Buddy, this is Alex Hess with J.P. Morgan. I'm an associate on the Business and Information Services Equity Research team, led by Andrew Steinerman. We're pleased to have with us today Dun & Bradstreet's CFO, Bryan Hipsher. Bryan has served in his role since February 2019. I believe this is your third appearance at Ultimate Services? I believe so. Awesome. Great. So, so welcome, Bryan. So Bryan, I want to start with Dun & Bradstreet's early 2023 Investor Day. D&B unveiled targets to accelerate organic revenue growth to 5%-7% annually over the medium term. Historically, not this year, but historically, D&B is it's been a low single-digit% top-line grower. This year you're about midway there, let's say. What gives you the most confidence that D&B can accelerate revenue growth in years ahead? Yeah. So first and foremost, it's great to be back, you know, three years and running as always. You know, we've always been on a journey, you know, as you know that, and so, you know, my start with the company really ensued with the initial take private and an ongoing transformation to really accelerate the business, you know, drive innovation, and really structurally change the trajectory of where the business was on when I think historically, you know, those previous ten years from that perspective. And so a couple things are starting to happen in terms of just the reported growth, right? So one thing, you know, as you know, even in this latest quarter, we grew 4.8% organic constant currency, and one of the, you know, nice components was no more GSA headwind, right? And so some of the things as we came into the business, there were some kind of structural headwinds that were provided, you know, contracts that were lost back in 2018. You know, that kind of layered in and, you know, I would say overshadowed some of the growth, you know, of the underlying assets, you know, that we're really driving. And so as we get into this quarter, you know, in the third quarter and beyond, right, a lot of those are behind the way. So seeing things like, you know, the finance solutions, you know, nice, you know, long-term contracts, very, very sticky, price increases, right from that perspective. And that allowed a jumping off point to get into third-party and supply chain risk management. It's a great business, been growing, you know, I'd say nice double digits for, I think, almost like 8, 9 quarters in a row now. And so you saw that shine through, you know, for instance, in the third quarter and so far this year. And then really when we think about, you know, the last, you know, kind of component, you know, I think we'll talk a little bit around, you know, credibility, but, you know, that's a business that, again, went through some changes, you know, has gone through some pains from that perspective. But, you know, it's kind of getting towards the tail end, you know, of some of the challenges as they'd said, and allows us to really start to innovate and accelerate within, you know, that kind of smaller business space. And so, you know, all of this, you know, combined, you know, what we're doing on the finance and risk side, having the headwinds abate, Master Data Management, right? That's a great example of a business in the sales and marketing space, 60% of the revenues. You know, it's not one of those that kind of fluctuates up and down on seats or fluctuates up and down on what's the budget for our marketing sales department from a macro perspective. It's mission critical, it's deeply embedded, and again, you know, it's growing nicely and expanding from that perspective. So we talk about all those things, and I think we'll talk about international maybe a little bit later, so I won't make this answer the complete list of your questions so far. But you know, it's been a nice journey and something that we're excited about, you know, taking that next step from, you know, kind of midpoint of our guide 4-ish%, right, into that 5, 6, and beyond from that perspective. Got it. So, you know, another way to think about your business, and there's, like, 15 ways to think about it. What is finance risk versus sales and marketing, North America versus international? But let's talk maybe about top sellers versus revitalization opportunities, let's call them. You know, top sellers would be things like if... correct me if I'm wrong, D&B Analytics Studio, Optimizer, Master Data Management, Finance Analytics, Risk Analytics, those are growing well. Sure. Revitalization opportunities, we'd still say Hoover's, and we would say credibility. And, you know, how do we get from where we are guiding to this year, to 5-7? Is it more compounding on the top sellers? Is it more... You know, do you need the revitalization to kick in? Yeah. So I think a couple of things, and Hoover's was a good example, right? It was a drag, right, for 3-4 years, right, for all intents and purposes. One of the first steps in any transformation is just take it from a drag to being neutral, right? Because then it allows those top sellers, right, as you describe them, to really continue to shine through and accelerate from that perspective. Now, on Hoover's, is it good enough that it's a, you know, kind of flattish to maybe slightly growing? No, not from our perspective, right? We want all our portfolio to be really turned and growing from that side. But, you know, those things always take a little bit of time to build some momentum and get into the market and expand from that side. In terms of, you know, credibility, same thing, right? You know, we got through... You