Thank you so much, Ms. Caprani, for your opening remarks.
We will now go to our rounds of questions. For the benefit of our witnesses, these rounds are very carefully timed and, in some cases, very short rounds. I use a signal to indicate when 30 seconds of questioning or speaking time remain. If we can stick to that, it will help us to navigate the rounds of questions that are ahead of us.
The first round consists of six-minute segments. Leading us off this morning will be Mr. Genuis for six minutes.
Please go ahead.