Okay. Good morning, everyone. We can get this started. So for those of you who don't know me, I'm Katie Delahunt, an associate on Alex Straton's softline retail and branding team here at Morgan Stanley. And thank you all for joining us to kick off the second day of Morgan Stanley's Global Consumer and Retail Conference. So I'm really pleased to welcome Bath & Body Works here on the stage with us. They're the leader in home fragrance, body care, and soaps and sanitizers with over $7 billion in annual sales and more than 2,400 stores globally. So today, I'm joined by Daniel Heaf, Chief Executive Officer, and Eva Boratto, Chief Financial Officer. So welcome, and thank you both for joining us today. So, on format, this will be a fireside chat where we'll explore some of the investor questions that we've frequently been getting, as well as take some time to answer audience's questions if we have some time. So then, to cover disclosures, please see the Morgan Stanley Research Disclosure website at www.morganstanley/researchdisclosures.com. And if you have any questions, please reach out to your sales representative. So great. Maybe to kick things off, Daniel, I can start with the big picture question for you. Since joining in May, you've now completed a comprehensive review of the company. In In that process, what have been your biggest learnings compared to what you initially suspected, and what KPIs matter most to you? Yeah. Great. Thank you. Good morning, everybody. I'm going to reiterate what I thought coming into this business and what I think the enduring strengths of the company are, which gives me so much optimism for our future. So first of all, as you know, we operate in fast-growing, innovative, youthful consumer categories, growing mid-single-digit to high-single-digit. That's a great sector for us to be in. And we have, what I saw from the outside, a competitive moat. We have a reason that distinguishes us from all of our competitors out there. We have our own distribution, 2,500 stores. We have 40 million active, growing loyalty members. We have our domestic agile supply chain, 50,000 store associates. And we are the category leader in the core categories that you just mentioned. And so I thought all of that before I came in. It's sort of even more true today. When I dug under the hood of this business, it has some incredible advantages that are not immediately obvious. You think about some of our core franchises that have been around for 20 years, 15 years. We have a vault of fragrances. And some of those fragrances, many of those fragrances are doing north of $100 million. Some of them are over $200 million. You think about the buzziest beauty brands out there, the brands that are in the front of Sephora and Ulta, the revenue from our single fragrance franchises is considerably larger than some of those franchises. It doesn't look like it from the outside, nor in the way that we treat it. This business has a vault of iconic fragrances that is not immediately obvious from the outside. So all those strengths are true and perhaps even more true than I thought when I first started. Now, digging into the business on day one and really understanding what was going under the hood, we came to a number of conclusions about the business that we outlined on our last earnings call. Firstly, the strategy to move into adjacencies, so laundry, lip, hair, men's as good examples of those adjacencies, that was done with the intention of driving both top-line growth and acquiring new customers. And that strategy was not successful. It didn't achieve the growth that we expected. And perhaps most importantly, it didn't bring new consumers to the brand. And the byproduct of that strategy, as we all know, business is about choices. And we made choices in the prior years to invest our marketing money, invest our research and development money, invest in our packaging stages, and restaging in those adjacencies. And as a result, we pulled time, money, and attention away from our core. That core that you just mentioned, soaps and sanitizers, body care, fragrance, home fragrance, those categories drive 90% of the value. There is plenty of growth in those sectors, and we have a right to win in there. So that is what I uncovered in the first part of the strategy. The second part of the diagnosis really came down to collabs. I love collabs. We're not walking away from collabs, but we don't want to use them to prop up the quarter. They're there to drive energy in the brand. They're there to create buzz and excitement, sell through. They shouldn't be used to carry the quarter in the way that Villains was set up to do. And then thirdly, and perhaps most obviously to, I'm sure, all of you, when the top line isn't going as expected, companies reach for the promotion lever. And as we all know, becoming increasingly promotional erodes reference price points. It doesn't actually drive loyalty, and it dilutes brand equity. So with all of that information, we came up with the Consumer-First Formula, which is our strategy to getting back to long-term, durable, consistent, profitable growth. That's great. Thank you. And Daniel, could I just add? Please. Part of your question, Katie, was also about metrics, and underneath that formula is, we think, about the important metrics, right? Growing total customers, right? Focused on that younger customer, filling that portfolio. We've done very well with our existing customer retention as well as increased trips and spend, but we've got to grow our customer base. We've got to, as we elevate and invest in our Customer-First Formula, have more brand equity in the market, thus more pricing power, right, and winning share. We're in really healthy categories. That's great. Thank you. And then, Daniel, I