Started an investor day and that, you know, the north star of primacy and the kind of the philosophy change from volume to value. It was good to see, coming through this quarter. It actually came through last quarter as well. It's just with the big performing build, it was hard to see. Coming through this quarter, you know, you started to see that, optimized balance sheet, but still actually driving revenue growth. Whether it was in our commercial bank, where loans were flat, but PTPP was up, or in our GBM business where you saw, you know, 14% reduction in the balance sheet at a 29% increase in fees, or what we've seen in our International Banking over the last two years now, where you've seen net income grow, and return on equity increase by 350 basis points, yet balance sheet is kind of flat to down. In GBM, let down, it's actually down. Overall, this optimization of the balance sheet, making sure we get the organization focused on value over volume has been important. Now the pivot starts, right, in terms of profitably, sustainably growing into the future. That's how we're going to meet our, you know, medium-term targets that we laid out at investor day. It was a good quarter. Huge credit to the 90,000 Scotia bankers who have been relentlessly executing on the strategy for the last two years, but more good quarters to come. On that value versus volume dynamic, and obviously the focus being on the customer primacy, can you talk about some of the tangible benefits that you're seeing? I know it's not just in the numbers, but in terms of those client relationships developing into something greater than they were in years past, just maybe touch on that a little bit. Yeah, I mean, I think one of the observations through the strategy work that we did with the board and with the team is we were great lenders, you know, and we used our balance sheet effectively, but primarily we had a lot of monoline clients that didn't surround the whole bank and the capabilities of the bank. In some cases, we didn't have the capabilities to drive the fee income, which is more capital-light and a higher return on equity driver. That is this kind of pivot that we're doing, making sure that we're really focused on multi-product clients in our retail business and really focused on cash management and a holistic relationship with our corporate and commercial clients. That requires time because you have to develop the products, you have to make sure the incentives are right, you have to have the capabilities in place. That's what we've been doing the last two years. Changing the FTP, the fund transfer pricing, was a big step forward for this company because I think historically we were subsidizing the balance sheet and under-incenting deposits. You get that FTP right, allocate the costs appropriately out to the business lines, and then you start to see the right price incentives. Similarly, getting the capabilities in place, think about Travis's business in GBM. We've been adding product capabilities, whether it's securitization, whether it's CLO, whether it's mortgage capital markets, a little bit of leveraged lending, DCM, which then allows you to create that holistic relationship with your primary clients, make sure you're lending to the right clients, and ultimately seeing a higher ROE. You saw that higher ROE come through. I think it's a 200 or 300 basis point improvement in ROE, in our GBM business over the last couple of years as well. That's the volume over value philosophy. I think loan growth is important. It's a primary indicator of client health and macro health. We will continue to double down with primary clients who need the balance sheet, but are also thinking about other product capabilities. Next year, as you go into 2026, I think you're going to see a combination of this operational excellence approach in terms of effectiveness, efficiency on the cost line, and you're going to see loan growth, which will allow you to have positive operating leverage, positive revenue growth, and increased ROE as we go into 2026. It is fair to say that optimization of the client base is well into the later innings, and then the loan growth dynamic is going to come as a result of... Yeah, I mean, listen, we've been at it for two years. I'd say Francisco's been very consistent in IB that that was a two-year period transition. I think we're probably a little bit ahead of where we thought we'd be in IB because of the great expense discipline. Going forward now, we've got to get that retail business in IB firing in all cylinders. We've taken the last couple of years as Mexico's gone through their transition to get the foundations in place. You're going to see growth in IB next year, you know, modest growth, but you're going to see growth on the asset side. In Canada, I think commercial has been such a great kind of example of this philosophy because you've seen PTPB growth up 16% and loan growth flat. Ultimately, we would like to grow more into the mid-market where we haven't been a player historically. We've been primarily in the real estate sector, so moving into the mid-market. In business banking, where we're kind of ranked fifth in Canada relative to RBC at number one, we've got to get that business banking business growing. It's deposit-rich. It comes with great return on risk-weighted assets. For the last two years, we've been growing at two times the market rate. There's a path here, but it takes some time in an environment that's competitively tough and macro tough as well. Just keep going quarter by quarter by quarter by quarter. Got