Good morning. Please note important disclosures. Please see the Morgan Stanley research disclosure website at morganstanley.com. If you have any questions, reach out to your sales representative. Really excited to welcome back to the conference. It's been a few years. Great to have Chris Winfrey back. Yeah CEO of Charter. Between being in the COO seat and, COVID, it's been a while, so it's good to see you. I gotta start by, of course, congratulating you on being elevated to the CEO role. Look, it's exciting. It's a unique time in the industry, and I'm really excited about it, so. Maybe Chris, you know, you guys had an investor day, investor event back in December. We're gonna talk about a lot of the debates that the market has around Charter stock in our conversation today. Maybe start off by talking about, you know, the investment priorities for you and the team at Charter, and how you see those investments delivering growth and returns over time. Yeah. I started to say it just a minute ago, but it's a really unique time in the industry, and I'm pretty excited about it. I think it's the most interesting time that we've been in since we deployed broadband. At Charter, really what that means is rolling out different initiatives that we talked about in December, the three E's as Jessica calls them, but they're evolution, expansion, and execution. On evolution, what that is really the opportunity, to drive at a very low cost and a faster pace than our competitors to have symmetrical speeds and multi-gig capabilities, and at the same time to be able to deliver convergence with a product set that our competitors can't replicate. When you think about expansion, the second E, is the opportunity to deliver on rural network passings at a really attractive return. I think people are starting to get their heads around that a little bit. You know, at the same time, it's a unique opportunity to cooperate with federal, state, and local governments and to receive subsidies. This is a one-time opportunity, not something that we've seen before. The third E is really execution, which is the continued digitization of our service, the move to proactive maintenance as opposed to reactive, and investing in our employees so that we have higher quality service, better yield, better productivity, but it takes upfront investment. You know, when you sit back and you think about it and you say, "What do I want as a customer?" I know you're a customer, so I'll ask you, what do you want? You wanna know that you got the fastest internet, you got the fastest Wi-Fi, you got the fastest mobile, but you wanna know that we're not just gonna milk it. You wanna know that we're gonna continue to get faster, we're gonna continue to invest in the network, and that we're gonna provide ways for you to save money along the way. The best product and be able to save money, and that's what we do. Then you wanna know that we're gonna couple it with great service. You know, if I went through a lightning round, which I won't do, and I said, "Do you want that service to be provided offshore versus onshore?" You'd say onshore. If I said outsource versus insource, you'd say insource. When you call in, do you wanna get somebody who's a rookie because you have high turnover inside the business, or do you wanna get somebody who's tenured and actually knows what they're doing? Those are all pretty obvious answers. What's good for the customer is good for growth, and what's good for growth is good for shareholders. That really mirrors our investment plans. You also wanna know that, you know, we're taking advantage of new opportunities to build out new plant and have attractive returns on extensions. That's our investment philosophy. That's what we're putting into place. It takes patience and it takes consistent investment, and none of this stuff happens overnight. I'm pretty excited about it. I'm excited for the industry and we wanna show the way. You know, it's interesting, we were chatting, at dinner last night, you talked about this being the biggest cable construction since the '80s, which I had not. When you talk about your rural plans. Yeah, yeah. Which is really interesting, and also the upgrades around comparing it to the '90s. I wanted to ask though, Chris, as we all try to think about Charter stock, and sort of looking out over a multi-year period to sort of the clear payoff of all these investments, is there a comparison that you would make to the Time Warner Cable Bright House acquisition? I think that's a recent example, and a lot of people in this room, you know, have been involved in your stock and made money in your stock- Yeah In that period of time. I mean, it's an interesting comparison. It's a little different, but it was equally transformational. In 2016, just as a reminder, we combined Charter, Time Warner Cable, Bright House. It's the world's largest ever, I think, cable integration, and it was successful. Now we have the opportunity, you know, with this very large platform, 55 million passings, to be able to, you know, do what I think is probably the largest physical upgrade of a cable network since the 1990s. We're doing that at a really low cost, at $100 per passing, and we can do it fast. At the same time, to build more network passings than probably have been built in a, you know, single period of time since, as you mentioned, the '80s. You get to do convergence, you know, to really see if we can make a go of this, with full convergence and create a completely different category. For a cable person, you'd say, you know, any one of these would be a great thing to participate in from a career standpoint, but the ability to do it all at the