People rolling in, but we'll get started. Thanks everyone for joining. Ygal Arounian, and I cover internet here at Citi. Here with Criteo CEO, Megan Clarken. Thanks so much for being here. I'm really excited for this. Pleasure. All right, so, let's just start, Meg, kind of... You know, you've talked about your six-year plan, kind of halfway through this, a little bit more than halfway- Yeah Right? Why is Criteo so different now under your leadership, and kind of where, where do you go from here? What's important for investors to understand, and not to be, kind of, underestimated about the story? Yeah, so I started at the end of 2019, I think. And Criteo was a single-product company, Adtech company, but focused on retargeting. So basically, serving you an ad and then serving it to you again and again and again, until you converted or interacted with that ad. But that business was in decline, and so the job for me to do was to turn the company around and find a new set of opportunities for us with the assets that we had. And when I looked at the assets, it was amazing. Criteo is world class, world-renowned for precision marketing or targeting, incredibly good at getting the right ad to the right person at the right time and the right device. They also have still 19,000 clients that really like the company and what we do. But they had this nugget, a couple of nuggets sitting in the portfolio that were doing retail media, and retail media back then was very, very nascent, very new. But as we did research, we saw that the retail media or the Commerce Media opportunity was a $290 billion TAM by 2025. So that's one thing to take away, a $290 billion TAM. Big number. It's a big number. It sits itself alongside search, and it is bigger than social by 2025. And so we had this little asset that was able to create a platform play for retailers to bring to life their retail media opportunity, which is basically turning retailers into a publisher and selling advertising on their sites. And so that's the opportunity, and that's what we chased down. So the transformation has been to move the company from a point solution, a single solution, to a platform play that harnesses the retail media, Commerce Media opportunity for retailers or commerce players like Uber, who are looking to monetize the ad inventory on their site. And that's, that's where we're laser-focused, and that's what the shift has been for us. Okay, great. So, you know, to your point, retail media is really turning into, kind of, one of the sexy areas within digital advertising. Sexy is, like, not a word I ever hear with retail media. Yeah, but, you know, we have to find somewhere- We have to find, yeah. ... use that word in, here and there. Yeah. You described a little bit what retail media is. Yeah. Can you talk about what Criteo does within the retail media landscape? Like, where you play your role. Yeah. So I will just jump back a few paces here just to remind folk of what retail media is, and then the broader Commerce Media. It's important. Retailers have got e-commerce sites now that attract very valuable audiences, and those audiences are valuable because they're shopping. They're commerce audiences. They know the product that they want, and they've got money to spend, and they're close to the point of sale. And so they've seen an opportunity to sell advertising to them on those sites, and that might seem like, well, duh, wouldn't... You know, surely they've been doing that for 20 years, but they haven't. They've never sold advertising on those sites, and they don't know how to do it. They're not media players. They're not Adtech companies. They're retailers. They know how to do trade marketing and put ads into stores, but they don't know all of the tech and nuances about moving that across to a digital site, to an e-commerce site. So what Criteo does is it supports that opportunity for them. So we have a platform play, of which if you start at the center of what we're doing, it is lighting up sponsored advertising. So if you go to, let's say, Amazon, which is not our client, but Amazon, when you search something on Amazon clocks, you'll get sponsored links of everybody who have paid to have their listing put first. So all retailers now are doing sponsored advertising on their sites. Followed by display advertising, not necessarily in pictures, it could be in pictures, could be in video, could be just in links, and that's lighting up now on retailers' sites, and it's driven by Criteo. We do all of that ad inventory and ad serving for them. We do all of the targeting, making sure that audiences are coming to the right site, to the right, to the right, on the right device, to the right product, with the right price point. All of that stuff we manage for them, so targeting across those sites. Most importantly, we drive demand to their sites. If a retailer, let's say a Macy's, wants to light up advertising, there's one thing to put sort of display ads on the site. There's another to drive brands, and agencies to actually buy that advertising inventory, and so we do that for them as well. So we drive demand, we drive the buying of that advertising, for those retailers, and that's all part of our Commerce Media Platform. Okay, great. There's a lot happening- Yeah ... here. Next week, you have a really big product launch, Commerce Max. It's a DSP or demand-side platform. Talk about that product, what it is, and why it's so important. Yeah. So Commerce Max is Criteo's demand side platform. And what you'll see us doing is we're putting in these building blocks that surround our Commerce Media, our retail media capability, to create a bigger moat and to serve the retailers so that it makes them very sticky with us. And one of the ways that we serve them, of course, is to drive that