it. Before we get into some of the business lines, maybe a question on credit. I know it's always topical for your investors. Obviously, it's been somewhat volatile for all the banks with the tariff risk and how that's evolved over the past few quarters. Can you offer any thoughts on the bank's sort of view on credit right now? It was a better quarter. There were some good trends in the Canadian retail part of the book as well. Yet it sounded like there was still a bit of cautiousness on the part of, I guess, every Chief Risk Officer tends to be on the more conservative side. Anything beyond just caution for the sake of being seen as prudent as opposed to you're not seeing anything necessarily in the book that would concern you? Back up to two and a half years ago when we started, you know, one of the objectives was to get a strong balance sheet, right? We've built $2 billion of ACL. $1.3 billion of that is performing. I think our ACL ratio right now is 94 basis points. It was 73 when we started this journey. We've really fortified that balance sheet. When Liberation Day came, we had a big performing build last quarter to prepare us for any eventuality. We didn't have to have that performing build this quarter. Encouragingly, impaired came down this quarter. That was primarily driven by the Canadian retail book. We saw some improvements in auto, and that's coming off that 2021, 2022 moment where we were, you know, volume-based focus and ended up with some auto loans that we probably shouldn't have. That's kind of that, as Phil said, the pig in the python is coming through. We're going to see that improvement continue. I think our consumer clients or our Canadian clients are still under stress, but they're managing effectively. I'm not really worried about the mortgage book. I continue to worry a little bit about the cards business, but you know, we're fifth out of a relative basis. One area where we need to keep an eye on is commercial. We had a couple accounts in that commercial side that we're keeping a really close eye on, and that had a little bit of an uptick in impaired in this quarter. We have to be thoughtful about that. In IB, you know, just continue discipline, continue discipline to drive that impaired performance down quarter by quarter by quarter. The messaging that Phil said was we're not through the woods, but we do have, you know, pretty good confidence that you're going to see impaired come down throughout 2026. As it relates to the fourth quarter, I think we set the expectation of about where we are today. That was, that was a, whether you call that conservatism or just thoughtful given the uncertain environment we're in, I think that's the right place to be. Got it. Maybe now we can touch on some of the business lines. Obviously, Canadian banking has been a big focus for investors. It had been underperforming the peer group for a while. I guess people are now starting to ask, have we sort of hit that point where Canadian banking has now truly turned around? Not to make too much of one single quarterly result, but certainly that was probably a big part of why investors really liked the stocks. The stock's reaction, I guess, on earnings day was largely. Yeah, I mean, you have to, I mean, take a step back too, right? I mean, when you allocate the fund transfer pricing out, which we did, you see that that Canadian bank is gapping to its peers by about 500 basis points in ROE, right? Historically, we've been a very strong mortgage player and a very strong auto player, and we've been underpenetrated in cards. We've underpenetrated small business. We've been underpenetrated in commercial mid-market. There's nothing revolutionary about this strategy. This is a, you know, a 101 strategy to change the business mix over time. You start with your service, make sure you're providing great service. We saw very significant NPS results, improvements this quarter. You think about sales effectiveness. We've had sales effectiveness up, I think, 11% year -over -year. You think about new product innovations. We're increasing the product shelf in terms of our deposits and savings programs. I think our deposit market share direct day-to-day was up 70 basis points year-over-year. Our savings was up $1.6 billion. You really start to penetrate into small business and commercial mid-market. We didn't have a small business team effectively before two years ago. Really focusing on that. You put the technology investments in place to drive the cards business, which we've done over the last year. You really focus on the channel mix to get that digital-first mindset. I think historically, we've been more branch-first. You start to put all those things in place. Quarter by quarter by quarter, you're going to see some improvement. You're right, this quarter, we saw some green shoots, right? You saw some green shoots in the small business growing at two times the market. You saw some green shoots in the commercial with that PTPP growth, volume versus value. You saw some green shoots in the day-to-day savings and checking up 6% year-over-year. We've got a long way to go, right? This is going to be hard, hard fought one, you know, hard won fight because you've got a macro environment that's not overly positive and you've got a competitive environment that's very strong. Quarter by quarter by quarter, we're going to show improvement to our shareholders and we'll build credibility in that Canadian bank over time. Okay. How about the competitive dynamics in Canada for assets and deposits? Can you talk a little bit about what