Hey, welcome everyone. Thank you for joining us today. My name is Andy Nowinski. I'm a software analyst at Wells Fargo. Today, it's my pleasure to introduce you to the team at Fortinet. We have Michael Xie, the Co-Founder and CTO of Fortinet, and Peter Salkowski, Head of Investor Relations. Better than the music we had before. Thanks, guys. Thank you, Michael. Thank you. Thanks, Peter. Thank you. Thank you guys for joining us today. Obviously a, a complete TMT audience here. Maybe you could start off by just giving us a brief overview of Fortinet for those that don't know what Fortinet does. Can I do my safe harbor real quick? I'm gonna do our safe harbor real quick before. I know that's not gonna have any bearing on what you're gonna say, Michael, but I'm gonna do it anyway, really fast. I'd like to remind everyone that we may make forward-looking statements during today's Fireside Chat. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected in those statements. Please refer to our SEC filings, in particular, the risk factors in our most recent Form 10-K and Form 10-Q and other reports we may file from time to time with the SEC for additional information on factors that may cause actual results to differ materially from our current expectations. All forward-looking statements reflect our opinions only as of the date of this presentation, and we undertake no obligation, and specifically disclaim any obligation to update forward-looking statements. All right. Thank you, Peter. Andy, thank you. It's a privilege to be here. I think just a quick version, Fortinet is a leading cybersecurity company. We started out 23 years ago in 2000, we headquarter in the Silicon Valley. Today, obviously we're public, our symbol is FTNT. We have a global footprint, offer a broad portfolio for cybersecurity and our customer from SMB to a large enterprise and carrier as well. Myself, Michael Xie, I'm a Co-Founder, I'm the CTO for the company for the past 23 years. It's been a great journey. I think maybe just I wanna outline a couple of things. When we started out, we had a couple of visions. One is, we think the cybersecurity company should define their problems based on what their customer needs. Particularly in our industry, we help our customers to find the threats. As threats constantly evolve, so basically our business evolves based on that as well. I think, you know, over the years, I think we may talk about that, we see how the technology evolved from the very early firewall-centric business to today's platform-driven broad portfolio. I think second piece is also, as another vision we started out is we always believe the, you know, cybersecurity should not become a cyber slowdown 'cause we see a lot of the solutions out there, they're not, you know, fast enough. It's long latency. It's low throughput. We have been very unique in that way. We design our own ASIC chips. We do a lot of things in hardware in addition to all the software designs. We build appliance to be the fastest firewall in the world. That's about it, maybe. That's a good overview. It certainly is a difficult balance when you're trying to keep an organization safe and protect them from threats and also not slow the organization down and not get in the way of productivity. Having that custom ASIC, I think, is something that you've developed that enables that better performance versus the competition. Yes. We I mean, since the start, we're a very technology-centric company, and innovation has always been one of our key focuses. You know, the first part is we basically speak with our customers and partners. We define the problem and then how to solve that. I think, you know, like, large team building our products and solutions. I think one indicator may not be the only one, is like, just look at the number of patents. I think we have a slides in our investors package that we listed the patents for us and competitors. We are probably having more than the next couple of guys combined. I think it's, you know, it's not the only indicator, but it's, basically showing the culture-wise, we really encourage our employees to focus on innovation and solving problems. You know, another, I think a really interesting point on Fortinet, if you talked about having a 20-year tenure in the industry. You've been around in this industry for a long time, where firewalls were really the first line of defense and the only line of defense 20 years ago. Obviously the company is, has largely evolved. When you think about a tightening macro environment and how priorities may be shifting within security, why is Fortinet continuing to deliver record level growth in firewalls over the last 18 months? When more applications are moving to the cloud, more applications moving outside the data center, yet you still manage to drive record levels of growth during that time frame? Yeah. I think, you know, there are obviously several aspects of the business that's important to drive that growth. I'll try to first address the technology side. You know, being in the industry for, you know, more than 20 years, what we find is in our industry, it's interesting is like arms race between what we call the bad guys. You know, it's, could be a, you know, originally in the, when we started out, it could be the cyber hobbyists writing the viruses. Just, you know, to get their name out to, you know, international crime syndicates with the, you know, ransomware or, you know, stealing the credit card number. And to, you know, like some very advanced, you know, hacking teams that possibly backed by maybe even nation state, you know, background. I think with that sort of diverse, threat, like the landscape and the, you