Abacus Life, Inc.

and welcome to Abacus Life 3Q23 Earnings Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jay Jackson, Chief Executive Officer. Thank you, Mr. Jackson. You may begin.

Good day, ladies and gentlemen. Thank you for standing by. Advocates Life refers participants on this call to the investor webpage ir.advocateslife.com for the press release, the investor information filings with the SEC for discussion of the risks that can affect the business. Abacus Life specifically refers participants to the presentation furnished today on Form 8K with the Securities and Exchange Commission and to remind listeners that some of the comments today may contain forward-looking statements and, as such, will be subject to risks and uncertainties which, if they materialize, could materially affect results. Reference is made to the section entitled Forward-Looking Statements in the Company's Earnings Press Release for the Third Quarter of 2023, which is incorporated herein by reference. We note forward-looking statements, whether written or oral, include but are not limited to advocacy life's expectation or prediction of financial and business information and conditions, as well as its competitive and industry outlook. Forward-looking statements are subject to risks, uncertainties, and assumptions, including the risk factors set forth in Item 1A of our most recent 10Q, which, if they materialize, could materially affect results, and such forward-looking statements do not guarantee performance and advocacy life gives such assurances. Abacus Life is under no obligation and expressly disclaims any obligation to update, alter, or otherwise revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. In addition, historical data pertaining to the operating results and other performance indicators applicable to Abacus Life are not necessarily indicative of results to be achieved in succeeding periods. I will now turn the call over to Jay Jackson, Chief Executive Officer of Abacus Life.

