Annual 5G Summit. I'm Ed Yang, Cloud Computing Analyst. With us today, I'm very pleased to host Tim Gray, CFO of Anterix. This is a fireside chat, so please send your questions into the dashboard. Tim, thanks for spending some time with us. Thanks, Ed. Really, really appreciate it. Enjoy this conference and your team. Already had some good meetings today, so super excited to spend some time with you. Wonderful. Maybe we could just start with your TAM and what problems Anterix is trying to solve for customers, and how fast is that TAM expanding? Sure, that's a good question. Thank you. So, with our 900 MHz solution to build out private wireless broadband networks for utilities, we've got most of the nation's largest IOUs already in our pipeline. They represent well in excess of $3 billion worth of value, which makes up more than 90% of our total addressable market. And so, you know, for us, it's less about adding more folks into the pipeline and more about, you know, driving those utilities that are in the pipeline to sign a contract with us and lease our spectrum. And for them it's important, because they've got to build out these wireless networks, and move forward with the spectacular task of grid modernization that we've got going on in the United States. And so that's the key drive we have going on right now. And really the focus for our team is to move customers through our pipeline. We developed a new metric within the last year called Demonstrated Intent, which is really to help define for investors how things are moving along in our pipeline. And that means we've scored each of our prospective customers with a metric around, you know, different measurements about what they're doing to move forward, you know, to get to contract with us. And, the highest scored customers are what we call the highest Demonstrated Intent. Right now, that's 15 of those 60+ that we've got in our pipeline, that represent more than $850 million worth of value. So, we see, you know, customers are moving. Utilities move a little bit slower than we'd like, I think, from everyone's perspective. But that's because they've got these large projects that they've got to move through, move through their systems. And, we're excited about where we are and where we have the opportunity to go. It's a unique business model. Maybe you could just walk us through one example. You signed a right of use agreement with Tampa Electric recently. I think the market viewed that very favorably. Could you walk us through that deal, why TECO transacted with you, what you're providing, what they expect to do with the spectrum, and your typical sales and delivery motion? Yeah. So we've got... We signed a 20-year, in essence, a lease, with TECO, here not too long ago. $34.5 million of value that we're going to receive. A couple of things: firstly, we talk about the mechanics of how we get paid, which are pretty exciting. So that $34.5 million, we're going to get in the first 2, 3 years of the contract. So on a 20-year lease, so we're getting paid, everything right up front. And so there's a little bit of a decoupling with GAAP, because from a GAAP perspective, we'll recognize the revenue from that contract over the life of the lease. So we'll be recognizing revenue in year 15 or year 16, when we already got the cash up front. So, and that's how most of our deals are done, with the prepaid element, which enables the utility to go through their process and capitalize that lease, take it through the rate case process, you know, and so that's a, it's a win-win for them and a win-win for us. You know, we have the tough problem of having cash flow soon. And so we're able to do things like, like the repurchase program that we've got going on right now for our stock. So that's one of the important things about this current deal with TECO, but we've seen that in pretty much all the deals that we've got so far, where we're getting prepaid well in advance of the full term of the lease period. And so we will be providing, you know, full six megahertz of broadband spectrum to Tampa Electric. Over the next couple of years, we'll be delivering that spectrum to them, those broadband licenses. It's basically for three plus counties that cover the Tampa Electric service territory. And so, you know, our job is to clear, make sure that the spectrum is clear, to apply for the broadband licenses, and then deliver those broadband licenses so that TECO can use them under the terms of our lease. Again, it's a 20-year lease with, you know, renewal periods built in on the end of it. And so, you know, for Tampa, I think there's just, you know, a couple of things, and they fall into kind of the more broad category of what utilities are really focused on here, which is, to be able to, you know, as part of larger grid modernization, things that are going on, they're taking old legacy systems that are not able to, you know, take the data and things that are happening today with the grid, and move them through their system. So now, you know, they need a broadband network to be able to do that. And so that's really the key focus that they've got, moving forward. So, you know, we're in that process now of getting that spectrum, making sure it's cleared, and getting the broadband licenses so we can get them over to Tampa Electric. You mentioned, you know, how they're regulated affects their incentives to prepay, and that hasn't changed at all, in terms of, you know, just higher interest rates and, you know, wanting to continue to prepay? Yeah, no, that's really been a key part of the conversation. And it's all really been delivered, or excuse me, asked for by the customer. When we started this, we thought the way it was going to work