billion dollars to draw from. Of that $100 billion, we feel that $6 billion fits our model, fits what we do best. We foresee that growing to about almost $11 billion in the next three to five years. You know, being in the range of $50-$60 million, we see there being a lot of runway for us to win some more business and really filling some voids. So those, the numbers I just gave you came in from doing a market research with a third party outside consultant firm, and we're gonna concentrate near term, which we're doing right now, on expanding the current portfolio with current customers. We are targeting the DLA. You know, that's a now initiative. Target legacy aircraft. There's a lot of new planes coming on board. Everybody wants to be on the F-35. Everybody wants to be on the 737, although they're having issues, you know, Boeing's having issues. The legacy programs are being forgotten. There's a lot of good money into that, and they're gonna be around for a lot longer than any of us think. Constraint markets. Right now, the U.S. can't build enough missiles. They just can't build missiles. It's an initiative that we're gonna pursue. There's that and business jets. Since the onset of COVID, anybody that has money has been traveling privately. That business has really taken off, and quite frankly, we don't need new equipment. We don't need any additional know-how. We have the people, we have the equipment to get into this business, and we're pursuing customers like the smaller Embraers, Gulfstreams and stuff of that nature, to be able to do some of that work. In summary, on why to buy stock, our operating results are improving. Our future is supported by a growing backlog. The growth in both legacy and new customers is really coming to a fruition, and we're on some of the country's absolutely must-have programs. You know, we are on all the platforms that the U.S. flies. You know, we can't do without that. We think that the share price is stabilized and it's really 50% higher than it was a few months back. If you look at the last year to date, this year to date, in 2024 our stock is 98% higher than where it was in January. So with that, I will take questions if anybody has any questions. Is that a replacement or is that on for new jets? The question was on business jets, is that replacement or is it for new jets? The answer is both. There is an exorbitant amount of need for MRO, which is repair and overhaul, and we're also trying to get into the production line, which would mean you know, new landing gear. If we can make the new landing gear, we can certainly do the repairs, so the repairs will come along for the ride. Yes. Do you have the engineering base to do that? Yes. We do. So there's two questions here, so I'll answer the first one. We're not a design house per se, so we don't have our own products that we sell to the market. You know, we piggyback off an OEM, original manufacturer. So we build to their designs, but we have design capabilities. So when instead of designing a new landing gear, a lot of times we suggest improvements to their existing parts, either to make them better, either to make them cheaper, or, you know, just to make them economical. So yes. That's for, yeah, for the electric mobility. We're working on a partnership with a house that's gonna make the material, you know, for a house that makes the material, and we would do the final design in their concept. You are catering to top-tier players, and there are one tier, two tier, three tiers. What's the timeline like? Does that slow us down from getting top-line revenue for you guys? How should we look at that? Our business, again, is run on an eighteen-month backlog. Our backlog is improving, which means they're firm orders. Now I got to produce those orders. So if our backlog was declining, I would say there's a problem, because it takes time to get material. This is not a short lead time business. You know, it takes the client months, sometimes a year, to make a decision on something, and then once you get that order, it'll take anywhere between three to six months to a year to get material. So there is time to prepare for it. And as I said earlier, we did not affect our workforce during COVID. We decided to make the investment because we don't have just regular Joes on our payroll. They're all craftsmen, you know, and I can't replace these guys. They are... It's easy to buy a $2 million piece of equipment, but if you don't have that guy that can run that $2 million piece of equipment, you got junk. We protected the workforce through bad times because we could see the ramp-up coming. We have a very mild union in our New York facility, no union in Connecticut. And it's very mild. It's almost nonexistent, so. My last question is, how should Wall Street recognize that the management is executing on the digital plan, and you're having success? What should be the drivers that we should look? I think gross profit, EBITDA, an increasing backlog for our business, because again, that's if we don't have the backlog secured now, we're not going to have a good future. Our backlog is increasing, and as we increase, what happens is backlog turns into hours, hours turn into sales, sales turns into profit, and the more hours you can put into a shop. You know, we collectively added 35,000 hours. In a division does 150,000 hours, we added 35,000 hours with new equipment. We're going to fill that. We've got. We're ready for it. We're ready for the ramp-up. Any more questions? Are you going to the commercial space? We are going to venture into going to some commercial aerospace. Right now, our commercial exposure is zero. So we are not going to be a 90% Boeing house ever. But is it safe to be a 