All right. Good afternoon, right? Yes, yes, good afternoon, everybody. Thanks for being here. My name is Manav Patnaik. I cover Information Services at Barclays. And I'm happy to have with us, you know, Bryan Hipsher, who's the CFO of Dun & Bradstreet. So Bryan, thanks for being here. Yeah. Thanks, Manav, for having us. Yeah, of course. I mean, let's just start with the big news out there. You guys, you know, put out a press release saying you've re-- you had received interest. I know you're limited in what you can say, but maybe just some perspective from your end on that press release. Yeah, it's one of those things that, you know, shortly after earnings, there was a news, you know, article that came out, and then we responded to it. That again, you know, inbound interest had come in. We'd engaged, you know, the bankers appropriately from that perspective. But, you know, I think someone asked me: Were you surprised? And I said, "You know, not really," that inbound interest was coming in because, you know, as you've known the business for a long time, you know, where we were to where we are today, you know, with mid-single-digit growth and, you know, near 40% margins and an improving profile and a lot of assets that I think are gonna create even more growth over the coming years. To be trading, you know, at the multiple that we were trading at, there was a disconnect, you know, from our perspective in terms of, you know, valuation and where the company was. And so, you know, we're dealing with it, you know, appropriately. And again, you know, from Anthony's perspective, from my perspective, you know, the team's perspective, you know, we're here to drive, you know, shareholder value. And so, you know, that's why we take all of these things seriously, and we'll make sure, you know, we're driving the right outcome. Got it. And just to clarify, I mean, the interest was for the whole company, right? Because there was some confusion initially, because I think on your earnings call, you talked about how 10% of your business could be up for review or whatever. Yeah. So, you know, that commentary was to, you know, the entire business is where the interest was. What we had discussed on the earnings call was, look, 90% of the business is growing, you know, about 6%, right? And it has been for the, you know, trailing 12 months. There are two components, you know, the credibility business, which is about, you know, half of that, so-called $120 million, and then the other side is that digital marketing business. You know, credibility is in a phase where, you know, we've gone through a lot of investment, a lot of transformation there. It had some, you know, open, kind of, FTC, you know, investigation when we bought the business. Gosh, it took, you know, three years, right? Almost three and a half to kind of, you know, formally get the consent order, and we've been kind of feeling the impacts of that. But now at the phase where, you know, it's kind of winding down, we're getting to where, you know, expect it to be more flattish in the third quarter and then start to tick up in the fourth. But again, you know, had more structural, you know, issues from that side that we just needed to work through. And then the digital marketing side, a little bit more transactional. So, you know, in that digital marketing space, I think really late last year, kind of late through 3Q into 4Q, you just started to see a little bit of, you know, constrained, you know, spending in that, you know, B2B digital marketing. Part of that was, you know, Google was talking about deprecating the cookie and overall, I think fears of a recession and those types of things just created a little bit of dynamic, where there was a little bit of sluggishness from that perspective. We're now seeing that, you know, start to one come over the comps as we get into 3Q and 4Q. Then secondly, you know, Google is now not deprecating the cookie, which I think takes away some of that ambiguity. Yeah. But, you know, our commentary there was like, look, we looked at fixed businesses, right? And we want them to, you know, start to perform from that perspective. But we're also mindful from, look, we laid out a medium-term, you know, range, you know, 5%-7%. And, you know, we don't want, you know, 10% of the business, you know, ultimately masking, you know, the other 90% that's really valuable and really driving forward from that perspective. So, you know, as we get towards the end of the year, you know, we'll evaluate, you know, hey, are they on track? Are they doing what they need to do? Or, you know, are there some things that we should do in terms of minority sale, partnership, full sale, those assets, to make sure that, you know, we're meeting, you know, our objectives and, you know, the type of, you know, profile that we want the company to exude? Got it. But is it fair to say that those two businesses, that the 10% is non-core to the franchise then? Like, is it something you should be looking at either way? Yeah, it's interesting. When you look at credibility, right, you know, the data that comes into it, right? And you know, there