Hello everyone, and thank you for joining us today at our 30th Annual Communacopia Conference. My name is Lisa Yang, and I cover the European media and internet space here at Goldman Sachs. It is a pleasure to have with me today Philippe Krakowsky, Chief Executive Officer of Interpublic. Philippe, thank you very much for being with us today. Just before we begin, I just want to remind the audience that you could submit questions at any time via the Q&A box on your screen, and also that this conversation is not intended for the media and is off the record. With that, maybe Philippe, just to start with, you've been a CEO of Interpublic for about nine months now. You previously spent 20 years at the company, and most recently as CEO. So maybe just like, you know, you can give us a perspective of your current role, like what are the biggest changes from your prior roles, and what are your key strategic priorities as the new CEO for the remainder of the year and the next few years? Okay, thank you, Lisa. Thanks for having us, and you know, you were mentioning in the green room that you're covering Europe and now, so a very long day, so thanks for extending it to include us. Look, I think that the very first thing I'd call out is very self-evident, but I think a top priority that remains for all of us just in the midst of pandemic is just sort of looking after our people, right, so the health and welfare of our people, and so in a business like ours, which is a professional service business, you know, in order to effectively support clients, I think it's absolutely key to look after the talent, and so I think a big focus for us has been their physical and mental well-being. I think, you know, getting smarter and more productive on what we're doing in the remote setting, understanding what we're going to take from that into the future. You know, as you and I were just discussing as well, the return to office, whether London for you, New York for us, we're definitely, you know, getting people back into office and sorting out what we're going to use the office for, and in essence, how we're going to, you know, go about a hybrid or sort of a flexible model. Now, you know, when it comes to the transition, you know, as you said, I think that with the history that I've got at the company and with a range of roles that I played, whether that was strategy for the holding company and talent or in operating settings, particularly at Mediabrands, which is a very digital-forward part of our offering and where we first meaningfully incorporated data and tech, you know, I have had the opportunity to work really closely across the portfolio and the group in terms of the senior talent and the clients. So that sort of has helped smooth the transition. And then my CFO partner, Ellen Johnson, has also had a similar profile with holding company corporate roles as well as operating roles. We partnered up with Mediabrands. So I think that's helped. So I'm thinking about that continuity strategically. I think I would break it down kind of from priorities into two core buckets for you. I think the steady state, the areas where we sort of stay the course, I think are client centricity, so professional services business, we're evolving it to include this technology layer. We've been evolving for some time, and so the primary lens through which we need to look at all of our business decisions is really the client lens. An immediate adjunct to that is the focus on talent, right, and so as you fight for attention in this very, very cluttered media landscape, this very fragmented environment, of course, ideation and content are very important, but the nature of the work we do has to span a much broader range of channels and formats and consumer touchpoints. So I think that we look for talent across a broader range now in the more traditional marketing services areas, but also in data and performance media and e-com and all of these developing areas, which I'm sure, you know, we'll talk about at some length. And so I think other areas of continuity, kind of work in progress, but, you know, internal collaboration. So I think the nature of the work we're doing with clients is becoming more complex. And so how do we help them solve for this world in which they are having to pull together such a broad range of inputs, right? So fast turnaround and taking all the information that gets generated with all their interactions with consumers and, you know, applying that to driving ideas, messaging, you know, all of the engagements with brands. So integrated solutions is a focus for us. We call that Open Architecture. And then I think operationally, I think our discipline on costs, our commitment to a solid balance sheet, you know, sort of I think a shareholder-friendly approach to capital allocation, those also remain priorities for us. And then, you know, I'm sure we'll talk a bit about what's happened in the last year, 18 months, vis-à-vis the ways we've been able to make the company fit for purpose sort of in a go-forward basis, stronger going forward. And then I think the last consistent priority is ESG. So, you know, whether that's diversity or whether that's, you know, other facets of ESG, I think we are holding ourselves accountable to high standards on DE&I. It's connecting incentives for senior executives to our progress on equity in terms of, you know, setting very clear and focused goals