Morgan Stanley's sales representative. Let me welcome everybody to Morgan Stanley's 2025 TMT Conference. We are excited to be kicking it off with Lachlan Murdoch, the CEO of Fox Corporation. Lachlan, thanks for coming back. Ben, thank you for having me back. Thanks for getting the conference started. Surprised to get the invite again. I am. I'm glad to have you here. So maybe a good way to start, you guys have had a really, tremendous last, you know, couple of years, and we've now seen the stock kind of react. I think it's roughly doubled in the last 12 months. Just to sort of set the stage and get people up to speed, what do you think's been driving the strength in the business? What's working for you guys that's paid off so well? First of all, thank you again. Really, sincerely, thank you for having me back, and good morning, everyone. Thanks for joining us. We've had a tremendous year. I think, you know, we're in a fortuitous position where each one of our businesses is performing extremely well. You could say we're sort of firing on all cylinders, whether that's news, sports, Tubi, our digital business is doing incredibly well, entertainment and the TV stations. So we're doing incredibly well this year, and I think the market has given us credit for that. What are you guys focused on for 2025? What are sort of the real strategic priorities for you and the team? For us, so in, you know, in the last quarter, we had affiliate revenue growth in both cable and television segments. That's despite a roughly sort of 7% decline in subscribers. So despite that decline in subscribers, we were able to drive growth in the quarter. For the next year, we have a number of affiliate deals coming up. A little bit less than normal. We usually have about a third every year. It's less than a quarter of our distribution deals come up over the next year, and we'll be very focused on renewing them at, you know, positive terms for us. We're gonna continue to push the strength of Fox News. Fox News is enjoying an incredibly strong leadership position right now. You always are a little unsure, you know, after an election, you often get a dip in ratings. We're not seeing that. We've gone from strength to strength, so we're gonna continue to push the leadership of Fox News, and then we're gonna invest in our digital priorities, such as Tubi. Great. I'm sure we'll talk about all those things in more detail as we move through the conversation. One of the things that often comes up when we're thinking about Fox and talking to investors is sort of the pay-TV ecosystem, which is obviously volatile and evolving all the time. We are seeing a real emergence of skinny bundles, or as you aptly name them, genre bundles, since they usually include your networks. These aren't new, but we are seeing a lot more in the kind of sports and broadcast. Mm-hmm. You know, sort of composition. How important do you think these are to the industry and to Fox as you think about the long-term growth for your company? They're an incredibly positive evolution, sort of or development, in the ecosystem. The skinny or jacked bundles are actually, you know, very accretive for us. We're in. The majority of our networks are in each of these bundles. So for instance, DirecTV announced their, I think it was sports, bundle. But it's really sports and news and broadcast for us in terms of our network. So we have Fox Sports, the broadcast network, the broadcast TV stations, the Fox Television Stations. We have Fox News, Fox Business, Fox Sports 1, Fox Sports 2. So it's effectively our entire bouquet of channels. So for us, that's a great position because if people move from a traditional bundle into one of these core bundles, smaller bundles, we actually, we're not worse off. And in fact, if it can grow or the cable universe, or at least ameliorate the declines, we're better off. So we're very excited about these smaller bundles, and they're certainly very good for our business. Yeah, and that was what I was thinking. You just hit the point. So the 7% declines that you've been seeing, if these are successful, maybe those could improve. Yes. From your perspective. And I think in two different ways. I think, you know, there is a school of thought that these smaller bundles, skinny bundles or jacked bundles, will be targeted at cord-nevers, right? The 50 million or so households in America that are either cord-nevers or cord cutters. That's possible, but also they'll almost certainly, I believe, be used to capture subscribers in the traditional bundle that are spinning down, right? Yeah. That are canceling. They'll be used to spin down into these somewhat cheaper, more focused bundles. So in either scenario, I think it will have an impact of ameliorating the decline of the cable universe. The other thing that obviously has happened in sort of the world of bundles in the last six months has been Venu Sports shutting down essentially before it actually launched. You guys shortly thereafter announced plans to launch your own direct-to-consumer service. I think you also have hired Pete Distad. Yes, I have. set to run that business. What are you guys playing for here? Why is this strategic for Fox? I should preface this first by saying we're huge believers and put a lot of work into the traditional cable bundle. We think the traditional cable bundle has been the greatest value and service to consumers in this country. It continues to be a critical and important part of our revenue makeup and how we distribute, how