10% Boeing house? I think it is, especially for the product that we make. Thank you for your questions. Thank you for your time. Okay. Thank you to Lou and team from Air Industries. Next up, coming to the mic is Lou Schwartz, President of GameSquare Holdings. Lou's back to back. Yeah, it is. Hey, Lou. Yeah. If anybody does ask you a question. Okay. Could you just repeat it? Like, we do have some virtual- Sure. -as well. Yeah. Okay. I guess they saved the best for last, right? Is this the last presentation of the day? Oh, you got another one after it? Oh, okay. I'm not the best to last. Second to last. Yeah. Well, thanks for joining. I'm Lou Schwartz. I'm the President and Chairman of the Board of GameSquare. GameSquare is publicly traded on Nasdaq. We trade under the stock ticker GAME, G-A-M-E, so it's fairly easy to remember. By any measure, gaming is a big category, right? Game publishing. These are the publishers that are producing some of the games. It's a $200-$250 billion TAM, sort of globally. There are 3 billion gamers. There are 700-800 million gamers that actually watch others play games through these various streaming platforms. Platforms such as Twitch and YouTube and Meta, and there's 20 platforms around the globe, where individuals that are gaming will stream their experiences to those endpoints, and audiences will sort of watch them as a source of entertainment. The reason that's important is because that's where 60%-70% of 18- to 35-year-olds are spending their time, gaming, right? So our business is less about producing games and more about connecting brands and game publishers to youth audiences, and they just so happen to be spending an inordinate amount of time gaming. We are a technology, marketing, and media company. The roots of GameSquare actually started back in 2021, when Jerry Jones, who owns sort of the Cowboys, decided he wanted to own an esports team called Complexity. He spun out sort of Complexity, and we merged it sort of with GameSquare, and we appended other capabilities, other agency and creative services to that. Then in 2023, we merged GameSquare with another publicly traded company called Engine Gaming and Media, that was trading on Nasdaq under the stock ticker GAME, in a change of control sort of merger to form sort of GameSquare. Three months ago, we acquired one of the largest and most visible esports teams in the world, a company called FaZe Clan. I don't know if anybody in the room are gamers. Just a little history on FaZe Clan. FaZe Clan de-SPACed two and a half years ago, and at its peak, had a market cap of $1.5 billion. We acquired FaZe Clan several months ago for $14 million of cash, and then following through the acquisition, we took in a minority investor, one of the founders of DraftKings, Matt Kalish, for $20 million of cash. So we bought the asset for $14 million, and we transacted in a mark-to-market value of about $40 million. I'll just jump right into sort of the business, because the best way to sort of understand sort of GameSquare is really through the three sort of divisions of the business. One is software as a service. This is a business segment that has our data and insights business is based in Barcelona. I mentioned how much activity happens through these live streaming platforms. Twenty years ago, thirty years ago, there was a company called Nielsen that used to sort of measure broadcast TV. They were the voice of truth, right? For advertisers to understand what the audiences and saturation points are for media around broadcast TV. Today, 18- to 35-year-olds, they don't watch TV, right? This is a highly fragmented and fractured sort of market. They spend time on their mobile devices, they spend time on their PCs, they spend time on their gaming consoles. And so understanding sort of those engagement patterns and platforms is critically important. We measure them all. 20 platforms around the globe. We gather billions of data records, we amalgamate that data, and then we license it back to the biggest game publishers in the world. 9 of the top 10 largest game publishers are my customers. Riot Games, Epic, Activision, EA, Take-Two. Our data is basically the executives' blueprint for how their games perform and the individuals that are driving audience against their games, right? This is a big TAM, $250 billion, I mentioned earlier, in the gaming space. What people don't fully appreciate is that 50% of that revenue, 50% of that TAM, is coming through influencers and creators or brand ambassadors. I don't care what term you use, we're one and the same. That's where sort of the audience and recommendations are coming from. And so being able to understand what influencers are impactful in a game, what audience they're driving, what their earned media value is, and what day parts those audiences consume sort of media, is critically sort of important. We tell, you know, game publishers which regions their games are popular, what cohort groups are supporting sort of their games. We profile 90 million influencers and creators across all the major streaming platforms, plus the live streaming platforms, including Twitch and YouTube. And then we provide sort of that data back, and then we give them the ability to manage the relationships. So today, if 50% of the revenue for game publishers is coming from influencers or creators, they need to manage, right, that relationship. So we built an influencer sort of marketing platform that enables brands and game publishers to be able to connect at scale with influencers and creators around the world based on region, based on game, based on their buying, you know, pattern, how they align with a particular sort of brand. Much like a CRM. Every enterprise