Welcome everyone. Good afternoon now, I can say. Good afternoon. Pleased to be joined by Emily Portney from BNY. Happy to be here. Yes, yes. Of course, Global Head of Asset Servicing, the biggest business for BNY. And I wanted to start two years ago, you became the Head of Asset Servicing, right? Which is, of course, the largest business, as I said. And before that, you served as CFO of the firm. And there was a medium-term target laid out to get pre-tax margin up, right? It was at roughly 20%, and you wanted to be 30% or more. And lo and behold, last year we hit 29%. So. I like the we. Oh, okay. The royal we. Yeah, yeah, sure. I don't even know if I used that term correctly, but whatever. So what do you see as the major components or pieces of differentiation that allowed for you to drive that margin up so high? So first of all, thank you so much for having us, and it's great to be here again. First, yes, you're right. In 2021, I think it was December of 2021, yeah, I happened to have been CFO. And we did lay out what were ambitious but very realistic targets for the margin of the Securities Services. Just remember, it's a Securities Services segment, and that's not just Asset Servicing, but also Issuer Services. And we said at that point, we'd like to get it from what was about 20% to closer to 30% through the cycle. But more important than the actual number and target is just really what's behind that, and actually what's behind the performance, because as you rightfully said, we've gotten to 29% in 2024, which is great. It's really all about execution, both on the top line as well as what I'd call the bottom, the bottom line or the expense line. In terms of fees and the top line, look, we are winning in the marketplace. It's off the back of investments that we're making, some of which I know we're going to talk about today. Also, de-siloing the firm and actually delivering on the whole firm, bringing businesses together to better solutions for clients. We are not just a trust bank. We have many assets under the BNY umbrella. As you know, our Pershing platform, WealthTech, the distribution, the power of that distribution, it reaches thousands of RIAs, so, clearer of U.S. government securities, largest global collateral manager, et cetera, et cetera. The list goes on. So we've got many different assets. And one of the things we are doing to drive fee growth is to stitch those things together to solution for our clients. And that just elevates the conversation. In terms of expenses, or what I would call kind of the bottom line or expenses, yes, we're very focused on expense discipline, but make no mistake, we are investing. In fact, we are investing more today than we were two years ago. And it's just about being smarter, being more targeted, prioritizing better to really drive those superior outcomes. But doing all that while we're also gaining efficiency and gaining scale, whether it be by automation, digitization, or for that matter, leveraging new technologies. So really, it's about day in and day out execution. Got it. Got it. When I was prepping and starting to pull together the questions for this, I was going through my model. And 2024 was pretty awesome. Fee revenue growth in your business, 6%. You got to go back a decade, right? It's really, really quite good. So I'd love for you to maybe unpack a little bit of that strength, primary contributors to the growth, and what you plan to do to sustain momentum in the business. Sure. So we're very proud of the growth and the fact that everything we are doing in execution is coming through in the numbers, actual results. I do think the momentum is sustainable, so in part to answer your question, and it's very much both in the what as well as the how. In terms of the what, some of it goes back to some of the things I already just mentioned, so really de-siloing the company, talking about and delivering solutions for clients across, again, if you think about the entire life cycle of a transaction, and again, based on our assets, we can offer holistic and integrated solutions across manufacturing, servicing, and distribution that is presenting a different value proposition to our clients. It's really unlocking and empowering them to get more efficient and to grow, to increase their AUM. So it's all about that, but it's also then just about the how. And with the how, I would highlight things like data, like discipline, like basic blocking and tackling. So we now have a Chief Commercial Officer, Cathinka Wahlstrom. She's wonderful. She's been in seat about just under two years. And she's really brought together an entire community. All of our salespeople really are now seen as one community. We have a lot more data and discipline around account planning, around senior engagement, just around the opportunities that are coming in the next, call it six months, nine months, 12 months, even 24 months, and how you engage early, you engage often, and again, how you're solutioning and thinking about it across the firm. We're leveraging data also, much more, again, holistically to think about client sentiment. That's all extraordinarily important when you think about retention, and it's always easier to retain a client than to acquire a new one. And then it's a lot of the kind of blocking and tackling, which I kind of help to control what I call the backdoor or revenue leakage. So think repricing or billing. Are you just getting the bills out on time? Are you billing for everything that you should be billing for? Time to monetize the revenue, so time from win to actually hitting the ledger. One of the great examples, I think, in 2024, of all of these things working and just showing the power of the franchise and our execution was