Okay, great. Good morning, everyone. Welcome to the UBS Global Technology and AI Conference. We are very glad to have with us this morning the CEO of Global Payments, Cameron Bready. So, Cameron, thank you for making the trip and being here at our conference. Yep, my pleasure. Thanks so much for having us. Glad to be here. All right, great. We've got a good list of questions here. We're going to start with a little bit of macro and sort of recent trends in the holiday season and during Q4. We'll talk a little bit about the AdvancedMD sale. Then we'll get into some of the merchant subsegments. We'll hit a little bit on integrated, embedded, POS, and software, and then the core payments. We'll touch briefly on issuer, and then we'll get into the FY guide, both from a revenue and a margin, and also a capital return perspective. So that'll probably take us through most of the time. If we have time at the end, we'll open up for Q&A from the audience. So with that, I'd say coming out of earnings, there were pretty encouraging trends across our coverage from five very credible large companies: Visa, Mastercard, Visa, Global Payments, and Square, all saying that October was a really strong month. So with that context, Cameron, maybe you could just speak around the trends that you're seeing in the business. Yeah, happy to. I mean, I think if you start at a very high level, the consumer remains incredibly resilient, quite frankly, probably more so than I would have predicted heading into the year. Obviously, I think a lot of people are commenting on some of the pressure, maybe at the lower end of the consumer market, but certainly the higher end of the consumer market remains very stable, very resilient. And overall spending levels, I think we've been very pleased with what we've seen in Q4 thus far. We did comment, to your point, about October being a relatively strong month, certainly coming off of September. September was obviously impacted by weather events, both here in the U.S. as well as Central Europe for us in particular. I never like to blame the weather, but certainly when you look at what hit the U.S. in the latter part of September, and then some of the impacts across Europe from storm activity there, we did see a particular slowdown kind of in spending in the back half of September that I think was largely attributable to those events. But October has been. October was a good month, and certainly the trends we've seen in November continue to look a lot like October so far. So pleased with the progress for the quarter, and certainly the underlying trends we're seeing align with the expectations we had and the outlook that we provided on our Q3 call. Excellent. Thank you for that update, Cameron. All right, let's move to the next topic, which is the AdvancedMD sale. So when you announced the sale, you noted a few reasons for this. One was just the healthcare market has some complexities, right, requiring some greater investment, maybe a regulatory aspect. You also mentioned a little bit of a channel conflict with some of the ISVs that have come over in the TSYS acquisitions. Just maybe talk a little bit more about the decision to divest of AdvancedMD. Yeah, I think it really boils down to a few things. One, when we're invested in a vertical market software business, we want to make sure that the investments we make in that business we can amplify more broadly across our company and across our organization, and healthcare is a market that has a significant amount of bespoke investment requirements, largely attributable to the vagaries of healthcare and the regulation around healthcare. The second thing I would say is, because of some of the regulation around healthcare in particular, it'd be very hard to integrate AdvancedMD into the new operating model that we're trying to evolve towards through the transformation journey that we're on. So as I looked at AdvancedMD, there are some very specific requirements from a regulatory perspective that require us to sort of maintain that somewhat as a separate operation relative to how we want to run the entirety of our business. The third thing I would say, and I think you correctly pointed out, clearly we saw some channel conflict with healthcare vertical partners that we have, many of which came to us through the TSYS merger we did back in 2019. So that was becoming a little bit of a point of friction around some of our more important channel partners in our integrated business. And certainly we were mindful of that as we thought about whether or not we wanted to continue to own that business or not. And the third thing, or the last thing I would say, fourth thing, is we're a little subscale in healthcare. And I think the path for us to be more of a scale player in that business, I think was going to require a level of investment that, quite frankly, given the other priorities we had for the business, we didn't think was an appropriate sort of use of capital for us. So AdvancedMD is a great business. Francisco Partners will be a great owner of that business. We'll maintain our integrated payments partnership with AdvancedMD, which ironically is how we started our relationship with AdvancedMD going back many, many years now before we acquired the business. So we're delighted with the outcome, and we're delighted to use that opportunity to be able to return capital to shareholders as well. As we announced on our Q3 call, we executed a $600 million ASR, and we anticipate returning about $700 million in total from the transaction over the course of the fourth quarter. Excellent. I'll just skip a little bit ahead simply because you alluded to it there, but the $250-$260 or so in revenue that was forecasted for AdvancedMD, that's what leaves on an annualized basis. But you mentioned they remain a client. Can you just talk a little bit about directionally the revenue stream there and the mechanics, meaning will AdvancedMD effectively act as a