[ { "i": 0, "speaker": "Jim Maloney", "text": "This is a time where I think the rules are going to be updated, they're going to be changed, and the world is going to change as a result. We have something like 22 plus on our reg flex agenda. We simply can't sit still and assume that what was developed 50 years ago, 80 years ago, still holds true today." }, { "i": 1, "speaker": "Jim Maloney", "text": "The laws, the rules need to be updated and address the new technology. We want to facilitate entrepreneurs in coming forth with their ideas to build these business models." }, { "i": 2, "speaker": "Paul Atkins", "text": "Let the free markets be free. Hello, I'm Paul Atkins, chairman of the Securities and Exchange Commission, speaking to you from our headquarters here in Washington, D.C." }, { "i": 3, "speaker": "Paul Atkins", "text": "In today's episode, I'm pleased to share a thoughtful discussion with SEC's director of our Division of Corporation Finance, Jim Maloney." }, { "i": 4, "speaker": "Paul Atkins", "text": "Jim is a well-respected leader at the agency whose wealth of knowledge and depth of experience will make this conversation especially insightful. So, let's get started. Jim, welcome to our session here. I look forward to chatting with you for a few minutes." }, { "i": 5, "speaker": "Paul Atkins", "text": "Thank you, chairman. Uh may I call you Paul? Of course. >> All right, thank you." }, { "i": 6, "speaker": "Jim Maloney", "text": "Well, first I just want to say what a pleasure it is to be here. Not just here today talking to you, but in the division, in the SEC, in Washington at such a time." }, { "i": 7, "speaker": "Jim Maloney", "text": "This is this is a a time where I think uh the rules are going to be updated, they're going to be changed, and the world is going to change as a result. So, I really appreciate you uh having the confidence in bringing me back after uh you know, my years here back in the '90s." }, { "i": 8, "speaker": "Jim Maloney", "text": "I know you were here as well, and uh bringing someone back uh like myself has just been such a treat. I've been here 6 months now, and it's just been wonderful. Good. So, uh what exactly brought you back here? Cuz obviously, you just said this is not your first rodeo here at the SEC." }, { "i": 9, "speaker": "Jim Maloney", "text": "Well, you know, I did 6 years in Corp Fin." }, { "i": 10, "speaker": "Paul Atkins", "text": "Uh, one of my claims to fame at the time was, you know, Regulation MA, which at the time was deregulatory." }, { "i": 11, "speaker": "Jim Maloney", "text": ">> MA for Mergers and Acquisitions. Yes. And uh, at the time I was a young pup and I was the rule maker, the sort of scribe writing the rules, uh, updating them." }, { "i": 12, "speaker": "Jim Maloney", "text": "This was the Williams Act and it was what governs business combinations, mergers, tender offers, and proxy solicitations. And at the time it was a great opportunity and that is what launched my career." }, { "i": 13, "speaker": "Jim Maloney", "text": "And then I went out to the West Coast. I worked in private practice, big law for 26 years." }, { "i": 14, "speaker": "Jim Maloney", "text": "And I did that mostly to see what's really happening in the outside world because anybody can write rules, but unless you've been on the outside and seen how they are used, applied, uh, in practice, you don't really have that full perspective." }, { "i": 15, "speaker": "Jim Maloney", "text": "So, over the last 26 years, uh, at a law firm on the West Coast, I got to see that. And then, um, lo and behold, I think it was sometime middle of last year I got the phone call which said, \"Would you like to\" throw your name in the hat?" }, { "i": 16, "speaker": "Jim Maloney", "text": "And had to have some long conversations with the spouse, my wife, Erin, and uh, the opportunity was one I just couldn't pass up. And so, couple of interviews later, I came in, on-boarded late last year. It seemed like right at the beginning of the shutdown." }, { "i": 17, "speaker": "Jim Maloney", "text": "And that was some difficult times, as you know, because we were here, but we really couldn't do later, I came in, on-boarded late last year. It seemed like right at the beginning of the shutdown." }, { "i": 18, "speaker": "Jim Maloney", "text": "And that was some difficult times, as you know, because we were here, but we really couldn't do very much without the full team. And here we are, uh, you know, now with the full team back, fully engaged, and we are operating on all cylinders." }, { "i": 19, "speaker": "Jim Maloney", "text": "So, what brought me back? I think it was the opportunity to be here, to work with you and the other bright, intelligent staff and commissioners. It's just such a wonderful time." }, { "i": 20, "speaker": "Paul Atkins", "text": "Yeah, well, I I really appreciate your coming out and moving across the continent uh, to do so and so you're