Service Corporation at Bank of America 2025: Strategic Growth Amid Challenges

On Tuesday, 13 May 2025, Service Corporation International (NYSE:SCI) presented at the Bank of America 2025 Healthcare Conference. CFO Eric Thunsberger outlined the company’s strategic focus on growth through demographic trends and operational efficiencies, while also addressing challenges such as the COVID-19 impact on funeral volumes. The company is leveraging a $16 billion backlog in deferred revenues and a new insurance vendor contract to enhance its financial outlook.

Key Takeaways

• Service Corporation conducted an additional 130,000 funeral services during COVID-19, affecting future volumes.
• The company has a $16 billion backlog from prearranged funeral and cemetery sales.
• New insurance vendor contract expected to increase commission rates significantly.
• Acquisition strategy targets independent operators at 8-10 times EBITDA.
• Anticipates demographic tailwinds from the baby boomer generation in 4-5 years.

Financial Results

• Revenue: approximately $4.5 billion annually.
• EBITDA: about $1.4 billion per year.
• Q1 volumes increased by 1.8%, surpassing expectations.
• Insurance sales related to life insurance products total $800-900 million.

Operational Updates

• COVID-19 Impact: Company performed 130,000 additional funeral services during the pandemic, leading to a forecast of flat funeral volumes in 2025.
• Prearranged Sales: The company holds a $16 billion backlog, equating to four times its annual revenue.
• Cemetery Sales: Annual pre-need cemetery sales production stands at $1.4 billion, with 85% of sales under $80,000.
• Acquisitions: Spent $180 million on acquisitions in 2024, with a focus on disciplined capital allocation.

Future Outlook

• Volume Growth: Expects flat funeral volumes in the short term, with anticipated growth from demographic changes in 4-5 years.
• Pre-Need Cemetery Sales: Projected low single-digit growth for the year, with mid-single digits expected long-term.
• Margin Expansion: Anticipates cemetery margins could rise to the mid-to-high 30s and funeral margins to the mid-20s.
• Acquisitions: Continues to seek independent operators, aiming for a 12% to 15% after-tax IRR post synergies.

Q&A Highlights

• COVID-19 Impact: The company expects the COVID pull-forward effect to result in flat funeral volumes in the near term.
• Insurance Contract: New vendor contract to enhance commission rates from the high 20% range to the mid-to-high 30% range.
• Tariffs: Confident in managing tariff-related costs through long-term supply contracts and domestic sourcing.
• Acquisitions: Maintains a disciplined acquisition strategy, focusing on long-term relationships and attractive returns.

In conclusion, Service Corporation is navigating post-pandemic challenges while positioning itself for future growth. For a more detailed understanding, readers are encouraged to refer to the full conference transcript.

Full transcript - Bank of America 2025 Healthcare Conference:

Joanna Gajuk, Healthcare facilities and managed care analyst, BofA: Thanks so much for joining the BofA Healthcare Conference. My name is Joanna Gajuk. I’m the healthcare facilities and managed care analyst here. And it’s my pleasure now to host this session with Service Corp, which is the largest operator of funeral homes So it’s not necessarily healthcare, but I guess it fits well with my coverage universe.

And today with us is Eric Thunsberger, who’s the CFO. And I guess the plan is to go right into Q and A, right Eric? With that, all right. So I guess maybe first big picture question. One of the topics we’ve been talking about, you know, for many years now, you know, COVID, excess deaths, pull forward effect.

So kind of bring us up to speed where we are right now in terms of, you know, is there still more of that headwind? You know, are you expecting to grow maybe next year, the funeral volumes? Maybe we should start there.

Eric Thunsberger, CFO, Service Corp: Okay. So let me give you a little bit of background of what happened to us in COVID. So as Joanna already mentioned, we’re the largest owner of funeral homes and cemeteries. We own 1,500 funeral homes, about 500 cemeteries, about $4,500,000,000 revenue company, about $1.4 ish of EBITDA per year. Ultimately, we touch about 700,000 families a year.

Three hundred and fifty thousand of those families have unfortunately had an event in their life where they need our services in our funeral segment. The other 150,000 essentially do the same thing. It’s the same type of environment, but in our cemetery segment, one of our 500 cemeteries. And then we touch another couple hundred thousand families in the prearranged environment. And that’s when people are signing up early in terms of generating their wishes contractually and funding prearranged funerals that are prearranged or buying cemetery property, in merchandise and services on a pre need basis.