is some tangential, you know, connection from that perspective. So, you know, I wouldn't say it's completely non-core, right? But, you know, could it be better placed, you know, in a minority investment? Could it be better placed, you know, in a sale with a relationship back to that proprietary data feed? It's possible, right? I think there's a lot we could be doing for small businesses. You know, we talked about that earlier. Traditionally, had been very, you know, credit-focused and very focused around improving trade. But, you know, the things we're doing with credit insights, the things that we could do with some of our other products in terms of, you know, bringing them down, you know, to scale for a small business versus for an enterprise-size solution, and then really differentiating the small businesses within our ecosystem, right? So, you know, if you think about being a vendor to the Walmarts of the world, to the, you know, Amazon businesses, and how we can, you know, create, you know, differentiation in terms of creditworthiness, in terms of, you know, social, right, or sustainability practices. You know, those are all things that, you know, we're really innovating on and thinking about how, you know, we could differentiate and bring something a little bit evolved from where credibility was in the past. Digital marketing, it's an extension, obviously, of what we do. It's just a little bit more transactional. I would say, you know, if you said which one of the two, you know, half a step, you know what I mean, further, maybe it's on that side of the equation. So it makes sense, right? And there's a nice flow through of, you know, using that data for, you know, building audiences, using that kind of business to person, you know, identity graph and building that out. But at the same time, again, you know, it, it's one of those that it makes sense to an extent, right? If you're just thinking about from a business perspective, but if you're thinking about it from an overall kind of profile perspective in the public light, you know, that's where we just wanna be mindful from that side of the equation. Got it. And then if you just take that a step back as well, and I think I've asked the question several calls ago, but finance and risk, and sales and marketing, like, how connected are the two together? Can they be separated? You know, just talk about the connectivity there. Yeah. So, in the end, we always say that anything can be done, right? From that perspective, I think, you know, there's especially when you think about 60% of that sales and marketing business is master data management, right? And we're just talking about master client record, master, you know, vendor record. There is pretty deep connectivity from that perspective. So if you were to do that, you would need to think about, you know, some type of data licensing arrangement over a long period of time, and clearly, the D‑U‑N‑S is a big part of that, right? But, you know, it is, you know, possible from that perspective. When you think about, obviously, what that kind of core set means, if you think about MDM, you're really establishing off of the back of the D‑U‑N‑S, the hierarchy, the entity resolution, the matching, then the core data set in terms of, like, firmographics, you know, employee, you know, some of the revenue, you know, some of those trends, they're useful on both sides of the equation. It's then when you get into the more specialized data sets, whether it's, you know, shipping assets that are leading indicators on the financial risk side, or it's, you know, propensity to, you know, transact or buyer intent on the sales and marketing side, that's where, you know, obviously it gets differentiated because you're meeting the needs of a chief marketing officer versus you're meeting the needs of a CFO. Got it. Before we go into some of the segment specifics, you know, we've been asking our other companies, especially the consumer bureaus, on kind of their macro view. You guys have a unique insight into, I guess, SMB and private businesses and so forth. Just from the trends you're seeing, from the interactions you're having, any kind of broader macro comments that you can share? Yeah. I mean, look, you know this about us too, like, we talk about this very small portion of the business that has a little bit of, you know, transactional revenues. But really, from a business perspective, you know, macro is something that is interesting, you know, from our perspective, but, you know, we're not, you know, guided by, you know, volumes in, in things like issuance or my old days at Fidelity National Financial and, you know, title volumes fluctuated versus, you know, mortgage originations, you know, those types of things. What I would say, though, is the general sentiment, I think of businesses is improving. Especially, look, as the Fed is being, you know, more conclusive around a rate cut, you know, coming in September and, you know, some of that, you know, financial easing, I think is creating, you know, positivity from that perspective in terms of how they're thinking about being more front-footed