is, you know, it'd be like any other lease where you'd have, you know, payment stream over time, you know, the full term of the lease, escalators built in on an annual basis. But that really turned because the customer's desire for capitalization, and part of the capitalization process to be able to prepay. And that really has not changed with changing economic conditions or anything like that. It's really being driven by them, you know, wanting to be able to do that. You know, the pricing conversations that we have with customers are really around the value of spectrum for their respective service territory. And so, you know, we're having the conversation with customers about, you know, you're starting to see the value of spectrum, particularly 1 gigahertz in any private transactions, especially that have taken place more recently, where that value is significantly increasing from auction values that have taken place, so in the past, you know, 5 or 6 years. And so now that's become a part of the conversation moving forward, is the higher value of spectrum, and we're starting to see that reflected in deals that we're getting done. Obviously, you're pricing for value, but do macro conditions affect your the pricing dynamics at all, in terms of, I would think from a ratable lease, you're baking in assumptions on escalators and inflation, et cetera. Does that apply in these contract discussions? Yeah, I mean, when we're thinking about pricing, there's a whole basket of information that we're putting into how we're thinking about what fair market value is for that service territory. We've got historical markers of previous auctions or transactions that have taken place, you know, in the private market, you know, that may affect those service territories or just, you know, the spectrum value in general, that we're seeing as part of that. But yes, I mean, you know, you want to think through what does inflation mean? What does that, you know... How should we see that value, you know, go through a 20-year lease? How should we see that potentially impact what a renewal will look like at the end of that 20 years? And all of those things are factors that go into that set of conversations that we've got. So, you know, that is, you know, all an important part of the mix that you're sitting down and having a conversation with the customer. And, you know, we think broadly about your competitors, and again, it's such a unique business model. What are competing technologies or substitutes to, you know, private LTE, and why is your solution superior? Yeah, I think, you know, there's been just a significant movement towards these private networks across the utility industry, you know, by and large and whole. And you know, people are taking different amounts of time to get there, but these are conversations that are taking place at industry forums, you know, that four or five years ago were attended by a couple of folks, and now they're attended by a significant percentage of the industry, including the most recent Utility Broadband Alliance, or UBBA, event that was held in Minneapolis in October. And so, you know, with lots of people who haven't contracted with us yet up on panels talking about the need to move forward here, and so we're excited about seeing that movement, you know, within the utility space. So, you know, the movement towards private networks is taking place. So then, you know, where do the folks go to find solutions, you know, be able to enable that to build out these wireless networks? From a spectrum standpoint, you know, there's a limited number of places to go. You know, there's not a lot of under one gigahertz spectrum, kind of that foundation that you want to have, to build out a wireless network, you know, besides Anterix. You know, they could go and have conversations with the carriers. You could never rule out, you know, what the carriers could bring to bear with the size and heft of their networks. Could they do those solutions on a CapEx basis versus an OpEx basis? You know, 'cause really the utility wants to have a, a CapEx conversation, and those are questions that are out there from that perspective. You know, we all know Dish has a lot of spectrum, and where that's gonna end up at the end of the day and what use cases, I think is, you know, a lot of people have questions about, and so we'll see how that comes to bear. You know, and then there's some other speculators that bought spectrum in auctions, that have little pockets around the country. You know, that could be in conversations as well. But that's really kind of that limited universe of where there are good quality spectrum under one, one gig for people to be able to use. So, you know, and that helps drive people to us, you know, from a pipeline perspective and why we feel good about, you know, where everybody is, you know, being in our pipeline. We just, you know, got to keep moving them through it and get to contract. Now, what about, you know, Wi-Fi 6? Is that kind of a non-starter or even, you know, CBRS or those alternative technologies? Yeah, I mean, IOUs had 11, I think it was 11 utilities that bought CBRS auction or CBRS spectrum in the auction that they had for that. You know, so they're looking at all kinds of different spectrum solutions as well. But I think at the end of the day, one of the things you also see is, you know, having 1 gigahertz spectrum with the penetration characteristics that it has, means less cell sites that you've got to put up to cover your, you know, broad service territory that you've got, you know, which is gonna help with your OpEx on an ongoing basis, you know, over the, over the, the life of your network. And so, you know, from a... You know, we've