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ProAssurance Corporation (PRA) Q4 2022 Earnings Call Transcript

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ProAssurance Corporation (NYSE:PRA) Q4 2022 Results Conference Call February 28, 2023 10:00 AM ET

Company Participants

Jason Gingerich - VP of IR

Ned Rand - CEO, President & Director

Dana Hendricks - Chief Financial Officer

Mike Boguski - President of Specialty Property & Casualty Segment

Kevin Shook - President of Workers Compensation Insurance

Conference Call Participants

Mark Hughes - Truist Securities

Operator

Good morning, all. I would for illustration to invited you to ProAssurance Q4 2022 Earnings Conference Call. All lines person been placed connected shut up to forestall immoderate inheritance noise. And aft nan speakers remarks we will behaviour nan mobility and reply session. [Operator Instructions] Thank you.

I will now move nan convention complete to your host, Jason Gingerich.

Sir, please spell ahead, Jason.

Jason Gingerich

Thank you, Brica. Good morning, everyone. Welcome to ProAssurance's convention telephone to talk nan company's 4th fourth and year-end 2022 results. These results were reported successful a news merchandise issued connected February 27, 2023, and successful nan company's yearly study connected Form 10-K, which was besides revenge connected February 27, 2023. Included successful those documents were cautionary statements astir nan important risks, uncertainties and different factors that are retired of nan company's power and could impact ProAssurance's business and change expected results. Please reappraisal those statements.

Management expects to make statements connected this telephone dealing pinch projections, estimates and expectations and explicitly identifies these arsenic forward-looking statements wrong nan meaning of nan U.S. national securities laws and taxable to applicable safe harbor protections. The contented of this telephone is meticulous only connected February 28, 2023, and isolated from arsenic required by rule aliases regulation, ProAssurance will not undertake and expressly disclaims immoderate responsibility to update aliases change accusation disclosed arsenic portion of these forward-looking statements.

The guidance squad of ProAssurance besides expects to reference non-GAAP items during today's call. The company's caller news merchandise provides a reconciliation of these non-GAAP numbers to their GAAP counterparts. I would for illustration to punctual you that nan telephone is being recorded and location will beryllium a clip for questions aft nan conclusion of prepared remarks. This morning, we will talk selected aspects of our results and punctual investors that they should reappraisal our accompanying property merchandise and filing connected Form 10-K for afloat and complete information.

On our telephone today, we person Ned Rand, President and CEO; Dana Hendricks, Chief Financial Officer. Mike Boguski, President of our Specialty Property and Casualty Lines; and Kevin Shook, President of our Workers' Compensation Insurance Operations.

Ned?

Ned Rand

Thank you, Jason. Good morning, everyone. Thanks for joining america today, and invited to our 4th fourth and afloat twelvemonth convention call. I proceed to beryllium optimistic astir nan early astatine ProAssurance.

For nan afloat year, we saw betterment successful our operating ratio and our existent mishap twelvemonth nonaccomplishment ratio, reflecting nan dependable efforts of nan squad members crossed our lines of business. Loss ratios are improving arsenic we proceed to spot nan results of reunderwriting successful nan wellness attraction statement and punctual guidance to manufacture trends successful nan workers' compensation business.

Our halfway markets proceed to beryllium competitive, offering america opportunities is to differentiate ourselves from nan title by outstanding customer work successful pursuit of our ngo to protect others. The aesculapian master liability nonaccomplishment situation continues to beryllium challenged successful immoderate jurisdictions arsenic declare costs are pressured by societal ostentation and higher than anticipated severity trends. We do spot beneath humanities wave successful immoderate parts of nan state and we are cautiously monitoring nan effect that these trends person connected our existent nonaccomplishment trends and anterior twelvemonth improvement successful nan wellness attraction master liability business. Our finance squad did an admirable occupation successful navigating nan challenging markets past twelvemonth arsenic higher liking rates resulted successful declining prices for halfway fixed income holdings and recession fears created volatility successful broader markets arsenic well.

We've been adding to our rate and short-term position, which set quickly to nan higher liking rates now disposable successful fixed income markets. In addition, our floating complaint holdings besides use from nan higher rates arsenic they reset astatine higher coupon payments and summation our nett finance income. As our halfway fixed income assets mature, they excessively use from higher returns, and we expect nett finance income to beryllium meaningfully higher successful 2023 than successful caller years.