know, we had an open investigation, right, when we bought the business from sales practices that date back to, like, 2016, 2017, 2018. You know, the order came through, and we've had to work through from that perspective. So again, you know, just getting it to kind of be less of a headwind, getting it to neutral, but then, you know, starting to invest and accelerate into that SMB space. Look, we can go far beyond CreditBuilder, right? That's what that business was all about, right? It was, "Hey, I have a poor credit score, you know, come to Dun & Bradstreet. You know, we can help fix it through, you know, some incremental trade credit references, et cetera." But the real fact of the matter is, we have a potential in our ecosystem to help them, you know, build out a better business, right? And so by bringing in different data elements like, you know, we'll talk about, you know, the Plaid integration and how, you know, the banking data can come into it to help improve from that side. We'll talk about, you know, financial statement data. If I broaden it to things like, you know, ESG, sustainability, veteran-owned status, minority-owned status from an ownership perspective, those things can help a small business then differentiate themselves within a risk analytics, right? To, you know, a Walmart, to a Dow, you know, to a large-scale provider. And so again, these, these are early stage, and, and we're kind of working through, and I think that brings a nice optionality to what we could be doing from the growth rate, you know, over time. The main things are execute, you know, continue to drive high retention, right? Pricing, you know, this year it's about 2%. You know, it's got an ability to go north of that, obviously, as we go forward. And then, you know, bringing innovation and new solution right to market, that's been one of the biggest things for us that's allowed us to go from what was relatively flat to now in that 4%. Yeah. How do you, you know, take those next, you know, 1% or 2% to get into that 5-6%? And, and that's what we're focused on all day, every day. So, would another way to characterize- Mm-hmm. 'Cause you've really seen... They had a great quarter in the sales force. You know, we'll dive into some of that in a bit. But, you know, would it be a fair way to characterize to say to hit the 5%, you just sort of need to see the solutions that are growing, that have done well for you guys the last few years, keep doing well. To get to the 7%, you do need to see some turnaround in... Yeah. You know, they're not a huge portion of the revenue. I mean, you're talking, you know, credibility in that roughly $120,000,000-$130,000,000 range, right? And so just by stemming it, you know, you don't necessarily need to get that significantly accelerated. When you're talking about the higher end of the range or, or how do you go beyond, that's when I think you really, you know, hit the, hit the ground running on some of these things that have been, you know, a bit of drag in the past, right? And then you're combining that with, obviously, you mentioned it, new solutions, right? So things like the Analytics Studio, things we're doing with AI, and I, I know we're going to get into the GenAI, you know, discussion at some point. You know, those are all things that I think are incremental, you know, in potential from that side for us to really, as you said, drive, you know, towards the higher end of the range. You know, for us, let's go on that journey first, right? Let's execute against, you know, getting, you know, from where we were initially into, you know, that 4-ish% to that 5-ish, 6-ish%, and then we'll start talking about, you know, how do we go above and beyond that. Yeah. So, well, let's highlight a few of the innovation areas you've sort of previewed already. Plaid. You've had a partnership with Plaid since August 2022 around using business permissioned data to help small businesses improve their commercial credit results. We've compared this in the past to Experian's consumer-facing Boost offering, which has been obviously tremendously successful. Where does the Plaid partnership stand today, and what's the potential for that partnership to be a needle mover? Yeah. So I think, you know, one of the things is we did a lot of underlying kind of infrastructure work and laying the foundation for, you know, when we were through some of the issues we had on the credibility side, that we were ready to launch, right? So I think, you know, this quarter you heard us talk about, you know, the new, you know, concierge offering in that, you know, SMB space. And so where before it was a high-touch offering that allowed, you know, again, a lot of focus on trade credit, right? Which is still a very core asset from that perspective, but it broadened it and allowed us to, you know, now in an automated way, bring in right there permissioned, you know, financial statement data, banking data, right from that perspective. And I think when we're thinking about, you know, the Boost, you know, kind of concept, how do you improve that score? You know, it's by building out that larger, you know, profile, you know, collecting more of that alternative data, right? And then giving, you know, businesses a a different, you know, SKU and a different scope, you know, in terms of how they can represent themselves to... you know, whether it's FIs and banks, whether it's other commercials, or whether it's, you know, people who are looking for global vendors, right, and suppliers. Because, again, one of the things that, you know, you