CONFERENCE CALL TRANSCRIPT UNIVISION COMMUNICATIONS INC.

August 18, 2009 11:00 a.m. ET

Operator: Welcome to Univision’s Second Quarter 2009 Earnings call. Today’s call is being recorded.

Some of the information discussed today will contain forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties including those relating to Univision’s future success and growth. Actual results may differ materially due to risks and uncertainties, which have been described in Univision’s historic filings with the SEC and in offering material for its notes. Univision assumes no obligation to update forward-looking information discussed on this call.

On today’s call are Mr. Joe Uva, president and chief executive officer, and Mr. Andy Hobson, senior executive vice president and chief financial officer.

I will now turn the call over to Mr. Uva. Please go ahead sir.

Joe Uva: Thank you, Lauren. Good morning everyone.

Before I review our second quarter highlights, I want to take a minute to address Ray Rodriguez’ decision to retire from Univision at the end of the year.

Clearly, this is a decision that is not taken lightly by Ray and it is something that he and I have been discussing on and off for several months. Now that we have our litigation behind us with Televisa, we have successfully been able to restructure some of our finances and our successful completion of retransmission consent, both he and I felt this was a good time to announce; hence the announcement last Friday.

Ray is staying on through a transition period and has agreed to make himself available on an “as needed” basis going forward. I think you know he spent nearly 20 years with the company and he’s spent the better part of that career positioning Univision at the forefront of Spanish-language media in general.

And in the process he really has made an indelible mark on the entire media landscape. With our success, it’s easily said that Ray was the leading force behind the popularization of Spanish-language media and entertainment in this entire country. It is without question that his tireless efforts and long-term vision for the company created the foundation for what Univision has become today.

CONFERENCE CALL TRANSCRIPT UNIVISION COMMUNICATIONS INC.

With our audience now at an all time high and the company’s strengthened financial position and a clear path for the future, Ray really wanted to make sure that we were well-positioned before he decided to enter the next phase of life, and he’s going through the preparation for that as we speak.

He really has been a tremendous leader for the organization over the years and I know I speak for everybody at the company when we wish him well and all the best as he moves on to pursue his new personal goals and interests.

We also announced on Friday of last week that Cesar Conde will become the president of Univision Networks effective October 1. Cesar, as you may know, is currently the executive vice president and chief strategy officer for us. He knows the intricacies of our businesses very, very well and we expect a very smooth and seamless transition.

Cesar has worked very closely with me since I joined the company and I have complete confidence in his ability to serve in this role. He’s got a unique set of insights and knowledge of the communities that we serve and that provides him with a great perspective into the needs of our audience and is going to allow us to continue to deliver content that is uniquely tailored to the interests of our key constituencies and our loyal viewers.

During his nearly eight years with Univision, Cesar has built very strong ties in the industry and gained tremendous experience in key areas of our business and most recently played an instrumental role spearheading all the strategic initiatives that have been focused on the growth and profitability of the company across all the divisions.

I look forward to continuing to work with him in this new role as we strive to further grow our audience and our share of overall ad dollars.

Now we'll move on to discussing the highlights of the second quarter. The Univision Network was the third most watched network, broadcast or cable, regardless of language among Adults 18 to 34 and we posted audience growth of over 3% among Total Viewers in the second quarter of 2009.

In addition, the '08-'09 broadcast season was the strongest ever for Univision with a record total viewing average audience of nearly four million during primetime. We finished the season with an 11% increase in primetime viewership among Total Viewers 2+ while the major English-language broadcast networks -- ABC, CBS, NBC, FOX and the CW -- on average finished the season with a 4% audience decline among Total Viewers.

CONFERENCE CALL TRANSCRIPT UNIVISION COMMUNICATIONS INC.

Our local television stations continued to take the number one ranking among all stations regardless of language in many key cities during the quarter while our radio stations also boasted impressive results in markets across the country.

These points prove that our consistent audience growth and strength in attracting important demographics will continue to distinguish us from our English- language peers.

Now also in radio, we recently announced that we would acquire the broadcast license, transmitting equipment and stronger signal of WQXR in New York from the New York Times Company in exchange for one of our New York signals plus $33.5 million in cash.

