All right. Good morning again, everyone. I'm Scott Wurtzel, covering info services here at Wolfe Research. Delighted to be joined here by Broadridge with Tom Carey, the head of the GTO business. Tom, thank you for joining us. Thank you. Would love to maybe start off, if you'd like to share just a little bit about yourself and your background, with everyone in the room. Yep, fantastic. Oh, everyone can definitely hear me. That all works. Yeah. I have been in the company amazing 30 years, so I actually joined out of university. I say that because my degree at university was in AI, so I had the most useless degree going out in 1992 in terms of unemployable from that viewpoint. I'd love to be back, sort of be in a time machine right now, going back to like now launching my career in AI. It'd be fantastic. Really cool stuff. I'd say, look, I've run most functions in the company over my 30 years, and I currently run our GTO division. We think about that as wealth management and capital markets effectively. I also look after our India operations and our product management capability as well. I look after our products globally as well. It's been a fascinating journey, and I did reflect on like, "Well, I've been here 30 years. Why have I stayed for 30 years?" I'm pretty ambitious, and I'm pretty keen to learn. The reason why is because we've been a great innovator over that period of time. We develop great products and great services, and we look after our clients, and we have a really fantastic culture as well, led by Rich and by Tim Gokey now as well. I think that's a really positive sort of outlook. We follow mega trends in the market. Think about democratization of investing, think about the acceleration of trading and now AI. It's a really exciting time to be part of Broadridge and to be powering the future as well. Gotcha. That's helpful. Yeah, I think most people in the room might be familiar with Broadridge as a whole. Mm-hmm. you know, there's a good amount of different moving parts in the business and segments and all that. Just wondering if you can give a quick overview of the GTO business and how it has been built up over time. Sure. Why don't I just start with a little bit of Broadridge, just to set the scene with Broadridge, 'cause it does link into sort of GTO. We sit at the center of capital markets, wealth management, asset management, and issuer community as well. We really are the in-market infrastructure provider for all those services. We really help the global financial markets and these global clients actually transact, trade, and comply every day of the week. That's a very important aspect of what we do. You know, we are this 99.999% accurate firm in terms of delivery and information. 15,000 associates, $23 billion market capitalization, and we really do offer scale and breadth. When we think about our services, we do it for multiple clients in the same way at scale every day of the week as well. I talked about those three mega trends as well, about democratization of investing, about acceleration of trading, including the infamous tokenization conversations that we're all having at the moment as well, and AI as well. Think about our sustainable financial model, our 5%-7% recurring revenue metrics, our 7%-9% with M&A, our EPS at 8%-12%, and a nice dividend as well. We do that with balanced capital allocation. Now, if you turn to GTO, and GTO is this capital markets and wealth and investment management function, and we serve 29 of the 30 G-SIBs globally. We do that because we offer scale, we offer processing, and we offer transactions at scale and reliably every week. I sort of break it down into sort of four areas we do. I'm gonna call it the rails for today, 'cause it's very popular to call them rails at the moment. W e are the effective rails for the infrastructure for our clients. W e enable transaction processing, we enable settlement, we enable corporate actions, we enable tax processing, and we do that at scale in a mutualized way. That second theme on mutualization is very key. When you look at how we actually use our value props to our clients, we drive that a lot on this mutualization conversation of your regulatory change, your cyber costs, your resiliency costs will be covered by us in a mutualized way, because we can do that at scale across, you know, 30, 40 clients on one platform. Trading, in 2021, we acquired front office capabilities, and that is now driving, you know, a conversation around powering the future of trading with Broadridge and a front to middle to back story as well. The final piece I'd say is that, you know, we enable our clients to focus on revenue and really focus on their growth, both by our products and also by the fact we take care of all this infrastructure day in, day out as well. Got it. It's very helpful. You know, if we kind of look at some of the recent results that the GTO segment- Mm-hmm Has put up, I mean, they've been pretty strong. I think you had, you know, high single digit, I think 9% revenue growth in the second quarter. But you also talked about maybe a step down in growth in the second half of the year. Wondering if you can talk about, you know, what has gone well in the GTO business recently, and then maybe discuss some of the puts and takes in the second half of the year. Sure. Very solid Q2, 8% growth as you noted, 6% from our organic build as well, so very strong there. Capital markets grew at 8% as well. Looking at that, you saw benefits from our digital assets, effectively, so our Canton Coin that we have on our books. Secondly, from our digital asset revenues from our DLR platform as well. We saw a big pickup in the flows in that. Our volumes in our DLR platform are about $380 billion a day in actual notional. That's 