Morning, everybody. Tim Horan, the communications, digital infrastructure, and satellite analyst here at Oppenheimer. My pleasure to be hosting Amdocs again, I think for maybe the fifth year. I have hosted probably Anthony, the Group President of Amdocs, much, much more often than that, actually. Anthony, I will always mess up your last name, but we are good with Anthony for now. Matt Smith, Perfect Head of IR, is here also. Just really, I think fascinating times in technology and in networks and compute. Clearly in the economy, we just think we are on the precipice of incredible changes to the economy with this AI general purpose technology. Really, I think it puts Amdocs in an incredibly strong position to help the industry adopt AI, both from new services and also to digitize the business as a whole a lot more. Anthony, before we get into all that, I am really looking forward to this conversation, can you just describe a little bit more what you focus on day to day as Group President? Yes, sure. We are obviously in the middle of. Not middle. It seems like we are in the middle, but three months ago, we transitioned to Shimie as the CEO. We have really been focusing, I would say, on just realigning our vision and our strategy in terms of where we want to focus on, how we want to drive the company for not the next quarter, but the next year, the next three years, the next five years. Really grabbing all of this, I would say, convergence of technology from connectivity to AI, to cloud acceleration, to the edge, to all these technologies are kind of on a convergence path, which is great. Really delivering value, while at the same time, also trying to balance the cost implications for our customers, because obviously they are huge, big customers as they scale. We are kind of right in the middle of this, having very interesting dialogues with our customers while trying to set the roadmap for the company. It is a lot of fun times. I think we have been working literally seven days a week. I always say, you need to be worried when you are bored, and there is never a boring moment in Amdocs. You got to work hard when you get new bosses. Good luck. Can you give us any more color on the strategic review? Where you guys think you should be Yeah doing as a company and competing and Yeah maybe, just at a high level, what other products do you need yourself? Sure. As we kind of shared in our earnings, our strategy very simplistically to put it, is kind of these three pillars with a horizontal pillar at the bottom. The 1st pillar is really what we call our agentic transformation pillar, which is really focusing on telecommunications, our BSS, OSS, really coming to the market with a next generation agentic platform. Keep doubling down on that. We have a North Star of we believe that, eventually it is really going to be business to machines, right? Meaning, this kind of massive layer of doing a lot of IT and doing a lot of change requests and things like that is kind of going to disappear as software starts to kind of auto-heal and evolve and be more agentic and be able to give you all of these capabilities. We're starting to push some of those boundaries. That is really pillar one, just taking our customers to the next evolution of software, which is natively agentically built. The 2nd pillar is we believe that we have this DNA of going deep vertically. We are not a company that serves 17 horizontals, inch deep, mile wide. We have some DNA in that. We build mission-critical software that needs to run 24/7. We work and build software that works in a highly regulatory industry. We are super focused on things like PII and privacy, obviously with quantum just around the corner with security, we are already working on that stuff. There are some DNA and characteristics of Amdocs going very deep in these complex verticals that we think can be replicated to another vertical. Even though we have not shared specific information on that in terms of the vertical, we know we think that our next play is to go to another vertical that has similar characteristics and bring to bear kind of this core competency from the agentic side of telco to another vertical. The 3rd pillar is really something that I am super excited about. I think there are a lot of very interesting emerging markets, not geographically, but emerging markets from a kind of landscape perspective, where there are a lot of things that we are building that could be viable for. We were talking just before this. I spent the day over here at NVIDIA. We spent a lot of time talking about the edge and talking about edge mesh grid and how that can work and how workloads can balance. Tokenization, how do you kind of measure that, balancing all of that together because that could be the next frontier as we start to go to all sorts of. It is not just that you need lower latency and better capabilities on the edge. There is a great opportunity for telcos to create this mesh grid on the edge, but there is also available compute power. If you look at the need for the next three to five years, although there is this massive data center build-out being done, they are still behind the curve in terms of the need for many of the enterprises. Here you have fully air-conditioned, power supplied, fiber running, all of these edge points close to enterprises and consumers that can be utilized. That also comes with a burden of how do you manage the workloads, how do you monetize it, how do you treat it differently, how do you treat security on it, how do you partition it, how do you virtualize it? There is very interesting stack of software complexities. That is some of the big items we have been sitting here talking with NVIDIA in the last