Thank you. I'll repeat it again as we get closer to the end.
Right now we have questions and answers, open to any of our witnesses. I'd like to remind my colleagues to please address the person you're directing the question to, as we are all present remotely here.
Also, witnesses, if you wish to get in on the conversation, feel free to put your hand close to the screen so that the person asking the question can see you, and you can do so that way.
In the meantime, we start with our six-minute round, the first round of questions.
Mr. Waugh, go ahead.