payback? Yeah, it's a great question. So the 250-260 revenue estimate we gave for AdvancedMD, that's the revenue that is leaving Global Payments through the transaction. So that's net revenue that we retain through the payments relationship that we have with AdvancedMD. And interestingly, the model they'll use as a go-forward matter is our ProFac model, which is a little bit of a, as we've talked about before, something in between a traditional payment facilitation relationship and a more traditional sort of referral integrated partnership. There'll be a ProFac where effectively they will do the selling, and we will do the servicing and the management of the account base on their behalf, and they'll ride our payment facilitation rails as a go-forward matter. Perfect. Thank you, Cameron. The last one on this topic, and then we'll get into some of the merchant subsegments, relates to so the gaming business was sold and now AdvancedMD has been sold. So sometimes investors ask, should we expect Global Payments to be making investments behind vertical software platforms? Yeah, I think the short answer is yes. And I think about it really through two lenses, organically and inorganically. And as we think about the point of sale and vertical market software business, that's a critical pillar to our merchant strategy going forward. We continue to believe in owning software in certain vertical markets. Clearly, point of sale, I think, is critical to how we want to grow and expand our business in restaurant and retail. And we like the positioning we have in other verticals with the software assets that we still have in our ecosystem. So I think first and foremost, we're focused on investing in them organically. We want to find ways to expand them internationally, much like we've done with TouchNet in the U.K. market. We've already signed eight customers in the last year with our expansion plans around bringing our higher education software into the U.K. market. We want to find more opportunities to do that. We also want to find opportunities to expand into adjacencies as a vertical matter, much like we've done with Xenial, being able to expand into the sports and entertainment venue market, leveraging the core foundation that we have with that point of sale software platform, so I think our highest priority, certainly in the near term, is continuing to find ways to grow and scale the point of sale and vertical market business organically, but we remain open-minded longer term to investing in more vertical market software assets if they fit our strategy. We can invest in them in ways that we're able to amplify that more broadly across our business. The vertical is highly fragmented. We see good opportunities for growth. It's international in nature, et cetera. So all the same criteria we've generally talked about historically, but all centered around this concept of there's got to be a strong nexus between software and payments for us to be in a vertical market software business. And certainly that's core to the thesis as we move forward and we think about further investments. But certainly in the near term, we've talked about our highest priority from a capital perspective being returning capital to shareholders. I'm sure we'll touch on that later. So from an investment standpoint, I would say near-term priority is more organically oriented, but obviously remain open-minded to adding to it inorganically over time as well. Perfect. Thank you, Cameron. All right, we're going to move into the three subsegments of the merchant division or the merchant segment. The first one we'll talk about is integrated and embedded. So I remember at the investor day afterwards, you, Winnie, and I were talking about this, and we were going through sort of the components of that. So a big part is the partner business. And then there's also the embedded e-commerce business that has made up the, let's call it roughly $2.9 billion of revenue for that subsegment for 2023. There might be some smaller revenue streams in there, maybe portions of data analytics, payroll. I understand those are more horizontal across the subsegments. So maybe just talk about the components of that business and if you can touch on the embedded e-commerce aspect. Yeah, I'd be happy to, so I think you basically have it right. That segment consists of two things. One is the more traditional integrated business, which is going to be our traditional integrated referral channel, our ProFac clients, as well as our payment facilitation solutions as well, and then we have what we call more of our embedded e-com capabilities or embedded payment capabilities, and that's largely in situations where we're delivering our payment solutions through an integration with some sort of software solution or some technology that a client is using from a payment acceptance standpoint, typically for card-not-present solutions, so think any sort of e-commerce checkout solution or payment solutions we may have embedded in B2B software, whether it's the integrations we have with Sage, Acumatica, et cetera, from a B2B perspective. It could be as simple as a pay-by-link integrated into a billing software solution that a client is using. So anytime we're embedding our payment capabilities, largely for card-not-present solutions, into a technology that clients are using from a payment acceptance standpoint, that's generally going to be in that embedded channel. We do have e-com in core payments. We do have e-com, obviously, in point of sale and vertical market. But much of the e-com solutions that we have today are going to be in that embedded channel along with our integrated offerings. And that's largely how we go to market, which is kind of why we've grouped them together in the way that we did. In addition to that, you're going to have sort of commerce enablement solutions that we sell to those clients in that channel. That's a relatively small portion of the revenue