our win of WisdomTree. It was a full takeaway from a competitor, WisdomTree, if you don't know, a very large global ETF provider. It started as an asset servicing conversation, but it very quickly became a holistic firm-wide enterprise conversation and enterprise solution, so really administering and doing all their indexing in our investment management business and BNY Advisors. It was all about distribution and the shelf space we can offer on Pershing. It was all about, if you know anything about WisdomTree, they're incredibly innovative, and they're doing interesting things in the digital asset space, in the payment space with their own wallets, so again, we brought to bear our great expertise in both digital assets and treasury services, and it was that entirety of the proposition, the value proposition that cinched that, and on top of that, we onboarded their entirety of their U.S. franchise in less than six months. So I don't know if you noticed, but I covered WisdomTree. Yes, I do. I didn't realize that win was so broad. Yes. Yeah, and that's part of why I highlight it. Yeah. No, no, no. That's super interesting, and you're right. They do. They have this prime thing, this blockchain native, which a few years ago I didn't know about, but now it could be interesting. Okay. AUC resilience. So I hounded Marius about this a few weeks ago, but fourth quarter, I was prepped up. You guys have a decent exposure to fixed income, right? So BofA got hit in the 4Q, but yet your AUC was remarkably resilient. So what happened? Did you guys have some wins? Were there any notable dynamics planned through the fourth quarter? Like you said it, you're right. AUCA in the fourth quarter, remarkably resilient. That was despite lower bond markets, despite the impact of a stronger U.S. dollar, but really, it was offset by growth in both new and existing activity, and some of that was very winning. All the themes I already talked about, solutioning, coming together, won't repeat all of that, but the other thing I really would highlight here is that we are investing in and really executing on some of the areas of the business that are growing at a much faster pace, like double-digit growth, so think ETFs and ETF servicing, so we've been investing very consistently over the last several years and I'd argue have a market-leading capability as seen by our share. Alternatives, very competitive. However, we're making a lot of investments to actually become market-leading in the alt space. And again, we're doing things across the firm. We just announced Alts Bridge. Alts Bridge is actually providing a platform for managers to launch liquid alt products, again, to be distributed on the Pershing platform to retail investors. So it's how we're also just, and of course, asset servicing will be servicing those products. And then finally, the managed account space, another area that's growing, double-digit growth rates. And of course, we just recently announced the acquisition of Archer, preeminent player in that space, especially in the retail managed space, the RMA, what I call the retail managed account space. And that's also a fantastic acquisition. So all of those things are kind of behind the resiliency in our performance and our AUCA. And Brennan, I am a recovering CFO, so I would be missing a beat if I didn't remind you that only 50% of our AUCA is based on market levels. Obviously, you've got 50% also based on transaction fees as well as account fees. And of course, any pickup in trading activity helps that. No, no, no. Sure. The revenue side, right? Yeah. Yeah. Of course, the revenue is good too, but I was really, yes, of course. Not just based on market levels. Can't help myself. No problem. Former CFO. Big deal. So you touched on this a little bit when you were talking about WisdomTree, but I'd love to talk about ETFs and the success that you've had in ETFs. So you speak to a next-gen platform and servicing capabilities. So could you maybe walk me through what enhancements you made to the ETF offering and help us understand how big that business is and what your expectations are for it going forward? Sure. I mean, first, I'll just say the ETFs in general are growing at a double-digit growth rate. It's a very attractive wrapper, very attractive actually globally. Of course, in the U.S., you've got it's more tax efficient, but even more broadly globally, generally lower expense ratios, et cetera. So all of that driving double-digit growth in the ETF marketplace. We are clearly outpacing the growth in the market. At the end of last year, and I think we disclosed and I think I know we disclosed and shared this, our ETF AUCA was up 60% year-on-year, just shy of $3 trillion in AUCA for ETFs. The number of funds we serviced were up 20%. So again, very good growth. And we have been focused on investments in this space, seeing and knowing where the puck was going. We've been investing in that space over the last several years. We've been very focused on what I would call kind of middle office capabilities and ETF servicing capabilities. So think it's stuff that's really aimed at the experience of both the fund sponsor and how it connects to and how we help the APs in the ETF ecosystem. And much more specifically, it's providing electronic tools that help facilitate, create, and redeem processes. It's simplifying, basically rebalancing of the portfolio that has to happen every day. It's providing the AP with just better tools to have much more confidence in pretty much the execution of their hedging, their hedging strategies, et cetera. So it's all of those things really coming together. And the only other thing I would just mention in the ETF space is we also happen to be the preeminent