on climate change. And then, in terms of what's changing at IPG, so to the, I'd say we've been telegraphing a lot of the strategic actions over four or five years now, right? So we've been making decisions anticipating the changes in consumer behavior that are driven by technology and that result in this very, very rich data stream. And so all of this gets accelerated by the pandemic. So I think it's less a shift strategically and more a quickening of the pace in some of these areas. So that is, you know, the data and technology layer we've built into the company, particularly initially, at least for a number of years inside the media offering. And that means that what we do is more precise and more accountable. And that sort of becomes the, like the GPS that guides the work we do. So the decision-making is informed by the data, and then everything that our clients invest becomes more precise and accountable. And I think that, you know, that disruption is going to continue. So I think that the deeper your understanding of existing audiences for any kind of a franchise, any kind of a business, and then potential audiences, so you become more customer-centric by personalizing the communications and the experiences. And then the delivery of message is sort of more trackable and more effective. And it's less, I think, even about the kinds of old-school efficiencies and really more about, you know, can you help me spot new channels for engagement, new business growth opportunities. Then the very last thing I'll throw out there again, just to contextualize the discussion, I'm sure, is, you know, a really key strategic pillar, I think, is going to be around, you know, privacy is where brands are going to build consumer trust. And privacy and sort of the way in which you treat that value exchange around data with consumers is going to be very important for a brand and for any kind of a business. So I think, you know, in connecting with consumers in a way that's going to drive business results, as the digital landscape gets more complicated and it gets more regulated, are you doing so in the right way, right? I think that there, we're very focused on approaches and even IP and kind of a consultative way of engaging with clients to help them guide their decision-making as it relates to the major digital platforms, as it relates to identity resolution, and as it relates to, I think, kind of connecting up to MarTech. That's an area where I think we're going to be increasingly focused going forward. Thank you very much, Philippe. That was a very helpful answer. Maybe a quick question, I think, on the structural outlook for the agencies, and as you know, I think the market's been maybe overly concerned or maybe concerned for the right reason over the risk around disintermediation or in-housing or fee pressure. Where do you see the structural debate today and for the next few years? How do you think the COVID crisis might have changed the relationship between you and your clients and changed basically the structural debates? I think I'd ask the structural question as you did, and then maybe park the question of, say, an in-housing or so like at the structural level. I think what we're seeing is both, right? I think we're seeing an industry that's benefiting from the broader economic recovery. But I think we as a company are also seeing the positive or maybe the continued positive impact of the kind of strategic decisions, you know, that I just mentioned, right? So I think that as you see these deeper fundamental changes in media and tech and the marketing sector, that's driving opportunity and growth. And then there's also the macro economically, right? And so I'd sort of say that when I look at our portfolio and what we've built and are we capitalizing on these underlying changes, I think what I try to do is strip out kind of that macro sort of economic tailwind, right? So I think if I try to look at the differentiation, are we doing the job we need to be doing? I'd sort of say in the two-year kind of growth stack, going back, say, for mid-year this year, you know, our compared to flat for the industry is, say, up eight. And if you look at 2019, you know, again, you've got a sort of 7%-8% range, and that's where I think the strategic upside is. So there's the economic bounce that everybody's benefiting from. But I think structurally, the growth drivers are there for us to keep, you know, building on that audience fragmentation, media complexity, connecting the marketing activity of clients. All those factors are in place on a go-forward basis. So that gives us the opportunity to, I think, solve more kind of mission-critical business growth challenges for clients and move upstream. And we've sort of shown that we can do that. And so I think I see some economic tailwinds, but some structural change that is sustainable for us go forward. Great. Thank you very much. And maybe focusing more on the near term, obviously, the agencies and IPG have seen a very, very strong rebound, and you upgraded your organic growth guidance for the year to 9%-10% from 5%-6% before. Can you maybe just go through again the key drivers and the point underpinning that sort of guidance upgrade and how you're thinking about the key different moving parts and where is basically the sentiment or how those moving parts have changed so far in Q3? Sure. I mean, you know, I think that, you know, in the