Hey, good afternoon, everyone. Welcome to the Oppenheimer Technology Conference. I'm Ken Wong, software analyst at Oppenheimer. Very pleased to have with us the GoDaddy team, Mark McCaffrey, CFO, and Christie Masoner, our head of IR. Welcome. Thanks, Ken. For everyone in attendance, this is a fireside chat format. I will run through a slew of questions. We will hold some time at the end for some questions. You can shoot those into the Summit Cast portal. I already see some of you guys have queued up, so that's fantastic. I will run through those questions, and then circle back to some of my own if there's additional time. With that, Mark, welcome. I think most of the audience is aware of GoDaddy, but to the extent that we have some newcomers, just maybe a quick background on GoDaddy, what you guys do. Yeah. To put it simply, we are where people come to start their ideas, right? We allow people to launch, ideate, and create a presence, most often starting with a domain name, but then it includes things like website, emails, commerce, and basically gives them the ability to, whatever their passion is, whatever their side hustle is, whatever their dream is, get it online, get it up and running, and get them making money. Now, it's not always about making money. Sometimes it's about sharing content. Sometimes there's other avenues that it will take. But we focus on the micro-businesses, and the micro-businesses to us are the small end of small businesses. So it could be a one-person shop. It could be two or three people. But at the high end of our, I would say, target audience is somewhere around seven to 10 employees, and I do say that's the high end. I say that to differentiate us. We have over 20 million customers. 20 million. We've been around for 30 years. We know this customer base very well. This is not the enterprise. This is the one or two seat type environment. This is the underdog who's trying to compete with much bigger players out there and trying to do that not only through offering products and services in their local market, but also trying to extend that out to other markets that are now available and may not have been available in the past. So it has a tendency to be a very passionate customer group, a very, I would say, resilient. I like to use the word gritty at times, but Christie always corrects me that I shouldn't call our customers gritty. They have grit. Very cool. It has a different connotation to it. The way we make money, it's about the LTV equation we always talk about. We have a strong brand in the domains. It's the top of the funnel. When our customers attach to that second product, we have a strong overall retention rate of 85% for our customer base, which is fantastic. But when our customers get to a second product, we even go up higher than that. They get to a third product, we have a customer almost for life. That LTV equation, the slide we've shared in the past says, if you're just a domain holder with us, it's 1x. If you get all the way to commerce, that LTV equation goes to 83x. And we will be having an investor event on December 1st here, and we are going to be sharing the new metrics and what that looks like for the LTV equation. But the underlying durability of the model and our ability to generate free cash flow and continue to compound on that free cash flow, those underlying principles still remain intact, even as we are transforming the company to our new Airo agentic AI platform. I will stop there. I could keep going, obviously, but I want to challenge the questions. Yeah, I will just add, too, the competitive advantages, of course, that we have is we are one of the most trusted brands in small businesses with the highest brand awareness for over three decades, like Mark said, with a breadth of customers, a distribution advantage, a broad set of solutions that help micro small businesses get started and converse with their customers, sell to their customers, collect payment, and a care organization that knows our customers and small businesses better than anyone. And you have heard us talk a lot about Airo, which is our agentic operating system for small businesses. It is the centerpiece of our largest initiative as we transition into an AI-first platform. Fantastic. That is a perfect segue into my next question. The business is transitioning. All of tech seems to be transitioning. You guys have Airo front and center. Would love a quick primer, what is Airo? How is that differentiated from what you guys are offering today, and why you feel comfortable that is the future of GoDaddy? Yeah. Ken, I would say where we are going is more of an immersive experience with our customers. We are meeting them where they want to engage with technology. I think the world has to acknowledge not only our customer base, but customers across the macro environment are changing how they engage with technology today. We are meeting them not only where they are, we are getting to know where they want to be, and that technology is what we call Airo. Now, Airo has matured. It started off as an AI platform in and of itself that brought a discovery and engagement to the customers at a certain pace. Now this is an interaction where customers can interact within the Airo engine, decide what they want, edit, make changes. It's basically typing in in real time, drawing on not only our technology and 30 years of history and data that we have, but also drawing on the LLMs that we provide them in order to do that. When you think about it is a- Our customer base isn't sitting there saying, "Oh my God, I want to use AI." They're sitting there saying, "I want this faster. I want this easier. I want this better. I want it smoother. I want it at better price points for the value that I'm getting, and I want to be able to compete more effectively." That's what Airo brings to them. We just