Question-and-Answer Session
Operator
(Operator Instructions)
Helyn Corcos
While Tom is polling for questions, I'd like to announce that Symantec plans to attend the Citigroup conference on September 6. We will be reporting our fiscal second quarter results on October 24. This information will also be posted on our events calendar on the website.
For a complete list of these events, please feel free to visit the investor relations website. Tom, we're ready for our first question.
Operator
We'll take our first question from Todd Raker with Deutsche Bank.
Todd Raker - Deutsche Bank
Hi guys, nice quarter.
John Thompson
Thanks, Todd.
Todd Raker - Deutsche Bank
So John, I just want to focus on the new desktop client you guys are about to ship, some of your competitors have been describing it as a forklift upgrade and in positioning it as a potential opportunity to take some shares from you guys, and I have two questions.
One, how do you see the profit in terms of upgrading the client, how challenging will it be for a customer to roll this out? And then two, what do you think it potentially does to your growth profile of your Security and Data Management business? Should we see an acceleration as this product comes into the market?
John Thompson
First off, you should not believe what competitors say about our technology. They have agenda of their own, which may not necessarily be consistent with what we intend to deliver. That said, we don't expect the new endpoint protection solution to be any more difficult to go from, let's say, version 9 to version 10, and in this case version 10 to version 11.
Clearly if you have a very large tens of thousand client network there is a significant amount of planning that goes on in that process. And we have a series of pools that we will deliver with both the endpoint product itself, and through our Altiris business unit that will help our customers through the migration process. So I think Dave and his team need to go find someplace else to play.
Todd Raker - Deutsche Bank
Okay. And then the second part of my question in terms of should we see an acceleration as the product starts to hit the market?
John Thompson
Well, I don't think there's an acceleration that should be expected out of the chute. As you may recall, Todd, our customers take advantage of what we call upgrade insurance. And so as the product is made available, they are entitled to the base product. Where the opportunity lies for us is in two places.
First, in the network admission control component, which is a new module that represents a net upsell opportunity. And quite frankly for competitive take-outs, where we think the combination of our Altiris capability and a much, much better client than is available currently in the marketplace certainly should give us great opportunities for revenue growth.
Todd Raker - Deutsche Bank
Okay. Thanks guys, good quarter.
John Thompson
Thank you.
Operator
We'll take our next question from Heather Bellini with UBS.
Heather Bellini - UBS
Hi, John, a couple of questions. First you mentioned some changes in the Americas, I was wondering if you could comment a little bit about what changes in fact you're making, if you could go into a little more detail.
And then the second question is really for James, if you could update us on the new buyback initiative that you announced at the analyst day. Thank you.
John Thompson
Well, Heather, we made a change in the leadership at the top of the Americas organization as we started the September quarter. That change was precipitated by quite frankly, our recognition that morale in the Americas team was declining, and attrition was rising. And we felt that we needed to make changes to address that right away and we did.
We brought in a very, very experienced leader, one who's well-known to the Americas team, has led and produced terrific results for us in Asia-Pacific and we know that Bill Robins will get the Americas back on track.
Heather Bellini - UBS
Are there any account level changes, though, when you say changes in the Americas, is it senior leadership or...
John Thompson
This is about senior leadership.
Heather Bellini - UBS
Okay. Not about the people covering the accounts?
John Thompson
There are always account changes that go on all the time. I mean, that's kind of a normal part of running an enterprise sales force. And we saw some instability, in that regard in the western region in particular, but beyond that, I think this is just normal Q4 to Q1 kind of transition stuff that goes on.
Heather Bellini - UBS
Okay. And then just James on the buyback, please?
James Beer
Yeah. On the buyback, obviously in the June quarter we finished off the previous billion dollar buyback program completing $500 million of buyback activity. And so now we're pleased that our board announced the new $2 billion program that we discussed at the analyst day.
Our thinking with regards to executing on the $2 billion program is much as was the case with the previous billion dollars program. We're going to be proceeding on an opportunistic basis.
Obviously, that makes it a very hard to necessarily predict with any precision the accretion dilution impact of the program. Obviously, it's very much driven by when you buy, at what price, and factors such as that. So, I guess I would say that I've been a little bit surprised as to some of the estimates that I've seen out there as to how accretive this would be. Some of those estimates look a little high.
