Q2 2024 Federal Home Loan Mortgage Corp Earnings Call
Immunizations, we are joined today by our interim Chief Financial Officer, Jim would linger before we begin we'd like to point out that during the call. Mr. Whit Linger may make forward looking statements based on assumptions about the company's key business drivers and other factors changes in these factors could cause the company's actual results to materially vary from its expectations.
A description of those factors can be found in the company's quarterly report on Form 10-Q filed today you will find the 10-Q earnings press release and related materials posted on the Investor Relations section of Freddie Mac Dot com.
Speaker Change: This call is recorded and a replay will soon be available on Freddie Mac Dot com, we ask them to call not be rebroadcast or transcribed with that I'll turn the call over to Freddie Mac's interim CFO, Jim what linger.
Jim Whitlinger: One historical note before we move on: the second quarter marked five years since the introduction of the Uniform Mortgage Back Security for UMBS. Together with our partners, we designed the UMBS to foster greater liquidity and standardization in the US housing finance system, and it is working. Today, the UMBS represents most of the liquidity in the agency MBS market, which is second in size only to the market for US Treasuries. Since inception, nearly $360 trillion of UMBS has been traded, and half of GSE issuance in the second quarter came from Freddie Mac.
Jim Whittlinger: Morning, and thank you for joining our call to review Freddie Mac's second quarter performance.
Speaker Change: In the second quarter. The company continued to deliver steady results, despite relatively high mortgage rates and muted housing sales.
Speaker Change: We earned $2 8 billion in the quarter and our network increased to $53 billion.
Speaker Change: We financed 212000 home purchases, 53% of the primary home purchases were to first time, homebuyers and 53% were affordable to low and moderate income families on the multifamily side approximately 93% of 92000 eligible rental units we financed.
Jim Whitlinger: Now, let's take a look at our results in more detail. As noted, we are in net income of $2.8 billion this quarter, a decrease of $179 million, or 6% year-over-year. This decrease was primarily driven by a credit reserve billed in this quarter compared to the credit reserve release we had in the prior year quarter. Second quarter, net interest income was $4.9 billion, up 9% year-over-year. This increase was driven by continued growth in the single-family mortgage portfolio, which grew 2% year-over-year and lower expense related to debt and hedge accounting relationships. Non-interest income for the second quarter was $1.1 billion, an increase of $244 million or 30% from the prior year quarter, primarily due to higher guarantee income and higher net investment gains.
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Speaker Change: When historical note before we move on.
Speaker Change: The second quarter marked five years since the introduction of the uniform mortgage backed security or <unk>.
Together with our partners, we designed the <unk> MBS to foster greater liquidity and standardization in the U S housing finance system and it is working.
unknown: We financed 212,000 home purchases; 53% of the primary home purchases were for first-time homebuyers, and 53% were affordable to low- and moderate-income families. On the multifamily side, approximately 93% of 92,000 eligible rental units we financed were similarly affordable. One historical note before we move on:
We financed 212000 home purchases, 53% of the primary home purchases were to first time, homebuyers and 53% were affordable to low and moderate income families on the multifamily side approximately 93% of 92000 eligible rental units we finance.
Speaker Change: Today, the U MBS represents most of the liquidity in the agency MBS market, which is second in size only to the market for U S treasuries.
Speaker Change: Since inception, nearly 360 trillion dollars of you MBS has been traded in half of GSE issuance in the second quarter came from Freddie Mac.
We're similarly affordable.
Now, let's take a look at our results in more detail.
When historical note before we move on.
unknown: The second quarter marked five years since the introduction of the Uniform Mortgage-Backed Security, or UMBS. Together with our partners, we designed the UMBS to foster greater liquidity and standardization in the U.S. housing finance system, and it is working. Today, UMBS represents most of the liquidity in the agency MBS market, which is second in size only to the market for U.S. Treasury securities. Since inception, nearly $360 trillion of UMBS has been traded, and half of GSE issuance in the second quarter came from Freddie Mac. Now, let's take a look at our results in more detail.
Speaker Change: As noted we are net income of $2 $8 billion this quarter, a decrease of $179 million or 6% year over year.
The second quarter marked five years since the introduction of the uniform mortgage backed security or <unk>.
Jim Whitlinger: Our provision for credit losses was $394 million for this quarter, driven by modest credit reserve bills in both business segments compared to a credit reserve release in our single-family business in the prior year, which was primarily attributable to improvement in home price.
