Hi, good morning. This is Heather Balsky, BofA's Business and Information Services Analyst. I want to welcome you all to our fireside chat with Dun & Bradstreet CFO, Bryan Hipsher. Bryan, it's great to have you at our conference. Before we start, for anyone in the room, we have about 40 minutes scheduled. I will pause at the 15-minute mark in case there's Q&A. I also have plenty of questions, so let's get started. Bryan, just jumping into the questions, prior to the company's... Oh, wait, I'm sorry. Hold on one second. You know what? Can we Are we live? We're live right now. Emily, do you have Can you hand this to me? No, that's okay. Yeah. I mean, first, Heather, what I would say is, you know, thank you so much for having us. You know, it's a, I was, you know, my family's actually up with me, you know, for the weekend. I said, "Why don't we even go to the Top of the Rock when, you know, we can just take a peek out of the beautiful scenery here?" You know. Thank you. Yeah, absolutely. You guys just had your investor day. We did. We were just talking about that. Okay, perfect. There we go. Thank you. Thanks again, Bryan. I kinda wanna jump in and talk about Q4 because we've gotten a lot of questions about the quarter. Can you just talk about what, you know, what was going on in finance and risk in the fourth quarter, some of the headwinds that you faced and how to think about those challenges into 2023 and the guidance that you gave. Yeah, sure. If you think about, you know, over the last, you know, four years, the continued transformation of the business, right? We've really, you know, continued to strengthen it in almost every facet. Some of the things that we inherited when we came into the business actually took until, you know, last year to really manifest themselves. The two big, you know, components I would say that ended up having an impact, you know, for instance, in the fourth quarter were, one, we had a contract with what was called the GSA or General Services Administration that was lost back in the end of 2018. The actual, you know, kind of the new player, you know, took, I guess almost four years out of a five-year contract, right, to kind of get it up and running. In April of 2022, that revenue started to come off. That came off one month in April and then, you know, three months, you know, through the remainder of the year. We'll have that in the first quarter of this year and then the first month of the second quarter. You know, all of that is behind us. The other piece is, we had an open FTC investigation going back to sales practices in 2016, 2017. We, you know, resolved that. We actually made changes immediately when we came into the business. We changed out the management team, we changed out, you know, frankly, a lot of solutions that just, you know, weren't representative of, you know, the business we were looking to run, you know, on a go-forward basis. Ultimately it takes time, you know, to get all the I's dotted and T's crossed from that perspective. That also ended up resolving itself in April. If you think about that business, it generally has one year or less contracts, and its kind of largest, you know, impact was going to be in the fourth quarter. As we went into that, we knew, you know, there were two things that were going to kind of depress the finance and risk numbers, especially in North America. We had kind of built that in and understood that from a guidance perspective. Outside of that, what I would say is that, you know, the government business in general, has a little bit more project work, a little bit more, I would say, you know, work that is predicated on continued funding, you know, from the federal budget. We were in a what's called a continuing resolution, and so the actual formal budget didn't get approved until very, very late in December. Certainly that created a little bit of volatility, I would say in 2022, especially in the second half. You know, outside of that, I think that, you know, the core, you know, assets, third-party risk and compliance, the finance solutions performed very, very well and as expected. Overall in the fourth quarter, what we really ended up seeing was that on the sales and marketing side, our master data management businesses performed very well and continues to perform very well. I would say still performed very well even in the fourth quarter. In December specifically, there was just some volumes and some sizes that were a little bit less than we expected. Some of that comes into, you know, that was a period when businesses were really starting to tighten up, you know, whether it was budgets, whether it was, you know, releasing headcount and announcing, you know, some layoffs and things like that. Certainly, it felt like they kind of held their breath, you know, for a month. Again, those contracts are annual in nature and generally, you know, part of multiyears, but they can have a little bit of volatility quarter to quarter, where, you know, volumes, depending on what kind of size campaign they're going to run, you know, can shift, you know, in any given period. Every 12 months, that gets cleaned up and short out. You know, when you're thinking quarter to quarter, that's some of the volatility that we saw, but again, pretty limited in the grand scheme of things. when you plan for 2023 and you think about 2023, you