Good afternoon. I'm Heather Balsky, BofA's Business and Information Services Analyst, and I'm pleased to be here with Bryan Hipsher, Chief Financial Officer of Dun & Bradstreet. Brian, thank you so much for joining us. Yeah, thanks. Thanks for having me. It's been a really, you know, fruitful day, I think. A lot of conversation, a lot of meetings, so excited to chat. That's great. It's great. It's been an awesome day for us as well. You know, I thought it would be valuable to start with an overview of your business. For anyone who might be new to your story, you know, what does Dun & Bradstreet do, and what's its value proposition? Yeah, so Dun & Bradstreet's a company, I think we were talking about this had four U.S. presidents, including, you know, our most famous colleague, President Lincoln. Mm-hmm. You know, and really what we've done is created this, like, really, you know, powerful Data Cloud that supports 550 million entities throughout the world. And it was all tied up through the D-U-N-S Number, which is a unique identifier that creates a parent-child relationship from a commercial perspective. Then, you know, with that data that hangs off of those 550 million entities, we solve kind of two buckets: finance and risk, which we called, you know, defensive. We were talking about sports earlier. Yeah. Then sales and marketing on the offensive side. So, you know, we're really, you know, deeply embedded within organizations and continuing to find new and innovative use cases to help them, you know, become more efficient, more effective, and frankly, reduce risk. Okay. That's helpful. You know, starting with finance and risk, you know, what are the largest components of your revenues? The key drivers of growth. How should we think about that? Sure. And so if you kind of break it up into two big buckets, the traditional side of the equation is finance solutions, right? And so this is using the data and the analytics for underwriting, business-to-business lending, underwriting trade credit extension. And then what was interesting was that really evolved into the kind of the second largest bucket, which is third-party risk and compliance. So vendors, suppliers, Supply Chain Risk Management. It started with, "Hey, you're underwriting my vendors or suppliers from a financial perspective. Would you do that for, you know, the regulatory and compliance aspect of it?" And so, you know, we expanded our dataset, right, to, you know, collect, you know, reg and compliance data throughout the world. And then it expanded into things like ESG and sustainability, moving into things like cyber. and then it even, you know, pushed into things like universal beneficial ownership. So not, not just the, the legal, you know, entity hierarchy, but who's on the board, who are the owners, right? How might that ultimately impact, you know, the, the how who I'm doing business with and, and whether or not I want to do business with them going forward? So, really, I would say it's the, the combination of the F and R is really the, the finance solution side and then the risk side of the equation. Okay. That's helpful. Yeah. And that's becoming, you know, just increasingly important and a lot of focus on that. Yeah, absolutely. And, like, the finance solution side is very sticky, very embedded. I mean, it was funny because, you know, before this, I was at, you know, whether it was FIS or, you know, Black Knight, or, like, nobody really knew, you know, what I did or what company. You say Dun & Bradstreet, and it's like, you know, people throughout the globe know who you are, know what you do, you know, from that perspective. And it really started off on that, the credit side of the equation. I think what's interesting in as we talk about, you know, the next side of it, it's like, you know, how do you leverage off of that Data Cloud and the Master Data Management. Yeah. To also, you know, solve, you know, use cases on the sales and marketing side. Got it. Yes. So thank you for that intro. I appreciate it. So sales and marketing, you know, walk us through your biggest products there and the key drivers of growth? Yeah. It's interesting. About 60% of the revenue in the sales and marketing side is around master data management. And so when you think about CRMs and, you know, MarTech stacks, lots of data is input, you know, lots of opportunities. And, in essence, what we're doing there is, you know, curating and de-duping, and then adding to those resources from a data element perspective and from an overall prospecting perspective. And so, that's, I would say, a core component of it. We then extended into, you know, sales acceleration. So products like Hoovers, for instance, is a good example, where you add all of the data that was born out of, you know, the credit side and the master data management side, but then you can say, "Who do I want to actually prospect to?" So if I'm HP and I have a new green server that's coming out, which are the businesses that are most likely, right, to want to buy that? And then I can start forming my marketing and sales campaigns to go after, you know, that higher propensity, you know, type