in 2025 and beyond. Got it. So maybe let's just touch on some of the segments real quickly. So, you know, sales and marketing is about 40% of your overall revenues. You said 60% of that is the Master Data Management business. Let's just touch on that real quickly. Like, how unique is that offering? What is the competition, if at all? Yeah. So we had this conversation a little earlier, too, on the if at all, right? It is a really unique, differentiated asset. When you think about the global scale, you know, the footprint, the vastness of and acceptance of the D‑U‑N‑S, you know, throughout the world, you know, someone said it's almost like a Social Security number. I said: Yeah, Social Security number is interesting in the United States, but you go to Germany, you go to China, you go to India, you go to Sweden, you know, not so much anymore. The D‑U‑N‑S very much is, right? And so from that perspective, not only the depth and breadth of the data set, right, you know, 530 million entities, up to 4,000 elements per entity, you're talking about really broad coverage. So our MDM plays very well in large and especially mega-sized enterprises, right? So companies that have global client sets, global vendor sets, global supply chains, you know, that's where mastering your data, having that relied upon golden client record, golden vendor record, and even a 360 analysis from that perspective, it's a very unique proposition. And so where we play master data, I think there's tools and there's different kind of definitions from that perspective. But when you're really thinking about, you know, commercial and you're thinking about it from a global perspective, yeah, we're in a quite unique position from that perspective. And it's been growing, you know, as you know, high single digits, right? Really strong, really profitable, very embedded and sticky, great pricing power, but also a lot of ability to expand. So from a model perspective, we, you know, allow obviously, you know, the number of D‑U‑N‑S is kind of the quantity, right? Then the data elements, you know, is a component of it, and then also the geographies that it covers is another component of it. And so while you're in, there's a lot of room to continue to expand and build, and then the more assets we bring in, the more, you know, use cases we can fulfill, you know, the more broadly you can drive that from that perspective. So really, really, you know, something that we're excited about, and I'm sure we'll touch on GenAI at some point, too. Yeah. But it's foundational, you know, from our perspective in having a true, you know, kind of use case-driven, you know, GenAI strategy. Because, again, you know, for us, we bring in all the large language models into D&B AI Labs, and you see the differentiation of testing it, which is publicly available data and on, you know, kind of, I would say, cleansed and curated data sets, and then what it means to bring in our data against it, and then what it means to bring in our data with agent assistant, you know, against GenAI. It's really powerful, and you see the differentiation and accuracy and hallucinations. And so when you think about embedding this within workflows and really driving efficiency and effectiveness as you go forward. Yeah. It's gonna matter that those answers are right and consistent. Right. and based upon, you know, the best data, you know, that it can be. Got it. Two quick follow-ups. The MDM business is typically kind of like an end-of-year activity, like tends to be a little fourth quarter loaded, right? Why, why is that dynamic? And is there, you know, to your point on more opportunity for penetration, why can't that be more consistently throughout the year? Yeah, and it's interesting because it is consistent throughout the year. What you end up with is that on the sales and marketing side, 'cause MDM ends up being used on both sides of the equation, right? If you think about on the finance and risk side, where it gets used is, imagine, you know, you have business with Barclays, right? Well, think about all of the entities you have throughout the world, all the subsidiaries, any of the acquisitions that you did. If I said, "What's our receivables exposure to Barclays?" You'd come back, you know what I mean, after three weeks, like we did when I was at FIS, before we used D&B, and, you know, cobble together what that, you know, exposure is as best as you can. That's where MDM can play into both sides of the equation, right? That's where it's used, I would say, consistently throughout the year. What you have sometimes in these MDM agreements are, they're 12 months, and especially on the sales side, they tend to get utilized, right, for cleanse, match, dedup, and append prior to year-end, as sales organizations and more marketing organizations are getting ready to launch into, you know, the following year. What happens is, you know, from a rev rep perspective, for instance, while the 12 months is guaranteed, if we're doing quarterly deliverables, then it can be, you know, based upon the amount delivered quarter to quarter. That creates some of that dynamic. You've