5x the volume we had 12 months ago, so real pickup in volume. Secondly, in Q2, we had the trading tailwinds behind that as well. We had opportunities in trade growth as well. That was capital markets. Wealth management, we were 11% growth, 6% of that was from organic, 5% from M&A, effectively. That 5% was an acquisition we did in Canada. We love our Canadian market. It's a really strong market for us, and we acquired a new asset in November 2024 called SIS, and we're servicing our clients really well in that space now, and with that drove that 5% as well. When you look at the wealth business, though, it's got very strong pipeline and opportunities in that space. We're really pleased in that space. Now, as you said, we do have some growth moderation in the second half of the year. There are a few reasons behind that when we look at those numbers. First off, it's a little bit complex, we have some term licenses. When we acquire businesses, we often find they were selling on-site software. We don't do that very much. We typically sell a hosted or SaaS software agreement. These legacy agreements tend to renew on a sporadic basis, effectively, yeah. The schedule for those is up and down in terms of just pure timing of when they renew. We have less of those effectively in the second half of the year than we have in the first half of the year. It's purely down to timing. We know all our schedules behind that, and we have some peaks and some troughs, but it's not something we focus on ourselves. Second is the digital asset revenues. We talked about the Canton Network. The minting curve for that changed in the second half of the year. We've acted as a Super Validator, it's called, on the Canton Network since it started, and we've been earning Canton Coins for that. We actually hold 1.5 billion of those today. In the second half of the year, as of 2026, that curve now changes more towards rewarding applications on the Canton Network and less for being a Super Validator. We knew that coming in, but overall, the Canton digital currencies give us about 1% growth anyway in capital markets. The final thing I mentioned was M&A. SIS is now fully integrated. It's done a full 12 months, so it's no longer in our sort of growth curve. It's now embedded into that. That's what's driving that. Having said that we see a lot of opportunity with our clients going forward. We talked about our pipeline opportunities, been strong. We talked about 20% re-engagement in terms of additional creation of new opportunities in the first half of the year, so we're pretty bullish about that as well. Gotcha. That's helpful. If we move on to sort of like kind of tracking growth, I mean, what are the key KPIs that, you know, drive growth within the GTO segment? I know, like, internal trading volume is one that the company does publish and we're able to track. You know, how does the movement in that metric translate to revenue growth? Are there any other, metrics that you track internally that are important to keep in mind? Yeah. I mean, you're very well aware of the internal trade growth metric, the stock record growth metric we have effectively. If you think about GTO overall, you know, the key thing is, I think, look at our sales metrics overall, and our onboarding metrics as well are tied to that as well. We don't break out GTO sales, by the way, from the rest of the company. We publish one holistic number. When you look at GTO, look at, you know, tier one names signing up for platforms. You know, we'll be talking about that kind of opportunities going forward. Think about our digital asset revenues and how we're powering our DLR platform. Think about our platform use. We've invested a lot of time and effort in our platform story, which is where we've integrated core APIs and ontology, a data model, and that is resonating really well with our clients as well. That's enabling us to also increase the size of the bundle of software we put out there in a sale as well because we've now got an integrated solution that really powers that going forward. Internal trade growth, as you said, you know, 11% for the quarter, so pretty healthy as I've highlighted. Look at that in terms of ongoing. We like volatility in the markets. Of course, yeah, that helps a little bit. The news that comes out tends to be, you know, boring for us maybe. Internal trade growth is about 1/3 of the revenues in GTO. On that metric, sort of you can work through that in terms of that. Some key milestones, I think as we go out as well, think about our digital asset announcements and what we're doing in that space. We've got a number of activities in that space, particularly around our digital repo platform. Look at our core products. We've done a lot of product investment over the last few years in corporate actions, in asset servicing, and in DLR, and look for those to accelerate in terms of opportunities that we announce effectively. In our wealth business, look at the adoption of our wealth platform as well. We announced last year a very big client joining that platform. They're going live as well in this period of time, so look for live announcements on the wealth platform and net new logos we sign up, both for the platform itself and for more components as well. They're all, I think, healthy indicators of why we're, you know, we've talked about our 5%-7% guidance for GTO in revenue. Got it. That's helpful. You know, if we kind of shift into the capital markets sub-segment within GTO, I mean, one of the main questions that we get from investors regarding this, you know, this area of the business is around how it, you know, how it's differentiated versus competitors. Can you address that question and talk about how, you know, Broadridge's capital markets business has differentiated itself over time? Yeah. Perfect. Let's talk about scale, let's talk about the mutualized model, and let's talk about the front to back integration that we offer. I think they're three key things that are out there that really create an opportunity for Broadridge compared to competition. I'll also say that, you know, we have a lot of trust with our clients too. Our trusted brand is very important, particularly in these times as well. Scale, you know, as I've already mentioned, we serve 29 out of the 30 G-SIBs globally, so we have a really deep footprint. We have MSAs, we have contracts with all of these firms. 