know, are those things largely behind you? Yeah. The GSA and again, the kind of, you know, fallout on the credibility side, those are really, you know, past us, I would say in April. We're gonna have the first quarter with those headwinds still in. Mm-hmm. The first month, you know, I'd say of maybe the second quarter, but after that it's all behind us from that perspective. Okay. You know what, I'm gonna just pop in a question here on GSA, 'cause especially for investors who are a little bit newer- Sure. to the company, they ask this sometimes, which is, you know, the GSA, you know, that contract exit and kind of the D-U-N-S number in general and how, you know, people use the D-U-N-S number, you know, what are the implications there? Does it matter? You know, are companies using the D-U-N-S number because government also... I mean, you know, how are those things interrelated or not? Yeah, you know, they're really not. The GSA uses and used the D-U-N-S number as a unique identifier to onboard vendors right into, you know, the government network for all intents and purposes. There are a lot of other federal institutions, whether it's, you know, FEMA, the FDA, et cetera, that are using, you know, the D-U-N-S still in all of our data that sits behind it, because that's the true power of it. When you think about what's unique about the D-U-N-S number is you're talking, you know, hundreds of millions of records that are all, you know, tied and linked, right? Both domestically but really globally from that perspective. When you think about a company like, you know, IBM, right? IBM has, you know, legal entities, they have businesses, they have acquisitions all throughout the world. Those are all tied through this ubiquitous number that is the D-U-N-S. All of that parent-child relationship hierarchy, when we talk about UBO data or Ultimate Beneficial Ownership data, all of that is powered by not only just the D-U-N-S, but the data, the linkage, the curation that sits behind that, and that's what really creates a unique identifier. If you think about it, there's unique identifiers all over the place, right? There's tax IDs, there's this new, you know, UEI. In the end, it's kind of the pervasiveness and, you know, the fact that it's been around for, you know, almost 100 years, right from that side. History, that depth, is really critical from that perspective and something that is, you know, nearly impossible to replicate. Got it. Thank you. You talked about, you know, briefly about what happened in the fourth quarter regarding master data management and the usage there. You know, can you elaborate a little bit more in terms of, you know, how those usage-based contracts work, and kind of what happened in the fourth quarter and, you know, could something like that happen in a, you know, one Q to three Q, or is it year-end, you know, that lead into the fourth quarter? Just trying to understand that a little bit. Yeah. It's definitely what you see is we kind of have these bookends, right? We've done a, I think, a really nice job of, you know, previously the business, you know, 4 years ago didn't grow at all, right? We've started to really take out, you know, that, you know, where the back end is really overweighted, especially from a growth% perspective. We still have the magnitude where the first quarter is generally the smallest, the fourth is generally the largest, and then in between are kind of like the middle ground. What you tend to see is that on the sales and marketing side, as businesses are, for instance, cleansing their CRMs, cleansing their MarTech stacks, they tend to do that in preparation, right, for the launches in the next year. We saw this a little bit around the COVID time, but when we talk about taking that breath or taking that pause, it's like, are you looking to launch, you know, full scale sales and marketing campaign into the teeth of, you know, what was, you know, potential recessionary talk, you know, and all this kind of pretty tough, you know, macro backdrop. That's where you can see a little bit of a shift from month-to-month. You do see it, you know, definitely as December is probably the heaviest from that perspective traditionally. Therefore, if you're gonna see a little bit more of an impact, you'll see it, you know, in summer versus, you know, what you would see maybe in the middle of the year or early part of the year. Right. When we think about, you know, potential macro uncertainty, which kind of is still very pervasive- Sure. You know, you know, your business, you know, you've talked about your business being very resilient, even in a downturn. Can you talk a little bit more about that? Sort of what is the resiliency in your business and your confidence level coming out of this fourth quarter? Yeah, absolutely. I mean, again, when you look at it, we're talking, you know, within $6 million-$8 million, right? You know, from kind of where we came in at the lower end of the guide versus the midpoint, right? In the end, we're not a, hey, we're down 25% all of a sudden where we were up 35% because of some, you know, cyclical headwinds or tailwinds from that perspective. It is, you know, very tight within a range. I know we're, you know, decimal point specific, you know, a lot of times. You know, again, I think what you see is that, you know, and you're seeing it right now