you're seeing? I'm not sure if it's been changing much; it might depend on where the rate cycle goes, but how do you sort of see that dynamic? Yeah, it's competitive. I mean, I think if you look at the mortgage rates, we're actually priced a little bit higher than our competitors, and the deposit rates were right in line with our competitors. Listen, I think it's a competitive market, and Canada is a great banking business, you know, with 20%+ ROEs. You've got also some disruptors as well. It is a market that is really important for us because it's got the highest ROEs in the whole book. We're putting all of our focus in terms of capabilities, resources, technology into this Canadian business. Quarter by quarter, you're going to see some improvements. I think one of the areas that we do need to address relatively soon is just this effectiveness, efficiency dynamic in that Canadian business. Overall, over the last two years, we've driven operating leverage positive across the whole bank, which is good, driven in large part by our International Bank, which has had really strong expense discipline. More recently, you've seen a pretty good revenue lift in GBM and a pretty good revenue lift in Wealth. Our Canadian bank has been at negative operating leverage. Ultimately, I want that bank to run at positive operating leverage, which then creates the space to make the investments that you need to be successful. We've got work to do on that, you know, both being more effective and more efficient in that Canadian bank. We'll get after that over time. Is there any sort of high-level timeline that you'd like to see that operating leverage get to positive territory? Yeah, I think by next year, we want to be running at positive operating leverage in the Canadian bank. Okay. Awesome. Maybe switching over to International Banking, again, something that investors care a lot about when it comes to Scotiabank. It's been a pretty good 2025. You noted some of the improvements in PTPP earnings despite optimizing the balance sheet. What do you sort of see coming up in the next few quarters? Obviously, expense management and portfolio optimization have been the big drivers. Does that sort of start to shift into that sort of next leg of seeing growth maybe start to come in? It is a combination of both. When we were at investor day seven quarters ago, we said, and I think ultimately by 2028, we'd get to a 46% productivity ratio, and we were starting at 55%, and we're now at 51%. We are kind of halfway through that journey on expense management. This is on the back of regionalization where we've historically run these countries all separately, and now we're taking a much more regional approach. We are segmenting our client base consistently across the region and coming up with value propositions that are consistent, which helps on the client experience side. It helps getting primacy, and it also helps on the expense side. You have seen some great results from that team over the last year or two on the expense side. You're right. The plan always was to focus on expense first, create the opportunity then to move to growth. We've actually segmented that retail population effectively now into affluent, high net worth, and top of mass. We're rolling out value propositions for them as we speak. We've got now a cash management proposition that we've been working on for the last two years, which I should come back to because I think it's going to be a huge competitive advantage for us, which allows us to not only focus on the asset side of the balance sheet, but also the liability side. We will start to see growth, modest growth as we go into 2026. I think some of the things that we've done on Central America have been really helpful. As you think about getting out of Central America, getting out of Colombia, merging that into Davivienda, which will be value maximizing for shareholders, exiting Credit Scotia, which was a monoline mass proposition. We've got another monoline mass proposition in Chile that we need to be thoughtful about how to execute on that. In general, now that transition is complete in IB, we need to move to profitable, sustainable growth, which includes on the asset side as well as the liability side of the equation. You mentioned cash management. I'm guessing there's other, the breadth of products is increasing. As you get those deeper relationships, you're offering more to clients. It's really that simple. I'm obviously paraphrasing, but it's a function of just getting more breadth to the client. Yeah, I mean, it's not simple at all because it's transaction banking, it's cash management, it's not only managing cash, it's accounts receivable, it's payable, it's working capital. As you think about the starting point, we had a very good proposition in Canada. We didn't have a proposition in the U.S. We had an emerging proposition in Mexico. Over the last two years, building that proposition out, which allows us to then approach the client both with a transaction banking proposition and a lending proposition, is huge. You think about Travis's business in GBM, it's the oxygen for Travis's business to grow that U.S. business. You need to have sticky deposits to actually grow Travis's business. That's going to be an important proposition. We've just started to pilot our U.S. opportunity. In Canada, a big part of that PTPP growth in Canada in flat lending has been GTV, has been our global transaction banking where we've gotten a pretty good pipeline of clients. We're bringing new product capabilities to them, and therefore, you're