Great. Well, thank you everyone for joining. I'm Alex Duval, I head up the tech hardware research team here at Goldman in London. Really appreciate this dialogue today. Great to be joined by Hanneke Faber and Chuck Boynton, CEO and CFO of Logitech. Really looking forward to a discussion including some of the longer term trends and some of the strategy of the business. And you can see the disclosures above me, so I don't need to read those out. Thank you very much, both of you, for joining. Delighted to have you here, and perhaps we could just kick off with a quick recap of latest trends and quarterly results for two or three minutes, and then we'll dive into some Q&A and audience questions after. Yeah, I'll leave that to Chuck, but it was a good quarter. Yeah, we, so Logitech, as you know, is, it's a great company. We had a really strong Q3. Overall, we saw. If you think about Logitech, first of all, the high level, three kind of main categories for our business is Personal Workspace Solutions, mice, keyboards, webcams, market leader in all three of those categories. Gaming, multiple categories underneath gaming, and then our Video Collab business. The PWS business was really, really strong in Q3. Showed pretty much growth, excluding webcams, had growth year-over-year in Q3, our biggest quarter of the year. Gaming was still down a little bit, and VC was, you know, was down a little bit as well, year-over-year. Overall, the business was down mildly in Q3. We saw a huge bump during COVID. Things have now started to level off. Our outlook that we provided at the last earnings call implies that at the midpoint, slight decline year-over-year in Q4. At the high end of our outlook range, it actually would show a year-over-year growth, which would be the first time in a couple years that we would have seen a year-over-year growth. We're really proud of the cash generation, Alex. We've had really incredible cash from operations. And with that, we have deployed and have bought back a significant amount of stock this year. So we're really proud of the, of the cash, and of course, that's driven by working capital reductions and strong profitability. A big highlight for the quarter was really strong gross margins, just north of 42% for two quarters in a row, and we'll get into that later, I'm sure. But overall, we felt that, you know, Q3 was a strong quarter and better than we'd expected. Great. And I guess you've given some sort of forward guidance and commentary. Can you sort of walk us through a little bit how you're thinking about things from a recovery perspective? Should we be thinking it's a V-shaped recovery or a U-shaped recovery? How would you characterize it? Well, I would say it's not gonna be a V-shaped recovery. I think that many investors have gotten real excited about, you know, how quickly things are gonna snap back. Our view is that we're cautiously optimistic. This business went up very, very quickly during COVID, and fell very, very quickly after COVID. It has now started to stabilize, but a really key thing that we said last quarter, and Hanneke and I spent a lot of time debating the exact wording, was we don't yet see the inflection point. The midpoint of our outlook, again, from what... I'm not updating guidance, but the midpoint of our outlook was a slight reduction year-over-year. As you look into next year, I just don't see a reason that it would snap back immediately into a V. There's a lot of things that have to happen. We can talk about that in more detail, but there's a lot of things that have to happen for this to get back to where we see year-over-year growth. I think we're getting close, but we're not quite there yet. Great. I think that segues very well into my next question, which is about some of these PC makers who are talking about units falling. Can you talk a bit about what you expect short term? You know, do you think maybe we're seeing some signs of improvement? And then if we think longer term, obviously, you know, PC-related categories, keyboards, pointing devices, they've shown a lot of growth over time. So how sustainable is it? And how will your strategy evolve, really, to harvest the opportunities there? Yeah. So maybe let me kick off with the longer term, and then maybe you go into the short term a little bit. So if you look back seven years, which I think is a good kind of period to look at, because it covers pre-COVID, the craziness of COVID, the bummer after COVID, and then to where we are today, and you look at our three big categories, they've all grown, and all grown robustly, I would say. So VC, video conferencing, grew the fastest, about 20% market growth, and we grew ahead of that over the seven years. These are CAGRs. Gaming grew double digits, and we grew a little bit ahead of that. Again, CAGR, last seven years. And then our, our core traditional category that we call personal workspace, which is mice, keyboards, webcam, that category also grew at a 5% CAGR over the last 7 years, and we grew double digits, and we hold very high shares in that category, so we grow that market. I think that's a great start point, and I've only been here a little over 2 months, but that's a great start point, to be in 3 big categories that all have shown over 7 years, normalized, really good CAGRs. Again, we've been driving some of that, certainly in personal workspace and in video conferencing, with really good products and really good consumer segmentation, which we can talk about more. And again, I see no reason going forward that once things normalize, these couldn't be, and these won't be, really great growth categories where we can continue to gain share. And I would just add, Alex, you know, Lenovo reported last night or the night, I'm not sure, I'm still in a bit of a jet lag, but I was watching the report, and they did show an increase in units, and it looked fairly positive. And that's probably the first one I've seen in a while, where Dell, HP, Lenovo had been saying, "The market's turning. The market's turning," and it's not. Now, so let's just say that PC shipments go up. That is good, but it's not all that we need, right? So the PC shipments are—there is a correlation between our products and PC. So it's a positive sign, but I'm not gonna kinda call victory on their one announcement. But there is a correlation, especially if that PC is a new PC that adds to the TAM, as opposed to a replacement for an old PC. So I do think there's excitement on the horizon with AI and what's happening with chipset, but that's probably further out on the PC side that could really benefit us. But in the short term, it's a green shoot, potentially, but not a huge indicator. Super helpful. I'd like to pick up on that point, about segmenting the market, specifically on the sort of keyboards and pointing devices. Maybe can you take a look at what you feel the company's done well in that regard? And, what further opportunity is there? Yeah. So again, if you look at that core category of ours, so keyboards and mice, it used to be there is a keyboard and there is a mouse, and those are your choices, and maybe 2 price points, and they're all black. And Logitech