same time is exciting for employees, it's great for customers, and I think it's gonna be great for shareholders too. Yeah. If I remember from the Time Warner Cable deal, we could look at Legacy Charter. We used to talk about Legacy Charter a lot. Yes There were some obvious, you know, success and KPIs that we could look at and then map them to the bigger footprint. This scenario seems different, and I guess- Yeah The question is, do we need to just look out further to get a sense for the success? Yeah. I think it's, you know. Is it gonna be many years before you can see it? No, but it's not gonna be a couple of quarters either. Yeah. That's been pretty consistent with Charter. We've never tried to manage for the short term. We've always said, "Look, it may be bumpy or choppy along the way. We'll pull forward investment if we think we can get a great return on it. We've also tried to, and I think we'll, you know, we'll always do better, but, tried to make sure that we provide transparency to investors and provide some metrics along the way so that they can gain confidence and see that, you know, we're actually doing and achieving some of the things that we said. Yeah. One of the things I think about Charter and Tom and his philosophy that you guys have executed for a while is really around product pricing, packaging superiority. You touched on. Yes Some of those things before. There's a lot of debate in the market today, you know, particularly around. Yes Which you've competed against for a while, but also fixed wireless. We've had Verizon and T-Mobile here talk obviously bullish on their opportunity there. Maybe tell us You know, from a consumer point of view, what you think differentiates Charter's product offering in the market today. Is it fair to say, Chris, that we're not necessarily seeing that product superiority in the KPIs at the moment? Look, we have some new entrants inside the marketplace. Yeah. Anytime you have a new entrant, you're gonna have some people nibbling away, you know, around the edges. The fact that we've been able to maintain our subscriber relationships to actually grow despite of that, I think speaks to the pricing and packaging that we have today. Back on, you know, from a consumer perspective, you know, we've had competition throughout, you know, our, my cable career. We've always had some form of competition. We now have overbuilders in a portion of our footprint. To address that, you know, and take away the marketing claims, really we'll do this high-split, DOCSIS 4.0 auto upgrade. We'll do it over three years. We'll do it at $100 per passing, so faster and cheaper than our competitors. We're gonna do it across our entire footprint. We're not gonna red line, which is what they do. We're not gonna pick the, you know, economically attractive areas to go to. We're gonna do it everywhere we operate. I think, feel really good about that. Plus you have convergence, plus, you know, the different investment programs we have in service. I feel good about that. Fixed wireless access, you know, I can make the argument, I will. It's not anything really new. It's wireless substitution, but somebody's decided to market it in a cheaper way. It's interesting, but it really is just wireless substitution. It'll suffer from the exact same thing that's always been the case, is a lack of capacity by definition an inferior product. As data usage goes up, I think that's gonna be pressured and customers will want to focus on having a quality product. On top of that, when you combine our broadband product, which is better, and our mobile product, which is the fastest, and you put it together, you still save money, whether that's at promotion or at retail. Yes, there's somebody new inside the marketplace, and they're marketing it in a different way, but it is wireless substitution. It won't ever be as good. It doesn't actually save customers money. I think over time, you know, as they say, the truth will prevail. So you mentioned, back at your Investor Day, I believe, that you expected broadband net adds in 2023 to be higher than 2022. I think that came up on your earnings call again, which you reiterated. I know you don't like talking about intra-quarter updates. Jessica last week commented about some made some comments about Q1 that led to some questions I received about sort of how things are trending. Just wanted to give you an opportunity to talk about the outlook for broadband more near term and whether you still feel confident about that 2023 expectation. Yeah. We've always said it, and you and I have talked about it. We've always tried to focus investors in the discussion with investors on the long term, because I think that's the better place to be. Personally, you know, there have been a number of times where I've been pulled into talking about short-term results. You know what? It feels good in the moment and, you know, maybe some analysts like it in the moment, but it's actually not a good thing to do. It's not really our strategy and so we'll move back to that. You know, the reason for that is that if you think about gross adds are here, disconnects are here, the difference, even in a normal market, the difference between net adds being okay net adds and good net adds is razor thin in a particular quarter. Yeah. It doesn't, you know. It matters, but it's not telling of where the business is going. If you do that inside of a low transaction volume environment, and you have some new competition, you know, or marketed wireless substitution competition nibbling around at the edge at the low income part of the segment, you know, it can create some volatility along the way. To answer the question