All right. Good morning. We're gonna go ahead and get started here. I'm John Davis, the payments and fintech analyst here at Ray J. We're excited to have CEO and Board Chair, Dave Foss, from Jack Henry with us this morning. This is gonna be a fireside format. I'll go through some questions, and we'll definitely leave some time at the end for questions from the audience. Dave, thanks for joining us. Thanks for that. Given there may be some kinda new to the Jack Henry story in the audience, just talk a little bit, maybe a general overview of the business. Maybe run through the three segments that you report, and maybe we'll start there. Sure. Jack Henry is a financial technology company, so fintech. 46 years in the industry serving financial institutions primarily in the United States, and that's by strategy. We choose to focus on U.S.-based financial institutions. We do not, by strategy, do not serve the top 10 banks, let's say, in the country. By strategy, we choose not to serve all the little tiny banks and credit unions. It's all those banks and credit unions in the middle. That's where Jack Henry really tends to focus. We provide a very broad suite of solutions. What I say oftentimes is anything, almost anything you need to run a bank or credit union from a technology point of view, you can get from Jack Henry if you want to, wanna get it from Jack Henry. We describe ourselves as a well-rounded financial technology company because we offer a wide variety of solutions. J.D. just alluded to the three segments of Jack Henry. A lot of people view us as a core provider, which of course is an important part of our business, but again, we do a lot more than core. We break our business into three different segments. We have the core segment, payments segment, and what we call complementary solutions segment or the complementary segment. Just to describe a little bit what those three segments are. Core, again, bank and credit union. The core system for a bank or credit union is that primary kind of heart and soul accounting system for the bank or credit union that drives most everything else. It's processing loans, deposits, and general ledger. It's accruing interest. It's receiving payments and keeping the ledger balance for all the accounts for loans, deposits, and general ledgers. That's the core. In our core segment, we have different solutions that serve banks and credit unions, but we have a very focused strategy as compared to our other competitors in the space in that we really limit the number of core solutions that we offer, it's a very clear strategy to our customers which core systems we're focused on. The second segment is our payment segment. I say all the time, we are not a payments company at Jack Henry. We are a well-rounded financial technology company, but we do a lot in payments. Our payments segment is really divided into three different businesses. First is our card processing business. We're a debit and credit issuer. We are not a merchant acquirer, and again, that's by strategy. We are a debit and credit issuer, meaning to our clients, we issue debit and credit cards for their customers. The second piece of the payments business is what we call Enterprise Payment Solutions. That is our remote deposit capture and ACH origination business. Remote deposit capture, that's receiving checks at the point of presentment and turning them into images. Yes, whether we like it or not, in the U.S., there are a lot of checks still floating around, and so we're a major player in that business. We also do ACH origination in that piece of our business for a lot of different banks and credit unions. The third piece of the payments leg is our bill pay business. We brand it as iPay. We are one of the largest providers of bill pay technology in the country. We serve well over 3,000 banks and credit unions with our bill pay platform. That is also the piece of the business where we've just integrated in our most recent acquisition, a small company called Payrailz. That is now part of that business. Through the Payrailz platform, we do not only bill pay, but we do P2P, so person- to -person transactions, account- to- account transfer, and B2B transactions. The third segment is what we call complementary solutions. There are a whole bunch of solutions in that bucket. There are well over 250 different products in that group, but some that we're known for, our digital banking platform that we brand as Banno, well known in the industry as a premier digital banking platform. That's in that segment. We have all of our fraud technology in that segment. Our new fraud solution we just announced about three months ago or so falls into that bucket. We have teller technology and all the other things that you need to run a bank or credit union fall into that complementary solutions bucket. Three well, again, well-rounded financial technology provider with a broad suite of solutions. Okay. Great. There's been a lot of discussion about just the macro environment and some of your larger peers have, or some of your peers have talked about, you know, elongating sales cycles. I think you guys said you haven't seen that yet. Maybe just touch a little bit on the bank M&A environment, what you're hearing from on tech spending from bank CEOs, just your broad sense of what's going on from a macro perspective. I've said this many times, I'm not exactly sure what our competitors are seeing as far as elongated sales cycles. We are not seeing that. This has been a topic for at least six months now. You know, folks have gone on their earnings calls and said that their sales have slowed. We haven't seen anything like that. We set a sales record, an all-time sales record in the December quarter, which is our second fiscal quarter. As I sit here today, our pipeline is larger than it's ever been in the history of the company, which is pretty remarkable