know with the third-quarter print, you unveiled your consumer-first formula. And before we dig into the details there, maybe could you just summarize the core pillars of that strategy? And then, in your opinion, is there a rank order to you in terms of which matters more or less? Sure. So there are four pillars to the strategy. The first pillar is about creating disruptive and innovative products in our core categories. It's about getting back to category leadership in the core categories that we are famous for, in the categories that we are the market leader for, and the consumer has told us what it is that they want. They want cleaner, more efficacious formulas. They want elevated, more modernized packaging, and this is something we know how to do. We've just got to put it together in the way that we historically have done to meet that consumer need, and we're laser-focused on that. The second component is reigniting our brand. We are an iconic American brand. It is unbelievable the recognition and love that this brand has, but we haven't really invested in making the brand relevant to today's consumer. You can look across the retail space, and you can see how other brands have made themselves relevant with influencers, with creators, with consistent, elevated, threaded marketing messages that are fewer and bigger. And that is exactly what we intend to do as well. And the third part of our strategy is about winning in the marketplace. I fundamentally believe that you have to go to where the consumer is. You have to meet the consumer where they are so they can find, fall in love, and purchase your product. This idea of just being a single-stores-based retailer operating within our own four walls, I think that came to the end some time ago. So if our aspiration is to grow share, we must grow share by winning in the marketplace. And then fourthly, just over time, our company has become too siloed, too slow. There is an opportunity internally, both for cost savings to fund the investments that we'll be making in products, brand, and marketplace, but really to make the whole company more consumer-focused, faster, and more efficient. Great. Those are the four pillars of the strategy we laid out. Yeah. That's a great overview. Thank you. And then maybe diving a little bit deeper, in recent years, the beauty industry has arguably become increasingly competitive. Would you agree with that characterization? And then how does your new strategy strengthen BBW's ability to win there? And then kind of related to that point, should BBW grow in line with the industry? And at what rate would that be? Yeah. So I think it's unquestionable that the sector is competitive. But if you have a high-growth sector with great margins, you attract great competitors, and that's great. What I go back to is we're the market leader in those categories. And as I said in the answer to your first question, we have these enduring qualities. We have a competitive moat. Sure, you can be X, Y, Z influencer a brand, and you can get your product into 300 doors of Sephora or 600 doors of Ulta. But we have 2,400 doors around the world. We have our own supply chain. We have 40 million active loyalty members. We have a moat that is going to be very hard for competitors to beat because in some ways, this brand, this business over the last 35 years has done the hard, hard things. You can be an influencer brand, but you're not going to be opening 2,500 doors anytime soon because that is not an easy thing to do. You're not going to create your own supply chain next to your office in Ohio and be able to operate with the speed and agility that we do. So I love the competitive nature, and I'm looking forward to using our competitive advantages combined with the consumer-first formula to win in the marketplace. And I'm confident that we will. Great. And then I think in kind of your strategy overview, you had mentioned making it easier for consumers to find and shop the brand, particularly through a stronger digital presence. Can you walk us through what are the key steps you're taking to elevate that digital experience? And how is it different than maybe the prior CEO strategy? In your view, what's the right digital penetration for the business over time? Sure. Let me start with culture. I know that's not quite the question you asked, but it explains a lot because everybody in this room knows that digital is, without question, an enormous financial opportunity, as well as the way that all modern brands really acquire customers. Bath & Body Works hasn't operated like that in the past because we were born of L Brands, and L Brands was a store-based retailer, and our digital channels were seen culturally as a place where store-based customers could replenish the things that they love, and as a result, we had a very subpar digital experience. When I arrived, we had no more than one product photograph per SKU. There was no attempt to seduce and invite a new customer in. Our web page was essentially a catalog of the products that we offer. The opportunity for us financially to get just in line with where the rest of the market is, so soaps and sanitizers is a good example. Online penetration of soaps and sanitizers is around 40%. We're at 20%, and we're the category leader. We don't have to reinvent the wheel here to capture that growth. We just have to be as good as everybody else. The financial opportunity is huge. We're going to do that through three main levers, which are already underway. Firstly, we're going to improve the overall experience: product photography, product copy, the way that we express our brand online so that when you come to the brand, if you don't know the brand, you can find things that you will love and purchase them. You'll start