doing a great job so really counting on you. So let's talk a little bit about your work and cuz we have our work cut out for us this year." }, { "i": 21, "speaker": "Paul Atkins", "text": "We have a lot of things to do on our agenda. So why don't we talk a little bit about the role of the division of corporation finance, you know, what does it do here in the SEC? How big is it and you know, what are your real tasks?" }, { "i": 22, "speaker": "Jim Maloney", "text": "Yeah, for those who may not be familiar. I I think most lawyers who practice before the SEC know, but for those who don't the division of corporation finance is one of five or six divisions and we basically regulate." }, { "i": 23, "speaker": "Jim Maloney", "text": "We are I'd like to think of it as compliance. There's a lot of rules on the books." }, { "i": 24, "speaker": "Jim Maloney", "text": "Public companies file their 10-Ks, their 10-Q quarterly reports, their proxy statements, their registration statements when they want to go public, when they're doing a merger and we review Corp Fin, the division of corporation finance staff review those filings." }, { "i": 25, "speaker": "Jim Maloney", "text": "And then we give comments and then the folks on the outside will amend and and refine their disclosures to a point where we either declare the registration statement effective or we clear the proxy statement and then the world goes on and the transactions are presented to shareholders." }, { "i": 26, "speaker": "Jim Maloney", "text": "That's just part of what we do. We also grant relief from rules we in the form of no action letters, exemptive orders. We also do rule making." }, { "i": 27, "speaker": "Jim Maloney", "text": "As I mentioned earlier Reg MA was one of the ones I worked on back in the day and now we have something like 22 plus on our Reg Flex agenda. That's a very large agenda and I'm very excited and we're tackling it." }, { "i": 28, "speaker": "Jim Maloney", "text": "The team that we have working on it is amazing. We have them lined up pretty much ready to go. Obviously we are these most of these will be proposing releases so that the public has an opportunity to read them, review them, think about them and come back with comment before we move on to potentially an adoption stage." }, { "i": 29, "speaker": "Paul Atkins", "text": "So really the division of corporation finance is doing quite a bit." }, { "i": 30, "speaker": "Jim Maloney", "text": "So, just to unpack some of that, what's RegFlex agenda you referred to is >> It's a great great question. So, for those outside not in the know, the commission periodically posts publishes a list of things that is on the commission's agenda." }, { "i": 31, "speaker": "Jim Maloney", "text": "So, they're initiatives. They may be things like simplify disclosure. It may be to address crypto assets. It may be to deal with the proxy solicitors and and shareholder proposals." }, { "i": 32, "speaker": "Jim Maloney", "text": "There's some are familiar with the rules that we administer and that have been challenged in court, climate rules. So, there's all sorts of rules that either need to be refined, updated, amended, or in some cases cut back simply because they're not working." }, { "i": 33, "speaker": "Paul Atkins", "text": "So, this whole agenda is kept by the office of management and budget. Yes. Office of the Yes." }, { "i": 34, "speaker": "Jim Maloney", "text": "And that just foreshadows what's to come. It doesn't get into very much detail and it's really when the curtain will lift when the proposing releases come out." }, { "i": 35, "speaker": "Paul Atkins", "text": ">> Right. So, President Trump created some news not too long ago when he sent a message out and basically was asking about semi-annual reporting versus quarterly reporting, which is the rule today for public companies to release their financial milestones and and their financial performance." }, { "i": 36, "speaker": "Paul Atkins", "text": "So, what's what is where does that stand and what are your plans for the division on that?" }, { "i": 37, "speaker": "Jim Maloney", "text": "Well, first I think it's good to start with, okay, what is semi-annual reporting? Today, companies, most public companies domestic, will file three Qs and a K. And for those saying, what's a" }, { "i": 38, "speaker": "Jim Maloney", "text": "Q? A 10-Q, that's a quarterly report. So, you have a quarter that ends on March 31, June 30th, September 30th, December 31." }, { "i": 39, "speaker": "Jim Maloney", "text": "So, you get financial information, MD&A, and other disclosures on a quarterly basis. >> is Management's discussion and analysis. >> Thank you." }, { "i": 40, "speaker": "Jim Maloney", "text": "Along with the audited financial statements and the notes to the financial statements and and and any updates on risk factors. That's the cadence that we have today." }, { "i": 41, "speaker": "Jim Maloney", "text": "And