The other thing I would say about buybacks generally is of course that we've got 7 billion done now over the last couple years, and that was a big driver to that 21% EPS growth that we were able to record during the quarter. So it was good to see some of the fruits of that activity.
Heather Bellini - UBS
So, is there anything factored into the September quarter guidance, then in terms of buybacks?
James Beer
We're not offering specific direction. Our approach is that as we proceed through a quarter, we'll at the end of that quarter just provide everyone with status and so forth. So again, it will really be very much driven by how we roll out this opportunistic approach.
Heather Bellini - UBS
Great. Thank you.
James Beer
Thanks.
Operator
We'll take our next question from Walter Pritchard with Cowen.
Walter Pritchard - Cowen
Hi guys. I'm wondering if you can just talk a bit about the perpetual ratable mix or the in-period revenue, as you call it. What drove that during the quarter? I assume it was more license, less maintenance renewals and then also how that tied into the large deal count.
Was that part of the deal where you had large maintenance renewals in the year-ago period and you didn't see as much of that activity this year?
John Thompson
I'll make comments and I'll let James talk. I think the real difference we saw this quarter was our channel-based business, particularly Backup Exec, did very, very well. That business had been significantly impacted by our ERP systems change that occurred right at the same time that we launched a new product.
And so fundamentally, once the dust settled on our licensing portal and our new buying programs, what we saw was real strength in Backup Exec, which is a product that has the profound impact of being able to deliver great in-quarter revenue results as compared to some of the large deals that we do that tend to go to the balance sheet, if you will.
Now, what we saw in big deals was a decline in big deals, not so much in the context of maintenance deals, because most of those get booked in our fiscal third and fourth quarter. But we saw weakness in the Americas in particular, in large deal sizes, and we felt that some of that had to do with the stability or lack thereof of the team. And as I mentioned in Heather's question, we've taken action to fix that.
James Beer
And the only thing I'd add, I was very pleased during the quarter with the degree of coordination between the folks in the sales force and everyone in the back office, if you will. I think we had a good execution quarter and that assisted us. Obviously, that's a trend we're very much working hard to continue.
Walter Pritchard - Cowen
Great. Thanks a lot.
Operator
And we'll take our next question from Adam Holt with J.P. Morgan.
Adam Holt - J.P. Morgan
Good afternoon. My first question is around the DCM business. The year-on-year growth was the best we've seen in a couple of quarters. I was wondering if maybe you could talk a little bit about what the drivers were there particularly given that the NetBackup 6.0 release is not in the market yet.
And is it possible to give what the apples-to-apples growth rate would have been on the old accounting or segment definition?
John Thompson
I don't have a clue, Adam, what it would be on an apples-to-apples basis. I'll let Helyn and the team see if they can help you with that at a later point. But I think what did happen for DCMG this quarter is NetBackup 6.0 is a much more stable product now, and NetBackup 6.5 is clearly on path to be delivered here very shortly.
But underpinning all of that was very strong performance in the Storage Foundation product family, and that's what set the business up for 5% revenue growth. That said we should lap the model change that we made in the DCMG business this quarter. So it's our expectation that we will see continued acceleration in DCMG's business as we move through the fiscal year.
Adam Holt - J.P. Morgan
And I guess that leads me to my second question, which is around the deferred revenue guidance for the next quarter down sequentially, I just wanted to make sure I understood what sort of the thinking was around that.
Does that mean that you're being a little bit more conservative with respect to larger deals that closed in the quarter or is it a function of the fact that you do expect more revenue to come off the balance sheet in quarter?
James Beer
Well, Adam, one of the charts you may recall that I showed at analyst day split the deferred revenue history over the last several quarters up into year halves, first half versus second half. And that showed that we tended to have much less growth flat down a little bit between the first quarter and the second quarter, and then we would see stronger deferred revenue in the third and the fourth quarter.
Now, of course we're starting off with a lower balance as a result of the activity that ended up in recognized revenue in the June quarter, and so I think those are the factors that have fed us through to the guidance that we've offered this afternoon.
Adam Holt - J.P. Morgan
Terrific. Thank you.
Operator
And again, ladies and gentlemen, we do ask that you limit yourself to one question, and one follow-up. We'll go next to Sarah Friar with Goldman Sachs.
Sarah Friar - Goldman Sachs
Good Afternoon, guys, good quarter.