we get our content in front of all of our viewers. So we remain really intensely focused on the cable bundle and the health of the cable bundle. Having said that, as we know, you know, more and more people are outside of the bundle. Yep. More and more people have either severed their cord or never had a cord connection in the first place. We wanna reach all of those consumers, all of those viewers, however they wanna engage with us. Whether it's traditional cable or whether it's without a cable in a direct-to-consumer service, that was our vision with Venu to focus on those cord-nevers, right, or those cord cutters, 50 million households in the United States. The same is exactly true with our direct-to-consumer service. We want Fox News, Fox Sports, our TV stations, our entertainment network in front of as many people as possible, however they wanna engage with us. Now, we can do this because we have the technology. We've had it for a long time, but it's now been improved with Venu. We can import. We take the Venu technology that we've spent a lot of time building. We can do it without incremental programming costs. It's all the content we have currently that we're distributing in other forms. So there's very low, if any, incremental programming costs. And we have the management team. We brought Pete in, and Pete's focus at Venu and now in our direct-to-consumer is entirely on new subscribers that are outside of the bundle. Got it. Last year on stage, you, gave us your prediction for subscribers for Venu Sports over the next five years, which you'll never have, will never know if it was, Yeah. I'm sure it would've been right. Would you care to do the same for your direct-to-consumer? I think it's sort of, it's sort of in the same range, right? Because we're not trying to attack cable, right? We, in a perfect world, we wouldn't have any traditional cable bundle cable subscribers switch to our DTC. Now, if they do, we're gonna be made whole because of the way we price it and the carriage on our networks that are on DTC. But that's not our intent. Our intent is to really go after the people that are not currently in the system. And so, similar to Venu, the aspiration is really in the mid-single-digit millions of subscribers range. Okay. And we'll see this product later this year? We'll see it. We're doing our best to launch it for the football season, in the fall. Okay. Great. All right. Why don't we shift gears to Fox News, which is obviously the biggest driver of cash flows for the company. And you mentioned it earlier, but I mean, the revenue trends for your business in cable, but Fox News really are outliers in a good way relative to the rest of the industry. So how do you, particularly on the affiliate side, how is it sustainable, given all of the headwinds we know about to traditional TV, that you can keep growing distribution revenues for that business over time? For Fox News? Yeah. Look, it comes down to, you know, great content, great journalism, and a great, great brand ultimately. If you look at the Fox News viewer, they're incredibly loyal. They're passionate about the service. They really see it as not just a new service, but as a network for them. It's important to note that we don't see Fox News anymore as just a news service. We see it as one of the top five broadcast networks in the United States, even though we don't have the same distribution that broadcast has. In January and February, we were the number two broadcast network, right? Equivalent to the number two broadcast network of Fox News, despite having the much smaller universe in cable. In January, we were only beaten by NBC, and in February, we were only beaten by CBS. And so that's how we view it, and that's how we're able to drive, frankly, the affiliate revenue growth that we've achieved. You know, I don't think I'm breaking any news here to say after the election, a lot of people feel like the whole country is sort of stepping to the right a bit politically. Is that something that you guys are reacting to at the network in terms of how you program or how you manage the business? No. Or do you disagree? I disagree. Okay. Because, you know, Fox, well, here's why. Fox News has been the number one news network for 23 years. That gap has been what? 23 years. So, you know, we serve as a common sense network. We cover stories that, you know, we believe our viewers are newsworthy and that our viewers are interested in. That hasn't changed. I think what has changed is perhaps sort of the reverse of what you're implying in your question, is that the election and election results have sort of validated Fox News' position. And we've seen that most strikingly in our advertising revenues. We've had over 100 new clients since the election, right? You know, obviously, our ratings are doing tremendously well. Our share is doing tremendously well. Over 65% share of the cable news universe. Ratings are up something like 50%. But I think because the election result, many advertisers, you know, have sort of rethought their positioning in this country and understand that the Fox News viewer really does represent middle America, and they're responding by with their checkbooks. Got it. One of the areas you guys have been investing in a while has been Fox Nation. I don't know if that's still an area of investment and growth for the company. Maybe you could just update us on that business. Yeah. So Fox Nation, for those of you who don't know, is a subscription video on demand service we've