Thank you to everyone listening today for your interest in Abacus, and welcome to our 2023 third quarter earnings call. With me today is our Chief Financial Officer, Bill McCauley, and after our remarks, we'll open it up to your questions. Our strong third quarter results continue to validate Abacus's differentiated business model and further contribute to our long track record of sustainable and profitable growth. For those new to Abacus, last year, we generated the most earnings in our history. And the third quarter of 2022 was our strongest overall quarter in our history. Fast forward one year. In the third quarter of 2023, we surpassed our historic quarter from the prior year by several metrics. We grew total revenues 20% year-over-year to $21.1 million, grew adjusted EBITDA 26% year-over-year to $10.8 million, and generated strong adjusted net income of $9.2 million even after increasing advertising and marketing spend to $1.6 million for the quarter. Bill will be along shortly to discuss more of our third quarter financial performance in further detail. In addition to our continued progress, we are pleased to have successfully completed our public bond offering on November 10th, using the proceeds to refinance our prior debt and thus reducing the interest rate we pay from our prior debt by approximately 275 basis points. Our proven business model, expert team, wealth of data, and innovative technology positions us well to execute on our strategic initiatives. take advantage of the many exciting opportunities that lie ahead, and ultimately create long-term value for our shareholders. As we did last quarter, I wanted to spend a few minutes to walk through our compelling business model, our value proposition, and why we are excited for the opportunities we see to profitably and sustainably grow our business and deliver shareholder value over the long term. Currently, Abacus's primary driver of top-line growth is our origination platform and vertically integrated asset management and servicing platform. For almost 20 years, we have been a leader in our industry with strong market share in a market with high barriers to entry. We have a seasoned and strong management team, each of whom has 20-plus years of expertise. Crucially, Abacus already generates solid and growing revenue with 19 consecutive years of gap profitability and enviable margins. Our financial success stems from the tremendous benefit we provide to policyholders who are seeking liquidity and to investors who are seeking less correlated assets in which to invest. This creates a significant opportunity for growth in a market where many companies are facing challenges. Our core origination and asset management vertical, which we have recently rebranded as ABL Longevity Funds, consists of our LMA income series funds, to which we expect to add a 1940 Act mutual fund called ABL Longevity Growth and Income Fund, with an expected launch in 2024. This vertical has attracted over $55 million in capital from retail investors in 2023. We are also developing two additional compelling company verticals in personal wealth management and technology. First, we announced last week the launch of our new wealth division, ABL Wealth, to offer clients custom lifespan-based financial solutions in partnership with Dynasty Financial Partners, one of the country's leading wealth management platforms for independent wealth management firms. The thesis for ABL Wealth rests in our belief that personal wealth management using lifespan and longevity as a core financial tool to design custom solutions is going to fundamentally impact the retail financial services industry. With ABL Wealth, we expect to capitalize on our current abacus marketing leads, including the thousands of in-house inquiries to design custom asset management solutions. We will continue to partner with RIAs and broker-dealers to expand our product offerings and align our interests. In addition to the advent of ABL Wealth, we noted on our last call that our real underlying asset is the wealth of technology we've built and longevity data we've accumulated during our history. Anchored by years of aggregated data and analytics, Abacus is a data technology innovator that uses its proprietary insurance and data tables to drive the investment decision process to acquire policies and leverages it to complement several other products and processes. We've recently rebranded that vertical as ABL Tech to better capture our alignment in branding with Abacus. We believe ABL Tech can positively impact several industries. First, with our digital origination platform known as the Abacus Marketplace, advisors and their clients can have a complete end-to-end digital purchase process of their life insurance policy, which will soon incorporate AI and blockchain technology. We also expect to innovate how life insurance is issued and underwritten at the time of issuance. and we are currently advancing a partnership with a life insurance carrier to issue new lifespan-based products. We expect ABL Wealth and ABL Tech to be a big part of our future by contributing to top-line revenue growth in 2024 and beyond. We look forward to providing you the updates, progress of both ABL Wealth and ABL Tech in the coming quarters. Meanwhile, our core policy acquisition platform continues to grow consistently and profitably. As a reminder, life insurance is one of the market's globally largest assets, with $13 trillion in the United States alone, 2x the America's residential real estate market, and a market where more than 9 out of 10 life insurance policies, or 90%, will never pay a claim. This is driven by a lack of education by policyholders that the financial option to sell their policy even exists. The fact of the matter is that policyholders don't treat their life insurance policy like equity. They treat it like debt that they simply stop paying on. Our key to continued growth and success is education of both the financial advisors or insurance agents and the policyholders directly. To drive this education effort, Abacus has proudly partnered with over 30,000 financial professionals, and we continue to drive a majority of our policy origination from this channel. However, our fastest growing origination channel is our direct-to-consumer channel that we have built over the past several years. We're very excited about this channel, the opportunity for long-term growth that it offers us, as we can now directly reach and educate policy owners about their liquidity options. Our campaign has touched over 86 million consumers with an average of 80 national television commercials per week on major news networks, leading to thousands of inquiries per month. We expect to continue our television and digital campaigns to further expand our market share and drive industry awareness. We formally launched our direct-to-consumer channel in 2017 when we acquired 41 policies representing 21.4 million of face value. This year to date in direct-to-consumer, we acquired 220 policies representing $134 million of face value. That's 5x growth in just six years. On the other side of the transaction, we are solving a real pain point for investors that cannot find enough life insurance policies to purchase. Institutional investors love our product as it is an asset class that has a low correlation to other assets with mid-teens historical returns in very strong institutional investment grade counterparts. There are very few asset class that can boast that kind of historical track record. So now let's turn to the counterparty. Our policy counterparties are generally high-quality, investment-grade insurance companies. Typically, 95% of all the carriers in our portfolio have an A rating or better from AMVEST. The underlying credit that they issue is the life insurance policy, which sits in the cash stack higher than any senior debt or equity that they issue. Moreover, this product is highly regulated at the point of inflection. In fact, we are unaware of a single life insurance policy issued that did not pay at mortality due to illiquidity of the carrier. As such, the asset itself is incredibly stable. Fundamental shift in our business is the resale of policies we originate through our platform back to the insurance company. This is a win-win transaction that benefits both the policyholder and the insurance company, which repurchases legacy liabilities often at a price less than its carrying value. We have repurchased over $1 billion in base value over the last year and expect this to grow significantly as we add more life insurance companies and reinsurers to the program. As we move ahead, we believe our core market is only going to continue to expand with a significant tailwind driven by efforts to educate clients about the value of their policy. Our industry currently only has about 2% market penetration of a $233 billion plus opportunity with a significant financial incentive to the individual selling their policies. With new investor interest from both institutions and life insurance companies, that's a significant gap that we believe we can close. Our financial metrics continue to illustrate this benefit. We've generated consistent growth year over year, specifically in total face value of policies purchased, origination capital deployed, net earnings, and return on equity. We are excited about our historical, current, and future trends. We have thoughtfully evaluated expected origination growth, reviewed our future revenue streams and corresponding costs to operate this business, and prudently applied it to our company. With that, I will now hand it over to our CFO, Bill McCauley, to discuss the specifics on our Q3 results and financials.