actually seeing some nice fee revenue growth come into that commercial bank in Canada. The end game here is trying to stitch that together, Canada, U.S., and Mexico. That's going to be the competitive advantage for us when we think about competing with the other Canadian banks. When you think about competing with the U.S. banks who don't have fully deployed capabilities in Mexico and aren't obviously in Canada, that's when we can actually provide a unique proposition to our multinational clients that others won't be able to. Got it. Maybe switching to Global Banking and Markets, obviously it's been a pretty good environment for all the banks the last few quarters. Maybe talk about the outlook there. Obviously the U.S. is a big part of it. I think it was probably surprising to some investors that the U.S. was as much of a contributor as it was in Q3, north of 40%. 42%. 42%. Maybe talk a little bit about that dynamic and sort of how that transfers. Yeah, this is, you know, we've been working on this for a while as well. You think about these new capabilities. I'm talking about the CLO. Now we're top five in North America. Our DCM, we've increased on the league tables. We've added securitization capabilities. We've added this mortgage capital markets capability. Done our first couple of transactions, that JP Morgan team that we brought on. Leveraged lending, we've started to enter into leveraged lending business and really started to build out our investment banking capabilities. 14% down on balance sheet, yet 29% up on fee. Yes, it was a conducive market, but you've seen, I think, pretty significant outperformance from us throughout the whole year around fee income. Right now, credit to the GBM team, our investment banking advisory fees are at an all-time high and we're three quarters through the year. That's the best ever, 200 years of this bank, best ever right now. I think a little bit is this kind of changing focus to old industry, oil and gas, mining, et cetera, power and utilities, which we do well at, but also it's been adding the capabilities in Canada and in the U.S. League tables improvement continue. I'm not a big focus on league table guy, I'm more on profitability, but it is an indicator that we're moving in the right direction. This GBM transition I'm really, really excited about. Now we have to keep it in context, it's 14% ROE, right, relative to the Canadian bank, which is, you know, 20%, 25% ROE and relative to our wealth business, that's 20% ROE. We're going to continue to invest particularly on the people side in our GBM business, but we're going to do that thoughtfully, recognize the opportunities we have in the other parts of the portfolio as well. Maybe touch on that a bit more. Obviously, there's some big differences between the Canadian market where the banks have a very solid position across the board in every business that they operate in versus the U.S. It sounds like it's a more strategic approach. You play in the areas where you can participate successfully and win share and maybe talk about that dynamic. Yeah, I mean, you have to be really careful about the segments that you're going after in the U.S. You don't want to be in areas where you're competing against the JP Morgans, the Goldmans, and the Morgans of the world. I do think there's real opportunities. You think about, just pick a couple of sectors, oil and gas, right? I mean, we've got a world-class oil and gas team in Calgary. We've got a great opportunity in Houston. You think about mining where that crossover plays well. Telco is another one where, rails is another one where you've got great Canadian capabilities, and you can play that into the U.S. by having cross-border opportunities in terms of U.S. and Canada. Similarly, on cash management, a lot of our cash management clients in Canada need that U.S. cash management opportunity. Figuring out which sectors, which clients that you then build the capabilities into the U.S., I think is going to be the starting point. There are other places where we've deployed a lot of capital into the U.S. through the balance sheet, but haven't necessarily had the advisory capabilities to harvest that capital that's deployed. Those are other things that we think about as we think about the sectors that we're going to invest behind. Capital efficiency is a big priority. Yeah, actually, I think in the case of GBM, a lot of that optimization has been done, right? I mean, you think of the last two years in terms of the amount of capital that we've optimized in GBM and grown fee income. I think now you move to a phase where you start to deploy more capital to that GBM business alongside more fee income, which actually provides NIA growth at a reasonable ROE. Okay, so you get some operating leverage there. Yeah, I think you're good. You've got your beachhead there. Yeah, I'm not sure you'll see necessarily operating leverage in our GBM business because I think we have some more investments to make on the people side. What you will see is you'll see net income growth and over time you'll see, you know, strong sustainable ROE growth. Got it. Maybe switching over to just capital allocation more broadly in a more broad sense. Obviously, the stock is still at a discounted valuation to peers. Maybe starting with the buyback dynamic. Are you sort of a big fan of buybacks or is it more strategic? I know it's not your number one priority, it's organic growth. Yeah, no, listen, I'm a big fan of buybacks. I mean, it was funny, I think we bought a quarter of the company back, right, over the 10-year