20 out of 24 of the primary dealers in the U.S. market are on technology. That's powering a lot of our DLR conversations, our repo conversations too. $15 trillion a day goes through our pipes in settlements. Through fixed income and equity, you know, we're a very large part of the US market and the Canadian market. We win out really on this connectivity, operational resiliency, and regulatory change agenda, where we're mutualizing that for our clients, and that's what I tied to that second piece as well. You know, our clients look to us to mutualize those costs and to drive innovation as well. We've got a very nice balanced mutualization agenda, where we're helping clients with operational resiliency, with regulations, and also launching net new products that we're very excited about as well. Finally, that front-to-back integration as well. For our acquisitions, we now offer both in wealth management and in the capital markets group, front-to-back offerings. I don't like differentiating our clients, but for our tier two, tier three clients, they look more and more for single vendor solutions as well. They're consolidating, you know. Third-party risk management is not allowing firms to contract with very small entities with no balance sheet. They look for bigger firms who can actually offer them a wider range of products, and that's where we play as well. I think that's a really cool thing. I was going to cover one other thing on competition, which is AI, okay. That it's sort of like is AI. It's a big topic. Is AI competition or not, effectively? Yeah. I'll give you my viewpoint with my own thoughts on that. When you look at what we do in GTO, we are the core books and records for our clients. We are the book of record for what they do effectively, yeah. We are not workflow that sits on top of their own data, yeah. We're not a simple application in what it does. We have to make sure that every transaction, every trade in our ICS, every instruction, every statement accurately goes out the door. If we mess up, you know, 1% of those, the market does not work effectively, yeah. Our programs, our engineers, our deep domain knowledge powers the industry in this space. We've programmed and we've engineered our products for all the edge cases that sit in the marketplace as well. We process in 80 markets globally. We know how every single market interacts and how you maximize straight-through processing, okay? We're actually the anti-anti-pattern to AI to a certain degree because we've already engineered our applications to actually take the human out of the loop. Our job with a lot of our value props is actually to talk to our clients about you need less operational overhead. You need less people already because our platforms are automating what you do, and we'll embrace that. I sort of have it, and again, it's probably a. I don't know if it's a good analogy or not, but if you want to talk about sort of startups coming into the market and disrupting in our space, I sort of think about it that any of us can play sport, okay? Any of us can go and play baseball maybe or cricket or whatever you wanna choose. Yeah. Not many of us can compete at elite levels, yeah. You can all go out there and compete. You can all play friendly baseball or whatever it may be. If you want to get to that last 5% of being an elite athlete, you need skill, you need knowledge, you need determination, and that's what Broadridge brings to capital markets, wealth management, and governance, that all those edge cases, all the SME depth effectively very hard to disrupt from competition. Got it. That's my conclusion. That's a very, yeah, very helpful explanation. I guess shifting over to the other, I think, big debate with respect to Broadridge around tokenization. Mm-hmm. Yeah, you know, it's been a big topic that comes up in our conversations with investors, and so just wondering if you can start off by sharing your view on how, you know, tokenized assets could impact Broadridge's business and what you're doing internally to address this emerging trend. Yes. It's been most of the conversation this morning with Eddings that I have had. Thank you very much for that. Yeah. Let's start with the governance business, and what we believe is actually opportunity. We do not think it's disruptive. We think it's really opportunity for us going forward. Think about this. Number one, the SEC has already stated very clearly that tokenized assets would have the same governance and compliance framework as a traditional asset, and we don't want a hybrid market, a split market where there's difference to that. That's a very powerful statement as to what has to happen. Number two, we believe the vast majority of tokenized assets will remain traded through a broker-dealer or digital online platform. They are our clients today already, and they do not want to end up with cost base and disruption to that model effectively. They want to see an integration of tokenized and traditional assets through a channel effectively that gives them their statements, their compliance, their regulatory framework, their