All right, good morning, everybody. Welcome back to the Main Stage. Extraordinarily pleased to have with us Christophe Le Caillec. He has been with American Express since 1997, and as most of you know, you became CFO in August of 2023. Welcome. Thank you. Happy to be here. Absolutely. Lots of fun to talk about in your space. So let's start off with which has been really an incredible couple of years for American Express, given the growth that you've been able to generate coming out of the pandemic. And now it feels like we've reached a little bit more of a normalized and sustainable level of growth. As we think about where we sit today, how would you characterize the state of the consumer and small business in the U.S. in terms of appetite for spend and overall financial health? And maybe zoom in on the cohorts that you focus on. Yeah. So thank you for the question, and thank you for having me here. It's the first time, I think, American Express is at the UBS Conference, so delighted with that. So first, I think I need to remind everybody that our portfolio of card members is not representative of the U.S. economy. It's important to keep that in mind. And so what we're seeing first on the consumer side—listen, consumers are doing what they do best, which is to consume. And, you know, we were very pleased with their Q4 numbers. They were up 7%. International consumers were up, like, 13%. And importantly, all the credit numbers, the balance sheet side of the consumers is very strong. We always had, you know, very strong credit performance, but I need to say that the gap to competition is increasing further, so we feel good about that. On their small business side, it's a little bit more complicated. You know, it's their same situation, I would say, on their credit side. Very strong performance, very strong demand as well, I would say, for new cards. But what we're seeing also is their tenured card members, the tenured small businesses, are spending a bit less, which is depressing our growth rate. So we were at about 1% growth in Q4, and, you know, we are, you know, similar today, I would say. And, you know, you talked a little bit about the cohorts. We made a big push, and we are very focused on the younger card members for many reasons. One of them is because for years, it's a cohort that we struggled to attract. The brand was just not resonating well. It's not the case anymore. We're very pleased to see the brand resonating with the younger consumer members. That's definitely the fastest-growing part of our business. I like it. I like it because it comes with a promise of a lot of growth going forward. You know, we're going to grow with them. As you know, we run the company for the long term, and it's good to have younger consumer members who will be with us for such a long time. We'll dive into that a little bit more in the session. So we're about two years out from your last Investor Day. As a reminder, you initially laid out revamped long-term aspirations, so revenue growth in excess of 10% and mid-teens EPS growth. Obviously, last year's growth was well above that range, and your revenue growth target for 2024 is within that range as well, 9%-11%. How would you assess the company's progress over the past two years as you've worked to achieve that elevated growth rate into the future and sustain that growth rate? Yeah. You know, I was directly involved in laying out this growth plan. When we came out of the pandemic and we were still in the pandemic, but we could see the light at the end of the tunnel, it was very clear to us that there was an opportunity for us to accelerate the growth of the company. We worked really hard on it. And as you said, right, we grew 25%, then we added another 15%. The company today is much bigger than it was before. It's very different. It's operating at a much faster pace. And here's what I would say as well that I really like as a CFO, everybody at American Express has a roadmap in terms of what they need to do to deliver on this growth plan. And so we focus on executing. But if you were to meet, you know, executives at American Express, you will be pleased to see, you know, how many people have very clear roadmaps, very clear, you know, goals, I would say, and everybody's focused on executing on this growth plan. So coming back maybe to this year and the guidance, the 9%-11% range on revenue growth, one key component that really stood out from your earnings call was the expectation for reaccelerating growth in card fees, exiting this year at a higher level than the 17% growth in 4Q. So in recent years, you've noted that most of this growth has come from card growth versus pricing. So would you expect that to continue to be the case, or is there more room for price? You know, I like that metric, the card fee growth. We call it internally subscription fees because that's how we think about the relationship that we have with the card members. I like it because it's very representative of what we're trying to do. I'm really pleased with the 17% growth that we had in Q4. I will remind you as well that during the pandemic, we actually grew that line. But to sustain and to reaccelerate that card fee line, there are three things that we need to do. One, attract a lot of fee-paying card members. That's what the acquisition team is doing. They're very focused on making sure that a disproportionate share of the card members who join the franchise are on a fee-based product. The second thing we need to do is keep the product fresh. So we have accelerated the pace of refreshing products. Their playbook that we use has been the same for the last, you know, years. We first try to inject differentiated value in the product and then price for it. So