base today, and it largely centers around some of the capabilities that you described earlier: loyalty, marketing, analytics customer engagement, to a lesser degree payroll. There's not a lot of payroll penetration in that channel as of yet. So those are the types of commerce enablement solutions that, as we move forward and we focus more on expanding our suite of commerce enablement solutions more broadly across our business, more revenue will come from those channels in the future. But the core is obviously going to be the integrated and the embedded payments businesses that comprise the vast majority of that $2.9 billion today. Excellent. Right. Most of the payroll business is sitting over in the core payments. Correct. Yeah, the traditional go-to-market's been collectively with the more traditional go-to-market around the payment side, so there's been less sort of penetration of payroll into the integrated channel and the embedded channel as of yet. Okay. Excellent. A brief follow-up on the partner or the ISV channel, and then we'll move on to POS and software. But when you talk about the three main operating models, right, the traditional referral model, the ProFac or managed PayFac, and then, of course, the full-fledged PayFac, can you just talk about the varying degrees of competition you see across those? Are there different players that are typically at the RFPs that are more centered towards ProFac maybe than others? Yeah, it's a good question. I think, look, it's the typical usual suspects that you would see in most of those situations, and I think what's really important to us is how we try to differentiate ourselves in those opportunities. And it really starts with we don't have one model that we're trying to force all ISV partners to adopt. I like the old saying, "When you're a hammer, everything looks like a nail," and a lot of our competition has a model that they operate, and our model is very different. We're very much solution-oriented. The vast majority of conversations with ISVs begin with, "I want to be a PayFac." That is, they all think they want to be a PayFac. The reality is very few of them really should be payment facilitators. Most of them should be either a more traditional integrated referral partner, or they should be some sort of managed PayFac client. In our case, we call that our ProFac solution. And the vast majority of new partners that we sign are generally going to fall in those two categories. There clearly are situations where an entity should be a payment facilitator, and obviously we have the capabilities to deliver that solution as well. But the vast majority of time, as I said, they're really better suited to be a more traditional integrated partner or some sort of ProFac partner for us. And I think that's, again, a very important aspect of how we try to differentiate our positioning in the market and why we continue to be successful in growing and scaling our integrated business is we are able to tailor our model to meet the needs of the underlying ISV partner, really to accomplish the goals and objectives they have from a payments monetization perspective. We don't try to force everybody to the single solution we have. We don't try to convince them that that's the right model for them when we know in reality that they're better suited to be operating under a different model than traditional payment facilitation. So we see the usual suspects, many of them come through the payment facilitation sort of lens. That's the one lens that they view the world. Those are the capabilities that they have to deliver into the marketplace. They don't have a lot of flexibility for the ISV in terms of how they operate in that environment, and I think that's why for the more sophisticated ISVs that have more complex requirements, I think we continue to win more than our fair share of the market because of our ability to tailor our offerings to meet their underlying needs. Great. Thank you, Cameron. Let's move on to the POS and software subsegment, so we already hit a little bit on vertical SaaS, so I think we'll focus a little bit more on the POS side, so this was one of the main topics coming out of the investor day, so the consolidation of the point of sale brands around the Genius brand, so there's Heartland Retail, Heartland for Restaurants, Vital, and a few others. Some are more SMB, some are a little bit more up-market, but can you just bring to life the end state vision for the point of sale offering? Yeah. And I think it's important to recognize the efforts around point of sale. One, I think, are critical to the strategy that we want to pursue going forward because certainly the mode of competition for restaurant and retail is around the point of sale environment and being able to deliver point of sale solutions from a software perspective that really help our retail and restaurant clients run and grow their businesses more effectively. And secondly, that this is more than a branding exercise. We're aligning our brand around the Genius brand as a go-to-market matter, but we're also aligning our platforms and operating models around a single environment as well. And we're doing that for a variety of reasons. One is, if we're honest, we're too highly fragmented across way too many platforms, way too many brands today. We have an amazing array of capabilities. Unfortunately, they sit on a variety of different platforms. We can't always make them available to the clients we want to make them available to and the markets that we want to focus on as a business. So harmonizing all those capabilities, the feature richness of the solutions we have today into common platforms that we can scale up to meet the more complex needs of mid-market to enterprise customers, but also scale down and configure simply for the needs of a small to medium-sized business. That's our strategy end of day across restaurant and retail. Harmonize our technology platforms, harmonize