launched in the second quarter. Within weeks, we saw an annual run rate of $10 million. Then within one quarter, that number has jumped up to $50 million. It doesn't come, I would say, without a transition phase, because as we are moving everybody to this Airo platform, in this Airo immersive experience, there are historical products that are not going to be as attractive to our customers going forward. The example we used was DIFY. No longer are people going to spend a few thousand dollars to have you do their websites for them. Why? Because Airo can do it right on the spot for them. That customer is going to now do different things through the Airo platform over time, which will drive LTV over time. But the immediate bookings we used to get around DIFY in and of itself up front will start to go away. It'll start to narrow. Doesn't mean it's going to go away entirely overnight, but it will definitely narrow as people get more comfortable with the Airo platform. We're okay with the trade-off. We're doing it from a position of strength. Our technology is, we think, second to none. It really meets our customer base and the ease of use around what our customer needs are. And we're doing it in a manner that we can control the outcomes and control what the customer, how they're going to use it, how they're going to attach incremental products going forward, what will be included in the capabilities of Airo in and of itself, how we're going to sell them tokens. What are going to be the price on those tokens? What are going to be the cost on those tokens? And quite frankly, even the limitation on those tokens, because you want to be able to limit or put expiry dates on when people can and can't use those in order to make sure you're not creating a downstream impact that you can't control. When I put out there things like, hey, we're going to see certain shifts in our product base around A&C and even domains to a certain extent. We do it, but we do it with the comfort of saying, "Hey, we're still going to meet our $1.8 billion free cash flow target. We're growing free cash flow per share at a higher CAGR than we originally anticipated a couple of years ago." We had said 20%, now we're heading towards 25% or better. We're still expanding our margins because we put a lot of things in effect a couple of years ago around getting better leverage from our operating model that are now paying even more dividends in this current environment. We feel really good about our ability to continue to expand margins even into the future while investing in this new AI environment. Got it. Lots coming out there. On this AI disruption you mentioned, maybe hits A&C bookings a little bit. I think in 2Q, we saw a bit of a deceleration from what we saw in Q1. I guess we'd love to unpack some of the moving pieces there. How much of that was this transition? How much of it may or may not have been any underlying weakness to the extent it was or wasn't? Would just love a sense of what happened in Q2 and how you think that plays out as we head into the back half. Yeah. What we saw in Q2 was our customers' engagement around Airo was great. Quite frankly, it was higher than we expected. When we put choices in front of them, whether the continuation of the existing Websites + Marketing product, testing a new website developer with them, or allowing them to use Airo, it was pretty clear that they wanted to use Airo. The feedback we got was, we don't need multiple products. They don't need multiple products. Airo is an engagement tool that allows them to do everything they need to do. Why don't you just build the underlying fundamental technology into Airo itself? An example would be, we weren't going to give edit capability in Airo. That was going to be a website development functionality that we were giving. After the feedback, we just moved that functionality into Airo itself so they could edit their websites on the fly if they needed to, and that was, again, listening to their feedback. That immediate shift caused things like Websites + Marketing, Managed WordPress, some of the underlying things to slow down in our growth while Airo continued to pick up. Now, to be clear, Airo was a meaningful contributor to our Q2 results. I haven't given a number, but it wasn't an insignificant number. It wasn't enough to overcome some of the slowdowns we saw in the other products just yet. But we are seeing through the increasing engagement around Airo that that point in time will come. It just wasn't going to be when we first launched Airo in and of itself because of the immediate shift over. We're excited, right? When we look at the rest of the year, I gave some nods out there to where I thought the growth rate would generally fall for A&C going forward. The confidence there is we still have a few steps here that we're launching. We're testing into market now Airo in the domain purchase path. That is our biggest funnel, right? That is our powerhouse funnel of how we convert our customers. Not only convert them, but attach and putting Airo into that purchase path is a huge deal for us. We're testing that right now. We're adding commerce functionality in the third quarter as well. We are finding that there's going to be a trade-off on the subscriptions around our commerce offerings. Putting the basic functionality into Airo itself and allowing people to transact immediately takes away the choice of which payment provider they're going to use, because it is just given to them. I'd rather have, instead of getting one customer out of three on our payment platform, our view is we'll now have three out of three, because that is just base core functionality within Airo itself. The LTV equation starts to work better if I have three versus three customers over the long term transacting and using us as their payment provider versus that one. Again, these are