and be clear, do I think that our, you know, is our goal to have 2023 net adds be higher than 2022? Yes, it is. It remains that case. I'm not saying anything about a particular quarter and nor should we. What should matter to investors is the investments that we're making, is it gonna result in superior product pricing and packaging and service? Do you believe it? Is it what you want as a consumer? If that's the case, let's start focusing on longer term and, you know, where we're coming out at the back end of this year in terms of the trajectory, and I think that's a healthier conversation to continue to have with shareholders. Fair enough. What's going on with fiber competition at this point? We've seen a dramatic change in the interest rate environment, which I would think would have an impact on some of the competition there. Also talk to us about how Charter performs, you know, in gigabit markets where you. Sure have that competition. 45% roughly of our footprint has gig overbuild. You know, we're on this path to upgrade the network to take away the marketing speed claim, which actually is, you know, it's a marketing speed claim. We wanna make sure that we tell our competitors, we're gonna be faster, we're gonna be there faster, we're gonna be ubiquitous, and we're gonna have a marketing claim everywhere we operate, not just for fixed line internet, but we're gonna have a converged product that you can't replicate. In terms of how we've done over time, if you think back to a normal market environment with transaction volume, where, you know, in a normalized environment, we were growing across both our gig overlap and our non-gig overlap and growing at pretty healthy rates. You get inserted into a market with lower transaction volume, and what you saw is in those gig overlap markets, because there was new amounts of build taking place, kind of flattened out, maybe even slightly dipped before recovering and flattening out. I mentioned on the Q4 call. That trend still continues. It's ever so slight. I don't wanna over-exaggerate. In our gig overlap areas, despite new build coming in, we're actually slightly gaining. Hmm Despite new competition coming in in the gig overbuild footprint. That's promising, and it's before convergence really takes full effect, and it's before we've gone with high-split and DOCSIS 4.0. I feel, you know, we need to be patient, but I feel pretty confident of where that can go. Where we've had, and I mentioned on the Q4 call, is, you know, relatively new, as you've seen at the lower end of the market, I mentioned fixed wireless access, and I've said it a couple times now, it's kind of chipping away at the lower end of the market. I don't think that's gonna go away anytime soon until they run out of capacity, and they will, and customers realize, hey, this doesn't work the same way as, you know, full-blown broadband, and I'm not actually saving any money relative to what I could have. Yeah. Shouldn't some of the fiber competitors who do not offer a converged product have a significant product disadvantage versus Charter? I would think you, over time, that's a big opportunity to actually gain share despite the fiber competition. That's the promise. You know, when, you know, I said it in December, but if I ask you when you're pulling out of the driveway, whose service line you're on, you would say, "I don't care. It just has to be fast, and it has to work." If that's your definition of seamless connectivity, that's your definition of broadband, nobody can put those two things together across their entire marketing footprint, and we can do it, and we can save customers money. I think we have a killer app. Rutledge used to say it all the time that mobile isn't a product, it's really just, you know, an application of broadband. This kind of ties into that a little bit. Yeah. Yeah, I think we have something powerful. What is the opportunity for, you know, multi-gig offers? I mean, you talked about a marketing advantage. Yes. It feels like, you know, that matters and client customer needs I'm sure are growing. You know, two things matter. One is marketing claims. You know they matter. People pay for higher speeds than they need all the time because they want an insurance policy, or they can, or they just wanna brag. Marketing claims matter. It also matters for us in terms of doing the upgrade now and why over three years, not longer, is we wanna make sure everybody's clear that you're not gonna have marketing claims inside of our footprint. If you're gonna waste your money, go waste it somewhere else. We have a better product set. We have convergence. We have marketing claims. I do think that different from the overbuilders, the overbuilders have done it in splotchy areas or redlining, and so it's difficult for people to develop products and services that utilize that capacity when it's splotchy, you know, or sporadic. For us, when we do a ubiquitous network upgrade, it actually provides the platform for people to develop those products and services. I remember when I was in Switzerland, we snickered a little bit when we rolled out a 10 megabit per second product. We said, "What would somebody ever need that for? You know, what's the point? Sure enough, I said the same thing when we did 25, 30, 60, 100, 200, 300, 600, and, you know, when you build it, people, you know, like in places like San Francisco, they'll build products and services that make full use of it. Yeah. Your network evolution plan, it doesn't seem to me, has prioritized multi, symmetric speeds. It can be. Yeah. You know. Obviously you've made a conscious decision. Maybe tell us why you've decided? I think the downstream is