organization today has a CRM. Why? Because their customer data is critically important. In the case of game publishing, influencers, creators, and brand ambassadors are critically important to driving 50% of their revenue. So being able to sort of connect with them, message to them, share product SKUs and tracking pixels and coupons, and be able to... and enabling those influencers to share that information with their downstream social circle, and then reporting on attribution and managing all the payouts, that's critically sort of important. And we do that for top-tier game publishers, and we also do that for other notable brands like Under Armour and Nike and Invisalign and Lululemon. I mean, you think about most buying decisions today are happening online through social platforms. And so these types of CRMs and marketing platforms become a critical component of the commercial strategy for a number of organizations. And then we also offer managed services. And this really feeds the two other sort of segments of our business, right? Software as a service is really the most predictable sort of stream of revenue across our portfolio. Clients sign on for a year-plus agreements. They're billed sort of monthly for guaranteed minimums, and then, you know, all types of other performance and professional service fees become variable sort of components. It's 15% of our overall billings. We provided guidance this year in 2024 for a $100 million top line, so 15% of that's coming from software as a service. And we wanna have our customers leveraging our data or our marketing platform because it creates greater predictability and longevity in those customer relationships. We don't wanna be just a creative agency like a WPP or GroupM. I mean, they have great, you know, business models, but it's very sort of linear. They compete for RFPs. This is constant flywheel of trying to be sort of relevant to their customers. By having a customer licensing our software, we're authentically relevant, right? They're always sort of in a customer relationship with us, and when they have a special need to develop a campaign or to develop media placement, they look to us naturally as their agency of record. So we have a full-service creative agency, strategic consulting, creative development. We produce content, so we have video production. We have a merchandise unit to produce merchandise, you know, that's specific for particular brands. And then we do other development of experiences within various worlds. So today, companies like Samsung, Topgolf, McDonald's, are developing experiences inside of video games, different maps and different games, like in Fortnite, again, to reach their target audiences. In order to meet these 18 to 35-year-olds where they're spending time, they're having to sort of develop different experiences within the worlds that they spend most of their time, which is playing games. And then the third unit is really, I mentioned earlier, FaZe Clan. And FaZe Clan is really comprised of our esports team. We compete in a number of different categories, you know, whether it's Call of Duty or Rocket League or Valorant. We have a number of different sort of franchise sort of teams that compete globally in different sort of games. And then we have a media unit that produces content, lifestyle content, across a number of different platforms, such as YouTube and Twitch and Twitter. Last month, in the month of September, four of the five top streamers on Twitch were actually FaZe Clan talent.... Right? So having your own media assets to be able to engage or activate against, becomes a critical component when you're putting together sort of a plan for a brand that wants to reach sort of this audience. So having your own media, having your own technology, allows us to preserve more margin for these various sort of customers. Just to give you sort of a revenue breakdown, 15%, I said, comes from software as a service, 40% is coming from our creative agency, and the balance is coming from our owned and operated IP. I'll just jump ahead here. These are just examples of different experiences and worlds that we've built for different sort of brands, Samsung, Mastercard, Coca-Cola, big banks like Bank of America, are developing these experiences inside of games, right? In order to reach the audiences at the point in time when they're making, you know, buying decisions. Financial institutions, right, they wanna connect with eighteen or nineteen or twenty-year-olds when they're trying to make, right, an initial sort of banking decision, because once they become a customer, they become a customer for an extended sort of period of time. FaZe Clan as a FaZe as a brand, you may not have seen it, as a standalone brand, but we've done a number of sort of co-marketing, deals with various brands that you may have seen. Ghost Beverage, for example, we did a FaZe, FaZe Pop or FaZe Up, brand, with Ghost. It was the number one selling, energy drink in 7-Elevens across the country. Yeah. We did-- we have a relationship with Nike. Two, three times a year, we'll do drops, with FaZe-branded sort of sneakers. Last year we did one with LeBron James. We're gonna do another one in the next sort of few weeks. Number one selling sneaker in the world, right, that month. So the, the brand has a loyal, committed following that's sort of unmatched in the industry. Billions of impressions last month around sort of the media that's created through the FaZe entity, and when we closed that deal, we brought on a minority investor into FaZe. His name is Matthew Kalish. Matt was one of the founders of DraftKings. Matt bought a minority stake for $20 million, and today we sort of announced the deal with DraftKings. Again, if