subtle shifts, but they are big shifts and we're pretty excited about how this Airo is engaging and how the customers are engaging in it. Then one quick clarification. We were talking about, and we talked about it in the calls, that it was the Websites + Marketing and the DIFY, the Do It For You, not Managed WordPress. It's the Do It For You that is- Yes. Sorry There is one quick correction on that, but we have a lot of acronyms here, so sometimes it is hard to keep them straight. That is okay. I enjoy alphabet soup. Yeah. Through this transition, as you guys have alluded to, there is some of the core that is getting moved into Airo, so that is naturally impacting bookings. I guess for investors, when we think about the Airo opportunity, I assume it is fair that you think you will capture more customer wallet from an Airo customer than a GoDaddy customer. Any color you can provide in kind of why you feel that way, what you are seeing in the underlying customer attach. Again, probably too early for retention. Because you guys just launched it, but any data points that you can offer would be fantastic. Yes. I think the data point we put out there, Ken, was 70% of our customers that are engaging in Airo have a second product today, which is much higher than the non-Airo cohorts from beforehand. Now, over 50% of our customers have a second product overall. So when I say 70% of the Airo cohorts are coming in with the second product, it is an indicator they are getting to that second product much faster. To shed light on that as well is, that is not having it in the domain purchase path right now. So these are customers that are either coming in for renewals and now renewing and adding products, and they are doing it through Airo, or they are customers coming directly to Airo for the first time, and they are adding that second product as they are engaging within the product itself. The customer satisfaction with Airo is significantly going up. Again, for a product that was just launched several weeks ago, the feedback we are getting from the customers and our ability to tweak, adjust, and make modifications, but also see the satisfaction around it go up, is tremendous. Listen, overall, even the 5x, which is the combination of both subscription and tokens. I will say, while it is too early for renewals, we are seeing a good chunk of the population come back in and get more tokens. They are continuing to build on it, they are continuing to engage in the platform, and they are continuing to, hate to use the term, burn through their tokens. They are doing it pretty fast, which is great. Okay. Which means they are getting use out of it. They are getting value enough that they want to come back and get more. Yep. Got it. And one thing that I'll add to it is, while this is a new product and a new experience, and our customers are obviously flocking to it and really enjoy it, I think it's important to understand that we have a long history of understanding customer behavior of this type of customer. So when we see metrics like better attach and better engagement and better activation, we know that that translates into strong retention. So even though it's a new product, all of those customer behavior characteristics really matter to inform how we feel the health of this product is performing. Understood. Yeah. I guess it aligns with your earlier comment that a single solution customer has X renewal rate, which is really high, and then with that second product, which 70% of customers are already attaching, arguably should give you that elevated retention rate. Since we're on this line of questioning, a question just popped up, which kind of fits perfectly. Do your initial tests of putting Airo into the domain purchase path show a significant uplift in Airo attach rate versus prior customer cohorts? Yeah, I realize it's early, but any color that you might be able to shed? Yeah. It's too early to give any data points because we're literally just testing it into market today. I will say from our past tests, though, when we put the website development tool in front of them, the new Websites + Marketing and Airo, people overwhelmingly selected Airo and got to that second attach product a lot faster within that platform. So that's a little bit of pre-testing in the domain funnel in and of itself, but we have enough data points from the previous launch that we feel really good that the Airo attach once in the domain path will perform and obviously we have high expectations given the launch of Airo itself in Q2 and what we saw. Yeah. One of the things that Aman talked about, even on our call recently, was that the tests are performing well, and we had originally talked about getting Airo fully baked into the domains purchase path before year-end. He thinks that, and he had said this on the call, that it's possible that it goes earlier than that because of the success we're seeing. Like Mark talked about, people choosing that Airo over Websites + Marketing. Understood. That's great to hear. I feel like I could probably spend the whole call on Airo, but want to make sure we attack a few other talking points as well. Another source of confusion, and you mentioned earlier that maybe you could see some impact on the domain hosting business, but again, it would be within the range of outcomes, moving stuff to Airo. What's happening with API domains, how LLMs interact with GoDaddy, and admittedly, I probably was misinformed on this as well. Could you educate the audience on the situation and how GoDaddy is attacking this opportunity, good or bad? Yeah. LLMs are obviously becoming a larger surface for creating software and business, right? That's undeniable. I think it's stepping back. GoDaddy has had a long history of developing and using APIs, too. A lot of people don't know this, we used to serve the back end for a lot of