to see those changes already coming through. So new mobile homepage went live a few weeks ago. New native app went live a few weeks ago. 500 of our products now have multiple product photography and product descriptions and claims elevation in terms of cleanliness and in terms of efficacy. And we've seen improved traffic, improved digital engagement, improved digital performance, which are all leading indicators of going in the right direction. That said, we've got a long way to go. I always said, or I think Eva always said, "This isn't a light switch that we flick, but we're going to get better week after week, quarter after quarter until we have the world's best digital proposition." So it's both brand building and commerce building on our own platforms. And then, of course, digital marketplaces. Without question, if you want to be the category leader and you want to grow share, you have to be on Amazon. And it is both an opportunity to build the brand as well as drive commerce. And we know today there's already about $70 million of grey market products being sold on Amazon. And that is both brand dilutive and margin dilutive. Hundreds of listings with no inventory against them. Very poor consumer experience. Very poor product photography. Very poor descriptions. We're going to capture back that market, and we're going to capture new consumers through Amazon as well as lapsed consumers who want the convenience of next-day shipping. Great. You answered one of my questions there with the Amazon. So I'll skip ahead to, I know you've noted that consumers are increasingly seeking efficacy and ingredient-led products, and that Bath & Body Works maybe hasn't always gotten the full credit that it deserves for its offerings there. What changes are you making to help customers better appreciate these benefits? And how does this translate to either better growth or profitability for the total business? This is really about retooling the way that the organization works, and what's happened, and this comes down to the fourth pillar of our strategy, which is faster and more efficient. There are silos that have built up within the company, so the supply chain team were a fantastic, fantastic experienced team in product development, toxicology. We invested heavily in making clean ingredients, but it wasn't necessarily talking in the way or working in the way that it should do with the merchandising team, so that product just went into the same. Those formulas went into the same packaging with the same labels, and we didn't think about a marketing campaign that was attached to our brand, these long, consistent, elevated messaging around cleanliness. We did a few callouts in-store for a season. As we think about where we're going to go, it's product, brand, marketplace in retail, consistent, integrated operations so that we can take what we already have, which is market-winning formulas. I've used this example before, but our moisturizing body wash, without question, in consumer testing, is the best moisturizing body wash at both our price point and elevated price points. You can go and pick anything you like off the shelf from Sephora at $100, and consumers will always choose ours, which will be sub-$20. But if you don't put it in modern packaging, if you don't write the claims effectively so that consumers can understand them, we aren't going to win the new consumer. So it's all about putting the pieces together. We will do some investment in formulas. We have some very exciting innovation coming in the back half of 2026: new formulas, mood-enhancing formulas, those types of things that the consumer is looking for. But we don't need to. What's in the tube very often isn't broken, but it is about taking it all to the consumer in the right package. And Katie, if I could just add, if you look at the past of BBW and the value equation that Daniel's talking about, right? We've relied or emphasized the value, the price point, the promo, right? And what we're trying to do with today's consumer is bring all of the other important dimensions to win that new customer. No, that's great. I appreciate the color there. And speaking of the consumer, I think on your last earnings call, you had spoken to the need to reengage that younger consumer. So maybe could you provide any sort of quantitative metrics on how your consumer base either has or hasn't changed over the last few years? And then in the context of some companies talking about a weaker younger consumer heading into the holiday season, why is that the right consumer to focus on? Sure. I think it's worth just pointing out at the beginning, we have a very large, loyal, stable customer base. Okay? So we have 40 million active loyalty members. Those members have continued to grow over time. And what we definitely know to be true, and this is proven year after year, long before I got here by the team, is that once a consumer finds and falls in love with Bath & Body Works, they come back more frequently, they purchase more often, and they purchase more. So we have a sticky proposition. Now, when you dig under the membership data, when you look at the consumer data, it is true that I would say our audience is bifurcated. We have a consumer who's 35 years plus and is extremely loyal. This is our core customer. They grew up with the brand. They love the brand. Then we have a very young customer who comes to us often buying their first body care for the first time, their first fragrance for the first time. But in that middle section, we're losing too many in that 20-30-year-old female demographic. We're not winning as many consumers as we should do. And we know that's where a lot of the growth from the industry is taking place. We know, actually, that we have many of the formulas