Hey, good afternoon, everyone. My name's Kyle Peterson. I'm analyst at Needham. We're going to be doing a fireside chat with D&B. We have CFO Bryan Hipsher up here with us. Bryan, thanks for joining us, and welcome to the conference. Yeah, thanks so much. It's been, as we were talking about, you know, kind of, you know, fully booked back-to-back, so we appreciate having the opportunity. And, yeah, look forward to this conversation. Yeah, great. So, you know, maybe we could kick it off. You know, D&B is a is a company has, you know, been around for, for quite some time, but there's also been a lot of changes that have kind of undergone on, you know, the last, you know, three to five years. So maybe if you could get everyone kind of back up to speed on, you know, some of those changes and initiatives that, you know, have taken place, that'd be helpful. Yeah, absolutely. Long enough that we've had four U.S. presidents, including Abraham Lincoln, so it definitely has had a long-storied history from that perspective. You know, five years ago now, back in February 2019, you know, we went through a take private. You know, really, I think great asset, great global brand, really differentiated, you know, data from its proprietary nature and contributory nature. But just kind of got, you know, stuck in a spot where it was really kind of flat, you know, from organic growth, wasn't really being invested in, and needed, you know, a pretty significant transformation. And look, they had talked about transformations, but really what we saw was that they changed the CEO and left everything else in place. And that does not a transformation make. So we came in and really, you know, reorganized the business. I would say kind of spent the first two years doing the really heavy lifting, data supply chain work, infrastructure work from 11 terrestrial data centers down to three. Now we're talking about, you know, and moving towards, you know, full cloud native. You know, took out 17 of the top 19 executives day one, about, you know, 60% of the kind of Tier 2, you know, leaders. And then, you know, kind of rebuilding with, you know, better talent, from that perspective. GTM organization was really, you know, overhauled at that point, changing the incentive compensation practices, started incenting multi-year deals, started de-incenting just, you know, kind of maintaining, from that perspective, and really incented growing. And so, you know, as we got through that period, about a year and a half in, the markets, you know, really opened up and we ended up taking the business back public. At the time, we were 9x levered, if you remember back then, with a big, you know, preferred equity instrument and a couple of pretty heavy secured and unsecured bonds. We were able to take out the entire preferred. We were able to, you know, claw back, you know, those bonds. And then that set us up to do an acquisition with Bisnode, but also really to start de-levering the business to now we're at, you know, roughly 3.7 times. And so, you know, on that journey, though, you know, we knew that there were some structural headwinds, in terms of a contract they had lost, you know, back in 2018 that was going to cost us $25 million a year. That's finally, you know, off and behind us, and we've lapped, you know, behind that. And so, you know, we knew that it was going to go from kind of 0% to 3%, you know, into that 3% to 5%. Last, you know, February, we laid out, you know, a path to 5% to 7% growth off of the kind of 4-ish%, 4% to 5% growth where we are today. I think, you know, that's really been fueled by kind of the second leg of the transformation, where the first was, like, getting people to sit up straight organizationally, having focus, being growth-oriented, and getting the foundation where it wasn't a detriment to innovation. The last two, three years have really been about innovation. And so we brought in, obviously, guys like, you know, Gary Kotovets, you know, from Bloomberg, you know, Mike Manos came in, you know, was the CDO at, or CTO at, you know, First Data, Fiserv. And then Ginny Gomez came in, you know, as the Chief Product Officer and now head of North America from TransUnion. And really, you know, started to push forward in terms of, you know, new solutions, new verticals, you know, brought it internationally in terms of what Neeraj is doing on that side. And you've really seen the business go from, you know, flat, organic growth for almost a decade to now, you know, that mid-single digits. Margins were in the low 30s, now in the high 30s. You know, we're at low 40s at one point. Free cash flow conversion, you know, improving. And again, you know, it's one of those things that it takes a little bit of time for each of these components to really float through, but you've seen it, you know, I think over the last year and especially over the last few quarters that, you know, the work is paying off in terms of the results. That, that makes sense. You know, maybe we could dive a little more into, you guys did a lot of work, it seems like, with the, the sales force, in terms of, you know, realignment, you know, changing, you know, incentives and, and priorities and goals, for a lot of your sales team. But, you know, maybe if you could dive more into, you know, some of the changes that were made at the sales force level and how that has helped get the top line moving in the right direction. Yeah, absolutely. I mean, it's, it sounds, you know, not like rocket science, right? But like, you know, incentives are, are really structural from