Together with our partners, we designed the MBS to foster greater liquidity and standardization in the US housing finance system and it is working.
Speaker Change: This decrease was primarily driven by a credit reserve build in this quarter compared to the credit reserve release, we had in prior year quarter.
Today the year MBS represents most of the liquidity in the agency MBS market, which is second in size only to the market for U S treasuries.
Speaker Change: Second quarter net interest income was $4 9 billion up 9% year over year.
Jim Whitlinger: Francis. Our total mortgage portfolio at the end of this quarter was $3.5 trillion, a 2% increase year-over-year. Turning to our individual business segments, the single-family business reported net income of $2.3 billion for the quarter, down $97 million, or 4% year-over-year. Single-family net revenues of $5.1 billion increased $734 million, or 17% from the prior year quarter. This increase was primarily driven by a $340 million or 8% increase in net interest income, which benefited from continued growth in our single-family mortgage portfolio and lower expense related to debt and hedge accounting relationships. Higher single-family non-interest income also contributed to the increase in single-family net revenues.
This increase was driven by continued growth in our single family mortgage portfolio, which grew 2% year over year and lower expense related to debt and hedge accounting relationships.
Speaker Change: Since inception, nearly 360 trillion dollars of your MBS has been traded and half of GSE issuance in the second quarter came from Freddie Mac.
Financial Department (possibly CFO): As noted, we had net income of $2.8 billion this quarter, a decrease of $179 million, or 6% year over year. This decrease was primarily driven by a credit reserve billed in this quarter compared to the credit reserve release we had in the prior year quarter. Second quarter net interest income was $4.9 billion, up 9% year over year.
Speaker Change: Noninterest income for the second quarter was $1 1 billion, an increase of $244 million or 30% from the prior year quarter, primarily due to higher guarantee income and higher net investment gains on.
Now, let's take a look at our results in more detail.
Speaker Change: As noted we are net income of $2 $8 billion this quarter, a decrease of $179 million or 6% year over year.
This decrease was primarily driven by a credit reserve build in this quarter compared to the credit reserve release, we had in prior year quarter second.
Speaker Change: Our provision for credit losses was $394 million for this quarter.
Speaker Change: Driven by modest credit reserve builds in both business segments compared to a credit reserve release in our single family business in the prior year, which was primarily attributable to improvement in home prices.
Financial Department (possibly CFO): This increase was driven by continued growth in the single-family mortgage portfolio, which grew 2% year over year, and lower expense related to debt and hedge accounting relationships. Non-interest income for the second quarter was $1.1 billion, an increase of $244 million, or 30 percent, from the prior-year quarter, primarily due to higher guarantee income and higher net investment gains. Our provision for credit losses was $394 million for this quarter, driven by modest credit reserve bills in both business segments compared to a credit reserve release in our single family business in the prior year, which was primarily attributable to an improvement in home prices.
Speaker Change: Second quarter net interest income was $4 9 billion up 9% year over year.
This increase was driven by continued growth in our single family mortgage portfolio, which grew 2% year over year and lower expense related to debt and hedge accounting relationships non.
Speaker Change: Our total mortgage portfolio at the end of this quarter was $3 five trillion.
Jim Whitlinger: Non-interest income was up $394 million from the prior year quarter to $459 million due to impacts from interest rate risk management activities. Our provision for single-family credit losses was an expense of $315 million this quarter, primarily due to a modest credit reserve bill for new acquisitions and the impact of higher mortgage rates. The provision in the prior year quarter was a benefit of $638 million, which was primarily driven by a credit reserve release due to improvement in house prices during that period. Our current house price forecast assumes an increase of 0.6% over the next 12 months and 0.5% over the subsequent 12 months.
Speaker Change: A 2% increase year over year.
Speaker Change: Noninterest income for the second quarter was $1 1 billion, an increase of $244 million or 30% from the prior year quarter, primarily due to higher guarantee income and higher net investment gains.
Turning to our individual business segments. The single family business reported net income of $2 3 billion for the quarter down $97 million or 4% year over year.
Speaker Change: Single family net revenues of $5 $1 billion increased $734 million or 17% from the prior year quarter.
Speaker Change: Our provision for credit losses was $394 million for this quarter.
Speaker Change: Driven by modest credit reserve builds in both business segments compared to a credit reserve release in our single family business in the prior year, which was primarily attributable to improvement in home prices.