tax reporting, all the things that goes on. There's a life cycle to a transaction effectively in anything we do, and it's a very long transaction life cycle, and managing that is what we do really, really well. There are people talking about the issuer-led model, and there was a press release yesterday we know very much about as well around that. Our clients, our intermediaries giving up those relationships seems very, very strange to us effectively, yeah. While that technology may come into play, you're still gonna wanna see the brokers, the banks, the end clients seeing a consolidation of their data, and that's exactly what we've done with all our technology over the years as well. We think it's pretty strong for us going forward. There's obviously gonna be lots of market news that comes out, and you've got to differentiate between, I think, the tense that's used. We will be doing versus we are doing effectively, yeah. There's a lot of press releases out there saying, "We will be. We're thinking of." I'd say one thing with Broadridge, we are doing effectively. In capital markets, we've been a leader in tokenization since inception. Our digital repo platform is currently tokenizing $380 billion a day in assets on the platform. We have 14 live clients on the platform and growing rapidly, and we're helping the market evolve and do that. We see a lot of opportunity there for that going forward as well. Good. I think the tokenization space, yes, it may help get to T+0 quicker. It may be the model for that effectively, yeah. You've got all the rails of tax processing. You've got statement production. You've got consolidation of statements. All the work that we do today will still have to be done in a way, and probably triggered off a smart contract maybe in the future. You're not gonna have that embedded in a way that the calculations aren't gonna be there. It's gonna be part of a service we offer back as well. I think. Look, one thing I'd say at the moment, our clients are most concerned, particularly maybe in the wealth sector, around escalating costs. You know, they know they need to compete and offer potentially, in some respects, crypto assets. They are very concerned that that's gonna start to increase their operational overheads and their costs, and that's what we're here for, to enable the dual rails. You know, we'll earn fees from that, absolutely, but it won't be at the doubling of costs effectively, and we'll be managing that for them and producing a really strong solution that enables them to meet their end client needs. Yeah, that's helpful. Just as a follow-up, you know, you mentioned Canton Coin- Yeah A little bit earlier. Just wondering if you can discuss, you know, the project and the initiative there that the company has recently undertaken, you know, how it drives and kinda ties in with the sort of digital asset strategy. You know, yeah, I think you talked about the impacts on the P&L, but any other, you know, details to share there would be great. Yeah. Very quickly. I think Canton is a permissionless blockchain effectively. We were an early investor in DAH, the holding company for that technology. We've been there since day one. We act, and we have acted since day one as a Super Validator for that network. We basically authorize transactions using our infrastructure, and from that, we earned 1.5 billion Canton Coins effectively. As I've mentioned, the minting curve for that is now lowering as well, so that you'll see a lower minting curve going forward as well. You'll see less of those revenues in the future, but more application revenues, and Distributed Ledger Repo is an example of an application we're deploying, and we have other ideas of how we're gonna deploy more applications too. That's the story there. I would say Canton is one network out there. It's one L1 network. Part of our value proposition is to support all L1 networks going forward and to be the network interface, the interoperable agent to allow our clients to get those networks. You know, it's a real explosion happening right now. It's very similar to the 1990s ATS explosion in the markets, where there's suddenly so many different venues. We'll see consolidation. We'll see things going forward. Very quickly on the actual Canton Coin itself. Going forward, as we mint Canton Coins, we are recognizing those as revenue in capital markets. For the $1.5 billion that currently we hold today, they are on our balance sheet, and any net gains are marked to market, and they're non-cash. They're not in our disclosures. Gotcha. That makes sense. I guess if we shift over to the wealth side of the business. Yeah You know, I think when we were here discussing this with Ashima last year, and you know, I think it's still apparent this year, but you know, we remain excited about you know, the secular growth drivers within the wealth management space. You know, the digitization of the wealth office, generational wealth transfer, all themes that still seem apparent this year. Can you just talk about how Broadridge is you know, capitalizing on these trends within the broader wealth management space? It's a fascinating space. It's obviously very broken down by different sectors, RIAs, wirehouses, et cetera. There's not one homogeneous space, if you like. Yeah. We're very excited about what we're doing there. Three mega themes, and then maybe we'll get on to sort of how we're doing that. Generational change in wealth. Wealth is moving to a new generation. They're digitally savvy. They want to connect via omni-channel. They want to choose their preferences. We're servicing that. Number two, democratization of investing and product expansion. Think about managed accounts, direct indexing, ETFs, alternatives, and digital