of prospect. And then finally, you know, the digital marketing side of the equation is taking our ID graph, right, you know, from a business lens perspective and applying that into the digital marketing space. While a lot of early digital marketing was around consumer, and you were thinking about, you know, maybe Bryan Hipsher and I like, you know, sneakers, and I like the Knicks, you know, etc., and then all of a sudden the ads show up for, like, you know, the blue and orange sneaker, right? Yeah. This is more around, "Do I look like, you know, the CFO of a multibillion-dollar corporation?" Because then if I'm on the Wall Street Journal, the ad and the value that's coming from there is, you know, Oracle and Workday and SAP, you know, fighting in the background to present their latest, you know, ERP or their latest treasury workstation. And so again, we're very focused on the commercial side, very focused on the business side, and that's the differentiation we bring in that space. Okay. And just zooming further in on master data management because it's such an important part of your growth story, you know, how are customers using it? Like, what is its value proposition? Just kind of better understanding that. And why is it different from the data that, you know, is provided by competitors, like, say, ZoomInfo? I think that's something that's not well understood. Yeah. Like, very, very different. I mean, if you look at, like, you know, a ZI, right, or a contact data provider, you know, that's very myopic and even like a portion of what we do on the Hoovers side. And so from that perspective, and we can go longer into why our contact data, you know, was kind of underinvested in and what we've done over the last few years to, you know, turn that around, and you've seen gains, right, that we've had on the Hoovers side. Yeah. The MDM side is really a unique differentiator because it does cross both sales and marketing, but you see MDM as a use case also into finance and risk. It was the first exposure I had actually to D&B was when I was at FIS. We were in the financial crisis, right? And Lehman goes down, and all of a sudden, it's like, "What's the exposure on the receivable side, right, to, you know, all these different banks?" Bank of America being one of them, you know, Wells Fargo, you know, being another, Chase being another. Well, all of a sudden, Countrywide and Merrill, you know, all of a sudden became part of the Bank of America, you know, story. Wachovia and World became part of Wells. Bear Stearns and WaMu became part. If you said, "What's our exposure then, you know, to Bank of America?" We called it 73 different things within our application. And that was literal FIS, by the way, right? Because it's, you know, BAML. It's Bank of America. It's BOA. It's all these different, you know, kind of components. And so what MDM does is it takes all of that. It, you know, creates the DUNS. It creates the ultimate, you know, global, you know, ultimate DUNS and hierarchy. And then you can say very rapidly, "Here's my exposure," versus the weeks it took to gather all that data, get into a spot, and say, "Here's what our ultimate risk profile works from that perspective." So the DUNS hierarchy and then the entity resolution, the matching algorithms and capability, like, that is the true differentiation that sits behind the scenes. Those algorithms have obviously been refined and grown over the last, you know, 10, 20 years. And I would say, you know, 30, 40, you know, 50 years you can go back, right? But, you know, the acceleration of what we're doing in that space is, is really, you know, interesting. And so when you're talking about 550 million entities with 3,000 elements, and this is a consistent structure throughout the globe, like, that is very, very valuable to large multinational corporations. So the deal we did with Volkswagen, you know, a few years ago in, in or last year in, in Germany, I mean, imagine their lakehouse strategy and all the data that sits in there from a first-party, a third-party, right? We are taking that and helping them to organize all that into a consistent manner. And then as they bring in data, as things change, you always have that structure that you're building off of the backbone. Very difficult to replicate. Very difficult to displace. And so, you know, any competitor is trying to go on that, like, you know, we feel like they're, you know, running their head against the wall. But our advantage is we can then take complementary assets. Mm-hmm. Hang more and more of that off of the frame. So, you know, in an all-equal environment, you know, we like the position we're in from that perspective as we continue to invest and continue to bring on new and alternative datasets because, again, you know, our ability to land, expand, and displace is really powerful. That's really helpful. And you mentioned Hoovers and some of the progress you've seen there earlier on. So let me ask you about that and what you're excited about. Yeah. It's continued to improve. And I think, you know, in the overall environment, you're still seeing, you know, sales budgets, marketing