All right. Good morning, everybody. Thank you for being here. For those of you who don't know me, my name is Manav Patnaik. I'm Barclays' Information Services analyst, and we're pleased to have with us here at Dun & Bradstreet, and we have Bryan Hipsher, who's the CFO of the company. So Bryan, thank you for being here. Yeah, Manav, thanks for hosting us. Yeah. Really appreciate it. Of course. Bryan, as you know, I have a long history with Dun & Bradstreet, but funny enough, this is the 1st time you guys have come to this, big financials event. So, and I see a lot of familiar faces in the audience, but, you know, just to set the stage, just give you the opportunity to describe D&B as a company today, 'cause, you know, you are a new management team, new company, but we all have memories from the old. So maybe just set the stage, and if you were to, you know, talk to us today, how would you introduce Dun & Bradstreet? Sure. I t's one of the things I think we talked about, you know, really early on, and you did a lot of work and expressed, you know, your opinions in terms of, you know, the potential, you know, of the business. And I think, you know, from that side, Manav, you know, the first component is, you know, the asset, you know, the Data Cloud, you know, the reach, you know, the reputation is all, you know, I would say, strengthened, you know, from already a very strong pace from a business perspective. You know, we've gone through a massive transformation effort. A bout 4 years ago, in early 2019, as you said, new management team came in, you know, turned over literally the entire executive, you know, team, except for, you know, 2 was replaced. Senior management really, you know, overhauled from that side, ended up, I think, about 850 on a net basis were, you know, replaced for all intents and purposes. And again, I say that is those were, you know, exited, and a lot of bureaucracy, a lot of, I would say, kind of, you know, overlapping functions from that side that we drove out. But really, you know, the change has been in terms of, you know, taking the asset and really, you know, strengthening the underlying infrastructure, data supply chain, technology, you know, side of the equation was very foundational for us. T hen once we had that in place, once we had the right people in place, it's all about, you know, really, you know, accelerating, right, in innovation. And so when you think about, you know, D&B, you know, historically, it was a flat business, right, when we came into it for almost a decade. Its margins, you know, as you so aptly pointed out, were about a thousand basis points under what it should have been. And it really wasn't investing in growth and in innovation and taking advantage of what was really a privileged, you know, position in the market. And so, you know, since then, you know, we've accelerated organic growth, you know, each and every year. You know, this year, at the midpoint of our guide is, you know, roughly, you know, 4%. M argins are now, you know, high 30s, 39, you know, 40%. Strong, you know, free cash flow. We had to, you know, de-lever the balance sheet from the, you know, LBO, take private transaction, and, and that's on a really nice trajectory. So... And, and what I would say, you know, as a, another, you know, key point in there is, like, the Vitality Index. And it's interesting because it's a little bit of a indictment of, of where the business was before, because right now, you know, our Vitality Index, which measures new products as a percentage of the, you know, overall revenues, is upwards of, like, 25%-30%. Now, that's not sustainable, right? You know, because we're coming from such a low, you know, quarter. I t's an important piece just to show, you know, the new solutions, the new products, you know, are really taking hold and resonating with our customer base, and that's, you know, why we've, you know, accelerated the growth to where it is today and really, you know, where we can take it over the next few years. Got it. B efore touching on some of those points you brought out, maybe just another kind of set the stage question, but how do you break out your business mix that's, you know, the best way to kind of talk about the business? Sure. T hat's fair because that's another, you know, piece I think that's continued to evolve, you know, domestically versus internationally, but also our Finance and Risk business versus our Sales and Marketing. And so if I touch briefly, you know, domestically versus internationally, it's about 70/30. So North America is the, you know, predominant amount, but we've doubled, you know, the size of the international businesses, and it's, you know, really grown nicely over the last few years. On the product side, you know, we have our Finance and Risk, which are kind of our, our defensive assets, and then Sales and Marketing, which is, you know, really the offensive side of the equation. If we look at that, it's about a 60/40 split. I nside of that Sales and Marketing business, it's a little bit unique from that perspective because about 55% of it is master data management. And so when you think about, you know, master client record, right? All of the, you know, CRMs, all of the, you know, MarTech stacks, you know, a lot of that is actually the cleanse, match, append, dedupe, you know, enrichment of that data is done through our MDM. And so when you go into the largest, you know, companies on the planet, you know, they're using our, you know, parent-child hierarchy, our matching, our linkage, right, to really establish, you know, their business