This increase was primarily driven by a $340 million or 8% increase in net interest income, which benefited from continued growth in our single family mortgage portfolio and lower expense related to debt and hedge accounting relationships.
Financial Department (possibly CFO): Our total mortgage portfolio at the end of this quarter was $3.5 trillion, a 2% increase year over year. Turning to our individual business segments, the single family business reported net income of $2.3 billion for the quarter, down $97 million, or 4% year over year.
Our total mortgage portfolio at the end of this quarter was $3 five trillion dollars.
Speaker Change: Higher single family Noninterest income also contributed to the increase in single family net revenues.
Speaker Change: A 2% increase year over year.
Jim Whitlinger: This is a change from our forecast at the end of last quarter, which assumed 0.2% and 0.6% growth over the next 12 and subsequent 12 months, respectively. The single-family allowance for credit losses coverage ratio at the end of this quarter was 21 basis points, up one basis point from the prior quarter and down three basis points year-to-year. The single-family serious delinquency rate continued to be historically low and declined to 50 basis points at the end of the second quarter. Down six basis points from 2Q-2023 and down two basis points from 1Q-2024, and the second quarter we helped approximately 18,000 families remain in their homes through low and workouts.
Speaker Change: Turning to our individual business segments. The single family business reported net income of $2 3 billion for the quarter down $97 million or 4% year over year.
Speaker Change: Noninterest income was up $394 million from the prior year quarter to $459 million due to impacts from interest rate risk management activities.
Head of Single-Family Business Segment: Single-family net revenues of $5.1 billion increased $734 million, or 17%, from the prior year quarter. This increase was primarily driven by a $340 million, or 8%, increase in net interest income, which benefited from continued growth in our single-family mortgage portfolio and lower expense related to debt and hedge accounting relationships. Higher single-family non-interest income also contributed to the increase in single-family net revenues; non-interest income was up $394 million from the prior year quarter to $459 million due to impacts from interest rate risk management activity.
Speaker Change: Single family net revenues of $5 $1 billion increased $734 million or 17% from the prior year quarter.
Speaker Change: Our provision for single family credit losses was an expense of $315 million. This quarter, primarily due to a modest credit reserve build for new acquisitions, and the impact of higher mortgage rates.
Speaker Change: This increase was primarily driven by a $340 million or 8% increase in net interest income, which benefited from continued growth in our single family mortgage portfolio and lower expense related to debt and hedge accounting relationships higher single family Noninterest income also contributed to the increase in single.
Speaker Change: Provision in the prior year quarter was a benefit of $638 million, which was primarily driven by a credit reserve release due to improvement in house prices during that period.
Speaker Change: Our current house price forecast assumes an increase of <unk>, 6% over the next 12 months and <unk>, 5% over the subsequent 12 months.
Speaker Change: Family net revenues.
Speaker Change: Noninterest income was up $394 million from the prior year quarter to $459 million due to impacts from interest rate risk management activities.
Jim Whitlinger: Our single-family mortgage portfolio at the end of the quarter was $3.1 trillion, up 2% year-over-year. Credit characteristics of our single-family portfolio remain strong, with the weighted average current loan to value ratio at 52% and the weighted average current credit score at 755. At the end of the quarter, 62% of our single-family portfolio had some form of credit enhancement. New business activity totaled $85 billion this quarter, up $23 billion dollars from 1Q-2024. First-time home buyers represented 53% of our new single-family home purchase loans. Higher mortgage rates continued to impact both purchase and refinance activity; refinance activity accounted for 13% of our total new business activity this quarter.
This is a change from our forecast at the end of last quarter, which assumed 2% and 0.6% growth over the next 12 and subsequent 12 months respectively.
Head of Single-Family Business Segment: Our provision for single-family credit losses was an expense of $315 million this quarter, primarily due to a modest credit reserve bill for new acquisitions and the impact of higher mortgage rates. The provision in the prior year quarter was a benefit of $638 million, which was primarily driven by a credit reserve release due to improvement in house prices during that period. Our current house price forecast assumes an increase of 0.6% over the next 12 months and 0.5% over the subsequent 12 months.
Speaker Change: Our provision for single family credit losses was an expense of $315 million. This quarter, primarily due to a modest credit reserve build for new acquisitions and the impact of higher mortgage rates. The provision in the prior year quarter was a benefit of $638 million, which was primarily driven by a credit reserve release.