on the financial risk side, you know, it's really important to understand, you know, who you're extending trade credit to, who you're lending to, who your suppliers, vendors, you know, third parties that you're dealing with, especially in these environments, right? You know, when you're, you know, seeing instability, right? You know, we're a very mission-critical part of helping our, you know, customers understand and clients understand, you know, what their risk is from that perspective. On the master data management side, you know, we talk about it on the sales and marketing side, but it also functions on the finance and risk side. I remember, you know, going back to my days, you know, at FIS, that was little FIS at the time. I know I always tell you that, Heather. But you know, when we actually had the kind of mortgage crisis and banking crisis going on, you know, it was understanding what our overall exposure was from an accounts receivable perspective. Bank of America is a good example. I always give it. You know, there were 73 different ways we called Bank of America, Bank of America within our billing applications, receivables applications, CRMs, ERPs, et cetera. When we were trying to get that whole view, it was very challenging, right? Because there was BOA, there was BAML, there was, you know, ultimately, you know, Countrywide, et cetera, right from that perspective. When you're trying to tie all of that master client record behind, that's where things like the D-U-N-S, that's where things like our master data management become really, really mission-critical. That's really helpful. I think, you know, just touching on your investor day, it was an opportunity to kind of better understand what your different products are. You know, it's a very broad range of products. There's a lot of innovation going on as well. One of the things was there was kind of this new master data management product that you guys are rolling out, for example. Sure. You know. Let's start with that. Can you talk about what that product is and how that's different from what you've had in the past? Yeah. What I would say in the past is you traditionally had a couple... You have three ways to really deliver the data and analytics, right? You can do it via batch, you know, which is kind of the older school way, right? You know, believe me, it's still there as long as clients, you know, need it from that perspective. There's an API connection, also we have a connection via graphical user interface. When you think about the user interface, you know, D&B Connect, and Connect for Salesforce were two of the ones, you know, that we were demo-ing from that perspective. Where we're evolving it is we wanna make sure, like, our products have traditionally fit very well for the largest, most sophisticated entities, you know, in the world, right? As we bring that, you know, into the mid-market and into the lower end of the market, it's definitely critical from the perspective of having, you know, self-service and more user-friendly capabilities. Connect is a, is a great example of that. That's really helpful. you know, I guess Oh, sorry. really, you know, extending on the innovation side, right? You know, I know, you know, that was a piece that you're bringing out. Yeah. One of the things that I was excited about, you know, at the investor day, and it certainly, you know, comes from. Look, we had a business that I think, you know, for a long time was kind of resting on its own laurels, you know, back in, you know, 2016, 2017, 2018, right? There wasn't a lot of investment, there wasn't a lot of, you know, innovation going on. For the first few years, we had the real foundational work, right? To kind of lay the base so we could have that accelerated growth and on the back so that the accelerated innovation. You know, we were happy to be able to show, you know, the fraud solutions, the ESG solutions, the Connect solutions, the digital marketing solutions. What we're now doing on the SMB side, are all things that when we think about how do we take that next step in accelerated organic growth, you know, that's definitely gonna be a big piece of it. Yeah. We've also talked about the opportunity on the cross-sell, up-sell side. Sure. You know, can you talk about what you're doing there in that opportunity? Yeah. I mean, this is certainly a piece of it. You know, the first part that we had, I would say from a cross-sell, up-sell perspective was literally, you know, changing some of the sales practices, changing some of the compensation practices to make sure that, you know, the two really, you know, fit each other, right? While we're looking for multi-year contracts, while we're looking for the ability to take, you know, price in a strategic way, that was important, right, to make those, you know, shifts in the overall GTM strategy. As we think about, again, you know, the up-sell, cross-sell opportunity, you know, some of it, you know, is the migration work that we're doing and getting our customers onto kind of our largest and most key, you know, flagship products. The reason I say that is, you know, for instance, the Bisnode acquisition. It was a great acquisition. We bought it at, you know, roughly 7 times post synergies. You know, what we knew though was that there were legacy products kind of scattered throughout, you know, the