and propositions to be successful with her, that younger demographic, but it is about putting it together in the right way across product, brand, and marketplace. And I don't think about these things in terms of what is the young consumer doing this quarter or next quarter. We are building long-term sustainable growth. We know that young consumers are the future of beauty brands. Full stop. Whether it is up or down this quarter is not really where we're focused. We know that this is something that we will continue to work on quarter after quarter, year after year because it will provide long-term sustainable and durable growth. Great. And I know you alluded to the adjacencies in the first question, but I know you've kind of shifted the strategy away from those and back towards a tighter focus on the core. Can you just outline how big are the adjacencies versus the core business from a sales perspective now, and how are you thinking about that split over time? Sure. So our adjacencies are about 10% of the business. And just to be clear, because maybe this wasn't everyone didn't quite catch this on a very loaded and full earnings call that we did, we're not walking away from our adjacencies. It's not that we're going to be exiting all of those categories. We've got some great product in there that we love. We love our men's business. It's done well for us, and we're going to continue to it will continue to do well for us. What we won't do, though, is continue to invest in those categories to the extent that we have done because it has pulled away the focus from the core categories where we have the right to win. And let me give you an example of why that's a very real example and something that we're addressing quickly. So in order to build the beautiful packaging that we have for our laundry detergent and scent boosters, we use the investment that we normally make in our body care restaging. We need to restage the packaging for our body care and moisturizing body wash, but instead, we decided to build beautiful packaging for laundry. So we will be taking investment away from the adjacencies to invest in the categories that we are famous for, that we have a right to win at, and that is both in product and brand and marketplace. So it's not about walking away. It's about focus for the teams. It's about focus for our investment. It's about focus for our consumers, and it's about making choices. And I think that makes it easier to win. Great. And then Daniel, I know and Eva, you spoke to this as well. You talked about Bath & Body Works leaning maybe too heavily into promotions recently, and obviously, deals are still an important part of your DNA. So how do you think about the right balance going forward? And then how do you plan to reset consumer expectations? And how does this all feed into the company's longer-term gross margin profile? Just to, and then you jump in. So one of the things I had to learn most about when I started at Bath & Body Works is the promotional cadence and the way that promotions work at Bath & Body Works. It's not something I have experienced in my retail life beforehand. But what is very clear to me now, having done the deep dive and spent time listening to the consumer and the teams who have a great deal of experience here, is that what makes us successful is great product, great brand, and a great deal and great price points. And that will forever be true for Bath & Body Works, but it can't just be price. We have to have great brand, great product, and great prices, and that is what the Consumer-First Formula is set up to do. We have no intention of walking away from deals and promotions. What we do, though, is make sure that we won't be using it to go deeper and more frequently. We will be still offering deals, but until we have new product that's resonating with the consumer, until we're showing up in the places where the consumer is, we have no intention of pulling back significantly because we have a very large loyal customer base that is habitualized to those price points, and we have no desire to fire our customer before we have built a very stable and loyal customer base around the new consumer propositions that we're bringing to market. Katie, just to add a little bit, Daniel, if you look at the history of this brand, right, this brand has a strong long history of being able to get AUR increases with the innovation and the value the customer derives. It's our goal to get back to that place. You've seen over the last couple of years, we've had moments where we have been able to realize that, where we've had the right innovation to meet the customer. So as we invest in the innovative products and the brand, we believe it's doable. Great. No, that's great. And then I know you've outlined a number of initiatives kind of in accordance today, some of which may require some level of incremental investment. Are the additional cost savings that you outlined on the third-quarter call enough to fund this, or are margins potentially structurally lower over time as a result? Yeah. As we look at the consumer-first strategy that Daniel laid out, right, returning this brand to sustainable, consistent growth is our top priority: innovative products, brand, and winning in the marketplace. So we're laser-focused on that. As you said, we also announced another fuel for growth program that I think we have a great track record of delivering on: $250 million in savings over two years, with about half identified for the first year. Certainly, it's our goal to offset the investments with the savings, but until we return to that durable growth, we will have margin pressures in the business. Great. That's super helpful color. Thank you. Then kind of taking everything we've talked about so far into