know, it's also with the ever-expanding threat surface that a lot of the enterprise customers today. You know, as they used to have on-prem network, but now they're expanding to the, to the cloud. Also there's, you know, there's ton of IoT devices, you may not notice. Also in the OT world, a lot of the manufacturing, and oil gas, they have a lot of these devices, traditionally mechanical, but they're all controlled by computer. It's an ever-increasing threat landscape and attack surface. All these needs, you know, some kind of effective protection. I think, you know, for us, from day one, when we started the company, we realized at that time, if you know, go back 23 years, the firewall company at that time focused mostly on, you know, safe inspection. When the content payload starts to carry attacks, they say, "Okay, it's not my problem, right? I have my firewall." You know, Fortinet, we started off by saying, you know, we are a cybersecurity company, and if the threat changes, we're gonna evolve our technology to stop that. You know, we're the first one came out with the UTM firewall, the next-gen firewall. you know, gradually, as the attack surface extend to the cloud, to the OT. We just basically expanded the portfolio to cover. For example, for the last 5 years-10 years, a significant driver was SD-WAN, that lot of customers, they started to have branch offices. They build out the overlay between the branch and HQ. We evolved the technology, and SD-WAN is part of our standard offerings. You know, Gartner also recognized that by putting us into the leaders quadrant for SD-WAN as well as the network firewall. I mean, moving forward, we're also seeing a lot of the advanced threats like APT, we call it advanced and, you know, persistent threat, APT. There's different technology on that as well, which requires, you know, newer platform-based defense mechanism like zero trust technology and like OT would bring a total different aspect of those, you know, challenges to us. I mean, technology is one side, but maybe I'll let Peter comment on the sales and, you know, finance discipline that we put in to help company to grow. Yeah. I think that, I mean, what, you know, Michael's basically saying in a nutshell is it's a very complicated industry, with a lot of different. The bad guys are always finding new ways to be bad guys and finding different ways into different companies' situations. I think the foresight that Michael and his brother, Ken, who's our CEO, had in creating Fortinet 22 years ago, is that having the robustness in the operating system and the ability of run that operating system on custom ASICs that allow us to add more value to our product, has differentiated us from the rest of the market. You say, you know, a lot of things are going to the cloud, and there's a lot of cloud spending. We're platform agnostic. We don't really care where you need to protect it. We would rather just protect it. Our operating system works in the cloud just like everybody else's operating system, but it also works on-premise. It's all about protecting the entire infrastructure, not just one part of the infrastructure. I think the challenge that companies have is if they use a vendor in the cloud for one thing, and they use a different vendor on-premise, if they make any changes to the security rules in either one of those locations and it's not running on the same operating system, they're gonna leave themselves vulnerable. You wanna have a holistic solution. Our Operating System is really our secret sauce. The ability to add additional functionality is very important. To your point, even on the macro side or on the cloud side is Fortinet or security is a must-have, right? You have to have it. It's not something you can put off and wait till next year to buy. I think that's really important. There's other drivers or differentiations in our business and not just the operating system, but we're a very diversified business. 70% of our revenue comes from outside the United States. We grew up as an international-based business. We've got 40% of our total business in the North America, which includes the U.S. And the Americas actually includes South America. 40% in Europe and 20% in Asia Pac. It's a very diversified business. Half our business is from 100 countries, no one of which is more than 3% of my billing. We're diversified by customer segment, we're diversified by product. Again, we can provide your security in any one of those locations, geographies, premise, cloud, whatever, and provide you a robust solution because of the way they started this company 20 years ago. That's great. Certainly, the sophistication of cyberattacks has massively changed and increased over the last, call it 10 years-15 years. Fortinet has evolved as well. I think one of the other changes that we've noticed, you know, with Fortinet is if you look even last quarter, you had 153 deals over $1 million. That was up 84% year-over-year. You're not just selling to the smaller customers. What do you think is driving the growth in these massive $1 million deals? I think, from our, b ecause of the global footprint, right? We, you know, traditionally, we do really well in the, you know, SMB and the commercial. We started to get, you know, harder push into the enterprise because we have the enterprise-ready platform. I think a lot of the enterprises, they find our messaging for consolidation, resonating with, you know, their CISO and, you know, CIO teams. It's, you know, in the past, we can see customers buying, you know, the firewall-centric customers buying a lot of the firewalls and managed firewall only. You know, as you mentioned, over the last few years, because