provider. Basically, we administer the vast majority of the digital asset ETPs that have been launched over the last, call it, two years. We're really, really proud of that. And we're only one of the very few institutions and perhaps the only bank that actually can custody digital assets, literally ourselves. How? I thought it was against the rules. No, no. No? No, it is. There were some SAB 121, so there were regulatory and capital implications. Yeah. But we have built the capabilities. And ultimately, we're working very closely with our regulators. We obviously want to progress that business in a very safe and sound fashion, but we have all of the capabilities to do it ourselves and to do it in-house. Nice. And the SEC just rescinded one of those rules, right? Yes, indeed. Okay. Which is only going to make it easier, right? So, okay. Interesting. Alts. Love to touch on alts. And actually, you touched on it a little bit before when you were talking about, I believe, the resilience and some of the tools you've developed where you said that you can now help the alt providers actually launch products and whatnot. So I'd love to hear a little more about that. But maybe before we drill into that detail, big area of growth for BNY. I'd love to know how big it is within the servicing business, if possible. And given the kind of bespoke nature of the beast here, how do you scale the alts efforts? So alts is another area that is definitely benefiting from large secular growth trends. The way I kind of think about it is, first of all, GPs, alt managers are just getting bigger. Traditional managers moving into the alt space. By the way, not most, but many managers still look and do the alt administration in-house. So that's a big area of opportunity, similar to kind of what was 20 years ago in public markets. So over time, many of more and more of them are looking to also outsource servicing and administration for their alternative funds. And so that's, as it grows and then as outsourcing grows, it's obviously a tailwind for us. Likewise, asset owners, as we all know, are allocating a lot more to alternatives and private markets. And finally, the last trend I'd highlight, and it kind of goes back to Altbridge and just more broadly a trend in the marketplace, but liquid alt products are becoming much more where we're all looking at interval funds and the like. Intervals. Exactly, to access the retail market. So it's kind of all of those three things coming together, which are really driving double-digit growth in alts. This has, it is an area of investment, as you can imagine. A couple of things I'd highlight. So tech stacks, as you rightfully point out, are very fragmented in this space. The general ledgers that are used for real estate are different than credit, different than private equity, and infrastructure. So some of the investment is literally just trying to provide, putting tools in place and data layers in place to provide just a more seamless and integrated customer experience, irrespective of the ultimate tech stack that any part of the portfolio might be on. Look, we're also building tools to automate really messy and kind of manual processes. And in the alt space, think about it, it's like processing of fund expenses, processing, it's basically fee and waterfall calculations, which could have hundreds of different nuances in all of those. It's the financial reporting. So it's tools around that kind of stuff, which is what I call the messy middle. And then finally, it's data. And data is critically important for the LPs. It's important for both GPs and LPs, but especially for the LP universe, as their allocations are increasing to alternative investments. They want to more and more see what we call, and they often call the total portfolio view, which is looking and seeing their private and their public markets investments all in one place and being able to do performance and attribution calculations all from one hymn sheet. The last thing I would just look, it would go without saying, and I'll probably sound a bit like a broken record, but what I just said is really what we're doing in asset servicing, but it's all about what the firm is doing too. It goes back to this theme about solutions. And Altbridge, again, putting a platform, connecting the dots of platform to help the asset manager launch, place a liquid alt product, we'll service it in asset servicing, and in Pershing, we'll distribute it to retail investors. I mean, that, again, very unique capability that only BNY can really do. Corporate Trust, as you all know, we're the largest provider of issuer services, therefore a huge provider of administration services for loans and for structured debt. And more and more, we're connecting that business and the tech capabilities there with everything we have in Asset Servicing. So if we're administering the loan and that same loan shows up in a fund for which I'm doing admin, I'm not getting the data from two different places. It's completely straight through. So again, I would just think about the. It's the synergies across the company. Got it. Altbridge. So the Altbridge, is that, do you guys put together interval funds themselves and then facilitate that? That's interesting. I mean, again, that's an enterprise platform. So it basically is, and it's not quite live, but we've announced, but it's all about looking at it across the entirety of the firm. So of course, Asset Servicing can support and service those funds, but we have expertise in investment management, which actually can help to launch and to place those funds in the marketplace, and then in Pershing, you can actually distribute it. So it's literally the manufacturing, the servicing administration, as well as the