seen, you know, the quarters have gotten a lot more smooth. You know, the fourth quarter has, you know, a little bit of that dynamic, plus or minus, but generally speaking, it's a really, you know, consistent proposition from quarter to quarter. Got it. And given the strength of the asset you described, I mean, you mentioned pricing has been a growth driver. So how much of that pricing of this growth has been pricing at MDM? Yeah, I mean, we haven't broken it, you know. I would say for everyone, in terms of individual products from that perspective, but if you look at where we're at right now, you know, we went from less than 1% of price when we took over the business back in 2019. This year it's contributing, call it around, like, 2.5%. And that's something, you know, that includes things like Bisnode, as we continue to migrate those contracts off of legacy to current. You know, we're now building in that multiyear contract element with price increases from that perspective. So we think over the next few years, you know, moving into that 3%-3.5% is very reasonable from that perspective. Got it. And, I think you mentioned global opportunity, but is MDM like U.S.-international split? Yeah, it, it's interesting because again, now, and this is where some of the acquisition of the worldwide network partners and where Bisnode, you know, really came into play, is because we got direct access to, you know, Siemens, right, to Volkswagen, to IKEA, and Scandic. In those countries that are more manufacturing, that are more industrial, right? They tend to really need things like, you can imagine, third-party risk and compliance and MDM from that perspective. And so, a larger portion of the MDM business, I would say, you know, started in North America, especially with the multinational corporations, but you're seeing it take on very, very nicely, you know, in Europe and the U.K. over the past, like, year or two. Got it. So maybe let's just touch on the 60% of sales and marketing is MDM. What is the other 40%? Yeah, if you split it, you know, sales acceleration, which was really Hoovers, you know, is another, call it like $100 million-ish from that perspective. And again, business went through, you know. Frankly, it needed UI refresh, it needed, you know, data enhancement. And that's where I would say it had always great, deep marketing research capabilities, great, you know, from a business perspective, an account-based perspective. But, you know, the contact side was a place that, you know, we needed to catch up, right? And so we've done that, and you see the business kind of turn from, you know, what was frankly before we got here, kind of a perennial, you know, mid-single-digit decliner to now, you know, a low single digit grower. There's pockets, right, you know, of differentiation, for instance, you know, where we're introducing as a new solution, you know, throughout some of the European regions. It's growing, you know, double digits, right? So, you know, good balance from that side. Digital marketing, we talked about, you know, already in that kind of $120 million-$130 million range, right? Which is the other big chunk, I would say, of the sales and marketing business. And again, you know, that has to do with, like, audience targeting, you know, online B2B, you know, audiences. If you go from the perspective of, you know, a lot of consumer advertising occurs at, you know, the Manav or Bryan level in terms of we like basketball or, you know, we both like, you know, English Premier League, right? And so then it's thinking about, you know, presenting us with an ad for, you know, a new kit or a new pair of shoes, right? From our perspective, we're looking at it in terms of, you know, the twist from, you know, this looks like the CFO of, you know, a multi-billion-dollar corporation. And therefore, when he's on the Wall Street Journal, in the background, you know, the Microsoft, the SAPs, the Workdays, the Oracles are competing to present a treasury workstation ad, right? Which is higher dollar, higher value, right? But you need a much more focused and understanding of, you know, who that individual is, more from a business lens than you are from a consumer lens. And then the last, there's kind of a, you know, again, some smaller products that were just kind of, you know, legacy components, especially in Europe. These are, you know, maybe $30 million-$40 million, right? That tend to get migrated, you know, ultimately up into where we are with the core, you know, product set that we already laid out. Got it. And so just maybe going back with the digital marketing, you already kind of addressed in there. Seems like just a broader competitive marketplace. But on the Hoovers, the acceleration side, you know, you talked about the catching up on the contacts database. Like, so what, what number are you at there? Like, how do you compare there now versus before? Yeah, I mean, when we got here, I think we had roughly like. We'll differentiate because the core contact database now is over like, I think $200 million or $300 million, right? But, you know, that also includes what I would say are