you think about these different brands, it's hard to reach youth audiences. If they can reach youth audiences en masse, they can efficiently sort of acquire customers at a much better rate than they would otherwise be able to do just through their general market campaign. That's the relevance in why brands come to us and why they want to use our audiences in order to sort of generate attention for their brands or services. Talked about sort of the opportunity. Just some quick highlights, summary financials. The stock by any measure is grossly undervalued. I think as of today, the market cap's actually twenty to... This information was as of the end of August. It's trading at $22 million equity sort of market cap. The company had a negative adjusted EBITDA in Q2 of $5.4 million. That was $2.5 million better than Q1, and Q3 will be sort of comparable improvement to the change between Q1 and Q2, and tracking to profitability in Q4. There's approximately 38 million shares on a fully sort of diluted basis. We had over $14 million of cash at the end of Q2, and we closed another $4 million post Q2. We have plenty of runway in order to execute sort of the business to sort of break even, and we expect cash generation in 2025 at a level that's north of $100 million sort of a year. Just a sort of a glimpse of sort of our competitive peer set. You can see, you know, the capabilities of GameSquare are unmatched, you know, when you add FaZe and compare it to WPP or IZEA is another company sort of in the influencer sort of marketing space, and EGLX is another sort of company there. Nobody has sort of the breadth of capabilities when you consider the technology, sort of the data, creative services, and our owned and operated sort of media assets. We're pretty proud of the brands, you know, that we serve across sort of these different verticals. Many of them, I'm sure you recognize. Here's sort of a glimpse of our pro forma 2023, which is how the business would have performed had FaZe been a part of the entire 2023 calendar year. And we've again provided sort of guidance north of $100 million. We did $28.5 million of revenue in Q2, and we expect, you know, to see 60% of our overall revenue coming from the second half. So historically, 60% of the overall revenue comes from the second half of the fiscal year. So first half was $52 million. So we think our guidance is pretty sort of safe for the moment. And you could see without sort of FaZe, how the business, you know, performs sort of year over year with a 30%-40% sort of CAGR. Pretty proud sort of our management team and our board. Tom Walker, who's the CFO of the Cowboys. I may have mentioned this, Jerry Jones still owns close to 30% of our outstanding shares. You know, a lot of folks will ask like, why is Jerry sort of interested sort of in this $22 million equity market cap sort of business? If you think about the way traditional sports teams market themselves to younger audiences, in order to relate to them, right, you need to deliver an experience that they're accustomed to seeing. And gaming, the merger of gaming and traditional sports, right, is a perfect way to introduce a sport to, you know, an eight-year-old or a 10-year-old as they're sort of embarking on their journey of being sort of a customer for life. I mean, as a kid, I'd went to a traditional sport event, and that's the way I sort of was introduced to sports. But today, you know, these kids are spending, you know, a substantial amount of their time playing NBA 2K for basketball and Madden for football. And so being able to sort of merge gaming with traditional sports is a strategy that Jerry's employed in order to become relevant to a younger audience. We are the agency of record for the Dallas Cowboys, and we're highly important, right, to their long-term strategic goals. Travis Goff of Goff Capital investors invested along with Jerry Jones. They collectively own sort of the 30% ownership stake. John Goff is a very well-known Texas real estate developer. He built Fort Worth or The Crescent. Jeremi Gorman headed up Netflix's global advertising business. Stu Porter runs a large private equity fund up in in Boston. He was formerly overseeing sort of the Harvard Endowment Fund. Nick Lewin is another sort of well-known sort of investor. Paul Hamilton runs Atlanta Esports and is an executive with Cox. So I mean, we have a pretty heavyweight sort of board. Surprisingly, for a small-cap, micro-cap company, we're sort of built for, you know, much larger scale. And that's it. So I saved some time for questions. Just real quick, I guess the gamers, are they bringing up, like, a billboard or somehow they're reacting like McDonald's and other companies? How are they reaching them? Are they bringing up billboards in the game? That's a good question. So sponsors will typically place their logo within the game, and the game publishers can measure, right, their install base based on the number of licensees for the game. They know how many people, how many folks have licensed their game and how many potential players there are. What they don't know is once that game is streamed to all these different platforms, like, who's actually consuming it and what the earned media value is back to the influencer or creator that's sharing that gaming experience. So we do AI analysis against every video stream across those platforms. We do logo detection. We tell basically the game publishers and the brands how frequently their brand or logo was seen by these large audiences across those platforms. So it's a, it's a great question. So they're typically advertising within the game. There's other ways, right? You know, different brands will create experiences. Like I was