demand I talked about before, to be the place where all of the buyers come through across their site. So Commerce Max is one of those building blocks. It is a demand side platform. It does two things. The first thing it does is it helps the retailer, and it helps the ad buy, to not just buy on the retailer's site, but to extend that to off-site as well, across the open internet. I'm gonna give you an example of Best Buy, Sony, and The New York Times. So Best Buy is a client of ours. We do all of their on-site advertising. Sony is a client of Best Buy's and advertise on Best Buy. Sony and Best Buy know that actually just advertising on Best Buy is not gonna get them the amount of the volume of audiences that they need to see the ad, so they partner together to advertise off-site, and New York Times might be a site that they advertise on. All of that is facilitated by Commerce Max. What's important about what we do is that we do that across one single platform, and that's important because the data that we use to make those buys happen, and to calculate whether or not there was a return on investment, to get the best results for them, is superior to anybody else because it's high fidelity across a single platform. That's one thing that Commerce Max does. The second thing is very important. Again, driving demand through to retailers, is retailers need to be seen by the agencies so that their inventory is bought. Today, if you're a buyer for an agency, and you're representing Procter & Gamble, you'll see probably Amazon, you'll see Google, you'll see Meta, then you'll see sort of a couple of other DSPs, and then you're lost. You don't see the retailers. They're so small, or they don't appear in one place. It's just not easy for you to buy retailers' inventory, and yet you know that retailers' inventory is very valuable because, as I said before, it's Commerce Audiences close to the point of sale. So what Commerce Max does is aggregate all the retailers, and we have 210 retailers today, and some of the biggest retailers in the world. We aggregate them up so that they appear in a single line called Retail Media for the agencies, so that it's very easy for the agencies to buy that inventory. Again, all of this driving demand through to the retailers. Okay. I think that's a good area to hit on. One of the... It's a good spot to hit on one of the areas we kinda get one of the biggest questions from investors, and that's, you know, what's the risk to this model? And, you know, one of the factors is one of the questions is often, you know, why doesn't a retailer do this themselves? Or why doesn't a brand go directly and work with that retailer? Why do we need the middleman? Yeah. So there's very few retailers who have actually successfully done this themselves, and you can sort of see the commonality between them when I tell you who they are. Walmart is one of them. Kroger is another. Kroger just recently took all of this in-house and is doing it themselves. If you think about those two players, Walmart's been doing this for near on 10 years plus. They have a team inside of Walmart, Walmart Connect, that are, I'm gonna call it a couple of thousand people, somewhere between 1,000 and 2,000 maybe plus people these days, doing that for them. And they've got a pretty successful retail media business. Kroger acquired 84.51°, 84.51°, I hope I got that right, from Dunnhumby- Uh- ... maybe about 10 years ago or less, 6 years ago. And this is, this company is a, an agency. I mean, they're a media company. They know how to do this. This is what they do. They're also over 1,000 people strong, 84.51°, so they have the internal capability to do it. Now, they're very big, big, big companies, sizable, that have the capability to do it, and it's not about just building it once and letting it go. It's about having a team of people, having a function within their organization that of over 1,000 people that know how to do this all the time and have those relationships with, brands and agencies. That's very difficult to do. So for us, we're a platform, an agnostic platform, of which we can do all of that heavy lifting for you, and our clients have really valued the fact that we bring that to the table. It's funny, I was talking to a CEO last week of a very, very big retailer in Europe, and he said, "Look, Megan, you know, I've got enough on my plate with my retail business, which right now is like, you know, we're working very hard over here. I know nothing about media and selling advertising. I'm not a publisher. I don't know anything about that." What Criteo brings to the table is... Expertise in media, expertise in Adtech, relationships with agencies, all of that, that we sort of take for granted sometimes, but retailers have no idea. And I'm generalizing. Right. Some are very good, but, this is what we bring to help them cut through that because they don't have to do it themselves. Okay. That's a very helpful answer. I wanna go back to product. You also recently launched another product called Commerce Grid. Yeah. I think that plays a role in retail media, but also beyond for you guys. And just talk a little bit about Commerce Grid and why that's important. Yeah. So, as I said, we're putting together building blocks in the ecosystem, which is retail media. It's we're just at the... The entire retail media space is right in its infancy right now. So this is important that we're market makers, and we're putting these things together. If you think about our platform, if you like, as, you know, the sort of core capability of being the advertising the Adtech player for the retailers and publishers, so we're making sure the demand comes to them, and the ads are served, and it's served to the right people, and they've got the right datasets behind them. Then the