Good day, ladies and gentlemen, and welcome to the BMO Digital Advertising Summit. At this time, I would like to introduce your host, Dan Salmon, who is joined by Lisa Utzschneider, Chief Executive Officer, and Joe Pergola, Chief Financial Officer at Integral Ad Science. There will be an opportunity for questions today. If you have joined via the webcast and you wish to ask a question, please press the Ask Question button. If you have dialed in today, please press star one at any time to enter the Q&A queue. It is now my pleasure to turn the floor over to your host, Dan Salmon. Sir, the floor is yours. Okay. Thank you, Paul. Good morning, everyone. Welcome back to day three, our third and final day of the Digital Ad Summit. This is number 11 fireside chat of 12 fireside chats we're doing over the three days. Our final one will be right after this at 1:00 P.M. Eastern with Nielsen to finish off. Over the course of the last two days, we heard from Innovid, Criteo, Fubo, WPP, Roku, Dotdash, Meredith, Interpublic, DoubleVerify, Yelp, LiveRamp. If replays of any of those are of interest, reach out to your BMO salesperson, and we're happy to get those across if you missed them. Leading off the final day here, just special thank you to the team at IAS for pulling this together since they reported earnings last night. Have had a couple things on their hands of late. I wanna welcome Integral Ad Science. Lisa and Joe, thank you both for joining us today. Maybe we'll start by having you tell us just a little bit of background on the company since it's still relatively new to the public market. Maybe Lisa, we've been asking this of everybody as we kick it off. What's the single most important thing about IAS relative to the secular growth of the digital advertising industry? Sure. Thanks, Dan, for the introduction. Thanks for having us. It sounds like your week has been as busy as our week, but we're in the home stretch. It's Friday, right, Dan? Friday. I'm Lisa Utzschneider, Chief Executive Officer of Integral Ad Science or IAS. I joined the company just over three years ago. I've spent 20 years in digital advertising, both building, rebuilding ad businesses, working for global tech companies like Microsoft, Amazon, and Yahoo, and pleasure to be here today. Joe, you wanna quickly introduce yourself? Thanks, Lisa. Hey, everyone. I'm Joe Pergola. I'm IAS's Chief Financial Officer. I'm about two and a half years into IAS, coming from Amazon. I've been working throughout my career building best-in-class finance teams across Time Warner, Yahoo, CBS, and then, like I said, most recently, Amazon. Looking forward to talking to you today. Okay, I'll give you the 90-second elevator pitch on IAS, and then I'll talk about. Okay. I hate just picking one, but what's the one most important takeaway on IAS? IAS, we're a leading global digital media quality company. We've been around for over 10 years. We took the company public last summer, and as Dan mentioned, we announced our Q4 earnings last night. It was our third quarter as a public company. We have very healthy top line revenue growth. We're actually growing faster than the overarching digital advertising industry. Our growth last year was 34% versus digital advertising growing at 30%. Basically, what we do is we ensure for marketers that wherever they're buying digital advertising across the entire digital ecosystem, that they're running adjacent to brand safe, brand suitable content, there's no fraudulent bot activity, and also that their ads are viewed by humans. In addition to that, we offer a robust contextual targeting solution, ensuring marketers can, from a pre-bid level, identify content that they never want their brands adjacent to, and also pursue content that's relevant for their brands. In terms of one takeaway, with IAS, I would say, given these unprecedented times right now and everything that we have been living through over the last two years, brand reputation, protection of brand equity is at an all-time high for Fortune 500 marketers. Good example, take Coke. Coke is a global strategic account for IAS. $250 billion market cap. Yes, $250 billion. When they think about investments in digital advertising, they're running across 200 markets, 500 brands. It is paramount that Coke protects their iconic brand regardless of where they're running across any platform, social platforms, user-generated content. That's a big reason why they partner with IAS, is they can rest easy at night that their brands are protected anywhere across the web. Fantastic. I'll add to that 30% top line growth, 30% EBITDA margins as well, which in a market that is putting a greater premium on profitability, I think that's always a really important part to the great growth story. It starts at the top line. Lisa and Joe, like I said, you're fresh off the earnings last night, and you know, just went very strong. Our notes out, our estimates were headed up, our target was headed up. I wanna start by spending a you know, good amount of time on some of the really strong growth drivers. Let's start with Context Control, which I think appears to be the number one driver of the outperformance right now. You know, maybe first, Lisa, the guests during the summit have been hearing a ton about, and for the last year, couple of years now, about deprecation of cookies and mobile identifiers and things like that, privacy changes, as we maybe broadly call them. You know, can you start by explaining, you know, why your contextual targeting solution, Context Control, in particular, really benefits from these types