very first couple of months of this year, I think there was still a great deal of uncertainty macro. And so we didn't actually think that we could, you know, fairly issue performance targets for the year. And then in April, we put out a 2021 target of 5%-6%. And then, as you say, in July, you know, we took a step function forward and put the current 9%-10% number out. And I think underlying that 9%-10% number is that we see the portfolio forward-leaning against these very positive trends that are longer term about transformation of the business. I think we also saw, you know, consistent performance across the group. So whether you segment that by region of the world, by portfolio discipline, or by client sector, we saw strength across the board. So I think that informed our thinking that there was a change that meant that, you know, and I think we've got a pretty strong record of being very clear and transparent with the investor community. So, you know, we were giving you line of sight into coming out of a quite unprecedented sort of period of uncertainty into what we were seeing. Now, I think that there's still going to be some pandemic opportunity, excuse me, some pandemic uncertainty if you look at the back end of the year, just because the public health situation is still not settled at all, really, right? And so that 9%-10% factors some measure of uncertainty into it. And I think there are some knock-on effects, whether it's the, you know, potential supply chain issues that you're seeing, you know, semiconductors in certain sectors. You know, but I think the mitigants that get us to the place where we're still very comfortable with that number are, you know, the one sector in the portfolio that was really meaningfully impacted in 2020 was experiential and events, right? And so that's where you physically need people together to activate on behalf of clients. And for us, that's a quite modest part of the portfolio. It's less than 5% of the revenue base. I think another thing I've called out in prior conversations with you all is that that first period when we went into kind of COVID lockdowns, there was just immense uncertainty about whether or not and how clients were going to operate in this new way, a virtual way, and a way that was a shift to e-commerce and a shift to digital channels, and then, obviously, there was uncertainty about vaccines, so now I think that subsequent waves don't lead to the same kind of pretty dramatic pullback or draconian shutdowns, and then your business activity has stayed quite active, so, you know, we're actually, you know, pitching virtually. We've gotten very used to it. We've gotten, I think, quite good at it. It's not the optimal way to build a relationship with clients. But, you know, you've seen sizable wins kind of consistently across the board from a T-Mobile early in the year to a Cigna, which was an integrated pitch that involved a number of our agencies and our Open Architecture approach, or, you know, to more recently, a very sophisticated data-led media, you know, win at Morgan Stanley E*TRADE. So all of those things mean that, you know, we're, you know, very comfortable with the guidance we put out there. And then, obviously, we'll give everybody line of sight into where things stand, you know, once we wrap the third quarter and then have, you know, our reforecast meetings with operators, which are in a few weeks' time, and then, you know, get on a call with all of you in October. Great, and maybe just a quick follow-up, like where are you currently in terms of like project-based work, like especially as we approach the key fourth quarter? I mean, we're not seeing indications from clients of pullback in project-based marketing activity, right? So I think that, you know, that's a positive indicator. As you say, it's, you know, it's fairly short notice. So it's work that may not have the kind of visibility as when you're engaged in a macro transformation project or in an AOR relationship. So I think it's early to make the call on the fourth quarter, but we don't have any indications, you know, at the moment that would lead us to, you know, believe that, you know, we're not looking at a solid level of activity in the fourth quarter. But it is early to call that because, you know, that's work that actually is often tied to kind of year-end and holidays, and so it's really kind of November, December timeframe. And given that it's short, you know, burst, and it can be activated quickly, or a client can choose to not pull the trigger on it. At the moment, we're not seeing anything that, you know, can tell us what that's going to look like. But right now, you know, clients are staying committed to spend and being in market. Right. Maybe I just want to go back to what you said earlier on this call. You see a lot of, you know, growth opportunities ahead, and it seems like you're adapting well to the transformation of the media landscape. And when you look at your organic growth rates, you have been outperforming the industry peers for some time now. What is it that you're doing differently, especially in the areas of like data, tech, digital, compared to your peers? Are you seeing any of them catching up? So do you think that sort of period of outperformance can continue? I don't know that I can speak to what they are or aren't doing, and obviously, to your point, the performance seems to, you know, demonstrate