way to drive demand is through the Commerce Max, the Demand-Side Platform across the top, which aggregates itself up to all of the agencies and brands, so as they can buy into this inventory. The other way to do it is the catchall, is the SSP, the Supply-Side Platform at the bottom, that also aggregates all of the ad inventory, the display ad inventory from the retailers, and all of the ad inventory of the thousands of publishers that we have in one place, and has that available to the Demand-Side Platforms to come through that way as well, through what we would call a bottom. And the way that we differentiate ourselves there through Commerce Grid is that because Criteo sees 1 trillion e-commerce transactions a year, we have access to so much commerce data, right down to the SKU level. We know who's buying what, where, what product they're buying, what they've bought before, how much they've spent, how much they're likely to spend. All of this commerce data we can append to the supply. So let me give you an example. To The New York Times or to a retailer, we can say that ad inventory, that sponsor or display ad on that page, in that position, is likely to attract audiences that have these attributes, commerce attributes. Therefore, that's the best place for you to spend your advertising dollars to get the best return on that investment. And that is wildly... This is advertising next generation. Nobody else is doing anything like that. But our focus on Commerce Media and Commerce Audiences gives us the ability to do that all the way through the buyer journey, to make sure that we get the right ads to the right people at the right time, and the best results for our clients. Okay. A couple more here on retail media, and then we'll move on to some of the other parts of the business. The mostly follow-ups on what we're talking about here. So on all these things you're talking about that Criteo does, got a couple of other, let's call it third-party networks within retail media that are your core competitors. What are you doing that they're not? Like, you know, and maybe the best way to kind of put it is, you know, get an RFP. Why is the client- Yeah ... the retailer choosing Criteo versus one of your- Yeah one of those key competitors? Well, the first thing I would say is that we're agnostic. So we're not owned by an agency. We don't own any media ourselves. So we're completely at the beck and call of that client. We're not competing against them in any way. That's usually a first cab off the rank. Do they compete against us, or is there something here that makes us feel nervous about sharing our data with them? The second would be, our performance. So as I said, right up front, we're a performance, you know, Criteo is a performance giant. Like, we know how to get the right message to the right person. So our performance always stands out, and we'll do head-to-heads against different competitors to see how we shape up, and we're always very confident that we'll win those. So our performance is really important. The third thing is the sort of stack of capabilities that we have. I sort of laid out a couple of them there, some of the big ones. Right. But there are so many others that just are head and shoulders above anybody else's, or just adds to the ability to seal the deal. Measurement, for one. Our ability to provide closed-loop measurement and attribution and things that, unless you're on a single platform, you can't see what's going on down the buyer journey. So, you know, so these capabilities are the next one. The next one I'll call out is, it's incredibly important. We call it network effects, and network effects can be that our 210 clients, they all have the ability to feed into our product roadmap. We have client advisory boards that bring all of the best of them together to talk through what does... Because we're market makers, what is the next generation? What, what do we do next? What do we go after next? And so we've got the sort of network effect of one building off the other. And the really interesting network effect is that some of our clients actually have created relationships between them and speak between them about their businesses, and they're competing businesses. I mean, I have a client who's a consumer electronics brand, one side of the world and one on the other side of the world. They don't compete, but they've become really good friends through this network effect of being on this platform, learning as they're going here, utilizing what we've got to offer, and this network effect has been really powerful. So, the other one is, as I sort of talked about ad nauseam up front, is this ability for us to drive demand. Which goes to being agnostic, because demand primarily comes through agencies in this world. There are big holding companies that you need to be able to have equal relationships with them all in some way, shape, or form, and bring demand through all of these different relationships to the retailers. If you're owned by one of them, then you've just cut out all of the others. Our ability to drive demand has been a really huge benefit to us. Right. On the growth opportunity, we're spending a lot of time talking about traditional retail. You mentioned Uber, Uber actually called you guys out on their earnings call. Yeah. That got a lot of attention from investors. You know, can you talk about the non-traditional retail opportunity, presumably earlier, but on that kind of like, you know, marketplace, third-party delivery, you know, where you are there? Yeah, there's a lot there. You know, I talked before about the size of the total addressable market, the $290 billion by 2025, and that speaks to a marketplace which is not just retailers, but what we call Commerce Media, and Uber is a typical Commerce Media