James Beer
Thanks Sarah.
Sarah Friar - Goldman Sachs
Thanks. Very nice bring back in your operating margins. So could you maybe give us an update on where we are in terms of your cost reduction activities? And in particular, is there still low hanging fruit out there to get the organization back to those levels you were at a couple of years back?
John Thompson
Well, I'd just say Sarah that we feel as though we're ahead of schedule with regard to our $200 million program that we announced back in January. So obviously that's been a lot of hard work by the team here. And we're going to stay very focused on operating margins, obviously.
James Beer
I would also add, Sarah that the business today is a very different business than the one a few years ago, when we had 30-plus point operating margins. That business was 50-plus percent to consumer with very, very high operating margin content, and that's not the way that Company's is profiled today.
Sarah Friar - Goldman Sachs
Okay. That's fair enough. And then if I could just follow-up on your comment on NetBackup 6.5, similar to Todd's question around the endpoint 11.0 release, what is the upside potential there, John? Is it getting new customers, is it new add-on feature functionality that you can upsell?
John Thompson
Well, the first upside opportunity is around what we call NAC or Network Admission Control. We have the market-leading product with the sigh gate solution, it will be much more tightly integrated and easy to install out of the box. And so our expectation is that our sales teams and our channel partners will work very hard to upsell, if you will, base customers to the NAC solution.
And then beyond that, it's the opportunity to combine our Altiris team with our endpoint protection team to really go have a lot of fun with competitive take-outs. And so while some may view this as a forklift, we view this as an opportunity to stick a fork in a fat cat right here in the valley.
Sarah Friar - Goldman Sachs
Okay. Let me leave it there because I was actually asking more around the NetBackup 6.5 upgrade.
John Thompson
Oh, NetBackup. Oh, I'm sorry. I'm all excited about this action; I can't help it.
Sarah Friar - Goldman Sachs
That's okay.
John Thompson
NetBackup 6.5 is clearly a terrific upgrade from the 6.0 product. It includes our disk space backup capability and starts to move NetBackup to become a storage management platform, if you will.
So rather than it just being a backup product, we will use it as the foundation to deliver a range of incremental services, if you will, into existing accounts, and I think the team has done a really, really nice job in the re-architecture, if you will, of that product.
James Beer
I think we got particularly warm reception at our vision user conference a month or so back to the news of 6.5 and its capabilities.
Sarah Friar - Goldman Sachs
Terrific. Thanks a lot, guys.
Operator
We'll take our next question from Ed Maguire with Merrill Lynch.
Ed Maguire - Merrill Lynch
Yes, good afternoon. I was wondering if you could just comment on the trends in the consumer, whether you're seeing any impact from Vista and how the uptake has been so far on Norton 360 overall?
John Thompson
Well, as I said in my prepared remarks, Ed, Norton 360 has been the single most successful product we've ever launched in the consumer business out of the chute.
Volumes have been just tremendous. And while Norton Internet Security continues to be the largest product revenue contributor, if you will, it too grew at 31% last quarter. So the business is performing quite well.
On the Vista front, we think we saw in the June quarter activity that may have adversely affected our consumer business just a little bit around some of the Vista upgrade activity and rebates that were going on in the marketplace. But that appears to have abated and the consumer business is doing quite well.
But we're going to continue to watch our products are all Vista-compatible and are shipping, if you will, on the OEM machines that we have relationships with. But Vista is not a big revenue-based opportunity for us beyond any other windows platform, quite frankly.
Ed Maguire - Merrill Lynch
Great. And a follow-up for James. It looks like for your September quarter guidance here you're assuming a, I guess, a slightly higher operating run rate.
Could you help us understand where you'd had some offsets in the first quarter whether particularly on the OEM side, whether some of those maybe continuing into the second quarter?
James Beer
Yeah, I would certainly expect the OEM costs to continue on into the second quarter. As you may recall, many of those contracts are now structured on a per-PC per-laptop shipped by the OEM, and I think you've seen quite a bit of strong data from the computer manufacturers as to demand for those types of products.
So, certainly I would expect that to continue on into the year. And obviously we're very focused and interested in what happens at the end of the 60-day trial that the customer has, and we're very busy in that regard.
Operator
We'll take our next question from Tom Klasell with Thomas Weisel Partners.