of changes? I'll start macro, then I'll go micro. Macro, as you mentioned, Dan, we're seeing this dramatic shift in the marketplace where marketers no longer want to target consumers based on PII, consumer privacy data. There's regulation in place in certain parts of the world where it's just not okay anymore to do that. As that shift is happening away from PII privacy data over to contextual targeting, it's absolutely been a tailwind for our business. It's accelerated our programmatic revenue overall. We reported last night that our product, Context Control, makes up 38% of total programmatic, and again, it is a tailwind. We launched the product in March 2020, shortly after acquiring a company and integrating their tech into our tech stack. We launched it in the height of COVID. I mean, it feels so long ago, but everyone probably remembers. I know we started working from home at IAS, March 13, and that's when it was a 24/7 news cycle about COVID. There were so many unknowns about COVID. Also, I vividly remember when marketers and the ad agencies, they were scrambling because they just didn't know, where am I comfortable running my brands? What type of content related to COVID? What's the content? I'm just not comfortable. That's when we launched the product. We launched it first with The Trade Desk. They were one of the first DSPs up. We have very different technology, differentiated tech, that we can read the content of a page like a human, and we can classify and detect content based on semantic and sentiment. Being able to detect content based on emotion is a big deal for marketers. We can detect things like hate speech or other content. Since launching that product, we've seen incredible adoption rate. 70 of our top 100 advertisers have adopted Context Control, both in terms of avoidance. For example, Nestlé. Nestlé would never want to run their brand adjacent to something like hate speech. It's what I call set it and forget it. They say, block. We wanna avoid all content related to hate speech. But also, they're pivoting towards our, what I call the proactive contextual targeting solution. The Nestlés of the world saying, for a KitKat campaign that I'm running before Halloween, of course, I wanna run adjacent to articles about baking or cooking. The majority of the adoption we've seen to date is avoidance, but where we really see a huge TAM is contextual targeting, and that's where we have our sales teams trained up. Focus now is to drive contextual targeting in 2022 and beyond. You touched on a couple things I wanted to follow up on, which was, and you used this phrase last night, right? Set it and forget it. The idea of ad avoidance, right? As you said, just sort of, you know, we wanna stay away from hate speech, you know, full stop, always on. You said, like you said, that always on nature of it. To dig a little deeper, what does that exactly mean for your revenue growth? That means just sort of consistently their impressions that they're delivering have that service running against it. Yeah. Joe, you wanna take that one? Yeah. Thanks, Dan. It's the coordination that we have with the DSPs and their clients, right? Right. Setting that up, it made up about 38% of our programmatic revenue in Q4. We continue to see the acceleration on the avoidance side, but it's more of a unified global brand reputation protection setup. Right Now with targeting being much more of a campaign-specific, very curated experience with a lot more opportunity ahead of it. Both expected to accelerate. That makes a lot of sense, Joe, 'cause, you know, what you said last night, Lisa, that was really intriguing was when I asked you sort of which side of this could be bigger, and you were very clear that the targeting side of it could. This is what I wanted to understand better, which is, you know, as Joe put it, right, avoidance is just sort of a, here's a global standard, period, right? We just wanna make sure we stay this. When you're talking about targeting, right? Targeting is local. All advertising is local, right? That's sort of the idea that we're getting at in terms of where targeting is the use case for Context Control can be so much more significant, because it has to address that complexity. Is that the right path I'm headed down? Well, I actually would take a different path. When you think about avoidance, it's pretty binary, right? Yes. Hate speech or adult content, like it's a relatively short list. We have industry standards, we have industry taxonomy. What are those areas that it is clear that a Fortune 500 marketer would never wanna run adjacent? There are some nuances behind it. If you turn to contextual targeting, that's the rest of the universe, right? That's like 98% of all content out there. You know, a good example is even with our Context Control product today, we've already built out hundreds and hundreds of contextual segments based on the feedback from marketers, the segments they're interested in running against. If you look at all the verticals that we're running our business up against, whether it's CPG, retail, tech, telco, travel, the marketers are constantly coming up with additional segments that they want to target against. A good example is we recently launched luxury or travel. Now that we're coming out of the pandemic, more and more users are out traveling, and marketers wanna connect with those users. Just think of it as the majority of the content on the web where marketers wanna make meaningful connections with users wherever they are across the digital ecosystem. Fantastic. Let's maybe move on to another big growth driver, which is social. You know, a couple of the stats you talked about there last night, up to now representing 40% of your other major buy-side segment, that's the advertiser direct business. 