regions that we were acquiring from that perspective. We spent a lot of time and effort last year migrating, you know, I think it was something like 5,000 or 7,000 customers onto D&B Finance Analytics. You know, part of that is you don't get a lot of incremental revenue right out of the gate. You're putting the customer in a position, right, where now you're in a position of strength. The ability to take price, the ability then to cross-sell, up-sell, you know, all of that comes with, you know, being in a little bit of that moral high ground, which is really important, you know, for us to continue to, you know, grow this business sustainably, right, over a long period of time. You know, when you're looking for kind of the short-term wins, that's not it, right? You know, it's really about laying the base for the continued growth. The other piece is the multi-year contracts. You've taken that from 20% in 2019 to about 50% currently. Your next goal is 60%. Where is that opportunity to increase penetration? Is there something the company needs to do from an organizational product perspective to get there? Some of it is a little bit of what I just talked about on the migration side. In some of the countries, in some of the markets that are a little bit now evolving, that's where we had 1-year deals, we had more transactional deals. The ability to flip those into multi-year contracts is kind of that next, call it 10-ish%. The other side is when you get into the middle and the lower end, right, again, that's where we seem to have and that's where we've had our highest churn. Being able to bring them, all of these things are interesting, right? Innovation, multi-year contracts, pricing, they're all very much tied together, right? When we think about, you know, bringing new solutions to the smaller end of the, you know, spectrum, then we can have instead of one. You know, it's always the easiest. We could calculate how many products per because it was one. You know, having two, three, that then lends itself to, you know, more of a multi-year contract and a longer term engagement. That's how we kind of see the next evolution from that perspective. I'd say international and then starting to get the midsize and smaller to adopt multi-years a little bit more. So that 60% is a midterm target. You know, but if you look further out, do you think you can push beyond that at some point? Is 60% the cap? You know, I wouldn't say necessarily it's the cap, right? You're gonna have a certain amount, especially with the small businesses throughout the world, that are gonna be generally more on like one-year agreements than on multi-year agreements. Yeah. The one thing, you know, I guess it was interesting is that your ability to price has benefited from that a lot. You said you talked about 1%-2%. Sure. Pricing, it was, I think your target when you first went public was lower than that. you know, how does that help you on the price? Yeah. It's been, it's been, you know, very helpful from that perspective. In essence, what we're kinda using is a strategy that says, "Listen, if you're gonna do a one-year contract, right, you know, the MSRP and the price step-up is gonna be, you know, higher. If you're willing to engage in a multiyear contract, then, you know, we can knock the price increase down a little bit," That's what ends up, you know, blending in. Again, the benefits of multiyears are, one, you know, just that fixed, you know, and built-in price escalator. On top of it, you're not haggling over and you're not renegotiating the existing book of business every year. You're now going back in and thinking about, you know, the upsell, the cross-sell, and really generating, you know, that next leg of value from a client perspective. You know, for us, when we talk about 1%-2%, that's the blended average across the entire portfolio. And it started to approach, you know, more 2%, you know, last year, which certainly was a big step up from where it had been, you know, historically. As we continue to press forward, we think there's another, you know, point or two from that side. Again, that's really gonna be driven by, you know, frankly taking some underinvested products and getting them, you know, up to the right speed because as you bundle those in, as you continue to improve them, they become more inelastic over time. Where, you know, right now we've really, you know, kind of bifurcated the client sets. We've bifurcated the segments and the products and really going after price in what are the traditionally inelastic, very sticky, very mission-critical side. The ones that, you know, we were kind of playing from behind a little bit and needed investment, you know, we haven't pushed pricing very hard there. Again, you know, over the next few years, as you kind of step up to the same level the rest are, that's where you can start to take more and more. Yeah. I've wanted to ask you this question, because you've made so many investments in the business, improved the data. Has there been an education process with the customer throughout, you know, just in terms of? Because there's probably a lot of customers who remember old D&B before the management team came in. Yeah. Customers and investors, Heather, both actually. It has been. And it's one of those things, it's why we're out here, it's why we wanna be in front of the