Speaker Change: The single family allowance for credit losses coverage ratio at the end of this quarter was 21 basis points up one basis point from the prior quarter and down three basis points year over year.
The single family serious delinquency rate continued to be historically low and declined to 50 basis points at the end of the second quarter down six basis points from <unk> 2023, and down two basis points from <unk> 2024.
Speaker Change: Lease due to improvement in house prices during that period.
Speaker Change: Current house price forecast assumes an increase of <unk>, 6% over the next 12 months and <unk>, 5% over the subsequent 12 months.
Speaker Change: In the second quarter, we helped approximately 18000 families remain in their homes through loan workouts.
Head of Single-Family Business Segment: This is a change from our forecast at the end of last quarter, which assumed 0.2% and 0.6% growth over the next 12 and subsequent 12 months, respectively. The single family allowance for credit losses coverage ratio at the end of this quarter was 21 basis points, up one basis point from the prior quarter and down three basis points year over year. The single-family serious delinquency rate continued to be historically low and declined to 50 basis points at the end of the second quarter, down six basis points from 2Q2023 and down two basis points from 1Q2024.
Speaker Change: This is a change from our forecast at the end of last quarter, which assumed 2% and 6% growth over the next 12 and subsequent 12 months respectively.
Speaker Change: Our single family mortgage portfolio at the end of the quarter was $3 one trillion dollars.
Jim Whitlinger: The 30-year mortgage rate peaked at 7.22% during the quarter and ended the quarter at 6.86%, up from 6.79% at the end of 1Q-2024 and 6.71% at the end of 2Q-2023. The weighted average original loan to value on new purchases was 78%, and the weighted average original credit score was 754, while the average estimated guarantee fee charged on new business was 54 basis. points.
Up 2% year over year credit characteristics of our single family portfolio remained strong with a weighted average current loan to value ratio at 52% and a weighted average current credit score at $7 55.
Speaker Change: The single family allowance for credit losses coverage ratio at the end of this quarter was 21 basis points up one basis point from the prior quarter and down three basis points year over year.
Speaker Change: The single family serious delinquency rate continued to be historically low and declined to 50 basis points at the end of the second quarter down six basis points from <unk> 2023, and down two basis points from <unk> 2024.
Speaker Change: At the end of the quarter, 62% of our single family portfolio had some form of credit enhancement.
New business activity totaled $85 billion this quarter up $23 billion from <unk> 2024.
Jim Whitlinger: Moving on to multifamily, the segment reported net income of $481 million, down $82 million, or 15%, from the prior year quarter. This decrease was primarily driven by lower non-interest income, which declined 20% or $150 million year over year, primarily driven by higher guarantee income offset by impacts from interest rate risk management activities and less favorable fair value changes from spreads. The decline in non-interest income was partially offset by an interest income of $293 million, which was up 29% year over year, primarily driven by higher yields on mortgage loans as a result of higher interest rates and continued portfolio growth.
Speaker Change: First time homebuyers represented 53% of our new single family home purchase loans.
Head of Single-Family Business Segment: In the second quarter, we helped approximately 18,000 families remain in their homes through loan work. Our single-family mortgage portfolio at the end of the quarter was $3.1 trillion, up 2% year-over-year. Credit characteristics of our single-family portfolio remain strong, with the weighted average current loan-to-value ratio at 52% and the weighted average current credit score at 755. At the end of the quarter, 62% of our single family portfolio had some form of credit enhancement.
Speaker Change: In the second quarter, we helped approximately 18000 families remain in their homes through loan workouts.
Speaker Change: Higher mortgage rates continue to impact both purchase and refinance activity refinance activity accounted for 13% of our total new business activity this quarter.
Speaker Change: Our single family mortgage portfolio at the end of the quarter was $3 one trillion dollars.
Speaker Change: Up 2% year over year credit characteristics of our single family portfolio remained strong with a weighted average current loan to value ratio at 52% and a weighted average current credit score at $7 55.
Speaker Change: The 30 year mortgage rate peaked at 722% during the quarter and ended the quarter at 686%.
Speaker Change: Up from $6, 79% at the end of <unk> 2024, and $6, 71% at the end of <unk> 2023.
Speaker Change: At the end of the quarter, 62% of our single family portfolio had some form of credit enhancement.