framework, right, within an organization from a data perspective. And then it's hanging other data assets off of it to solve, you know, unique use cases from that perspective. A gain, it's funny because I think when you start with D&B, you generally start with, "Hey, we know the Finance and Risk side, the credit side of the equation." Even that, while it's very strong, very embedded, you know, growing now, you know, in that kind of company, you know, average range, the third-party risk and supply chain risk management has been growing, you know, strong double digits now for 8-9 quarters in a row. And so, you know, we continue to really open the aperture to solve different use cases, you know, within, you know, these businesses around the globe. And I think that's a big change to, you know, Manav, from where it was before... which was, you know, they kind of just kept maintaining, right? You know, the status quo versus really, you know, how do you build upon and expand from that perspective? And supply chain was a natural, you know, kind of step aside from where their finance was. And Walmart was a great example because we did their, you know, trade credit, you know, underwriting and provided the data analytics from that perspective. But then when they were looking at their supply chain, and not just its financial resiliency, but the reg and compliance side of the equation, you know, it was a natural, you know, step for us to expand from that perspective. And you can see that even going further with what we're doing in cyber, what we're doing with ESG, et cetera. I t's really, you know, a kind of cool concept because it's almost like a land and expand, you know, from a use case perspective, you know, within an organization. Got it. And maybe just to final set the stage is the... You know, can you just talk about the long-term algorithm and maybe by those 2 divisions, in terms of what targets you anticipate getting to, given all these changes you've alluded to? Yeah. And so if you go back, you know, when we first started this thing, you know, there were some headwinds that we had inherited, you know, prior to. And so we knew the transformation, right, was gonna be a transformation, right? And so we kind of laid out, hey, it's gonna be 0%-3%, 3%-6%, and then latest, in our investor day, is 5%-7%. And so, you know, what we've done to get to that kind of, you know, call it 3%-4% over last, you know, last year and into this year, is really, you know, start to drive, you know, price from that perspective, the cross-sell, upsell from that perspective. And then we also started to kind of close the back door on products that were, you know, declining. Hoover's was a great example. You know, it's about $90 million-$100 million business in the Sales and Marketing side, you know, a brand that's pretty well known, but was severely underinvested in for, you know, 5-6 years, right? So by enhancing the UI/UX, so the user interface, user experience, by adding... You know, contact data is an important part when you get into the medium to low end. When we got here, we had 2 million-3 million contacts, that were a majority of them were stale. Now we're in the, you know, 30+ million from that perspective, and they're really focused on the key decision makers within the organization. So all of a sudden, you're seeing a business that was -10% to -15%, get to slightly growing. And just that in and of itself, you know, is part of the reason why, you know, Sales and Marketing grew 5% in the last quarter. It's because the more of these kind of negatives you can, you know, fix. And look, we had boulders, you know, rocks, stones, pebbles, sand to work through, and so the boulders are out. You know, there's still a few, you know, that we're repairing, right, from that perspective, but, you know, as we think about how do we continue on to that next step, you know, fixing those last couple businesses, right, and we've most recently talked about in the North American Finance Risk Credibility in the Public Sector side, and getting behind some of those headwinds, it exposes, you know, the rest of the business that's growing in that kind of 5%-6% range already. Got it. And that 5-7 long-term algo, can you just break it down by, you know, pricing, volume, et cetera, and also just compare it to what it is today? So how each component is kind of stepping up or not? Yeah. So really today, you know, the first is, if you look at, like, our gross retention, right, it's in that 96%-97% range. So already really, really strong. At the top of the house, it's like 99%+, so the strategic customers, the really large-scale customers. The small businesses, right, that's what usually has churned in the past, and so we've got, you know, some strategies there that we're launching, you know, later this year to address that market in a different way. But there's a mix of better retention there, but also just new logos from that perspective, especially in North America. So if I think about, you know, where we're at today, price, for instance, has given us about, you know, 2 points of growth, right? Where should it be over time? Between Europe and between what we're doing with some of the contract constructs in North America, and just being able to continue to extract price from what we call the moral high ground, you know, that's something that we expect to have, you know, another, you know, 1 or 2 from that perspective. So think about getting to 3% or 4%, you know, over that, you know, time period. If I think about where the rest of the growth has really come from today, it's