clients, you know, as much as possible because, you know, we want them to understand that, you know, the business has gone through a large, you know, transformation. It's a different entity. We run at a different speed. And in that it does, it takes time, it takes communication, it takes outreach, it takes effort, and then obviously it takes execution, right? Those are the things that we're focused on, you know, each and every day. It's interesting too because, you know, you're in some very... You know, we're in 90% plus of the Fortune 500, right? You know, these are very large entities, and when you think about decision-makers, for instance, that are on, you know, maybe the finance or risk side versus on the sales side versus the marketing side, there can be even different perceptions from that perspective. As we're engaging, you know, it's making sure that, you know, we're engaging properly, you know, across the organization and really maximizing the ability to garner share. Again, what's interesting is on the larger, you tend to go in with a master data management strategy, and then you can kind of run off both sides of that, right? When you get into the middle side where MDM is, can be important, right? Also may not be as, you know, critical as it is in a large organization. That's where you have to make sure you're engaging with the right level of expertise. We talked about on the GTM side, in the sales and marketing business, you know, we've really started to put, you know, dedicated and expert sellers in there versus we were in a generalist model, I would say, over the first, you know, one or two. It's not a wholesale change. We're not going completely from generalist to specialist. For instance, in Hoovers, that was the product that was, man, it was so underinvested, right? We had like 3 million business contacts in there. You know, the UI was, you know, archaic, right? Now we're at the stage where the product's ready, the data's ready, and so we can kinda launch full scale on the, on the GTM side. Seeing some good, you know, green shoots and certainly turning from that perspective, but, you know, that's kind of the evolution that we continue to go through. I have to ask you about Hoovers then, because it seems like, you know, you've gotten a lot of questions about Hoovers given the competitive dynamics. It's actually a relatively small% of your sales today. It is. You at the Investor Day, it came up that there have been some innovations and the team seemed very excited about it. What's, what's different now and what's the enthusiasm all about? Yeah. What I would say is the connectivity, right? Just the kinda ease of use from that perspective. The data, right, is in a, you know, very different place, whether it's, you know, the intent data that, you know, we're leveraging internally, some of the third parties that we're, you know, running with. The contact data, especially when we talk about now going from, it was like 3 million records to something, you know, near like 30 million at this point. Look, we focus on the high-tier decision makers, right? You know, you can have a database with 500 million, you know, records in it, but if it's all of the interns, you know what I mean, from last summer's program, they're generally not buyers, right, from that side. You know, it's, it's great to see, you know, the user interface, it's great to see the ease of connectivity. Look, our firmographics data are superior, right? That's why traditionally too, some of the big, you know, customers, they're not worried about, you know, big blast email campaigns and things like that, right? They're doing, you know, pretty deep market studies. That's where it continued to shine from that perspective, right? Where, you know, it wasn't, you know, as strong was in that kind of middle and lower end, right, where you're really trying to use, you know, something that's a little bit simpler or something that's, you know, very focused on the contact side. You know, that's where we evolved the solution. I think what's cool now, and Jenny, you know, probably talked about it, right, is you can toggle between kind of a contact view versus a firm view. You know, having the ability to do both is really powerful. That's very helpful. Thank you. We're at 16 minutes, so I figured I'd check if anyone happens to have a question, we can send around a mic. I can keep going too, which is what I want to shift to margins. You talked about 50-100 basis points of EBITDA margin expansion, you know, over the midterm. What goes into that? What drives that expansion? Yeah, I would say generally speaking, look, we're always looking at efficiencies, right, in driving forward. The general, you know, uplift will come from, you know, the revenue contribution, right? And so when you think about any given deal, it's north of, you know, we talked about 50%-60%, you know, plus contribution margins. I would say, the offset is, you know, we're continuing to invest in our people, continuing to invest in, you know, data assets, right, both domestically and internationally. And so that's kind of the place that gets you to, you know, 50-100 BPS on that kind of revenue growth. And so we've seen, you know, a big step function change. I mean, when we came in here, it was kind of in the mid-30s and frankly, declining. We got it up into the low 40s. Some of