day or two. That third pillar is very interesting and exciting for us. We are building some of this stuff for us. You take something like quantum security, we have already been working on this for the last six months for our enterprise applications. They need to be PQC compliant and things like that. Then you just wake up and you go, "Hang on a second, we are doing this," and it is so valid for so many others. This third pillar is really to look at, are there any of these opportunities? We are not going to wake up tomorrow and say we are going to go into pharmaceuticals or anything like that. But are there some of these opportunities on the adjacencies that could be very viable to take to market as well? That is the third pillar. The 4th, I would say the horizontal layer, is really a focus on real internal transformation. I think Shimie, taking over the CEO role, this is something he really embraced soup to nuts and said, "Hey, we need to be customer zero here. How do we transform completely internally to be fully agentic?" We are one of the bigger Cursor users in the world, for example, as a stat to put out there. The fight now is not how do we get our people coding on Cursor and Codex and things like that. The battle now is there are also these tokenization costs and things like that you need to measure and balance and make sure that there is an ROI. By the way, it is a completely separate discussion we can have for three hours. It is a global problem people are looking at and people need to grapple with, because your cost is not just your workforce, your cost is your work labor plus your token cost for each employee, which is an interesting economic equation for most companies. I am sure you have seen the tweets and things like that of companies like Uber just waking up and going, "Oh my gosh." That is another good example of something that we have built internally. Having these dashboards per employee, what are they using, routing to cheapest LLMs. All of this is internal infrastructure we have built. We are like, "Hang on a second. This is super valid outside." Back to that how all of these pillars connect. That is back to pillar number three. In a nutshell, that is our strategy. Absolutely pillar one, we are doubling down on that. We think there is an amazing opportunity. Amazing opportunity like this LLA deal that we signed or announced last quarter. It is an agentic transformation journey. We are starting to see, and I know you and I have had a lot of conversations about the many POCs we are doing. We are starting to see our customers go, okay, it is not about can I launch an agent to production, because yes, you can launch an agent to production. How do I transform my company? Who are the two to thee partners that I want to partner with that will take me down this journey? This is where we think there is a sweet spot for Amdocs to really play and make an impact and really set the stage for the next five, six, 10 years. Well, Anthony, the opportunity is obviously huge, right? The telcos are still very inefficient in many ways. AI, it seems like made to order to massively improve the quality of the service, customer care, right? And frankly, their own cost structure. They can automate and agentize their entire business over time. You guys are in an incredibly strong position to do so. I guess the multi-billion dollar question is can you execute or are you going to lose these customers to new competitors, right? I think that's the really important point. Why do you retain the customers and what gives you confidence that you can execute? Yeah. Without being flippant, I would say we are the adult in the room in a way, okay? What I mean by that is you have a mission-critical, in some cases with our big customers, 100-plus billion dollar business. You are not going to wake up tomorrow and someone that, amazing to see these amazing valuations, the company getting a billion-dollar valuation. I also want that, right? But on the other hand, do you trust your entire business here to something like that, right? If you can get both, meaning if you can get the responsible adult in the room who knows how to build mission-critical software, right? I'll give you just a very simple anecdote just to illustrate something like this, right? Let's say you pick this great platform that has a great agent and he's amazing and does all the fantastic things. Fantastic, I'm going to get it. For whatever reason, let's say Claude's not available, or OpenAI is not available, or a zone has gone down. Are you going to tell your customers, "Oh, come back in three days"? What happen if a model gets taken offline? What happen if you start to scale it and suddenly you realize that every one of your inbound calls are using 20,000 tokens for each call? There are a lot of complexities that needs to be managed in a complex organization. We are thinking through every element of it because we understand the business. That combined with knowing the workflows and the business processes, and how you take a product from A all the way to provisioning on the network. Right? It's one thing to say, "Hey, I can answer a customer care and do an upsell." It's another thing to know if you can provision it on the network and make sure it gets delivered in 24 hours. When we come to the table, we're taking all of this into account. We're taking your entire gamut of security into account. We're taking your regulatory concerns into account. I think, when we come to the table, it's not like, "Hey, look at this nice shiny little thing here. Do you want to use AI?" It's really deeply thinking through your business. And one thing we found, by the way, in this new strategy that we're rolling out is we don't