Tom Klasell - Thomas Weisel Partners
Good afternoon, everybody. I just want to jump over to the consumer business. You mentioned a particular strength in Europe. Can you sort of walk us through that? Was there a particular product or was it just economic conditions improving over there or currency? Can you walk us through what's driving the business in Europe?
John Thompson
Well, it was in reference to our consumer business, and I think the answer in Europe is better balance across all of the channels than we saw in any of the other regions. The retail channel for our EMEA team held up stronger if you will than the retail channel and other regions around the world.
Online continues to be strong for us, but it was the balance, if you will, that we saw in Europe that made the difference.
Tom Klasell - Thomas Weisel Partners
Okay, good. And then sort of a high-level question, with the consumer business appearing to be pretty steady, that does throw off a lot of cash like you mentioned earlier, have you guys given any further thought to capital structure? Obviously you guys have capacity to go to a more traditional large company capital structure. What's the thinking?
James Beer
Yeah, I wouldn't say that anything has changed in our thinking at all versus the comments that we've made in recent quarters. So we're being very thoughtful about that issue. Obviously, the markets have certainly become a bit choppier in recent days and weeks here so this is a topic that we spend a lot of time thinking about.
Tom Klasell - Thomas Weisel Partners
Okay. Very good, thank you.
Operator
Your next question from Daniel Ives with Friedman, Billings, Ramsey.
Daniel Ives - Friedman, Billings, Ramsey
Hey guys, solid quarter. Can you just talk about year-end guidance again in regards to like not giving, I mean, are you like withdrawing the former guidance?
I mean how should we look at the year, especially just given the strength this quarter and the buyback? Can you just maybe speak to that anecdotally, as I know you're not giving guidance?
James Beer
Yeah, we're very much just taking the perspective that at the start of the year, we'll outline to everyone our perspective on how the year could play out. And then we'll really focus our business, our efforts quarter-by-quarter, and we feel as though it makes sense to give detailed guidance on a quarterly basis. So that's all it is.
It's just a tuning of the philosophy as to what level volume of guidance we should be offering in the marketplace.
Daniel Ives - Friedman, Billings, Ramsey
Okay, and to that point, so do you still maintain your year-end guidance that you gave on top and bottom line originally?
James Beer
Well, you see again, I just restate what I said. We issued that guidance this time, 90 days or so ago, and we are just going to leave it there. We wouldn't plan to update annual guidance one way or another.
Daniel Ives - Friedman, Billings, Ramsey
Okay.
James Beer
So that's the approach.
Daniel Ives - Friedman, Billings, Ramsey
Thanks. Good quarter. Thanks.
James Beer
Thank you.
Operator
We'll go next to Phil Winslow with Credit Suisse.
Phil Winslow - Credit Suisse
Hi guys, I just want to spend a little bit of time on the consumer side again, just wondering what trends you saw from a seasonality perspective during Q2 here.
Obviously you've gone to more of a deferred model, so it shows up more on the balance sheet, but just wondering if you could give trends there, any impact you think from Vista shipping earlier this year on this customer buying patterns or is this sort of a typical June quarter?
John Thompson
Well, I'd say this is a fairly typical June quarter for the consumer business. It is traditionally seasonally down in June. It starts to build momentum in the month of September based upon the shipment of new products that we make, and then it peaks in the fiscal third and fourth quarter for us.
And so I don't think that we could point to anything that would say June was abnormal from a pattern point of view, normal pattern. And I'll stand on my comments of a bit ago, Phil, which is Vista is really not an event for us in the consumer markets.
As the OEMs preload Vista on their machines, our business is to create a Vista-compatible product to go along with that, and we've done that. It's been in the marketplace since the OEMs have been shipping Vista.
So there is no unique opportunity in the consumer segment driven by the Vista migration. There is however, an opportunity for us in the mid market as we look at the combination of our Altiris products and the endpoint protection suite that we will be delivering.
And we think, given the strength of Altiris in mid market activities, their real strong relationship with many of the OEMs, that represents a unique opportunity for us around Vista that doesn't exist necessarily in the consumers segment.
Phil Winslow - Credit Suisse
Great. And then James, as far as the September quarter, you discussed a little bit about the deferred revenue guidance being down sequentially. Is that related to any specific segment, consumer, Security and Data Management, etcetera?