the acquisitions that we did actually, you know, brought it back down a little bit, which is why, you know, I think we exited last year at like 39%, you know, roughly. When you think about in that kind of, you know, low 40s range, right, you know, that's really the organic growth, you know, flowing through at those, you know, types of contribution margins. Kind of moving down to that free cash flow. Sure. You know, I think you talked about at your Investor Day, 80% plus free cash flow conversion. Yep. Plus is important. Plus is important. Very important. you know, what's the ramp there? you guys have some, you know, accounting things with your contracts that, you know, flow through and the pension too. Kind of putting that all together, how should we think about that? Yeah. The first thing, you know, you mentioned was the pension side. This was always a bridging item. It was something historically that D&B, you know, had in their Adjusted Net Earnings. You know, frankly, as we were kind of coming out of the IPO, we've now had about 3 years, right, of kind of clean financial statements, right? From that perspective, it was a good opportunity to go in and take, you know, that out of the adjusted, you know, Net Earnings calculation. Again, it was a non-op, non-cash item, and so there was always gonna be a bridging piece between that and adjusted, you know, free cash flow, right? That's, that's now out of the equation. If you know, look back, we went ahead and kind of recast, you know, those prior periods for comparability perspective. On a go-forward basis, what I would say is the biggest driver in differentiation right now between free cash flow and adjusted net income is actually that difference in CapEx and depreciation & amortization. One of the big pieces was, you know, the business was investing maybe $30 million-$40 million a year in CapEx. We took that, you know, from $80 million, and frankly last year it kind of peaked out, you know, in the number that it did, and it's coming back down. It was almost 10% of revenues last year. Now, you know, that's coming back down. It should be, you know, around that, you know, kind of 6-7 over time. This year I think we guided around like 7.5%, you know, give or take. For us, we wanna continue to invest and make sure, you know, we're driving the accelerated growth in the company. We know that even as CapEx kind of peaked and will come down, our depreciation & amortization is gonna step up over the next few years. As those two things collide, then you end up with, you know, a tighter conversion from that perspective. That's helpful. Then, and then the cash and putting it to work. You know, you talked about your priorities. Can you know, remind us and just sort of, you know, sort of where in particular where debt repayment kind of falls in the. Sure. In the spectrum. First and foremost, it's organic growth is, you know, profitable organic growth is clearly the priority, right? Again, I think, you know, we were mixing transformation work, and we still have some ongoing cloud transformation, et cetera, from that side. It's really on the innovation side and the new solutions that we're, you know, putting our dollars to work from that perspective. What I would say, we had it in there, is we're about 4 times, you know, levered, right, on a net basis. You know, it's a business that's very sticky, very mission-critical, you know, generates consistent cash flows from that side. Certainly, I mean, when I got in here, I think we were like 9 times, you know, levered. We don't wanna be, you know, there. It's a business that can handle that type of leverage because of the structure that we have. That being said, you know, we gave that, you know, kind of midterm, you know, guide of around like 3 to 3.5, right, from that perspective. We're gonna, you know, continue to work down. We'll be below 4 times is the expectation this year, and then continue to migrate down. That'll be a combination of expanding EBITDA, but also, you know, using some excess free cash flows to drive down the gross debt balance. After that. M&A is always out there, right, in a strategic M&A in terms of tuck-ins and the right assets. When we're looking at it, I would say especially in this environment, we're very, very selective. We're always, I would say, very selective, but when you're looking at, you know, this kind of overall, just macro backdrop and environment, it's gotta be something that's attractive. The fact of the matter is that, you know, if it's growing, you know, accretive to growth and if it's got margins, you know, in the range, and it's got... Those are generally not the cheapest assets. You know, when we're balancing those things, we always wanna look towards the long term, right? We wanna make sure, like, if it's something that is, you know, generative from that perspective and all of a sudden leverage goes up for a very short period of time, but we can bring it right back down, you know, that's something we would consider. I would say that's definitely, you know, something that is behind, you know, kind of the natural evolution, which is just grow the business, de-lever the business, right, and then, you know, move forward from there. The dividend, you know, we'll stay on track with where we are from that perspective. Then, you know, share repurchase is an interesting one because