looked at it and said, "You put something in at 900 MHz, you may need 50% of the cell sites that you would need it for, for maybe CBRS." And that's really an important part of the conversation. Could CBRS be complementary for more capacity at certain spots, whether that's a campus or a certain substation? Absolutely, 110%. We've, you know, we've worked with a vendor to be able to put together devices that have both chips for both CBRS and 900, because of that complementary aspect that we see to be able to do things like that. But, you know, part of the conversation you want to have is look at your total cost of ownership, when you build out this wireless network. you know, if you've got 100 cell sites versus 50, that changes the dynamics over a 20-year term as to what your network is gonna cost. And so, you know, that's part of the conversation about why folks really wanna have that under 1 GHz spectrum. Got it. And, you know, this is a really basic question, but I saw recently, the government, and the FCC announce some new spectrum auctions that might be available years out. Or is that? Does that affect the supply dynamics for you at all in terms of, you know, increased competition? Or is it just, again, from a propagation and TCO perspective, 900, you know, megahertz is it? You know, it's a scarce item, spectrum, in the United States and more around the world. You know, and that's why people are willing to pay for it. And that's what we've seen, that value just continues to go up because the use and use cases continue to drive higher and higher every day. I think some of the spectrum that the FCC has laid out, you know, get us higher up the food chain, doesn't have the same propagation and penetration characteristics, but you know, there'll be significant desire across, you know, industry for any, you know, any spectrum that becomes available for people to get their hands on. I think you've seen, you know, the, the last set of spectrum auctions over the last couple of years have wildly exceeded kind of analyst expectations for the value that the government was gonna receive, you know, for those as it going into the auctions, just because it's so scarce, and, and people want it, for a variety of different reasons. And that's not even necessarily just the carriers, who, of course, are, are big players here. So we'll see how all that plays out. You know, there's a lot of questions right now about when the FCC is gonna have the ability to even auction spectrum again at this point. But, you know, we'll, we'll see how that plays out. But I think there's just this kind of now never-ending desire for more and more spectrum, and you know, based on the physics, it's just really a scarce resource. How does your go-to-market look like? 'Cause I think about private networks, I think about, you know, partners. Do you have important sales partners? Are you part of any, you know, hyperscaler ecosystem, for example, or carrier ecosystem, you know, who are important to enable you to sell your services? Yeah, no, that's a really good question. You know, one of the benefits for us right now is we've got, you know, a significant part of the industry from an IOU or investor-owned utilities already in our pipeline. But one of the things we've done is built over the last couple of years what we call the Anterix Active Ecosystem Program. And that's got over 100 vendors who, when a utility comes in and wants to talk about a use case, "How can I do this? You know, how can I think about cybersecurity and what I wanna do with my network?" We can point to 4, 5, 6 entities that are in our, what we call our Active Ecosystem, that have partnered with us and spending, you know, marketing dollars and time on equipment, et cetera, around 900 solutions at 900, that we could say, "Okay, let's go have a conversation with that set of vendors for those specific questions you have about what can get solved for around what you're looking for from a cybersecurity standpoint." You know, and that Ecosystem goes all the way up from the very large infrastructure providers, the Ericsson and the Nokia of the world, all the way down to very small device guys who are, you know, providing solutions for utilities, but know that this is happening at 900, and wanna be able to provide some solutions. And that, that to me is another, you know, one of the things that shows there's a there there because of, you know, people wouldn't be putting all this time and effort behind 900 if there really wasn't something there that was a solution that was real for utilities. And so you'll see all these vendors show up at, you know, these conferences and things like that. You know, they've got, you know, kind of like you have your Intel Inside sticker, and you've got, you know, "This works at 900 MHz" sticker on some of their equipment. And so, we see that as a great addition to kind of the sales process. Because, you know, for us, we don't need a huge sales force. There's a really limited number of entities to go after here. But what you'll want is, you know, to be able to bring the experts to bear, whether that's from a vendor or whether that's, you know, consultants that we have when the customer has a regulatory question, because we've already been through this process and talked to other utilities that have had success. You know, we've got customers now, the six customers that have signed with us are in over 15 states. So they've been through the regulatory processes and the regimes that they've got to go through, to get through this. So we've seen those questions. We can answer them. We've got experts that can come in and talk to them about that. Or even a simple thing like, "How do I, you know, how do I attack this