player. So might, you know, some of the travel brands or the other, delivery-type service. There's so many services that are not retailers, but also see this opportunity, as Uber have and Instacart have and others have, to partner up or bring Criteo on board to unlock it for them. So, you know, we love the relationship with Uber. We, you know, Uber, if you go to Uber Eats, you can see what I was describing before. You can see the sponsored links, you can see their display advertising in there. It's a multi-year opportunity for us, and we hope for many more years beyond that. It's also the ability to expand out beyond the markets that we currently serve with them, so there's a global opportunity here. And across different, what they call surfaces as well, or different screens that Uber is getting their content in front of. You know, we see, again, this is a very nascent area, and for Uber, we just see a really massive opportunity for them to grow with us and for us to grow with them, and expand it out to other Uber-type opportunities as well. Okay, great. Okay, so we're talking really kind of big picture here over the next few years, you know, and that's him. I just want to rein it in for a second. Yeah. 2Q, you guys lowered your guidance for the full year. There's still some challenges within retail, within the macro. The guidance does imply nice acceleration in the second half. Can you just talk about those factors? What are the factors in the macro, what are you seeing, and then what are the things that are driving that acceleration in the second half? Yeah. So, you know, the first half was as expected. What we saw coming into... Well, firstly, you know, we've got a great business. There's nothing here has changed in terms of our longer term view, and in terms of the relationships that we have with our clients and our clients ramping up, the speed that they're ramping up. Everything is going to plan- Yeah We're moving to plan. What we said in the last earnings was, as we look into data for July, we can see that there is improvement in the market around the macro. And so we're cautiously optimistic about what that means for the rest of the year. We see, I said before, in terms of, you know, the sales sort of data that we see, we see traffic data across thousands of sites. We see sales data real-time across thousands of sites. And what we see in that data is that the macro looks like it is improving into the third quarter, which is great news for everybody. It seems like there is, there certainly was a decline in sales, so this, this is not us, I'm talking about the marketplace of the data that we see. There was a decline in sales in the second quarter. There looks like an uptick if you look at July and August data in terms of sales, and quite a big uptick if you look in July and August in terms of traffic. So certainly in the market, the macro looks better for quarter three. So again, we're cautiously optimistic. For us, you know, we've got product launches coming through, which certainly help us in the second half of the year, already baked in. But the strength of Max and Grid gives us, you know, even more opportunity. And we've got a better comp in the second half of the year, as compared to the first and second quarter, compared to second half of last year. Holiday, in particular, holiday was really tough. Yeah, well- In general, not- Holiday is just starting. So for us, holidays are interesting because they're not. We're a global company, so where it's a holiday somewhere, it's not a holiday in other places. But, but we'll see what happens to the holiday season because those sorts of sales and those programs are just starting. Okay, let's shift. Let's talk about Commerce Audiences. Yeah. That was an area that outperformed in the second quarter, raised their guidance for the full year. Can you talk a little bit about what Commerce Audiences is, and why you're seeing that strength there? Yeah. Commerce Audiences is, when we presented at Investor Day last year, we sort of introduced this notion of Commerce Audiences, as being us moving further up the funnel to help sort of mitigate what we were seeing at the bottom of the funnel through retargeting. Commerce Audiences is targeting, as opposed to retargeting. So retargeting gets you over and over again. Commerce Audiences makes sure it gets to, you know, a lot of you to try to capture an audience and retain that audience. So it's slightly different. If you think of the top of the funnel as being brand awareness, middle of the funnel as being, sort of changing a decision set to, to purchase, and then bottom of the funnel being purchasing, Commerce Audiences sits in the middle towards the top. Commerce Audiences is powerful because it's using, for the first time, us surfacing, I think I had talked about this earlier, our commerce data, the insights that we have on commerce behavior, on people's spending behavior, on what they've bought before, what they're likely to buy next, off a whole bunch of different datasets that we have, to bring sort of a really unique view of a target together for a brand. If you think about a brand in the past, what they've had access to is, you know, New Moms. I want to buy New Moms, and that's it. You throw the net out very wide. But with the access to the data that we have, we can narrow that down to, you know, New Moms in this geolocation, who we know spend this amount, who have got a two-year-old, that two-year-old, male. Like, we can get it down to a very sort of granular view based on the data that we can append, and that's what Commerce Audiences is. So it's proving to be, from the results, really powerful, and so hopefully gonna continue down that track. That's the retailer data that you're leveraging, correct? It's not always the retailer