that what we've got is very competitive. I think that I would say that the differentiators for us were, you know, I think we were early to recognize the importance of digital capabilities, and then we never siloed them, right, so we've never created a sort of large-scale specialist provider for the holding group as a whole, so what we essentially did is we challenged the operators to figure out how they were going to integrate digital expertise into their specific discipline, and then I think most of our investment was organic in talent, right? And then I think another thing that I think differentiates us from peers is that, you know, we feel that, I think philosophically, very strongly that the agency brands are where clients engage. It's where they first become part of our franchise. And it's also where talent chooses to join, where talent engages. So I think that we've never made the focus on the center or the story about the holding company, right? And so that means that a CMO can get resources that are really fit for purpose and agency cultures that fit their culture. So I think that, you know, that's been important in terms of drawing top talent to us. And now, you know, as you say, in terms of data and tech, I think we were building a stack of our own. We made what for us was quite distinctive because for years we had, as I said, done a lot of this organically and incubated. The Acxiom acquisition was, I think, an acknowledgment of how important data is, but I think also how important scale expertise is, having a brand that is trusted by clients to handle clients' first-party data. I think that, you know, I think that's an important part of this too. I'm thinking, you know, there's real clarity about what their role is. We've created this data layer at Kinesso, which is where we then activate all of the data. We've been really focused on the integration initially, as we said, in the media space, which was the kind of greatest adjacency and a lot of opportunity. But now it's part of all of our, you know, engagements with top 20 clients. And we're bringing it really full circle now where the segmentation and the insights you drive with the data are really informing the strategic jumping-off point for content, for creative product, then the message delivery. And then, you know, you're getting a lot of feedback, which means you're optimizing everything from the value or the effectiveness of your media to the actual messaging itself. So, you know, for us, that works. I think it's very relevant. And I think that, you know, I think the ask on the part of clients is, can you help us solve for the complexity? Can you help us be sure that as we need to be more and more attuned to the flows of kind of a digital economy, are we as a company fit for purpose to go to market and succeed in that space? I think that, you know, strategically, that's been where we've focused. And I think there's a lot of upside to it. Now, have competitors pivoted and either restructured assets or followed on with, you know, acquisitions? Sure. I think it's on us to then make sure that we're integrating them better, that the advantage of having been there first means that, you know, we're continuing to innovate. Right. And then I guess IPG has also benefited a lot in recent years from the strength in the healthcare sector. So maybe can you share some color about the growth outlook that you expect for healthcare and also maybe talk about the rationale behind the recent merger of McCann Health and FCB Health? And have you seen any benefits so far from this? Sure. I mean, look, I mean, that's an interesting combination. I don't know that I would, you know, I don't think it's a merger per se. I think we want those brands, again, to my earlier point, we want those brands healthy and active, but benefiting from being, you know, kind of even closer collaboration. I guess if I sort of dial back, you know, I think everybody sort of looks at the sector and says, okay, it's, you know, just a little north of 25% of our revenue base. But, you know, it wasn't always our largest sector, right? And so I think that what you've seen is that investment over time into the sector, the underlying health of the sector, but the fact that we were also taking share, so that's a, you know, reflects on the quality of the offerings, you know, as it's gotten, you know, bigger and more robust. We've continued to grow that. I think it's a really promising part of the economy kind of around the world. I think the pandemic is actually kind of reinforcing trends we saw just in tech writ large. But in healthcare, you know, the pandemic is also making consumer awareness, you know, of healthcare choices and the sense that consumers want to be more empowered in these areas, you know, and kind of how you engage with them and how you deliver, you know, an integrated service, not just the treatment itself, but in a macro setting. I mean, all of those, I think, are opportunities for us. And so I think those are all tailwinds in the space. Now, that combination, as you say, brings together these two very strong, what I would sort of say are specialist companies, right, under one management team and one network, right? And so I think that what that gets you is there's complementary geography between those companies. So I think that it opens doors for FCB Health to access a strong, you know, McCann Global network. It opens