better, you know, cross-sell and upsell, and then some, I would say, new logos. We just announced, for instance, one of the, you know, top 3 or 4 software companies. And it's an interesting one because you ask about where were we and where are we. When I got here, that business and us were in a really bad place. And so when we signed and executed that deal in the beginning of Q2, it was something that meant a lot to me, not just because it was a multimillion-dollar, you know, multi-year deal, right? But it, it really showed the change in trajectory and the change in view from that type of business to, you know, Dun & Bradstreet, right? And so, you know, on that side, you know, as I said, the, the cross-sell, upsell, right, and the logos obviously have been contributing in that kind of, you know, 2 points, right, from that side. And so, you know, as we go forward, I think, you know, the consistency of the cross-sell, upsell will be there, but it's gonna be about price, it's gonna be about new logos, and then it's gonna be about, you know, innovation, you know, starting to contribute, you know, maybe a, a point or 2 from that perspective. So we did a nice bridge in our Investor Day deck that kind of walks through, "Hey, here's where we're starting at the midpoint of our guide this year, and here are the pieces that could step through." Now, the funny thing is, you know, if you add all of them up, it's obviously 11%- Yeah. You know, not 5-7. But the point is, is that each year, you know, it's not like you add up all of those components. You're gonna have times where price is gonna be, I would say, pretty consistent, you know, as a growth contributor. But then, you know, as you're rolling out a new product, as you're garnering some new logos from that side, it's not any one that's we're banking on for 3%. You know, you're gonna have the opportunity of, you know, 1, 2, 3% in any given year. Good. The split between Finance and Risk. It's interesting because the finance side of the equation, again, very sticky, very embedded, very mission-critical, and it's got, you know, good pricing power right from that side. The faster grower, I would say, is the supply chain and third-party risk and compliance, and so that's got a nice ability to continue to accelerate. And then the last 2 pieces, I would say, in that, you know, credibility in the public sector side are kind of like, hey, get them to, you know, start to be flattish, right? And then see the inflection as they start to grow. And we expect that to start to kind of turn the corner in, you know, later this year and into next year. On the Sales and Marketing side, you know, the MDM business, very sticky, very embedded, right? Strong pricing power and can hang more and more data assets off of it over time. Then you have the digital marketing business that's more like that third party and supply chain risk in terms of double-digit growth earlier on in its maturity cycle and has a lot of opportunity from that perspective. So I wouldn't say that, you know, we're banking on, "Hey, we need Sales and Marketing, for instance, to grow 10%, right, for us to achieve." They actually have, you know, a similar opportunity, you know, to grow in different pieces of them, you know, over and above the blended average, and then a really strong foundation on each side to continue to push it going forward. Got it. Maybe just to round out the long-term algo then, can you just talk about that 5-7, what that flows through in terms of margins and EBITDA growth, you know, what's out there? Yeah. So obviously the big first step function change when we went from kind of 30s to, you know, almost 40, right? And we were a little bit above 40 before some of the acquisitions that we did. You know, that was cost take out. And then even at, you know, a, a lower growth, you know, the contribution margins are still very high, right? So as we think about balancing that growth, you know, in the, in the algorithm, you know, 4%-7%, right? Any given year, that's gonna give you 50-100 basis points of, of margin expansion. And so, you know, the, the nice scale of this is, as we collect the data, curate the data, right? As we sell the data, then it's kind of, you know, do it once and sell it multiple times. So that's obviously higher than 60% contribution margin, but we want to invest back in the business, whether it's in incremental data assets, you know, workflow solutions, you know, what we're doing around, you know, GenAI, obviously, is really, you know, germane, you know, to this point in time. So all of that kind of gets bundled into, you know, how we think about the balance of investment and profitability flow-through. And in terms of, you know, the leverage targets and, you know, how that balances with what you want to do in terms of capital allocation, how should we think about, you know, how that steadily perhaps decreases over time? Yeah. So it certainly decreased pretty rapidly, right? You know, when we did the IPO. I mean, we were with a preferred equity instrument, like 9x levered through an LBO, right? And so what was great about the timing of the IPO was we were able to, you know, de-leverage the balance sheet, you know, pretty quickly and, you know, take advantage of, for instance, like the Bisnode acquisition, that we may not have been, you know, if we weren't, you know, in that timing from going back public. As we go forward, we're just a smidge under 4x right now. When I say a smidge, like 3.95x. So... But, you know, as we progress through the year, we've talked about being below 4x. Really, the target