This transaction will allow us to expand the coverage area of our New York station, WCAA, and provide more Hispanics in the market access to Univision’s music, entertainment and news. This deal is a win for everybody involved, as WCAA will significantly benefit from a stronger signal and broader listening audience in its new place on the dial, while WQXR’s beloved classical format will be preserved.

Moving to Univision Interactive Media. As part of our multi pronged digital strategy, Univision.com unveiled a newly redesigned home page in June 2009 and that redesign enabled us to further grow and engage our audience thus extending our leadership position as the primary source for Spanish-language content for U.S. Hispanics across the web.

Univision.com also saw success on the mobile front as our mobile website achieved record-breaking traffic during the second quarter according to Quattro Wireless, who hosts the site.

We remain focused on expanding all of our interactive offerings and developing initiatives that will strengthen our position not only with consumers but also with advertisers, publishers and web-developers.

Turning to the ad markets, we haven't seen any continued deterioration in the scatter markets and there appears to be stabilization, as I've said before, but we certainly don't expect the markets to be restored in the foreseeable future. We do expect to continue to outperform our English-language media competitors in the markets where we do compete with them.

We feel good about our positioning as the stabilization in the industry continues and we’re greatly bolstered by our completion of 140 multiyear retransmission consent agreements which will bring in more than $175 million in additional CONFERENCE CALL TRANSCRIPT UNIVISION COMMUNICATIONS INC.

subscriber fees for 2009 and upwards of $350 million annually in the next three to five years.

We’re also very pleased to have further enhanced our financial positioning by securing an amendment to our senior secured credit facility to relax our financial covenants and refinancing a portion of our capital structure. These moves insulate us from any potential further downturn and also position us to thrive in a market recovery.

And with that, I'll turn the call over to Andy who'll elaborate on this and discuss our financials. Andy.

Andrew Hobson: Thank you, Joe. To provide a comparable basis, the adjusted results for the second quarter are presented on a basis consistent with the definitions in our bank credit agreement and exclude certain costs as detailed in the earnings release.

The adjusted results, however, exclude certain pro forma adjustments, which are included in calculating adjusted EBITDA under the definitions in the bank credit agreement.

The company experienced a decline in net revenue of 4% in the second quarter as compared to the same period 2008 reflecting current economic conditions and a downturn in the advertising market.

EBITDA for the quarter increased 2.3% reflecting the benefit of cost savings initiatives and incremental subscriber revenue.

Combined direct operating SG&A expenses were approximately $21 million lower than last year’s second quarter. The magnitude of this quarterly expense reduction will not be replicated in the latter quarters of 2009, in part because our cost reduction efforts started during the second quarter of 2008 and many of them have already been recognized in the predecessor year.

Direct operating expenses were approximately $12.8 million lower than last year. On last quarter’s conference call we said that prospectively for 2009, direct operating expenses excluding the increases in program license fees associated with higher revenue, would be approximately $20 million higher per quarter than the direct operating expenses in the first quarter of 2009.

As a result of higher revenue, the company’s program license fees for the second quarter 2009 increased by $10.7 million as compared to the first quarter of 2009.

CONFERENCE CALL TRANSCRIPT UNIVISION COMMUNICATIONS INC.

While direct operating costs for the second quarter of 2009 were approximately $9 million lower than this projection would suggest as a result of continued cost reductions and timing differences. We however expect that this concept for projecting direct operating cost to be reasonable for the third and fourth quarters of 2009.

SG&A expenses were approximately $8.2 million lower than last year. On last quarter’s conference call we also said that prospectively for 2009 SG&A expenses would be approximately $10 million higher per quarter than those experienced in the first quarter of 2009 because higher variable incentive compensation resulting from higher seasonal revenue.

Because we continue to expect to achieve higher revenue levels than we previously planned, we expect SG&A expenses for the remainder of 2009 to be approximately $5 to $10 million higher per quarter than previously projected or approximately $15 to $20 million higher than those we experienced in the first quarter of 2009.

Our television division experienced a decrease in net revenue for the second quarter of 0.2% excluding the major soccer tournaments and political.

Television adjusted EBITDA increased by 13.5% due primarily to incremental retrans revenue and cost savings measures taken in 2009. Excluding the major soccer tournaments and political advertising, that TV business adjusted EBITDA increased by 13.2% for the quarter.