I think, you know, where we're at right now, I mean, the shares are like from our, from my side, from our side, like extremely attractive, you know, especially when you look at the valuation. We also still have, you know, some holders from Cannae and THL. We also still have the dynamic around where the leverage is right now, so we don't have a huge float, right, from that perspective. You know, you're kind of, you know, weighing, you know, all of those variables, right, as you're thinking about where to allocate from that perspective. Definitely the obvious ones are growing and de-leveraging. Just touching on M&A, I guess Bisnode, you know, you mentioned it earlier. I guess when you did that acquisition, just sort of what was the catalyst for that? What, you know, did you buy it? I guess how is it progressing? Kind of what's the update there? Sure. Bisnode was actually a Worldwide Network partner of ours, and so it covers the Scandinavian regions, it covers the DACH region, and then it's got some of the Southeastern markets. Very strategic, I would say, in terms of where it is from a Central Europe perspective. Again, if you look at, you know, what we did last year, you know, new clients such as Volkswagen, new clients like Siemens, right? You know, there are massive entities and opportunities to continue to grow and expand in those, you know, regions, especially with, you know, larger size, you know, customers. We have really kind of the, I would say, inside track to any of those Worldwide Network, you know, partners from that perspective, and that was one that, you know, Anthony, Neeraj, myself, the board were very enthused about, again, came over at the right price. Like, that's always the dynamic, right? In any of these. It's like, look, do we have opportunities to buy other Worldwide Network partners? Sure, right? It's gotta come at the right value and the right price with the right, you know, kind of financial profile from that side. You know, we've done a nice job of continuing to evolve the contracts and the Worldwide Network has a very strong use, right, in the current construct. You know, there are gonna be opportunities for us to look at those and say, "Is it better to own versus, you know, kind of have a, the WWN model, you know, for a specific set of areas?" Bisnode has progressed very well. The synergies, you know, have certainly, you know, come through from that perspective. The revenue growth rate went from negative, I think negative 2% organically when we bought it, you know, this year. You know, now it's in kind of that low singles. Again, you know, lots of progress from that side. Continuing to evolve and transform it, but, you know, very, very pleased with the progress we've made from that side. That's helpful. I mean, can Bisnode catch up with the overall growth of the business over time? Yeah. I think over time, especially on the international side, right? You know, again, we spent last year migrating thousands and thousands of customers, right? You know, it takes some of that period. Remember, you know, we're always thinking about this on a constant currency basis, right? You know, certainly there's some FX exposure, right? You know, last year we had it in the SEC, the euro, in the pound, and it was a pretty big swing. You know, look, when we look at the overall impact, I think it was, gosh, almost like $60 million or $70 million of revenue, and it's like $15 million of EBITA, right? Because of the expenses being in those regions also, you know, we end up with a natural hedge, you know, from that perspective. Not nearly as, you know, impactful where if we were just, you know, in the U.S. with all our employees, all our expenses and selling into those, that's a little bit of a different animal, so. You know, you talked about M&A and we talked about Bisnode, and you've also in the past bought data assets, I think, you know. What's sort of the decision process there, you know, around data assets and yeah? Yeah. It's a mix. I would say it's data assets or it's also, you know, some kind of tuck-ins from a software perspective. I think I would in NetWise, right? They're a little bit of a mix because underlying them, they have some identity graph, right, capabilities, but they also have the technology side of where they sit in that kind of digital marketing stack. As we look at those, we're always balancing, you know, what's our core competency, core expertise, right? Then what are things that would take us, you know, potentially years, right? A lot of times it's the build versus buy scenario from that side. You know, there was a natural kind of synergy with what we were doing with the D-U-N-S, what we were doing with our Audience Solutions business, with Eyeota and NetWise and kinda taking, you know, our value from just being really offline to now bringing it online, I think was something that we're quite excited about and adds a lot of power for the business as we go forward. That's the evaluation. You know, when we look at anything, it generally tends to be a build versus buy, right? You know, we have a lot of innovation, we have a lot of organic going in, but if there's something that can kind of speed those things up and come in at a fair price, you know, that's what we evaluate from that side. Well, I wanted to finish off with a, with a question on one of your products