describing, like Samsung will create a map or their own mini-game within these sort of they call metaverse worlds. So Fortnite is basically its own sort of metaverse, and you're finding that brands will want to activate within the metaverse to reach the large number of players, right, within that game. So there's a variety of ways. I would say the two biggest ones are the ones I described, where they're doing logo placement inside a game or they're developing sort of an experience to appeal to the audience that they're trying to reach. But how can you measure, though? I mean, they see the logo, but they go right by it, basically, during a game where they, you know- It's no different than a billboard. If you took a billboard in Times Square, right, how would you measure the effectiveness of that billboard? They measure it based on the number of people and the traffic patterns, right, of people through Times Square. Similarly, if I can tell you how many people were watching a broadcast, which is far more effective than what Nielsen sort of provided years ago for broadcast, I'm telling you that there's 100,000 people that are watching this particular stream at a particular time, and during that stream, there was a Samsung sort of logo that appeared. The influencer that was sharing his gaming experience on Fortnite, where Samsung advertised, is delivering 100,000 concurrent viewers. There's a value for that, that Samsung is sort of willing to pay, right? It's actually free because they're only paying to advertise into an install base of users when they negotiate with Epic Games that owns Fortnite. Epic is not charging them an additional fee, right, for all the eyeballs that are seeing it through these different streaming platforms. They're paying based on their install base of users. And so that's why our data is super important to the brands that are activating within these games because they want to know, well, what's the residual value that I'm realizing beyond the install base of users that the game publisher has already made me aware of? Does that make sense? At the end of the day, I'm measuring real audience. A hundred thousand concurrent viewers is as big as any cable channel. You know, I mean, the install base of cable... When cable at its peak, right, there were what? A hundred and ten, hundred and twenty million households. Like a successful cable channel is probably doing a hundred to two hundred thousand concurrent viewers at any particular time. There are streamers and there are influencers that are delivering those streams to YouTube or to Twitch or to Meta, that are delivering well in excess of a hundred thousand sort of concurrent viewers. Samsung paid Epic certain dollars. Yeah. You're measuring, I guess, right? The bigger audience, but who is pay- Who benefits from that? Who benefits from that? Samsung already paid Epic something. Right. It sounds like Epic should charge Samsung three X what they paid. True. So Epic is my client. So Epic is taking that data and using it to substantiate- Samsung, the next time, they're gonna say, "Hey, you need to pay this 10,000 install base to pay this 1 million. Here's the data on how it reached 1 million. Right. The earned media. So you paid me $5 million, right? To run sort of that logo placement inside of Fortnite. But in reality or in actuality, you reached an additional 2.5 million people, right? Which is another 2.5 million. I'm just using round numbers. So another 2.5 million of earned media. That's what it's referred to, right? 'Cause you didn't pay for it. It was just earned because you paid for this promotion and it ran through all these other outlets, and you got exposure to a number of additional eyeballs that you wouldn't have otherwise gotten if you were just limited to advertising on the game. And that's the difference. So that, so it's a value. So it's a good point, right? It's a value not only to Samsung, 'cause I can go to Samsung, and it's a great source of audit. You know you have... You bought an installed base, but look how much additional value you got. At the same time, it's a real value to Epic in their sponsor sales division, because now they can sell, right, all this additional residual value that they wouldn't otherwise be able to represent through their own installed base. Sure. But my items are important, and you're important in the point. The influencers or creators that are generating audience is important, okay? Point one. This individual is streaming his gaming experience. It's reaching 100,000 concurrent viewers. That information is important to the publisher. The other information that's important is the audience and when they're watching, like what is by day part, right? Is it 8 P.M. to 10 P.M. at night? Is that their most popular viewing time period? We do sentiment and chat analysis. So we listen to, like, all the chat, and we do AI analysis against chat, so we understand. We have companies, publishers, like The Economist, that will come to us and say, "Hey, listen, we want to understand, you know, this particular demographic and what they're talking about in chat as it relates to politics. You know, where are they leaning towards? Which, which politicians do, do they reference in chat?" That's important information. So there's a lot of information we can glean from chat and sentiment and, you know, the word usage, right, within sort of the communication. That's important. Doing logo detection, right, is important. But at the end of the day, these game publishers, they wanna understand how their games are performing globally, not just in North America. They wanna know: how's it performing in Latin America? How's it performing in EMEA? The individuals that are driving