account, how do you think about Bath & Body Works' long-term financial profile? What do you think BBW can deliver in terms of sustainable long-term growth and profitability? Yeah. I'll start. Why don't you? I'll start, and please jump in. As Daniel said earlier, we're in categories that are growing mid-single digits, right? So maintaining and winning share is a focus of ours to drive and win in those marketplaces. We know that growth is disproportionate on the digital side. Our strategies are very heavily focused around our own digital experience as well as other marketplaces to win in the market. As we think about long-term operating income targets, we'll come back as we continue to flesh out the strategy on that. In the short term, we're focused on making the right investments behind the brand to drive the growth. We're starting from a position of strength. We have very strong operating margins in the industry. And as we get back to that growth, you can expect margin expansion, but we'll have more to say on our long-term aspirations. Awesome. That's super helpful. Thank you. And then even kind of double-clicking a bit into the financials, I know three key results fell or had fallen short of expectations, and then you'd also reduced your full-year guidance. Maybe just for the audience, could you just give us a sense of what specifically drove this softer performance in your view, as well as the rationale behind your updated outlook? Yeah. So certainly, we're not satisfied with the outlook where the business is performing today, but as a result of the deep dive since Daniel has come in, we felt it was important to set expectations for investors. So as you look at Q3 performance and the missed expectations, certainly the expectations for Villains was a key driver of our shortfall there. But peeling back the onion more, as you look at the underlying performance of the business, we performed closer to a down three-ish in the quarter when you normalize for the incremental promotions to clear the inventory. And that's where the strategy is so important to grow that core. Focus on the core and more, but focus on the core to bring the business back to growth. We provided what we believed was prudent guidance for Q4. As I said, the guidance provided we viewed as a floor. It's our aspiration, our goal to improve from there. What I can say is the decline of high single digits in the fourth quarter was where the business had been performing at to date as of our earnings call. Post the government shutdown, also we did see post the. Government not being shut down. Not being shut down post the reopening of the government, right? Business did start to improve. And we're pleased with how we're executing during the holiday season. So a lot of the season is ahead of us. We're heads down, focused on delivering, meeting, or beating our expectations. Great. That's super helpful. And looking ahead even further, I know on the last earnings call, you had indicated 2026 would be an investment year with most strategic initiatives becoming more visible to consumers in the back half. So thinking about the shape of the year, does that mean that growth should remain negative and profitability maybe decline in the front half and then improve in the back half? Or how should we just think about the progression of fundamentals from here? Yeah. I'll be high level with my comments. Katie, we're focused on getting through the all-important holiday season here. But as we looked at 2026 for the full year at this point in time, we don't expect 2026 to return to growth. We expect that the strategies that we're laying out will become visible to consumers in the first half of the year, but we'll have more impact on the financials in the back half of the year. I like to call it a crescendo versus a light switch. So that's how we're thinking about the cadence today. We're working rapidly to drive and improve that, but that's what we see sitting here today. Great. No, that's super helpful color. And then moving on quickly to the questions that we're asking everyone at the conference kind of in a rapid-fire format. So relative to recent trends, do you expect consumer demand over the next 12 months to accelerate, remain stable, or decelerate? Stable. Stable. Great. And then similar question on margins. Over the next 12 months, do you expect margins to face more tailwinds, a balance of tailwinds and headwinds, or more headwinds? I think a bit skewed toward more headwinds. And then finally, on capital allocation, how do you expect CapEx intensity around technology investment to change over the next 12 months? Increase, remain stable, or decrease? So I'd say stable, but underneath that, there's a shift from what I'll call investments in tech debt to investments in more consumer-driving, consumer-engaging types of technology investments. If you think what's going on inside the company, we're taking out investments that we were making in what I call the back end of the company, and we're putting it into the things that the consumer can see. When it comes to making choices in investment, do we want a new HR system, or do we want to be able to invest in an influencer to elevate our brand? I think we're pretty clear about where we sit for the next 18 - 24 months. Great. And then maybe taking a big step back, if we were to sit here a few years from now, what are the two to three milestones that you'd want investors to look to when evaluating your progress? I'll go back to the KPIs that Eva gave. We are laser focused on total active customers. So bringing new customers to the brand, and my expectation is that we'll be taking share in our core categories, and those core categories will be growing healthily. Great. And then similarly, what are the top three things