our operating environments, harmonize our go-to-market strategy, align around the Genius brand, and bring the full breadth and array of capabilities that we have in our ecosystem to bear on the market and doing that in a more unified manner. I'm incredibly bullish about the prospect for our point of sale business long term as we're able to unlock more of the value proposition that we see coming from those solutions. All right. Thank you. Maybe we'll circle back there if time permits, but let's move on to core payments. So this is the more traditional portion of the business, right? It has a little bit of a greater skew to international, right, and a little bit of a greater skew to the bank channel. This segment was guided to mid-single-digit revenue growth once we get into the 2026 and 2027 timeframe. So maybe just talk a little bit about the competitive positioning of the core payment segment. Yeah. It's probably good to start with the mix of business that's in there today. To your point, roughly half, give or take, is going to be associated with international markets. And the balance is going to be focused on sort of wholesale, more traditional go-to-market strategies here in the U.S. market that don't fall into our integrated, embedded, and point of sale and vertical market channels. So as we look at that business, it's going to be a mix of different things. Internationally, we're in a mix of sort of higher growth and more mature, perhaps slower growth markets. So on the lower end, think U.K., Canada to some degree. Those are very mature kind of slower growth markets. On the higher end, think Central Europe, Poland, Greece, Ireland, markets where we're able to achieve kind of high single-digit, low double-digit type growth rates. When you blend it all together, that channel kind of averages out to roughly a kind of a mid-single-digit grower channel as we move forward. Some of the tailwinds, obviously, we continue to be in good secular growth markets. We're continuing to invest to bring new product and capability to those markets. That's very differentiated, whether it's point of sale or GP Tom capabilities, analytics, customer engagement. We're bringing more of our commerce enablement solutions into these markets. It'll drive, I think, better growth rates for us longer term in the secular growth markets where we see attractive fundamentals. But that's going to be a little bit offset by we're continuing to shift resources away from traditional selling into the U.S. and into more selling point of sale, selling vertical market capabilities, selling integrated solutions. So we're going to shift more of the distribution resources away. So we're balancing the overall core payments channel to kind of maintain that sort of mid-single-digit growth. More of that's going to come from the international markets and our efforts to invest and grow those channels, less from the more traditional U.S. markets as we continue to divert distribution and focus towards areas of higher growth opportunities for the business long term. Excellent. As we talked about the investor day, a little bit of a feeder channel to some of the other subsegments. Yeah, absolutely. If you look at the core payments business in the US that we have today, that is a target-rich environment for our point of sale solutions. The future for us from a point of sale perspective is we're not selling any more of Verifone and Ingenico terminals. We're selling our basic standalone point of sale software offerings that may be a basic terminal on a phone or it may be a terminal on a device that we control the software that rides the underlying payment rails that are ours, or it may be a more sophisticated ePOS kind of point of sale counter offering, et cetera. But the future for us is not selling Verifone and Ingenico terminals. It's selling our own point of sale software solutions. Excellent. All right. Great. Let's move on to issuers. So the TSYS issuer business. So in the most recent quarter, you called out a few items such as consumer volume slowing, commercial card volumes a little bit softer, and there were some delays from some product and service investments from a bank partner. But you also called out that later in the quarter, there were some conversions, which helped drive up maybe a stronger end to the quarter and could support 2020, sorry, the Q4 results and into 2025. So maybe just recap the recent trends and a look into 2025. Yeah, happy to. So we did in the Q3 kind of call out some of the trends we're seeing in the underlying issuer business. Certainly, we've seen a bit of a slowdown in consumer spend. It's very much similar to what you've seen out of the big issuers, Bank of America, Citi, JP Morgan, et cetera. They all saw roughly, call it a point of slowdown Q2 to Q3 from a consumer spend perspective on the issuing side. And we saw the same thing in our business. What we saw a little bit more impact from was commercial. We've certainly seen throughout the course of 2024 a little bit of a slowdown in commercial activity. And we're kind of disproportionately skewed towards commercial because we have so much of the commercial market from an issuing perspective in the U.S. Our market shares are very high there. So we do see the impact of slower commercial spend kind of by and large across the U.S. market impacting the TSYS business to a little bit. And I would just say, given the cycle that we're in, that's not terribly surprising. Look, we're doing the same thing in our business. We're clamping down on T&E spend. We're clamping down on spend overall. And I think most businesses, given the underlying macro environment that we're operating in and the uncertainty that exists, are doing largely the same thing. And we see that manifest itself in commercial spend volumes. The other thing we've seen is, again, in light of that backdrop, a little bit of slowdown in sort of issuers investing in their issuing businesses. They're