had for a number of years, which really serves the Fox News super fan, super user. It's grown, you know, very well, particularly this year with the strength of programming such as Yellowstone 150, Yosemite with Kevin Costner, and the Saints programming around sort of lives of the Saints, Martin Scorsese producing. So it's done incredibly well. And it, but it's a modest investment in the scheme of things. But it's also, you know, it's in the sort of two and a half million subscriber range. It is. We know that they're the super fans of Fox News, and we can do longer form programming with it, for instance. In fact, Marco Rubio, I saw a clip yesterday, was referring to a long form show we had explaining the Suez, the Panama Canal, to the audience and really going through the history. It's an amazing history of the Panama Canal and why it's important. That's something we can't do on broadcast. It's long form, but we can do it on Fox Nation, and it's been a very successful formula. You know, one of the other things that's been a big topic post-election has just been the evolution of the news business. And I'm just wondering, as you think about the long term for Fox News, which has continued to kind of pull away from CNN and MSNBC, how do you think about growing news distribution platforms like, in particular, podcasting? You know, social's not new, but more and more, especially younger demo, getting their news from non-TV, Yep. Businesses. Is that important as you guys think about, you know, the future of Fox News and, or what are you guys trying to do to position yourselves to win there? It's very important, and it's what we think about all the time and we work very hard on. It's also important because if you think about the strength of Fox News in a traditional universe, it's 65% share. You know, it's a lot of work to get the 70% share. Yeah. You know, you're never gonna get to 100. And so, probably not. And so, it's so you have to look at new markets. And also in this last election, what was obvious for everyone who was watching was the emergence of sort of, you know, non-linear and non-traditional platforms and their importance in this election. So Fox News, for instance, in January, we did 410 million YouTube views for Fox News clips, which was a record and far surpassed anyone else in the news category. I think we had like 122 million digital users in January, you know, generating about 2.2 billion page views for Fox News just in January. In social media, in January, we had a billion social media interactions and sort of shares. That's across TikTok, Facebook, X, Snapchat, Twitch, X, Twitter. So a billion interactions. So we're doing a tremendous amount in getting our content out there in front of that audience who still, by the way, when they're surveyed on this, they say they don't get the news from traditional media, but often they are getting it just through these other channels. So it's very important for us to sort of pursue that market. And then we made this investment this year, just recently in Red Seat Ventures, announced a few weeks ago, which is a podcasting company, which actually does a sort of third-party facilitation ad sales and podcasting for independent creators. And we're excited about that because we'll be able to put our own talent through that system, but we're also sort of exposed to third-party creators as well. And it gives us a significant position in sort of this new podcasting platform. So we're excited about that. That's helpful. Thank you. Let's, I think the Red Seat's being run, I believe, by Paul, right? Your Tubi. Mm-hmm. Team. So let's. Paul Cheesbrough, yes. Yeah. Let's, let's pivot to Tubi. So this has been another area of real success for you guys. I think you paid, what, $440. Yep. $440 million for this a few years back, and it's, we've, at least our estimate, it's about to exceed $1 billion of revenue, in 2025 and growing quite nicely. So, so what's the long-term vision for this business? Are you still in investment mode, or how do you see sort of the long-term profit potential for Tubi? Let me answer that well in two different ways or in two different sort of parts of that answer. First of all, Tubi is going incredibly well. We can talk about some of the metrics and talk about why it's going so well. You know, we are now at a billion-dollar annualized run rate, which is a great benchmark to have achieved. I congratulate the whole team on that. But why is that happening? It's a tremendous service technically. We'll talk a little bit later about the Super Bowl and what we did with the Super Bowl on Tubi. But we broke performance records, you know, and the Tubi users had a tremendous experience. But separate to sports, which is not usual on Tubi, has 275,000 movies and television programs, far exceeding anyone else in the SVOD or AVOD market. So as users come to Tubi, they are having a tremendous experience. And look, honestly, free is a great. Mm-hmm. marketing position. It shouldn't surprise anyone if you have a great service, that sort of library, and it's free, it's becoming incredibly popular. Is there a way for us to think about sort of the profit potential or kind of the economics of the business? I think the business is still either down negative, at least the way you guys are. Yeah. We're still investing in the business. We think it's a smart investment. We're being judicious about the investment. It's not a huge investment, but we think it's absolutely worth continuing to invest in. And the