During COVID, as Joanna was introducing and asking about, during a two year period, we performed about an extra 130,000 funeral services, unfortunately. Those are tough times for everyone in the industry and everyone, as we all know, across the globe. What happened, though, is, like other industries, those 130,000 were pulled forward from future years. A lot of it was acute. In other words, it would have been situations that occurred in 2021 that would have occurred in 2022, for example, in terms of events.

And so we are, several years later, have felt the effects of what we call the COVID pull forward effect. And we expect to have our funeral volumes this year be generally flat compared to prior year, which means that we believe we’re kind of in the period of normalizing out what we call the COVID pull forward effect. Your second question was, can you grow from here? And the answer is really twofold. In the short term, as we continue to work through the COVID pull forward effect and normalize the company, we think we’ll have a year or so of what I would characterize volume, but we expect it to start inching up.

And then over the longer term, expect to have a macro effect to our industries as well as our other industries that are related in terms of the baby boomer generation. The baby boomer generation will be a demographic play, a demographic tailwind to this particular industry like it is affecting other industries today. We think that’s still a couple years away in our models. I’d actually say it’s more like at least four to five years away in terms of seeing that type of volume. But in the meantime, we are working with those families to document their wishes and prearrange their funerals and such.

And essentially, that has resulted in a backlog of deferred revenues on our balance sheet that amounts up to $16,000,000,000 or at least four times our annual revenues. So it bodes well for us in the future in terms of demand, in terms of incremental funerals that are coming out of that backlog servicing. But where we are today is kind of a flattish environment. To answer your question, I think ’26 will probably be somewhere around that. Maybe we’ll see some growth.

We’ll have to see as we get later in the year, and we’ll give specific ’26 guidance at that point in time. But there is a demographic play where there is what we’ve called a tailwind coming to this industry that we believe is going to create incremental margins with that incremental volume and be a nice growth scenario for our company that’s incremental than what exists today.

Joanna Gajuk, Healthcare facilities and managed care analyst, BofA: And specifically on Q1 volumes, Wade, were better than expected, but I guess you still expect some of flattish for the year. So can you walk us through the thought process there and how much I guess was volume or volumes were related to flu? Because obviously, we’ve seen a higher flu activity early in the year.

Eric Thunsberger, CFO, Service Corp: Yeah. So volumes were up about 1.8% in the quarter. I will tell you that it was a little bit of softer comp compared to the prior year, so you got to take that into account. But as you said, Joanna, it was above our expectations. It could have been a lot of things when you look at ninety days in our particular industry.

We have visited with our field management, and obviously, there was some anecdotal feedback as it relates to the flu season. We’re cautious on that, although we think that was a piece to that equation. The reason why I say we’re cautious and we’re saying we could end up flattish compared to prior years, because what happens in a flu season, as a general statement, is that you pull forward volume that would have occurred, funeral services, that would have occurred in the second and third quarter into the first quarter. So until that really pans out and we understand it a little bit better, how much was flu, how much was not, which will pan out in the next couple of quarters, Our advice was always, hey, be careful about adjusting your annual we’re not adjusting our annual guidance and be careful about adjusting your annual model as it relates to our company as it relates specifically to funeral volumes because a good amount of that could have been flu. And anecdotally, we had some feedback that it was.

And ultimately, that could be a pull forward that’s intra year among quarters and such.

Joanna Gajuk, Healthcare facilities and managed care analyst, BofA: So another interesting dynamic in the funeral segment, specifically, I guess, started last year into this year is the new contract with the insurance vendor.

Eric Thunsberger, CFO, Service Corp: Yes.

Joanna Gajuk, Healthcare facilities and managed care analyst, BofA: So can you talk about that sort of the reasons why you changed the vendor and, you know, the benefits that you expect from that into this year?

Eric Thunsberger, CFO, Service Corp: Right. So what Joan is referring to is what I referred to earlier, which are, we have a sales force that’s about 3,500 individuals that are out into communities that are selling to families, both cemetery products and services and property and funeral products and services. The split is about 2,600,000,000.0 a year of sales production right now. About 1.4 is in the cemetery segment. About 1.2 is 1,200,000,000.0 is related to the funeral segment.