when you have a record sales quarter, and then within about a month and a half after that, your pipeline, meaning the prospective sales, larger than it's ever been in the history of the company. There's a real migration to Jack Henry, I'll say that, away from competitors to Jack Henry. One of the facts that I share regularly on the earnings calls is how many core deals we booked in a quarter. The reason I share that is because whenever anybody buys a new core system, A, that's a huge decision for them, the most disruptive decision they'll ever make for their bank or credit union because it touches everything. B, when they buy a core system, they tend to buy a whole bunch of other things from us at the same time, so it drives a lot of other sales. On the earnings calls, I always try to give you a feel for what we're doing as far as core business is concerned. Today, Jack Henry is booking around 50-55 new core logos, meaning new revenue to our company, 50-55 per year. That's a rate of about one per week that we're booking, and there's nobody in our space that's anywhere close to that run rate for, that Jack Henry is seeing as far as new core wins. Tied to that, as far as the spending environment is concerned, it's an interesting time because I spend a lot of time with CEOs of banks and credit unions. I speak a lot at conferences. I just hosted a CEO roundtable in Phoenix about three weeks ago now. About 25 CEOs in the room, all above $2 billion in assets, except one of the attendees. They were a mix of Jack Henry customers and non-Jack Henry customers, and we covered a wide variety of topics around technology and banking and so on. In that meeting, one of the questions I asked was: what's your expectation now? This was in January, so their budgets were in place for calendar 2023. What are your expectations as far as tech spending is concerned? The average came in at around 7% year-over-year increase in technology spending. That's pretty consistent with what I'm getting from some of the surveys that I track. 5%-10% is kinda the real, the majority, the vast majority of bankers predicting for calendar 2023. The spending environment is robust, and then I tie that together with, Okay, what do I hear from bankers about their, the environment they're living in? It's interesting because despite everything you hear and everything you know about what's happening in the overall economy, bankers are generally fairly optimistic right now. They have a net interest margin spread that they haven't seen in years, right? They're running today with a nice NIM. Even as deposits rates start to go up, let's say that gap closes again, well, that's fine in their mind. They ran for years on a really skinny NIM. Even if that, you know, deposit rates come up and they're back to that, they know how to operate their bank in that environment. They don't feel like they have a lot of risky credits on the, on the books, so they're not really concerned about write-offs, although that certainly is on their mind, and there certainly has been a little bit of an uptick. I don't think they're, you know, they're not wringing their hands about the prospect of a lot of bad loans here in the near future. One of the questions I always focus on when I talk to bankers is commercial loan demand, 'cause that's, you know, most banks make their money on commercial loans. They serve a lot of consumers, but that's not where you make your money. You make it on commercial loans. They will almost universally tell me the commercial loan demand today is as strong as it's ever been, so they're really feeling pretty good about the opportunity to continue to grow their franchise. The challenge right now is deposits. You know, where do you get deposits? You had this big run-up in deposits through stimulus money, people putting that money away. They've been chipping away at that, right? Debit card usage has been up, chipping away at that, those balances that they had. Now, where are those bankers finding deposits? That leads into the M&A discussion, the other part of your question, J.D., M&A has really slowed significantly in the banking space. Why? Because bank stocks have taken a real hit, and so they don't feel like they have the currency to get deals done. Then the seller, you know, they feel like valuations are down on their bank. I'm not gonna sell now. I'll wait till later when the economy's a little stronger and my, and valuation on my bank goes up a little bit. M&A has really come to a halt here. The one exception is we see a few deals getting done where a bank is looking for deposits. They find some smaller banks that has, a bank that has a overabundance of deposits on their book. They maybe don't have loan demand in whatever community that is. There are a few deals getting done there, but it's primarily driven by that need for bankers to find deposits, and they're looking for a, you know, a bucket of deposits that they can put to work on the lending side. Other than that, M&A has really come to a stop right now. You know, I think maybe good time to turn to the, to the lowered outlook, 'cause that was part of the lowered outlook when you guys announced earnings a couple weeks ago. Just touch on what drove the revenue and EPS a little bit lower and also some of the things you did to kinda offset the bottom line impact. Sure, yeah. What J.D.'s alluding to, we did, we lowered guidance just a little bit here on the last earnings call. That was really driven by three things. Two of them are related to this last topic we were just talking about, M&A. First off, at Jack Henry, and in our space in general, if one of our customers is acquired and they're a SaaS customer, which most of our customers are, meaning we're hosting their solution, w e almost never sell a license anymore. It's primarily customers that we're hosting in a private cloud environment. If they are acquired