doors for McCann to access specialty services that FCB, you know, Health had been incubating for some time. And then, you know, another really important piece of it is with a much bigger view of the whole, we can proactively manage the careers of the talent of the 5,000-plus people that are in this organization. That's a really big plus because I think that kind of building and growing talent is a really important priority for us and kind of a determinant of our success. So I think all of those things are going to mean that, you know, what was a relationship that worked well and which we brought together under these Open Architecture solutions is really kind of codified. And I think it's just, you know, the muscle memory gets tighter and things happen faster, and the investment is smarter because, you know, when you had separate, you know, P&Ls or where they were part of other, you know, groups within the portfolio, you know, what you might not have had is the clarity around, we can help you solve that or we're both thinking about or hunting in the same space. So we've seen opportunities already land with clients that are more projecty and episodic around people opening doors and seeing these opportunities. And then we've got a couple of sizable new business opportunities that are just firing up where they're going to go to market as a team, which I think is really exciting. And I think that new business in that space is actually usually very under the radar, right? So we see lots of activity there. But by the nature of the clients, you know, it's not something that gets as much fanfare. And I think the last thing on healthcare that I would call out for you is that we do have it across the portfolio. So that's where we've got the capabilities that have the professional communications expertise and have probably the greatest scientific or technical expertise. But healthcare is across the group, right? Within Mediabrands, healthcare is a big part of the offering and of performance in recent years. And our approach of really understanding audiences and being very precise and personalized with messaging and then being able to really, you know, have a strong sense of what's working and what's not, I think that works very well culturally with healthcare and the management of large pharma and healthcare companies. Weber Shandwick has a large practice. Golin, both in the PR space, has built a strong practice in the space. I think that, you know, one of the reasons it's grown is because some of the trends we're now observing macro around, you know, do you have more specialized expertise? Are you more comfortable, you know, in a data-driven environment? I mean, they've been working with restrictions, obviously, vis-à-vis, you know, what they can and can't communicate or how they communicate and around, you know, privacy for some time. So, you know, that's a sector that, you know, we feel we're very strong in and we think continues to show opportunity. Thank you, Philippe. Just to go back to what you said earlier on the changes we've seen in the data privacy landscape, like what do you think are the implications of, you know, Google Chrome's changes to its third-party cookie policy? What do you think are the implications of that? And just in general, like more broadly speaking, you're seeing increased regulatory pressure, especially on the big tech, and see what's happening in China right now. What do you think, you know, that's going to change in the media mix or you're going to actually see, you know, the tech giants getting even stronger? Like what do you think is going to happen? I mean, look, I think that it's an opportunity to demonstrate value, right? Because as you say, clients are looking at a landscape in which they need to be strong themselves or there's the potential, you know, to be less able to. I mean, I think I would say there is no, you know, I think clients need to be sort of in control of their own destiny as relates to data and to data-driven marketing, right? So I think that we head into this world where, you know, cookies deprecate and then they go away entirely and we don't know the exact timing of that. But we know that that's coming, you know, and device IDs also, I think, ultimately kind of get impacted in some way as a result of this. So, you know, what clearly happens is, you know, first-party data becomes more and more ascendant. I mean, I think we saw that going back a ways now, which is what informed the decision to get a little bit out of character vis-à-vis our prior, you know, we built it ourselves and, you know, we've done well with digital. But we looked at data and the velocity at which it was coming and the complexity and the fact you needed to do it at scale. So can you handle PII? Do you really have data expertise? And so that is something we foresaw in doing the Acxiom deal. So, I mean, I'm thinking there are any number of alternative approaches to kind of cookies that are going to be required. So how do you identify audiences? How do you activate your marketing investment? You know, I think the biggest thing that clients are focused on, and correctly so, is kind of their identity graph and an approach to identity resolution that gives them, you know, a place at the table that is on an equal footing with, you know, the partners that they then do need to engage with kind of across the ecosystem, right? You know, I would say