of the threat landscape change, what we find is relying on the firewall only will not give enough protection for, you know, today's distributed larger enterprise. What we found is that a lot of these enterprises, they started to, you know, actually understand the story, and then they started to buy different components. You know, it's firewall, but then it's not traditionally just on-prem, but also, you know, there's the VM in the cloud or, you know, in a private cloud data center. On top of that, they have, you know, if they have a perhaps, you know, SD-Branch, they can have, you know, networking components in that to help with the visibility of their devices. You know, if there's a SIEM and SOAR and, you know, all kind of central management and visibility components. We see a lot of deals where the customer, they come in and buy, you know, 20, 30 different products, And then they love it because in the, in the past, they have to buy that from 20, 30 different companies, meaning they have to get their, you know, CISO team trained on all these different user interfaces, you know, command line and automation. It's a nightmare, right? I think especially over the past few years, a consolidation message starts to resonate with the more and more enterprises. They come in and buy, for example, a complete solution from us, where we design them organically, usually from the very beginning to interoperate with each other, and we call that platform Security Fabric. Essentially, it's, you know, the centerpiece is still the multifunction firewall carrying a lot of the features, you know, the traditional SSL, SD-WAN, and, you know. But also it includes components in the cloud, for example, like the SASE components. We can secure the OT platform if the customer has that components, as well as the, you know, the I think more recent is the ZTNA, the Zero Trust Architecture. I think it's in the end, the value is we provide the customer with a single pane of glass, like visibility. They see all these components like, you know, alerts and traps in one screen, and then they can easily manage them to discover and mitigate the threats. I would add additional to the consolidation message of really kind of bringing product and vendors together into a single operating system, which again goes back to the value of our operating system, is the concept of convergence. I think what you're seeing and what you've seen over the last five years is companies are reconfiguring their networks to do more cloud capabilities. In, you know, if you think about go back 5 years- 10 years ago, cloud wasn't a big part of their business. They'd set their networks up a certain way, and now they need to change that. As they're changing and reconfiguring their networks to be more cloud-centric or, in this case, work-from-anywhere centric, given that we're all kind of working from other places these days, they're rethinking their security. They have to build their security now to deal with that new networking configuration. Some of it goes back to zero trust. Just don't trust anybody in your network when you're doing it. What they're really saying is, "Look, our security operating system and our networking operating system used to be separate buying centers, and those two buying centers are coming closer together and communicating more today than they ever have." In doing so, the networking guys have always been worried about, "How do I move data as fast as possible and as low cost as possible?" The security guys have to worry about everything else. They have to worry about the sender, the recipient, the content, the device, all of these other things, which again goes back to why the ASIC strategy is so important. You have to do so much compute capabilities that the network guys would get mad at the security guys because the security guys would slow them down, and the security guys would get mad at the networking guys because the networking guys didn't care about anything, what was moving around and paying attention to it. Those two groups are coming closer together, and they're converging. SD-WAN is an example of that conversion. We call it secure SD-WAN 'cause it's built into our operating system and sold with our firewalls. You get security and networking functionality built into a single unit. A lot of our security competitors don't have that networking capability or understanding. We've built both of that into our operating system. Another point to make, though, 'cause I think we somehow get pigeonholed into being a hardware company. 60% of our revenue today is services. I would call it a Hybrid SaaS Model. The only reason it's down to 60% is because over the last couple of years with COVID and supply chain and everything else that's been going on, we've had some price increases to offset cost increases that we've been dealing with. The percentage or mix of product versus services prior to COVID was 65% services, 35% products. This last quarter, it was 60% services, 40% product. Over time, the services will catch up to the price increases. Right now, they're trapped on the balance sheet, in our deferred revenue. As that happens over time, you're gonna see our services go back to that 65% at an 85% gross margin. There's value in those services that we can't lose sight of, even though I know a lot of people, and we do as well, talk a lot about the hardware. That makes sense. You've got the trends of convergence between network and security driving demand. You've got the need for consolidation to ripping out point products and consolidating to a single platform. You've also got an increasingly sophisticated threat landscape driving demand. I mean, that certainly