And ultimately, there’s a component of that, let’s call it 800 to $900,000,000, where we are selling to a family and instead of taking money from that family and putting it into a state mandated trust fund, we’re having that family and a relationship that we have buy a life insurance product to support that and to give that family the financial assurance that they have related to those. We’ve been working with a company for twenty plus years have put that out to an RFP a couple years ago and have made a transition to a new insurance company that had better economics, is the way to describe it. So part of that is when we sell that, we are an agent of that insurance company for that life insurance policy, and we get a general agency commission. In the prior economics, it was something that could have been in the high 20% area. So it could have been 28%, twenty nine %, even 30% in certain areas.

Under this new arrangement, looking at so far as we move forward, it’s more on the lines of the mid-thirty percent, maybe even in some instances, the higher 30 percentage. And that depends on the specific product that you’re selling geographically and where and what your sales force is selling. So a lot of that is rolled out kind of midyear in 2024, and we’re seeing the effects of that tailwind of selling that production but at a higher general agency rate, which is both cash flow and revenues to us right away. And we’re going to lap that probably for the most part for our core operations, which are the 1,500 funeral homes, probably midyear this year. We also have a smaller segment, which we have called SEI Direct, which is a direct cremation lease front asset light business, which is just not a service component in terms of celebration of life like a funeral home would do, but ultimately just the cremation itself and the And from that perspective, we’re changing that business as well, but it’s going to take longer to go through this metamorphosis because that business and that sales force was just selling products and services that were supported by the trust funds.

And so now you’re taking those particular salespeople and you’re transitioning them away from somewhat of an easier pitch and interaction with a family and selling insurance products, which means you have to get educated, get up to the systems, understand the products, get licensed in many of the states. And so that’s a lot longer term process. Now, the big scheme of things, that’s two fifty million of production of that 1,200,000,000. So it’s not overly material, but that will not lap itself, and that will go well into the year. And then I do think that we’ll continue to grow our prearranged funeral sales in the core business.

And from that perspective, I think you’ll continue to see more general agency revenue be produced and be a growth factor, but we’ll kind of lap the immediate rate increase that we’ve experienced for the last, you know, let’s call it nine months now. And we’re getting into one of the last quarters of that in the core business.

Joanna Gajuk, Healthcare facilities and managed care analyst, BofA: Would you say, given the improved economics on that contract, would you expect to also grow the base as in like the, you know, the use of insurance going to be higher versus the trust funding?

Eric Thunsberger, CFO, Service Corp: Yeah, but that’s already I do believe that, but it’s already occurring as we speak. I don’t think there’s another play there where, you know, we’re still using trust funds is where we still have to use trust funds. The easiest example to understand is the state of New York. You can’t sell insurance to support the prearranged funeral product under New York laws. You have to sell the trust fund mechanism.

So we’re kind of maxing that out, Joanna, already. I do think there’s movement in SEI Direct, and there’s movement to continue to grow prearranged funeral maybe in the low to even someday in the mid single digit type percentage range.

Joanna Gajuk, Healthcare facilities and managed care analyst, BofA: And maybe switching gears to feed about cemetery sales production, which was actually down in the quarter. So, you know, there’s also, you know, some talk during the conference about economy You know, there’s some implications for health care, but I guess for your business even more so. So can you talk about that? Are you seeing sort of the reduction in a propensity for people to transact based on just like when they think the economy is headed and that’s what’s happening and that’s what you see in the cemetery treaty?

Eric Thunsberger, CFO, Service Corp: We haven’t seen that yet. But to give you a more thorough answer, we have to bifurcate that production of Preneed Cemetery, which is roughly about 1,400,000,000.0 a year. And you have to split that into the less than $80,000 price point, which we call core, which is the vast majority. That’s 85% of the sales as it relates to production dollars. And then north of 80,000, which we call large sales, those are the private family estates, the private mausoleums for the families, the semi private, that type of thing.

If you’ve seen us tier our cemeteries, you’d see some very high end property, kind of like a real estate play, if you will. From that perspective, that’s about 15% of the production. So when you take what we call core, which is the 80,000 or less or the 85%, that could be subject. That’s a discretionary purchase as a general statement, or at least roughly half of it is at least. There are situations where a family member, needed our services because there’s been an event, that family member has been interred in our cemetery, and the family, because of adjacency issues, are gonna wanna buy cemetery property around their loved one.