that's the pricing, you know, effort that, you know, is the second lever that we need to pull. The third one, which, you know, we probably do not talk enough about, is the fact that for this card fee line to keep growing at that kind of rate and to reaccelerate, we need every single card member who is on a fee-paying product to renew their membership every year. Every year they face a new decision, which is renew the fee or not, renew the membership or not. I'm super pleased to see that, you know, with the recent, constant refreshes, you see a lot of card members, you know, increasing, renewing their fees, renewing their membership, and, you know, paying a higher fee. So great success for us. It brings a lot of stability to the P&L. You know, I like that line. Speaking of refreshing, so back in 2021, I believe you doubled the partner-funded value on your cards from Amex Offers over that two-year period. Can you give us a sense of what the rewards environment looks like today versus a few years back in terms of what consumers are looking for and also your partners' willingness to fund them? And maybe here you talked a lot about a younger cohort. How do you know, how did you finally break through and really convince them that they needed to be members and have that subscription fee? Yeah. So, so we're talking value proposition, rewards, product refreshes. Here's what I would say on this. Our card member base, the portfolio of relationships that we have, is super attractive to plenty of partners who want to have exposure and who want to expose their brand, their services to our card member base, whether it's Platinum, the Gold Card, or and so when that's the case, we actually build the value proposition around this. Another option for partners, and I'm sure that many of you are card members, is to go in the app and you see the offer, you know, option that you have in the app where partners are pushing offers to card members that are targeted and, time-bound. And that's definitely something that we're growing a lot as well, that we find, you know, partners are very responsive to that. It's a good way for them to target offers, you know, to a very specific cohort of card members, the young people or the Platinum Card members, or in a specific geography. We are dialing this up, and we definitely want this to be a bigger part of our business going forward. You know, on the rewards side, there's always a component and actually on all the products that we, you know, have, there is a rational component, and there is an emotional component of it. When you buy an American Express or when you get an American Express card, definitely the emotional component is important, right? And that's definitely where we try to invest and differentiate. We don't want to win the war on rewards or fight to get, you know, more miles or more points, but we definitely want to engage with the card members in the experience, in the value proposition, in a differentiated way. This being said, we're constantly working on their reward offers as well. One of the latest things that we introduced recently that is working really, really well is to offer card members the option to actually go in the app, select a specific transaction, and actually pay with miles for that specific transaction. So we're constantly working at it, across the world. We are reinvesting, reinventing the value proposition, changing the rewards, trying to keep the product fresh, and trying to have a value proposition that resonates with our card members and the prospects. So actually, since you said app, this is a good reminder for you guys in the audience. If you want to ask a question, you could scan the QR code that is on the tables, and you could submit the question. I'll get it in the iPad. And we also have an analog option, the traditional mic. Commercial spend. So commercial spend has weighed on growth in recent quarters. Could you give us an update on what you're seeing from these customers and when you think a reacceleration may occur? Yeah. So the timing of the reacceleration, I don't know. Here's what I can explain, though, what's happening. Definitely a cohort and a group of card members that has been through a lot over the last two or three years. And, probably, you know, if you go back to Q2 last year, it's when we started seeing some softness in the billing and the billing growth. And we ended the year at 1%. As I said earlier, it's largely a function of the tenured card members, who are spending a bit less and depressing the growth rate. This being said, the demand for the card is very strong. The credit profile of the new card members is very, very strong. So we're doing what we do best at American Express. We're going to be patient with them. We're going to be ready when the volume comes back rebound. I'm pretty sure. And I hope that when the Fed starts lowering the rates, a lot of small businesses will see the light at the end of the tunnel and probably spend a bit more. But for now, the only thing I would add to this is that where we are right now is consistent with where we were, I would say, in Q4. And that's what we assume in the guidance that we provided at the beginning of the year. So I hope there are going to be surprises here, and I hope that we're going to have upsides. So speaking of the Fed, net interest income was a big contributor to growth in 2023, up 33% from the prior year. You're expecting that to moderate this year along with the loan growth, which was 17% in 2023. Two-part question here, Christophe, if I may. One is, how should we think about the pace of loan growth this year? And you mentioned the interplay within small business, spending and rates. And how should we think about your sensitivity