that was, you know, called out a few times in 2022, which is your supply chain product. Yes. You know, what's the status of that? You know, maybe just also just give a quick overview of what that is. Yeah. Our supply chain fits in what we call kind of third-party, you know, risk and analytics. It is, you know, it was interesting 'cause it was a real natural extension of what we were doing on kind of the finance solution side. When you think about what we're doing, we're underwriting, right? You know, we underwrite from a fraud perspective, you underwrite from a financial perspective, risk and compliance perspective. Now from an ESG sustainability perspective, a cyber risk perspective, right? If you think about traditionally that occurring for trade credit extension or business-to-business lending extension, same thing happens when you're onboarding a supplier or vendor from that perspective. If you think about, again, going back, you asked me why is the D-U-N-S powerful, right? Because all of that international hierarchy spreads around. Think about a supply chain, right? You're using vendors and suppliers that are, you know, all over, you know, the world. I remember, you know, early on, and gosh, what was it? Almost two years ago, right? Or, you know, two and a half years ago, when, you know, COVID first started coming in, right? There were concerns about Wuhan. Guess what? All of those, you know, businesses that had suppliers in Wuhan were like, "Do I have suppliers in Wuhan? Who are they? How are they performing? What's my risk profile?" Not only that, but then what are my alternatives? This is when, you know, everybody thought it was like localized. That turned out not to be the case. If you think about a business and the ability to be more forward-thinking, more proactive, you could actually take and say, what are, you know, doppelgangers of that supplier in Latin America, in Europe, right, in North America that I could potentially shift to that have a more, you know, stable financial profile or don't have, you know, some reg and compliance risk, right, or actions that occur. You know, that's the other thing, is we're constantly monitoring, for instance, for like regulatory infractions. When those occur, boom, flags up on the risk analytics. You evaluate it and say, "No, not acceptable," because your supply chain is now a reflection of you, right? Mm-hmm. The work you're doing. That's where we've kind of come at the angle from an ESG perspective, not on all the public companies, right? I mean, we have all of that data, but it's really the private company data, in our database that we have from that perspective that is quite unique from that perspective. When you're thinking about doing supply chain financing, when you're thinking about doing, you know, the onboarding of a new third party or supplier, it's also understanding, you know, "Hey, I'm onboarding the supplier, but what's their ownership?" That's always something interesting too, in that kind of, you know, linkage and parent-child relationship is you think you're doing business with this, you know, group, right? You're really doing business with, you know, somebody that may be much larger, may be on an OFAC list, may be on, you know, a banned country list, et cetera. As we know, the world is evolving quite rapidly and, you know, this kind of friendshoring versus offshoring versus nearshoring. We wanna continue to provide, you know, analytics, solutions, data to help our customers kind of punch above their weight. Yeah. Yeah. My prior life was retail. We were seeing supply chains change amid the tariffs even. Sure. There was migration there already. Do you think the sort of supply chain challenges, you know, post-COVID drove that product? Do you think those tailwinds wane or you think there's still momentum? It was interesting. We started with a massive retailer, right? Like very, very large, you know, retailer. What it started with was they were having reg and compliance issues, not with themselves, but with their suppliers. Ultimately, you know, the government agencies were saying like, "This is your problem," right? Mm-hmm. That's where we started to build the product. Now we evolved that under, it was, you know, Supplier Risk Manager to now Risk Analytics. That's kind of the innovation side. It's the industrialization and kind of the more holistic view that provides. You know, certainly what I would say is these events are kind of like incremental accelerants or wake-up calls to say like, this isn't just for really big businesses. This isn't for medium, this isn't for North American. It's for everybody, right? What's cool about it from our side too is like D&B traditionally has always been, you know, B2B, right? You know, businesses that have like an end customer as a pure consumer, McDonald's, right? You're not doing trade credit on like a hamburger or something like that. Okay? you know, but McDonald's has a massive and complex global supply chain. Yeah. Right? When you think about the opportunities from that side, you know, these are the innovations that continue to help us grow and expand and allow us to attack even a larger TAM. All right. Thank you. Thank you for the time, Bryan, and well, for going a little over too. Appreciate it. No worries. Thank you so much. Thank you, Heather. All right. Thank you. We appreciate it.