where you get the marketing claim over time. you know, we likely will go to 10 by one, but we could provision the DOCSIS four modems in a way that you could go to five by five, maybe even six by six. By the way, I don't think DOCSIS 4.0, DOCSIS is not done at 4.0. I think there'll be potential, for that to expand both for downstream and upstream in the future. We also have, if you remember in the December presentation, we talked about having remote OLTs that have fiber in, you know, drop inside of them. We kind of call that fiber on demand. Inside of every node, you know, we'll have the capability to market 25, 50, 100 gig symmetrical service and have fiber on the increment. That's also provides marketing claims, you know, probably at a premium price, not so different than what we do with enterprise today. The ability to have those marketing claims and footprint and protect it for a long time, whether that's DOCSIS 4.0, or whether it's DOCSIS 5.0, or whether it's, you know, fiber on demand, we're gonna maintain our marketing claims, and we're gonna maintain our product pricing and service superiority. You know, Charter has effectively asked its shareholders to help invest significant amount of capital in a rural network. Yes Extension strategy. You're quite bullish on that opportunity. We're talking about over $3,000 a passing probably on average when all is said and done. What do you see as the biggest benefits to returns and sort of the company overall from this significant project? You know, let me start by saying you need a long-term capital structure to actually have the visibility to allow you to do that, and we think we have that, and that's what we wanna keep. If you think about specifically the returns, this isn't new for us. We know the penetrations that we're getting. Jessica's talked about the penetrations that we get within six months, but we did a lot of rural build up in New York State, and so we have a tremendous amount of experience. There was 145,000 required passings, and I think the number we actually did, because we had more opportunity, was probably closer to 180,000. We have a lot of success in that. We know what we're gonna get. It's pretty mechanical in terms of the penetration. We see that as well with RDOF and state grants. We get to mid to high teen IRRs, which is great. I think one of the things that maybe we haven't done the best job or I haven't done the best job is articulating is if you think about cable math, think about EBITDA valuation perspective. If you think about from an EBITDA valuation perspective, the payback is more akin to around four years. What's not inside that return is a bunch of different other opportunities, which includes now you have the opportunity to you have the option to extend your footprint even further with new passings, serviceability passings, to have this machine of continuous return. The other piece, I think there's been, you know, more understanding and better modeling of what we're doing, a lot of that modeling is focused on a terminal value, which is a multiple of EBITDA. It's at a current multiple of EBITDA. These are faster growing systems by definition with lower operating costs, higher penetration. At a minimum, I would say you have to have a much higher multiple on that terminal. From the company perspective, you now have a higher perpetuity growth rate. I don't think anybody's really thought about the fact that you have a higher perpetuity growth rate, and what that means from an overall valuation perspective of the company. When you think to the history of cable, it's always had cycles where there's been investment opportunities that drive, you know, spikes in capital, but it's always delivered way more perpetuity growth rate than everybody put into their models, you know, for decades. Yeah. you know, there's intangibles as well, you know, the, what we're doing inside of the, the footprint together with our government partners. That, you know, is a rare opportunity for cable to look good, and we're doing all the right things and we're, you know, a good operator. We're good to consumers, and we're good in our communities. The real returns are the ones that I mentioned. Yeah. Makes sense. Let's go back to convergence. Yes Wireless. You guys had a really strong fourth quarter, over 600,000 lines. Got Spectrum One. Yes Marketplace. Talk about scaling wireless and sort of the investments you're making in things like sales and marketing and your workforce to really continue to accelerate that business ahead. Today, well, the growth that we're having really is coming from the existing 30 million internet customers that we have today. The vast majority of our growth is coming from existing internet customers upgrading, saving money, and having a faster mobile product in a way that works better together. The opportunity to drive new relationship connects is relatively untapped. Yeah. That's the real opportunity. I think we can continue to grow at an accelerated pace. Our distribution channels are fully established. Our selling machine is working both for new customers as well as for upgrades. If anything, we have a chance to get more efficient over time because we've, had a little bit of a victim of our own success of having so much growth and trying to onboard and activate that. But we're scaled, we're ready to go, and I think as word of mouth gets around that Spectrum Mobile is actually faster and it does really save you money and there's no gimmicks, that promotional free line for a year, but then after that it's $30, which is retail rate, it's a dramatic savings. Yeah. It's meaningful at the household level. Great. I can't think of anyone