James Beer
No, it's really not. I'd say nothing unusual in that regard.
Phil Winslow - Credit Suisse
Okay. Thanks guys.
Operator
We'll take our next question from Kevin Buttigieg with A.G. Edwards.
Kevin Buttigieg - A.G. Edwards
Thank you. Just going back to the consumer business for a moment. Now that you have a full quarter of Norton 360 behind you, I was wondering if you could talk about what you're seeing there in terms of the dynamics, in terms of is the business attracting new customers to Symantec?
Is it driving upgrades from Norton Internet Security or perhaps Norton Antivirus given the continuing declines in that business? And just sort of you've talked in the past about the consumer business being a low double-digit type of growth business or a low teens type of growth business.
Does the Norton 360 opportunity perhaps because of an ASP perspective or for new subscribers that you might get through it, influence that number to the positive? Or how should we think about revenue growth in the consumer business post-Norton 360?
John Thompson
Well, we haven't given specific segment growth guidance for this year, and we're not going to change that stance just because we're having great success with Norton 360. That said, what Norton 360 appears to be doing is taking some opportunity away from Norton Internet security, and upselling some customers from Norton antivirus.
Both of which represent price up for us, because the Norton 360 product is priced at a higher price point. So, our sense is that this is the right way to have, if you will, good, better, best in the marketplace, and customers will choose the price point and the functional mix that they want. And as they move to higher function, we should yield higher average selling prices.
Kevin Buttigieg - A.G. Edwards
And then any comment on in terms of new subscribers that you might be getting through Norton 360?
John Thompson
No, we don't tend to talk about subscriber growth. That is not something that's a part of the way we manage our activities in the consumer business. Clearly, we monitor it and track it, but we don't disclose it.
Kevin Buttigieg - A.G. Edwards
Thank you.
Operator
John Walsh from Citigroup.
John Walsh - Citigroup
Good afternoon. If you could talk about just the high-level macro environment, what you see on the enterprise specifically North America versus Europe for the current quarter, and then what you saw last quarter?
John Thompson
Well, I think our guidance reflects a sense of continued strength and momentum. If anything, slightly better performance in the Americas than we saw in the fiscal first quarter. Clearly our APJ business is doing very, very well. EMEA seems to be holding with Germany still an economic challenge, but our business in Germany having stabilized quite a bit from what we saw over a year ago.
Our issues now are focused on bringing our new Americas leader on board, making sure that he's got the right footing under him and the right set of metrics in place for how he wants to manage his team, but he's off to a good start. Hopefully it will only improve from here.
John Walsh - Citigroup
Okay. On the consumer side, any pushback you're hearing from the channel or from consumers about the auto renewal feature?
John Thompson
No, not at all.
John Walsh - Citigroup
Okay. Thank you very much.
Operator
We'll go next to Rob Owens with Pacific Crest.
Rob Owens - Pacific Crest
Yeah. Good afternoon. I wanted to focus a little bit on pricing within the enterprise security market. On 10.2, I believe you guys raised price, I was just curious what the customer response has been, have you seen any pushback on that front?
John Thompson
Rob, quite frankly, I can't say that I have. I mean, clearly our challenge right now is to get 11.0 out the door, and to get it seated into the marketplace, and that's where the team is very, very much focused.
Our expectation is that it should be a fairly rapid uptake for current users of Symantec 10.0 or prior releases, and we'll see whether or not we can upsell, therefore, get some price yield on the Mac solutions or some of the competitive take-out programs we have planned.
Rob Owens - Pacific Crest
With regard to that recent price increase, how should we think about growth as a function of that? Should that begin to impact that security line as we move throughout the remainder of fiscal 2008, just as a function of most revenue being deferred?
John Thompson
We have not given segment-specific growth guidance for this year. Our expectation however, is that all of our businesses have been planned for growth, and we would expect to see a continuation in momentum building in the SDAMG team as well.
Rob Owens - Pacific Crest
Great, thanks.
Operator
We'll take our next question from Katherine Egbert with Jeffries.
Katherine Egbert - Jeffries
Hi, I just have a quick question about guidance, you guys have done a really nice job the last quarters, reporting upside, now your saying you're not going to be giving annual guidance. There's been a formulation change in the last few quarters regarding the way you do guidance, which really made you more focused in the short-term?