have 10,000 customers in telco. There are 50, 70 customers that carry 75% of the revenue globally. And many of these customers need a very contextualized path versus, here's a box, take it, make sure it fits into your ecosystem. So I think all of those with the deep understanding of where our customers are at puts us in a very good position. Also, the relationship we have with NVIDIA and AWS, it's not like we're just saying, "Hey, Amdocs can do everything." We're bringing these strategic partners to the table. We're working very deeply with them. It wasn't just me here at NVIDIA, it was our R&D teams that flew in here today. It's actually an R&D day. They're sitting together with the R&D teams. We are giving feedback on what works, what doesn't work on some of the Nemotron models, right? So, it's like a to and fro. So I think bringing all of these to the table, it's tough to find someone out there that does all of this for telecommunications. Yeah. I completely agree. It was just partially we get asked by investors, why should you guys win in this, right? Obviously you got to execute, you need a lot of AI skillsets- 100% that are very new. But it's like you're game to lose at this point, right? As long as you can execute. I guess on that, I was just interviewing, I just had a fireside chat with Verizon's head of business unit right before this, Kyle Malady, and he basically said a bunch of the same things you're saying, what they need to develop. They need an AI platform that will help customers manage their token utilization, token costs, model utilization, which models to use- Yep integrated with data, and everything you are talking about, right? They would love to have, for lack of a better word, an AI platform in a box. It would seem like you have obviously 1,000 customers around the world. They are not all going to develop this on their own. You seem perfectly well-positioned to develop exactly this product that they want. I guess on that point, do you have a product like that? Yeah. One is the product, and we are continuing to push the boundaries on our BSS, OSS stack around aOS and making it fully agentic. The second is also the harness. Think about the harness, right? This becomes, in a way, it is even a bigger focus today. You just spoke about all of the different models, right? I guarantee you, if you are a company like Verizon or Amdocs or whoever, and you allow your employees all the tools to do dev and stuff like that, everyone is going to default to Claude. You do not need to. How do you manage this? Now you have a LLM router that analyzes tasks and says, "Here are the tasks that can go to Sonnet," or something like that, or maybe even an open source model. Then balance it across the organization. We have not even gotten to we are working on a bunch of open weight models, right? By the way, this is the next big issue that is going to hit us, right? When you are an enterprise, and people mix the words open source and open weight, and they are not necessarily the same. Yeah. I use open source just because I am lazy, I guess. Yeah. Yeah. But it's, by the way, two very important paradigms, right? They're not necessarily exactly the same, right? You can have an open source model that's not open weight, right? You can have a proprietary model that's open weight. Meaning, let's talk about open weights for a second, right? If you are using a model and you are an enterprise and you have all these nondeterministic software that's driving your business, you want to know where it's driving, how it's driving. You need the transparency. You need the observability. You are a regulated industry here, right? So that's why open weights really matter in decision criteria. The open source element is much more driven, I would say, by the cost factor of tokenization or token economics, if you like, as you start to scale. Our industry is, the volumes, you know this, Tim, the volumes in our industry is second to none. This is only increasing, right? Now you need to deal with not just employees coming in, but agents coming in. So if you thought you had 50 customers, tomorrow you may have 140 customers because 70 of them or 80 of them or 90 of them will be an agent coming in trying to negotiate a deal and connect your e-commerce server, connecting via MCP and buying something and looking around. So, who is thinking about that? We are. We are building stuff to have agent negotiations on the front end because this is just around the corner. It's already happening today. So you really need Anthony, my question was, I know you've built this AI platform internally to manage all the AI assets, right? Yeah. The telcos need to do that internally, but the telcos also want something for their enterprise customers, right? Yeah. Those enterprise customers are going to need it. They think, based on everything you are saying, you have got to tie together networking, clearly, with the AI compute data centers, the actual GPUs, the models, the applications, the agents. It is all incredibly complicated. Then most importantly, you need privacy, security, data, on and on. It seems like you guys, you are developing it internally, and you know how to deal with the telcos. Do you think you can develop a product that the telcos can go to enterprises with and say, "Look, this will help manage all your AI assets? Yeah. This is where I think, connecting a little bit to pillar three, I think there is a great opportunity because what we are building is kind of agnostic in a way. You can easily white label sell it to enterprises, and there is no issue with some of these. Because the enterprise are grappling with exactly the same problem. Right. Talking about that model router, for