For the second quarter, Univision Radio experienced net revenue and adjusted EBITDA declines of 18.8% and 31.8% respectively. The radio industry declined by 23.6% during the second quarter of 2009 in the markets that we operate, according to the Miller Kaplan audits.

Univision Interactive Media experienced a net revenue decline of 3.1% for the quarter due to the weak advertising market and current economic conditions. EBITDA declined by $1.6 million.

The effective tax benefit rate for the second quarter is 41.6%. Deferred tax benefit was $19.4 million. Capital expenditures for the second quarter totaled $12.3 million. Year to date capex totaled $22 million. At the end of the second quarter outstanding indebtedness as defined by the bank credit agreement net of cash and short-term investments of $335 million totaled approximately $9.7 billion.

CONFERENCE CALL TRANSCRIPT UNIVISION COMMUNICATIONS INC.

On March 31 the company entered into a three year $250 million revolving accounts receivable sales facility, the proceeds of which are available for general corporate purposes.

The facility was subsequently increased to $295 million on June 22. The facility is comprised of $177 million term component and a $118 million revolving component. At June 30 the company had $118 million of unused capacity under this facility.

In June the company amended its senior credit facility to modify financial covenants and specify amount of certain benefits used in the calculation of the company’s EBITDA for purposes of complying with the financial covenant. As part of this amendment, the company repaid $150 million outstanding on the revolver portion of the facility.

On July 9 the company completed a cash tender offer to purchase up to $500 million of the 2011 senior notes. Approximately $492.6 million of the outstanding 2011 notes were tendered.

The repurchase of these notes was paid with the proceeds of the issuance of $545 million of aggregate principal amount of 12% senior secured notes due 2014. The company received net proceeds of approximately $507 million related to this issuance.

That concludes our prepared remarks for this afternoon. Operator, would you please instruct our guests on how to ask questions?

Operator: Thank you, Mr. Hobson. Today’s question and answer session will be conducted electronically. If you would like to ask a question, please do so by pressing the star key followed by the digit 1 on your touchtone telephone. If you’re using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Once again, please press star 1 on your touchtone telephone to ask a question. We'll pause for a moment to assemble our queue.

Our first question comes from Avi Steiner with JPMorgan. Please go ahead.

Avi Steiner: Thanks for taking the questions guys. I'm going to try and plow through a few here and again appreciate the time.

Can you help us with core television revenue - what was the decline in core television revenue in the second quarter if we stripped out ex-retrans and non-cash Televisa related revenue? CONFERENCE CALL TRANSCRIPT UNIVISION COMMUNICATIONS INC.

Andrew Hobson: The incremental retrans revenue for the year is $175 million and that’s basically ratable except for those contracts that were signed in the second quarter which involved a catch-up payment for revenue earned but not received in the first quarter. That amount was $16.7 million.

The amount of Televisa advertising disclosed in the financial reporting package I believe is $14 million in the second quarter. So with those two items you can figure it out.

If you look at what’s happened from the first quarter to the second quarter on a core basis you'll see a significant sequential improvement in the core advertising business of our television division, and we expect to see - as well as the radio division frankly -- continued sequential improvement in the third quarter versus the second quarter.

Avi Steiner: Okay. And just so I'm clear on that question, basically take 175 divided by four but in the second quarter we’re adding 16 and change. Is that right?

Andrew Hobson: And the first quarter you subtract 16.

Avi Steiner: Perfect. Thank you. In the script you talked about, in the expense discussion, how you expect higher revenue levels than previously planned. Is that a result of in part better retrans which sounds like it’s better than 175? And then if you could talk about how the third quarter is pacing and are you seeing any signs of recovery from auto via “cash for clunkers” or something else and any early healthcare advertising?

Andrew Hobson: Well we have gotten a small amount of money related to “cash for clunkers” but not material and also a small amount of the healthcare issue but really de minimis in the scale of Univision in total.

We are seeing sequential improvements in pacings for the third quarter versus where we ended up in the second quarter advertising business. So that is indicative of an improvement overall.

Keep in mind we didn't start really see a big fall off in our ad business until the fourth quarter. So we don't have comps until we get the fourth quarter of this year.

Joe Uva: On the auto market question everybody is still waiting for General Motor’s shoe to drop in terms of total expected expenditures looking out and as Andy said on the “cash for clunkers,” it was pretty much immaterial.