distribution all in one place at BNY. So the alt managers don't need to have that capability at all. They just need the strategy and they can use that, the idea. Many of them will still, of course, have many avenues for distribution. Of course, this is probably going to be one of many. Sure. Interesting. And then the fee rates and the profitability of that business, how does that stack up? Needless to say that the fee rates for, at least in the servicing side for alts, is higher than what you call in the more plain vanilla registered fund space, kind of commensurate with the complexity, but again, we look at when we price business, we look at the entire bundle. Yeah. Sure. Sure. Okay. You guys have traditionally focused more on tools and services for GPs. You sort of referenced this before. You've talked about shifting more towards developing tools for LPs recently, right? So I'd be curious, probably the market drove that and demand, but I'm curious about your perspective on that. And what are some of the tools and services that you provide for LPs, and what are the, how big is the LP business versus the GP business at this point? As I said just before, LPs are investing more and more in private markets. And I think currently, their total commitments of LPs to the alternative space is anywhere from $10 trillion-$ 15 trillion. And that's uncommitted. So it will be drawn down, of course, over time. But I mean, and I travel a lot in front of clients a lot. And whether it's medium size or large pension plans or DC plans, endowments, sovereigns, I mean, the conversation with all of those asset owners is, "Oh, I'm taking my alt allocation from 2%-5% or 10%-20% or 25%-50%." So I mean, that's what's happening. And by the way, asset owners more broadly, whether it is the endowments, the sovereigns, the pension plans, they are all clients. They're not all, of course, but many of them, the vast majority of them, I should say, are clients of BNY, many in our institutional accounting business, and so really, they're helping lead the way in terms of what investments to make because their portfolios, as I said, with the increase in allocations, are just getting more complex, and so they need more tools to help them really think about the complexity now of their portfolio, and so some of the services that are kind of aimed very specifically at LPs, maybe versus the GPs, is like thinking about we are investing in tools that help with enhancing the collection and digitization of GP statements. They all look different, et cetera. And so by virtue of kind of ingesting them in a much more seamless way, if you will, or automated way, it just improves the accuracy and the timeliness of fund administration and reporting. We're doing a lot around subscription and redemptions and that process, which can be very difficult and very fragmented depending upon the manager. With respect to actual markets activities and portfolio, kind of the portfolio management of the management of a portfolio, working with asset owners and our markets businesses to help with portfolio rebalancing, hedging, execution, things of that nature. And then finally, it comes back to data and a lot of what we talked about. And we have a very extensive data management offering. And it really provides these asset owners with more transparency, accessibility, and basically integration of their data with third-party data. So think FactSet, Morningstar, MSCI, Rimes. And we have all that connectivity. We've done all of the data mapping. So you can connect to us and have all of that and have your data connected. And how does that help an asset owner? Basically, it helps them to then leverage those services for performance and attribution, the total portfolio view I was talking about. It helps also with fund oversight. So as they have to report back to their own boards around concentration risk and geographic risk and investment performance against ESG objectives. So a lot of it is also data and data management. Got it. That's interesting, and I agree, it's definitely growing. Sergio was just speaking yesterday. I had a conversation with him and he's, we're currently mid-single digit and he thinks mid-teens, at least, so everybody's got a similar idea there. Archer, so you guys recently acquired Archer. As you said, RMA, I think that's the first time I've heard that term. It's normally you swipe the S away. Okay. It works though, so you guys have already noted a pickup in new client wins, which is great. Could you put a little bit more meat on the bone though and share some of the goals that you have set out for that business and maybe how it fits into the overall product suite? Sure. So we're really excited. We closed the deal November 1st. We've onboarded all of their clients. So managed accounts, basically SMAs and UMAs, again, like ETFs, like alternatives, a wrapper that is growing double-digit growth rates. Why? It is the preferred vehicle to deliver model. It is the preferred vehicle to deliver tax optimization strategies. It is the preferred vehicle to deliver more customization in both the institutional space, but more and more also in the retail space. And I think that's kind of Nirvana. The journey with Archer really started to fill a void in asset servicing. None of the large asset servicers really had the capabilities to service retail. And that's where I get the word retail managed accounts at scale. I could do their money market funds, their mutual funds, their ETFs, their private markets, but I couldn't really do the retail managed accounts. Like I said, that was what was growing. But make no mistake, very quickly as we started talking about Archer, it started within Asset Servicing, but we zoomed out and we realized