data. We have a shopper graph that comes from the 19,000 clients that we have, and we bring the best of what we can together. Okay. We sometimes get asked how you're doing all this in a privacy-compliant way, so I just think it's worth talking, spending a few seconds on that. Yeah, we... I mean, we follow every single privacy law and obligation that there is out there. All of our data is consented data. All of it is salted, and salt and peppered, and everything that you can do to make sure that you can't deconstruct that data, and that it comes from with consent from our retailer and from the consumer as well. So we're paranoid about privacy, as you can imagine, so. Okay. Let's keep going here. So retargeting the whole business a few years back, it's going down to 25% of the business, roughly by 2025, or that was what you said at your Investor Day. First is, retail media or Commerce Audiences cannibalizing any of what, any of the dollars, the advertiser dollars in, in retargeting, or is it different budgets? It's different tactics first. So retargeting is a tactic which we don't think is going away. When we put it to 25%, what we did was we accounted for an assumption around, you know, some nervousness from marketers that they might want to try other tactics because this one might be threatened by signal loss. We and so we adjusted for that, but we also grew the overall size of the pie. So it just went to 25% because it's 25% now of, or in 2025, of a much, much bigger pie, which is focused on commerce audiences of targeting. Targeting doesn't rely on third-party cookies and retail media, so it's a smaller chunk of a bigger pie. So it's not a cannibalization. I think I would, I would definitely look at the portfolio as being a set of tactics that marketers take, and I would look to new money coming into digital advertising that is making that pie bigger overall. And new money meaning money coming from traditional advertising, from linear TV or other traditional advertising models, and new money, particularly in retail media, coming out of trade budgets. So as those dollars move from in-store into digital shelves, then that's a game changer. Okay. But you, you've talked about retargeting as being in secular decline. Why is that? Why that view? Feels like a lot of the signal loss, we'll talk about cookies in a second, but a lot, a lot of the signal loss has already happened. So we've kind of cycled through that. Still a tactic that works. It may be worth hitting on, I think, you talked about AI, AI improvements that are helping retargeting. So why can't retargeting grow again, or are you being conservative there? I wouldn't say conservative, I would say cautious about it, just because there's a lot of signal loss yet to come. 60% of the Chrome is 60- that's the big signal loss yet to come. Right. ... we believe that, well, we know that we're ahead of this. We've been working on signal loss in Chrome now for the last 3+ years with Google. Right. So they call it their sandbox, and we've been working with them to make sure that we and the industry are ready, and helping them understand what it takes to get the industry ready for when they deprecate cookies. We're always gonna be cautious about what that is, because we're a year away from that happening, but it will happen on that date. For us, we've sort of switched the focus a little bit here to knowing that we're in good shape because of the different tactics that we're using to represent cookies once they go away. We're switching the focus from that to looking at the rest of the market and and looking to where we think there are weaknesses in Adtech and competition, so that we're ready for potentially a market opportunity here to pick up where others have fallen away. So it's a big shift, but but I think it's an important one, is to say we're ready to go. It's it we're still a good 12 months away, so there's a lots, a lot of things that can happen, but we're ready to go, to for others, a lot of things that can happen, and we're watching now to see where the opportunity is coming out of this. Do you feel like the industry is better prepared for cookies? IDFA feels like it was a bit of a shock to the system. Yeah. Do you think that can happen again with cookies, or it's just been slower and- I think it can happen again. A lot more prepared this time. ... for cookies. Okay. I would say that knowing what we know, we know a lot, 'cause we're working very closely on this one. We've done the right thing, which is to lean into it and learn from it, and get ready for it, and inform it, versus stepping away and saying, "Hey, this isn't allowed to happen," because it's gonna happen, and we're gonna be in front of it, which we are- Right ... and we're looking at the marketplace to see, okay, where's the opportunity here? Do you think that gives you a relative edge when it does come? You've been leading- Absolutely gives us edge. Advertisers come to Criteo. Yeah, absolutely ... and you've been working with Google. Absolutely gives us edge, yeah. Okay. But let's just hit on AI a little bit broadly. What role does it play at Criteo? What role does it play in Adtech? How does it improve what you do? For us, we've been working with AI now for 17 years. We have about 150 people working in the team focused on AI. We use AI in every part of precision marketing and targeting uses AI as its foundation to learn where to go next. Just that's how it works. And so we're in very good shape when it comes to that expertise. What we said in the last earnings, and I'll just reiterate, where we're focusing our efforts in AI right now are three areas. One is, the first one is in just that and continuously improving the algorithms and the way in which we target and get to the right person. Performance is key in this