budgets, you know, not at the levels that they were maybe, you know, two or three years ago. Yeah. But certainly, you know, I think as people are getting a little bit more optimistic, rate cuts, you know, are going to happen at some point, right? You know, I know people got excited March and then July, and we'll see how they eventually go. We didn't think about this year as anything different than last year in terms of customer sentiment, right? And the great thing is we don't have big macro fluctuations in terms of volumes that we're predicated on. So, you know, I think it's a great opportunity to continue to, you know, garner share, right, and improve the assets that we have because, you know, as things do turn and budgets open up, that's your ability to come in to cross-sell and upsell, you know, even harder than what we're doing today. That's really helpful. Thank you. So, so you guided organic sales, I'm going to get to the decimal place here. I think it was 4.1-5.1. You expect to see a nice tailwind from pricing, I think around 2.5%-ish. Focusing on the volume part of the business, what's driving the other sort of your two-ish points of growth? You know, is it cross and upsell, better retention, new logos, new products? I would expect this year, retention's going to be pretty similar as to what it was last year. You know, pricing, as you said, is up a little bit from that perspective. It's really, you know, cross-sell, upsell, right? And then the new products that we're releasing. So it's funny. Things like MDM and what we're doing in third-party risk and compliance, those are newer into the international markets, right? Even some of the things we're rolling out, in terms of MDM and MDM in support of, you know, the GenAI initiatives, right? What you're seeing is that, you know, these strategies need to have, you know, foundational consistency and curation and really strong data to grow off of if you're going to go down the GenAI route. Yeah. Outside of that, like, cap markets, right, is another great example of it. It's funny because a lot of the data has existed for years, right, in terms of solving, you know, solutions for cap markets providers. Now, things we brought in, like shipping data and some of the alternative assets, you know, really bolstered the prospects. But what we needed was some subject matter expertise in the product space to really drive that home. So brought in a guy, Bryan Filanowski, who's under, you know, Ginny Gomez's team on the product side. Brian was former President of Fitch Ratings, knows the space inside and out. You know, he couples up with our Chief Data Officer, you know, Gary Kotovets, who came out of Bloomberg. You know, all of a sudden, you know, you have a small, you know, team, right, that's focused on starting to build out specific solutions that solve, you know, capital markets use cases. So we had a really nice win, you know, in the fourth quarter, you know, top 10, you know, player in the space. It's funny that, you know, originally, I think we were talking about doing some press releases. They backed off in the end because they felt like it was too proprietary, and they didn't want to announce, you know, what they were doing, you know, with us. So we're not, you know, proprietary with them, you know what I mean? But, I think certainly we're excited about the opportunities and the value that we're driving for them and how we can drive that for the other, you know, big players in the space. That's really helpful. And you have a midterm goal of 5%-7% organic growth. You know, where are you focused to get volumes up a bit more to hit that target? Yeah. And it's interesting. It's like on the volume side, you know, we're not a big, you know, volume flux player, right? Yeah. I think it's more around, you know, new logos and especially big new logos throughout Europe and APAC. You know, continuing to do the migrations, right, which puts you in a place to take even more price. So like 2.5%, you know, growth from price is good, but it's certainly something that we should be, you know, north of 3%, right, you know, as we go forward. And then when we're thinking about these new vintages of products, I mean, you've seen the Vitality Index now. It's not going to stay at, you know, 30%, right, forever. It's a bit of a, you know, indictment of how non-vital the product set was before we took it over in 2019. But, you know, as those, you know, vintages throw off, it's the new products that we're, you know, bringing out that are continuing to kind of stack on, you know, to the overall revenue stream. So strong retention, you know, incremental pricing, some new logos bigger, I would say, internationally, maybe smaller, you know, domestically. And then it's the new products, right, and, and continuing to innovate and solve those types of solutions. The other is, you know, and I talk about innovation from a vertical perspective. Cap market is a good example. Insurance, right? You know, there are other verticals that are akin to what we're doing that we can go a little bit deeper in. Mm-hmm. But you just need a little bit of tweak in terms of product focus from that