if you talk to most public companies today, by the time they're done with their first 10-Q, they take a week off and then they jump into preparing for the next 10-Q. And then when they get to the third Q, then" }, { "i": 42, "speaker": "Jim Maloney", "text": "they're preparing for the 10-K. So, most public companies, domestic, are in this cadence where they're constantly in a state of gathering information and preparing for the next report. This could be very time-consuming." }, { "i": 43, "speaker": "Jim Maloney", "text": "It can be very distracting to management. There are a lot of companies that are perfectly fine with this. They may be multi-billion dollar market cap companies. Unicorns are dime a dozen these days. They can afford it." }, { "i": 44, "speaker": "Jim Maloney", "text": "But, as you have said, we want to make IPOs great again. And what that means is we want more diversity in the size, shape of the companies that we have for our investors." }, { "i": 45, "speaker": "Jim Maloney", "text": "So, I think the semi-annual reporting, which would shift it to one Q and a K, so basically a 10-Q for the first two quarters and then the 10-K, would alter the cadence. So, what does" }, { "i": 46, "speaker": "Jim Maloney", "text": "that mean? That would give the registrant, the company, more time to focus on the business and provide some uh breathing room in between the reporting schedule. I think I'd say it's safe to say when it comes out, it will be voluntary. This is not something that is going to be forced down public companies' throats." }, { "i": 47, "speaker": "Jim Maloney", "text": "If you like the current cadence, three Qs and a K, it's perfectly fine. Large companies will probably stay that way." }, { "i": 48, "speaker": "Jim Maloney", "text": "Newer companies, companies coming to the market to do their IPO, they might like and prefer and their investors may prefer that management and the board spend its time building the business, getting the company off the ground." }, { "i": 49, "speaker": "Jim Maloney", "text": "This is true, I think, in the life sciences space with companies that are coming forth with ideas on drugs or therapies that could help cure people of something." }, { "i": 50, "speaker": "Jim Maloney", "text": "When they first go public, do you want those engineers spending all their time reporting on it, you know, financial statements and MD&A, or do you want them trying to get to the FDA drug trial number one, two, or three for some milestone of success?" }, { "i": 51, "speaker": "Jim Maloney", "text": "Other industries that might benefit from it, uh companies that are very, I would call them staid in that their financials are very static. Um banks, smaller regional banks, very staid. Companies that have a royalty stream where they license things out." }, { "i": 52, "speaker": "Jim Maloney", "text": "It's very, very predictable. Is there anything exciting happening, you know, that they need to do Qs every quarter? So, three Qs and a K?" }, { "i": 53, "speaker": "Jim Maloney", "text": "Probably not. Uh now, some may say, \"Well, we like the disclosure. We like getting three Qs and a K.\" That's okay. Investors can choose to invest in a company that is following the traditional route." }, { "i": 54, "speaker": "Jim Maloney", "text": "Or if it's an industry and a company that you think needs the flexibility and the breathing room to focus on the business, and that's fine. Invest in a company that's doing semi-annual reporting. I think let the free markets be free." }, { "i": 55, "speaker": "Jim Maloney", "text": "Let investors choose. It's not just the retail. It's the institutional investors. Uh there will be analysts that will still follow these companies." }, { "i": 56, "speaker": "Jim Maloney", "text": "And I would point out, just from my experience, companies like to give stock options and restricted stock awards, insiders, officers, and directors like to trade securities. Companies periodically like to buy back stock or sell stock. All of those activities require there be some information in the marketplace." }, { "i": 57, "speaker": "Jim Maloney", "text": "So, those companies will likely, even if they opt into the semi-annual reporting scheme, will likely then put out periodic I call them flash numbers or financial updates in an 8-K. They will likely continue to do earnings calls and investor calls." }, { "i": 58, "speaker": "Jim Maloney", "text": "So, there won't be a dearth of information. It will just be a curtailing of some of the information that investors don't really need and where the companies' management and boards would prefer to be working on the business as opposed to continually reporting on a long litany of prescribed disclosures in our rules." }, { "i": 59, "speaker": "Paul Atkins", "text": "Right. And the 8-K that you referred to is a periodic report that is a special report." }, { "i": 60, "speaker": "Jim Maloney", "text": "It's