“We are narrowing our full year 2022 guidance and now expect to deliver adjusted diluted EPS in a range of $4.81 to $4.89.”

In context

“share repurchase program, which we expect to complete by the end of this year. Our balance sheet remains strong and as of the end of the third quarter, our debt-to-EBITDA ratio was 2.1 times. In August, we retired $1.1 billion of notes that came due with available cash. As Billy stated, we will receive $2.7 billion as a part of the IQOS agreement. We received $1 billion upon entry into the agreement and will receive the remaining $1.7 billion plus interest by July of 2023. Our expected use of the cash proceeds may include investments in pursuit of our vision, debt repayment, share repurchases or general corporate purposes. Share repurchases depend on marketplace conditions and other factors and remains subject to the discretion of our Board of Directors. Turning to our financial outlook. We are narrowing our full year 2022 guidance and now expect to deliver adjusted diluted EPS in a range of $4.81 to $4.89. This range represents growth of 4.5% to 6% from a base of $4.61 in 2021. We believe this range allows us the flexibility to react to marketplace conditions. With that, we'll wrap up, and Billy and I will be happy to take your questions. While the polls are being compiled, I'll remind you that today's earnings release and our non-GAAP reconciliations are available on altria.com. We've also posted our usual quarterly metrics, which include pricing, inventory and other items. Let's open the question-and-answer period. Operator, do we have any questions? Operator: [Operator Instructions] We will take questions from the investment community first. Our first question will come from Bonnie Herzog with Goldman Sachs. Bonnie Herzog: A lot going on with a lot of announcements. But I wanted to maybe”