I'm now going to move things complete to Dana to supply penetration into our high-level results arsenic she shares nan consolidated metrics for nan institution for nan 4th fourth and nan afloat year.

Dana?

Dana Hendricks

Thanks, Ned, and bully morning, everyone. For nan 4th quarter, we reported operating income of $3.5 cardinal aliases $0.06 per diluted share. And for nan afloat year, we reported operating income of $24.5 cardinal aliases $0.45 per share. Consolidated gross premiums written grew $224 cardinal during nan 4th and pinch nan summation of a afloat twelvemonth of NORCAL's premiums grew to $1.1 cardinal for nan year. Our halfway operating segments contributed $14 cardinal and $55 cardinal of caller business successful nan 4th and nan year, respectively. Strong retention and renewal pricing gains successful nan Specialty P&C conception helped to support premium levels successful a competitory marketplace environment.

Excluding nan effect of acquisition accounting and transaction-related costs, our consolidated mixed ratio accrued astir 6 points successful nan 4th fourth and astir 1 constituent successful nan afloat twelvemonth compared to nan aforesaid periods successful 2021. The higher mixed ratio successful nan 4th chiefly reflected little anterior mishap twelvemonth favorable improvement and a higher disbursal ratio, which I'll touch connected shortly.

Benefiting from higher finance income, our operating ratio improved by almost 1 constituent successful nan afloat year, besides excluding nan effect of acquisition accounting and transaction-related costs. As mentioned connected erstwhile calls, our nett nonaccomplishment and disbursal ratios for 2022 arsenic compared to anterior periods are impacted by offsetting amounts owed to our alteration successful process of allocating ULAE successful our Specialty P&C segment. That alteration resulted successful a alteration successful our consolidated nett nonaccomplishment ratio of astir 3 points for nan 4th and 2.5 points for nan afloat year, pinch an adjacent and offsetting summation to our consolidated disbursal ratio.

Excluding nan alteration successful ULAE and acquisition accounting effects, our consolidated existent mishap twelvemonth nett nonaccomplishment ratio improved by almost 2 constituent successful some nan 4th and nan afloat year. This betterment was driven by a simplification to immoderate first nonaccomplishment ratios successful our modular expert business owed to favorable wave trends arsenic good arsenic favorable nonaccomplishment trends successful our workers' compensation security and segregated portfolio waste reinsurance segments.

This betterment was mostly offset by our summation to first nonaccomplishment ratios successful immoderate jurisdictions successful our HCPL book owed to higher-than-anticipated nonaccomplishment severity trends that emerged chiefly during nan existent quarter. While we recognized nett favorable anterior mishap twelvemonth reserve improvement of $5 cardinal and $37 cardinal successful nan 4th fourth and afloat year, respectively, this level of favorable improvement was little than nan respective anterior twelvemonth periods, mostly owed to our consequence to nan nonaccomplishment severity trends successful our HCPL book successful nan quarter.

Our consolidated disbursal ratio excluding nan alteration successful ULAE, acquisition accounting impacts, transaction-related costs and onetime expenses accrued astir 2 points successful nan 4th and astir 0.5 constituent successful nan afloat year. The higher disbursal ratio successful nan 4th chiefly reflected an summation successful argumentation acquisition costs and little earned premium successful our Specialty P&C segment.

Our consolidated nett finance consequence was $28 cardinal and $101 cardinal for nan 4th fourth and afloat year, respectively. We are presently reinvesting maturing bonds that output astir 225 ground points higher than nan portfolio's mean book yield, expanding finance income successful early quarters. Our reported net from investments successful LPs and LLCs declined successful some nan 4th fourth and afloat twelvemonth arsenic marketplace valuations successful 2022 person been little than successful 2021. Interest complaint movements had a important effect connected nan adjacent worth of our fixed income holdings this year. Bond prices rallied during nan 4th quarter, starring to after-tax unrealized holding gains of $26 million. Overall, we recognized $315 cardinal of after-tax unrealized holding losses connected our fixed income portfolio for nan year. These unrealized gains and losses travel done our different broad nonaccomplishment straight to equity. Along pinch dividends declared, these items relationship for substantially each of nan diminution successful book worth for nan year.

Since our finance attack holds nan immense mostly of these securities to maturity, we judge these changes successful adjacent worth to beryllium temporary. As existing holdings moved person to maturity pinch each passing quarter, nan unrealized losses are people reduced complete time. Additionally, each 4th that reinvestment rates stay astatine existent levels, provides continuing opportunity to summation nan portfolio, book output and early finance income.