that we lay down is, like, 3x-3.5x. And so, you know, look, as EBITDA continues to expand, as we continue to pay down, you know, gross debt from that perspective, you would expect to see that, you know, within the next year or so, from that perspective. I think once you're in that, you know, kind of 3-ish range, 3, 3-5, 3.5, right? It just opens up the aperture more in terms of, one, you know, the external kind of screening mechanisms that are saying, "Hey, 4x is high." And the second is in a rising rate environment, right? There's just some cash flow that's going out that could be, you know, better utilized, you know, in other places from our perspective. And so, you know, at, at that point, look, if we're growing, you know, the, the way we would expect to grow with margins in the 40% and, and leverage is at 3-3.25, and we're trading where we are today, I mean, clearly, you know, buybacks and, and that kind of, you know, opportunity becomes, you know, even more and more easy from a flexibility perspective. And then M&A, right, is always something that the business has a, a great appetite, right, from an M&A perspective because of its... You know, assets are very horizontal, right, from an industrial perspective, and, you know, we touch a lot of use cases within, you know, businesses. And so from that side, I would say the bar is very high right now, Manav, in terms of, you know, making an acquisition in this environment, but certainly we're out, you know, still scouring, reviewing, you know, seeing strategic fit from that perspective. Because, you know, you don't want to pass something by just because, you know, there's a, a kind of short-term, you know, need for being at, you know, exactly 3.25x versus being at 3.5- Yeah but, you know, doing a great deal. Got it. If you can shift a little bit to maybe this year, near-term, talk, how do you firstly characterize your revenues by, you know, subscription, recurring transactions? The broader question is, obviously, how much visibility do you have in your business at any given point in time? Yeah. So, you know, if we break it down, it's about 75% what we call daily ratable revenues, right? And so this is, you know, we sign a contract every single day. It's taking, you know, if it's a $1 million contract, it's divided by 365 and recognizing it every day. We have another about 15% that's on delivery, and so that on delivery, from that perspective, in essence means... It could be quarterly, right? It could be semi-annually, it could be annually. And the guaranteed amount is over a 12-month period, and so, you know, again, extremely high visibility. But if they went 25, 25, 25, 25, and the next year they do 25, 30, you know, 20, 25, there can be a little bit of variability from a quarters perspective, but on a 12-month annual basis, extremely high visibility. It's just you're a little bit at the customer's whim in terms of when they're using it, you know, through that, that time period. The last, I would say, you know, roughly call it 10%, is, you know, completely, about half of it is completely committed, or a little over half is completely committed, but then they're literally just using it, you know, think about like a prepaid debit card that they're using any time, you know, throughout the year. And so that, that again, is guaranteed in 12 months, but has, you know, a little bit more variability, right? Predicated on, you know, the timing of, of consumption. And then the last is like where we capture overage, right? Or we capture literally somebody just comes in and, and buys, you know, a set of reports, and that's, again, a small fraction of the revenue. So when we look at recurring revenue, right? So the subscription, all of that, you know, on delivery, right? And then the piece on the, on the variable side, that is, you know, contractually committed. You're talking, you know, somewhere north of like, you know, 95-96%+. So it's, it's very, you know, very sticky, very high visibility, but, you know, there's always gonna be a little bit of timing quarter to quarter. Got it. So maybe a follow-up to that is, you talk about maybe some seasonality in the business historically. I know you've tried to reduce it, but there's, there's been a heavy load in the Q4. Yeah. You know, why is that? Yeah, and part of it is that, that usage side of the equation. So, you know, 2 things are happening. One is, you're absolutely right, we've, we've reduced that significantly. It used to be like, I mean, the business wasn't growing, right? It was negative. So it was like negative in the beginning, and then they kind of threw the kitchen sink at the Q4, and even that, you know, generally wasn't, didn't pan out, you know, as, as probably they expected. For us, you know, if you think about the gap, you know, from where we started to where we are, I mean, the, the difference between the Q1 and the Q4 has actually been, you know, within 1%, you know, from, from that perspective. And so that, you know, tends to be... The largest magnitude tends to be in the Q4, smallest magnitude in the first, and they actually tend to be the largest and smallest growth rates from that side. Part of it is the renewals tend to happen, you know, at the end of the year, and the contract cycles happen at the end of the year. So if we have, for instance, what's called forfeiture, so if there is an unused amount, and frankly, Manav, one of the things that we've done to get better at this is the caps were just way too high. And so if they were kind of using 1,000 over the last 3, but their cap was 4,000, we still had to wait