example. Talking about security, talking about harness, governance, all of these things, enterprises. I think it is a great opportunity that our customers can take some of these components, white label it, and just expose it to their customers. In pillar one, that is another, I would say. Now, it requires two to tango, right? Meaning it requires a customer to think bigger than just connectivity. Sure. You are going to see future customers start to have bundles of, we already have customers talking to us about this, bundles of like, "Here is my phone, here is my iPad, and you can have 10,000 tokens you can use a month," for example. It could be across frontier models, it could be their own hosted open source model. You can get your own personal AI agent. So here is where the industry, I believe, is going to morph to on the consumer and even on the enterprise side. That niche of SMB to mid-market, I think, is one of the biggest opportunities that telecommunications providers have right now. Because I had not heard of that until just now, bundling tokens in, it makes a lot of sense, Anthony. You can bundle in many other products. The telcos had this, they were in a good position 15 years ago in cloud. They could have been the cloud providers for Yep enterprise customers, they just did not execute. I guess the question is, can they execute on this AI? Is there something different about AI that unlike cloud where they can actually potentially execute a bit better? Yeah, the pessimistic view is they were first to cloud. They were the whole OTT kind of thing that happened where the monetization really did not flow as much onto the telco side and things like that. At the end of the day, I think the most important thing to understand is none of those technologies could have come to bear without the pipes, without the connectivity. I think at least that element is there, that is not going to go away anytime soon. I think it is going to require some bravery from C-level within our customers, within CEOs, just going, "Hey, here is where I want to go." Not just stay with the status quo and say, "Hey, I am going to sell the next iPhone." Yes, you should sell the next iPhone, but what does that look like? Going back to the initial point where we started from, this is where I am also excited about the opportunity around the mesh grid, around the edge. Because you think of the number of POPs that telcos have, we are not talking hundreds, we are talking tens of thousands in a city. It is not just about the proximity to the enterprises or the consumers, it is just about the fact that you have all of these kilowatts of power sitting in these things that are unused, that are AC, that are powered, that already has the space secured. Yeah, no, that's exactly what Verizon was talking about. Everything you and I are talking about, we just had this entire conversation. They were also talking about maybe selling or leasing GPUs as a service. Maybe they own it, maybe the enterprise owns it. But with cloud, one of the reasons I think enterprises outsource compute to cloud was the utilization internally of CPUs was fairly relatively low. If you're looking at AI, and you would know better than me because you're spending a ton of money on AI yourself, but you're running those things 24/7, I think, almost, right? Why would you share that compute with somebody else when there's no economic rationale behind that? Also enterprises, they want to control their data, right? Yeah. They want to control their intellectual property. Privacy and security is absolutely paramount to everything we're doing here. So, I think there is a whole lot of reasons why the telcos can be very successful here and why you guys can- Yeah enable them to be successful, but- To your point, though, you need some brave leadership, right? They've got to really step up to the plate. Verizon now has a CEO that came from Silicon Valley, right? He's already had his career, in many ways. Yeah. In a lot of ways, he's doing a lot of brave things because he doesn't have a lot of personal downside. It's an opportunity. It's opportunity. Yeah, it's definitely an opportunity. The only thing I would say, just to the initial comment you made was, I think there is a bigger play than selling GPU as a service. GPU as a service- Right at the end of the day is going to be, I don't want to say commodity because we're not there yet, but some type of commodity play. It's a cost-plus exercise. But now, if you can start to go northbound and start to provide services, inferencing services, all sorts of things above it, that's really where the margin play and the opportunity is. It's not just saying, "Hey, I have a GPU. Do you want to buy it? No, you need the whole platform of everything we are talking about. Yeah, you need the whole platform. The GPU as a service is one piece. Yeah, it is one piece, so that is why I think, if you look at all of the SMBs and the mid-market companies around the place, these guys do not have a seat at the table with the NVIDIAs, right? They are the ones that are needing to. There is absolutely no doubt that every company out there, in some shape or form, is either embracing AI or wants to know how to do it. I think, as a telco, you are the first to the table, right? When a business opens, right, think of the order. If I am an SMB, I go and start a business tomorrow, think of the order of what I would do, right? I would register my LLC, I would find a physical premise, I would connect the electricity, and I would get connectivity. That is literally the order of what I would do. Yes. And then all the other 10,000 things I need to do. I think you are the first to the table. So when you are the first to the table, you