Head of Single-Family Business Segment: New business activity totaled $85 billion this quarter, up $23 billion from 1Q2024. First-time homebuyers represented 53% of our new single-family home purchase loans. Higher mortgage rates continue to impact both purchase and refinance activity. Refinance activity accounted for 13% of our total new business activity this quarter. The 30-year mortgage rate peaked at 7.22% during the quarter and ended the quarter at 6.86%, up from 6.79% at the end of 1Q 2024 and 6.71% at the end of 2Q 2023.
Speaker Change: New business activity totaled $85 billion this quarter up $23 billion from <unk> 2024.
Speaker Change: The weighted average original loan to value on new purchases was 78% and the weighted average original credit score was 754, while the average estimated guarantee fee charged on new business was 54 basis points moving.
Speaker Change: First time homebuyers represented 53% of our new single family home purchase loans.
Jim Whitlinger: The multifamily provision for credit losses was an expense of $79 million this quarter versus $101 million in the prior year quarter. Our multifamily new business activity was $11 billion for the second quarter of $2 billion from the prior quarter. The business provided financing for 92,000 multifamily rental units this quarter, of which 65% were affordable to low income families. The multifamily mortgage portfolio increased 5% year over year to $447 billion; approximately 95% of the multifamily mortgage portfolio was covered by credit enhancements at the end of the quarter. The multifamily delinquency rate at the end of the quarter was 38 basis points, up 17 basis points versus 21 basis points at the end of June 2023.
Speaker Change: Moving on to multifamily the segment reported net income of $481 million down $82 million or 15% from the prior year quarter.
Speaker Change: Higher mortgage rates continue to impact both purchase and refinance activity refinance activity accounted for 13% of our total new business activity this quarter.
Speaker Change: The 30 year mortgage rate peaked at 722% during the quarter and ended the quarter at 686% up from $6, 79% at the end of <unk> 2024, and $6, 71% at the end of <unk> 2023.
Speaker Change: This decrease was primarily driven by lower noninterest income, which declined 20% or $150 million year over year, primarily driven by higher guarantee income offset by impacts from interest rate risk management activities and less favorable fair value changes from spreads.
Financial Department (possibly CFO): The weighted average original loan-to-value on new purchases was 78%, and the weighted average original credit score was 754, while the average estimated guarantee fee charged on new business was 54 basis points. Moving on to multifamily, the segment reported net income of $481 million, down $82 million, or 15% from the prior year quarter. This decrease was primarily driven by lower non-interest income, which declined 20% or $150 million year-over-year, primarily driven by higher guarantee income offset by impacts from interest rate risk management activities and less favorable fair value changes from spread.
Speaker Change: Weighted average original loan to value on new purchases was 78% and the weighted average original credit score was 754, while the average estimated guarantee fee charged on new business was 54 basis points.
Speaker Change: The decline in noninterest income was partially offset by net interest income of $293 million.
Speaker Change: Which was up 29% year over year, primarily driven by higher yields on mortgage loans as a result of higher interest rates and continued portfolio growth the multifamily.
Speaker Change: Moving on to multifamily the segment reported net income of $481 million down $82 million or 15% from the prior year quarter.
Speaker Change: Provision for credit losses was an expense of $79 million this quarter versus $101 million in the prior year quarter on.
Jim Whitlinger: This increase was primarily driven by delinquency in our floating rate loans and small balance loans portfolio. 95% of these delinquent loans had credit enhancement coverage.
Speaker Change: This decrease was primarily driven by lower noninterest income, which declined 20% or $150 million year over year, primarily driven by higher guarantee income offset by impacts from interest rate risk management activities and less favorable fair value changes from spreads.
Speaker Change: Multifamily new business activity was $11 billion for the second quarter of $2 billion from the prior quarter.
Jim Whitlinger: On the capital front, our net worth increased to $53.2 billion at the end of the quarter, representing a 27% increase year over year. In conclusion, Freddie Mac continued to fulfill its vital mission, providing liquidity, stability, and affordability, and supportive renters, home buyers, and lenders across the country. We increased our net worth, managed our risk, and delivered the kind of study financial performance that can carry our mission forward into the future.
Speaker Change: The business provided financing for 92000 multifamily rental units this quarter of which 65% were affordable to low income families.