to the rate environment, given that it changed a lot, in terms of expectations? And you because you've seen some really nice improvement in net yields despite higher spending costs. Yeah. So let me take the second part of your question first. We've just published in the 10-K the sensitivity to rate changes. And I think we're talking about rate declines, hopefully. And we are slightly liability-sensitive at American Express. And so a 100 basis point decline would translate into $74 million upside for us. So you see, it's not a big amount of money. The total NII line, I think, is like $13 billion. So it's fairly inconsequential. Let me get back to the first part of your question, because it is something that I think is worth talking a little bit about. Their growth in NII is really coming from two things. One, there is a growth in volume, in assets, right? The growth, I would say, is actually not that much stronger than many of our peers. You've been talking about 17%. That was the lending part. The total asset growth, I think, was 13% in Q4. If you compare that against our competitors, it's kind of the same thing. The reason why we say this is going to moderate is because most of the growth in our case comes from tenured card members who actually, you know, lowered their balance during the pandemic. They all did. They were spending less, and there was this, you know, subsidies coming from the government. And now they're rebuilding balances. Many of these card members are reaching now the level of balances that they feel comfortable. So that's why you should expect that to moderate. But there are another component, which is the yield improvement that I want to call out. And this yield improvement is the function of two things. One, which is not directly visible, you know, to folks, but it comes from the fact that we have a lot less, you know, intro rate and zero balances, 0% balances in our asset book than we used to. You know, balance transfer, we used to do some of that. We don't do much at all today, and so that's helping us. The biggest, though, source of yield expansion has been, you know, I'm going to use the word transformation, the transformation of the way we fund the balance sheet of American Express. If you go back in time, you know, back to the Great Financial Crisis, the main source of funding for us was commercial paper, asset-backed securities, and wholesale loans. This has changed a lot. When we became a bank holding company, we introduced high-yield savings accounts, which is a much lower funding cost for us. And we've been growing this. We've been getting much better at distributing this, at pricing for it. And today, it is by far the biggest source of funds for us. It's a much cheaper source of funds for us. And that contributed to yield expansion, which is margin improvement, increase in ROA and ROE. So I like that a lot. And because we're talking about this, I'll say as well that, last year in spring, during the, you know, the SVB crisis, you know, we were tested, and we were a net receiver of savings from many card members and also, you know, customers who are not card members who actually felt safe to put their savings with us. So it's a very important program for us, playing a big part in that NII growth. And it's margin accretive. So maybe just a follow-up on that. You know, as we look forward and we think about your aspirational targets on the revenue side, how should we think about the funding strategy, particularly with, you know, rates potentially higher for longer and a different level of neutral rates other than the 0% that we saw over the past decade? So we're going to keep growing HYSA, and it's going to keep becoming a bigger part of our funding stack. So it's still going to create some expansion of yield, and it's going to play a bigger role in the way we fund the company. And when it comes to asset growth, as I said, you know, you should expect to moderate. 70% of that growth, as I said, comes from tenured card members, and there's only so much balances they want to carry. So that's going to moderate slowly. The other thing that I would say, because there was a lot of talk about, you know, the size of NII and the contribution to revenue growth, if you go back in time and go back to 2019, pre-COVID, since then, we grew the balances, the assets, about 29%. We grew billing by 35%. So we're still growing spend at a faster clip, you know, over this period of time than balances. And, you know, here's what I would say as well. We are doing lending because that's what our card members want. We introduced in our premium products a feature called Pay Over Time, which allows typically Gold Card members, Platinum Card members, when they do like a big purchase, a TV or, you know, a vacation, to actually revolve that transaction over a period of time and to have a little bit of a revolving balance. This is the biggest contributor to balance growth. And the risk profile is very, very attractive because that revolving book is sitting on our on the Platinum and Gold and premium fee-paying card member base. Yeah. Plan It or Pay It, right? So that's part of it, but you also have, you know, Pay Over Time. Yeah. So I think this is, there's lots of questions coming through the iPad. I'll take this one on funding, and I'll ask this verbatim. You talked a lot about funding transformation. Can you talk about the progress on your checking products and your ambitions there? Yeah. So we introduced a checking product, and a debit capability, you know, on our network infrastructure. It started there. We decided to expand from debit to having checking accounts and Rewards Checking accounts. We offer, every time you spend your debit card, rewards, which makes it