that perspective. And so one of the things that we saw was, like, they were incenting, in essence, the, the bag-carrying, you know, sales folks, that if they kept 95% of their business, they could end up achieving 100% of their commission, right? And then if they sold something incrementally new, that would give them a 20% to 30% kicker. So if I'm a business and I'm going, "Okay, I went from 100 to 95, and then they sold something new for 95 that, you know, took me back to my 100, but, you know, the commission expense was 130%," I'm flat, but the salespeople are all running around high-fiving because, you know, their compensation went up, you know, 15% year-over-year. So that's the kind of stuff we had to, you know, take out, right? I mean, they don't get paid now until, you know, they're growing on a year-over-year basis. Flat obviously doesn't cut it. In terms of incenting multi-year contracts, I mean, we were incenting only annual contract value versus now we incent, obviously, you know, total contract value, which is why we went from less than 20% of our revenues are on multi-year agreements to now, I think it's like 53% to 55%, with built-in price escalators. And so, you know, those are a couple of examples just on the compensation side of how we have evolved it. We continue to tweak that and drive, you know, some product-specific and other things from that perspective. But the other side is also just, you know, we got rid of a lot of fat on these, like, sales support groups and other kind of I call them hangers-oners, right, where, you know, there's always a hunter that actually goes out, you know, and closes the deal. Well, in essence, we were paying, let's say, a 7% commission where we could have been paying a 5% commission and given 4% to the hunter. Instead, we were paying 7%, giving 2% to the hunter, and then peanut buttering the rest over all these sales support people. And again, you really want to, like, upset someone who closes a deal, give any of their money to someone they think doesn't deserve it, right? And so, you know, that's the kind of stuff I would say we cleaned up. We then evolved, I would say, just the structure of the sales force to have, you know, kind of the mega accounts, you know, the strategics of the top 200. They're set up with a clear, you know, overall manager, but then they go into subject matter expertise on the Sales and Marketing side versus Finance and Risk side. There's national accounts that are still large but not as big as the strategics. They're a little bit more separated from a geographical perspective and an industry vertical. Again, they have a little bit broader remit in terms of what they can sell on both sides, but they're still bringing in the expert because where we are now with the product set and the sophistication on the Sales and Marketing, it's a very different sale than it is on the Finance and Risk side of the equation. And so while going from Finance Solutions to Supply Chain Risk Management, those are pretty closely correlated. You know, they generally sit under the CFO's umbrella. If you go on to the marketing side or the sales side, now you're kind of crossing, you know, from defense to offense, and that's where, you know, the expertise has to come in from that perspective. At the very low end, still, you know, a lot of inbound and call center-oriented, but we've also started to, you know, consolidate our websites and really bring more of a digital experience from that side of the equation. Most recently, you know, we've made some new hires. You know, we talked about Isabelle Vidal, you know, coming in to join the team and be the North American CRO. She's got but obviously a great background from that perspective. You know, she, I think, will continue to evolve, you know, to be even more deeply focused from a vertical perspective. And what we see is while the horizontals are very, I would say, standard across the board, there is, you know, certain verticals, whether it's cap markets or insurance or FI, that need some expertise and need, you know, a little bit of that twist from that expertise, right, to really drive, you know, the true value proposition, the true, you know, expansion opportunity that we have within the accounts. Okay. And, you know, maybe thinking about, you know, some of the building blocks of, you know, organic growth, you know, in that 5% to 7% model that you guys laid out. Sure. How should we think about, you know, the components with, you know, whether it's, you know, new logos, pricing, additional products? Like, what are kind of the different levers that you guys see kind of building up to that overall broader five to seven number? Yeah. I mean, it starts with closing your back door, right? And so our gross retention in 96% to 97% is really strong. And it has been improved from even where we were before. That churn ends up having a more on the SMB side. And so where those churn out because they, they're either small businesses and they're going out of business or they had a one-time use case, you know, that's where the new logos kind of come in in North America and replace that. Obviously, we're looking to add that on a net basis. And as we, you know, make progress on the credibility asset and what we're doing from that perspective, that'll serve, you know, support that. Pricing, again, went from less than 1% of growth when we came into the business. Now it's about 2.5% this year. We expect that to go to kind of 3% to 3.5% as we, you know, progress going forward. That's, you know, all the things we talk about in