That’s pre need, and that’s kind of less discretionary. But as a general statement, there is a discretionary component to this, and that could be affected by macroeconomic events. So when you start getting into the price of energy, the price of food, the price of other staples, etcetera, etcetera, that could take away discretionary dollars from that consumer, and we’ve seen that happen before. It has not really happened so far in the first quarter, as we talked about on our call. We also mentioned on our call for the first quarter that April was still a good month, and we’ll see what happens the rest of the year.

But at the time of the call, was late April, the tariffs were blowing again. It was a little bit darker outlook than what it is as we sit here today. We thought, okay, if we can grow it low to mid single digit, maybe we can only grow it low single digit. Now, the higher end of the spectrum, the 15% of the sales that are north of 80,000, which we call the large sales, which are some of the larger estate properties that I just described, that’s a little different dynamic. It could be discretionary as well.

But ultimately, it is not necessarily the daily price of gasoline that’s affecting that consumer. Those are high net worth families that are doing it as a general statement. And that’s where you start looking at what’s the stock market doing, what’s the real estate market So both can be moved to some degree by discretionary forces. By some degree, both are a little bit more stable than most people realize because a death can occur. And when that happens, the family is going to do something in a cemetery, and they may buy pre need property around it from an adjacency perspective.

But there are also a little bit different forces when you got it. So you really got to understand the difference between that high end sale and that core sale.

Joanna Gajuk, Healthcare facilities and managed care analyst, BofA: So talking about this, you know, what gives you confidence that you can grow, like you said, I guess, low single digits for the year in pre need cemetery sales production and, you know, curious to know if there’s any outage since April. How are things, I guess, going in May so far?

Eric Thunsberger, CFO, Service Corp: Well, the way I’d say it is, is, you know, I think that funeral volumes is a big component of it. And if funeral volumes ended up being flat, which last year they were down 2.5%, and again, I already described to you the formula where there’s adjacent pre need sales from those events, that’s going to be a natural driver to this. That’s going to get you from something that would have been flattish to something more positive in terms of low single digit growth. We also have a unique asset in our 500 cemeteries, and that allows us to continue to tier and develop new higher end properties or property offerings, I should say, within the cemeteries. We also have decent pricing power.

Within those cemeteries, there’s unique assets, is the way I’m going to describe our 500 cemeteries that have pricing power in communities and such. So for all of those reasons, and I think you’re just one more year out of the COVID bullfight effect, frankly, which again is generating funeral volumes, which is your number one lead source for your preneed cemetery sales force. I think for all those reasons, I think we’re confident we can grow cemetery. We have to right now, we’re hedging because of the macroeconomic outlook that changes daily almost. And from that perspective, we’ve kind of declared it low single digit percentage growth for the rest of the year, but we’ll see what happens.

Joanna Gajuk, Healthcare facilities and managed care analyst, BofA: And I guess so your long term outlook for the preneed cemetery sales production is more like mid single digits. Yes. Long term, yes. Do you think you can grow this way, I guess in 2026 and after? Because also the preneed or the pull forward effect applied to the pre need cemetery as well, right?

Because there was a lot of activity, a lot of cemetery properties were purchased in a short period of time

Eric Thunsberger, CFO, Service Corp: on a

Joanna Gajuk, Healthcare facilities and managed care analyst, BofA: pre need basis too. So I wonder how much there is, I guess, to be sold.

Eric Thunsberger, CFO, Service Corp: Yeah. I think at the end of the day, in terms of penetration, there’s a ton of room on penetration. I don’t think we’re worried about that. There is a huge amount of customers out there near our cemeteries that will eventually interact with us sometime in the future, and we’ll sell preneed cemetery property associated with that. So we’re not too concerned about it.

For 2026, we’ll have to wait and see. I mean, we have to really get 25 underneath us and see where all this macroeconomic events on the core, as well as some of the high end stuff as well, in terms of where it landed before we comment on 2026. But ultimately, what I’m saying is there is demographics that are going to affect this industry to the positive in the funeral volume, which, as you linked them correctly, is going to also create a situation with better leads and more leads in the pre need cemetery world. And we believe that we will be able to grow mid single digit percentages of pre need cemetery for all those reasons that we’ve described today. I just can’t comment yet on ’26 yet until we get through ’25.