60 new marketers, I think, activating the solution during the quarter. You know, maybe Lisa, can you talk about the broad drivers of advertiser demand and social? And then, you know, maybe also update us. We love when you get into this, there's some very specific technology that you're developing around social feeds. We'd love to hear an update on that as well. Sure. Happy to answer that. I'll start macro again. Especially over the last two years as we're doing everything from home, working from home, living from home, everything, adoption of social platforms is at an all-time high as more and more users are spending their time on the social platforms. Connected TV, I know in my house there's no cord anymore. My girls don't even know what linear TV is. Everything is viewed via streams. With that demand, marketers wanna be where the consumers are, on the social platforms. Because of that, marketers wanna again ensure that wherever they run their brands, it's in brand safe, brand suitable environments. Especially with the nature of the live feeds on social platforms, highly dynamic, user-generated, short-form video, but it's the unpredictability of the social platforms, like TikTok is a good example. It's the first platform that we've launched our product with. The marketers like a Nestlé or a Coke or a Verizon, they wanna connect with those users, but they wanna rest assured that their brand equity, brand reputation is safe. Just last year, we built a multimedia classification technology. We can classify live dynamic, in-feed inventory by image, audio, and text, and we're able to classify if that inventory, if the feed is brand safe, brand suitable. At the end of 2021, we announced that we acquired a Paris-based company, called Context, purely incredible AI technology, and we're embedding that tech into our TikTok solution that just turbocharges the technology. The way to think about context is if you're viewing a video, the technology can classify exactly the images and label the images real-time in the video. Again, pure AI where the tech can say, "That's a man, that's a gun, that's a glass of milk," and label and categorize it, and basically the tech gets smarter over time. The beauty of the technology, it's pre-bid that we have built for TikTok. It's portable, it's scalable, so we can pick the tech up and move it over into the next social platform. As I announced on last night's call, the remainder of our TikTok roadmap or what we're working on right now is still on track, for the first half in launching a post-bid measurement solution with TikTok. We run the current product in three markets in the U.S., Germany, and France, and we have plans to roll it out into a dozen markets this year. You mentioned TikTok is sort of an anchor client there. You also talked a little bit more about LinkedIn last night, I know you've worked with Twitter. Talk to us about how the product's starting to flourish across some of the other emerging social partners. Yeah. This, the live in-feed and what I like to call cracking the code in-feed, that is where the big opportunity is. TikTok is the first platform where we've launched the product. We're also heads down, working with Twitter. Our roadmap's on track with Twitter, to launch their product. LinkedIn, little bit of a different animal, right? Yeah. That's more of a B2B play, but like, you know, marketers really care about running advertising in LinkedIn. The whale is Meta. We talked a little bit about Meta last night. They had announced in a public blog at the end of last year that they were going to open up their live news feed, which is massive. It represents, I believe, about 90% of their inventory to third-party verification partners. They launched an RFP, or RFI process. We'll see once they announce who they're selecting, I think initially to just help scope the alpha and beta product. Very helpful. Yeah, that was the obvious direction that we were headed towards. I think it's the material opportunity, obviously. The one thing on that, Dan. Mm-hmm. You know, having been speaking with marketers for few years now about the importance of brand suitability within the live feeds, I think a big reason why Meta opened up is because of the persistent pressure from the marketers, right? I'm sure everyone remembers two years ago, the Facebook boycott by the marketers saying, "Come on, Facebook, you gotta open up your feed." I also think they've pressured both TikTok and Twitter. That's why TikTok is now declaring, "We wanna be the most transparent social platform on the planet." The marketers, it's so important that they continue to pressure the social platforms to open up their feeds because they're looking for alternative places to move their linear TV dollars as they wanna connect more directly with consumers who are spending so much time on the social platforms. Well, look, we should have planned to talk about this more, but I'll make sure we put it in now because Lisa, you talked at great length about the depth of the relationship that the company has with YouTube. Like, YouTube is the canary in the coal mine here. I mean, you know, YouTube had its first major brand scandals, I don't know, whatever, three, four or five years ago now, and was really the first to make significant changes. Maybe talk a little bit about you know, the long-standing relationship there