With that, I will manus nan telephone backmost to Jason.

Jason Gingerich

Thank you, Dana. Next, we would for illustration to perceive from Mike Boguski, immoderate highlights of nan advancement made successful nan Specialty P&C segment. Go ahead, Mike.

Mike Boguski

Thank you, Jason. The Specialty P&C conception results for nan 4th and afloat twelvemonth are highlighted by apical statement premium growth, pricing increases and betterment successful existent mishap twelvemonth nonaccomplishment ratios arsenic good arsenic premium retention crossed nan segment. Excluding a 2.7 percent constituent unfavorable effect from onetime expenses and acquisition accounting adjustments related to nan NORCAL acquisition, nan afloat twelvemonth 2012 mixed ratio was comparatively level arsenic compared to 2021. We proceed to beryllium pleased pinch nan strategical worth that nan NORCAL acquisition has delivered to nan organization, including talent, premium growth, invested plus leverage, operating disbursal synergies and location diversification of our business.

Gross written premium accrued to $173 cardinal successful nan 4th and $807 cardinal for nan year, representing apical statement maturation of 23% successful nan year, chiefly driven by nan NORCAL acquisition. Premium retention for this conception was 85% successful nan 4th and 84% for nan year, some improvements compared to nan aforesaid play successful 2021. The consequence for nan afloat twelvemonth was driven by an 88% retention successful our modular expert business. In addition, we delivered beardown premium retention of 91% and 90% successful our mini business and aesculapian exertion units, respectively. Our specialty wellness attraction retention was 69% for nan twelvemonth arsenic we proceed to execute our disciplined underwriting strategy successful nan specialty space.

Renewal pricing increases were 7% for nan 4th and afloat year. We were pleased pinch nan value summation of 9% successful nan 4th and 10% for nan twelvemonth successful specialty wellness care. In addition, we proceed to unafraid improved terms, conditions and merchandise building successful nan specialty business. The specialty business marketplace conditions look to beryllium firming passim nan 4th fourth and nan commencement to 2023.

New business for this conception was $10 cardinal for nan 4th and $37 cardinal for nan year, a reflection of competitory marketplace conditions. The conception mishap twelvemonth nonaccomplishment ratio for nan 4th was comparatively level and nan afloat twelvemonth improved 1.4 percent points compared to 2021, exclusive of acquisition accounting and nan alteration successful ULAE. This was driven by nan nickname of little declare wave wrong our modular expert book successful definite territories and offset by higher-than-anticipated nonaccomplishment severity trends successful a mates of states.

We recognized nett favorable anterior mishap twelvemonth improvement of $3 cardinal successful nan 4th and $30 cardinal for nan twelvemonth arsenic compared to $13 cardinal and $33 cardinal successful nan comparable play successful 2021. As outlined by Ned successful his opening comments, we are presently operating successful a claims situation that is pressured by societal ostentation and severity trends. We knowledgeable higher-than-anticipated severity successful prime jurisdictions successful our modular expert business and, to a lesser extent, our specialty business, resulting successful little favorable improvement arsenic compared to Q4 of 2021.

The disbursal ratio for nan 4th was 25.6% and 25% nan year, aft excluding acquisition accounting, various onetime items and nan ULAE change, nan disbursal ratio accrued 3.4 percent points for nan quarter. The summation was chiefly driven by little earned premium successful nan 4th owed to our anterior reunderwriting efforts and a higher measurement of premiums taxable to agent commissions.

For nan year, nan disbursal ratio accrued 0.9 percent points, chiefly reflecting accrued measurement of business taxable to agent commissions arsenic noted successful nan 4th and higher costs related to exertion initiatives successful travel. In summary, nan conception delivered beardown apical statement maturation arsenic good arsenic improved premium retention and mishap twelvemonth nonaccomplishment ratios. We proceed to beryllium pleased pinch nan occurrence of nan NORCAL integration. These achievements successful 2022 position america favorably for nan twelvemonth up successful spite of ongoing economical and societal ostentation pressures and nan continued headwinds of a competitory marketplace.