Joanna Gajuk, Healthcare facilities and managed care analyst, BofA: No, exactly. And, you know, the couple of these, you know, macro topics and such, but one of them is tariffs.

Unidentified speaker: Yes.

Joanna Gajuk, Healthcare facilities and managed care analyst, BofA: Right. So maybe we can talk about that your exposure. So you guys alluded to the idea you have a multi year contract. Some of them are sounds like they have some caps in them. So maybe walk us through, you know, I know there’s, you know, things change daily, but I guess it’s just high level, right?

If there was something to be said about, you know, cost inflation, some of these items, like, you know, how this would impact you and what are some of the things you can do to try to mitigate if that was to happen?

Eric Thunsberger, CFO, Service Corp: Yeah, so I’d start foundationally by making the statement that the vast majority of our supply chain, especially in these situations that you’re referring to, are associated with long term supply contracts that have cap stipulations in them and such that we’re very comfortable with. We’ve to be very careful about talking specifically about which vendors and what levels and such. But as a general statement, we feel very good about our supply chain, longer term production contracts and our partner contracts that we have. When you talk about what’s eligible, when you think about it that way, you’re talking about caskets, some of which are assembled outside The U. S.

You have granite that comes in for the markers in the cemeteries. You have urns, which are used for cremations. And then you have bronze, which are other types of markers in certain of our cemeteries. That whole spend is north of a couple hundred million dollars for us. And of that spend, at least 60% of that right now, even as we speak, is domestically sourced.

So then you’re talking about, okay, 40%. And in that, we think a lot of it is covered by certain tariffs, especially some things that are assembled down in Mexico. So you’re getting to a small piece of the puzzle. And I think the other thing that now you’re talking about what could you do? What I would say is we feel very confident about our flexibility.

We’ve already actively managed it. We’ve already proven that we can actively manage it. What do I mean by that? Well, you can source from India versus China. You could also source from US versus India for a lot of these products.

We’re already doing it in the 60% that I’ve described to you. Whether you do that long term or short term depends on, well, what happens with all this noise that’s changing daily? We haven’t made any type of long term decisions, but we’ve certainly done a very good job working actively and understanding what we can do, what we’ve already done in certain situations, and of course, again, going back to the foundation that we have long term contracts that are protecting us right now. For all of those reasons, I don’t think Service Corp. Is the one to turn to in terms of the tariff exposure.

Could we have some stuff rounding on the sides? It’s possible. We’ll have to wait and see how 2025 plans out. But right now, we feel very comfortable with our guidance out there for 2025. And we don’t anticipate any type of modification of anything with the word tariff in it, at least with the existing guidance in 2025.

Joanna Gajuk, Healthcare facilities and managed care analyst, BofA: And just since we’re talking about costs, maybe we can talk about margins by segment. So I guess, cemetery kind of had at some point said something along the lines of like after the COVID issue normalize at a, you know, higher level than it was pre COVID. And then I guess, you know, there’s some funeral, you know, discussions now, I guess depends on how the how the volumes play out. But maybe walk us through kind of how we should thinking about this, What needs to happen to see margin expansion in versus cemetery and the other, I guess, items that go into the calculus for the margins, how we should think about it?

Eric Thunsberger, CFO, Service Corp: Yeah. So the basis for all of this is that both segments are 60% to 70% fixed cost structure. So when you put more throughput through that, you’re talking about 60% to 70% incremental margins, which is going to create the nice margin expansion as we continue to have more throughput through our system, which, again, I’m circling back to the demographics that are coming to this industry in the near to medium term in terms of years. When you see that, you should see margin expansion for our company. Now, what has happened today?

The baby boomer generation has affected the cemetery segment already. It has because of the preneed cemetery sales that we’ve been describing today. And when we describe that, the average age of a family or a consumer that’s coming to us is in their early to mid-60s. The baby boomers have already kind of crossed over that, and that has created a nice trajectory upward over the past few years of preneed cemetery sales production. And when you do that, you have more volume and coronal margins, etcetera, etcetera.

So to just wrap it up and say this more succinctly, many years ago, a decade ago or fifteen years ago, it was a mid teen type margin business, the cemetery segment. Today, it’s a low 30 to mid 30% range. So what grows from here? When you start seeing more throughput. When you get through the COVID pull forward, things start normalizing, and you actually start growing throughput.