to recognize that last 3,000 until the end. So it's not that they're using more or less, and, and it's like, hey, are they gonna take the 4,000 down to a 1,000? It was this, they have this amount that they were never gonna use, but that was kind of a legacy contract, contract structure from that perspective. So we continue to move through, you know, a lot of that as renewals come up, multi-years come up, to reduce that and change that structure, which really helps, you know, not have such a, a big event in the Q4. The other thing that tends to happen in the Q4 is, on that Sales and Marketing side of the equation, that's when they're preparing... You know, businesses- Yeah. prepare for their launches next year, and so the usage and the cleanup of their CRMs or their MarTech stacks, that tends to happen, you know, in December, right? And in that kind of November, December time frame, as they're looking to launch, you know, their, their sales and their marketing campaigns heading into the next year. Got it. So is that? You know, my next question should be: How would you say what pieces of your business are economically sensitive? You know, would it be that Sales and Marketing budget piece or? It's interesting because, you know, in terms of just pure macro, you know, we don't have like, mortgage volumes, we don't have consumer credit volumes, we don't have, you know, bond issuance volumes, like those types of things where, you know, you're seeing- Yeah ... true, kind of, I would say, macro, you know, volatility that's gonna impact our revenues. It's really the, to your point, it's where the customers get impacted, right? From their budget perspective and their timing perspective of their purchases, and are they gonna buy that next new thing, and when that's gonna happen, right? So, you know, the majority of the business, if you think about like finance, third-party risk, right? That stuff is you want to protect yourself in down markets, right? But you also don't want to lose, you know, in up markets, the ability to evaluate, because you think about all those businesses that everybody felt really good about 3 years ago, that are now, you know, rapidly deteriorating because, you know, there was a change in the overall macro dynamics. So that underwriting case is something that I think is really, you know, asymmetrical in terms of like the volatility from a macro perspective. It's just a mission-critical asset, whether times are good or whether times are bad. MDM, it's the same way, right? The timing, you know, we had a little bit of timing in the Q4 last year. Of course, that can always be around the fringes, right? Because you can hold your breath and control your budget, but we saw that bounce back in January and February, because within that 12-month period, they're gonna have to use it, you know, regardless from that perspective. When you get into, you know, some of the sales acceleration or the digital marketing, again, you know, our solutions are fit for purpose to increase, you know, and improve effectiveness, right? And efficiency. And so the good part is, you know, we're at the tip of the spear, we're driving data analytics from that side. Is the buying process, can it be, you know, a little bit elongated? Can it be, you know, an extra 2 signatures or something like that? Yeah, of course, it can, right? Like, no business is completely immune, but I would say around the fringes, you know, we're in a really good spot on a relative basis. Got it. So maybe just to follow up on that, specific to the H2 guidance, you know, like you said, last year, you had a little bit of a budget, I guess, pushed through in the year. The year before that, you know, perhaps there was just a lot of transition going on. How do you feel about the confidence level of, you know, delivering the Q4, H2 numbers this year versus the last 2? Yeah, I think, again, on an annual basis, we just reiterated, right? You know, the H1 of the year has played out, you know, I think, you know, as expected, right? Which is, you know, good momentum from that side, and so... You know, like you said, last year, we were a little bit below, you know, our expectations, you know, for the Q4. I think the year before, you know, we were right on and actually had the strongest growth of the year from that perspective as it built up. And so, you know, ultimately, I like I said, you know, quarter to quarter, you know, there can always be a little bit of, you know, volatility, timing, right, from that side. You know, generally speaking, I mean, the reason we reiterated it is because we have visibility and continued confidence, you know, through the last 2 quarters of the year. Got it. And, you know, you talked about how you lowered the concentration of Q4, you know, in terms of the numbers. I mean, historically, I think Q4 is always a good kind of directional indicator of what the next year might look like. Mm. You know, is that still the case? Like, if you're ending the back half of the year in that 4% range, is that indicative of what's coming? Yeah, and I think, you know, there's a couple things, right? That there's always nuances as we've gone through- Yeah ... the transformation, because one of the things that's happening is, for instance, like that GSA contract and some of that government work, that's fading off, you know, more, you know, in the Q3 than it is in the 4th, right? The credibility in that side, you know, kind of the same thing as we work further away from that. And so while it's not a perfect, you know, exit rate, Manav, I think, you know, it's a good show of