period. I think particularly when you have valuation disparities, you should be thinking about buying your own stock, especially if you believe in the momentum and the outlook for the business. We started last quarter. It probably was a quarter or two later than I was envisioning initially because we had that opportunistic key investment that had better economic dynamics than a share buyback. Once we were through that, you now have share repurchases that are an important lever. Growth, organic growth always comes first, right? We'll continue to do that. You go to share repurchases, particularly when you see this valuation disconnect. Lastly, inorganic type opportunities. We're continuing to repurchase shares. We've got an NCIB in place. We did it through the third quarter. We're doing it as we speak, and we'll continue to balance those three levers as we move forward. Maybe on the M&A dynamic, obviously, the bank has been very acquisitive in years past to get built into what it looks like today. Any thoughts on the M&A? If you're looking at M&A and organic opportunities, is it more so tuck-in type acquisitions or would you also be open to something a bit more transparent? We have such an opportunity in front of us to just improve from an operational excellence perspective, you know, what we're doing. You look at that 500 basis point gap in our ROE in Canada. You look at similar type gaps in our international business. Right now, the focus is squarely on better, faster, safer, and at a lower cost in our overall footprint. I mean, never say never because you don't control timing in some things. Long term, I do believe we need wealth connectivity between our great international wealth franchise, which is growing at 20%, and our Canadian wealth franchise, which is growing at 16%. Longer term commercial in the U.S. might make sense when you think about connectivity between Mexico and Canada, but for right now, really focused on just doing what we can better to achieve those objectives we laid out in the investor day. Got it. Maybe on just capital deployment across the bank and from a geographical perspective, obviously Canada, highest ROE, great opportunity in the U.S. Mexico is a big part of the strategy as well. Maybe talk about how the current environment shapes your views on how you think about allocating capital to those different regions. Yeah, so when investor day, we said Canada first, U.S. second, Mexico third, focused on North American corridor. As you think about how that's played out, given the uncertainty in Mexico, we haven't allocated a lot of capital to Mexico. We've been kind of watching with interest as the new administration came in and then obviously Liberation Day. We've taken advantage of that opportunity to strengthen the foundations. We have a new leader in Mexico. We have a new retail head in Mexico. We've really enhanced the controls in our Mexican business and now set the foundation for growth. I think that will happen once USMCA is signed. There hasn't been a lot of capital that's gone into our Mexican business. The main uses of our capital have obviously been in Canada. As we think about strengthening the foundations, whether it be from a technology perspective or a product shelf perspective, we've allocated a lot of capital to our Canadian business. Ultimately, we'll now start to grow our U.S. business as well. We saw the 42% on NIAT, but I think there's more opportunities to allocate more capital to the U.S. business, particularly as you get GTB up and running and you have those really sticky operating deposits. We've asked Chile and Peru to do more with less, and they've done that really, you know, really well. If you think back to the investor day, actually, the economic outlook in Chile and Peru is better. The economic outlook in Canada, U.S., and Mexico is not as good. That doesn't take us away from our strategy, though. We've asked these teams, they've got a lot of capital. We've asked these teams to pivot from a monoline perspective to a primacy perspective, and they've done really well. That Peru ROE is really impressive. I think we've got work to do in our Chilean business. That ROE is not where I want it to be. We've got work to do there. In general, that team has done pretty well operating outside that North American corridor perspective, and we'll continue to hold them to a high standard to continue to deliver. Do you have any sort of longer-term thoughts on International, what it sort of looks like three to five years out as opposed to what it looks like? We're just trying to create value for shareholders, right? You look at where we were from a performance perspective on these businesses, and there was a big gap from ROE, from ROE in-market competitors. We're starting to close that gap. We're enhancing value, franchise value as we go through that piece. Actually, the diversity of the portfolio has helped us in this environment. As you've seen Mexico lag, you've actually seen Chile and Peru do pretty well. That diversity of portfolio has helped us. We're just going to keep executing against that investor day plan and demonstrate the ROE improvements that we know we can do. Okay. On the NAFTA dynamic, the customer primacy, that cross-border clientele, do you have any sort of tidbits on what you've sort of seen from clients? I'm sure clients are happy when you can offer them a lot more. Yeah, particularly in the multinational clients. I mean, we see a lot of clients, whether it's, you know, the CPs, the TransCanadas, the Bridges, the Magnus of the world who are dealing with