With respect to my determination to discontinue this year, I want to return this opportunity to convey each my colleagues astatine ProAssurance arsenic good arsenic our agency and strategical business partners for your tremendous support complete nan past 37 years. It has been an astonishing journey, and I'm highly grateful for nan weighted relationships, experiences and each that we accomplished together. I'd for illustration to definitive my appreciation and sincere acknowledgment to Ned Rand, to ProAssurance Board of Directors and our executive activity squad for nan opportunities to lead and service nan statement complete nan past 9 years. I americium grateful for your assurance and support during my tenure.

A typical outcry retired and convey you to Kevin Shook, our Eastern Senior Executives and Team Members. For 22 years together, we had nan entrepreneurial acquisition of building a specialty workers' compensation and segregated portfolio waste business. Let's commencement complete to [indiscernible] successful 1997 and precocious celebrated its 25th anniversary. We not only build a business together, but we besides raised their families and support communities together. It was a genuinely typical travel together, and I want to convey you each from nan bottommost of my heart.

I'd for illustration to reason pinch a heartfelt convey you to Rob Francis, our Senior Executives, Especially P&C and each squad members for your difficult work, dedication and committedness to excellence complete nan past 4 years. Together, we navigated challenges, we built a beardown instauration for nan early and successfully executed connected nan largest transaction successful nan history of ProAssurance, pinch nan acquisition and integration of NORCAL.

I americium proud of each that we person accomplished together and highly grateful for your tremendous support and weighted friendships.

Jason, backmost to you.

Jason Gingerich

Thank you for nan summary. Mike. We each wish you nan very champion successful your retirement. Kevin, what cardinal points do you person to stock pinch america from nan workers' compensation security and nan segregated portfolio compartment reinsurance segments?

Kevin Shook

Thank you, Jason. The Workers' Compensation Insurance conception produced a mixed ratio of 99.9% for nan twelvemonth ended December 31, 2022, including 100.2% for nan 4th quarter. The mixed ratio was little year-over-year, reflecting an improved nonaccomplishment ratio successful 2022, partially offset by higher underwriting disbursal ratio. The 2022 afloat twelvemonth mixed ratio, excluding intangible plus amortization and nan firm guidance interest was 96.8%. Gross written premium accrued successful nan 2022 4th fourth and afloat twelvemonth by 4.5% and 2.7%, respectively. The summation successful year-over-year gross premiums written reflects higher payroll audits and related premium adjustments partially offset by nan continuation of a very competitory workers' compensation marketplace.

Audit premium accrued $14 cardinal year-over-year suggestive of nan payroll rebound aft nan lifting of pandemic restrictions successful 2021. 2022 renewal complaint decreases of 5% and little caller business and premium renewal retention of 83% reflected an improved nonaccomplishment situation and competitory pricing pressures. The alteration successful nan almanac twelvemonth nonaccomplishment ratio some for nan 4th and afloat twelvemonth reflects a little existent mishap twelvemonth nonaccomplishment ratio and higher nett favorable reserve improvement successful 2022 compared to 2021. The existent mishap twelvemonth nonaccomplishment ratio was 72% successful 2022 compared to 74% successful 2021. The higher 2021 mishap twelvemonth nonaccomplishment ratio reflected elevated declare activity arsenic workers return to employment pinch nan easing of pandemic restrictions and nan labour shortage, resulting successful a simplification successful skilled occupation training, replacement activity statement risks and worker fatigue.

Net favorable improvement was $8 cardinal for each of 2022 compared to $7 cardinal successful 2021. During 2022, nan claims cognition closed 62% of each 2021 and anterior claims, representing 1 of nan champion declare closing percentages successful nan past 10 years. Our disbursal ratio accrued successful 2022, mostly owed to higher wide expenses from squad personnel compensation and an summation successful business-related recreation pinch nan afloat return to normal business activities and events this year.

Moving concisely to segregated portfolio compartment reinsurance. This conception reported a nonaccomplishment of $284,000 for nan twelvemonth ended 2022, which included underwriting income of $2.4 cardinal that was much than offset by unrealized finance losses. I'll wrap up by thanking our workers' compensation squad members, business and agency partners for everything we accomplished together successful 2022. Our squad members proceed to show an unbending committedness to our halfway values and enthusiastically execute our work model. We are disconnected to a coagulated commencement successful 2023, focusing our strategies connected profitable maturation opportunities arsenic good arsenic marketplace challenges, including nan continuation of value decreases, qualified labour shortage and economical and aesculapian inflation.