You’ll notice that through funeral volumes. And when that does start occurring, then I think you’re going to continue to see some decent margin expansion, whether that’s 50 basis points a year, 80 basis points a year, but that should be the formula. That’s what it looked like pre COVID. And I think you’ll continue to see that as we get out of this normalization in the COVID pull forward, post COVID effect. Funeral segment is very similar, except for the revenues to be recognized, you have to perform the services, which means that we still have a few years to go before the baby boomers really, the demographics affect the throughput to the funeral segment.

But when it does, you should see, again, some margin expansion because of the incremental margins that I just described to you as you put more volume through that funeral segment. Today, it’s a 20%, twenty one % area in terms of funeral margins. I would love to see that expand. I’d love, whereas the baby boomers affect us years from now? I’d love to see that more mid twenties.

But it’s gonna take throughput for us to go through and see those types of incremental margins follow the bottom line.

Joanna Gajuk, Healthcare facilities and managed care analyst, BofA: And what about cemetery? How do you think about cemetery margins?

Eric Thunsberger, CFO, Service Corp: You know, I think cemetery could get to the mid or maybe even the high 30s. But again, it’s the same thing. You need throughput. We run a pretty efficient cost structure and a pretty efficient company already, and there’s not a tremendous amount of costs that you can take out to help expand our margins. This is going to end up being a throughput play as the demographics affect us, And it’s going to end up a situation where you’re performing more funeral services, you’re performing more cemetery services, and you’re getting this more incremental margins, and that falls to the bottom line and creates expansion.

Joanna Gajuk, Healthcare facilities and managed care analyst, BofA: And I guess we have only a few minutes left. Part of your growth algorithm also includes acquisitions, And you clearly accelerated the spending in ’24. I guess it was like $180,000,000 and $60,000,000 in real estate. So I guess, should we expect something comparable? I know you have this target per year on average, right?

But is this an indication of changing dynamics in the marketplace where you have like more, I guess sellers and fewer buyers? And maybe in the context, also talk about any pressure on multiples and how you’re paying for these assets.

Eric Thunsberger, CFO, Service Corp: Yeah, we generally spend about $100,000,000 a year. The target or the range or the guide is 75 to 125 on the acquisitions. There’s no pressure on multiples right now. We’re generally spending, you know, eight to 10 times EBITDA on a pre synergy type basis. We’re getting post synergies, which could be a couple of turns.

You know, you’re generally getting in the low double, 12% to 15% after tax type IRRs in those situations. The pipeline, Joanna, that we have that we talk long term for what I would call major independence is quite strong, and it continues to be strong. That’s not the issue. The issue is it ebbs and flows because what we’re not going to do is force a third, fourth, fifth generation family to sell based on price. And we’ve been very disciplined as an executive management team for the last twenty years not to do that, and we’re not going to do it.

And ultimately, that means that we have long term relationships, and we need that family to be ready. And a lot of times there’s, believe it or not, a lot of family dynamics that these independents have to work through. But when they get there and they raise their hand, we’re fast, and we can go very fast, and we get very nice returns, and it’s a wonderful use of our capital. I expect that to continue. I don’t know if it’s gonna end up being 180,000,000 like it was last year.

I hope it is. The pipeline would allow for that. The question is, would the family dynamics allow for that, for them to raise their hand?

Joanna Gajuk, Healthcare facilities and managed care analyst, BofA: Right. And what about real estate purchases?

Eric Thunsberger, CFO, Service Corp: Real estate, we’re just opportunistic. When we see things that make sense to build funeral homes on, Greenfield, we’ll go ahead and do We have a team that’s out there looking each and every day. And periodically, you know, much less, maybe one time a year, maybe two times a year. You know, we’re also looking for larger swaths of land that you can actually build cemeteries on. But that’s fewer and far between.

Joanna Gajuk, Healthcare facilities and managed care analyst, BofA: But are there still markets where Absolutely. There’s potential for cemetery purchases? It sounds like you’re the only one to do that

Eric Thunsberger, CFO, Service Corp: in the Yeah, haven’t seen it takes a lot of capital to start a cemetery, but they have wonderful returns. It’s longer term capital.

Joanna Gajuk, Healthcare facilities and managed care analyst, BofA: Gotta be patient. Alright. That’s all the time we have. Thank you so much, everyone.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.