perspective. If you want to go outside and you say, "Okay, healthcare is a vertical," that's going to take a little bit more incremental investment because there's different datasets, right? There's different GTM motions that you have to work through. So we're always kind of balancing. Like, you want to be and, and D&B's interesting because we could be the provider to everybody and everything and every you know, you almost have to have, like, focus. Somebody asked me, like, "What keeps you up at night?" It's like, "We got to continue to focus on, you know, a finite set of opportunities because if you try to boil the ocean, you know, you're never going to get there from that perspective. Okay. That makes sense. So I want to shift to margins. And some of this came up on your call, but I thought it was helpful to kind of recap it. So. Sure. You know, can you walk us through in 2023, you know, what contributed to your margin pressure? And what gives you confidence in your guidance for expansion in 2024? Yeah. You know, again, I think we're always focused on, you know, continuing to have, you know, very strong gross margins, always looking to execute from that side. Last year, we actually had about $16 million that I would say was kind of unique. 10 of that was our bonus payout, you know, for our company, right, company-wide, was, you know, about 80%, you know, mid-80s% in 2022, mid- to low 80s%. And then last year was at target, right, for incentive purposes, very close to target. And so that was about a $10 million increase to kind of get back to that target range from that perspective. The other side was we're self-insured, you know, like most large corporations, and we saw healthcare costs up. It was about $8 million in the fourth quarter, but it was about $6 million for the full year. And so $16 million is kind of the difference of where margin landed versus being up 40 bips. There was 10 bips maybe of, like, FX, you know, kind of noise in there. So you're in that range of the lower end of what we talked about at 50 bips, you know, of, of expansion on a year-over-year basis. The good thing is, as we head into 2024, look, the midpoint of the guide's about 30 bips of expansion. You know, things like, you know, the $10 million of bonus or the or the healthcare, those are kind of normalized right on a year-over-year basis, so not headwinds. What we did build in was the extra, I would say, kind of $5 million-$10 million of OPEX that is, you know, focused on GenAI investments and, and probably a little over and above where we would normally be. So I always say, look, on $1 billion, you know, $5 million counts, right, you know, 5-10. It's a difference between 30 basis points of expansion and 60 or 70 basis points of expansion. I'd hate to say that I'm the one who cut off $5 million of extra expense, and we're in third place on the, you know, race to GenAI. Mm-hmm. And so from that side, we're always kind of balancing, you know, the near-term and meeting those midterm targets, medium-term targets, but also making sure that when there's these types of opportunities in front of us that we're, you know, making the right decisions and ultimately, you know, that's what turns into faster growth and then ultimately, you know, faster margin expansion. Yeah. So when you think about your midterm target of 50-100 basis points, and you talk about incremental investment for GenAI, you know, how much are you, you know, broadly investing in GenAI? Is that the 5-10 the full budget, or is there more and, and kind of, what is that investment going towards? Yeah. There's more, right? And what I would say is, like, we're always doing an analysis of what we call, like, a snap line, right? And so what's above the line, what's below the line is what we invest in and what we don't. And some of the above-the-lines are, like, regulatory enhancements and, you know, bug fixes and maintenance on the OPEX side. But then, you know, obviously, when you're thinking about OPEX, CAPEX, or you're thinking about, you know, investments in research and development, you know, those are where, you know, they hit into, you know, whether it's cap markets, whether it's, you know, material enhancements to existing products, or, you know, whether that's on the GenAI side. So some of the stuff I think we had planned originally maybe one or two years ago, we dialed down, right, to open up more room for, you know, GenAI investments. So that's where it's north of $5 million-$10 million, right? Mm-hmm. You know, if we talk about GenAI, we talked about master data management and, and the ability to more frictionlessly deliver our data into these lakehouse strategies, into these GenAI platforms, but also make sure we're controlling it because the data is what's going to be ultimately differentiated when you get into these, you know, solutions as you go forward. Then we're investing in, you know, our development on top of whether it's like a watsonx or a Vertex or a GPT. We're building our own solutions. Now, we're not building large language models. Like, you want to say CapEx numbers go through the roof, right? That's not the case. We're leveraging