really large tech companies out there for domains. So we have a lot of experience in doing APIs. What this does is having those APIs that surface on LLMs, it just broadens the surface area at which we can attract more and different customers as they're engaging in different places to start over time. So it's a broadening of the funnel, for lack of a better phrase. So it's extending the discovery of our products on more surfaces. Got it. So, as we think about the results of the first half, there was no erosion in terms of, hey, customers that would have gone to GoDaddy all of a sudden got rerouted somewhere else. Do you guys see this as sort of just a new channel that you guys- Yeah hopefully can optimize to have the same type of leadership position you had with your current channels? Yeah, I would say that's generally the right way to think about it. I think it's important to remember for folks here is that GoDaddy already has the strongest brand awareness, and what that translates for us is really strong direct navigation to godaddy.com anyways. We're talking about a small percentage of the traffic that comes to GoDaddy is non-direct navigation. Now we're solving for the smaller piece of how customers find us, and it's a smaller piece of that smaller piece, right? It's just continuing to ensure that, and people have heard me say this already before, much like we're creating pathways for our customers to be in all the places that matter, we too want to be in all the places that matter for our products. Got it. Yeah. Again, we don't want anybody to walk away saying this isn't an area that has to be focused on. LLM traffic is evolving, it's changing. You can solve for it one day and then two days later, it's changing again, right? Our ability to do this, just like when search first came out in and of itself, you have to stay on top of the process of optimizing for it, and you have to keep your eye on the ball, or else you can fall behind it. This is something we've been doing for years upon years. We feel really good that we have the ability and the internal mechanisms to continue to make sure that we're focused on the LLMs. Again, we have the luxury of a strengthened brand that is out there around domains in and of itself, and that allows us to continue to focus on making sure we're growing this channel going forward. The last thing I will add, too, on there is that this particular API that we had press release, of course, it's a developer platform that makes it LLM friendly for better discoverability, and right now it's starting in that domain lifecycle piece. That will eventually extend across our entire platform so that the entirety of our suite can be found and discovered better. Got it. So it will be more than a potential benefit to your core hosting business. Eventually, it could also benefit your A&C piece as well. Yep. That's right. Perfect. Let's see, another question from the audience here is, what is the strategy that GoDaddy has for hiring? Are you focused to hire any workforce in the coming years, and what are your plans regarding Airo hiring? Yeah, so sort of all-in-one hiring specific question. Yeah. Thanks again. The phrase I would use is we have a pretty good, steady, capable workforce. One of the comments I put out there during earnings was one of the sources of leverage is we have a headcount today that is really fit for purpose within our operations. We launched Airo with our current engineering headcount. We are seeing efficiencies in productivity across our workforce, which are allowing us to grow the business, but at the same time, not invest in human capital in a manner that is intensive to our operations in and of itself. Quite frankly, we probably will see some benefits of keeping it flat, including the cost level of that going forward. There is no, I would say, need for investment around specific talent in order to make Airo capable in the marketplace. We have that talent. We launched Airo in and of itself a few years back with a few people, with an idea, and now we are continuing to optimize around the agentic version of that, and it is the same people who have been working on it for years and continuing to modify, enhance, and launch the different functionality and capabilities into it. So feel really good about where we are today on that front. There is nothing to fall out to say, "Yeah, we have to go do this or do this to make this all happen in the future. Understood. All right. Shifting back a little bit on the operations side of things. We touched on the second half. You guys are projecting for A&C acceleration. I guess, how much of that do you feel is much more mechanical? I believe coming out of Q4, there was a little bit, "Hey, we got to tweak some dials around duration, promo activity." But, as we start to see an improvement in the back half, it would be a little more mechanical versus execution. You guys have obviously kind of implemented some new strategies around Airo. How should we think about the balance of what needs to happen to get you to some of those targets? Yeah. So I feel really good about the transition that we are going through right now and laid out the impact for the remainder of 2026. Obviously, everybody wants to know what that means for 2027, and we will have more data points to share as we get through Q3 and then ultimately our investor event, which will share some color around how we think this is all going to roll out. But when you look at the transition in and of itself, you look at the jump of Airo, 10x- 50x-- sorry, 5x, 10 million- 50 million, and the continued progression in the marketplace. You look at the underlying shift of that contributing more to our growth algorithm as we go forward, even in the transition as other products wane, like we suggested, DIFY and Websites + Marketing amongst a couple. And we feel good about our