With that, I'll move it backmost to you, Jason.

Jason Gingerich

Thank you, Kevin. Ned, would you please adjacent retired nan remarks pinch a chat of nan Lloyd's segment?

Ned Rand

Thanks, Jason. The Lloyd's conception for nan afloat twelvemonth produced a mini underwriting profit pinch a mixed ratio of 99.7%. In total, nan conception produced a mini nonaccomplishment for nan year. You will apt callback that we discussed nan effect of Hurricane successful past quarter, and nan losses produced by that large wind are included successful nan afloat twelvemonth results for 2022. Our estimated stock of nan losses produced by nan hurricane was conscionable nether $2 million. 2023 gives america reasons to beryllium optimistic astir nan prospects for our organization. We look guardant to seeing nan results of nan continued difficult activity to create standard and efficiencies crossed nan company. The betterment successful nett finance income that we tin execute will beryllium a cardinal driver of results going forward.

I want to return a infinitesimal and convey everyone astatine ProAssurance for what you do each time to support our customers and really each of you has responded to nan challenges presented by nan marketplace. I americium grateful. I besides want to convey Mike for each that he has done for ProAssurance complete nan past 9 years. Mike's activity and passion will surely beryllium missed by each of us. And while I'm definite that we will enactment successful touch, I will miss his friendship, we wish him good successful his retirement.

Thank you for your information successful today's call. And now nan squad and I will beryllium happy to reply your questions.

Question-and-Answer Session

Operator

[Operator Instructions] We person nan first mobility from Greg Peters from Raymond James. Your statement is now open.

Unidentified Analyst

This is Sid connected for Greg. Just funny if you could talk to your attack to lawsuit reserves and really aliases erstwhile you spell astir recognizing bully aliases bad news successful your reserves?

Ned Rand

Yes, happy to talk connected that. It's much connected science. And our claims professionals will show and negociate nan claims that are successful each of their portfolios and to make adjustments up aliases down arsenic they find nan facts that travel in, what they support. And nan find connected a aesculapian master liability claim, successful particular, tin beryllium rather lengthy. So we will found an first reserve pinch nan constricted accusation that we person and past set that arsenic nan facts travel in. I deliberation what's really important successful that process is that we're accordant successful what we do and accordant complete time. And that allows our actuaries to usage nan information and that accordant information that make projections into nan future. What we saw successful nan 4th fourth was our claims professionals reacting successful a mates of jurisdictions to what we spot arsenic a heightened declare environment. And that's an mean people of business for us.

Unidentified Analyst

And past possibly if you could springiness america immoderate much position connected nan alteration successful unfastened claims and really that's migrated complete nan past respective years?

Ned Rand

As acold arsenic nan number of unfastened claims, Sid?

Unidentified Analyst

Yes. Yes, correct.

Ned Rand

Yes. I don't cognize that we person that accusation successful beforehand of america today. I don't deliberation nan quantum of unfastened claims has changed dramatically arsenic we've stated. We person seen crossed a number of jurisdictions, a continued diminution successful declare wave and arsenic compared to 5 years ago, that intends nan inventory is down, but I don't person nan circumstantial specifications successful beforehand of me, I'm sorry.

Operator

[Operator Instructions] We now person nan adjacent mobility from Mark Hughes of Truist Securities. Your statement is open.

Mark Hughes

And I missed immoderate of your comments from earlier, but I'm conscionable benignant of funny erstwhile you deliberation astir nan heightened claims environment. How does this comparison to 2016, 2017, wherever you saw benignant of immoderate signs that sewage you concerned? I deliberation you were early successful identifying nan societal ostentation that emerged much broadly but a batch of clip has passed betwixt past and now and a batch of COVID, et cetera. I wonderment if you could conscionable benignant of comparison and opposition what it is now versus then? And if you tin possibly laic your digit connected areas, lines of business commonalities and what's happening this clip around?

Ned Rand

Yes. I deliberation what we saw, Mark is possibly it's not astatine this clip astir is that we saw region done COVID successful immoderate of those trends that we were talking astir backmost successful '16, '17 and '18. COVID hit, nan tribunal strategy shutdown and location was benignant of a pause. And arsenic nan tribunal systems person reopened arsenic nan backlog of cases activity their measurement done nan ineligible system. I'd opportunity we're seeing a continuation of those trends that we identified earlier that clip and benignant of that inclination continuing, which is much than nan anterior twelvemonth and nan number of very ample verdicts. And that -- we saw that measurement up successful '15 to '16, '16 to '17, '17 to '18, and what happened successful '22, I don't person nan nonstop numbers, but I'm assured topped what happened successful '18 and '19 arsenic acold arsenic nan quantum of those cases. What we are seeing, I think, is -- I'm sorry, Mark, spell ahead.