always got to think about is, you know, our scope and, you know, goes 500,000,000 public and private entities throughout the globe, right? When we think about, you know, the diversification of third-party and supply chain risk, you know, that's the type of, you know, data and analytics that we're providing, which is really powerful. And the Plaid partnerships, does that have the potential to be a needle mover? You know, I think it's a component that helps us, you know, create what would be a needle mover, is, you know, really, you know, cracking the case on the SMB side. I mean, if you look, we have maybe 120,000-130,000 customers, right, in North America, in the SMB spot. There's. You know, I could say there's 30,000,000 small businesses, but the fact of the matter is, you know, that guy who's got the Nathan's hot dog stand on the corner is probably not going to be buying our products, but there's probably about, you know, 5,000,000-8,000,000 that are legitimate from that side. I mean, we get 2,000,000-3,000,000 businesses that come to us unsolicited per year because they need a D-U-N-S number. Because they want to be, you know, an app developer in the App Store, or want to be an app developer in Google Play, they want to be a vendor to Walmart. Like that kind of, you know, interaction, you know, allows us to really start to develop solutions, right, that are priced and fit for purpose for SMBs, and, you know, that's the opportunity we have in front of it. We just have to, you know, start executing against it. Got it. So the opportunity set for you guys are the, shall we say, untouched opportunity or unvended presently opportunity set for you guys in the U.S. is largest in SMBs, but in Europe or and sorry, excuse me, internationally, so ex-North America, it is largest with enterprise by your assessment. Yeah. You know, how do you sort of juxtapose, you know, targeting going small in one half of your business and then going big in the other half? Yeah. I think the great thing is, you know, going big in midsize and in strategics is—it's the history of D&B, right? And so, you know, the part of the issue was, you know, internationally, we didn't have, you know, a consolidated leadership. We didn't have a strategic vision there. It was more, in essence, like they were treating it as a place to consolidate the data, right? Which is owned from our perspective, and then, you know, utilize that for large multinationals. Well, the fact of the matter is, bringing our local, you know, products, our existing products in the US, but localized, right, for the German region, right, for, you know, the Scandi regions, for Southeastern markets, even in Asia, right, in Greater China and India, all of that allows us then to start driving more strategic relationships. We talked about Munich Re, right? Mm-hmm. We talked about Siemens, Volkswagen, in some of those regions. We talked about two of the largest, you know, banks in Asia, right? And so, you know, there's a lot of opportunity, I would say, for some larger scale players to adopt. Because in the end, what they're doing and what the, you know, companies in North America, they're all doing the same thing, right? Business is business is business from a functional perspective. It's really just making sure that the data, the language, right, the capabilities are fit for purpose, right? Mm-hmm. Tweaked to those local, you know, requirements, but leveraging off of the big FA, you know, kind of core platform, off the risk analytics core platform, 'cause that's what gives us scale across the board. So it sounds like under, you know, the prior management team, or let's just say the prior approach, was to have international offices that supported a U.S.-led effort. So you'd have a large U.S. enterprise account, let's say a J.P. Morgan-style firm, that had offices overseas, but you'd principally be selling in the U.S. and then supporting workers overseas. Now you can actually sell into other geographies and to firms that are maybe headquartered in another country but have global reach as well. Is that fair? Yeah. Yeah, I think that's, I think that's very fair. Got it. And so the area where you've had the most success with this so far, and, and perhaps it's an English language thing, perhaps something else, has been the UK and Ireland. You reacquired Bisnode in early 2021, but what is sort of the big... Which, which is for those who are, are unaware, Bisnode is the, the, you know, had D&B-- was D&B's network partner in the German-speaking countries and in the Nordics, so call it Central Europe and the Nordics. What, what is sort of the playbook there in, in sort of plain English, that you're, you're aiming to replicate from the UK and Ireland to biz-- to, to Europe? Yeah. So you were gonna test my German skills. I saw that out there. But appreciate the plain English then. Listen, it's interesting because, you know, they had a lot of, I would say, disparate kind of one-off legacy applications, right? And they were running in a federated model. And so, you know, in some circumstances, the nice part about having the UKI is we had already started down that kind of transformation acceleration, right, when we took over back in 2019. And so then, you know, applying those same kind of rigor, accountability, being able to bring those solutions to bear, you know, within a slightly, obviously, you know, different culture, right? Mm-hmm. In terms of, you know, Europe versus the US, you know, it was nice to have that presence there already, in those disciplines that were already kind of