Thanks, Jay, and hello, everyone. As Jay mentioned, we delivered another strong quarter of top-line growth and profitability across our business. The key driver of our business performance is our highly efficient origination platform. In the third quarter, 2023, origination capital deployed increased by approximately 43% to $51 million, compared to $34 million in the prior year period. driven by larger face value policy acquisitions while maintaining 61% growth in policy originations to 181 compared to 112 in the prior year period. Total revenue in the third quarter 2023 grew by approximately 20% to 21.1 million compared to 17.5 million in the prior year period. The increase was primarily due to strong performance in our active management segment, which was driven by realized trade revenue and increased policy acquisitions. Active management revenue increased by approximately 70% to 18.9 million compared to 11.1 million in the prior year period. As previously noted, the increase was primarily attributable to increased policy acquisition and realized trade revenue. As of September 30th, 2023, Abacus held 240 policies, of which 228 are accounted for under the fair value method and 12 are accounted for using the investment method, which is cost plus premiums paid. For all policies purchased after June 30th, we have elected to account for these under the fair value method going forward. For policies purchased before June 30th, 2023, we elected to use either the fair value method or the investment method. Revenue from our portfolio servicing segment was $0.2 million compared to $0.4 million in the prior year period. Turning to expenses, total operating expenses, excluding unrealized gains and losses on investments and change in fair value of debt for the third quarter 2023 were approximately $13.2 million compared to $2.4 million in the prior year period. We would note that the third quarter 2023 total operating expenses included $4.6 million of non-cash stock compensation expense, $2.9 million of public company-related expenses, and $0.4 million of non-recurring fees related to the completion of the business combination in the third quarter of 2023. The third quarter 2023 operating expense increase was also driven by $1.6 million in increased sales and marketing expense compared to the prior year period, which has accelerated our growth profile this year. Going forward, we expect to see somewhat similar total operating expenses on a quarterly basis as we will continue to have material non-cash stock compensation expense as well as ongoing public company expenses while we continue investing in our growth. Adjusted EBITDA for the quarter drew by approximately 26% to 10.8 million, which compared to 8.5 million in the prior year period. The increase was primarily attributable to solid revenue growth, partially offset by higher sales and marketing expenses. Adjusted EBITDA margin was 51.1% for the quarter, compared to 48.7% in the prior year period. Gap net income attributable to shareholders for the quarter was 0.9 million compared to gap net income attributable to shareholders of 9.9 million in the prior year period. On an adjusted basis, excluding non-cash stock compensation, amortization of intangible assets, and change in fair value of warrant liability, net income for the third quarter of 2023 was 9.2 million compared to 10.2 million in the prior year period. Now turning to our balance sheet metrics, on an annualized basis, GAAP return on equity and return on invested capital for the three-month period ended September 30th, 2023, were 2.2% and 2.8% respectively. On an adjusted basis, excluding the various non-cash items I just mentioned, ROE and ROIC were 22% and 29% respectively, reflecting our highly profitable business model. As of September 30th, the company had cash and cash equivalents of $36.6 million, balance sheet policy assets of $87.7 million, and outstanding long-term debt at fair value of $82.2 million. In summary, we are pleased with our strong results this quarter and continue to deliver double-digit growth on our top line, as well as solid profitability on an adjusted basis. We remain very excited about the growth opportunities ahead, and we are well-positioned to execute on our long-term plans. I will now turn it back to our CEO, Jay Jackson, for our closing comments.

Thanks, Bill. To sum up, we believe Abacus Life is extremely well positioned to capitalize on a large market opportunity within a dynamic sector today. Very few other business models offer nearly 20 years of consistent net income, a $200 billion plus in growing target market, and new growth verticals such as ABL Wealth and ABL Tech. We are proud to be a growth company that has generated consistent long-term profitability. I'd like to thank all of you for joining us today, and we appreciate your interest in Abacus Life. We will now field any questions.

Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your questions from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the start keys. One moment, please, while we poll for questions. The first question comes from the line of Wilma Burgess with Raymond James. Please go ahead.