reason we believe that is because ultimately it is a new broadcast network, right? It's delivered digitally. It's 97% on demand. It's not a fast channel service. It is very much an on-demand service, which actually makes our advertising impressions much more valuable. It's an important part of the business, and so the business continues to do well and it continues to sort of deserve our investment in it. Ultimately, I think a lot of analysts have put in that it should achieve a traditional 20%-25% sort of margin, and we see no reason why it shouldn't. Any timeline you want to provide for us as to when this becomes sort of an EBITDA contributor to the company? No. We have a, you know, pretty strict business case for them to get to profitability that we're holding them to, but it won't be long, so. Great. And then, yeah, let's talk about the Super Bowl. We'll talk about it on, obviously, on the, on the big network. But for Tubi, well, why put the Super Bowl on Tubi? Is there any, you know, risk around either your MVPD relationships or even technically being able to provision that many simultaneous streams? Yep. Look, there are lots of arguments, you know, the risks of putting it on Tubi, not least of which is the technological risk of putting people into that sort of funnel. But there's a huge opportunity for us and also, frankly, for the NFL and putting it on Tubi, the NFL on Tubi. So the Super Bowl this year, despite not the best game, the Super Bowl this year, we achieved a record rating, 126 million viewers, which was tremendous given that it wasn't the most exciting game. But Tubi generated about 24 million viewers, came in at some point, watched Tubi. There was about 15.5 million concurrent viewers watching the stream, which is a tremendous technological success. And each one of them had to register. And that was the critical thing for us. One, about 40% of the audience on Tubi had not used Tubi before. And our existing users who hadn't registered with us had to register, and all the new users had to register. And that drove a tremendous amount of value for the long term for Tubi. From an NFL perspective, we gave the NFL and that game incredible reach like the Super Bowl has never seen before. 65% of the traditional Tubi user is not in the cable bundle, right? They are cordless. So they had access to that market. 40% of the users watching the NFL on the day on Tubi, 40% were between 18 and 34 years old, and half of those were women. It, like, for all of our content and our advertisers, Tubi gives people a tremendous amount more reach, and that's certainly happened during the Super Bowl. Got it. Let's, let's stick on with the sports theme. So, obviously football's, you know, driving most of the sports success at Fox. But there are rights in the market, you know, this year and currently Formula One, which you guys have had a relationship with the past, and the UFC and WWE, all of which have been on Fox in the past. MLB, we know from the ESPN kind of relationship break that's been covered in the press. Are any of these interesting to Fox at a price, or how would you describe your sort of sports strategy? Look, we'll look at everything, but we also look at it as a portfolio of sports. And we're careful to look at everything, but we'll drop sports where we feel they're not achieving what we need to, what they need to for our audience or financially, and we'll pick up sports. So, you know, we've dropped the expensive ones. We dropped like WWE. We dropped Thursday Night Football, right, which was important. And we were able to adjust our package. You know, this year, we've got IndyCar racing just started last weekend. We just started also last week when the MotoGP. I'm forgetting another one. Oh, LIV Golf and LIV Golf. You know, we think of it as a package. Clearly, though, for us, the Major League Baseball and the NFL are our top sports. Okay. Part of the sports story, of course, is driving, helping to drive your retransmission fee revenues. And you and I have chatted about this a bunch. I mean, it's surprising to me how well you guys are growing your television segment distribution revenues. I think they were up 8% compounded over the last kind of three or four years. And we're not, your competitors are not, best we can tell, getting the same kind of pricing. So how do you sort of explain in the market what's driving your pricing power at broadcast? And as you go into these renewals, you mentioned you've got some this year. You know, can this continue? You know, I think we talked about this 2019, right? Yeah. And when we launched the company, we had our first investor day. And we explained that the old Fox and parts that we sold to Disney, that, you know, broadcast and particularly our strength in sports, was really, we're using that leverage in our affiliate renewals to support a lot of other channels, right? In the new Fox, we're very focused, right? We have our broadcast network, we have our TV stations, we have Fox News, Fox Sports. So it's a very focused portfolio. And that's what allowed us to really drive that affiliate revenue and also, frankly, retransmission revenue to new heights. I think in 2019, we were doing about $1.65 billion in retransmission revenue. In 2019, I think Steve Tomsic, our CFO, put a bold and sort of aggressive target that by 2022 we'd add $1 billion in the new company and the new structure because of our strategy, $1 billion onto our retransmission revenue. It sounded, you know, absurd, right? It was $1 billion. We