and what you've seen in terms of how that platform has evolved its approach. Sure, be happy to. I remember I joined IAS, it was January of 2019, and having spent so many years at these other tech players, I just know the importance of building enterprise-like strategic partnerships with the major global tech companies. It's just so important to get those partnerships right. One of the first meetings that I took, I probably did like 40-50 client and partner meetings my first 90 days at IAS, I did them solo, was Google. I met with Google, we talked about our relationship to date, and we agreed jointly, we're going to uplevel this relationship and build a true strategic enterprise relationship. I'm pleased to share that, we now co-innovate with Google. We have a joint product roadmap. We've launched several first-to-market or only-to-market products. A great example is Context Control running in Google DV360. Our competitors are not running their contextual targeting solutions within Google's DSP. We just continue to innovate with Google, both on the programmatic side with their DSP and also within YouTube when it comes to brand safety and brand suitability. They've been a tremendous partner. I also remember when I first joined, it was at that tail end of what you described, where marketers were pressuring YouTube to open up more to third-party verification companies. I remember it was about four or six months into my job, they did a complete 180, and now we are way under the tent with Google. Yes. Yeah. Big issues for Susan there that she's navigated, I think, pretty well. I wanna come back. You mentioned Context a moment ago and the technology and applying it to social. It's, I think, also just as relevant in CTV, and I wanna touch on that a little bit more in a second. Before we do that, I wanna pull in Joe and just talk broadly about M&A as a priority and capital allocation more broadly for the company. Just remind us sort of the high levels on how you approach it, Joe, and what the company's priorities are. Great question, Dan. First and foremost, you know, we're a technology company, and we're focused on investing in our product and technology. You know, building best-in-class products and solutions for our customers. We've been very strategic with our M&A strategy. We're really focused on those four pillars that we continue to define for the, you know, the global world about, you know, identifying and forging those relationships with tech companies that will advance our mission. Then during 2021, you saw we made three key acquisitions to our business, and we continue to refine those M&A policies as we move to, you know, that repeatable playbook, and move at speed. Whether, you know, we evaluate building internally, partnering, looking at accelerated joint roadmaps and acquiring, and we've had a successful track record to date. Now really accelerating those seamless integrations that accelerate our overall product and tech roadmap. Moving forward, we have sufficient dry powder to continue to accelerate those build-by-partner opportunities. Excellent. Like I said, Lisa, you got into a little bit on what context brings you. We can talk a little bit about how that's important to the CTV environment, but more importantly, I wanna move on to your CTV strategy more broadly and, in particular, one of the other acquisitions that you made, Publica, which, you know, has now been in the model for a few months. You know, tell us maybe first, you know, how has your view of the CTV opportunity for IAS evolved since you first acquired it? CTV, I like to say it's the first inning of a long game, so it's. Mm-hmm. It's a long game, but tremendous opportunity within connected TV. Just given that marketers, they're so accustomed to linear TV, and of all of the platforms out there, CTV in particular, they see the rapid consumer adoption, but also the sight, sound, and motion of linear TV is similar on CTV. Prior to acquiring Publica last August, we were the first verification provider to launch a verification solution within CTV, verifying video ad play to completion and fraud detection. We had partnered with Publica for about 18 months before the acquisition, so we were very familiar with the tech, the product, the leadership team, the caliber of the engineering organization. Given the synergies that were already in place, it just made a lot of sense to bring them on board to IAS. The way to think about Publica is, I'll step back, IAS, think of it as a heavy buy-side business. Over 2000 advertisers globally, Fortune 500 marketers, ensuring that they run their ads in high-quality media environments across the digital ecosystem. What Publica brings is a heavy sell side, heavy publisher side, but in particular in programmatic video, publisher business. With Publica, they bring a unified ad auction, a video ad server, deep integrations with leading video publishers like Samsung, ViacomCBS, CBS, Philo, also deep integrations with 35 SSPs. That gives us access to massive amounts of programmatic CTV inventory, but also the opportunity to leverage IAS's data with Publica's data. There's so much opportunity to disrupt the CTV space. The most recent example of a product that we launched by leveraging both datasets is providing transparency, first time ever, for marketers to know where their ads are running on programmatic CTV. We recently launched these metrics within our reporting platform. Think about if you are L'Oréal and you're running your ad on linear TV. Mm-hmm. You know you ran it on the Today Show, which channel, NBC, Today Show, 