by another institution, they have to essentially buy out their contract. They have all of long-term contracts. Our average contract is seven years on the core side. They get acquired, they may have, you know, five years left on their contract. They have to buy out that contract. That creates what we refer to as deconversion revenue. You'll always hear us call it out on earnings calls. Always, we will talk about what the deconversion revenue number is for the quarter. A, because it's not a reflection of the operation of the company. We have zero control over deconversion revenue. It's a customer that just got acquired. B, we can't predict it with any accuracy. We're the last to know when one of our customers is being acquired. So, you know, it's really a guess on our part. We always try to be very transparent about what do we think is going to be deconversion revenue for the remainder of the year, and then, you know, we'll share with you the exact numbers as far as what we're seeing. Well, in this quarter, in the second fiscal quarter, we could see that for the remainder of the fiscal year, deconversion revenue is going to be down, and the reason is what I was just talking about. M&A has pretty much stopped right now. I always talk about deconversion revenue as the revenue you don't want to see if you're a shareholder. Is it top-line revenue? Sure. What that means is a customer of Jack Henry has been acquired by somebody else, and they're leaving Jack Henry, so that revenue is leaving Jack Henry, so you don't wanna see deconversion revenue. When we have a drop in deconversion revenue, that's great news for the company, and yet, you know, it's counterintuitive as far as the top-line revenue. We saw a deceleration in the remainder of the year here, the second, third and fourth quarter, in deconversion revenue. Primarily, the drop was due to one customer. Sometimes these are really big dollar amounts. But if one customer that we thought was deconverting now in this quarter, in the third fiscal quarter, t he acquirer, who was not a Jack Henry customer, notified us that they were gonna stop because they were thinking about converting their bank over to Jack Henry, which would be great news for Jack Henry. Yet I had to go on the earnings call and say, "Hey, we're lowering guidance because deconversion revenue is dropping because this acquirer may be moving all of their business to Jack Henry." You know, it is what it is. So that was the major impact when it came to the guide for the second half of the fiscal year. Aligned with that is because our customers have also quit acquiring other customers for the time being, M&A, you know, our customers do a lot of M&A. Our customers were stopping that as a reduction in service revenue for us, right? We call it convert merge. When one of our customers acquires another bank, we have to integrate them into our platform. Our customer pays us for that service. Convert merge revenue has dropped for the remainder of the year. The third piece that I highlighted was debit volume. When we issued our annual guidance in August, and we issue guidance once a year in August, we saw debit volumes just growing like a rocket. Everything we saw looking forward for the fiscal year showed the debit volumes were really gonna be growing significantly. Halfway through the year and listening to our partners, Visa and Mastercard, and what they were seeing, what we could see for the second half of the year was debit volume dropping just a little bit. It didn't flatten out. It certainly didn't go down. It just dropped a little bit. That affected our guide. You know, it was a minimal part of the change in the guidance, but it affected our guide. Those three things were the primary drivers of the change. Of course, the first two both related to M&A. Once M&A picks up again, all that, all that comes back, and then we'll just have to continue to monitor what happens with debit volumes. I think you did, you know, cut some expenses to offset the bottom line- We did. ... impact when you're talking about it. Yeah. Yeah. We spent, you know, I'm sure for your organizations, just like ours, travel was pretty much back to pre-pandemic levels. We reigned that in here and really tried to make sure that people were focused on necessary travel, not discretionary travel. We have held off on a little bit of hiring. We certainly didn't do a RIF. We've never done a RIF in the history of the company. I think we're really good at managing headcount, but we held off on hiring just to try and make sure that our expenses were in line. With the top-line change, what that would have implied, it would have been a $0.20 drop in EPS, but in fact, it was an $0.11 drop in EPS, which was, you know, the offset was the expense controls that we put in place. Great. Maybe talk about the competitive landscape. Obviously, a couple years ago, some of your competitors did big deals. Another smaller competitor just got bought by private equity. Any changes you guys have been taking share for years and outgrowing the industry. We're just curious an update on the competitive landscape. Yeah, it's good to be us right now, I'll say that. The, our major competitors, what J.D.'s alluding to, and I'm sure many of you know this, about three years ago, made big bets in the merchant acquiring space. We had been studying that space for years. Six years, we've been really analyzing merchant acquiring, trying to decide if we wanted to be in that business, and we decided not to. It was a very well-informed decision. I could go... I'd talk for an hour about why we decided not to, but we made the informed decision not to get into that business. While I was coming to these conferences and those deals were happening and, you know, everybody was implying that we just didn't get it, you know? Why are you not pursuing that? I kept explaining why it wasn't a good decision