called a current report and it can come out when there's something important like an earnings call or an earnings release or for example there's been a material contract signed." }, { "i": 61, "speaker": "Paul Atkins", "text": "So, these 8-Ks they fill in the gaps between the 10-Qs and the 10-K. Right. So, is this whole uh talk about" }, { "i": 62, "speaker": "Jim Maloney", "text": "semi-annual reporting is that a revolutionary concept or is that uh No, this has been done in Europe. It's been proposed here over 10 to 20 years. So, it's not a new concept." }, { "i": 63, "speaker": "Jim Maloney", "text": "And we used to have it in the very beginning. I think what's happened is is over the years over the decades it's become a constant demand for more information more information more information." }, { "i": 64, "speaker": "Jim Maloney", "text": "And having worked in the private sector for 26 years I have found personally and working with companies and clients that you know, not everything is material. And there are things that are not absolutely necessary every second of the day. We get up every day." }, { "i": 65, "speaker": "Jim Maloney", "text": "We get in a car. We live our lives. I think most investors they're not constantly watching and reading every Q every K. So, there will be financial analysts. There will be flash reports." }, { "i": 66, "speaker": "Jim Maloney", "text": "There will be these 8-K current reports. Information will be out there. It will be digested by the market and if frankly it doesn't work, if a company decides they didn't like it, there will be the opportunity to change back to. So, it's not a permanent election." }, { "i": 67, "speaker": "Jim Maloney", "text": "It's something that you would check the box on the cover of your report indicating that you're switching over and after doing it for a full year, you could switch back." }, { "i": 68, "speaker": "Paul Atkins", "text": "And I imagine that we'll hear comments as we go out with this proposal." }, { "i": 69, "speaker": "Jim Maloney", "text": "You know, I've been meeting and you have been meeting, a lot of us have been meeting with folks from all from all stakeholders. And there's a lot of different views on this." }, { "i": 70, "speaker": "Jim Maloney", "text": "I don't purport to say anything is unanimous, but when I do see some new ideas, new approaches, I think they're worthy of consideration. We simply can't sit still and assume that what was developed 50 years ago, 80 years ago, still holds true today." }, { "i": 71, "speaker": "Jim Maloney", "text": "I think there are other methods and approaches to disclosure that can benefit the markets and benefit registrants and actually add value, you know, improve stockholder value for certain companies." }, { "i": 72, "speaker": "Paul Atkins", "text": "It's not a one-size-fits-all. Right. So, so let's maybe move to the the overall status of disclosure for public companies. Um So, we've been talking about now, both of us, about doing a spring cleaning of our rule book." }, { "i": 73, "speaker": "Paul Atkins", "text": "So, there's there's a regulation S-K that basically is the backbone for corporate disclosure. Maybe you want to talk a little bit about that and what might be some of the high points there that we're looking at and and you know, how what how what our process will be." }, { "i": 74, "speaker": "Jim Maloney", "text": "Sure." }, { "i": 75, "speaker": "Jim Maloney", "text": "Well, regulation S-K is just a body of rules which have line item requirements that apply to your registration statements, your proxy statements, your quarterly reports, your current reports, and it's almost like a list of ingredients that you would put they're mandatory to address in a filing." }, { "i": 76, "speaker": "Jim Maloney", "text": "And those when I started 30, 40 years ago, they were pretty thin. You know, by thin I mean you could fit them in one book. Now today they fit in five books. These are like volumes." }, { "i": 77, "speaker": "Jim Maloney", "text": "It's a five-volume set. And everything that we had before has grown. And if I'm sure if we were to go back before I got in the game, maybe 75, 80 years ago, it would fit in, you know, 30 pages." }, { "i": 78, "speaker": "Jim Maloney", "text": "So, what has happened is every time there's a crisis or or a concern about something, there's rule making. And it sometimes come from the legislature, sometimes it comes from the SEC, or a little both. And we've constantly added and added and added." }, { "i": 79, "speaker": "Jim Maloney", "text": "And it's like 30 coats of paint on a banister. And I think what we're looking at now at doing is putting everything on the table and saying, \"Okay, this is interesting. We have a lot of line item requirements that many people have grown accustomed to." }, { "i": 80, "speaker": "Jim Maloney", "text": "But do we need them? You yourself have said there's stuff