CONFERENCE CALL TRANSCRIPT UNIVISION COMMUNICATIONS INC.

And I think it was such across the board, based on the intelligence we have, that it wasn't as big as people were led to believe when it was announced and that primarily had to do with dealers running out of inventory on the lots. There is every expectation that when those inventories get replenished in September that we will see an up-tick in the local markets.

Avi Steiner: Okay. That’s helpful. A few more here and then I promise to get back in the queue. On the upfront, the English-language networks were talking about being down, at least the discussion was down mid-single digits on pricing and holding back inventory. I think you guys are still in the middle of that but can you talk about whether you think you'd be better or worse than that on the pricing front and what your general thoughts are?

Joe Uva: Well I think based on literally a handful of deals that we've completed so far, it appears that we’re out-pacing the results that have been reported for the English- language broadcasting and cable markets. And as you know, what’s been reported has had some significant variance in it.

We expect that by mid-September, when we finish up the broadcast year business, that we'll have better insight as to how we compare. Right now we don't have enough done to really indicate a trend.

Avi Steiner: Okay, last one and then I promise I'm done. As you guys pointed out, you took care of a bunch of issues, Televisa and near term bond maturities, retrans, covenants… the one thing that I see sticking out is some upcoming bank debt amortizations, about $300 million between 2010 and 2011.

Do you expect to address that by cash flow? Would you revisit the secured market if possible given the success of your last issue? Thanks again.

Andrew Hobson: I think we can probably handle those maturities with free cash flow.

Avi Steiner: All right. Thank you guys.

Operator: Our next question comes from Mr. Andrew Finkelstein with Barclays Capital. Please go ahead sir.

Andrew Finkelstein: Hey guys. A couple questions. First, I was wondering if you could give us a little more color on the improvement that you’re seeing at the local stations versus the network side for the TV division. And if you’re seeing an improvement in radio, which at least from a general market, you know, we haven't heard as positive comments as on the TV side.

CONFERENCE CALL TRANSCRIPT UNIVISION COMMUNICATIONS INC.

Joe Uva: I think when you look at what’s going on in the scatter markets, the one pattern that has emerged starting last year in the fourth quarter, which continues and I think is going to probably play into 2010, is advertisers holding back and placing their commitments closer to air, both at the local and at the national level, which is why I think that, at least from my perspective, the upfront looked the way it looked with regard to the take for the English-language guys.

I don't know that the pattern ever goes back to what had been -- what we would call a normal pattern for upfronts -- given the flexibility that advertisers have gotten used to and the way they’re managing their media spend right now.

What that creates is a much shorter line of sight for us in terms of visibility and it’s not something that’s unique to Univision by any stretch of the imagination or is it limited to just the television platforms. I think if you look across the board at all the media platforms and everybody regardless of language, that same phenomenon is in place.

We are optimistic that there are going to be some up-ticks in some of the consumer package goods spending both in scatter and in upfront and in the third quarter, to expand a little bit on what Andy had said, we’re seeing this trend continue a little bit. We did very well with a couple of larger than anticipated scatter buys in the third quarter on the network side.

Andrew Finkelstein: Anything you could add on from the local station level?

Joe Uva: The local markets continue to be challenged on all platforms right now and there’s very little visibility into what that’s going to look like, other than the fact that we haven't seen any accelerated or continued real deterioration. There seems to be some stability to the local market at this point.

Andrew Finkelstein: It sounds like you guys are seeing that auto hasn't really rebounded. Are there any other categories that you can point to that have started to perk up a little bit?

Andrew Hobson: Telco and QSR are both trending positively.

Andrew Finkelstein: Okay and then just one small thing. Andy, it looked like the receivables facility outstanding on a net basis went down a little bit. Can you tell us what your thinking is on the receivables facility?

Andrew Hobson: We’re only using the term portion right now and keeping the revolver available for liquidity needs. Simply the negative cost of carry, because there’s a CONFERENCE CALL TRANSCRIPT UNIVISION COMMUNICATIONS INC.

LIBOR floor on that borrowing, is very sizeable. So we’re just not incurring the negative costs.

Andrew Finkelstein: And while we’re on the subject, any change in your thoughts or anything new on swaps for the term debt?

Andrew Hobson: We’re really just studying it now and trying to determine when it will make sense to act.