super, super competitive and very, very attractive. The goal here for now is to offer these products to the consumer member base. That's the priority for us. It's growing slowly. We're learning how to manage, you know, a checking account. So this is still new for us. It's starting slowly, but it's going to provide another source of funding going forward, over time. For now, it's still very small. And maybe before we, you know, move on to another topic, someone wants a clarification on your comments on cohort spending. Was the cohort spending drag comment only about Commercial Services, or does it apply to the U.S. consumer as well? It's U.S. consumer. When we talked about the younger consumer members, Gen Zs, Millennials, I was referring to U.S. consumers. Got it. Actually, internationally, you know, our ability to attract younger card members is not specific to the U.S. That is applying actually across the world. Got it. Maybe spend a few minutes on credit. We have a few questions on the iPad as well. So credit has been normalizing at American Express at a very gradual pace, as expected, despite your peer-leading growth and also despite your focus on lending that you just mentioned. So the two-part question here is, when do you think we get back to a more steady-state level of delinquencies and write-offs? And what do you think has helped you the most in your ability to keep that growth without compromising on credit? Yeah. This is a great question because it comes and it goes to the art of what we're trying to do here. The key thing is it's actually quite easy to grow a credit card business and to extend credit. What's really hard is to get the credit risk right. There are two things that we're doing really well at American Express. One, we have a super talented credit risk organization that is probably best in class in the industry using very advanced technologies and modeling to manage credit. And fraud, by the way. The fraud performance on the network, the American Express network, is much, much better than any other competitive network. But let's stick to credit. The second thing, which is the most important in terms of what explains why we are so much better than our peers, is the positive pardon, sorry. It's their positive selection phenomenon that we generate through premium products by, you know, when you issue cards, you're always going to attract people who are in the market to actually, you know, have access to credit. What's really hard is to convince the people who do not need credit but still want your card, right? The affluent card members, those who pay in full, those who are attracted by the lifestyle. That's really hard to do. And that's what we do really well at American Express with, say, with the Platinum Card, the Gold Card, the Green Card, all the pay-in-full products, right? Because we skew towards, you know, the high-end, the premium products, we attract a disproportionate share of very, very low-risk card members. And that's the main reason why, year in, year out, we are performing better than the rest of the industry. It provides a ton of stability. I'm sure you've seen the CCAR results as well that we do on a regular basis. We're going to do it again this year. And we're typically, you know, the best-performing financial institution in the U.S., right? Because when you put some serious stress on the portfolio, these card members react a lot better than, you know, our peers. So the premium positioning of the brand, the premium products, and the fact that since Steve became Chief Executive Officer, we pushed even harder on premiumness is the main driver of that credit performance. There's a graph that we track at American Express. You know, we track our credit performance, our write-off rates, and delinquency rates against our peers. And we measure the gap, like how much better we are than the peers. It's very satisfying to see that that gap is actually increasing further. I feel really good about our credit position. That's a very hard one to replicate for anyone. I wanted to ask the credit-related question that came through the iPad, Christophe. Loan modifications have been increasing recently to now a level comparable to COVID highs. Is there a structural change in how AmEx is working out loans? This is all happening while DQs are below pre-COVID levels. We're offering it a lot more than we used to. When card members call us and say, "Hey, you know, it's a bit tough for me right now," we offer them, you know, programs to help them, you know, manage their payments. And so we're offering that a lot more than we used to. And that's the key reason why their loan modification has been growing. And here's what we're learning, right? We have learned, for instance, that card members who have an AmEx card and a competitor's card, they actually tend to pay us first before they pay the competitor because of the loyalty to brand, to the brand, and to the product, even in times of stress, or I should say, especially in times of stress. So for us, it's a good way to live up to our promise, in terms of, you know, helping card members and having their back. It's also a very smart and efficient way to manage credit exposure. Maybe moving to the expense side, you noted during the earnings call that you'd expect to increase your marketing spend this year and grow your Variable Card Member Engagement Expenses faster than revenues. Can you talk about what you're focused on making those investments? Yeah. So let's talk about marketing first, right? Excuse me. I've got a cold. So I'm trying to fight that right now. So on marketing, we, you know, you know the history of American Express. We never had branches. Marketing for us was the way for, you know, for us to