have the most amazing opportunity to go, "Hey, have you thought about this? We have this harness, very secured privacy." And you will be coming to the table with the most amazing name in the industry because people may say everything about telcos and write bad comments on social media or whatever, but they trust the telco at the end of the day. They are like, "I know you are not going to wake up in the morning and decide to screw me." This is not the brand that telcos have necessarily. That is a great point. Anthony, just maybe if we can switch gears a little bit, great deal with Liberty Latin America. They gave a number out, and I do not follow the company, of savings. But can you put, not just focused on them, but if I was to entirely adopt AI, what kind of cost savings should a typical telco be able to see, do you think? All in. If I just went completely agentic, and I am not holding you to this number, but I mean- Yeah yeah. Look, I think there are two streams you need to look at in parallel. The first stream is if I was going to wake up tomorrow and create a completely new telco, I would do it AI native from the ground up. And in a way, that is easier to do because you do not have a legacy of systems and things that you need to bring along the journey. But most of our customers are on track two, meaning they are an existing company. They have- Yeah an existing business, all of that stuff. So the ones that can push the needle in terms of savings are coming horizontally and going, "Look, let me completely reimagine how I am going to do care. Let me completely reimagine how I am going to do service in terms of truck rollouts." And those layers, or even if you look at the network layers horizontally, if you start to slice those out and we are going from the perspective of selling. If I go even three, four years and I look at the customer discussions, they were like, "Hey, we need this functionality, this feature. We need charging to do this," things like that. The discussions we are having with customers now is, "Let us look at your business workflow end to end," versus bits and bytes and feature functionality. Let us map out your customer workflow end to end. How do you now change this customer workflow? We have one customer, not sure if we released the name, but we had one customer that came to us with a problem on the network side. We were able to save, in that particular space, we were able to save 60% of their annual cost. This is something that they did, and they have to do on a daily basis. This was taken straight out of their annual operational cost. I believe it. You guys had a big push two years ago, trying to automate the contact centers a little bit more. Have you had much progress there? Are the telcos seeing any results there? Yeah. I think the contact center space, I think, is jumping in leaps. I think, yes, you will have potentially a contact center and things like that. But I think what we are starting to see now is the customer care agent, and most of the inquiries coming in, which is like 40-odd percent billing-related. You can take not a haircut, you can completely slice this by a magnitude because most of these agentically, very contextually, driving high NPS can be solved purely in an agentic manner. You've implemented that and had a lot of success, it sounds like? Yeah. Well, we're starting to see. Now, customers are doing it. They're taking, instead of going, "Hey, we're doing all of care," they're like, "Hey, let's do it on a." We have one customer that started on a WhatsApp channel. On the WhatsApp channel, all of the inbounds, and this is a customer in Europe, all of the inbounds coming in our WhatsApp channel, and in Europe they use WhatsApp a lot, so that's a very important channel for them. There were only 3% that needed human intervention. 97% were being solved without any intervention or escalation. That, to me, I went back to my team and I was like, "Hey, just double-check this. Is this right?" They were like- By the way, can we be clear about that? Sorry. Said another way, they were able to cut 97% of their live human handling of problems. Yeah. Having it solved by just people chatting to an agent in the back end connected to WhatsApp, connected back to the system. Were those humans running those chats or agents running those chats? It was a combination. It was a hybrid. Okay. There was, originally on WhatsApp, they had a standard chatbot that were doing it, but when the chatbot was doing it, 60%-70% of the calls were like, "I need to talk to a person. Give me a human. This is not the answer that I wanted." Versus now, you are getting 96%, 97% of those completely handled and people happy and moving on. But it is a hybrid agent and live person? Yeah. Yeah. No, the live person is only 3% of all inbounds. Oh, okay. Got it. What you're saying is the agent has improved dramatically with these chats. Yeah. Okay. Got it. 97% are being handled completely by an agent, versus 3% are like, "Oh, I still need to talk to a person. Got it. Versus before, 60% were What was the big change? Is it just AI's gotten so much better? Yeah. It's just inferencing, training, knowing the path. This is just completely Think of the original WhatsApp launch that they had done was just like a standard AI, not even gen AI. I think it was just a standard chatbot. That was fielding 30%-40%, something like that. Still decent metrics. Now you've just accelerated that to fielding 97% using an agentic agent. Anthony, I've gotten through about four of the 30 questions I wanted to ask you. Maybe we can just be brief in this. Yeah. Are you seeing the hyperscalers as competitors, or are they getting more aggressive? Have you lost any customers to them or