Andrew Finkelstein: Okay. Great. Thanks.

Operator: Our next question comes from Aaron Watts with Deutsche Bank. Please go ahead.

Aaron Watts: Afternoon guys.

Andrew Hobson: Hi Aaron.

Aaron Watts: Most of my questions have been knocked down, but just two from me. The first with your online unit, obviously there’s a lot of buzz with some of your peers on making sure that their websites are ramped up with video and I’m curious where you stand with that given the recent court case with Televisa and what you’re thinking there.

Joe Uva: First we had to go through the redesign we went through which really gave us the ability to add a lot of new functionality and products and services and video is something that we’re very committed to.

As I've said previously, we do not ascribe to ongoing full-length programs on the web. We think what the consumer is looking for is shorter forms and deeper content in video and that’s what we’re doing.

We have a tremendous volume of available content to port to the web and mobile. And we have really started ramping that effort up and you'll be hearing more about it from us in the months coming.

Aaron Watts: Okay, and my other question. With regards to original programming and with the change of command that’s going to be taking place later this year, what are your aspirations, what are you hoping to do in terms of creating your own content versus sourcing it from others? And then broadly speaking, how do you think about the cost of creating your own programming versus getting it from others? Thanks.

CONFERENCE CALL TRANSCRIPT UNIVISION COMMUNICATIONS INC.

Joe Uva: First of all, the company has been committed for many years to original production. Yes we have the program licensing agreements with Televisa and Venevision, but we produce an awful lot of content here ourselves particularly in the talk show, the news area, the special programming, and certainly in some of the sports areas.

We continue to be focused on that. We will be looking at and ramping up our capabilities to produce dramatic programming, longer form dramatic programming, for the networks independently. We think it’s smart to be able to do that and there are a lot of great formats and a lot of great content out there across the Spanish speaking world today that we’re looking into.

And as far as the cost goes, we have a pretty good idea on what the cost of production is for what we get and we think we can do it very cost effectively.

Aaron Watts: Thanks Joe, Andy.

Operator: Our next question comes from Stacey Finerman with Goldman Sachs. Please go ahead.

Stacey Finerman: Hi. Thanks for taking my questions. As it relates to the PIK toggle notes and paying cash on those, is that something that you might revisit later on during the year?

Andrew Hobson: That’s a decision of the Board that’s made right before every interest payment and the next one would be in September. So we’ll probably do that at our next Board meeting, but I would suspect that we'll continue to PIK.

Stacey Finerman: Okay. In your release you guys stated that because the indenture has changed that you no longer have to release Ks and Qs. Is the disclosure you provided with regards to this quarter, is that something that we should expect going forward? Are you guys still planning on holding conference calls?

Andrew Hobson: We will continue to file10-Q and 10-K like packages quarterly on our website and we'll continue to do conference calls and we’re capturing the email addresses in the registration and will use that to notify people when stuff is posted there.

Stacey Finerman: Great. Thank you.

Operator: Our next question comes from Robert Berzins with Beach Point Capital. Please go ahead sir.

CONFERENCE CALL TRANSCRIPT UNIVISION COMMUNICATIONS INC.

Robert Berzins: Good morning. Two questions. First, could you comment on recent ratings trends?

Joe Uva: We continue to expand our audiences, as I said. The second quarter of this year we had the best quarter ever in terms of average total viewing audience which was about four million. And we see that trend continuing and we’re very excited by what we expect to be a very good census count in 2010, which means substantially more viewers potentially for us.

Robert Berzins: Okay. Second question, unrelated to the first, insofar as 2008, we all recognize that Q4 was a pretty weak quarter. Can we model the future along the lines of the seasonality that you experienced in 2007? Or alternatively should we expect the latter half of the year to be disproportionately weak or disproportionately strong relative to the patterns we saw in 2007?

Andrew Hobson: Well, we see sequential improvement Q3 over Q2, which showed sequential improvement over Q1. I think that in part reflects the kind of comparables but more reflects just the improvement of the overall business environment.

Q4 for us is a little bit too early to tell where that’s going to be because the upfront hasn't finished and the timing of placing orders in the TV and radio station business has been closer to flight dates and shorter durations than we’ve experienced in the past.

So we think that because we have easier comps, Q4 should show a relative improvement but until we get more data, we can't predict it.