built up in terms of how, you know, Neeraj and Ed and the team were running, you know, the UKI. So if we look at, you know, the acceleration from Bisnode, you know, it was kind of a -2% organic grower, now it's in a 3%-4% range. Margins were kind of in the teens, now they're, you know, in that 30-ish% range. So again, really nice, you know, in terms of continuing to, you know, progress and drive, you know, a mix of what was kind of cost savings and consolidation, but really accelerating the growth through sundowning and migrating those legacy one-off bespoke, you know, products, and really bringing our modernized solutions into those regions. It's been a, a nice, you know, I would say, kind of turnaround from that perspective. Still a lot of room to go, still a lot of, you know, big businesses to go after. And one other thing that's very exciting from my perspective is, you know, the difference in the UKI versus maybe Scandi or DACH. UKI is very FI-centric, right? A lot of banking, a lot of services from that side. When you get into Scandi, when you get into, you know, for instance, like Germany, Austria, Switzerland, they get a bit more, you know, industrial, they get a bit more, you know, mechanistic from that side. So what's very important in those, supply chain, third-party risk management, even master data management, right? Because, again, Europe is dealing with, you know, global suppliers, whether it's, you know, Latin America, whether it's, you know, Asia, or whether it's other countries within Europe. You know, all of that, you know, kind of feeds right into what we're really driving in North America, in the UKI, and applying that over the next few years into those regions is pretty exciting. You cited, you cited having previously had a federated model, and to that point, D&B still does have the worldwide network. So for anybody who's new to the D&B story, Bisnode, which now D&B Europe, had been one of 14 worldwide network partners. Worldwide network alliance partners have basically redistribution rights, but also contribute data themselves to D&B core. Can you—does, does the worldwide network add a level of complexity to, to the execution of, of your international strategy, or, you know, is, is that the wrong way to frame it? You know, what I would say is that, you know, over the last three years, right, you know, we've gone through a lot of the, we call them CSAs, right? The agreements between us, and a lot of those have been, I would say, put in a position where it doesn't create, you know, that level of friction, you know, as it did, you know, before. One of the really important things is that data that is being collected and contributed into WorldBase, that is our data. We are not a data aggregator, right? And I think this will be interesting. Again, I know we're holding off to talk about some of the things that evolve from a GenAI perspective, but owning the data, understanding where that data comes from, having the rights, you know, from that perspective, and being able to move right, is gonna be important, and I think a differentiator for us going forward. So, you know, are there times where it can create, you know, complications? Yes, but they're fewer and far between. I think we've done a really nice job of kind of setting the boundaries and making sure that, you know, we're generating, you know, the type of benefits and flexibility that we need, but also making sure that we reward the partners fairly, right? Because, again, they're strong contributors, you know, into the dataset. And especially with, you know, one of the things we saw that was attractive about Bisnode was they were, you know, selling our products, right, at a much faster rate than some of their legacy products. So it gives them, you know, nice modern solutions to really operate off of too. Very helpful. I want to turn to margins. So, D&B's full year guidance implies an Adjusted EBITDA margin, and this is more than performance.com of about 39%. So that's in line with your margins from two years prior. Can you walk us through how much of that sort of flatness, because there is operating leverage in the business, there has been, is sort of reinvestment versus acquisitions versus any just sort of, you know. And by reinvestment, I mean specifically in increasing your data, data spend, your data buy, you know, versus acquisitions. You acquired a couple companies that were margin diluted short term. Sure. Yeah. Think about it. If you think about it, I mean, when we started, you know, I think we showed on the Investor Day, you know, up, you know, roughly like 800 basis points, right? Again, you know, when we bought Bisnode, it was like 12%, right? You know, 13% margin from that perspective. So when you think about the dilution, you know, it's in, you know, a point or two, right from that side. Because I think prior to that, we were in the 42% range, you know, give or take. And so, look, you know, part of it was, you know, buy it, know that we had synergies, know that we had ability to grow revenues from that perspective, and it's a- it's an important region, right? With some of those big potential customers, right, i- in those, you know, areas in Central Europe. From that side, you're exactly right. You know, when I think about the leverage, this quarter was a good, you know, example. Organic constant currency grew 4.8%. Adjusted EBITDA grew 5.6%, right? Now, one of the things that we've dealt with a little bit over the last, you know, year is we do have some, you know, currency in FX, right? That can mess around with