them, and you see that a little bit in the purchase software line. But then we're using that as a backbone for, like, Ask Procurement, right, where we're solving, you know, vendor management and sourcing, I would say, efficiency issues with, you know, a pretty cool tool that's going to sit on top of, you know, with our data. And you can ask it, you know, who are the, you know, vendors that meet this criteria? Are they financially stable? Could they, you know, are they, you know, high sustainability, you know, characteristics? And all of a sudden, you've taken a vast, you know, expansive, you know, dataset of, you know, 400 million, you know, potential vendors and brought it down to five that you can really focus on. So it's really, you know, I think, interesting stuff and a true application of what GenAI can do. I see. And do you see this in terms of the, you know, there's the investment journey there? Well, I guess it's two-part. Are you viewing it as both a product opportunity and sort of efficiency opportunity as well? Is there? Yeah. What I would say is, like, we start I would say we're starting more on the product side than we are, you know, on the internal efficiency side. In the end, they kind of work both ways because we end up being the guinea pigs, right, from that perspective. But if you look at, you know, what we're doing, we already have initiatives going on, like, with a, you know, back-office Quote to Cash. We already have initiatives going on in terms of, like, the Cloud Migration. And so those are big, I would say, internal projects that are fixing, you know, some things and enhancing some things from that perspective. And so when you're balancing out where the resources are going, we want to put those on revenue generating and new product more than, you know, some of the things that we already had in flight that actually lay a great foundation to apply those GenAI initiatives as we go forward. I appreciate your info services companies and Dun & Bradstreet are always investing in their business. But when you think about GenAI because we're such early days, do you think it's a multi-year investment journey, or do you feel like you're putting the upfront costs here? Just how do you think about it? Yeah. I think part of it like, look, if you look at, for instance, CAPEX, right, our CAPEX percentage revenue is like 5.8% over the last 10 years. Now, our business-wise, the last couple of years has been closer to like 8.5%, or, you know, this year and, and last year. But part of that is because, you know, it was 2% for the 5 years preceding that. Now, the business wasn't growing, right, and, and ultimately, it wasn't innovating, which is why now you're seeing organic growth up, you know, towards 5%. You're seeing Vitality Index, you know, in that 30% range. And that's you know, that was what was needed was we were transforming the business. We had to invest in the business. So if you're trying to grow, expand margins, and have perfect Free Cash Flow Conversion all at one time, like, that's like it doesn't work, right? Yeah. What's happening is the CAPEX is a little bit elevated now, but that's making up for some of the uninvestment before. Yeah. So you'll see that level out and start to come down to that 6%-7% range as we're heading into 2025 and 2026. We'll still be focused on whether it's GenAI or whether it's other initiatives, you know, balancing out where the best returns are coming from. But, you know, some of that transformation work starts to peel down, and that's where you end up in that range, you know, that, that ultimately then D&A converges with, you know, free cash, our, our CAPEX growth, you know, continues to accelerate into that 5%-7% range. And, you know, free cash flow conversion, you know, ultimately migrates because, you know, you're getting past that mathematical, you know, equation of CAPEX upfront versus depreciation over a, a 7-year life, you know, span. That's the biggest delta, right, when you think about your progress towards that 80% free cash flow conversion? It is. That's the biggest delta. And then, look, we have some things. Like, we're running some duplicative costs right in our, you know, cloud migration where, as we're moving products from, you know, legacy infrastructure to modern infrastructure, cloud infrastructure, you're, in essence, paying two vendors at the same time, right? So we call that out in our adjustments, and that's one of the things that's, like, the biggest component of transition. But it's cash, right? Yeah. So those are around the fringes, right? And that cash will ultimately, you know, convert. But, you know, the biggest piece is CapEx and D&A. And then after that, commission expense, right, where multi-year contracts—it was funny when we got here, we had customers for 25 years that were renewing each and every year. And it's unfortunate because it takes, you know, obviously, built-in price escalators out. You end up renegotiating the same, you know, product each and every year instead of really setting it in, putting a price escalator on it, and then focusing on upsell and cross-sell. But the dynamic is we pay the salespeople