for our company. You know, everybody has to make their own decision, but we just didn't believe that it was a business that was gonna be fruitful for the future. Of course, now we look like geniuses because we, I think, made the right decision at the time. Our competitors have really been challenged with those businesses, and so that's impacted the rest of their business, which is where we play. I think that's produced opportunity for Jack Henry that has been pretty significant. You know, we see a lot of, a lot of opportunity in our sales pipeline that are being driven by those decisions that were made a couple of years ago and kind of the change in their focus. Additionally, there's other disruption in our space. You allude to one of our smaller competitors just acquired by PE. They were a public company acquired by PE. A lot of question right now, of course, about what happens with them. What actions does the PE take? There are international entrants that have been trying to make inroads into the United States that have been challenged lately and have seen a lot of disruption, public company challenges. We're, you know, we're steady Eddie right now as far as I'm concerned. We're continuing to grow our franchise, have a great reputation among our customers for outstanding technology and outstanding service, and as being a partner that people really wanna work with. We're continuing to gain share at a nice pace, I think, and we see just a lot of opportunity for the for the future. Yeah. Curious just to piggyback upon that a little bit. Obviously, we're in a very different funding environment from a VC perspective. You know, newer entrants, you know, just curious, have you seen what's going on with the guys that are, you know, just coming to market in the last couple of years, smaller players losing lots of money? Just curious, have they backed off? Are you seeing anything with the kind of newer entrants, not the guys who've been around for a long time? Yeah. Yeah. It's interesting, the new players. You know, there are a lot of fintechs out there, and many of them that we work with. You know, we have connections today to well over 950 different fintechs in our space. We're known as the provider who's really easy to integrate into and who really is supportive of the ecosystem and the industry. We love that reputation. It is interesting, there have been a number of fintech startups in the past few years who think they're gonna be disruptive to essentially what Jack Henry does. You know, I think that's really fun to talk about until you actually have to produce for your customers and start to live in the regulatory environment that we live in. We've seen some that thought they were gonna disrupt companies like ours who have really been challenged, not as much by the funding side of the equation as by the how do you actually deliver in this highly regulated environment that you have in the United States. I mean, you know, being a great technologist is one thing and having really cool technology, but you gotta be able to make it work in this environment. The regulators have to approve what you're doing. You know, it has to actually perform banking functions, not just look cool. You've seen a lot of these players who have tried to be disruptors, who have been pretty challenged. The other side of the equation is the funding side. A lot of startups have, you know, they've faced some real challenges here recently as far as continuing to get their funding. You know, there's some really good players out there. As I mentioned, we're very accepting of other players in the ecosystem. We're very supportive of other players in the ecosystem because our role primarily is to help make our banks and credit unions succeed. If these players can do things that are kinda quick and easy and add to the equation, we're supportive of that. We're not trying to block them out. We're not trying to exclude them. That has never been the philosophy at Jack Henry. We're trying to be accepting of them. It has been interesting to watch some of these folks who think they're gonna really disrupt the industry, and they just have no idea of what the challenge is of being successful in this industry. Maybe dovetail on that. You guys took a lot of heat over the last couple of years for being very disciplined from an M&A perspective. Evaluations got crazy. You guys just sat. You have a net cash position on the balance sheet. Maybe talk a little bit, are you seeing the valuations in the private world come down? What would make sense? You know, where would you be willing to take leverage for the right deal? Yeah. Yeah, we have a long history of M&A. We've done a lot of deals in our history. In fact, from 2004 to 2015-ish, I ran that practice at Jack Henry, we did 35 deals or something like that during that period. We're very skilled at M&A. I feel great about our ability to not only execute a deal but then get the engine running. You know, once you get the acquisition done, get it starting producing for our company. As you, as you mentioned, I'm thrilled that you used the word discipline because that's the way I like to think about it. We're not conservative. We are disciplined when it comes to M&A. During these last, you know, three, four years, it was hard to find a deal primarily because of valuation. There were companies out there that we were pretty excited about, but their expectations were totally off the charts. You know, there were IPOs happening in the past couple of years, companies that probably never should have IPO'd. There wasn't really a justification for an IPO except they could, so they did. Some of those were opportunities that we saw as potential acquisitions. We sat on the sideline mostly for about three years, just kinda watching as things, as things happened, and we didn't need acquisitions to fuel top-line growth. You know, we're pretty