the percentage, right? But if we hold, you know, constant currency revenues, constant currency expenses, we expanded, you know, 40 bps right on that growth in this quarter. So, you know, typically we're gonna have that, you know, scale where it's like 60% contribution margins, which means that growing in that, you know, 5%-7% range, in essence, drives like 50-100 bips, as long as there's not, you know, significant kind of currency fluctuation in there. That could push that percentage a little bit higher, or it could push it a little bit lower in any given period. Remind us, 2022, so not this year, last year, was a year of notable sort of investment in data as well. Investment in data, for sure. And also, if you remember, that's the Eyeota and NetWise- Right -were two businesses on the digital marketing side. Very nice growth, but came in obviously at, really no margin, contribution at that point. And the last piece is, you know, kind of what I said, but that's the nice part of, you know, getting, for instance, this big contract that was in the government, that was lost back in 2018. That was a very high-margin piece of business. Yeah. Right? And so there's a little bit of that, you know, as it came off. And look, we could have said, "Hey, we're gonna pull back on data investment, pull back on innovation for a year." But, you know, as we're getting the flywheel spinning and we're looking to drive from that perspective, you got to make a decision to say: This year, you know, margin expansion is not necessarily on the table because of these factors, but we're gonna, you know, know in the long term that- Mm Driving that investment, driving that growth is the right thing to do. Yeah. Yeah, I think positive NPV margin compression is not really ever too penalized. That's right. Want to ask on GenAI, I know we're about eight minutes left. We already have a brand for your future solutions, AI. Can you give us or give investors a sense about the timeline for commercialization? And then I want to ask about the method of commercialization. Will you be adding GenAI as separate products with their own separate pricing structures, or will it be when it's bundled into the existing solution, will it be used to help general price increases? Yeah, so it's yes, which is always the, you know, combination. So a couple things what I would say, you know, one, if I think about the timeline, right? You know, Anthony spoke about this a little bit. You know, there's this big rush, big hype, you know, but in the end, this one's not hype. You know, there is a lot of application to GenAI in terms of helping businesses become more effective, more efficient, right? And, you know, lower their, you know, overall risk profile. And so again, you're coming to a guy like me in an organization saying, "I want to invest in, you know, this, you know, GenAI platform," right? And in the end, it's like, if revenues aren't going up, expenses aren't going down, or risk isn't getting better, the answer is gonna be no, right? This isn't, you know, I can write my, you know, essay in Japanese of Billy Budd, you know, from my eleventh-grade English class, you know, with a painting of the Mona Lisa. The consumer side of the equation is very separate from how businesses think about GenAI. So, you know, one of the things that we announced, you know, recently was a partnership with watsonx, right? Right. And so when we look at, you know, some of those partnerships, and there's really 4 ways that we're thinking about GenAI. So it's gonna be, you know, using LLM in-house, right? With our data, potentially our, our clients' data, and driving solutions from that perspective, right? The second is gonna be, you know, whether it's Vertex, you know, with SMBs in, in a kind of sales and marketing use cases, whether it's with watsonx, right? With some supply chain and some master data management, right? From, from that perspective. Those are gonna be kind of that, where we use a partner plus our data, right, to combine and, and solve solutions for our, you know, like, like customers, right? Then there's gonna be things like, for instance, I don't know if you saw the announcement around Databricks, right? Yes. The justification of their marketplace. One of the things we truly believe in is, one, proprietary data and responsibly sourced data is gonna be really critical in business use cases of GenAI. Because, again, if you're, you know, making a material change in your organization, and you find out two years later that the data that, you know, fed the foundational model of that LLM was inappropriately sourced or wasn't really you know, public information, right? You know, that's gonna throw a pretty big wrench in your operation, and to unwind that is gonna be quite complicated from that perspective. So, you know, responsible, trusted, you know, disciplined sourcing of data is gonna be important. And we think, you know, things like D&B for, you know, the Databricks marketplace, is a really interesting proposition. Because the more and more customers and prospects alike are using, you know, our D-U-N-S, are using our hierarchy or using our entity resolution capabilities, those are the things that allow, you know, a foundational model and the data to stay consistent, right? So in consumer, you get a lot of things like they call hallucinations, right? Mm-hmm. That sounds kind of like, oof, but the fact of the matter is, it's drift more so than anything, which is if the data is not consistent and doesn't, you know, kinda come in a, you know, congruent manner, you can