achieved that by 2022. Since then we've put on another $650 million. So we're actually a little bit more. We've now doubled our retransmission revenue in five years, which is, you know, a great testament to the strength of those brands and to the wisdom of the strategy. Yeah. Do you have any concern that launching this D2C product might eat into some of your pricing power? Because obviously you'll be broadcasting this now on an unbundled basis as you go into these renewals. No, I don't think so. I think, look, we are going to keep it very focused on the cordless universe. That's pretty clear. It's like with Venu. We said, look, if you ever see us marketing D2C on broadcast TV, that's not the market we're gonna go after, right? And if we were gonna see that, you know, my head would explode. If you saw Tom Brady marketing Venu on a halftime show, you know, that's not what we're not chasing subscribers, right? We are very targeting on incremental subscribers that'll be accretive to us as a business. And the same is true with our D2C. So it's gonna be very focused, and it's gonna be priced right, importantly. Mm-hmm. At a level which really, frankly, is not gonna be competitive with someone who wants that as part of their cable bundle. So we're big believers in the cable business and we believe we are good partners with our distributors in that. Yeah. How about on the affiliate side? What's the relationship with the Fox affiliates? Because that's another area where, you know, they're under pressure also. Yep. Any concern that reverse retrans, as we called it in the past, slows down or goes the other way? No, absolutely. You know, but and by the way, we're in the broadcast business too, right? And so we understand that the pressures our broadcast can be under, but you know, the value that we bring through our sports contracts that are incredibly expensive and through our other programming, we'll really continue to drive that business and drive the business for our affiliate partners, but we understand their issues and you know, we're doing our very best to you know, continue what's been a great partnership with them. Okay. I know, I'm sure you know this, Lachlan, last year the NBA had their, you know, rights renewal, $75 billion, massive haul, and there's a lot of speculation that the NFL is looking at that and saying, you know, we wanna revisit our broadcast deals sooner than their contracts are up, which I think is still several years out. What's Fox's perspective on that? I mean, if the NFL were to come to you to extend the deal, I mean, is that an opportunity for Fox in your view or a risk to the profitability of the company? What's your message? No, look, we see it as an opportunity. NFL's like our you know our largest sort of partnership. They have an incredible product. And you know we've had a deep relationship with them for a very long time. So we see this amend and extend provision, which is still some years out, but it's something that is an opportunity for us to frankly deepen our relationship with the NFL. And as you can see from we just talked about the Super Bowl, you know, what we can do, it's not just about what we can do from a Fox Sports perspective or broadcast perspective, but as a company, you know, we've become very very good and very efficient at leveraging key events like the Super Bowl or like the NFL across all of our platforms, right? That includes news, the stations, you know, the network, and Fox Sports and Tubi. I know you don't speak for the NFL, but what do you think their perspective is on sort of the power of broadcast, you know, 'cause they'll have a lot of streaming options that are growing as well. Do you think broadcasting is key to them? I think reach is still key. Obviously they're driving a financial outcome, which is understandable and completely fair. But reach is important if you're gonna be the national sport. And it's reach not just through broadcast. Broadcast is number one in reach, but then how you can increase that reach through other services. And as I said, you know, Tubi's a great example of how we did that just a few weeks ago. Got it. Wanted to ask you one question just on the ad market, and then we can wrap up on kind of capital allocation topics. So, you know, 2023 for the TV market overall was pretty tough. Last year was certainly better, but post-election, we've definitely heard some mixed things from companies that operate in the U.S. ad market. What's your update for us? Not from us. No, I know. That's why I wanna start the conference with you. thank you. You can take us through the portfolio quickly on how the ad market is from your perspective? Sure. Well, let me give you an overall view. So we're seeing a healthy ad market. Now, of course, we've had in the last few quarters the election political revenue, and then we had, you know, obviously a tremendous NFL season, tremendous revenue capped with the Super Bowl. We did, you know, $800 million of gross revenue in the Super Bowl. And that flows through also to the station group. So we've had a tremendous last number of quarters. But we're really seeing that growth, that strength in the market, that healthy nature of the market continue. We have our upfronts two months away. I think is the upfront early May. And we're seeing a very healthy upfront marketplace, certainly for us. Now, why is that happening, right? Because I understand from some other business, it's not necessarily as strong. Jeff Collins, who's our head of ad sales, doing