better to help us think about the MVNO model, and why the European MVNO model that people tend to default to and view as a negative- Yeah From an economic point of view is the wrong way to think about Charter and Comcast's relationship with Verizon. I may not be the best person anymore. You and I joke all the time about, you know, me being in European cable, but that's a long time ago. Understood. We're getting old. When I left Europe, there really was only one MVNO out there, and it was successful. It was Telia, who I think is probably the furthest along as it relates to convergence. I think they've probably done a good job of it. When I take a look at the other offers out there in Europe, as much as people talk about convergence, I don't see anybody who's putting together a category of product the way that I'm describing it, so that may be part of the issue. The other piece is that maybe it's not the case there, but here, 85% of the traffic today already before additional offloading is on our network. Yeah. It's on our fastest internet. We have the fastest mobile product because it's relying on our Wi-Fi, and it works better together with our Wi-Fi, and it allows us to have the claim of fastest mobile. At the same time, we have, you know, a pretty strategic relationship with Verizon. I think it's good for us, it's good for them, but it's attractive economics for us. Jessica's highlighted that. It's attractive economics now, and I think it can continue to get better over time, both as a standalone, which isn't necessarily how we look at it, but also as an integrated product. Hard for me to say other than, we've demonstrated that it does work, that it, you know, is profitable on a standalone basis, and that it's gonna generate significant benefits both for churn as well as for the gross ad rate on broadband. Let me ask you the one of the comments from some of your competitors, which is not a surprise, is that yes, you're adding a lot of wireless customers now. Yes I think you'll have a very strong 2023, at least that's our estimate for wireless. You won't really start lapping the Spectrum One promotional roll-off, I guess, till Q4, really. Yeah. I know I've asked you and Tom this question probably over the last two decades about different promotions, but why are you confident that you can manage promotional roll-off here without having a churn impact? In order to have meaningful churn on that roll-off, you have to have somewhere better to go. You know, if the roll-off is to a single line pricing at $30, are you gonna say, "I got the line for free for a year, it rolled to $30, that's retail price, so now I'm gonna go out and pay $70 for an inferior product?" It just doesn't make sense. Yeah. I think because the product saves customers money, both at promotion as well as at retail, and it works better, and it's faster, I'm pretty confident that we're not gonna have that type of issue. Doesn't mean that we're not focused on it and that we Yeah Won't manage through, but I'm not as worried. Okay. We'll get a chance next year hopefully to check back and see- We will. How it's all gone. You guys talked about a mobile margin excluding acquisition costs of 20% last year. As you keep scaling this business, and I know you don't like talking about product specific margins, so that's the caveat. Yes. Um- You're gonna ask me anyway. I'll ask you anyway. I assume that has room to expand as you scale the business. I guess that's probably the easiest way to answer. You know, we have fixed costs inside the business. As we sell more and, you know, retain more, we get bigger, you'll have more revenue to amortize those costs. Yes, technically you're right, but you've also highlighted what we always say is we're not focused on percentage margin. You know, you can have really high margins on very low revenue and you got a bad business. Right. You have to avoid falling into that trap. For us, it's even, you know, deeper than that, which is we have 55 million passings. Thirty-two million of those are connected to our network today, which means that there's 23 million passings that the opportunity for us to not just sell one product, but multiple products into. We're already paying the operating costs and the capital expense to maintain those additional passings. Every customer that we acquire on the increment, is more profitable than the last. The more product we can put into the household, high margin, low margin, as long as it's margin, it's gonna stick better, it's gonna have lower churn, it's gonna have a better ROI, and we'll end up with more cash flow along the way. The model is virtuous, and our views on it hasn't changed. I wanted to ask you, we don't really talk much, it's sort of interesting about video anymore, in the cable industry. Yeah. Michael Cavanagh was here this morning talking about the Xumo product and JV that you guys have. I don't think anyone expects that necessarily to be a big business for the industry in the long term, but I know you're excited about the product. What is bringing this new aggregation streaming service to market, you know, maybe later this year, next year? What could that mean for Charter's business? First, we're an investor in Xumo, I think Xumo has the opportunity to look really good. You know, what will it do? What will it probably not do? You know, when I left, I was meeting with the Xumo team at CES, I walked out with the Charter and the Comcast team. I said, "This product is so great. It's fantastic. It's what I want on every single one of my television sets, and yes, I'm biased." It was actually true. It's what I want in every TV set of the home. Then I looked at them and said, "It's