that make you the most excited about Bath & Body Works' future? I'm unbelievably excited. I don't think everybody realizes, even people in the beauty industry do not realize what a sleeping giant this company is. In many ways, having been here for six months, the platform for growth that we have, the stores, the supply chain, the stable, loyal customer base, it gives us this incredible platform for growth that other, let's call them sort of insurgent beauty brands, just don't have, and all we have to do is not create new markets. It's just do what other people have shown us is the right thing to do because the consumer is telling us. Getting our digital experience to be from a zero to 10 is going to take some time, but it's a lot easier than building two and a half thousand stores. Taking our formulas and putting them in a beautiful elevated packaging at great price points in our stores is a lot easier than inventing new formulas, testing them, and bringing them to market. So I'm looking forward and optimistic about using the platform that this company has built over the last 30+ years and putting it to work in the way that the consumer expects us to, to deliver the growth that everyone should expect from this company. Excellent. And then maybe we can wrap it up with one more open-ended question. And then I know we have about five minutes left, so maybe we can open it up to investor questions if there are any. But is there anything we did not cover today or a key message that you'd want to make sure we hear? I think we covered it all from my perspective. Great. Great. Are there any questions? Hi. Hi. So I know you guys are not expecting growth in 2026. You're expecting it. But if you look at the front half, the third quarter, Villains didn't work. Ceramics didn't work. Single fragrance, the genus product, plus the government shutdown. Let's say Villains was in line, and you didn't have the government shutdown, would you still not expect growth in 2026? It just seems like it could happen. Again, Danny's probably the only one running around longer than I have in the stores. Brand is fine. And it seems like it was one bad quarter on product that's not structural issues. Yeah. So listen, we have an amazing brand, right? We're not today winning share in the marketplace as you look from a dollar. We're under-indexing on digital. So as I step back to your question and where I said Q3 sales when you normalized for the incremental promotions, we're down about 3%, right? And that was affected by Villains but also affected by the underlying core performance. As we look to 2026, right, it's our intent to not be incrementally promotional. As you know, and as we've discussed in many quarters, we have been incrementally promotional. So our goal is to bring the value equation in line, not be incrementally promotional. Additionally, think about it as we work to clean up the gray market and have made some changes to online order purchasing, the $70 million that Daniel referenced. That's about a point of headwind to us as well. So as we look at underneath the brand, the levers we're pulling to bring the right product to market, that's my expectation as we sit here today that we won't return to growth, but we'll have more to say as we head into 2026. We're talking about the promotional cadence. We don't plan to be more promotional. Is it reasonable to think that you will stick with what you're doing this year and next year? Yeah. We don't expect to pull back in any meaningful way. As Daniel said, we would expect promotions to be, I'll call it comparable, as we're thinking about the year. And as you elevate the packaging, the messaging, and to try and sell at a higher margin once that product is set and attracting customers. And I know you don't want to fire the old customer. Would you expect the entire store will be elevated, or will you still have the more juvenile or whimsical packaging that customer? Oh, yeah. We clearly, though, I'm going to start by being a bit blunter, right? This business is not broken, but what it doesn't have is durable growth levers. So Villains was a miss. We have lots of collabs coming next year. One of those could be a big hit, but you can't bank on that to carry the quarter, okay? So we're going to have to do things to build these durable growth levers, new product franchises, making the big bigger. So taking some of those big fragrance franchises that I made reference to earlier, elevating them, telling bigger marketing stories, putting them in multiple distribution channels. I believe that there is a way to acquire new customers that way too, so it's not just new, new, new. And we will, of course, start to make our stores more approachable to new consumers. They've told us very clearly they find the stores overwhelming. If you go into our stores today, as I'm sure many of you have done, if you're not a fan of the brand, there's so many good ideas, you don't really know where to start, so what you'll start to see in the stores is a simpler assortment, a cleaner navigation, clear zoning for where different consumers can find different offerings, and I think that will drive the elevation of the brand. And can I just add to that? And I think as you think about 2026, those changes take time, right? You're going to want to check. You're going to want to test alternative formats, rollouts, stores, locations, geographies, product. We're bringing the consumer in earlier to our product testing to make sure we're getting it right. So as we look at 2026, there's a lot going on, and we want to make sure we execute well and appropriately test with consumers. And that just takes time. Awesome. I think we'll wrap it up there. So thank you both so much. This has been great. So thank you. Thank you very much.