question on a business case?" You know, we'll bring in some folks that have dealt with that as well. So, you know, for us, it's important to be able to bring these experts in, and have the conversations with prospective customers. You mentioned the Demonstrated Intent metric. You know, so is that the best leading indicator for your bookings and revenue growth? And to bring it down to a more concrete level, when you talk about, you know, the IOUs that are out there in terms of people that are interested in and contracting with you, what is the biggest stumbling block, I guess, in terms of getting them over the finish line? Yeah, and I think, you know, we spent a lot of time trying to come up with what we felt was the best way to talk to investors about what was going on in the pipeline. Really harder on an individual customer by customer basis, 'cause we're under things like NDAs and, you know, can't say, "Hey, with entity X, we've done X and Y this quarter, and we're a little bit closer to the finish line." And so we've gotta talk about it at a more aggregate level. But by breaking down each customer and scoring them on each, kind of, the activities that they're doing along that process, you know, helps from our perspective show who's, you know, what, what entities are getting closer and closer to the finish line, without naming them by name. And so TECO was in that highest level of customer intent. They've come out of that now. They've signed a deal, so our number actually went down, which is a good thing from my perspective because, you know, we got them to the finish line. I think, you know, one of the issues that we go through on a day in and day out basis is, you know, these are big utilities with lots of process that they go through. You know, they're regulated, so they've got to deal with the regulatory issues that they go through, but they're also, you know, very large entities that have, you know, multiple operating companies. So it's a sales process that goes through dealing with, you know, an enterprise-level holding company. And then, you know, you're talking to opcos and things like that, where you're selling, you know, multiple times to different folks so that everybody gets the approval process. And you may be going through a process at the holding company level, but you've got to break it down then and then to have the same set of conversations at the operating company level, because those are the, those are the people that are gonna be in front of regulators, testifying, putting together rate cases, and things like that. So you've got to go through that whole process. And you know, all of that takes time. Part of the other, you know, thing that we deal with is, is it's not just a lease with Anterix that's getting solved for here, as they think about what they're doing and moving forward. They're putting together a wireless network. This could be $1 billion to $2 billion, or whatever it is, project, of which the spectrum lease is a really small subset in that whole pie. You know, 'cause they're thinking about infrastructure costs. You know, who, who's gonna... Where are we gonna put cell sites? How much are those gonna cost? What vendors are we gonna use to put up the equipment? You know, how are we gonna do our core for our network? How are we gonna do backhaul? All of those things are really important. They're putting into that case. You know, what are our use cases? All the things like that, but they're you know, the internal teams are also selling throughout the organization, and a lot of that just takes time. You know, and at one point, we thought we could predict with a relative amount of certainty how long respective deals would take, and we found out that we were wrong. You know, there are so many moving pieces that we don't control, and so many things that could just bog down their decision-making. Mm-hmm ... that, you know, that Anterix, you know, doesn't control that process. And so, we came up with Demonstrated Intent as kind of a way of showing, you know, how things are moving forward without trying to predict that we're gonna get X deal worth $10 million done tomorrow, because it's just so hard to predict. Well, that's an interesting point you brought up in terms of, you know, surprises from your original assumptions. Without naming any names, you know, could you provide an example of something that, you know, again, were to push out a deal, that was- Sure ... unexpected? Yeah, I mean, you know, one of the deals we had done, you know, we felt good about terms and where we were with the customer and a glide path to get it done within maybe a six-week period. But then there was a leadership change. You know, CEO, CFO, all those roles changed over in pretty quick succession, and they decided they wanted to re-look at, you know, all the upcoming capital, proposed capital spend and all the big projects that were out there. So, you know, that added another six to nine months to getting to getting things done. You know, basically, the terms or kind of the main parts of the deal never changed, but it was just more process that got thrown into the mix. That happens, you know, and that's one of those things where, you know, we can't raise our hand and say, "Oh, no, we said we were gonna do this by tomorrow," because that doesn't happen. You know, we don't control that. You know, it's tough, and it's part of the stuff that we go through in working with these customers and pushing them along and really kind of helping them as they go through that. It's just one of the things we face. In terms of add-on opportunities, it sounds like, beyond spectrum leases, have you seen any opportunities to have additional revenue streams layered on top of