ability to do that in a manner that we're sticking with our $1.8 billion of free cash flow target. We're sticking with the 33%. Obviously, we're exceeding on our free cash flow per share. I can't say that enough. We grew at 28% in the second quarter. Even as we started that transition, we were able to grow at 28%. And we feel really good that we are hearing what our customers are telling us, and we are meeting their needs, and our relationship with our customers continues to grow and be strong. And as their needs change in the next six months, we'll continue to shift. The one thing I would ask everybody just to realize, the world is shifting. How people engage with technology is changing. It is changing rapidly, right? Even as you go quarter -to- quarter, you see expectations amongst customers changing. But even doing so and being able to keep our framework and structure intact as we continue to grow the company, create value, meet our customers' needs, that to us is what we're doing. And that's what we feel really good about right now as we get through the back half of the year. Yeah, Airo is meeting its needs. We'll continue to shift our customer. We'll launch it in the domain path. We're going to launch commerce capabilities into it. These are all things that we know are coming. But even within those scenarios, we know what we've done already allows us to continue the momentum throughout 2026 and meet our underlying framework. Got it. Appreciate all of that. And then maybe stepping back to maybe the topic du jour coming out of Q4, Q1. You guys made some tweaks to the go-to market. You guys introduced some promo pricing. You guys were willing to shift to annual customers. What are you seeing there? Do you still feel that that cohort will be of equal quality as the customers you guys were bringing in prior to making some of those go-to-market tweaks? Yeah. So we saw the underlying data and again, some of this will start to lap within the fourth quarter in and of itself to when we went into market big with the $4.99. But the behavior we've seen in that underlying cohort has remained consistent throughout the period. Now, we tweaked it a little bit. You can still get the $4.99 offer out there. It is only for new customers on their first purchase. It is not for every domain you buy out there. It has attracted a customer that had a certain element of a high intent that we wanted, so we feel really good about it. Obviously, we have to get to the renewal rates in the fourth quarter in and of itself to prove that out. But we feel good the underlying data is supporting that. We also feel good the tweaks we made to the program in Q1 to make sure that people had the option of the three-year versus the one-year was more present and get it balanced between the one and the three-year terms, not over-shifting as we launched this in Q4. We feel good that we have the right balance of those customers today that, the ones who want the three-year term, which is similar pricing to the one-year term, just over a longer period of time. We are not making trade-offs within the customer base because we were pushing one offer versus the other too hard. We feel good about that balance being achieved. Obviously, we will start to lap some of this in the fourth quarter, and we will talk about that more as we get there. Got it. Earlier, you touched on as you guys make this push for Airo, you guys are able to maintain your operating framework. Again, I think one concern we hear from investors is the underlying AI cost, we hear from various tech partners is that is higher than a traditional SaaS business. How are you guys thinking about the potential margin pressures that you guys will see and your ability to continue to deliver the consistent leverage you guys have shown these last few years? I will start with the idea, we have been doing this for a long time. We have the infrastructure in place to monitor, analyze, and understand how all this data and technology passes not only from the LLMs but through our system and ultimately to our customer. Our ability to match how the customer is engaging with those costs within our system and the value they are getting is aligned. We are not linked into one LLM. We have relationships with all of them. Not every task has to be completed by a certain LLM. Certain tasks could be more complex that requires different pricing or different token usage, and certain can be done easily with a lesser token, and that is just an example of how we monitor it. We feel we are in a great spot that, hey, yes, the landscape of how the cost will show up in the P&L is going to shift. In December, I will walk people through what the future looks like, right? The margins are going to be a little bit different. The underlying premise of getting leverage throughout the entire P&L exists. Exists because our ability to look at our customer usage, match that up to the cost that is being incurred, and then match that up to how we are pricing the subscriptions, the tokens, the product add-ons, the capabilities in and of itself, all works within the framework of, again, being able to grow customers, being able to attach products, being able to drive LTV, being able to drive profitability, being able to convert profitability to free cash flow on a little better than a one-to-one basis, and then obviously using that with our capital allocation strategy that we put forth to drive the free cash flow per share. All of that remains intact. Some of the levers may shift within that, and we will get out and let everybody know as we get through 2027 what that will look like. 2026, I feel really good about the premises we put out there, right? Even with the growing Airo product, I have said we will generally be around 64% gross margin, give or take 100 basis points, depending on product mix. I still think that remains intact. We