doesn't sell itself or you know, sell your products yourself. Have you made any changes as well to your sales force that can continue driving these large million-dollar deals? Have you had to make any changes from that end? Yeah, of course. I think both on the sales and marketing side. You know, for marketing, you guys probably know that we started to sponsor the Fortinet Championship, the PGA event, since last year in Napa, California. I think, you know, one thing is on the lead gen, I mean, there's like a ton of numbers that just basically showing like these marketing helps. Also, I think on the branding side, I mean, I play golf as a hobby, but I think I've met more people know about us from the golf than, you know, from the cybersecurity side. It's, you know, a very just powerful, you know, like marketing method. I think on the sales side, obviously, I think since a couple of years ago when we saw the opportunity, we started really invested into hiring a lot of salespeople. I think at the end, it's not just hiring them, but also to be able to, you know, tell the story, right? I think particularly in our industry, this is a challenge. A lot of times, people just think it's, you know, one, then, you know, you plus another one, then you get two. In our consolidation story, a lot of times, you know, you got one plus one, but you get more than, more than two at a result. Giving one example of that. You know, like for example, a lot of people, they want the segmentation story in their offices, you know, with a traditional firewall, with the switches and access points. These you can individually procure from different companies. However, when they do from us, our salespeople can tell them, you know. How easy it is to set it up so that they can, you know, segment their, you know, office network dynamically, almost with, you know, no additional steps from just managing some policies. While in the old days, you know, like if you're familiar with the, like the NAC concept from, you know, traditionally from Cisco. I remember they did a demo not a few years back, requires like six different components and, you know, there's a lot of CDs and downloads. I think at the end, the consolidation can produce more productivity for the customers. I think from sales and marketing perspective, the challenge always been how to demo that and then tell the story. Once we can, you know, get a story out and then, you know, our close rate is really, really high. To give a sense, I joined in January of 2018. I think we had about 5,000 people at the time. This last quarter, we ended with 13,000 worldwide employees, 70% of which are outside of the United States. I think the other thing to think about in terms of the business, to your point on the $1 million+ deals, in 2018, we looked at, because there was a change in 2017 that occurred in this business, and that is we moved into the Leader Quadrant for enterprise firewalls for the first time in the company's history. We had always been a leader in the UTM Magic Quadrant, which was a separate quadrant at the time. That was sort of synonymous with SMB and small and medium-sized businesses. When we moved into the enterprise business in 2017, July of 2017, we started using that as a calling card. You could go into an enterprise customer or at least get invited into an RFP now because you were in the Leader Quadrant. In 2018, we really started to push that message, but we looked at how many companies an individual enterprise sales rep was assigned to, and we, it came down to 65 to 1. We're like, "Okay, that's not an enterprise sales force. We need to do something about that." We also had growth and margin profitability targets out there out to 2022 that said we would grow in sort of the 15%-20% range, and we would grow our margins from what were mid-teens at the time to 25% by 2022, and that it would grow at about 150 basis points-200 basis points a year. We couldn't go out and hire all enterprise salespeople at once. We hired them over time. If you look today, that ratio is about 14 to 1 enterprise salespeople to companies. That should be in the single digits. We'll continue to hire more people and grow that enterprise or that large business. What's really interesting, though, is we have a small and medium-sized enterprise business. We have a Two-Tier Distribution Model. We sell to distributors, they sell to resellers who sell to the customer. That reseller or that channel relationship is extremely important to us because a lot of our small and medium-sized business dealings and deals we don't touch, right? They just go through the channel. It's a run rate sort of business. We heard a lot of chatter about it back in 2020 when COVID first hit. You know, everyone was worried about small and medium-sized businesses going out of business, and it's a third of Fortinet's business, therefore they're gonna fall apart. It didn't happen. The small and medium-sized businesses continue to need security. They continued to buy security. We're hearing that rumbling again today with macro concerns of, you have this SMB exposure. That has been a strong run rate cash cow business for us since I've been there for the 5 years, and we've been using that cash to fund our enterprise business, and hire more enterprise salespeople within the growth and profitability parameters that we've provided to the street. It sounds like, I mean, the Fortinet Championship was an amazing event. You've got a lot more marketing spend around that, bringing more awareness to Fortinet, hiring a lot more salespeople. If you look back over the last, call it 2years- 3 years, the firewall market certainly looks like it's gone from a 4-horse