comfortable in that 7.5%-8% range top line without acquisitions. We didn't need those acquisitions. There are some nice solutions out there that would have been nice to fold into the company. Now, when I was on the, I think it was February 2022, earnings call, February 2022, somebody was asking me about M&A, and I said at the time, you know, I was kinda rubbing my hands together thinking, 2022, by the fall, boy, things are gonna be good again because we saw funding drying up, and we saw some reality setting in. Didn't happen. You know, really, valuations are still higher, I think, than is justified. There have been some normalization. Some public company expectations have dropped. We've looked at a couple of public companies to possibly take out. Private company, interestingly, during the late summer, still a lot of money flowing into private companies. Where I thought they were gonna be challenged in the summer, it didn't happen. I'm hearing a lot now about, you know, valuations settling in. We are because we're known as a serial acquirer. You know, every banker in the space, every investment banker in the space knows to call Jack Henry if they have a deal that's worth looking at. We have a lot of deal flow right now. It's just a question of, you know, trying to find those deals that make sense. As far as what are we looking for, one of our challenges is we really don't have any holes in our product strategy. We have a very broad product strategy. As I said earlier, almost anything, any technology you need, if you're a bank or credit union in the United States, you can get from Jack Henry. It's not like we have some pressing need of some issue to solve. What we've done historically many times over is we're good at doing one plus one equals three, where we maybe have a solution that does X. We have a competitor out there that does something similar, but they have complementary functionality. We acquire them, put them together, and create this one plus one equals three scenario. We've done that over and over and over again over the years. We're always looking for those opportunities where we can find something and put it together with something that we have. The benefit there is, we're already known as a provider. You know, when you do that, you're already known as a provider of this, you're kinda known in the space. We already have a sales team that can execute, we can do this acquisition, hand it off pretty quickly to the sales organization and get them started selling. It tends to, you know, get things moving pretty quickly when we do those types of deals. Those are the kinds of things we're looking for. As I say, every investment banker in the space knows that we're that we think that way, the types of deals we're looking for, they all call us when there's something that makes sense. The thing I stress all the time is we are not looking for a transformational acquisition. There's no need to transform this company. That's not what we're about, trying to find something that's gonna totally transform the company. We're looking for things that are additive to what we do and really help kinda broaden our story for our customers. The other thing we're looking for today is primarily things that are public cloud native. In our space, private cloud has been the story forever. Well, not forever, for the last 20 years. We've been a big provider of private cloud solutions. In the past, five, six years, we really made a big push in the public cloud environment. We're a big player on AWS today. I'm told we're the largest financial player in the Azure environment today. Hopefully, you saw in August, September last year, we announced a big partnership with Google, where we're doing a lot of development on the Google, GCP environment. Anything we acquire today, that is right at the top of the list, is we wanna make sure that either it is public cloud native or it's something that we can easily get into the public cloud environment and make sure that it's going to be additive to that part of our story. Okay, great. I think about a year ago, I could be off by a couple months here, you guys announced kind of what you call the tech modernization strategy and, you know, the potential, you know, more of an à la carte offering, if you will. Maybe just spend a minute talking about what exactly that is, why you decided to do it, you know, when you could start to actually see, you know, the benefits hit the P&L. Yeah. What J.D.'s talking about is in February of last year, we announced, I announced on the earnings call our tech modernization story. What I said was, "This is a strategy. It's not a product announcement. This is a strategy." The goal for announcing it at that time was so that our customers could really, and prospects, could really understand, "Where is Jack Henry going, and how do I map the future? If I wanna partner with Jack Henry, what does the future look like, not just for the next year or two, but for the next 15, 20 years? Where is Jack Henry headed?" We've been working on this strategy for several years, five or six years before I announced it. We'd had developers writing code for two years before I announced it, we were well down this path. I waited to announce it until we had one of the pieces of the strategy actually in live and up and running. You know, I don't like to talk about vaporware. We like to talk about things that we're actually doing. We wanna make sure that it was up and running. We had that in place in December. On the February call, I talked about this strategy. It's really, there's kinda two primary pieces to this strategy. Number one is this goal of moving everything we do to the public cloud environment. We believe long term, that's where customers are going to wanna have their solutions. There's so many benefits to the public cloud, as far as the tools that you can use, the speed, the ability