Robert Berzins: Okay. Thank you. That’s helpful.

Operator: Our next question comes from Jonathan Levine with Jefferies. Please go ahead, sir.

Jonathan Levine: Most of my questions have been answered, but I just wanted to follow up on the political revenue side. Can you talk a little bit in terms of what you’re seeing for the third quarter and the fourth quarter specifically related to some of the hot topic issues out there right now, particularly healthcare?

Joe Uva: Well as Andy had indicated, we've seen some soft dollars but immaterial to date and they've been concentrated in California markets. On the political side we expect that as we get closer to election day in November that all indications that we have from the various campaigns and organizations is that spending should pick up sometime in September. CONFERENCE CALL TRANSCRIPT UNIVISION COMMUNICATIONS INC.

Andrew Hobson: It is an off-cycle election though and we generally don't get a lot of money in off-cycle elections.

Jonathan Levine: Okay. Thank you.

Operator: Once again, please press star 1 on your touchtone telephone to ask a question. Our next question comes from Jake Newman with Creditsights. Please go ahead.

Jake Newman: Hello. I wanted to ask for clarification on the amendment on the bank covenants. As far as the deemed tax benefit is concerned, the tax benefit in the latest 12 months on a GAAP basis is about $1.3 billion roughly and the deemed is like $78 million.

If I look at the way the bank EBITDA calculation is constructed, it didn't seem to make sense to me that you simply take that $78 million and plug it in where the $1.3 billion would go. Can you clarify how that mechanic works?

Andrew Hobson: It is an estimate. It’s the tax benefit from operating losses so you’re excluding those related to, the intangible write downs...

Jake Newman: Okay.

Andrew Hobson: ...survived in our definition of net income in the bank definition. And in our most recent amendment process the banks asked us to fix that amount for clarity purposes and we reluctantly agreed to. So now it’s a fixed schedule, which you can see in the amendment.

Jake Newman: Okay. And on other adjustments are you including a pro forma cost savings in the latest measurement period?

Andrew Hobson: Well, both the GAAP tax benefit and the pro forma are not included in the numbers that were discussed today but for purposes of calculating bank covenant compliance, you have that $78 or $79 million for the trailing 12 months ended 6/30 plus $80 million for the pro forma adjustment which is the cap.

Jake Newman: Okay. Thank you very much.

Andrew Hobson: You’re welcome.

Operator: And our next question comes from Ken Silver with Royal Bank of Scotland. Please go ahead sir.

CONFERENCE CALL TRANSCRIPT UNIVISION COMMUNICATIONS INC.

Ken Silver: Hi. Good morning. Thanks for taking the call. I have a question about retrans. When you said that in three to five years retrans revenues would be at least $350 million -- is that for contracts that have already been signed?

Andrew Hobson: It’s incremental retrans revenue for the contracts for the contractual amounts.

Ken Silver: And is that based on any minimum ratings?

Andrew Hobson: No.

Joe Uva: No.

Ken Silver: Okay.

Andrew Hobson: There’s an assumption of subscriber counts in there a little bit but it shouldn't affect it overall.

Ken Silver: Okay. It was my impression that most local television stations at least in the past had renewed retrans deals every three years. These sound like they’re longer deals. So is that...?

Andrew Hobson: They vary. We have some three year deals and we have other deals which go six or so years. So we probably have an average of four to five.

Ken Silver: Okay.

Andrew Hobson: So there is a renewal concept in there as well for those three-year deals.

Ken Silver: But you’re still expecting based on what you signed today - is the 350 subject to renewals?

Andrew Hobson: For those that expire in year three, we assume that they would be renewed. Yes.

Ken Silver: At a higher level or not?

Andrew Hobson: I'm sorry; you broke up.

Ken Silver: Would they be renewed at a higher level?

Andrew Hobson: Similar levels. CONFERENCE CALL TRANSCRIPT UNIVISION COMMUNICATIONS INC.

Ken Silver: Okay. All right. Thanks.

Operator: It appears there are no further questions at this time. Mr. Hobson, I'd like to turn the conference back over to you for any additional or closing remarks.

Andrew Hobson: Thank you everyone for attending today’s call. If you have any further questions, I'll be available in my New Jersey office today. Goodbye.

Operator: This concludes today’s conference. Thank you for your participation.

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