race down to a 2-horse race. Cisco and Check Point are clearly, you know, underperforming relative to Fortinet and Palo Alto. Do you think that could be just, number one, I guess, why do you think they've been ceding market share to Fortinet? Do you think that's also maybe fueling some of that record growth you've seen over the last 18 months? Yeah. I think the one of the changes I noticed before the Fortinet Championship is a lot of time I walk in a room with our salespeople and the customers, the first question is like, you know, we call the Forti-who question. Like, who are you guys? I think after that, the, you know, PGA event, I think we're hearing less and less of those. The brand name is out there, and then obviously the, you know, it's still a lot of work to explain the technology, the advantages. I think, you know, over the years, I think there are a few drivers on the firewall. One is the continued expanding threat surface. You know, there's a lot of the assets when the customer didn't think a firewall was even needed, right? The smaller offices, home offices. Today, I think, you know, if there's critical assets or, you know, computing devices, those will be, you know, as precious as, you know, the computers in the HQ or in the data center 'cause, you know, with SD-WAN or VPN, they're all connected. I think second driver is basically, I think on networking side, it's the speed is still ever increasing. You know, going back when we started off, you know, we were designing for like 10 Mbps- 100 Mbps devices. Now it's like 400 Gbps, right? It's kinda like the Moore's Law. We are seeing that every maybe five or six years, we have to redesign our ASIC, basically provides five, six times more performance than the last one. I think that also helps to drive the demand. You know, the third one is obviously the hackers, they change their tactics and then basically requiring a different architecture. I think that continued to drive the demands. Basically, over the years, we built in the features like, you know, SD-WAN and, you know, zero trust. Those are not traditional firewall features. Because, you know, we take a holistic approach, basically, you know, how we design the product to help the customer, and now these kind of become part of the features, and I think our customer realized the value in that. That helps the adoption and continued consolidation. I think there's one more driver that's been occurring recently, and that is insurance companies. Cyber insurance is very difficult to get. Our CFO met with a cyber insurance company or insurance company that does cyber, and basically, the insurance company told him that they turn down 95% of the policy requests they receive for cyber insurance. That's not a cyber insurance business, by the way. They're trying to understand the risk. A lot of the insurance companies got hurt in the early days of ransomware because they didn't understand how to completely monetize or, you know, calculate what their risks were. The bad guys were basically going into systems, looking up your cyber insurance, seeing what your limit was, and then coming back and saying, "Oh, your limit's $1 million? Guess what our ransom is." The insurance companies were paying it out. Cyber insurance right now is a lot of insurance companies are looking at what their risks are. They're dictating to companies that they have to have, not the company specifically, but the types of security. You need to have endpoint security. You need to have this. They're starting to dictate what companies have to do. Boards are being created. You know, committees on boards are being created just to study cyber because of that risk for different enterprises. I think that's gonna help drive it. Go back to your question about the Magic Quadrant and the market share. If you look five years ago at what companies were in the leader quadrant and where they were five years ago for enterprise firewalls and who's there today, Palo Alto and Fortinet have moved up into the right, and we've actually moved further up to the right than they have. Cisco, Checkpoint, and others are slowly dropping away to the left. You're right, it is becoming a two-horse race. More importantly, if you look at from a third-party perspective, from just Magic Quadrants, we're in 7 or 8 different Gartner Magic Quadrants, 2 of leader, SD-WAN and Firewall. We're in 5 or 6 other ones, we're in one of the other quadrants. We're in another eight market guides, which are either products that are on their way to become a Magic Quadrant or on their way down from becoming a Magic Quadrant. Why I point that out is that's 15 different research reports that Gartner publishes that we're mentioned in. With one operating system. The same operating system across all 15 products. It goes back to the consolidation conversation a minute ago. If you think about how many unique companies are listed in those different Gartner products, uniquely, it's probably 100 companies. I don't have to take a lot of market share from all of them, I just have to take a little market share from all of them. I'm gonna be the only one that goes across all 15 products because of our operating system and Michael's vision of putting that into a platform and making that work. That was a great overview. Let's just drill down into it, into one of the areas of your operating system. SD-WAN has been a big driver. You said it's, you know, it's part of the firewall, it's part of the operating system, so if you buy a firewall from Fortinet, you get SD-WAN with it. I think, you know, the way I think of SD-WAN has always been, it's really just like a Google Maps, where it's finding the most efficient route from