industry, that if you can get a return for the buyers and the sellers, you're in good shape. So it's all about making sure that we get performance. The second area is in advertising creative. We think that there's gonna be a big opportunity to utilize Gen AI to make sure that creative is able to, you know, work for the consumer, and work in real time for the consumer over and above what it ever has done before. So in other words, you know, if you, if you know the consumer... And whenever I say that, I'm not talking about you in particular. I'm talking about, you know- Right ... a group of people who may be the, this audience. I'm talking about an audience. If you know, if you know that audience and you know, you know what their likes are, what their dislikes are, what's working for them, you know, how they're interacting with an ad or on a page, you can change the creative on the fly, basically. And being able to work really hard for our clients to make sure that the creative has attributes that helps it speak to the, the consumer in a way that doesn't, you know, get under their skin, but actually has a result, a positive result, is something that Gen AI can do. And that's Adtech of tomorrow, using real-time data. The beauty of what we have is we have such huge data sets that AI sitting, Gen AI sitting on top of that, able to change creative on the fly, is absolutely doable for us. And then the third area is in internal optimization. I think everybody is saying the same thing. It's obviously a good chance to make sure that, you know, every piece of technology that comes in the door, every partnership that comes in the door, has a meaningful Gen AI ambition or strategy behind it, so that it can play into our playbook of fully utilizing it for optimization across our business. Okay. On the creative side, you don't play in the creative... Like, you're not creating ads, right? But like- Well, we do. So we have ad inventory that we hold for our, our clients. Right. You know, in the most simple form, I'll give you this in the most simple, simple example: you often see an ad that has a blank background. It's a chair that's it, and it's got a white, white background. That's very common. Not one of ours, but you'll see it. If you imagine that you know enough about the possible consumer, the audience that might be seeing that ad at that time, is that you can, you can put a different background behind it on the fly... which speaks to them, which is in their mindset, in their psyche at the time, to be able to actually resonate. So I'm just giving you the most simple example. Right. And so we load ads like that all the time. And the bottom line here is, you know, we wanna make advertising, you know, informative and likable and useful to consumers so that they, you know, keep supporting ads, 'cause ads are paying for the internet, so we've gotta make sure that they keep working, and we're gonna get that right. And Gen AI is a really good example of how we can utilize it on top of the massive data sets that we have to make sure that we get ad creative really, really good. Got it. Okay, that's helpful. Wanna see if anyone in the audience has any questions? Thanks for this. It's been really great. Just going back to something you said earlier, do you think there is an inherent conflict of interest for agencies to be involved in this space? I think- Yeah ... 'cause we've got- I know where you're going. I know, yeah. But, I mean, you know, you've got companies like Publicis- Yeah ... they've got CitrusAd and- Yeah ... Profitero, and just up to... Yeah, that was the question. Look, I don't think it's a conflict of interest for them, for the agency themselves, but I think that the retailer really has to ask whether or not it's a conflict of interest to them, for a couple of reasons. That they then, basically discount themselves of having access to demand coming from all of the agencies, so now they're, you know, tied into one, so they miss this demand pool. And secondly, if they're a retailer that is now, you know, basically funding an operation which is part-owned in the joint venture with, another retailer, then there's a, there's a conflict. Now, some may look at that and say, "Oh, I'm okay with that," but, hey, that's a conflict that, that we've seen, there's been a lot of question marks around. Yep. Any other in the audience? All right, I've got a few more, so, 1.5 minutes left. At your investor day, you gave a range, margins 28%-32%. What, what's the difference between the low end and the high end? What do you need to do to get to the high end of, of that range? Yeah. So we have a program underway. It is sort of a way of working now, in order to, you know. As we move our business from a single-point solution to a platform play and scale the business as we plan to do, given the size of the opportunity here, finding a new restructuring our business so that we have the right people in the right place, doing the right things, is a big priority for us. So as we grow, making sure that we optimize our organization is something that we're doing at the same time. So that's the piece of work that we're doing now. And it's all about making sure that, firstly, we're not doing anything that we shouldn't, that we don't need to do, we're not duplicating. For a company in transformation, it's pretty easy to move through a transformation, just load work on top of everybody. Sure. We can't do that. We've got to take work away and make sure that we optimize. And in that optimization, we'll make sure that we can hold to the margins that we wanna make sure that we hold to through that period of time. Got it. Okay. That's about all our time, but literally right at the buzzer. Great. Thanks, Meg. Thank you. Yeah, that was great. Appreciate your time. Thanks, everyone.