that from where we sit, you know, Acxiom puts us at the table with a very, you know, with the expertise, with a many-decade history of strength around kind of privacy because I think that you're building these bridges with consumers. And if you're doing so with permission and in a way that they trust, that becomes super important as no matter what business you're in, you clearly need to solve for this in order to be successful going forward, right? So once we get over the hump with, is the infrastructure built correctly and do I have consent, then there are going to be all of these sort of technology solutions, some which we're building ourselves and some there'll be third parties and there are already a number of players in that space who are trying to bridge that gap. And some will be with the tech giants, you know, partnering with them, right? And so I think you're going to have multiple ways to solve for this problem where you can kind of match up to audiences and you're going to be using probabilistic in certain settings and deterministic in others based again on who you're partnering with and how you're taking the data on board in the first place. But, you know, I think that makes the nature of what we do more strategic. And again, the more accountable we are, I think the more we can partner with clients on kind of higher-order business challenges and on unlocking growth from what used to be, you know, you don't want, you know, we're beyond the point at which marketing was seen as a cost. And yet there's still some pressures that we've seen for some time around that. So I think that the further we move into proving that we are a valued partner in this space, you know, you get to effectiveness over efficiency, you get to more true pay-for-performance. And then I think you get to new models altogether around kind of outcome-based approaches and ways to kind of share in the upside we create with clients. So I think all of that's exciting, but all of that's a multi-year process because it's a very kind of complicated space as cookies go away, you know, kind of AdT ech and MarT ech come, you know, come together. And then, you know, I think again, every client is saying, how do I take control of my data? And certain categories are much further along than others. But even in what were traditionally less developed areas, you've got clients very focused on solving problems. Right. Maybe you can touch base on competition. Can you maybe talk about how the competitive environment has changed, especially in the sort of digital transformation pitches or data-related pitches? Like how often you're now seeing consultants or winning against consultants versus, for instance, three years ago? I mean, it's funny. The headlines tend to run ahead of the reality generally. I think that's something you find again and again, and so I think that it's interesting because, you know, the lack of, I mean, there's, from where we sit, the urgency has always been there, right? So are we investing behind these tech and data capabilities? Are we solving for this more fragmented ecosystem? The pandemic kind of puts that sort of a few years forward very quickly, so I think here's what we bring. We bring this distinctive, you know, on, you know, I think our good days or I aspire for it to be unique, but I think we bring a combination of creativity and the ability to create content, which is at a premium, media, which is how you push those messages out, but also where you get a lot of signal back. And then this data architecture and data processing capability. So that's a very strong combination. We see the consultants seldom at this point. Doesn't mean we don't run into them. And I don't think it means that directionally, as people say, you know, this is coming. It stands to reason that we will likely bump up, you know, against one another, right? Now, do they have, they come with a different set of skill sets. But if I'm solving for client problems where they're asking us to think about, are we fit for purpose in a digital economy and how do we grow, that combination of those three buckets that I laid out, you know, I think positions us well. So we'll see how, you know, how or where it works out. I think it just becomes more competitive because the complexity ratchets up. And so we're ready for that. If the complexity ratcheting up means there'll be some new players, you know, I think we'll figure it out as we go. You know, today, as I said, headlines ahead of reality, but I'm sure that we'll see more of that over time. Right. Maybe if we could talk about your margins. You also raised your margin guidance alongside your organic growth guidance at the first-half results around 16%. Do you think there could be upside to that figure given the evolution of the pandemic, the fact that, you know, we might not have all, you know, resumed travel or still working from home? Can you maybe just talk about the different, like the evolution of different cost buckets in the second half? I mean, up to a point. I mean, obviously, I can't, you know, speak out of turn given that, you know, where we are in the quarter and the year. I guess here's what I'd say. I'd say that it is all of the things that you just called out. It's a really, really unprecedented operating environment. I was having lunch literally yesterday with a scale media owner who's actually presenting at some point over the course of the