Financial Department (possibly CFO): The decline in non-interest income was partially offset by net interest income of $293 million, which was up 29% year-over-year, primarily driven by higher yields on mortgage loans as a result of higher interest rates and continued portfolio growth. The multifamily provision for credit losses was an expense of $79 million this quarter versus $101 million in the prior year quarter. Our multifamily new business activity was $11 billion for the second quarter, up $2 billion from the prior quarter.
Speaker Change: The decline in noninterest income was partially offset by net interest income of $293 million.
Speaker Change: The multifamily mortgage portfolio increased 5% year over year to $447 billion.
Speaker Change: Which was up 29% year over year, primarily driven by higher yields on mortgage loans as a result of higher interest rates and continued portfolio growth.
Approximately 95% of the multifamily mortgage portfolio was covered by credit enhancements at the end of the quarter.
Speaker Change: The multifamily provision for credit losses was an expense of $79 million this quarter versus $101 million in the prior year quarter on.
Speaker Change: The multifamily delinquency rate at the end of the quarter was 38 basis points up 17 basis points versus 21 basis points at the end of June 2023. This increase was primarily driven by delinquency in our floating rate loans and small balance loans portfolio now.
Jim Whitlinger: Thank you for joining us today.
Speaker Change: Our multifamily new business activity was $11 billion for the second quarter up $2 billion from the prior quarter.
CEO or High-Ranking Official: The business provided financing for 92,000 multifamily rental units this quarter, of which 65% were affordable to low-income families. The multifamily mortgage portfolio increased 5% year over year to $447 billion. Approximately 95% of the multifamily mortgage portfolio was covered by credit enhancements at the end of the quarter. The multifamily delinquency rate at the end of the quarter was 38 basis points, up 17 basis points versus 21 basis points at the end of June 2023.
Speaker Change: The business provided financing for 92000 multifamily rental units this quarter of which 65% were affordable to low income families.
Speaker Change: 95% of these delinquent loans had credit enhancement coverage.
Speaker Change: On the capital front, our net worth increased to $53 2 billion at the end of the quarter, representing a 27% increase year over year.
Speaker Change: The multifamily mortgage portfolio increased 5% year over year to $447 billion.
Speaker Change: In conclusion, Freddie Mac continued to fulfill its vital mission, providing liquidity stability and affordability and supportive renters homebuyers and lenders across the country.
Speaker Change: Approximately 95% of the multifamily mortgage portfolio was covered by credit enhancements at the end of the quarter.
Speaker Change: The multifamily delinquency rate at the end of the quarter was 38 basis points up 17 basis points versus 21 basis points at the end of June 2023. This increase was primarily driven by delinquency in our floating rate loans and small balance loans portfolio now.
Speaker Change: We increased our net worth managed our risks and deliver the kind of steady financial performance that can carry our mission forward into the future.
CEO or High-Ranking Official: This increase was primarily driven by delinquency in our floating rate loans and small balance loans portfolio. Ninety-five percent of these delinquent loans had credit enhancement coverage. On the capital front, our net worth increased to $53.2 billion at the end of the quarter, representing a 27% increase year over year. In conclusion, Freddie Mac continued to fulfill its vital mission, providing liquidity, stability, and affordability in support of renters, homebuyers, and lenders across the country. We have increased our net worth, managed our risks, and delivered the kind of steady financial performance that can carry our mission forward into the future. Thank you for joining us today.
Speaker Change: You for joining us today.
Speaker Change: 95% of these delinquent loans had credit enhancement coverage.
Speaker Change: On the capital front, our net worth increased to $53 2 billion at the end of the quarter, representing a 27% increase year over year.
Speaker Change: In conclusion, Freddie Mac continued to fulfill its vital mission, providing liquidity stability and affordability and support our renters homebuyers and lenders across the country.
Speaker Change: We increased our net worth managed our risks and deliver the kind of steady financial performance that can carry our mission forward into the future.
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Inaudible: Okay.
Inaudible: Okay.
Inaudible: Okay.
Inaudible: Yes.
Inaudible: Okay.
Inaudible: Yes.
Inaudible: Yes.
Inaudible: Okay.
Inaudible: Okay.
Inaudible: Okay.
Inaudible: Okay.
Inaudible: Okay.
Inaudible: [music].
Inaudible: Yeah.
Inaudible: Yeah.
Inaudible: [music].
Inaudible: Yeah.
Inaudible: [music].
Inaudible: Okay.
Inaudible: [music].
Inaudible: Okay.
Inaudible: [music].