholders and everyone else connected to our Erie family, the best of health, and a safe place in these most unusual times and hope for a better year ahead. I now declare this 96th Annual Shareholders Meeting adjourned.