Hey, good morning. Just a quick question on the deployment opportunities over the next few quarters. If you could talk a little bit about what kind of market you're seeing for the product and the cash you have available to deploy into generating new policies.

Thank you, Wilma. Great question. And we're excited about the upcoming quarters. This is a business that is directly correlated to the cash that we have available to spend as we're recognizing revenue. So you see as increased capital comes in, you see that reflective in revenues. And so we feel very good about the cash we have on the balance sheet. But the thing to remember as well is if you look at the balance sheet and the policies that are also on the balance sheet we're very active in the amount of transactions that we'll have um in in the upcoming quarters and so cash is is certainly an important piece but remember as well we have um you know policies on the balance sheet that we'll be executing grades to to other private asset managers or even to our own investment products during that time period which will also free up additional cash to acquire new policies. And then lastly, I would also add to that in the opportunity where we were able to refinance our prior debt, we also raised additional capital via the bond in addition to the debt refinancing. So we're putting that capital to work in buying new policies as well. So we feel very very good about our current cash position and the overall balance sheet as we continue to trade it, which also frees up more cash, which in the near term should provide us with, you know, the consistent type of revenue that we've had over the last several quarters as well as years.

Ms. Pluggis, are you done with the question?

Oh, hey, sorry, this is Wilma. Yeah, could you talk a little bit about the investments that you're making in the new verticals? Are there still kind of material cash outlays to put into those, or has a lot of the investment already been made?

The investment in the new verticals, that investment's already been made. We were fortunate in those verticals is that the infrastructure already existed in our core business, and now it's just a matter of capitalizing on things such as our excess leads that we generate from our television campaigns and then trying to monetize those through our ABL Wealth Channel through either investment products or certainly our upcoming launch of our interval fund. And we think that those types of products in that Wealth Channel, it's just a matter of adding just a few additional employees in those verticals. But effectively, all of those verticals already existed, and we just added to them. So the overall expense to those verticals was very, very small for a significant amount of gain. And we expect both of those verticals to start to be successful in 2024. Thank you.

And then just a final one. Can you talk about the cost of – I guess policy acquisition is maybe what you would call it. Are you seeing any trends in the cost of commercials or other ways that you reach customers?

Yeah, when we think about our cost of acquisition, what we're really excited about is that we have not seen our cost of acquisition increase as we've increased our demand. television advertising and digital advertising. And what that means is that we haven't hit that point of inflection where you start to see some of your cost of acquisition either flatten out or maybe even increase because you're just spending more to get more leads. So we're actually seeing a very positive response for every additional dollar that we invest in digital advertising as well as, of course, national advertising campaigns on television. We're seeing still a direct correlation for every dollar spent. We see an equivalent number of spend and thus our leads rather, and thus that continues to actually reduce our early acquisition. So we're going to continue to invest in that part of our business pretty significantly, mainly because we are seeing a significant amount of growth related to the investment in advertising. And this is a business about education. And it's absolutely correlated to the amount of capital that we have to deploy. But more importantly, it comes back to education, educating and informing consumers that this option certainly exists for them. And then on the second piece to that, looking at our new verticals, being able to share with consumers, financial advisors, and insurance agents that utilizing lifespan and longevity planning is a key component to all financial planning, not just in the reacquisition or the acquisition of life insurance policies. And I think we're thrilled about that opportunity to show people how they can apply all of the foundation and the outputs and the reporting and the data that we're using to other areas of their finances.

Thank you. And then one more quick one. Do you think that a lot of the customers, are they considering lapsing? Is it sort of lapse or sell the policy, or is it something that they would have continued to pay? How do the customers think about that?