terms of transformation and investment in the data asset and going from 275 million D-U-N-S to 550 million D-U-N-S and the depth and alternative data assets that we've brought in, all of that puts you in this, like, moral high ground to take price. That's where we've been successful from that perspective. When I look at, you know, kind of cross-sell upsell, you know, that's been kind of 2, 2-ish points of growth per year. And again, that's taken it from, you know, Finance Solutions to Supply Chain Risk Management. That's taken it from MDM to go on the, the marketing and sales side of the equation. If you get in that MDM side, it's really, you know, great to federate out to both sides of the Finance and Risk and Sales and Marketing because we can become that client's master client or master vendor record. And so they use the D-U-N-S and the D-U-N-S hierarchy to create a parent-child relationship, and then they can really understand, you know, the 360 nature. I mean, when I was at FIS, you know, back in the day, we used Dun & Bradstreet, right, because, you know, while we were pretty, you know, closed into the FI, you know, space, we called Bank of America 73 different things within our, you know, billing and QTC applications because you had Bank of America, you had Merrill Lynch, you had Countrywide, you had BAML, you had Bank of America, you know, BOA. So, you know, really by using this kind of, you know, DUNS structure and then creating that parent-child hierarchy, it's the organization that then allows you to curate, right, to append and to enrich from that perspective. That's really powerful in the ability then to, to bridge off to cross-sell upsell. It's why our largest clients are using, you know, seven to eight products per versus at the lower end, it's something more like one or two. Great. That makes sense. And I know in the last earnings call, I, you guys called out that, you know, the vast majority of your business seems to be growing at, you know, kind of 6%+. I guess what is that stub piece of, of the under of the business that's growing slower and, you know, are there things you guys can do, you know, I think to get that so, you know, the whole business is growing kind of 6%+? Yeah. So one of the, you know, half of it, about $125 million, you know, which is roughly, you know, 5% in that, in that range, is this legacy credibility business. So it's a business that we inherited, obviously, when we came into. We've made a lot of changes to it, you know, right out of the gates. D&B prior had bought it and then sold it and then bought it again. Well, one of the times that they sold it, they were really running it in a way that, you know, was creating some really poor sales practices, which opened up an FTC investigation, which, you know, concluded in a consent order about a year and a half ago, which has impacted, obviously, you can imagine the growth of that business and frankly, you know, created decline because we had to stop, you know, doing some things, stop selling some things. We wiped out the entire management team, like, right away, right, because the environment was just not, you know, one that we were interested in participating in. Now, where we're at now after the impact of the consent and the communication, we're starting to create, you know, new products and roll those out, which is why you're seeing it go from, you know, a negative number to by the end of this year, we expect it to be slightly positive. So, you know, fixing these things and we talked about, you know, kind of boulders, you know, rocks, pebbles, and sand and, and really, you know, this was one of the last remaining kind of rocks out there that we needed to kind of fix and then get, you know, moving in the right direction because, again, that allows you to create a lot more flexibility. You know, we've fixed businesses, we've improved them, and that helps the overall growth rate. And that all sits, by the way, in North America Finance and Risk. So when you're kind of looking at it, you know, you're going, "Hey, Finance Solutions, really strong, really embedded, great pricing power. TPRC's growing, you know, double digits as third-party in Supply Chain Risk Management. Why is North America F&R getting dragged down a little bit?" It's that credibility business. So that has some structural things. You know, we've got to go in the right direction. Now it's just a matter of time of allowing some of that to pick up and start to accelerate in the coming, you know, quarters and years. On the other 5%, on the Sales and Marketing side, you know, we built out and acquired some things on Audience Solutions, Eyeota, NetWise, that are really great assets. And what they're doing is allowing us to take our data from being really offline to online and using, you know, audience-building capabilities to create programmatic advertising, right? So, you know, that was really growing double digits. Last year kind of, you know, got to, like, you know, single digits, right, and really it was a tale of two halves. As Sales and Marketing budgets started to kind of put the brakes on late last year and early into this year, that's where you've seen it, you know, start to decline, you know, a little bit. We expect it to flex back up. We're making more progress in terms of wallet share and market share. But again, you look at the overall business and, you know, 95% plus is subscription, you know, daily ratable, you know, or on delivery with a commitment throughout the year. There's just this little stub on the end that's got a little bit more, you