a terrific job and leading a great team. He explained to me once it's like the ad market today is like a barbell shape, right? The middle is getting squeezed, right? So the middle, which is like linear entertainment and cable entertainment advertising, that's getting squeezed because of the Netflixes and the Primes and, you know, Disney Pluses of the world. So that's getting squeezed. And what's happened to that revenue? That revenue's still there, but it's getting pushed out the edges. And what edges? It's getting pushed out to like we have big reach, right? Like sports, news, we have reach. So you're having revenue pushed to the best quality programming, which is frankly live news and live sports. And then the other side is going to highly targeted advertising opportunities where we're capturing that revenue in Tubi, which is really generating a lot of the advertising growth in Tubi. So if you think it's quite a simple way to think about it, the middle's getting squeezed, but the way we position the company, we're capturing that revenue on both ends, the targeted end and the mass quality reach end. Got it. That's a helpful way to think about it. I know we're out of time, but if you run through our businesses, scatter's up, you know, across news, entertainment, sports, you know, we're seeing a very healthy market across all of our portfolio. That's great. Okay. Let's wrap up here with some kind of capital deployment, capital allocation questions. So sports betting's an area that you're quite bullish on. I know you guys have been focused on it for a long time. Is the way for us to think about the way Fox shareholders can participate in that really through your FanDuel option? Is that sort of what you guys are working on in terms of creating value here? Well, we have both the FanDuel option, which is tremendously valuable. We don't have to exercise it to 2030. We are working through the process of getting licensed. When we exercise that option, we have to be licensed in 26 separate, individual markets. So that's a complex process, but one that we're very much engaged in. But then we also have the equity in FanDuel. So I'm not sure people realize we have, I think it's about $1.2 billion worth of equity in Flutter, the parent company, itself. So we benefit in both of those ways. We also just generally, as the market continues to grow from advertising from all of the different players. So we're excited about the opportunity that sort of wagering, sports wagering, presents us here. You guys have, I think you're down to essentially almost a net zero levered balance sheet or close to net cash, certainly under one time. So you generate a lot of free cash flow. What should we be thinking about in terms of M&A appetite and, you know, should we sort of pass this prologue? Is that the best way to think about what you guys might do in the future? No, 'cause I think we, you know, we've made some very good acquisitions. Tubi being, you know, very accretive to us, obviously. So, but they've all been modestly sized. We continue to look at opportunities though. You know, we will be acquisitive, but we wanna make sure that we, you know, find businesses to bring into our portfolio that are gonna be, you know, accretive to shareholders that are like strategically make sense, and we're gonna be prudent about which ones we pick, so. Any update on the Smartmatic litigation and time? We're expected to go to trial, the end of 2025, at this stage. And we're actively preparing for trial. I did wanna ask you, you recently promoted John Nallen, who I think a lot of folks in the audience probably know John, to President and COO as part of a new agreement. Is his mandate expanding or anything investors should take from that promotion other than he's doing a good job? His mandate is already across everything in the business. He is a valued and really important partner of mine and a partner with all of our executives and on our division. So I'm, you know, really couldn't be more pleased that John is re-signed with us. It's an opportunity to think about though that our management team since 2019, when we came out of Disney, we were very careful in choosing who would be part of the new Fox and would really buy into the vision of the business and the strategy and be able to execute on that strategy. You know, with one or two exceptions, you know, the management team has remained incredibly stable. Everyone's very focused. Everyone's working incredibly hard. Frankly, we've actually been able to bring in some new people, like Anjali Sud, who have, if anything, enhanced that management team as well. So we're incredibly pleased and I'm super pleased with John staying. So as we wrap up, Lachlan, and thank you again for kicking off the conference for us. Any last comments on sort of Fox's businesses and the long-term strategy to sort of drive shareholder value? Look, very quickly, I know, I know we're over time. We're firing on all cylinders, right? News and sports are incredibly strong. We have Tubi is a growth business that just continues to go from strength to strength. We've just seen you know just a bit of what it can achieve with what we were able to do with the Super Bowl. And that's an incredible mark for us. And we have the best balance sheet in the business. So, you know, we see the last year has been a tremendous year for us. And I think the next year's gonna be even better. Great. Well, thank you, everybody. Thank you, Lachlan. Thanks. Thanks very much. Thanks so much.