Sure. The way that the customers look at this, I think initially, if you look at the statistics, 90% of policies will lapse because most people treat their life insurance policies as though it's debt. They don't treat it as an asset or a piece of equity that they own. And what we're finding now, though, is if you look at the average face value, or what I mean by that is the death benefit of the policy that we're acquiring, it's $1.5 million. So it's not just someone here who maybe has fallen on really financial hard times, but it's additionally, it's your high net worth individuals that are looking at estate planning and using their life insurance policy as an asset. And so we've seen significant growth. increase in high net worth families looking to monetize or know at least what the fair market value of their policy is today. And that all comes down to truly educating these consumers, their agents, and their advisors about how to use their life insurance policy and look at it as equity instead of debt. And so we're actually now starting to see more and more consumers who are making a financial decision on this is the net present value of this contract. And they then can discuss with their family whether they want to monetize that today or hold on to it. And I think now when we start to look at the forward growth of this industry, the $13 trillion industry, the $233 billion that will potentially lapse this year, that's how we're really going to step into that. And as people are now getting more comfortable with this as an asset, we're starting to see more and more people now use this asset, not just For life insurance purposes, but apply the liquidity in the asset to other areas of their financial lives. Because, you know, when you think about the market today, there's inflation, there's volatility. There are other concerns that individuals have, investors have, or people who own life insurances, life insurance policies have. What we're able to do is, I think, provide them with a financial asset that they hadn't considered using before. And I think that speaks to, one, our education efforts, but also the timing. I think our industry and, more importantly, our company is in a bit of a sweet spot in the sense of volatility creates opportunity here and driven by education. So we feel very strongly that this is going to continue to be a – pretty significant and tremendous opportunity for us to try to capitalize on that market.

Thank you.

Thank you. Next question comes from the line of Matt Howlett with B Riley Securities. Please go ahead.

Hey guys, thanks for taking my question. Look, people, investors get excited when you see a 29 plus percent adjusted ROE. Sounds like your model provides sort of a win-win-win for every party involved here. My question is on the policies you require that you flip or you sell versus ones you retain. Everything is going to this fair value accounting. What can you tell us in terms of that mix going forward?

Thanks, Matt. Great question and great to hear from you. As that mix goes forward, I think one of the ways to look at our balance sheet is that we tend to be pretty consistent in selling those policies into tranches and to our private asset manager partners. One of the things that's been fundamentally, I think, shifting just in our business is whom we sell those policies to. And I'll touch on this just because it also gives some light into how much we would trade versus how much we would hold. We are expanding our relationships and working with our life insurance carrier partners, and they're very good partners. And their mindset is that they also, when you think about this from a win-win perspective, their mindset is the same, right? And it's a mutually beneficial transaction. And so as that segment of our business continues to increase where we would acquire a policy, put it on our balance sheet, own that contract, and rather than sell that contract to a private asset managers, That would instead go back to the life insurance carrier that wrote that contract, and then we would lapse that policy. In those examples, you would see a higher trade volume because we're not going to keep those policies on our balance sheet. Because we're then going to transfer or sell that risk back to the life insurance company who then lapses it, and then they can potentially add an economic benefit to their own balance sheets, depending on what the reserve requirements are. So right now, you'll see significantly more trade volume due to those reasons. And as we continue to think about what we hold on our balance sheet, you know, you'll see that change quarter to quarter, but it's also frankly driven by the amount of capital that we in fact raise. So, you know, having a successful bond that just came out, that's going to give more assets to the balance sheet. If we do other fundraising in 2024, you would see that balance sheet percentage increase. to potentially this 50-50 kind of target. But it also depends on, frankly, we're also very opportunistic and that's our job, right? If there is an opportunity to drive revenue because that's what the market is telling us because we bought at X and now we can sell at Y, then we would want to be advantageous in that scenario.

Look, I mean, it makes total sense, Jay. When you look at it from an investor standpoint, you're turning... the policies you do sell to your partners, I mean, you're turning that capital over constantly. And if you're achieving this 20 plus percent sort of spread, I mean, that capital, when I think about it, like that capital is just being constantly turned over three or four times a year. And these are the type of ROEs that just sort of explode as you do it. Right.

Yeah. And that's what we've seen. We've seen that consistent ROE and ROIC historically. And, and, You know, for us, it's all about consistency. And I think that, you know, we're not just one quarter where all of a sudden this happened. I mean, this has been happening now for some time. And it comes down to the strength of our institutional asset managers that we work with and some of the largest asset managers in the world. It comes back to the strength of the positioning of our relationship with our carrier partners. And I think that carrier partner piece of this equation is really going to continue to lead to consistency and drive and really help us capture even more of that $233 billion lapse market. So, you know, from our perspective, it's not unusual to see those types of numbers related to ROIC and ROE. For us, it's been a consistent part of our story for the last 20 years.