30-second spot. When did it run? You have all the data you're looking for. In today's landscape, before we launched these metrics, a L'Oréal, they wouldn't know where their ad ran on programmatic CTV inventory. They'd only know which device, which app. They'd have no idea it's kind of shocking, which channel, genre, category. What we did, again, leveraging IAS's data assets and Publica's, we are now providing transparent metrics so that the L'Oréals of the world can know exactly, for example, within the Samsung platform, where their ads ran. I spend a lot of time with marketers, and when I ask them, what's one of their biggest obstacles to moving more linear TV dollars over? Every single one consistently says, "It's because I feel like I'm in the dark when it comes to programmatic CTV." That's just one example of a differentiated product that we've launched to date, which I think is pretty good work, given we only acquired the company in August. We look forward again to disrupting the CTV landscape on behalf of marketers and publishers in the future. Excellent. Ticking through some of these other growth drivers, I wanna cover international, a little bit and your growth outside the U.S., which has been, you know, quite strong. You work with a lot of big global clients. What are sort of the next frontiers, maybe next regions specifically, that are most important for you to drive growth? Are there any of the products that we've talked about so far that are sort of disproportionately in demand in non-U.S. markets? Joe, you wanna take that one on international? For international, you know, as you cited, you know, continued expansion. One with Publica, they're primarily U.S.-focused revenue to date. There's a lot of opportunity ahead of them to expand in EMEA and APAC, and we're building that pipeline roadmap and the client wins that we're putting on the board will start to show that, you know. We'll start to continue back on that path towards, you know, 60/40, 50/50 that we dialogued early on. You know, new markets, especially on the APAC side, India, Indonesia, Thailand, big markets and opportunities for us. South America, outside of, you know, where we're well-established with Brazil into Argentina. We're really pushing hard. in EMEA, there's a couple of the, you know, more, what I would say, established markets that, you know, are really turning on from a technology standpoint in the Nordics that will have opportunities as well. Very helpful. I got further answer on product was your second part. Yes. You know, with programmatic and our acceleration in programmatic, it has been some time-based phasing. Programmatic, very early adopters in the United States, definitely embracing Context Control avoidance. EMEA a few, you know, a few months behind programmatically really starting to build up and now being, you know, mature in that way, but understanding context. Then APAC really coming on strong early innings on the programmatic side. We've seen a lot of opportunity from a product suite with our programmatic avenues, specifically Context Control and avoidance, with avoidance and targeting where we have those premium CPMs as well. I'm glad you mentioned that, Joe. As you just as a sort of educational question here, when you would expand globally with a client or move into a region, I would assume that, you know, sort of first thing would be your traditional, you know, core products of viewability and fraud. Is that right? Would Context Control oftentimes be sort of a stage two that they'd get into? From a go-to-market standpoint, what we're seeing. Yeah. I would say that was more the traditional pathing. Now we're seeing clients coming- It's leading more now. Yeah, from different directions. Got you. Especially as we're going into some of the smaller marketplaces and engaging with some of the regional agencies. We're seeing the activations coming through the programmatic channel. We can also turn on the programmatic relationship in a very quick amount of time. There's not a long onboarding process. We could do it in a matter of, you know, days, like two, three days versus, you know, the traditional path. There's more of a relationship building set up to have all of the things established in the right place. Very helpful. Perfect. I'm glad we clarified that. So one of the things that I always find interesting is, well, not interesting, but is a sort of thought exercise. I would say the easiest number to always pick on is Meta always talks about having over 10 million advertisers. You know, obviously your client list is a little tighter, a little bit focused on the head of that tail, and as you said, the world's largest global brands. Talk to me about maybe as you think about over the mid to long term, right? We know there are millions of advertisers across the online advertising ecosystem. I'd say like. There's millions of them that are pretty much irrelevant. Some of them are nefarious. Some of them are too small for these types of things to really matter. You know, as you think, Lisa, over the long term, you know, do you see how far down the sort of advertiser roadmap can IAS in sort of about a mid-market strategy and a smaller company strategy over time? What do you think? How important is that to you? Great question. I'm gonna take it in two parts. We do have a mid-market sales team in the U.S. Last year was a year of building up the team, hiring, training them. Now they're starting to put nice sizable wins on the board, even coming out of the gates in Q1. Think of this team focused on accounts above 200, so 201 