to burst, the security environment, and all kinds of benefits to being public cloud native. As a long-term strategy, we wanted to get to the public cloud. Again, we have several of our solutions already today, native public cloud native solutions. The core side of the business was really the piece that nobody had done to any significant amount on the public cloud. Part of that is because it essentially If you're really gonna be public cloud native, you have to rewrite everything you've got. There are a few people that had done some lift and shift activity, where they took old stuff and made it work on the public cloud, so they can say, "Hey, we're on the public cloud." If you're really gonna take advantage of the public cloud in infrastructure, you need to rewrite your solution and make it public cloud native. It's a big investment, and it's a big time, you know, it takes a lot of time. We made the decision that's the right thing for the future for our company and for our customers. The other decision we made then was, okay, for our core system, there's no demand today for a core system on the public cloud. Why? Because the regulators require the ability to do a full exam, and they're not there yet. The regulators are not ready to say, "Yep, we want your core system, public cloud native on the public cloud." That's shifting. That's changing. We see that demand coming in the future. As we looked at rewriting our core on the public cloud, one of the key pieces of the strategy that J.D. just alluded to is we decided to essentially unbundle the core. The core today, I mentioned earlier, provides all this functionality. It's the heart and soul accounting system for a bank or credit union. We decided to unbundle the core and take all these discrete pieces, roughly 30 discrete pieces, and make them standalone components on the public cloud, and allow our customers to bundle them together the way they want. Think about you all have been cable subscribers for years, and now you're subscribing to every streaming service under the sun, right? Same idea. As opposed to buying a bundle, you're buying all the things that you really want, and you're putting them together. I would bet you're all paying more today than you were paying when you were buying cable. Same idea applies here. You're gonna buy all these pieces. You're gonna put them together. It's going to be exactly what you want, but chances are you're going to end up paying more, more than you were originally. That's the, that's the strategy. It gets us to public cloud. It allows us to roll out modules over time. As opposed to writing everything for years and then saying, "Okay, ta-da, you know, here it is," we set this up so we can start to put those modules into production over time. People can start to consume them over time. Obviously, they pay us for those things over time. We think it's a, it's a good strategy for us, and it's good for our customers because it allows them to consume what they want when they want it. The interesting thing in this strategy is, and of course we're a year into it now as far as being public, this is driving a lot of demand among larger financial institutions. Larger regional banks are loving this story because it can minimize the risk of a full conversion for them. They can start to consume pieces over time, and then their conversion isn't a big bang conversion 'cause they've already started to use a bunch of the pieces. We're in active discussions today with a number of really large regional banks about this strategy and the potential of moving their business to Jack Henry. I have no idea if any of them are gonna end up signing, but it's created a real conversation that we weren't having before with some of the real large regional banks. Pretty exciting. As far as revenue impact, I've said many times, you're not gonna see much of a revenue impact in the near term because the modules we're rolling out to begin with are relatively small. You know, this sets up the recurring revenue model for the next, you know, 20, 30 years for Jack Henry, in an absolutely modern ecosystem. Okay. I think maybe we have time for one question from the audience if anybody has one. You disclosed what the uplift is when you go from like to a private cloud from, like an on-prem or in-house. Just wondering what that would be eventually in public cloud. How, how should we think about that? Yeah. It depends on whether. The question is, in case you didn't hear, the question is about the uplift when customer moves to the public cloud environment. It depends on where they're coming from. If they're coming from an in-house deployment, which is what you're referring to, you know, we talk a lot about people who are running on-prem going to private cloud and the revenue uplift there. Well, if they're coming from on-prem to public cloud, it'll be a little bit more, but essentially you can think of it in terms of the same dynamic. If they're going from private cloud to public cloud, which a lot of customers will, there will be certainly an uplift, but it'll all depend on what are they consuming. My expectation is most customers in the future will buy the pieces in a bundle that looks a lot like what they're buying today as a bundled core. You know, they'll just intuitively think, "I gotta have all these pieces, and I'm gonna buy those pieces, for my core looking forward." The idea is because of the brand-new technology, the environment that you're running in and the look and feel, the experience that the customer will have, there will be an uplift, even if they go from private cloud to public cloud. I'm not quantifying that yet because we're not far enough along for me to give you any accurate answer on that, but it will definitely be an uplift. All right. I think we're out of time. We're going to have to wrap up there. Thanks, Dave. You bet. Thank you. The breakout's in...