it was really about the entirety of the ecosystem. So we're thinking again the firm much more across the enterprise. We had very good relationships with Archer already in our investment management business where they were leveraging Archer to distribute their models. Pershing was already connected to Archer as a sponsor to deliver some models and other customization to their end. Their RIAs use that to deliver to their own clients. So we actually got to know them. Like I said, it quickly became apparent that this was an acquisition that could help us literally own the entirety of the ecosystem as it relates to retail managed accounts across manufacturing, servicing, and distribution. Archer, by the way, there are very few assets in this space, very much a preeminent provider. Whenever I sat in front of clients and said, "Gee, who are you using?" the name Archer more often came up. One of the few that do operational and middle office services as well as has the tech at scale. Like I said, we closed the deal November 1st. All the clients were onboarding. There's onboarded, there's an immense amount of interest. I sit, there's not one conversation with an asset manager, medium size or big for that matter, where they're not asking me about, "How can you help me with managed accounts?" It's tough. It's messy. You need scale, the proliferation of models. How do I get them to all the sponsors? All the sponsors have a different kind of interface. How can you help me? That's exactly where Archer fits in. Got it. Any goals for that business? I mean, obviously SMAs are growing really quickly, right? But how should we, it might be too small to matter. And if that's the case, fine, just let me know. It's not that it's too small to matter, actually, but it's embedded within the Asset Servicing business. And by the way, it's a little bit difficult. I mean, we of course had very clear deal models and goals, but when you think about it, it just becomes another wrapper, just like ETFs, just like registered funds. So it's hard to kind of separate out just very specifically what will be Archer versus anything else I can do for the same asset manager. Fair. Okay. Part of achieving the medium-term targets for the security services was to optimize platforms across the core services. Could you explain maybe what you're doing there and what impact we should expect? Sure. So we've talked a lot about some of the more innovative and big picture things. We don't forget about what I kind of call the core services and think about things like tax services and tax reclaims that we all know are kind of bundled with custody. And again, it's uplifting those capabilities, digitizing those capabilities. I'd say the same thing about corporate actions and income processing, et cetera. We talked a little bit about the connectivity between ourselves and our corporate trust business. So to think about a loan and the entirety of the life cycle. By the way, it's all about, in this core bucket, I'd put leveraging new technologies. I think we've spoken about leveraging AI. We all talk about AI and the promise of AI, but actually we have literally leveraged AI now across an excess of 10,000 funds and 250 clients for NAV oversight. And it really helps a fund accountant in the Golden Hour when you got to get that NAV out of the door to really understand what's a real exception versus a false positive. So again, makes us just smarter and better. And look, why are we doing it at all? We're doing it for, it really translates into just better performance, more resilience, we're more scalable and frankly, happier clients. Okay. That all sounds good. We're down to a few more minutes. I'll see if there's any questions in the audience. Got to get to the platform operating. Don't worry. We've been having a very low batting average with the audience questions. Don't sweat. All right. There we go. I have to go through my motions sometimes. Platform Operating Model. So this became the topic of the call on the fourth quarter. And I had mine chambered. I had to change because it was like the prior two questions were on the same thing. I said, "Forget it." So has Asset Servicing transitioned to this new Platform Operating Model yet? And what has been your experience and can you share maybe any metrics you noted that would help us understand the impact of this transition? So, Brennan, sorry, we're just really excited about the platform's operating model. So hence why I'm making sure that we have some time to actually talk about it. I'm glad you keep me on task. There you go. So the one thing I first say is that we call it internally POM, Platform Operating Model, and it's all about how we do things. It's not about our strategy, but it's just literally about how we run the company. At the core, its principle is we do things once, we do it in one place, we do them well, and it's all about the execution and the metrics associated with delivering. Then how does that translate into the day in and day out? What it really means is we are removing redundancy from the company. We're streamlining the company, and you think about running a business or a product truly, truly end to end. Look, it means just faster speed to market. Embedded in POM is the notion of agile, and it's agile ways of working, not just for tech, but the entirety. So every product you stand up pods. Those pods are interdisciplinary. So you've got people from product and people from engineering and people from operations and they're all in a pod. And it just means you can iterate through development or a client issue that much faster. It simplifies how we work. It's reducing risk. We have less risk events. And the most, most important thing is honestly, it's empowering our