those spectrum leases? Sure, yeah. I mean, you know, at core here, once you get a lease done with the customer, you've got now a, you know, a 20- or 30-year relationship because of that lease and what you're providing to them. And so all of a sudden, you become, instead of the vendor, you become really a partner. And so we've already had customers come back to us and asking us questions about, "Hey, how would you do this? How would you think about, you know, working with this vendor?" or things like that. And these are all things, you know, we're happy to help them with today because, you know, it's important for us to continue to monetize the asset that we. And at, you know, it's important to note that the biggest sales force that we have right now... Excuse me, the best sales force that we have right now is our existing customers. No offense to any of our salespeople that are out there listening, but, you know, it's the, it's when the existing customers get up there at a panel and talk about the successes that they're having. They're talking about how great Anterix is as a partner. Those things are all super important because they all listen to each other. And so they all hear what each other is saying and, and things like that. But, are there opportunities for us moving forward? Absolutely, yes, outside of just leasing the spectrum. We've got a product today that you know, we're marketing and talking to a couple of different customers about, called CatalyX, which is really a product around transitioning you know from the old systems that they've got to the new system, you know, that when they get broadband up through a SIM management process and being able to do that. You know, and that's something we'll see how that does as it continues to roll out and talk to different customers about. But that's important to utilities as they think about: How am I gonna get from the old system to the new system? And are there other things like that that we could do and throw into the mix? Absolutely. You know, but we haven't, you know, really shared much with investors yet, 'cause we're still working through what our thoughts are there. But those opportunities do exist and, you know, we have some, what we believe is some good potential there. But, you know, I wanna make sure everyone understands our main focus on a day in and day out basis is to monetize the spectrum that we've got, you know, and continue to drive these leases, and move forward, you know, get customers to continue to move to get to contracts with us. Has the latest advances in AI impacted your business, either positively or negatively? I think long term there'll be a big benefit here because, you know, what you're gonna see is—or what you're seeing today is the proliferation of data that's happening across the utility space. It's one of the reasons why there's a need for these private wireless networks, is to be able to help manage that process, 'cause they couldn't do it on their old systems. I think AI is only gonna make that, exacerbate that as a kind of a problem, because, you know, how are we gonna manage, and how are we gonna look at all the data that's now going on with power generation being done everywhere? You know, now it's, you know, there's solar panels on everybody's roofs and, you know, measuring how much is coming onto the grid or off the grid because of how much power you're generating at your house on a day in and day out basis. And predictive tools that AI can bring are only gonna have, you know, more and more information flow that's gotta get looked at, analyzed, and driven. And so what systems do people have in place to be able to manage all that are gonna be, you know, continue to be key and important questions that utilities and others are gonna face moving forward. So I think, I think in the long term, yeah, absolutely, it's gonna be a positive impact. If I could explore that a little bit further. The reason why I ask is there's two ways I've seen this play out so far, in that, one, long term, obviously, the value of the spectrum, your spectrum and the data, goes up substantially. But in the near term, it's just so new to customers that they kind of freeze up, and they say, "Oh, wait a minute, you know, maybe we should do, we have to rethink everything in terms of, you know, how we architect for this new AI wave. Mm-hmm. So are you seeing customers take on a greater sense of urgency or, you know, the latter, kind of, "We're gonna, kind of, sit back and wait and see how things play out," type of attitude, in terms of how AI has incrementally affected your, your sales motion? Yeah, I mean, I don't think it's had a direct impact in either direction, to date. I think, you know, it's something for people to think about as they work through this process. But I think, you know, it only adds to the mix of the reasons why, you know, you need to move forward, with having, you know, a system out there that could do the things that we've talked about. You know, and of which a better communication system is a part of that solution. It may not be the whole solution for them, but it's a significant part of it. And so, you know, I think it will... You know, whether or not people are gonna, you know, pause and think about that as just another thing to work their way through, I don't know. But, we haven't seen that to date. Got it. And, you touched on your capital allocation priorities. You know, how active are you on your buyback, and where else can you deploy your cash? Yeah. So, you know, I, I talked about the benefit of, of prepaid, you know, from a customer standpoint. We had $50 million roughly on the balance sheet at the end of September, and that's kind of where we roughly want to keep