assets. There's a growing demand to have those within the wealth sector as well. It does vary by client as to their appetite for that as well. Third is the digitization of communications. As I look at this, you know, we've got Wealth InFocus, our flagship product here, and we're helping our clients actually consolidate their statement production and information into one omni-channel communication with preferences. We're amazed, or not, I shouldn't even say amazed by, but when we look at firms, they're very fragmented today in their communication methodologies by group, and we're bringing that all together in one solution. We're super excited about the space. It's really cool. Yeah. No, definitely it is. You know, it seems like there are several players in the wealth space that, you know, are also growing well, capitalizing on similar trends. You know, there are some other companies in our coverage universe that are reporting similar growth metrics. Just wondering if you can talk about how Broadridge sort of fits into this broader wealth space with some of the other players in the market. You know, I guess as a follow-up to that, you know, kind of what inning do you believe we're in this whole digitization journey? Yeah, sure. I mean, a lot of the ones that you have in your space, they are sort of data analytics benchmark type providers, and we typically integrate to those with our clients. Yeah. I think, you know, a lot of what we do is operational deep infrastructure that we offer, so it's very different. We are the core books and records. We do the regulatory reporting. We provide an advisor framework for the advisors to get out there and acquire and retain new clients as well. Very important mission we're on. We see ourselves pretty differentiated from that group because they enable the investment. We actually process, hold, and record the investment and manage the whole life cycle of it going forward. In terms of innings, you know, I actually like baseball, so that's okay. We're good, we're good on this front. We're probably in the middle innings, I think, of that. That's 'cause I touched on it earlier, is that when we look at our clients, you know, they are on legacy infrastructure that we're helping modernize. They have a very fractured sort of communication interface to their clients by group, and we're bringing that all together effectively, yeah. There's an element with our platform technology of integrating all their data into one place and empowering their transition with Wealth InFocus and other product lines we have, and getting to a true digital experience where all of you receive the information in a really clean way going forward. That makes sense. You know, besides some of these secular drivers that we've discussed, I mean, what are the products that, you know, wealth managers are demanding most these days in your discussions with them and, you know, where do you see sort of the next leg of growth within the segment coming from? Yeah. I think, very keen on the advisor front for our advisors to retain and attract clients. That's a big thing for them. There's some pretty scary stats out there for advisors, I should say, around the fact that when the portfolio changes, i.e., someone dies and actually inherits the portfolio, that it's very likely currently that people swap their advisor effectively, yeah. People are very keen to make connections with the family effectively, yeah, and know who to talk to in that. We're powering a lot of that conversation around next best action, knowing what your client's gonna do next, advising on that, and communicating in a way that they want to be communicated with effectively. Digital asset expansion, yes. The wealth firms are looking at how they opt to offer, in a small way, cryptocurrencies perhaps in their portfolio going forward, digital assets and how we enable that. That'll be a big theme for us as well. Advisor productivity, particularly through AI, we'll come to in a minute. Yeah really around the AI journey, around how they can use agentic and other things to be more efficient and spend more time with their client and less time on internal administration. Again, our front to back story there is powering that because we're the ones who make it much more efficient to put a trade onto our platform, and we'll take care of all the flows there. They're kind of the macro themes we see cutting through. Gotcha. Yeah, you mentioned AI. You know, the topic of AI risks and opportunities has been very prevalent across whether it's Information Services and fintech over the early part of this year. I know you touched on it earlier, but just if we could discuss just how you view, you know, AI in the context of the GTO segment. You know, what does the segment have that's, you know, proprietary, contributory, and how you're incorporating, you know, AI into the broader business as well? Yeah. Super. Look, we think we actually have a differentiated position against disruption, and I sort of touched on it earlier, and I'll maybe go into a little bit more detail there. We also think we have opportunity too, which I'll also touch on. I think there's two parts to this as well. We think we're very differentiated from other SaaS providers, and I don't mean to be dismissive of anybody out there. A lot of the announcements you've seen from Anthropic and other providers have been around disruption of SaaS-based workflow products that are charged on a per seat basis, potentially. Effectively, yeah. They're getting attacked from two angles, I think. You know, one is the seat model may reduce because there'll be agentic AI taking over from people, so there'll be less requirement to do that. I'm sure they'll get around that by claiming that agentic is a person