on, you know, the total contract value upfront. And then when they want to eat again and get incremental commissions going forward, that's where they got to sell more, right? And so that's the dynamic. But when you pay cash upfront, you still amortize the commission over, you know, the expected life. So that's another, you know, delineation. Like, it's funny because, you know, we took the business private in 2019. We came back, you know, public in 2020. But, you know, those are some of the dynamics that we're just working through as, in essence, a newer company for accounting purposes that had, you know, been around for a little bit longer than a normal new company would have been. How do we think about the commission expense piece over kind of the medium term? Is it? Well, I mean, we've worked through, you know, we started doing this five years ago. Yeah. In most of those, you know, kind of contracts are in that 5-6 year range. So we're pretty much converging from that perspective. That's good. Yeah. Yeah. We're in good shape. All right. I, you know, I have to ask this week. We've gotten some questions after the print. Just trying to understand because there's, you know, callout around data processing costs and, you know, why they're growing and how they should grow going forward. You know, can you just help us understand that? Yeah. I mean, this is one that, that's interesting. I mean, obviously, you have kind of two big buckets when you're reporting from an external perspective: cost of services and SG&A. Yeah. Internally, when we manage, obviously, we look at COGS. COGS are, like, the actual data, right, that's really associated with the revenue side. On that side, I mean, our gross margins are, are very high, right? Then you end up with, like, data processing. And a lot of that is some of the cloud computing that we're talking about and some of the cloud migration. So when you're looking at the K, for instance, and you see data and data processing, the one thing in there is that that's the GAAP number. And so what's included in there is some of the duplicative costs that we're running on this cloud conversion. And most of that's around data processing. Data acquisitions stay pretty consistent. You know, a lot of that is what we have internally. So we have a lot of data that's contributed. We obviously have to normalize it, you know, match it, append it, right? We have some data that we acquire from third parties. But, like, shipping data, for instance, we pay, in essence, a flat rate. And then, you know, obviously, everything we sell on top of that is incrementally, you know, profitable from that side. But it's not like we have a bunch where it's, like, a variable component that's, like, being passed through or something from that perspective. Okay. So really, you know, one of the pieces that, you know, you kind of have to bridge is, as you're moving to adjusted EBITDA, that data processing side, it's including, you know, a pretty significant amount of those transition costs in that, you know, data and data processing bucket. So again, you know, as, as we're kind of cleaning that up, we can always, you know, I think, describe it, you know, even in more detail in granular fashion. But that's, that's probably one of the biggest, I think, you know, maybe misconceptions is, is, like, if there's something around gross margin or, or scale, that's not the case. Okay. That's really helpful. Thank you for that. So, we talked about, you know, your Free Cash Flow Conversion. Let's talk about sort of use of cash. Sure. You're continuing to repay debt and reduce your leverage ratio. You know, how are you prioritizing debt repayments, you know, versus other uses of cash? Yeah. So we set it. And you know, obviously, organic investment is first and foremost, right? You know, we have a small dividend. But I mean, I think that's pretty consistent and something that you know was opening it up from a shareholder-based perspective. You know, leverage is something that clearly we were 9x levered when we were, you know, private. We deleveraged significantly. We're 3.8x at the end of the year, going to 3.5x by the end of this year. And look, I mean, you're $500 million, you know, today from just going to 3x, right? And that's, you know, $30 million of interest. So it's not like a huge, you know, component. But I mean, looking today, looking yesterday, the stock's moving, you know, because of a PPI print or a CPI print or some inflation. And it's like we're 90%, you know, hedged or fixed. Obviously, our, our term loans and everything, we just refinanced, pushed out, you know, to, you know, 2029, right? Yeah. And so from that side, I think, you know, it's one of those that we want to continue to press it down to that, you know, roughly 3x level. But it's also very hard, you know, to look at where we are from the valuation perspective. And I look at that in terms of, you know, from an adjusted EBITDA multiple, you know, it's what, 8.4x or something like that right now. I mean, you know, I know we've had some, you know, cash, you know, adjustments that flow through on the de-duplicative side, which we call