Mark Hughes

Well, I'll inquire this question, but I would emotion to perceive you widen your comments connected that. But I was going to inquire our competitors recognizing this, and therefore, it whitethorn beryllium is being translated into an improved competitory move aliases astatine slightest pricing that whitethorn springiness you immoderate expertise to support up pinch nonaccomplishment costs trends?

Ned Rand

Yes. All right. Let maine benignant of proceed my reply and I'll travel correct backmost to that. What's driving immoderate of this? It's ever difficult to tell. But I deliberation conscionable immoderate of nan tensions and hostilities that [indiscernible] successful our underlying communities adhd to nan measurement juries are reacting and responding. And I deliberation that's a large contributor to it. We -- going into COVID, we had this thought that wellness attraction workers arsenic heroes, which became a very communal theme, would push backmost against that and possibly for a very short play of clip it did, but we surely we don't spot that playing retired correct now. There's conscionable much anger and vexation retired location than anything.

As for competitors, absolutely, you're seeing it because I would show you that if you look astatine those very ample verdicts that occurred successful 2022, they weren't ours. And truthful they are perfectly being seen by nan marketplace. They're being felt by nan reinsurers arsenic well, and that will play retired successful pricing arsenic well. We're successful this absorbing move wherever a batch of nan companies that we compete against are highly good capitalized. And immoderate of them are consenting to propulsion that superior backmost astatine underpricing business that will drawback up pinch them, I believe, eventually. But location are surely each nan factors successful nan marketplace that should push pricing higher and we can't power really they respond. We tin power really we respond, which will beryllium to proceed to thrust complaint guardant successful this environment.

Mark Hughes

Yes. And past what was your constituent is that transferred complete into workers' comp? Or is that a abstracted dynamic? Any inflationary unit there?

Ned Rand

I'll fto Kevin reply that. But certainly, we benignant of get nan -- we get a tailwind from ostentation successful wages that will construe to accrued premium and past yet that will activity its measurement into nan claims costs arsenic well. I don't cognize if there's thing you'd adhd to that, Kevin.

Kevin Shook

No, that's precisely right. So we're seeing successful '22, obviously, nan summation successful audit premium endorsements. And past we are expecting a commensurate summation successful nan indemnity information of nan declare and ultimately, nan aesculapian portion, which we've put into our guidelines lawsuit reserves.

Mark Hughes

Yes. And what's your benignant of position connected growth? I deliberation you still had immoderate apical statement description . Is this an situation wherever you conscionable admit you want to clasp stock and costs whitethorn beryllium up a bit, but you don't want to spot erosion successful nan book? Or really do you position nan your apical statement posture nether nan circumstances successful a very move environment?

Ned Rand

Yes, I'm going to fto Mike return that one.

Mike Boguski

Mark, connected nan specialty P&C side, first of all, nan maturation was evidently via acquisition this year. And NORCAL contributed 23% maturation to nan organization. high-quality book of business that's been re-underwritten and I deliberation positions america good for nan future. What we're seeing successful wide is wellness attraction maturation successful nan wellness attraction master liability marketplace of 2% to 3%. And we'll attack it pinch a disciplined underwriting successful each of our businesses, whether it's our Life Science businesses, our mini business and our wellness attraction master liability is really focused connected nan bottommost statement versus apical statement description . Now if nan marketplace changes and we did spot immoderate firming successful our specialty areas successful nan 4th fourth and commencement to '23, we'll return advantage of those pricing opportunities.

Mark Hughes

And congratulations, Mike. We'll miss you connected nan call. Best of luck.

Mike Boguski

Thank you, Mark. I admit that.

Operator

[Operator Instructions] We person nary further questions successful nan queue. So I'd for illustration to manus it backmost to Jason.

Jason Gingerich

Thank you, Brica, and convey you to everyone that joined america today. We look guardant to speaking pinch you again.

Operator

Thanks for joining. That does reason today's call. You whitethorn now disconnect your lines, and person a beautiful day.

Editor: Naga



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