any business to them? No. They still continue to be partners of ours. Obviously, the big three, we still work very closely. I was just in Seattle three weeks ago with AWS, had a great session with them. So no, we do not really see them as a direct competitor. It is just because we go so deep, right? Yeah. How about the systems integrators, the Accenture of the world, or maybe even the ServiceNow, Salesforce. Do you see them as competitors, or are they getting more aggressive? No, I would not say so. I would say the competitive moat, I would say, is more around the internal IT space going, "Hey, we have this tool set. Maybe we can build it." They may try that path internally, and then they will go, "Oh, maybe." We have had several customers try to do stuff, and they go, "Oh, maybe we can accelerate even faster if we bring Amdocs with us." We will still build some stuff. I would say. Well, that was my next question. For them to build this in-house would be a total disaster, right? Just my words. It makes perfect sense. But it doesn't stop them trying, right? Yeah, they're going to try. But, I guess, just even in that regard, how do you get your own AI people and skill set? How do you keep those people to be able to build the tools that you need right now, right? They're in demand. Yeah, it's a tough one. We have a very strategic, geographically spread company, right? So the U.S., Israel, Cyprus, Philippines, India. We are not always coming to one market, and it's not the same market, and I think that really helps us a lot. People come along the mission, right? You join Amdocs, you're on a mission to save the world. You're signing up for that. I think there's a lot of different factors that play into this. There's no magic at the end of the day, right? It's a tough skill set, tough market out there. By the way, the training that you get, the experience that you get is bar none in Amdocs, right? We default, you're coming in, you're not working with AI, you're not working at all. From marketing to legal to HR. I tell you one funny thing. I just got an email this morning from one of the HR leads going, "Hey, we built this amazing system that does all of this stuff in HR. Do you think that there's a marketing Can we take this to market?" That's the mentality in the company. We have nothing to do with building HR systems, right? But every unit within the company, this is the focus and this is the mind. This is really, Shimie as the new CEO, this is really what he's driving through the entire organization. No, that's really exciting stuff. Well, I guess in that regard, do you think yourselves it's a major productivity improvement? Is it something that can move the needle in margins? Yeah. I think definitely on the dev side, I think the one thing we are cautious to do is we need to have complete transparency in what we build, what it does, because when it goes out to the field, it goes into mission-critical systems. So this is not just vibe coding Angry Birds and put it on the App Store, right? So every step that we do, we are making sure there's human in the loop in terms of the quality, the code checks. But definitely, this pace is accelerating fast. Here's the exciting part. We think productivity-wise, what we could've done, don't just think of it from, "Hey, you can do A and now you're going to have much more margins." Maybe we can deliver A, B, C, and D to the customer. Look out for new areas we might go into expanding our addressable market, giving them more value. Because our customers also have access to these tools, so they are expecting more, they are expecting more productivity. It's not like Amdocs is the only one that has this. Yeah, no, that is for sure. Can you talk about your, just on the compute side, I am kind of asking everybody, it seems like there is a mad dash to get more GPU compute. Prices are going up. Yeah. It is very hard for companies like yourself to control your token costs, right? Can you get the GPUs that you need to run your business, and can you talk a little bit about Yeah has it hurt margins? Has it hurt expenses? Yeah. Yeah, look, we have great relationships directly with NVIDIA, with every level from the top all the way down. I think we are good from that space. We were actually talking about looking at going much more hybrid in terms of frontier versus on-prem and reutilizing some of the NVIDIA GPUs and things like that. We have not hit that bottleneck from scarcity that we do not have access to the GPUs yet. I think from the cost perspective, we need to keep an eye out on our employee base, obviously, because it is very easy for Anthony to turn up and suddenly consume seven different AI apps and just drive this cost number. We are putting, obviously, controls in place, metrics in place. We can now monitor every employee and their usage. I actually saw a dashboard yesterday and I was like, "Oh, I wonder what this person's doing." You can probably got a call from Shimie and got a call from me going, "Hey, what are you working on?" You need to- It better be good. Right. Yeah. You want to drive AI. On the other hand, you also want to make sure there's an ROI to whatever they're doing, and they're not building Angry Birds. Well, I know I asked you a lot of questions that Matt didn't appreciate, but you did very good answering them all. We're out of time, Anthony, and you know I could talk to you for another hour and- I am here. You know where to find me. Yeah. I would love to go see you in Texas in person. Yeah. Yeah. Love to. See what is going on. Maybe we can do a podcast on all things AI. We can. Matt, thank you for lending Anthony to me. Thanks everybody, have a good day. Thanks a lot, Tim. Thank you, guys. Bye. Bye, guys.