people. So about a 1/3, not a 1/3, maybe 25% of the companies in the model. We're about to go to 50% over the next couple of weeks. And the surveys, the employee satisfaction from folks in the model is truly higher than folks that are not yet in the model. Because there's something about the accountability and the empowerment and the interdisciplinary nature of it that is really compelling to our client base. Before you stand up any platform at all, it's about the, it's what we call OKRs, which are really KPIs. So it's those metrics, really important. You have to have what are you measuring, what are you trying to deliver, and how are you measuring it? And just a great example for asset servicing in particular, I was in Lake Mary. We have a wonderful, about 2,000-person office in Lake Mary. And I was doing a floor walk and I spoke to our middle office outsourcing team. They were transitioned into POM in the third quarter of last year. And they were telling me a story about how they onboarded a middle office client in record time. And they attributed that. They really did. I said, "How did you do that?" And it was about three months less than it would have taken them otherwise. They truly said it was the POM model. It was the fact that they had everyone sitting at the table, they had stand-ups every morning, and they were just iterating through any challenges that came up, iterating through how do we solve this, how do we think about it? I think it's like that kind of example, that power, that's the power of the POM platform. Got it. Yeah, that's helpful. And of course, we'll learn more about it as we go through the year, right? And you'll be transitioning more people. Deposits. So you guys changed the deposit. It's now centrally managed. So I'd love to hear how significant that was. And now if you're in the servicing business, right, and you've got the relationship with a servicing client and they want to come to you about deposit pricing and what the yields they're getting, does that get rooted to the central team? How does that work? It's interesting. When I think about our deposit kind of model and team, the operating model and the team, it almost was a pilot platform before we actually went full into POM, right? It kind of, it was probably the first real platform across the company. It's been incredibly effective. I'd argue that part of our outperformance in NIR over last year really was as a result of having this operating model across the firm. By bringing everyone together, it really allows us to work with clients just much more proactively and seamlessly. We work much more across the businesses to help them optimize their cash and their short-term liquidity. By the way, remember BNY, we manage a liquidity ecosystem of about $1.5 trillion on a daily basis. That's both on balance sheet and off balance sheet. That's both proprietary and third-party product. It's a large ecosystem. And by bringing it all together, the client we service, them, it's more you think about it as a continuum. You can kind of service them on; they have many more options. Those options are like a ladder and they can actually understand them against or across a continuum. So we can talk to them more holistically about what are your liquidity needs over what kind of time horizons. It frankly just also simplifies their experience. It simplifies how we price them. So all of those things are beneficial. And the last thing I would just highlight is that it's not just about the liability side. It is also about the kind of the asset side and the strategic management of the overall balance sheet. So by virtue of bringing this team together, you just have more predictability and understanding of our liabilities. And as a result, it just enhances better decision-making across frankly the asset side, the loan portfolio, the investment portfolio. So it really, I think, has translated into better overall performance, especially in the NIR line. Got it. We only got a minute or so left, so I want to finish where we started, right? Really impressive operating leverage in 2024. You are at just a 28.8% pre-tax margin, right? So you're basically. 29. We'll call it 29. What's 20 basis points between friends? So what's the plan to continue to drive operating leverage? Of course, what have you done for me lately? Always a higher step beyond the comp. And how high do you think we can get that pre-tax margin in that business? So look, we're very, like I said, we're really proud of the performance and how we've executed thus far. The 30%, remember, is through the cycle. I do think there will be times that we can exceed that. So certainly, it's very, very possible, especially if there's a very constructive market backdrop. But again, it's just everything around the execution. And it kind of goes back to the three pillars of the company and many of the things I've been saying. So just being more for our clients, solutioning, elevating the conversation, putting the wins on the board. We have a very healthy pipeline of both AUCA and revenues to be installed. It's all about just running the company better, the POM model, automation, leveraging new technology. Look, AI is very promising. I think that could potentially at some point have a meaningful impact on margins, but it's too early to tell. Right now, it's just making us smarter and better. And again, it's all about powering our culture and empowering our people. And the performance that we've seen and the culture that we've built, we're literally attracting great talent and retaining and developing the talent that we already have. So it's just literally execution, execution, execution. It's a great point to end on. Emily, thanks a lot for your time today. Thank you.