in time. Secondly, a lot of these SaaS companies that we look at, they are doing workflow on top of data effectively. They're not augmenting the transaction. They're not owning the life cycle. They're not the books and records, yeah? Their role, in my view, is disruptable to a certain degree, yeah? It's possibly disruptable from sort of new entrants who create a cheaper mousetrap, effectively, yeah. I was listening to a podcast recently where it's like debating around your upper tier of clients will stay with these vendors, the big vendors, but the very long tail of private companies out there and public companies who don't need the sophistication that's offered today in these engines could swap effectively, yeah, and go to a cheaper mousetrap that's charged on a rental basis rather than a seat basis. It's interesting. That's not Broadridge. I mean, all we do, if we don't get these trades right, if we don't settle correctly, if we don't produce the statements correctly, if we don't get regulations right, yeah, the markets do not work, yeah. We can't be 99%. Yeah. We can't even be 99.99%, yeah. We have to actually transact accurately and do that, and I think that's a real disruptive, or anti-disruptive pattern if you, if you like, yeah. We've coded our platforms really, as I said before, to be straight through. The opportunity to supply agentic to our platforms is actually somewhat limited as well in that regard. I do think actually there's opportunities there too, opportunities on revenue, cost, and velocity. On the revenue side, we talk about the fact that we operate in a $60 billion TAM today, approximately. That's the vendor spend in the market. The bank side client IT spend is $160 billion, okay? It's two and a half times bigger than our current spend. We see that using agentic and accelerating our own product roadmaps can actually get us access to more of that market, and we think we can be first in market with products and services because of the fact we've got a technology platform, we've got deep data capabilities, and we can power actually our roadmaps at a faster rate. Cost, like any firm out there, we're looking at obviously our cost model in every single function, and we would be no different to the rest of the market, I think, in adopting agentic and other techniques to optimize that cost base. Finally, time to market and something we're working on, it won't be for the short term, but one of the big things in GTO is that when we sell, we have to onboard the client, and that means we have to integrate the client, we have to do UAT testing, we have to do all this work. We see a way of accelerating that time to market using agentic, and we're doing active work right now to sort of start to close the window between signing and going live, which would give us a faster time to revenue in the future. Work in progress, nothing to announce today, but it's certainly something we aspire to. Got it. That makes sense. I guess, before we wrap up here, just wanted to get your thoughts. You know, if we were to be back here 12 months from now, you know, what would have happened for you to be sitting up here and say that the last 12 months were, you know, a successful period for, you know, the GTO business for capital markets and wealth? Super cool. Yeah. Scott Wurtzel, thank you very much and to Wolfe Research for hosting us today and, allowing us the opportunity to talk to you all. That's been fantastic. Of course. I do one thing on this, is that our business model may seem quite complex. In this current world, that's actually an advantage. We see it. Yeah. The complexity of what we do, the deep edge cases, yeah, you know, is a competitive advantage of who we are in that space. Doing the books and records well is important. Doing statements accurately all the time is really important. Driving innovation that we're doing through the DLR platform and other initiatives is great too. I'll leave you with four things to think about. You know, number one, looking forward that we continue to deliver on our 5%-7% recurring GTO model. Number two, in capital markets, let's go through the business lines. In capital markets, we continue with our front-to-back wins, and you start to see us announce, you know, more wins in the space and more marquee names. We've got a new acquisition, CQG. It's a futures and options platform. We're gonna close that subject to approvals in Q4 of our financial year. Look to that to contribute five points to our capital markets business and drive opportunities and greater front-to-back stories. DLR, you know, we've increased volumes fivefold in the last 12 months. We have a ton of use cases that are really, really valuable to our clients. So we're gonna push those through, increase the velocity of those, and sign more business. Then look for Broadridge to be the dual rails of tokenization and traditional assets. Look through all the hype and the news in the market for actually what Broadridge is doing in that space. In wealth, you know, we've got the wealth platform. Look for the adoption of the wealth platform, both clients going live that we'll announce and also new signings. Digital adoption of our Wealth InFocus platform and digital engagement. Number three, again, similar for capital markets, adoption of crypto assets and other things on our technology rails and announcements around that. Finally, as I covered in that last section, look for us to drive AI from a revenue creation viewpoint, a cost optimization viewpoint, and from a time to market. It's super exciting space to be in. As Tim Gokey often says, "The best way to predict the future is to create it." That's what we're doing here as well, and we're looking forward to it, and I'm delighted to be part of that.