It's impressive. And then when you talk about getting to that insurance point, segment. How big could that market be? And I get it. These life insurance policies are significant statutory reserves put up against and you're a solution to that. How big could that vertical be?

It's significant. As I highlighted in my comments, we've already transacted over a billion dollars with one of our carrier partners. We're speaking to several others. The way I look about or the way I think about that segment of our business is that it takes time to get a life insurance carrier to adopt either a new strategy. And more importantly, they've got layers of regulation that they want to work through or need to work through governance, etc., But once you've cleared that, and it is a really high hurdle to be able to partner with a life insurance carrier in this strategy, it's one of the reasons why we went public, because now we could address that hurdle head on and say, hey, we face the same regulatory and transparency that you do. And that has spoken volumes. to not just a carrier we're currently working with, but others who have now said, you know what, yeah, let's have this relationship and conversation as well. And it comes back to this truly is a net mutual beneficial transaction from both the policyholder and the carrier. And it benefits them in the sense that we're a third party offering that valuation. And that makes the regulators very comfortable in this transaction as well. But the key to this is that We retain the optionality. It goes on our balance sheet. We ultimately end up taking that risk. If the life insurance carrier doesn't want to then purchase back that policy, we would then either hold it on our balance sheet or potentially then trade it to one of our private asset management partners.

Right. I mean, you've got plenty of exit outlets for it. It makes it interesting when you really dig down in your model. And I guess last question, Jay, the core business, I get it. I mean, it's terrific. It's humming. It's growing. You have all this data and this lifespan data and you're growing the financial service segment. You can sell that data to insurance carriers and other people. When we think about the next couple of years, you talked about AI, blockchain. When we think about that data, where else can it go? Where else can you build out? You have enough on your plate.

What else do you want to get? What we want to do with the data, and it's Quietly, what I talk about quietly, one of the more valuable assets that we have, historical data over the last 20 years, but that data is specific to things like lifespan and longevity planning. And we think the use of that data in financial planning, which by the way, we already have, right? I don't have to add additional expense to this. We're already aggregating that data. And ABL Tech is formulating and what we've done there is make it very user interface to apply that data to several different segments. But first and foremost was, how can we apply longevity and lifespan data to financial planning? And the reason being is that we'll pay north of, let's just say, $150 million last year. And everyone that we paid last year in purchasing their life insurance policies did something with those funds. And I think it would have been very useful in their estate plan or other areas of their financial life to understand what that lifespan was and how that can apply to other financial resources. So we think out of the gate, utilizing that lifespan data within financial services across the board can have a huge impact. Like you take something like a target date fund, There are literally hundreds of billions of dollars in target date funds, but no one actually knows what the target is, right? They kind of put their finger in the air and guess and say, oh, 2035. We'll actually be able to provide investors the lifespan data so that they can have an accurate target date and start to think about how those ETF models roll out through lifespan funds that are targeted directly towards their lifespan rather than some figurative number out in the future that you're not sure how it applies. So when you start to think about that scale in relationship to financial planning and what you can do with this lifespan data, we think that when we look at our revenue verticals, we're taking our core and we're just adding to it. And over the coming years, we're going to see a significant balance in revenue between what we do in these new verticals and what we're currently doing.

It's a really exciting time. Congrats on being public, and we'll look forward to the next leg of the story. Thanks for watching.

Thanks, Matt.

Thank you. There are no further questions at this time. I would now like to turn the floor over to Jay Jackson for closing comments.

Just like to echo one last time that thank you to everyone. We are respectful and appreciative of every single one of our investors who takes the time to listen and hear our story. We are in a strong position of fundamental growth with consecutive 20 years of positive net income. And when we're looking at companies and other public companies to invest in, I think it's fairly rare to find one that has income and consistent growing income that's also a growth company. And it's evidenced by what's happened over the last, I would say, since August 1st. Abacus Life, as a stock or as a public company, has outperformed the Russell 2000 significantly over the last you know, 90 plus days. And we're very proud of that. And I think it speaks volume to our essentially uncorrelated underlying asset, our growth as a company. And we look forward to working with you in the future. If you have any more questions, you want any outreach, Bill and I are readily available for you, ir.advocacyslife.com. Thank you and have a great week.

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for participating.