the momentum, you know, as we head into the following year. The only reason I, I say that, you know, the timing is like, if you look last year, you know, there was a little bit of timing in the first, but then the Q4 last year, but the Q1 this year was, you know, stronger, right, you know, in a faster acceleration from that perspective. So, and again, I think as you look at us in the, in the 12-month period, as you look at, you know, kind of how the core continues to improve and accelerate, you know, that's the, that's the, you know, true indicator as we head into, you know, 2024 and beyond. Got it. You know, one of the questions that we get now once in a while is around the 2 divisions, F&R and Sales and Marketing. While there are some, I guess, you know, connection between the two, like from your standpoint, like what are the true synergies of having the 2 together? Can they be separated? Yeah. And so if you look at them, you know, the Data Cloud in and of itself has some core assets, right? You know, the firmographic data, the DUNS, right, the hierarchy, linkage matches, those types of things that they share. But then when you go into use cases, you know, there are certain things on universal beneficial ownership, right, that is very relevant in specific within third-party risk and compliance, that you're never gonna see on the Sales and Marketing side, right? And on the Sales and Marketing side, buying intent is not necessarily gonna be used on the, you know, third-party risk and compliance. And so, you know, do they have, you know, kind of different users, different end markets from that perspective? Yeah, they do. Right? The MDM, you know, tends to tie together, right, the big strategic customers from that side. But then, you know, when that splits off into, you know, the CFO or the Chief Accounting Officer or the Head of Risk, they're making a different decision, for instance, than like the Chief Marketing Officer or the, you know, Chief Sales Officer from that side. And so while there is some, you know, connectivity, right, and some synergy from that side, which we think is, you know, a good, you know, piece from how we're structured today, you know, could you split them apart? Yeah, you could, right? You know, in the end, if there was value to be created, right, on the financial risk versus Sales and Marketing side. So, you know, what I would say philosophically as a management team, and, and I think you've seen this, is that, you know, historically, you know, our job is to maximize shareholder value, right? And so if we looked at this and the combined entity is growing 5, 6, 7%, with 40%+ margins and free cash flow, you know, converting, you know, ultimately approximating net income leverages that 3x, and ultimately, you know, the value is not being ascribed. From that side, you know, we're constantly looking at, you know, different ways to see, okay, is it a structural thing? If it's a structural thing, I mean, look, you know, what happened at LPS, right? Those two look like, you know, they should ultimately have been a nice combination, but the transaction services side and the TD&A side had different values, different end consumers, and we ultimately split those apart. You know, TD&A became Black Knight and, and has gone on, you know, to a lot of success from that perspective. And so, you know, for us, it's about our shareholders, and, and frankly, it's why when we comp, we comp lower on cash and, and higher on, you know, equity because we wanna have, you know, the same mission, the same goal, the same objectives as our shareholders do. And so we got a very savvy, you know, very value-oriented board. We have a very savvy, you know, and I would say, seasoned executive management team that, you know, isn't... Look, we're not worried about, you know, maintaining our seat for the rest of our existence, right? You know, our job is to grow this business, you know, prove, you know, the construct and the power of what we have today, and then make sure we're flexible and open to driving, you know, as much value, you know, for our shareholders as possible. Got it. Thank you for that. Yeah. You know, I think you alluded to it, like if you get to kind of that 5-7 growth with margins leveraging, you still don't get the stock appreciation. But even if you look at today, I mean, you talked about how you've gone from flat growth to, let's say, 4% growth, margins have gone up, and we've talked about this a lot. I mean, it's from your end, it's pretty frustrating- Sure ... on what the stock is doing. So what do you think it is that the market is missing or underappreciating that you're not getting some more credit? Yeah. And like I said, you know, it doesn't have—we wouldn't wait till 5%-7%, you know, to always, you know, continue to evaluate and see, you know, what's out there and the why, right? From that perspective. And like I said, if it's structural, it's one thing, if it's communication, it's one thing, if it's a certain business, it's one thing. But you know, I think that a few things. One, you know, we were a private equity investment, right? And so we've had some of that, you know, quote, unquote, "overhang," right? And you've seen, you know, some sales for different reasons, you know, throughout. And of course, I think that always puts some pressure, you know what I mean? Just around, you know, the stock separating from the fundamentals, right? That, that I think we've achieved over the last 3, 4 years. The leverage, right, you know, being around 4x is probably something, you know, that's out there. You could argue