conference. This is somebody who's been in, you know, a number of businesses and quite innovative businesses in the space. He said, I've learned more in the past 18 months and I've been more challenged to sort of solve for things than I had been in the prior decades. It is a very unusual operating environment, right? There's just a lot of moving pieces. We've never seen, we've never gone into a situation like this. We've never come out of a situation like this. And then, you know, some of what logic would tell you is going to happen, we don't really know when it's going to happen. And then some of it's entirely outside of our control, right? So I'd kind of say to you, we just upgraded the guidance, you know, from 15.5 to 16 in July, right? If, you know, sitting where I sit and saying, okay, or what are we delivering as a company and how do I, you know, feel about that compared to 2019, that's a 200 basis point improvement. And obviously compared to 2020, that's probably 250 basis, right? I think that, you know, that reflects the benefits of the restructuring, that reflects the strong growth environment we find ourselves in, which, as I said, is both some macro and a lot, you know, specific to us. You know, travel is a big, you know, kind of we're uncertain about that, right? I don't know, what do I tell you about that? I don't know that it comes back at levels that were pre-pandemic whenever it does normalize. I do know there's a lot of pent-up demand for it, right? We were chatting before we, you know, came on about, you know, starting to see clients and engage with colleagues. The pent-up demand of 18 months of not having face-to-face is going to create, you know, something that won't be the normalized rate. And that'll sort of have, you know, impact maybe the back of this year and some of next year. So I think at 16, we're sitting in a very solid place. It's, I think, a strong performance. We'll see kind of where we are relative to the top line. And then, you know, I think it's a sort of jumping-off point for conversations about 22 and beyond. Do you think that level of 16% is sort of sustainable for the group or actually you think there's room for much more expansion in the years to come? Where do you think the margin will set up? We see it as a sustainable level, right? And so then there are these puts and calls around some expense categories that probably impact, you know, a part of 2022. But we definitely, we see it as sustainable. If you think about it, over time, we've demonstrated that where there is growth, we can grow margin. So that is a condition that I think persists, right? Then there are the cost reductions that we committed to, you know, those savings, and we're going to keep reporting back on how we're doing relative to those savings. And as you know, some of those real estate savings, you know, actually hit in 2022. And then I think kind of lastly, the newer capabilities that we're talking about, the more sophisticated data-driven offerings and the technology layer that Kinesso, you know, kind of puts out there for us, you know, those are higher value offerings. And whether it's licensed tech or that you do a certain kind of more consultative work or that, as I said, you've got outcome-based or performance-based modeling, I think those can be accretive as well. So we see it as sustainable. You know, I think the issue is kind of first half of 2022, and then we get to what is normalization. And, you know, we'll obviously unpack this again when we, you know, give you a clearer line of sight into the back half, you know, of this year in October, you know, as a matter of regular course. Right. Maybe as a last question because we're running out of time, unfortunately. Can you maybe just give us an update on your key capital allocation priorities and what does it take to resume your buyback program? I mean, I think our priorities there have been very consistent, and I think, you know, I said at the outset, there are certain things where we really are steady state, so I'd sort of say, I mean, people, you know, who know us know that the priorities and the commitment is to, you know, a strong balance sheet, financial flexibility, I think relatively modest M&A, so I think strategic M&A that worked very well for us, and I think that's our focus go forward, and then kind of balanced use of cash, right, so some of it is to that modest, thoughtful M&A bucket, then, you know, kind of, you know, dividend growth, which we maintained through the pandemic and through kind of Acxiom acquisition, and then, you know, share repurchase, so I think we've got a $500 million debt maturity that comes up in October. You know, we've been really clear that's going to be redeemed from cash on hand. And so to my mind is, you know, that's behind us. We start looking and planning into next year. And so resuming share repurchase is clearly going to be, you know, an important topic for us, you know, with a board and for the management team to have an opinion on. And so I think it'll be about timing, you know, and about the level which we deem appropriate. And so I'd sort of say stay tuned. Awesome. Thank you very much. That concludes our session really well. Thank you very much, Philippe, again for joining us. And wish you have a good rest of the day. All right. We'll see what we can do. You as well, I hope. I know you've got a bunch more of these to do. Thank you. Okay.