and above. They're seeing high demand from these smaller mid-market type advertisers who are very interested in digital media quality. We're also seeing strong interest from some of the smaller agencies who are outside of the holding companies who were signing deals where we sign up all the advertisers within those smaller agencies. The mid-market team is driving nice wins there. To really leverage the mid and tail of advertising, those advertisers are usually performance-based advertisers, direct marketing- Right. Performance marketing. Yep. How many, you know, cases of my product will my advertising on your platform ship for me? Where I see the opportunity there is the better that we can get to the ROI and outcomes and connecting the dots between our verification solutions and ROI, that's where we would be able to really light up the tail of the business. There's that, and then further investment in our automation on the back end in terms of servicing these accounts. I think- That's- There's opportunity there, I do. Yeah. We're learning a lot from this mid-market team, but right now, we have our hands full with the- Yeah. Yes Yeah. Yes Fortune 500 accounts and also just successful integrations with our acquisitions, launching the differentiated products that the right place to focus right now is. Yeah on those areas that I've already spoken to. Yep. Yep. The deal I just sort of... What those top priorities, right? This is investing for the long term down the road. Nevertheless, the color that you gave there about building up that team last year in particular, you know, is very helpful. Absolutely right. Automation and being able to do these things in a simpler way is vital to that long term and that point about getting to ROI and outcome, right? Is the thing that's key for that group is being able to show that your data set drives performance as well. I'm gonna get... Maybe spend just the last amount of time that we have and pull Joe in once again, and let's maybe. We talked about a lot of the things. This is our Digital Advertising Summit, so I always say I wanna spend a disproportionate amount of time on what drives your revenue and what drives your business. When I've got a Chief Financial Officer's time, I gotta take a little bit more advantage of it. You know, Joe, just maybe spend a little bit of time talking about expenses and margins. You know, you talked last night in particular, obviously the full year guidance we thought was quite strong, but a cadence of margins growing throughout the year. Just tell us a little bit more about what's going on with your investment levels and why that cadence is playing out like so? Yeah, you know, going back to what I said before, you know, we have a very efficient business model. We're focused on investing in our product and technology. Those are our engineers, you know, near and dear to our DNA of our company. We continue to focus on that. We've had a very successful Q3, Q4 campaign, bringing in over 100 new heads, excluding our acquisitions in both quarters. A lot of engineers in Q4 bringing in EMEA sales and sales support talent, really setting ourselves up for 2022. Our headcount strategy this year, definitely front-loaded more so, bringing in a lot of the talent now, really paying off as we're marching towards those big opportunities that we've been talking about with TikTok, you know, accelerating programmatic on the targeting side of it, international expansion, and of course, CTV and our abilities to ramp, and especially the extensions on the product. So I would say from a cost structure, that's when I start to define from a margin expectation, you know, there's a lot of performance compensation costs that you have, and as our revenue expands with that ad seasonality, you get further and further leverage. As well as with our headcount, I know that, you know, that seems to be a top question. You know, definitely competitive market, but what I'm really proud of, not only do we have a top talent in tech recruiting bringing in the best and the brightest, and our mission resonates, but also we have lower attrition, you know, than industry average, high retention, and we continue to accelerate. That really breeds into the product. You know, they're invested in us. We're seeing that in their output and work. That's also, you know, as we leverage our Pune operations as well, we have some beneficial wage leverage that continues to allow for more product capacity. Doesn't sound. Yeah, as you said, I mean, it's a tough labor market out there, but it sounds like, you know, there's too many priorities lying in front of you. As you said, your hiring plans being front-end loaded, you know, makes a lot of sense, get people in and get them ramped up. Let's see. I think we're coming up on time, guys. I really appreciate you slipping in here, like I said, after earnings. I know that you're no doubt backed up with a lot of one-on-ones and follow-up calls with your shareholders. Hopefully, this helped a little. We've got the stock now up 2.5% on a very red day, so we hope some of our listeners have gone out there and voted with their dollars 'cause you know, I think the story is a great one. Last night's results you know, probably one of the more emphatic statements yet. Lisa, Joe, we'll let you get back to catching up with your shareholders individually. Thank you again for slipping us in during a very busy week, and enjoy your weekends. Thank you. Thank you so much, Dan Salmon. Great. Great to see you. Thanks for having us. Okay. Have a great weekend. Thank you. Take care. Bye.