out. But even if you throw all those back in, you're still, like, 9.2x. You know, CapEx, even at its elevated level, if you expense all of that, right, which you can—I mean, that's against GAAP, you know, but you're still at, like, 12x, right? And so on that side of it, what I would say is, like, look, we're knocking off, you know, the components of, you know, these items that are, you know, okay, the leverage is too high. Great. We'll deleverage the business, right? Organic growth, we need to consistently, you know, continue to hit, you know, free cash flow conversions improving. And then, you know, all of a sudden, if you're in a spot where the value of where it is today, I mean, clearly, it's very attractive from our perspective in terms of, you know, share buybacks. That's helpful. And longer term because, I think, you've talked about opportunity in international as a driver of your organic sales growth. Sure. You know, early on when you were public, you did some acquisitions. Do you think about, you know, longer term, but how do you think about that international opportunity? Absolutely. I think there's, you know, obviously, the continued organic acceleration is there, you know, in the international business. You know, there are opportunities. You know, we kind of did it with the Worldwide Network partner that was Bisnode, right, and where it makes sense. And it all comes down to pricing, right, and obviously, the fundamentals that sit behind it. And the same thing for M&A in general. Like, we would never put our head in the sand and say, "We can't do any M&A because of X, Y, and Z." There was a great asset. I would say is the bar is just exceptionally high right now. It's always high, but in terms of where we're at, I mean, try to again, I can't find a better company to buy than our company, right? And so that's, like, the first hurdle to come off of from a value perspective. But that being said, to your point, as that resolves itself and we move forward, then you're looking at acquisitions in terms of what are things that are maybe a build versus buy, right? What are things from a, you know, data perspective? What are, you know, areas, right, or markets that we want to take over and own, you know, fully from that perspective? Those are the things that, you know, come into play because I think we've shown the power of what we can do through the acquisition of Bisnode. I mean, it was a negative grower. Now it's growing, you know, positive, moving to, you know, mid-single digits. The margins were in the teens. And now, you know, we've got the blended margin international up to 30. So clearly, it's improved substantially there. So there's a lot of value to be, you know, driven. And then the access to the customers, right? What we've been doing with the Siemens, with the Barclays, with the HSBCs, with the, you know, Volkswagens, etc. Like, it's really exciting from that perspective, the opportunities that are out there. And, you know, the manufacturing companies, the industrials, the FIs, like, there's, there's a massive amount of opportunity for us to continue to drive new solutions into. Yeah. That makes sense, and I was going to ask you. You mentioned about what keeps you up at night. You got the question about what keeps you up at night. I was going to ask, what are you most excited about going forward? Yeah. I mean, you know, I really like, everybody's going to say GenAI. But, like, the true, you know, data aspect and MDM aspect of what it means to GenAI, I think, is super exciting. I'm obviously CFO. So, like, if I had to, you know, mix between the two, you know, while I think the offense side and sales and marketing is super exciting, right, we got a lot of potential there, you know, things like capital markets, right? You know, these are, you know, a very untapped, you know, market for us with really deep pockets. And they're looking for data and analytics that create that last bit of alpha. The amount of value we can drive, you know, to them for the relative amount in money they would spend with us, I think, is a really fascinating, you know what I mean, opportunity. So, you know, those are things I'm, you know, Third-Party Risk and Compliance. Like, you can you can continue to go on. But, like, I love them because that's what I do as a practitioner. Yeah. That's what's fun for me versus some other roles that I've been in, like, you know, I got to be drinking our own champagne. So when we're running, you know, a global sourcing and procurement organization, we're the first ones that are going to use Ask Procurement, right? And so, you know, it's an exciting time. And it's why we've invested in the business, why we continue to invest in the business, and why pushing some of these big projects, you know, over the hump and over the goal line are so important because, you know, that just allows us to continue to focus on innovation and new product development and bringing even more, you know, exciting solutions to our customers throughout the world. Okay. Well, thank you. Thanks, Bryan. Absolutely. Thank you. Appreciate your time. Thank you. Thanks, everyone. All right. Thank you.