reach out to prospects. We have built over the years a very sophisticated engine, a marketing engine that actually is run not only by marketing but by the risk organization as well as the finance organization to actually maximize the return that we get on this marketing spend. We are constantly trying to innovate here to improve the efficiency of this of this marketing spend. One of the latest innovations that we had, and I'm very optimistic about it, is our ability to personalize offers, you know, earlier in the funnel. We can make you an offer now before actually, you know, you actually hit their, you know, the approve or you approve the card and before your credit score was impacted. We're very optimistic about what this is going to do in terms of our ability to make profitability-based decisions at the margin, right? We're going to be able to offer, you know, that incentive that is personalized only for you as a prospect, and, you know, fine-tune it to the point where it's what's going to convince you to come over. So that's an example of, you know, the kind of innovation that we are introducing to maximize the return on our marketing spend. Under Variable Card Member Engagement Expenses, this is a huge expense base for us. It's a very important one. There are multiple forces that are at work here. I'm going to name two. One is, as the portfolio is skewing more and more towards premium products, by design, as I said, you know, that Variable Card Member Engagement Expenses ratio to revenue is actually increasing. You know, if you are like a credit card holder, just like Blue Cash Everyday, there's not much, you know, cost of card member services or benefits that you have access to. If you're a Platinum Card member, we give you access to lounges, to rides, to plenty of benefits, right? So as the portfolio is skewing towards premium, that ratio is trying you know, tends to go up. At the same time, you know, we don't have an objective function for that ratio. We're not waking up, you know, in the morning and saying, "We want that ratio to be 41%, 42%, 43%." The way we make those decisions is actually at a much more granular level at the product level. So every time we refresh the product, part of the job is to find a way to actually rebalance or improve a little bit that ratio. I told you early on, we try to inject value, benefits into the product and have the courage to price for it, right? That's what we try to do and improve a little bit that ratio product by product. That's what we try to do. And, you know, where we are in terms of where that ratio is today in VCE to revenue is a function of all those multiple forces that are at work. Maybe I just want to ask a question on capital. Don't worry, guys. I got your question that you want me to ask. I'll ask it. Don't worry. Is it a Basel III question? First of all, I'll get to the boring question. Then it's the question that everyone wants me to ask. So on Basel III Endgame, clearly you've been, you know, just a poster child for, you know, the OpRisk component. You would get penalized for your, you know, your your fee exposure, obviously. And you've also talked about that would consume most of your buffer, about 7%, if finalized as proposed. But obviously, you also have a 30% return on tangible common equity that could quickly reveal that. But we've heard a lot of conjecture about the softening of Basel III Endgame. And I've been surprised at how much positive momentum there seems to be for revisiting OpRisk. And also, as you know, they just sort of slap an extra 10 percentage points on credit card RWAs versus BCBS or into international standard. So what have you heard from Washington in terms of, quote, "softening" as it relates to your business? So, there's a lot of conversations. And I can talk about my experience talking to the Fed first. They're listening. They're completely understand that, you know, the disproportionate effect that you talked about, on card fees, for instance, you know, which is one of the most stable, visible, you know, you know, income that you can have, right? There's not much ops risk that comes with a card fee line. They completely understand that their proposal was not drafted with that in mind. But I don't know what they're going to do. You know, they're listening to everybody. They're clearly understanding that, what's happening. And they were very engaged. We spoke multiple times with them, multiple Fed governors, and all very receptive. And we'll see what happens. You know, I don't know. You know, they're talking to everybody. They have tough jobs to do. But, you know, we'll see. Irrespective of where we land, as you just said, right, we have an ROE of 30%. We have our buffer. You know, our regulatory capital is 7%. We're running the company between 10% and 11%. So we feel that we have a big buffer there. And if push comes to shove, we can rebuild capital very quickly through our ROE. So, it's not going to impact the value propositions, our product. It's definitely not impacting our strategy. And we staying the course. So we'll talk about competitive dynamics. You know, given the amount of repetitiveness of this one question, I will have to ask you this first before I talk about the issuer dynamics. You know, there are clearly four networks. And, you know, one of them got tied up. So, a lot of the investors here in the room want your initial thoughts on the Capital One Discover deal that was announced and how you, as one of the four networks, could think about the competitive dynamics. So I'm probably going to disappoint you, because first, you know, I'm trying to learn as well as much as you are. You know, a lot of things can still happen, right, before they finalize the deal and before