like the, you know, non-key decision makers within an organization. If we go to the key decision makers, you know, it's grown from, I think it was like $7 million when we got there, and frankly, you know, there were probably $3 million that, you know, had any type of relevance. Mm-hmm. You know, now it grew to, like, $30 million, $40 million. I think we're somewhere in the, you know, $40 million-$50 million range at this point. Is that the area basically where you see ZoomInfo as your competitor? Just to clarify, you know- Yeah. Some confusion if it's the entirety of the marketing business? Is it just this? Is it more than this? It's really. This is the area where, you know, a company like ZoomInfo, where we come across. You know, when you think about the rest of it, the MDM, you know, these are enterprise, very deep, very ingrained relationships from that side. We don't come across, you know, frankly, a whole lot of people at that level, and definitely, you know, not more of a contact play and the sales kind of platform play from that side. That's really that, you know, call it $90 million-100 million that's in Hoovers. Got it. And, you know, I think just in comparing Hoovers versus the competition there, like, I think, like you said, when you first came in, it was not in a good shape, right? Yeah. And that allowed the competition to probably, you know, leap ahead a little bit. But what is... You said it's growing low single digits now. Is that the expected growth rate, or do you think you can play catch up versus competition? Yeah, I think over time. Look, I think, you know, and you know, we're speaking, right? So my hand gestures probably won't be, you know, overly helpful. But like, some of these things, you've seen rapid growth, and then you've also seen, you know, rapid deceleration, right? Yeah. I think for us, you know, we've really seen this kind of consistent, you know, growth, you know, in execution from that side, you know, building upon, you know, the organic growth, you know, really, you know, each and every year since we've been here, so I think on Hoovers, there's some things that we're doing there, for instance, on the AI side, and so, you know, we're embedding an assistant within Hoovers to allow it to more, I would say, with natural language, you know, ask the questions from that perspective, right? So if you say, "Hey, I'm interested in, you know, building a new green server," right? "I want companies that are, you know, four thousand or more employees, you know, in Latin America, that, you know, are, you know, have high sustainability practices," right? Now, you know, it's going and, and, you know, querying against the data and coming back, you know, with generated, you know, outcomes from that perspective. Which I think is, is really powerful, right? In terms of usability and, and how it can evolve, you know, over the next few years. Another one in there that's, that's even broader is, is the D&B, you know, Ask D&B, right, and this one is, is, I would say, on all of our data sets, and really the ability just to ask, you know, questions and come back with immediate answers. The applicability, you know, is, is really broad from that perspective, and so for us, you know, obviously in the background too, we're setting things up in terms of, you know, how do we, you know, track the usage, right? You know, what are the billing mechanisms? You know, how do you, you know, allow for, you know, the finance and risk questions to get answered, the sales and marketing, because we differentiate that in terms of, you know, the commercial model. But, you know, these are the things where we're trying to apply, you know, AI and GenAI in truly practical manners that, you know, can drive, you know, some real differentiation in the market. Got it. Let's just shift to the finance and risk business. Sure. 60% of your revenues, and, you know, I would argue that's kind of the main area that, you know, investors have always been attracted to. So you already talked about the D-U-N-S number, you know, being kind of the Social Security number globally, if you call it that. But just talk about the data that you have in the finance and risk business, how much of it is proprietary, what you've done since you took over to kind of enhance that? Yeah. I mean, and again, you know, it's a great point because two things: One, you know, the finance solutions business, very deeply embedded, right? You know, very inelastic from that side. And then it kind of spawned off, you know, the third-party risk and compliance side. I think in terms of what we talked about too, before, you know, understanding that MDM portion of it, right? And how unique that is, and frankly, similar, you know, in terms of value and value proposition is really, I think, critical when you think about the whole pie, right, of what D&B is. But, you know, the data sources, obviously, you know, we did a lot of work early in terms of infrastructure, you know, upgrades, right? Now we're in kind of the last stages of a full kind of, you know, cloud migration, a lot on the data supply chain, right? In the data cloud, making