in the attic, stuff in the basement, stuff in the garage that we all keep, we all retain because we think we need. But then we never go in the garage, we never look at it, we never read it." }, { "i": 81, "speaker": "Jim Maloney", "text": "There's disclosures that no one is paying attention to. But yet companies across the board are faced with the arduous task of having to disclose the same things over and over and over again." }, { "i": 82, "speaker": "Jim Maloney", "text": "I think executive compensation is a great example where when I started 30, 40 years ago, in a proxy statement, might have been five pages. There was one or two tables, summary compensation table, two or three, four top named" }, { "i": 83, "speaker": "Jim Maloney", "text": "executive officers, the most highly paid executives, and you had some disclosure. And then there was a paragraph about the directors fees. It might surprise some today that this has grown to 15, 20, 30 pages with 20, 30 tables." }, { "i": 84, "speaker": "Jim Maloney", "text": "And I think probably while well-intentioned at the time, has grown to the point where there's so much information, nobody's looking at it. And you're actually confused about how much the top insiders are getting paid." }, { "i": 85, "speaker": "Jim Maloney", "text": "So, if we could just get back to root it in materiality, to root it in what I think um a reasonable investor would want to see." }, { "i": 86, "speaker": "Paul Atkins", "text": "Because otherwise, if everything is material, nothing's material. Well, so um so then as far as uh companies trying to uh deal with all all of these requirements and you know that uh five-volume set uh of uh disclosure requirements. Um so, what uh I'm sure that companies have lots of questions uh that they want to pose." }, { "i": 87, "speaker": "Paul Atkins", "text": "Um so, how does the division uh deal with that?" }, { "i": 88, "speaker": "Jim Maloney", "text": "Sure. So, uh we mentioned the portal that you you did a public statement on. Uh and we are getting now lots of input." }, { "i": 89, "speaker": "Jim Maloney", "text": "And what I've been suggesting in my meetings and what we've said at conferences is, you know, don't send us very long-winded, lawyer-drafted letters about, you know, what 99% of the world agrees upon because 99% of the world agrees on 1%." }, { "i": 90, "speaker": "Jim Maloney", "text": "What we'd like to get is what do companies think is most important, what do investors think is most important, and what do other stakeholders think is most important. And then we're going to lay this all down on a table." }, { "i": 91, "speaker": "Jim Maloney", "text": "We have a nice group of folks that are very energetic, probably half our age, who are familiar with these rules, and we are going to systematically go through them and with the comments that we've received to date, go through and propose what could be cut back, what could be curtailed." }, { "i": 92, "speaker": "Jim Maloney", "text": "And we're going to do it in a sensible way, in a reasoned way. This is not throw the baby out with the bathwater. This is basically getting back to basics because if you think about it, 50 years ago, 80 years ago, people were making investment decisions on probably" }, { "i": 93, "speaker": "Jim Maloney", "text": "1/100 of the information. And back then it was very, very, very material information that came out. And now there's just a lot of white noise. And I have heard and I think you've heard some folks say, \"Well, AI will take care of all this." }, { "i": 94, "speaker": "Jim Maloney", "text": "You just keep giving information and AI will simplify it for us.\" And if it's hallucinating. >> If it's hallucinating." }, { "i": 95, "speaker": "Jim Maloney", "text": "Or I think the story that we heard today was, you know, somebody could come up with three bullet points, run it through AI to get a 20-page memo, and then take AI to bring it back to three bullet points. And I thought that was very apropos because AI may be an interesting technology that is evolving." }, { "i": 96, "speaker": "Jim Maloney", "text": "Simply giving more data, simply getting data for the sake of collecting data and information doesn't necessarily help the investor. If you force the marketplace to focus on what's material, investors in the markets will be able to focus on what's material." }, { "i": 97, "speaker": "Jim Maloney", "text": "Too much time is being spent on deciphering the wheat from the chaff, as you've said before. And sometimes that's where the hallucinations and the mistakes come in. You get garbage in, garbage out." }, { "i": 98, "speaker": "Jim Maloney", "text": "And I think where we are today is forcing companies into disclosing everything out of fear that they will get sued because they didn't disclose something. So now you have companies disclosing everything just because." }, { "i": 99, "speaker": "Jim Maloney", "text": "And