know, volatility. And again, you know, we think that there's clear potential and upside to really scale that up, you know, as we move forward. But, you know, it's one of those two that if for some reason, you know, it does get, you know, too cyclical, right, and we're in a pretty unique period right now, so we kind of want to see how it plays out. You know, we're always looking at, you know, the alternatives of, is it a strategic asset? You know, would it make more sense, you know, in another portfolio? And then it's just making sure we get the right price and, and the right, you know, value from that perspective. But what I would say now, you know, it is, you know, something that I think we think there's a lot of potential in, and especially when you start to do what we call, like, a, a pivotal DUNS, you know, identity graph and you're starting to lay over, you know, the individual with the business side of the equation and what ultimately that could drive. You know, business personas from, programmatic advertising is relatively new, right? So while everyone knows, you know, Google or, or Facebook and they have these identity graphs and it can say, you know, Brian Hipsher is a former, you know, basketball player and so therefore, you know, he likes Nike shoes and I'm going to put that ad up, right, from a publisher's perspective. What's really interesting to the Oracles, the SAPs, the Workdays, the Microsofts is if I'm on the Wall Street Journal and, and they know I went through an ERP conversion already, so that's not their, you know, primary push. They see the CFO of a multibillion-dollar corporation is out there and it's Dun & Bradstreet and therefore they're going to push, like, their latest treasury workstation, their latest, you know, receivables workstation and, and they see that as a, a bigger opportunity, right, from a B2B perspective than a smaller dollar ad on a B2C side. That's helpful. And, you know, maybe if we could switch over to multi-year contracts you alluded to earlier, you kind of the business used to have almost nothing on multi-year deals and now it's over half, I guess. How has that transition been and what's the impact and lift you guys have seen, you know, both revenue and whether it's, you know, sales force productivity or just any other tangential benefits from this transition? Yeah. I mean, it's funny. I mean, you look at an apples-to-apples basis from sales force productivity, you know, we're up, I think it's like 7% to 10%. And that included, you know, obviously we brought, you know, Bisnode on, you know, from that perspective. So it's been really, I would say positive, right, from, from that side of the equation. I mean, if you think about it, when I got there, it was, you know, our top 200 customers have been with us for on average, like, 19+ years, right? And so you're going like, "This is nonsense. Like, why are we not on multi-year contracts?" It's like, and you ask the sales force and they're like, "Well, we get paid on the annual contract value." And you're like, "Okay." So we're like, "What if we paid you on total contract value upfront?" And then, you know, you went and, like, upsold and cross-sold and drove even more, you know, sales as you go forward and they're like, "Yeah, that sounds good." And so, you know, but that was some of the change. So it took this haggling over the same products each and every year, which then you get caught in this sourcing cycle and put us at a more strategic level where we could focus on setting it in, putting the structural price increase in, and then coming back with our new solutions to really upsell and cross-sell from that perspective. So that's really the combination of these things is what's driving, you know, pricing, revenue growth, better cross-sell, upsell opportunity, and even, you know, stickier retention from that perspective. So it's something fundamentally, you know, we did a great job of it, you know, in my, you know, past company at Black Knight, you know, and Anthony's, you know, history too in the banking industry. So that model I think fits very well to what we're doing, and it's allowing us to focus on, you know, our new innovations and new growth, which, you know, is reflected in a Vitality Index that's in now like, you know, high 20s, low 30s. And again, a little bit of that is, you know, we, we've gone through a period of investment and a period of new product innovation where for the 10 years prior it was pretty stale from that perspective. That's helpful. And I wanted to move over and talk about margins. You guys have, you know, shown a lot of margin expansion, you know, but still, you know, seem to be, you know, investing quite a bit in new products and other areas to be able to, you know, grow faster. So I guess, you know, could you walk us through how you guys have been able to, you know, expand margins so much in recent years, you know, kind of whether it's specific costs that, you know, were just excess and that money was better spent elsewhere? Like, how has this kind of evolved in the cost structure over time? Yeah. So in the beginning, there was a lot of that, right, the bureaucracy, the you know kind of fat and unnecessary costs that were in the business. And so, you know, that was some of the early work we did where we took out on a net basis like $240 million. It took us all the way up to like 42%. Now when we bought Bisnode, we bought it about five times post-synergies, right? But that was a negative 2% organic grower with 12% margins, 13% margins. So now it's grown mid-single digits. It's