sure that we can scale, make sure we can have throughput from that side. So when you look at the characteristics and the output, we went from about 315 million D-U-N-S to now, you know, 530 million plus, right? Ultimate beneficial ownership data was 10 million, now it's up to, I think, 150 million, right? We brought in, you know, shipping data, right? It was a great asset that ended up having many more use cases, right, than we originally thought. I know we're talking about the existing, but you know, moving us into capital markets, I think in private credit and in private company data, that's where the core of the asset lives, right? So while of course it has the typical public company data that's out there, it's really the private company data. So I think you know 120 million-200 million private company financial statements, right? You know private company data that's contributory in terms of you know their trade you know and their payables and receivables information that is you know coming from the largest you know Fortune 500, Fortune Global thousands you know throughout the world. When you come in and you want to be, you know, a vendor to a really large retailer, you wanna be a participant in the Google Play Store or in the Apple App Store, you have to have a D-U-N-S, you have to have certain information. All of that comes into us and only us from that perspective. So we use that obviously as the base, but of course, we're going out, and some are contractual, right? So some of the data we get, you know, that is on energy consumption, right? We have an exclusive relationship with the provider, right? Some of them, of course, we use registries, and we use public company data, right, that's available to supplement and complement. But again, that matching, you know, that I would say entity resolution and those algorithms that sit behind that, those are all, you know, proprietary from that perspective. So it's a really I would say overall unique and extremely proprietary, you know, data set and data cloud that, you know, allows us to do a lot of interesting things. Got it. And so, you know, just kind of how we broke out sales and marketing into the different buckets, can you just help with within FNR, like, what are the... You know, how would you break that business? Yeah. The biggest chunk is finance solutions, right? And again, you know, very, I would say, embedded. In North America, it's more multiyear contracts with the price escalator, and then we're really trying to upsell and cross-sell off of that, you know, expanding the third-party risk and expanding into capital markets. O the international side, there is actually a good room to really—you know, finance analytics is kind of the flagship, you know, UI. It's also delivered obviously through API, you know, from that perspective, too. But there's probably more room to add new logos, right, in terms of larger businesses in that space, you know, throughout Europe and Asia. Third-party risk and compliance, been growing, I think, double digits now for, you know, 13 of the last 14 quarters or 13 of the last 13. Really, you know, around KYC, KYB, around supply chain risk management, and again, you know, a nice complement in terms of, you know, source and procurement, onboarding, monitoring, tends to be an extension out of the CFO's office, so very, very germane, something that continues to grow and expand and what that underwriting process means, in that, you know, it used to be finance, right, and it would say, "Okay, what's the financial stability of these vendors and suppliers that's coming on," then it became regulatory and compliance, so you can imagine labor practices, environmental infractions, you know, these types of things, you know, were all really critical because your suppliers and vendors are an extension of your business, well, now things like social, right, understanding veteran-owned businesses, you know, female-owned businesses, minority-owned businesses, et cetera, is really important, right? When you think about who you're doing business with and how you can continue to expand from that perspective. Sustainability, right, is another component. And so, you know, as we think about each of these pieces, you know, we try to bring more and more value around that chain. Cyber, right, is kind of the next, you know, component of, you know, the exposure. A lot of times, the companies from a cyber perspective is when they have a third party that has a breach, and then they end up coming in through that perspective. So we're trying to continue to innovate in that space and bring that risk profile to, you know, our customers. Got it. And, you know, in the international side, you said new logo opportunity. Is that the international? I guess it ties a little bit to a few different questions. So first, do you need more data on the international side to penetrate that further? And then just also remind us of the worldwide network and also your plans that you did the Bisnode acquisition early after going public, but then it's kind of, you know, stalled there. Yes. So for instance, on the data side, I mean, look, we