We also repurchased $810 million worth of MSCI shares for the full year. During the fourth quarter and through yesterday, we repurchased over $425 million worth of MSCI shares in alignment with our shareholder-centric capital allocation policy. In the fourth quarter, our operating metrics included organic subscription run rate growth of 8%, excluding FX headwinds, and 7% on a reported basis; asset-based fee run rate growth of 15%; and a retention rate of 93%. Our ABF run rate growth was driven by higher average AUM, aided by the highest quarterly cash inflows into equity ETFs linked to MSCI indices since the end of 2021 at more than $48 billion.