got 30% margins. But, you know, that was just something that kind of influenced the overall, you know, margin percentage from that perspective. What we see is that, you know, the contribution margins, you know, are 60%, you know kind of and that's net normal investment, right? And so when we're talking about 50-100 basis points of margin expansion in a normal year, right, that's where just the contribution margin flowing through is from that perspective. So for us, you know, we want to continue to do things like migrate off of, like, their legacy platforms. And so it was really one of those, like, if you think about product management, project product management lifecycle, you know, a lot of things were in the maturity state or decline state, but they weren't sundowning them completely. They were kind of leaving them out there. We call them zombie products, right, you know, kind of the walking dead where they got revenue, they got a high amount of, you know, profitability, but they're better served to be migrated over onto a new modern platform and then, you know, shut down because that's where, you know, the OPEX savings come from, from that perspective. So we're going to keep, you know, driving, you know, those migrations. There was a lot in Europe last year. There's still some ongoing in the U.S. And again, every time we can get off an old application, we can take that money and either take it to the bottom line or continue to reinvest it into the business. Great. That makes sense. And, you know, maybe let's, you know, quickly talk about AI kind of as a topic of the day and, and I think a lot of people trying to figure out what businesses are, are helped or, or potentially disrupted, from AI. How do you guys see, whether it's AI and how it fits in, you know, your business today and, and how you see that evolving? Yeah. It's one of those things that, you know, from our perspective, is very exciting. I mean, historically, we used AI, right, you know, whether it's GPT-3 or any other, you know, kind of prior, you know, generative, you know, applications that, you know, were helping us with process automation, helping us, you know, look at, you know, the collection and curation of certain data assets, right? That's been around for a long time. I think on the generative side, what's really exciting is that, you know, the power of these large language models is going to be predicated on data, right? And so from our perspective, our proprietary data that's contributory in nature, it's predominantly on private companies. It's curated and tied, you know, through the structure in literally every country except for North Korea. We always say it's not that hard to make a Sales and Marketing or Finance and Risk decision in North Korea. So from that perspective, you know, it's one of those that it's really exciting. Now we have to be mindful of, you know, really protecting the data asset and making sure that, you know, we keep it within, you know, our environment. But leveraging the large language models to build, you know, Ask Procurement, we're dealing with IBM. We're doing some things with, you know, Vertex and we're doing some things with Microsoft, but it's always contained in a very, you know, structured way. Provenance of data, ownership of data, sourcing of data, right, and ultimately the accuracy and cleanliness of that data, they're all uber important when you're talking about a successful, you know, AI strategy. So MDM will absolutely benefit materially from, you know, Gen AI, right? Our data in general and in the ultimate usability of it will continue to benefit from that perspective. Look, if we were somebody that was out there, you know, kind of on public companies and scoring public companies and understanding, that is something completely different, right? I mean, there's 10-Qs, there's 10-Ks, there's EDGAR. Like, sourcing our data, you know, you're getting that contributed from the largest telecoms, the largest banks, the largest, you know, retailers in the world. The small companies are contributing that to us to build out their file, to be a vendor to some of the largest entities on the planet. So from that side, you know, you're not going to go out and scrape the web and all of a sudden find 500 million, you know, financial statements out there on companies, you know, in Germany and in Asia and, you know, Latin America and in the US. It doesn't exist, right? So we feel, you know, great about our position. I think we're working with the right, you know, balance and partners. And it's something that, you know, I think could be an accelerant for us, you know, as we head into, you know, the future years to come. That makes sense. You know, maybe we can, you know, switch over, you know, to, you know, the balance sheet and, you know, capital allocation. You guys have done a great job bringing leverage down, dramatically. You guys did start paying a dividend, a little while ago and much more recently, announced your first buyback authorization, you know, since, you know, going public and reentering the market. So how are you guys kind of thinking about, you know, use of cash and returning capital, to shareholders? Sure. You know, we, the dividend was kind of a natural, like, you know, small dividend, you know, made sense in terms of, you know, opening up, you know, the, the amount of investments, you know, in, in investable assets, you know, that would kind of flow through. But really the focus has been organic growth and deleveraging, right? So, you know, on the organic growth side, you can see