end up, you know, with a drift away, right? From where the model is ultimately, you know- Yeah putting the output from that perspective. So- They're probabilistic. Yeah. They're guessing what the next word is. That's exactly right. And so from that side, you kinda have to keep, you know, bringing it back to center and having a strict and curated data source is a really important piece of that. And then finally, what I would say is, you know, you think about just the data in of itself, you know, as a potential, you know, asset, right? For, you know, models. But what you have to be very mindful there is there is some, I would say, kind of longer term impacts from that perspective, where the residual, you know, of a Gen AI model versus a residual of an AI model are a little bit different from that perspective. So our General Counsel, you know, Chief Risk Officer, you know, Head of Compliance are actually at the forefront of how we're thinking about, you know, that last aspect. Mm. You know, when do we share data, when do we not? Because, again, we don't want, and we don't allow our proprietary data to go into LLMs without our permission. Just to explain this D&B for- Mm ... the Databricks marketplace, 'cause I did see the press release. And are you, in effect, giving Databricks clients access to your data as a point of reference as they build their LLMs? Is that the way to think about it? And there's a truth set as they build their LLMs. Yeah. So, I wouldn't say Databricks is just for LLMs, right? No, no, no. I'm talking about- Right ... you know, the overall kind of, you know, lakehouse strategy from that side. So these marketplaces have, you know, data out there. Let's say there's 7,000, you know, different data sets that are there. Part of the thing that we're doing is, one, it's commercialization opportunity, clearly, right? Two is, how do you reduce the friction, right, of, you know, those data sets in terms of, you know, their mapping into a core MDM strategy? And so what you don't want is the data set's out there, then you buy it, bring it in, and all of the matching, appending- Mm ... you know, has to be done by an in-house resource. Mm. If it's already pre-D-U-N-S-ified, it rolls right into your master client record, master vendor record, kind of that golden thread, you know, almost, again, very frictionless. Got it. And then, you know, I've learned a lot today about product from you, but, you know, look, you are the CFO of Dun & Bradstreet, and so I think it's fair to end with a question on the balance sheet. Sure. Leverage has gradually been trending in the right direction. Your team executed a blend and extend on a past favorable swap that locked in fixed rates on about, I think, 87% of your debt through early 2025. Should we expect gradual deleveraging prospectively, and are there any discrete actions that you can take to optimize the balance sheet near term? Yeah. So I think, again, you know, to your point, we'll naturally continue to deleverage by a combination of EBITDA growth, right? But also, you know, some ability to repay, you know, some of the variable rate debt. I mean, you know, we're hedged at 87%, which means we still have $300,000,000-$400,000,000, right, on term loan B that's fully prepayable from that perspective. You know, outside of that, I would say, you know, we've talked about capital allocation focus as invest in the business, right? One of the things you're seeing, too, is that CapEx number is starting to come down, right? Which, again, is another positive, right, from just the cash availability from a balance sheet perspective. The dividend is pretty much what it is, right? You know, we put it out there. We'll maintain it, right, from that side, but I wouldn't say, you know, that's, like, a focus area to really, you know, drive forward. And then, you know, as we deleverage closer to our target, which is in that 3.25-3.5, right? Certainly, you know, what we think of where the valuation is and where the stock is, I mean, you know, things like buybacks and things like that obviously become, you know, pretty appealing from that perspective. Would you consider maybe going below that leverage target? Is that really the optimal number, or is that just, you know, an achievable number, but maybe the you know within the next five, you know, three, four years, but, like, maybe the optimal capital structure deploys a little less debt? Yeah. Look, I mean, we're a business obviously, and you know, it's, it's, it's mission-critical. It's sticky. We have, you know, long-term contracts, right? And so to be honest, like, 4 times leverage and things like that, it, it's not the same for all companies. We don't have- No ... cyclical pressures and transactional pressures from that side. So, but that being said, I mean, again, as we kind of delever down into that range, it just opens up more and more ability to use different, you know, arrows in the quiver from a capital allocation perspective. In a vacuum, could we, you know, continue just to kind of delever? We could, right? But also, at the same time, if you look at the ability to compound EPS through, you know, share repurchase and other, you know, mechanisms, is another, again, like, mechanism that would be open from that side. Along with obviously, we wouldn't stop ourselves from looking at, you know, tuck-in acquisitions and, you know, components that are, you know, accretive from that perspective, too. Got it. Bryan, thank you so much for your time, and thank you everybody for joining us, both in person and virtually. Thank you.