audience for that game in North America are gonna be different than in Asia-Pac, and they're gonna be different in LATAM. So, like, that's where the information becomes critically important to the game publisher, so he can understand which cohorts are driving audience for my game. Because if 50% of your revenue is coming from influencers or creators, you wanna know who those individuals are because they're gonna drive your next game release. They're gonna drive your, right, your next promotion. They're gonna be able to communicate, right, with their downstream audience about a new game enhancement. So, I mean, there's a number of value points that the game publisher benefits from. There's also benefits that agencies need the data. We license our data to agencies, and then we license our data to brands, right? That. And brands wanna understand what other brands are doing within these platforms. So we have a lot of information, right? It helps us commercially, helps inform our commercial strategy, 'cause I can tell you every brand that activates across all these live streaming platforms globally. So if I wanna target a brand, I'm just using my own data. And then at the same time, I'm using my data to show how a campaign is performing, 'cause I can tell them how frequently their ad showed up or what the engagement level was. So you know, it's a top of the funnel and bottom of the funnel tool for us to have this capability sort of in-house, and we're best in class, de facto leader, de facto leader in game publishing. You ask any game publisher what data they use, they'll tell you they use our data, GameSquare, Stream Hatchet data. I'm sorry, I interrupted you. Break down your revenue. Where does it come from exactly? Where does it come from? Yeah. There were three buckets I can go back. Right. So if you use $100 million top line, right, 'cause it's easy to sort of use round numbers, 15% or $15 million is coming from software as a service, right? This is high margin, 70% sort of gross margin, business. Highly repeatable, right, and highly predictable. Our creative agency is about 40%. These are strategic consulting agreements, what you typically would see from an agency, right? Agency engages, they charge for creative consulting, media placement, creative development, like, like a traditional agency. The difference between us and a traditional agency is, one, we're highly focused in a youth vertical. Most big, like WPP and Havas, like they're more generalists. I think over time, what you're gonna see is specialists like us becoming an increasingly bigger part of their business in order to reach youth audiences. Like, they can engage. Samsung may have a relationship with WPP, but they don't have a specialization in youth. So they either have to acquire their way in, or they outsource that business to us, or they risk losing sort of that segment of their business, you know, to somebody who's highly specialized, right, in youth marketing. So that business is about a 30%-40% sort of gross margin business. It's weighed down a bit. We also do programmatic advertising, which is lower sort of margin, so it pulls the margin down a bit. And then our owned and operated IP, again, is probably around 30%-35% sort of gross margin. Some deals obviously much higher, right? We're getting paid a royalty against a product promotion or co-branding opportunity. We also generate, like, light, like, tournament fees, right? So our teams that are participating in different tournaments are getting paid tournament fees, sponsor fees. We're working on a pretty large deal right now with Intel, where Intel wants to sort of, you know, sponsor FaZe Clan, which is a big deal, and get the naming rights for our esports facility in Frisco, Texas, which is directly. If you're familiar with Frisco, the Dallas Cowboys have their practice facility. Our headquarters is directly across the street. So, we're working on a joint deal with the Cowboys right now for Intel. So Intel wants to sort of brand itself against the Cowboys, and they also sort of want to associate with us. Those are higher margin deals. On a blended basis, I would say, our margin's probably in the mid-20% to 30% sort of gross margin range, and obviously focusing much more attention on those areas of our business that are higher margin contributors. And given sort of the trajectory, software as a service continues to be sort of, I mean, I would say our creative agency is actually has grown faster this year than software as a service. But I would say they all... I mean, we could sell any one of these segments as point solutions, but they also sort of work in concert with one another, so that we can maximize our share of wallet. But I would say software as a service and our creative agency are growing fastest. We just acquired FaZe, right? So we're, we've stripped out $20 million of operating costs. When you merge two publics, as you know, right, you have the synergies and cost efficiencies at the corporate G&A level, and probably eliminated $5 million-$8 million of costs there, and then the rest is just, you know, personnel. But, you know, I would say we've done a pretty good job of acquiring some of these distressed assets, ripping out costs, seeing where sort of the synergies lie, and really sort of maximizing sort of the value. And maybe the market will pick its head up and give us a re-rating sometime. Thank you. You bet. Can you give these information, your reports, to the general public, basically? Yeah. These- Yes. Our investor presentation is on our website under the IR section, so you can get our... We update sort of periodically to make sure that we're not providing NPI. Thanks so much for your time, everybody. You bet.