that, you know, cadence where we're going from that perspective. On the leverage side, as you said, you know, going from 9 x to, you know, four and change, you know, post-IPO and, and clearly migrating to 3.7, we'll be at 3.5 by the end of the year. You start looking at the valuation of the business and the comparables from that side and there's a clear disconnect from our perspective. So from that side, you know, we felt like we're at the point where, you know, from a leverage side, you're not catching the 4x, you know, or a clear path of where that's at. Look, it's a business that's not cyclical. It's got great free cash flow. But, you know, that is a measuring mark, I think, out there in the community. So from that side, you know, even with 10 million shares at where we're trading today, you know, we can continue to achieve our leverage profile of where we want to be over the next year or two and be opportunistic in the market from that perspective. So that's what we'll do. And look, if there are, you know, some blocks that come up, if there are dislocations, you know, in the stock, you know, throughout the time period, we're going to pounce because again, we don't see a lot of companies out there with mid-single-digit growth, high 30s percent EBITDA margins, strong free cash flow, improving leverage that are trading at, you know, 8x. Like, if you say, "Where's M&A at?" I don't think there's any company that we'd rather buy than ourselves at this point. That makes a lot of sense and I guess should we think about, you know, do you envision buybacks, you know, being a part of the story for D&B, over the longer term? Obviously, there's been a pretty big disconnect in the valuation currently, but, you know, how are you thinking about that, over the longer term? Yeah. I think, you know, over the longer term, you get into a more, you know, typical, you know, kind of capital allocation framework from that side. So right now it's opportunistic. What we'll end up balancing is the use of it, right, from either a structural perspective, right? And then, you know, M&A is something that while, you know, we haven't been overly active over the last, you know, say a year, it's still on the radar, right? And there's assets in terms of if we go deeper from a vertical perspective, if we want to look at certain regions of the world that, you know, are opportunities for us to tack on from that side. But I think in the meantime, you know, now, like we said, deleveraging, you know, using it from a buyback perspective, then we'll get into that, okay. You know, leverage is now, you know, 3 or sub-3. You know, do we, you know, repurchase shares or, you know, do we start looking at M&A from that perspective? That makes sense. And I guess on the M&A topic, I guess what would be kind of on your wish list or shortlist of things that, you know, would be interesting and appealing to you guys? Yeah. I again, I think, you know, when we look at it, you know, certain, I think, you know, regions of the world like Bisnode was a great acquisition because it put us in direct connection with, you know, the large, you know, German auto manufacturers, the large, you know, Scandinavian, you know, industrials, you know, really key clients in that region. So there's a few others that I think we would look at that are typically in our worldwide network. And we have an advantage in terms of our ability to acquire those at a very, you know, reasonable rate and kind of be in the driver's seat from that side. If we're looking outside of that, you know, if we're going from a vertical perspective, capital markets was a natural vertical for us to move into recently. But we didn't need to acquire. We had the data sets. It was more a couple subject matter experts to really start to point the product and solutioning at, you know, those, those verticals, whether it's private credit or whether it is, you know, sourcing of, of private companies and starting to do underwriting and diligence from that perspective. If we went off and said, "Hey, we want to go into healthcare," right, that might be somewhere where you start to say, "Okay, is there an acquisition to do from that perspective?" Because there's certain data elements. There's a certain GTM, right, that might be a little different than what we're doing today, where there's, there's connectivity, but, you know, that's, that's where we would look at it from an M&A perspective. And then there are certain ones that are data sets, right, and unique data sets that we either look at, you know, collecting ourselves, doing a proprietary relationship, or potentially acquiring from that side. Great. That makes sense. Maybe we could switch over and talk about, you know, the SMB opportunity. You know, I think historically, you know, the perception at least is that you guys are largely, you know, serving, you know, the kind of the global and the multinational companies. Does seem like there's at least potential for the SMB market to be, you know, a bigger part of the business. Yep. How are you guys kind of thinking about, you know, the opportunity and, and where do you guys see the most, you know, potential, from a, like, product silo or solutions that perspective? Yeah. I think what's great is, like, there's really strong optionality there, right? You know, as I think about achieving our midterm targets, you know, we don't need to, like, crash into the SMB market and all of a sudden have that be a success for us to be successful. But I think, you know, going over and above and really, you know, kind of continuing