seven or eight banks across their footprint. I think they are really open to dealing with, you know, one international institution of high standing. I do think there's opportunities there. I think there's opportunities across the commercial side, but you have to have the GTB technology platform up and running to do that. The good news is we're piloting that program right now in the U.S. I think we've got our first two clients on it. We'll roll that out to more clients in October, and that will be the foundation to allow us to start to meet the needs of some of these multinational clients. Got it. Maybe just touching on artificial intelligence, if you have any thoughts to share. Obviously, it's something that all the Canadian banks are talking about more and more these days. Just in terms of that progression, it's supposed to help on the cost side potentially over time. Any thoughts on, I'm sure there's a lot of exciting things going on in the background that investors just don't see. Any thoughts? Yeah, we talked a little bit about it on the call with getting artificial intelligence capabilities into the front line for dealing with customers, artificial intelligence chatbot, and then also dealing with internal issues, which has seen pretty significant productivity improvements. I think where we see the most opportunity are we put into three buckets. One is our client experience centers. There's a significant opportunity to improve effectiveness and efficiency in our client experience centers, and we're spending time mapping that progression out. I would also say AML. That whole AML progress with the amount of data coming through transaction monitoring, we're doing some pilot projects on that, which are really encouraging in terms of suspicious trading and seeing the benefits of having artificial intelligence help us with that. The third would be fraud. I think given the increasing instances of fraud across all the banks, there's a real opportunity in artificial intelligence to help on the fraud side. Longer term, I think there's a big revenue opportunity for sure with artificial intelligence as well. Right now, we're focused on more the client experience and the cost side as opposed to the revenue generation side. Got it. Maybe one thing I forgot to ask about just on global wealth. Obviously, that's a big part of the strategy as well, getting that link with commercial clients and wealth side. Can you just talk at the high level, just some thoughts on how that's been going and what you're sort of focused on? Yeah, I mean, we've been on this journey for about 10 years, building out our wealth business, and it's going really well. I mean, that growth is, you know, it's a 15% CAGR business. It is a 20% potential ROE business over time. I think we have that competitive dimension or dynamic because of our footprint to deliver something different for clients. What I was really pleased with this quarter was two things. One was the net fund flow. Obviously, wealth businesses do well when the market appreciates, and you're seeing that across all of the banks. For us, last year, we saw $5 billion of outflows. This year, we saw $6 billion of inflows. An $11 billion switch in terms of fund flows in our wealth business. ScotiaMcLeod at all-time highs in terms of assets under management. Our private bank doing really well in terms of assets under management. Really pleased with where that wealth business is. I have talked at length around the opportunity in commercial and wealth to drive cross-sell and enterprise-wide thinking. Referrals, closed referrals are up 13% year-over-year across that retail, commercial, and wealth business. There is much more work to do because I think the opportunity is so large. The team has responded, and we've got plans in place to really drive that enterprise-wide thinking. Awesome. That's all the questions I had. Scott, I'll just turn over to you. Any key messages, a couple of key messages to investors from our discussion today? Yeah, I mean, back to where we started here. You know, we laid out an investor day, the objective of achieving profitable, sustainable growth. We're seven quarters into that. You know, we've done what we said we were going to do, which I'm pleased with. I'm particularly pleased with the balance sheet. You look at capital, you look at ACLs, you look at loan-to-deposit ratio, you look at wholesale funding ratio. That's put us in a really good place to now capitalize on the growth agenda. I think this FTP, the fund transfer pricing decision that we made to drive a better outcome, pricing our balance sheet more effectively is really good. In Canada, massive opportunity. It's going to be hard fought in terms of because of the competitive environment, because of the macro environment, the combination of service, sales, digital channel mix, incentives, and investments, both on the asset and liability side, will really help. When I think about where we are, we're tracking ahead of what we said at investor day in terms of 2025 earnings, which gives me really good confidence as I look to 2026 about double-digit earnings growth. More broadly, as I think back to those medium-term targets that we talked about at investor day, we're on track to achieve or even beat those medium-term targets we laid out. Lots more work to do quarter by quarter by quarter, but we're getting after it. Thanks for the support from this room. Thank you very much, Scott. Thanks for the chat. Very insightful as always. We'll wrap it up with Scott today. Great. Thanks, Mike. Thanks, Scott. Nice talking to you.