James Beer
Well, again, I mean I wouldn't characterize it, as we're not giving annual guidance. We are going to give annual guidance; we just give it at the start of the year. So hopefully that in combination with our quarterly updates to the coming quarter will give a lot of information to the marketplace, perhaps quite a bit more than some other companies offer these days.
John Thompson
There appears to be a fair amount of short-term focus amongst many of our investors as well. And so focusing on what we can deliver next quarter is very much responding to what we perceive to be the short-term interest of some of our investors as well.
Katherine Egbert - Jeffries
Okay. Thanks for that. And one quick one, what do you make of Google buying post Genie, do you see that as a competitive threat?
John Thompson
Well, we don't offer per se a hosted mail service. We have a partnership through a firm called MX Logics that does offer our AntiSpam solution through their hosted mail service. We're not completely sure of what Google's intent might be there.
We view that it's much more focused on the aggregate issue of Google Apps, not just hosted mail. And mail is just one of array of things that they will offer through their Google Apps service.
And so we'll obviously monitor this quite closely. Our Symantec protection network does have plans to deliver this fiscal year a series of hosted services some that may ultimately compete with what Google's plans might be.
Katherine Egbert - Jeffries
Okay. Thank you, John.
Operator
We'll take our next question from Shaul Eyal with CIBC World Markets.
Shaul Eyal - CIBC World Markets
Thank you. Hi, good afternoon, guys. Good quarter. A quick question, since you talked before on the ASP trends, as you look into the consumer business, security data management and kind of the DCM business, were the majority of ASP interest is being generated from any particular segment?
James Beer
Well, I wouldn't get into specifics as to ASP by business units, I'd certainly just echo John's earlier comments on the consumer side, where we've seen a variety of new products over the last year or so that are going nicely at higher ASPs.
In the enterprise side of the house, obviously, pricing becomes more complicated deal-by-deal and so forth to talk about it in any particular generalities. But it's fair to say we're quite satisfied with the overall direction here.
Shaul Eyal - CIBC World Markets
All right. Fair enough. Thank you.
Operator
We'll take our next question from Brian Freed with Morgan Keegan.
Brian Freed - Morgan Keegan
Hi guys, great quarter. Real quick with two major products beginning shipping this quarter, 6.5 and Hamlet; how have you guys within the sales organization accounted for potential of purchasing freeze ahead of deployment and dealing with the test and eval cycles for those?
Is it a function of large beta programs in place or can you comment a little more on that?
John Thompson
Well, we've certainly had a beta program in place for both of these offerings. And we've used the feedback from that beta program not just to enhance the product itself, but to reflect that in our marketing messaging to reflect that in our services strategy, to reflect that in the advice and counsel that we give our partners as they go to move these products in the marketplace.
Our forecast reflects our view of how those products will do this quarter, and as we see their performance in the marketplace, we'll update our guidance a quarter at a time. And hopefully it will reflect better than anticipated or expected results from both 6.5 and Sef11.
Helyn Corcos
We have time for one more question.
Operator
Our next question comes from Philip Rueppel with Wachovia Securities.
Phillip Rueppel - Wachovia Securities
Thanks very much. Just quickly, if you could drill down a little bit on the Backup Exec strength, you talked about the convergence of the new product and the ERP issue.
Was the strength a flush of the pinup demand or could you see that carrying through continued growth going forward much as your commentary about NetBackup would be with its new product release? Thanks.
John Thompson
Actually it was not a flush, business in the mid market for that kind of product tends to be perishable if you're not there on the shelf and available, they pick someone else's. So it's not a function of there was this bubble of opportunity that was waiting for us to clear up our licensing portal, to the contrary.
We have reflected in our forecast a view that there's likely to be some continued strength in that product as we look at this quarter, because the 11B product is a very, very strong product. It's doing well in all channels in all markets, and I think we can continue to build momentum there for sure.
Phillip Rueppel - Wachovia Securities
Great, thank you very much.
Operator
And that does conclude our question-and-answer session. At this time I'd like to turn the call back over to Mr. Thompson for closing remarks.
John Thompson
Well thank you very much for dialing in. We're awfully pleased with our team's performance in the fiscal first quarter of '08. We're off to a good start. It's one solid quarter and we're focused on the next. Thank you very much for calling.
Operator
This does conclude today's conference call. We appreciate your participation. You may disconnect at this time.
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