to, you know, see it as the, the realization of that optionality. A couple things. One, we had to get through this whole credibility thing, right? I mean, that's where on the small business side, you know, that was a, a big chunk of, of that. Now it's 130,000 customers, you know, in any given year. There are two million small businesses that come to us every year because they need a DUNS number. They need to understand their PAYDEX score. They want to be a vendor to, you know, Walmart. They want to be in the Google Play Store, right? They want to be in the Apple App Store. So from that perspective, you know, to your point, traditionally, we've served, you know, the really high end of the market. Their product, pricing, packaging, delivering, it's really meaningful from that side. So we're now starting to take some of the products and create, like, bronze versions of those and then, you know, combine them with, you know, a credit offering, you know, to give them a Sales and Marketing offering, which is more sticky, more sustainable, right, and can help them grow. We also want to be able to use our ecosystems, right? So a lot of these small businesses, they're the vendors to, you know, our larger customers. So the bigger the file, the thicker the file in terms of the financials we get, the understanding of their social profiles, the understanding of their sustainability profiles or cyber profiles, it can help us promote them, you know, within our ecosystem, which I think is really interesting and beneficial from that side. So look, there's 30-40 million small businesses in the U.S., sole proprietors, right, you know, individuals that's a different story, right? I mean, that's more of a consumer play for all intents and purposes. But there's 8-10 million small businesses out there that look like the small businesses we're doing business with today. That is a huge opportunity for us. And so again, I think we had to take steps of remediating, you know, what we were doing in small business before and then starting to relaunch, you know, what we could be doing with them going forward. Great. You know, that makes sense. And I guess is the competitive dynamic, you know, is that a more competitive market? Is it similar to what you would consider the enterprise? Like, what, how's it customized? No, it's definitely if you go, like, sole proprietor, right, now you're pulling in maybe, you know, a couple of credit bureaus, right? And so again, you know, that's where you're, like, fighting it, you know, with a price, right, and again, a consumer credit report as a proxy for a business, you know, credit report at that level. And again, you know, but that's not really the strategy from our perspective. So at the higher end, the competitive dynamic is relatively limited, especially when you're talking about a multinational. But we definitely, you know, need to come with, you know, solutions, right, that are fit for purpose for those smaller businesses, you know, during that timeframe. So again, I think that, you know, as we move into it, we always want to, you know, advantage ourselves and have a right to win from that perspective. And that'll be, you know, the combination of our assets, but again, in much more of a branded way versus, you can't bring a, you know, Mercedes-Benz to somebody that wants to ride a bicycle. They're both forms of transportation, but those are two very different solutions at two very different prices. Sure. Yeah, that's, that's really helpful. So, you know, we've covered a lot here today. I do want to give the audience a quick chance if anyone has any questions, you know, feel free to, to jump in. But, if not, I guess, you know, we can leave it there. But, you know, Bryan, I don't know if anything else you want to whether it's closing thoughts or, or comments, or anything that you think is, you know, maybe misunderstood about the D&B story? Yeah. Look, I think, you know, to your point, we've gone through a lot of, you know, transformation, evolution. You know, we're really continuing to execute, right? And just, you know, as we've gone through this journey, we've always talked about what the core engine was doing, right, in producing. And I think you're seeing that flow through, you know, in the underlying results. And so, you know, whether it's in Master Data Management, you know, whether it's in Supply Chain, Third-Party Risk management, we're in some really exciting places that have some large and expanding TAMs. And to take advantage of the places we have, like, you know, the Finance Solutions business and really expand off of that, I think is a powerful model. So, we're excited, you know, about, you know, where we're going. We're also excited about the fact that, look, while there has been some technical overhang, you know, that ultimately, as it resolves itself, is creating what we see as a great opportunity, in terms of where the value of the stock is versus the fundamental performance. And, you know, the team's focused on, you know, executing, and we're also focused on shareholder value. I mean, that's from a compensation perspective, that's what we do, right? You know, Anthony, myself, you know, the teams, you know, we've been active in buying back, you know, shares, you know, throughout the years we've been public. So, you know, now we have the ability to do so as a corporation. And yeah, I mean, we all want the same outcome from our shareholders' perspective. Great. That's really helpful and appreciate you joining us and hope you enjoy the rest of the conference. Absolutely. Thanks.