Point A- Point B over the broader internet, so you don't have to buy expensive, you know, private links. Yet at the start of the pandemic when everyone was working remotely and SD-WAN was, you know, clearly seeing an uptick, we're three years past that now, and you're still seeing 45% growth in SD-WAN business. I'm just curious, like, what's sustaining that demand? When we're already past the obvious catalyst of the pandemic, how do you, how are you maintaining that strong growth? I think there's maybe a few ways to look at that, right? I think from SD-WAN perspective, we find there's really good market for, you know, enterprises with a very distributed workforce around world. You know, they can set up there's like underlay and overlay, help them to basically get a quality of the traditionally very expensive MPLS, you know, like, services from the carrier. I think the whole sort of industry is shifting towards adopting SD-WAN. I think we're still in that the curve that there's, like, more and more adoption. We're in a unique place. You know, like, we're building the Secure SD-WAN where, you know, the customer adopting that solution will get, you know, both security as well as, you know, a top-notch SD-WAN. I think before I forget, there's actually one more very important aspect. Well, it's, you may not see it as sustainability aspect. We have the purpose-built ASIC device, it's very power efficient. In fact, recently a lot of the large enterprise and carriers, they pointed to us that by deploying our solutions, both, you know, in the on-prem locations as in the cloud, because they can run ASIC-based very powerful device. They are seeing the power usage, you know, including data center and the on-prem of our solution is a fraction of what the, you know, traditional software-only based solution. I mean, there's I don't think we're reaching the end of the SD-WAN growth curve. I think we're in the middle of it. There's still a ton of opportunities out there. That's great. I think the energy consumption is 80% less than a common CPU in terms of our ASICs, our dedicated ASICs. OK. Another interesting growth driver on OT security, you briefly touched on it earlier. You know, OT security, securing devices that might not be able to support a software agent, I think is really difficult. It has to be done, you know, from a network device or within the network. You had 75% year-over-year growth in OT security last quarter. I'm just curious, if a customer wants to buy Fortinet OT security, what are they purchasing? I think it's conceptually similar to the IT side. It's basically the platform. It usually involves, you know, one or another form of the firewall, but sometime it operates in a slightly different way in the OT, you know, environment. It could involve in, like the switch components. You know, they have physical challenges. A lot of the times it's wide temperature range, 40 below temperature, up to maybe 70 degrees- 80 degrees, and with a strong salt and, you know, the moisture requirements. I think in the software-wise, they need specialized software understanding, like things like Modbus. You know, kind of difficult, to decipher OT protocols, as well as the central, pieces of, control, how you contain the threats, discover, you know, like the SIEM or like SOAR, like solution. I mean, it's not so different from the composition of the solution, usually each piece carries a slightly different flavor, to, specifically address OT, challenges. You've got a SIEM software and a more durable firewall and it sounds like a network switch that now people would have to deploy to get your OT security. Those are the most commonly seen ones, yeah. I know we're running out of time, but real quick. I When I got there in January of 2018, I know Ken was talking about OT back then. We were building OT capabilities to do that security five, six years ago. It's just now that market is starting to ramp up as more of these things are getting connected. Some of it's a 5G world, so more things are getting connected, and they need to be protected. It's something we've been focusing on, again, building into our operating system for years. All right. Well, we are running out of time here. What would you leave the audience with in terms of what you're most excited about in 2023? I want to just quickly touch on one of the topic that dear to my heart, is the sustainability efforts that we put in. At Fortinet, we have formed a board-level committee we call the Social Responsibility Committee, and I volunteer to lead that committee. Basically, we have overwhelming responses from our employee to putting a lot of initiatives to sustainability aspects. For example, you know, we pledged the greenhouse, you know, gas emission, zero carbon for Scope 1 and 2, by you know, 2030. We also work with with our suppliers on human rights policies. You know, we work on our packaging, so make sure, you know, we get rid of those plastics, and then we replace them with the biodegradable, you know, packaging so that, you know, they don't leave like long-lasting garbage to the planets. Also I think, you know, I touched on earlier, our ASIC design, and we have a lot of technologies and innovations came from our employees help, not just for us, but also for our customers, to reduce the carbon output. I think eventually, we have a lot of initiatives on these, and we see that as a one of the core strategies that we're gonna carry forward. You know, not just grow the business, but also grow it social responsibly. Well, that's great. On behalf of everyone at Wells Fargo, thank you so much for coming to the conference and sharing your thoughts today. Thank you, Andrew. Thank you.