it, and anything in excess of that, we, we wanna deploy, you know, back into, for the most part, you know, our, our, helping our shareholders and driving shareholder value. Right now, we see that as, the buyback is the answer today. So in September, we announced a new buyback program, you know, a couple year-- for, for three years, with $250 million. And we will be active quarter in and quarter out, you know, particularly with the new contracts that we've got coming in and the cash flows that we've got in buying our stock. And so, you know, last quarter, we bought back roughly $12 million worth of shares. And I would say, you know, hopefully we'll be able to continue at a pace like that, especially in the short term. But we'll see. It really kind of depends on the ebbs and flows of the cash flows that we've got from the customers. You know, and we're doing that through a variety of open markets, 10b5-1 process as we move forward, being able to do that. You know, as we sign some additional contracts, and hopefully some larger ones, you know, and have more cash flow, near-term cash flow, will we consider things like, you know, other ways to buy back shares through tenders and things like that? Absolutely. Will we also consider, you know, one-time or special dividends? Those things will all be on the table, you know, for us to think through. We wanna do this all in the most efficient way, especially tax efficient, to help our shareholders, moving forward. So, you know, that, for us, is really important. We're gonna keep investment in kind of new, new lines of business to a minimal perspective. You know, and not, Because we wanna keep that focus on return value to shareholders and monetizing the spectrum asset that we have. We saw some insider purchases come across the tape. I think one of your directors made a fairly significant purchase. I mean, was there anything communicated about, you know, his motivation behind that or his particular role at the company? Yeah. So, Jeff Altman, who is on our Board of Directors, who's also the lead at Owl Creek, you know, bought about $4 million worth of shares in the last couple of weeks. He has been with us, knows our story since 2014, when we first originally raised money. Owl Creek was one of our first and largest investors. Today, they own roughly 30% of the company. Jeff came on our Board within the last year or so, and you know, has added a ton of value. You know, I think, you know, anytime an insider buys, you know, they're seeing opportunity, and Jeff felt that was the right time for him to come in and add some additional shares to his position. So we're excited about that, but, you know, it's good to have another vote of confidence from Jeff and the Owl Creek team, who've been such strong supporters of us for so long. ... understood. And, I mean, this is a CFO type of question, I guess, but, I noticed that you do have some NOLs. You know, how did those come about, and will you be able to... Are you expecting to be able to fully utilize those at some point? Yeah, I mean, the company had a life before we bought the spectrum. You know, it was, you know, moving some applications for workforce management and things like that. So it had, you know, was never, wasn't profitable from that perspective and, you know, started to build up some NOLs. And since we moved forward with the spectrum process, we've continued to add to those NOLs. I would expect us to be able to start to utilize those relatively soon because of the tax rules around the prepayments that we've got coming in, where you've got to recognize the prepayments more or less when they come to us as revenue from a tax perspective. And that will help drive, you know, some additional, you know, profits in the near term that are gonna need for us to use those, those NOLs. But and, you know, that'll be over the next, you know, 5, 6, 7, 8 years, you know, where we won't be a taxpayer because of the benefit of, of the NOLs that have been built up in the organization. You know, and so it's nice to have $200 million, you know, that are a backstop, against things like, you know, the, the prepayments that we've got coming in. Tim, we only have a few more minutes left. I mean, do you have any closing thoughts or is there anything that you think the market underappreciates about Anterix that you'd like to call out? Well, from a just closing perspective, I mean, I'm more excited than I have been about where we are, and I've always been very excited about our story. But seeing, you know, the move and that we've had and Demonstrated Intent, the customers that we've got moving forward, seeing a lot of the excitement that's taken place at some of the more recent trade shows that we've had, you know, where folks who are not customers are up there, current customers are up there talking about intent to move forward with private wireless networks, I think is really important. And it's a really important step forward in the industry that we're trying to help with the solutions that we're helping provide. And so it's an exciting time to be here. We've got, you know, a lot of hopefully nearer-term opportunities that are gonna come to fruition that, you know, that continue to build value for us and value for our shareholders as we continue to return capital to them. So, you know, it's a good time to be here. You know, look, I mean, I think one of the reasons why we're in the market, you know, buying back shares and why people have been excited about that is 'cause we, you know, have seen what we believe is the shares to be undervalued. And it's been a good opportunity for us to buy. Thank you for your time. Thanks, Ed. Thank you to you and the Oppenheimer team again. Thank you so much.