making plenty of money on interest, obviously, in the environment we're in. But they're not seeing the same sort of volume trends. So the investment that they're making behind those businesses has been a little bit slowed. And I think that's deferred some of capital investment into issuing businesses out into future periods. And we saw that impact a little bit in Q3. But I think as we look forward to Q4 and perhaps more importantly to 2025, our confidence around that business is bolstered by a few things. One is we continue to convert very effectively into our environment. I think in Q3, we converted 30 million card accounts into our technology environments. We have a pipeline that's still at near record levels at around 65 million accounts. We've renewed 15 of our top 25 customers, 15 of our top 20, excuse me, over the last, call it, 24 months. So we have good visibility around a renewal cycle perspective as we move forward in time as well. So those trends, I think, coupled with what we anticipate to be a relatively stable macro environment kind of heading into 2025, gives us a lot of confidence around the medium-term outlook for the issuer business still being in that kind of mid-single-digit range. All right. Excellent. That's a good segue into the overall company's revenue growth outlook. So at the investor day, you talked about mid-singles for 2025 and then re-accelerating to the mid to high single digits in 2026 and 2027. Maybe you could just go over some of the transformation efforts and their impacts to 2025 and then the drivers of that re-acceleration into 2026 and beyond. Yeah. I think as we thought about our outlook for the next three years, it was really important to us in 2025 to give ourselves the breathing room we need to make the investments and do the things we need to do in our business as a transformation matter to position the business for long-term sustainable growth and to position ourselves for better scale and better outcomes, I think, for our business over the longer term. It was pretty clear kind of coming into this job after being at the company for kind of nine years before taking over as CEO. Look, the path we had been on for the last decade is not the one that was going to continue to drive long-term growth and success for our business. We needed to make some changes in how we operate, how we're organized, how we invest to deliver better return on invested capital in our business, to be more focused as an enterprise and really lean into the areas of differentiation we have in the marketplace today and stop doing some of the things that, frankly, weren't driving the kind of returns that we needed to create for the business. So as we set up for the outlook for the next few years, 2025 was really about, let's get very focused on making the transformational changes we need to make in our business around our operating model, how we're organized, how we think about aligning distribution against the capabilities we have, how to invest in those capabilities to bring them to life more effectively and unlock some of the untapped value that I think exists in our ecosystem today, both domestically here in the U.S. and in core markets for us internationally around the globe, and really do the hard work to make sure that we're better positioned as a business as we think about the longer term. And I think 2025 really reflects that. We're giving ourselves a breathing room to be able to make hard decisions around stop doing things. There's lines of business that we're chasing today that I don't think the returns justify, the level of investment and the amount of time and effort that we're spending on them, so we want to stop doing those things. We want to be able to make the right technology decisions around platforms, and in doing so, you do run the risk of some client attrition as you think about bringing platforms together, and not every client's going to want to reintegrate or move to a different platform environment as we work to go through that process internally. Naturally, we'll make the right decisions where we need to, but we also want to have the flexibility to make the hard decisions to make the right long-term technology choice, whether it's a gateway, a front-end, off-platform, et cetera, so that we can position the business again for better and sustainable growth longer term. We want to refocus distribution. We talked about this earlier, in particular around point of sale. We want to reorient distribution to be selling the things that are more value-added, that are going to drive better growth outcomes for us longer term and are more aligned with where we see the market going. We are reorienting distribution to sell more point of sale. We are reorienting distribution to lean in more to our integrated and embedded solutions and be able to bring those to market more effectively, leveraging distribution that we have. And in doing that, naturally, there's going to be a little bit of disruption to be expected on the new sales front. And I think we're sort of trying to factor all those things into the outlook for 2025, again, largely with the idea we want to give ourselves a breathing room to make the investments we need to make, to organize ourselves the way that we want to organize ourselves, evolve the operating model in the way that we've described. That then, I think, positions us much better as we go into 2026 and 2027 to get to sustainable growth rates for the business that do re-accelerate off of the 2025 base, but again, better position the business for what I think is going to be a much more sustained organic growth future. And that's very much what we're focused on as an organization. Great. Thank you, Cameron. That's also a great segue into 2026 and 2027, where you guided to margin expansion of roughly 50-100 basis points. You talked about getting roughly $500 million of run rate savings by the first half of 2027. So maybe just talk a little