believe we have the best data on the planet, right? In Europe and in Asia, in depth and breadth, in ownership, right, you know, from that perspective. So while the worldwide network, you know, is kind of like a franchise, you know, there used to be a lot of them, used to be part of Dun & Bradstreet. It's an exclusive one-to-one from that perspective. It feeds into our WorldBase file. And, you know, while we're buying that data, right, that data is ours, right? And will continue to be ours for the rest of... Until we decide not to, right? You know, if you look at the worldwide network and look, you know, from a leverage perspective, when we came out, we were at nine times levered in the go private. You know, thankfully, I've got Dun & Bradstreet, so with my little kids, I slept like a baby, which was fine. But, you know, we used the IPO, and then we've subsequently continued to drive that down to, we expect to be about three and a half times by the end of the year. And as we migrate that down and continue to delever, you know, I think as we think about opportunities in terms of, you know, M&A, there's clearly tuck-ins and, you know, things like that from that. But then there's some of the partners out there like Bisnode that make a lot of sense, right? Controlling those, you know, markets, having a direct relationship with the customers, those are all things, you know, certainly that we think about. In terms of incremental data there, I mean, we went to give you a good example, in Greater China, I think from, you know, maybe 10 million, you know, businesses to now, like, 70 million businesses. And so when you're thinking about supply chain, you're thinking about, you know, partners from that region, you know, it's really, you know, expanded from that perspective. And so I think we're in a great place there. It's really, you know, finishing up some of the migrations and then continuing to drive those localized solutions into the markets. And, you know, we, Neeraj and the team have done a great job accelerating, you know, the growth of that. I mean, heck, before even the Bisnode, we were kind of growing high singles, low doubles. Bisnode was clearly something that, you know, was, I think, declining 2% organically, and now, you know, it's in mid-single digits, right, and so, you know, that's, that's on a net basis also with some of these migrations that are occurring, so, you know, in a good spot, and it's about continued execution, and, and we've got to keep bringing new product, I would say, more so than even new data into those markets. Got it. So on the capital allocation side, it sounds like you want to be in the low threes, and then the priority would be M&A over other forms of return? Look, I would say, you know, on M&A, and we've, you know, discussed this too, the stock's trading where it's trading. Like, it's hard to find another business with the profile that we would have. So, you know, not doing buybacks, you know, would be difficult, is what I would say. But, you know, outside of that, you know, if things kind of get righted from that perspective, and we're kind of trading in a valuation where we think is within a realm of reasonableness from our side, then, you know, I think, you know, M&A, you know, starts to be, you know, something that we can unlock a little bit more from that perspective. The dividend is kind of out there, and we'll continue that from that perspective. But, you know, if I think organic growth, right, deleveraging the balance sheet, and then it's, you know, kind of the buybacks and M&A as we go forward. Got it. And then just one last question on the organic growth side. You know, the five to seven range that you're aspiring to, you know, you're four today, six excluding, you know, the businesses. Just talk about how margins should progress, you know, maybe on the lower end of that spectrum. Yeah. I mean, we've talked about, like, in that kind of fifty to a hundred basis points. I mean, you've seen this year, even in the first couple of quarters, you know, where we were a little over 4%, right? We were still in that, you know, fifty, you know, seventy basis points, right, you know, on a year-over-year basis. So, on that side, look, the business has a great ability to continue to scale. And even this year, we were mindful that, look, there was some additional, call it like $8 million-10 million that we put back into AI, that we could have expanded margins a little bit more, but we're always trying to do, you know- Yeah ... things for the business that we're, you know, getting into that kind of continued mid-single digit and then starting to drive towards the, you know, higher single digits. You know, there's a lot of contribution that comes from that, which gives us even more flexibility to invest in the future, so. But I'd say in that general, you know, zone, that, you know, kind of fifty to a hundred basis points is reasonable from that perspective. Got it. Great. Well, we're almost out of time, so let's just end it there. Thank you so much, Bryan. Appreciate the time. Yeah, absolutely. Thanks for the time, Manav. Thank you, everybody.