that, you know, 4x leverage is, is not equal across all types of businesses- Yeah. But, you know, if that's a screening mechanism, you know, that's certainly one. And then, look, I mean, you know, the business historically, like, didn't execute, right? Didn't perform, you know, before we got in here. And hopefully, people see and recognize and understand it's a different team, right? With a different culture, a different mentality, and a different opportunity set, right? And so it's why the business went from 0% to 4%. It's why the base—you know, margins are up 1,000 basis points. You know, it's why, you know, the Vitality Index has really picked up. The international business has doubled. It's a very different business, you know, than what it was 3-4 years ago. But, you know, I think it's a continued education, and it's a continued, you know, just proving it out, right, you know, quarter after quarter, year after year, you know, to make sure people are comfortable and understand, like, you know, this is, this is the path we're on and the execution, and then, you know, you kind of force the issue in terms of valuation. Got it. And maybe since we have 2 minutes left here, 1 last question. You know, we get a lot of competitive concern questions, which I was hoping you could just contextualize in terms of maybe what percentage of the business it impacts. But, you know, for example, Moody's has BvD, so they- Mm-hmm ... they consider that as a competitor. All the 3 credit bureaus talk about how they're doing, growing nicely in the small business end of the F&R side of your business. And then obviously, you've got ZoomInfo that, you know, gets a crazy valuation, I'm sure to your frustration—for what they do on the Sales and Marketing side. So how, you know, how would you rebut that kind of, you know, debate that there's just too much competition for you guys to be able to get that growth going? Yeah, I mean, first of all, it's not like any of that's new. You know what I mean? Like, we've executed and gotten to the point where we're at, you know, with all of those, you know, dynamics in place, right? Zoom competes with, you know, a fraction of the, you know, Sales and Marketing business, right? And so if you think about, again, the unfortunate part was it was a lost... You know, not a lost opportunity, but a delayed opportunity, in that, you know, when D&B acquired NetProspex- Yeah I mean, NetProspex, Server or ZoomInfo, all relatively similar. You could argue NetProspex have the kind of broadest, you know, view from that side, and they really just, you know- Did that. Yeah, they choked the life out of it. I mean, you know, you take the guy who's running it, move him into alliances, take the, you know, contacts, run them down into the ground, and then say: Why aren't we, you know, growing this business? Yeah. It's like, come on. So, you know, getting back into that spot, I think, puts us in a position where we can be aggressive on that side. But in terms of what we do with, like, MDM, in terms of what we're doing with digital marketing, I mean, that's, that's not what they do. Okay. On the financial risk side, like BvD, for instance, BvD, you know, I would say, was running, you know, pretty aggressively internationally, you know, before we got there. The worldwide network wasn't in, you know, a great place. We hadn't been localizing and driving, you know, into those markets as true, you know, kind of, places where we could deliver solutions. And, you know, when we've changed the game there, I mean, you've seen high single digit, low double-digit growth in those regions. And part of that is we're taking the fight, you know, to those, you know, not just BvD, but the kind of local- Yeah you know, competitors in those regions, versus a, you know, we'll just gather the data, you know, U.K., if you sell something great, if not, you know, no big deal. Yeah. Right? Like, that was a big untapped opportunity and something that we've gone after hard. And then the bureaus, you know, whether it's Experian, Equifax, I mean, they've always played hard on, like, that sole proprietor side in, in trying to use, you know, kind of consumer data as a reflection of business data. Look, I think on that side, 1, you know, the, the micros, you know, are probably not ones that we go after really hard, but small business, I mean, we just have to go at it a different way than we have before. Like, our competition in, in the PAYDEX score and its relevancy, whatever they do, they can't impact, you know, the PAYDEX score, right? And ultimately, if Walmart, if Apple, you know, if they're all using that from that side, it's incumbent on us to deliver product packaging, pricing, right, to really drive it from that side. And I'll tell you, like, in this Gen AI, you know, environment and, and how important the underlying data is gonna be to these foundational models and ultimately to the solutions that kick out from there, good enough is not gonna be good enough. And so going out and trying to do something on the cheap that isn't foundationally supported, you know, is, is something that we think, you know, would be start to deter, you know, those kind of lower-end providers from that perspective. And so, you know, it's an interesting time for us to, you know, kind of be on the front foot and be offensive from that side. Got it. Well, I'm glad you squeezed in that Gen AI comment, 'cause we're out of time here, and maybe we can follow up on that later. Thank you so much, Bryan, for being in. Thank you, everybody, as well. Yeah, great. Thanks a lot. I appreciate it.