bit about, one, the areas of savings, and then, two, the areas of reinvestment. Yeah, it's a great question. So we've targeted $500 million of run rate operating income benefit by the first part of 2027. Much of that's going to come from expense savings and efficiencies in the business. Some of it's going to be incremental margin from revenue initiatives that we have in the business as well as we're looking to re-accelerate on the back of 2025, as we've talked about before. So if you just think about the phasing of that, roughly 30% of that benefit will come in 2025. Much of that will go back into the business in terms of reinvestment. And then we expect to see about an incremental $200 million of benefit in 2026 and probably $400-ish million in 2027. And the full run rate you'll see in kind of 2028 at that $500 million level. So the areas of savings are largely around reorienting our operating model around being a unified kind of operating company, which is very different than how we've managed the business historically. And that really aligns around three primary changes. One is we're trying to create a homogeneous merchant business. We've been largely a collection of merchant businesses, given how we've grown and scaled the business over a long period of time. And we're working very hard to create a more homogeneous kind of merchant business that operates as a business, a single business globally, delivering the vast array of capabilities and solutions we have more ubiquitously in the markets that we want to serve, again, around the globe. The second is consolidating all of our technology environments into a centralized technology function. Our technology has been largely fragmented kind of throughout our organization. We had a core sort of corporate technology team, but we also had technology embedded in all of our different businesses. We had different sort of development standards, different tooling, different capabilities, kind of again, scattered throughout the business in a somewhat fragmented manner, given how we were operating the business historically as we were working through kind of the growth cycle that was fueled by both organic but largely inorganic growth initiatives. Consolidating all that technology together will require investments to harmonize tooling, harmonize capabilities, harmonizing product development life cycles, software development life cycles, how we manage information security, et cetera, around the organization. That's a big area of investment. It's also a big area of savings as we also harmonize technology platforms in environments that we're leveraging to support our business and grow our business around the globe. And then third is, again, consolidating and harmonizing all of our operating environments under common leadership where we can better drive scale, better deliver excellent experiences to our clients from what I like to say, birth to death inside of Global Payments. We now have an operating team that's solely focused on delivering that outstanding client experience and one that we think is differentiated relative to what our competitors can provide. From the moment a client wants to integrate into our environment to the moment that they leave, which hopefully is a very long time in the future, we have a team that's really focused on making sure we have the right technology, the right experiences, the right servicing platforms. We can deliver those capabilities how and where our clients want to consume them and the way that they want them to consume it, whether it's fully digitally or still working with one of our representatives to try to solve whatever problem it is they have. We're making investments in our operating environments to really deliver on or to continue to build on, I think, a strong track record of outstanding client experience and service. Great. Thank you, Cameron. I think we can wrap it up on the capital return topic. So guided to about $7.5 billion of capital return over the next three years. And I think important to note that was including roughly $2 billion or maybe a little more in buybacks per year. And then also some of the cash that you bring in from some of the planned sales of $500 million-$600 million of revenue were not included in that $7.5. So maybe just a brief comment on capital return. Yeah, happy to. So if you step back and look at the model over the next few years, we expect to generate somewhere in the neighborhood of $8.5-$9 billion of free cash flow in the business. That's about a 90-plus% conversion rate. And we expect to return about $7.5 billion of that to our shareholders. That's our target. As we said, our highest priority from a capital allocation perspective is returning capital to the shareholders over the near term as we make these investments internally and we build towards a more sustainable long-term organic growth model for the business. We think it's important to balance that with strong capital returns. And we think we're doing that with the commitments we've made around the capital returns of $7.5 billion over that cycle. Plus, as we talked about before, as we look to exit some businesses that we don't think are core to where we want to drive the business longer term, we're using those proceeds after we obviously maintain leverage neutrality to return capital to shareholders as well, much like we've done with AdvancedMD. AdvancedMD was like $250 million-$260 million of the $500 million-$600 million that we're targeting to exit. So I think it's a good first step in the direction that we want to move. And it's also, I think, a strong signal around our commitment to returning capital, which we're certainly very focused on over the next few years. Excellent. Well, on behalf of everyone at UBS, I want to thank you, Cameron, for being here. And I also want to thank Winnie, head of investor relations, for also joining us here in Arizona. Thank you, everyone. Thanks very much for having us.