they generate those synergies and those efficiencies. I like the fact that they're seeing value in being an issuer and having a network. We've been talking about that for years. I'll say this as well, right? Cap One and Discover are two very well-run organizations. And so, you know, I'm going to be just like you. I'm going to be watching it and see how it develops and what happens. It's not going to change what we do. I think during the first question you asked me, you know, was about the growth plan. We have a clear roadmap in terms of what we need to do. We know exactly what we want to do. And we're very focused on delivering this in excess of 10% revenue growth and 15% EPS growth, you know. And that's what we focus on. And that transaction is not going to change that. You know, speaking of just the general health of the consumer, particularly the cohort that you focus on, which has been reaffirmed in spending, you know, a week here in booming Miami, how should we think about the competitive moats that American Express has built on the issuer side? You've already sort of talked a lot about this leading up to this question, but maybe just, you know, what moats would you point to in order to say, "Okay, you can not just defend your position but grow it"? Yeah. Listen, the first thing is that we've been asked this question about, you know, competitors coming after our cohorts, the premium space, for years. And it's very interesting what's happening, right? Every time a competitor decides to make premium cards and go after our customers, what it does is that it expands the category, right? And guess what? Who is winning when the category is expanding? The leader of the category. There's a lot more Platinum Cards and premium cards in the U.S., for instance, today than there was like six or seven years ago. We're benefiting from that. Every time competitors open up lounges and you've seen it, right? You read the same news reports that I read, right? A competitor will announce a lounge. And somewhere in the paragraph, you know, down at the bottom, it says, "Yeah, but by the way, American Express has a lot more lounges." And every time, it's like free advertising for us, right? So the market, if you want, is expanding. And I'm glad competitors are paying, you know, a lot of marketing dollars to expand the market. And we're benefiting from that. The other thing that I'll say is that there is a piece of the DNA of American Express that really no one has been able to replicate despite trying really hard. It's the quality of servicing. We keep winning the J.D. Power Award, you know. And you know, the stories you hear when you listen to their colleagues working on the servicing front are absolutely amazing. I myself, when I go around and talk to people, many of the people I meet are card members. And how many tell me the story about how AmEx had their back at some stage during their, you know, their travels or something happened in their lives. This is very, very, very hard to replicate. Very hard. So, what then? I mean, it sounds like everything is going quite well. Other than macro, which is always a risk and an unpredictable one, what do you think is the biggest risk to your revenue growth aspiration? You know, the biggest risk for us is execution. We know what we want to do. But to grow in excess of 10%, when the revenue is $60 billion, you need to generate $6 billion of incremental revenue. And then the following year, a bit more than $6 billion. And then the following year, a bit more than $6 billion. We're very focused on that. And as I said, we have plans. We know exactly what we want to do. And that's what I'm focused on, right? I want to make sure as a CFO that, you know, we push the resources of the company towards the best opportunities. And we execute on all those plans that we have to deliver on those ambitions. Maybe this is a good spot to ask this question. Christophe, can you talk about billing trends this quarter? Billing trends is very consistent with what we talked about at the end of Q4. There's been really no major shift there and very consistent as well with the guidance we provided. Great. I have one more question for you, but since we only have 1 minute 30 left, I wanted to see if anybody in the audience wanted to ask the question analog style. Ooh. Okay, so happy almost six months, 6-month anniversary as CFO. That's right. As we think about, you know, your time looking forward in the seat, what are your strategic priorities as CFO? So six months in the CFO seat, but I spent the last five years working very, very closely with Jeff Campbell and Steve Squeri. And I have my fingerprints all over this growth plan and many other decisions that we made. As I said, you know, my number one priority, you know, we don't need to invent a new strategy. We don't need a big deal. We don't need a merger. We don't need any of that. We have the roadmap, the recipe to grow and to generate, you know, 15% EPS growth every year. That's what I'm focused on. Getting things done, making sure that the marketing dollars are chasing the best opportunities, making sure that the operating expenses are where they should be. There are places that we need to kind of shrink. There are places we need to expand, making sure that we grow while keeping the risk under check. I'm focused on making sure that we execute on this plan. There is a part of my brain as well that is projected, you know, down the road, four, five, six, seven years. Steve as well is, you know, thinking a lot about it. But most of the energy is focused on getting things done. Just like the company, that was perfectly executed. Good timing. We're out of time. Thank you so much, Christophe. Thank you. Thank you so much.