are still seeing A&C grow to be a bigger part of our business. With that, it is at a higher segment margin, which drives some tailwinds to our ability to grow. 33%, obviously, we have put a stake in the ground that we will be there for the year. And we are continuing to invest in Airo as we are doing that. So we feel good that we have flexibility to even do things that allow us to optimize for the funnel and make sure we are getting to the right customers and being able to look at this from the long-term value without having to make short-term sacrifices. Understood. Lost in all of that, I am sure you guys are utilizing AI internally quite a lot. I think you mentioned the care organization. But where are we on that particular journey in terms of trying to drive efficiencies within GoDaddy with your own internal use cases of Airo or other AI capabilities? Yeah. So, actually, I get pretty excited when I start to talk about this because it is fun to watch it evolve in your day-to-day work. You are seeing the efficiencies start to show up. Care is an easy one, right? We have been talking about care for years, and their ability to use agentic capabilities just gets better and better. Things that were done by agents or care people in the past now can be done by agents in and of itself. Resolution times are going down because we are getting to problem-solving faster. We are not sacrificing the customer engagement metrics that we have talked about for years, and their satisfaction rates, we are hanging tight with where they are. So it is just working, right? And even our ability to get live agents, human interaction, trained to be where they are is getting better because of the agentic capabilities within the organization gets them to be smarter, faster, better. You apply that to a more streamlined technology stack, you have another level of efficiency that we've talked about for years because you're not maintaining multiple different technology stacks now, you're maintaining one. And the familiarity with that one and the interoperability of that one is a lot easier to maintain going forward. Then you flip it over the technology stack in and of itself, we're getting more productivity from our engineering teams, right? They're launching and getting code into production from test to production a lot faster than they ever did. So, we're seeing our ability to even meet the customer needs around Airo in the technology stack, create the capabilities that they're looking for. It's faster. It's just faster to launch than it has ever been. And watching the engineers be able to code at that level today is just amazing. Then I have to throw in G&A, right? Of course, right? You look whether it's legal, whether it's my finance team, we literally are doing things much faster and integrating agents that used to take hours of time of work now is taking minutes through deploying these agents to do it and not sacrificing the quality or the accuracy of everything we're doing. Then where you're really start seeing some cost savings is the reliance on third parties. Whether you now can create the technology yourself to do it, you don't have to go buy it from somebody else. People can write some of this into the system themselves right now, which is just amazing when you think about it. BPO. You don't need people processing as many transactions out there. So, the need for these BPOs is going down, and that's a huge cost savings for all of us. Then quite frankly, there are things you used to have to rely on third parties for expertise. You don't need to rely on them anymore because a lot of that expertise can be taken in-house because it's just readily available. So you're seeing the efficiencies around this today. And that's why I feel really good about, hey, it's impacting our P&L today. A lot of these things didn't exist when I put out our investment thesis several years ago. And now as we get through the last year of that investment thesis, now we're seeing the benefit of the incremental ability to do that. And again, as I always say, I feel good because if we want to put some more marketing behind Airo, we can do it within the framework we've already set. It's not something that breaks the thesis in and of itself. It gives us options to optimize for going into the future and growing going into 2027. Got it. Super helpful, Mark. In our last minute, we'd just love to touch on capital allocation. The CAGR on free cash flow per share has been well above expectations. Some of that was driven by some big buybacks you guys have been doing. How do you guys see the right framework there? Do you guys continue to lean in? Do you guys shift those priorities elsewhere now? Yeah. So no changes, right? We feel really good about our execution of our capital allocation strategy. As I always say, don't look at any given quarter as a particular trend. Look at how we've executed over the last four years, how we've reduced our share count significantly, and how we've deployed that free cash flow to the best of our ability, looking at what's in front of us at any given moment. We are prudent. We are responsible with how we do it. Buybacks is still the key metric we use for returning value to our shareholders, but we will always evaluate to make sure we're getting the right ROI, the right return for any investment, whether it's buybacks or anything else we're doing out there. Again, what I always come back to, if you want to get an idea of what we're going to be like in the future, just look at what we did in the past, because we feel really good about how we've executed that program. Understood. Mark, Christie, thank you so much for all your time today. I think we are right at the time slot, so no one has to yank us off. To the audience, thank you for your participation. Enjoy the rest of your day. All right. Thank you. Thanks, Ken. Thank you.