then we hope that that covered the waterfront and investors are left on their own to figure out what is really material." }, { "i": 100, "speaker": "Paul Atkins", "text": "Right, even things in multiple places in their documents uh very repetitively." }, { "i": 101, "speaker": "Jim Maloney", "text": "One of the first things I did when I came on uh and we were digging out of the shutdown and the backlog, I think the prior uh my predecessor uh had instituted a rule that whatever the important thing was, it had to be said three times. Once in the beginning, once in the middle, and once at the end." }, { "i": 102, "speaker": "Jim Maloney", "text": "And we had staff here reviewing filings to make sure that they said the same thing three times. And my staff came to me and said, \"Jim, could we stop doing that?\" And I said, \"Yes, you could stop doing that." }, { "i": 103, "speaker": "Jim Maloney", "text": "We don't need to keep beating people over the head\" with saying it three times. Right. Distill it down to the most important risk factors, for example. I know that's a topic near and dear to your heart. They started when I started, there was not a line item for risk factors." }, { "i": 104, "speaker": "Jim Maloney", "text": "It was not in SK. But companies did it, the bespeaks caution doctrine, to protect themselves. Then at some point we adopted a line item to say disclose your risk factors." }, { "i": 105, "speaker": "Jim Maloney", "text": "And then the litigators got involved, the plaintiffs and the defendants, and it evolved to the point where there were 20, 30, 40 pages of risk factors." }, { "i": 106, "speaker": "Paul Atkins", "text": "Or more." }, { "i": 107, "speaker": "Jim Maloney", "text": "And then someone probably well-intentioned said, \"That's too long.\" We should have it shorter. So if you go beyond 15 pages, then there should be an executive summary.\"" }, { "i": 108, "speaker": "Jim Maloney", "text": "So now we have an executive summary and we have a 30- or 40-page set of risk factors, and then they are filtered throughout MD&A, management's discussion and analysis, and then they show up all over the document." }, { "i": 109, "speaker": "Jim Maloney", "text": "And there's so much disclosure of risks that as I think you've said, if interest rates go down, dividends may be curtailed. Or if taxes go up, dividends may be curtailed. There are some risks that are inherent in anything in life." }, { "i": 110, "speaker": "Jim Maloney", "text": "Do we need an encyclopedia describing all these risks when they're self-evident?" }, { "i": 111, "speaker": "Paul Atkins", "text": "Right. So one of the things that we've talked about uh with respect to your division is um being more receptive to questions from issuers and other people. So, how are you pushing that forward?" }, { "i": 112, "speaker": "Jim Maloney", "text": "Yeah, that's a great question. Again, when I got in late last fall uh folks outside in the bar and the market participants said, you know, the, there haven't been any no action letters, there hasn't been any guidance, you know, what's what's going on?" }, { "i": 113, "speaker": "Jim Maloney", "text": "And they were honest and they said, well, we were told not to do that. And I said, well, that's crazy. I mean, our job here is to help the markets understand what the rules are and how to comply with them." }, { "i": 114, "speaker": "Jim Maloney", "text": "So, some of the things we we we kind of struck up the jukebox, we started putting records on, and we now have exemptive orders, no action letters, something called C&DIs, compliance and disclosure interpretations, which is a mouth mouthful." }, { "i": 115, "speaker": "Jim Maloney", "text": "We have revised that to be CFIs, corporation finance interpretations, or we just call them interps. Which What is an interp? In the Division of Corporation Finance, people call, people email, they have questions." }, { "i": 116, "speaker": "Jim Maloney", "text": "By the time we get the same question 10 times, we publish the answer to that question. It's obviously pressing on many folks' minds. So, we're back in business, we're putting out guidance, we're in the game of transparency, we're telling folks what we are doing." }, { "i": 117, "speaker": "Jim Maloney", "text": "We are taking meetings. I mean, I'll be honest, I take meetings with you and others here all day long, and when I get back to my desk at 6:00 or 7:00, that's when I start going through my emails." }, { "i": 118, "speaker": "Paul Atkins", "text": "There you go. That's when the [snorts] day begins. That's the name of the game around here. So, anyway, so we're I think we're at time. So, thank you very much for sharing your thoughts here today. And so, look forward to seeing what comes out from your division here in the coming months." }, { "i": 119, "speaker": "Jim Maloney", "text": ">> I'm very excited and thank you for having me back." } ]