too bad that video can't really make that much money, because if it could, it'd be really powerful." Why do we have video? We have video because we still make money on it, and there's still a large number of our customers who, can afford to pay what the programmers have done and are willing to pay that price, and it's a very high-quality product. We have the very best video product inside the market today, from a live video, DVR, video on demand, inside the home, outside the home, on all devices, and different packages to service different needs. The reality is, because the programmers have done what they've done, it's become too expensive for many people. Yes, we're the best performing video operator in the market, I think, but we're still losing, and I don't see that changing. What Xumo gives us the ability to do, is a fully integrated app and live video experience for customers all in a single place with the very best that Comcast has to offer together with our Spectrum TV app to the extent somebody wants to take video. And t o provide utility to customers whether they want to take traditional live video or not, and we can be more agnostic on that. I think Xumo is really good for consumers. It's what I want. I also think it's really good for programmers. If they've gone down this path with direct to consumer or SVOD, this puts it all in the hands of the consumer and gives them utility in a way that's very customer-friendly. I think we can benefit because of the relationship with our connectivity services, and I think we can benefit as a shareholder in Xumo as well. Okay. This is sort of we may in a year or whenever this rolls out, it'll be sort of Xumo from Spectrum or something along those lines. It'll be Xumo. Xumo's a standalone independent company. You'll market it. Yes. We will. Xumo will be the principal way that we deploy our video product when somebody takes video from us. They can come in and out of those services, they can upgrade, they can downgrade, and Xumo will still have that relationship with the different apps, and we'll still have the ability to service the customer for live video to the extent their wallet permits it. Yeah Thanks to the programmers. Okay, I wanna make sure, in the sort of minute and change we have left to hit on the balance sheet and sort of levered equity, which is obviously core to the Charter investment thesis. It is, yes. Just tell us about your capital allocation thoughts and imagine M&A in this environment is probably, you know, tough in general, but also why you believe four to 4.5x is the right numbers there. Organic investments were always our top priority. We kept saying it. I'm not sure people believed us. I think they probably believe us now. It is the highest return, the best use of our capital. It enhances the value of our buybacks. To the extent there's cable M&A along the way, you know, we would do that as well. It has to be at the right, you know, it has to be a willing seller and has to be at the right price, which reflects the investment and the growth opportunity that comes out of that acquisition. None of that's really lined up today, which is why we've been a combination of organic investments and buyback. The 4.5x leverage ratio, we're comfortable with it today. It's based on the fact that we expect EBITDA and cash flow growth. Despite you know, a higher interest rate market, which is, you know, a place that we've been before, frankly. Yeah We were at 4.5 times. You know, I've been 4.5 times across three different cable companies for a really long time, and it's always worked out well. It provides that levered equity return, and if things were to materially change, you know, which isn't in the cards, we would certainly revisit that. It's not, we're not dogmatic. Yeah. It still feels like the right place to be. Okay. All right. Well, any last comments as we wrap up, Chris? I'd start with some of the things I said inside of December, which is, you know, this is an industry that has always the proven ability to reinvent itself, despite, you know, not being seen always as entrepreneurial. If you think back, it goes back to the 50s, digital TV, internet, Voice over IP telephony, where Comcast and us are the top two phone providers in the country. I don't think we ever thought that would be the case, but it is. The introduction of, you know, even higher speeds, gigabit everywhere we operate, wireless or mobile, and now the converged product. If you think about that from an industry perspective and you think about Charter, you know, where else can you get it? As a pure play cable operator, 55 million passings, already a gigabit speeds everywhere we operate. Fastest internet, fastest Wi-Fi, fastest mobile, fastest growing mobile. Then you have, you know, the ability to save customers lots of money, material amounts of money, thousands of dollars, and provide high quality service. All that exists before, you know, today, prior to these investments that we've talked about, which is evolution, expansion, and execution, all of which have a positive ROI. You know, and has the ability to continue to deliver generational growth, perpetuity growth. You know, this management team is highly incentivized along with shareholders. It's how we think about the business. We don't think about it quarter to quarter. We are incentivized by what happens to the share price, and that's by design, we believe we're making the right decisions in terms of how we're allocating capital and how we're operating the business for the long term. Well, that's a great summary, Chris, and I hope you'll come back next year. Thank you so much for your time. Good. Thank you. Thanks, everybody.