has done beautifully over the last, you know, probably 5 years or so, is really segment that market, because there's different needs for different consumers. If you're what we call an advanced user, you're a coder, you're a financial analyst, you're a creator, you need a much more advanced mice, mouse with more capabilities. So that's our MX series, where the average prices are very significantly higher than in our more basic business. If you have, you know, tendonitis in your arm, or wrist arthritis, you need a different mouse and keyboard. That's our Ergo series, which has also done very, very well, and again, it's premium priced. If you are into design and aesthetics, and you want your desk to look nice, you also have different needs. And again, that's where the team, the design team, has done beautiful work in more lifestyle-type products. All of those have grown the market. All of those have grown our ASPs, and I honestly think we're only at the beginning of this, of really meeting our consumers, and then with technology, design, and our investments in our 7% of sales, invest in really delivering for consumers and growing our business that way. Brilliant. And on design specifically, I think you had some change in terms of personnel there, but design obviously still seems really important. So, you know, can you give us a bit more background on how you'll drive that going forward? Yeah, absolutely. So I was actually pleasantly surprised to see how strong the design team at Logitech is. For background, I worked for Procter & Gamble and Unilever before, much bigger companies, and some might see those as brands and design companies, but Logitech employs almost 300 designers, which are in-house, which is more than, I think, Unilever and P&G combined, possibly. And it just shows the importance of design in what we make and produce, and how we understand our consumers, and I think a real competitive advantage. Great. I'd like to switch gears and talk about gaming. I think last quarter, we saw mid-single-digit growth year-on-year and healthy sequential growth. Mm-hmm. So, you know, what's the prognosis there for the next few quarters? How are you thinking about the opportunities? Yeah. Again, if I started on the mid to longer term, a really exciting segment for us. We're still seeing more gaming happening around the world, because older people are gaming, too. This is no longer a teenage, teenager thing. So you see with every kind of 10-year age group, the penetration of gamers goes up. We see more women gaming, which is a good thing. Gaming becoming more inclusive, good for our business as well. We see the popularity of eSports continuing to grow. It's going to be in the Olympics. Again, that's a good thing for the gaming space and for our business. And then there's some other things in the industry that could be tailwinds for us. Microsoft expanding its games beyond the Xbox and to the PC. We're really strong on PC gaming. So again, that's a potential tailwind. So we think the space is gonna be healthy for many years to come. And probably of our three segments, it's the one that is probably furthest along in that recovery. Asia's been strong for a while, market-wise. Europe is growing now. U.S., flattish, slight growth, but it's probably the, market-wise, the healthiest, and again, you know, then it's our job to gain share. Brilliant. On the video conferencing side, you know, that's another market or rather segment where you did see sequential growth, but it's been a trickier market, I guess, for a number of quarters. You know, has it dropped? Do you think that things are now on an upswing? It's hard to say. I mean, again, you've got to be careful looking at sequential growth because both in consumer, December is the big promo window, and for enterprise, there tends to be a bit more buying that happens in that December quarter for the enterprise, maybe a budget flush or other things that can happen at year-end. So I think I would just be a little cautious as you look at that category in next year. Now, did it drop? It's hard to say where that business is gonna be exactly next year. Now, we're gonna have an analyst day in May. We'll roll out more holistic views on next year. But the things that need to happen to have that category come back is likely stability on inflation, interest rates, where companies are spending money again and have more confidence, a turnaround in the real estate market to where leases are being signed and CapEx is being spent to rehab offices. And, you know, we're not really seeing that, that happen quite yet. I think there's maybe a little bit of positive press recently on the U.S. market as some level of stabilization. But I’m very optimistic long term in this category... but I’m very cautious in the short term. It's still a great business. It's still $170 million last quarter in revenue at really good margins, and we've got some new products that are really, really interesting. But we're just being balanced in terms of when do we see that really come back, and I think it will come back, and it will be strong. It's just hard to say when. On the basis that we do have that stabilization, you know, how much opportunity is there if we look forward, and what's the strategy gonna be? Just to understand, you know, how you're going to harvest that opportunity. Yeah, I think it's too early for me to give numbers on the future. Again, we have an investor day in May, which should give a bit more clarity on that. But it's pretty clear in my mind that the doubling down on B2B for us is a really good idea. We have fantastic products. It's given us great growth in the past 5-7 years, but again, we're only just at the beginning. If you compare to our competitors, we've not been in the segment very long. We're still building capabilities, but we have outstanding products at really good value, which is why we're already leading in terms of share, in conference room units. Great. And I guess it sort of ties in a little bit to the long-term model. So in the past, you sort of had a high target, or I think 8%-10% roughly, you know, target through the cycle. You know, obviously, how has your thinking evolved? Because we've had lots of different distortions in terms of COVID and then normalization and so on. So how should we think about that? Well, I would say, and it's hard, that the long-term model really is at the highest levels, 8%-10% growth, with gross margins of 39%-44%, and OpEx roughly 25%, and operating margins in that kind of mid-teens. Now, we've been able to deliver the P&L side on the gross margin and operating margin side. We feel really good about that. The real question is what happens in the 8%-10% growth? It's hard to talk about that when this last quarter, revenues are still down year-over-year. So we said that 8%-10% last year, and that's it was all predicated on that's what the rates ranges were pre-COVID. So we'll, we're not updating, you know, outlooks today, but I think, you know, it's something we'll talk about at Analyst Day. But I feel really good with the categories that we're in. It's premature, though, to talk now about the kind of what is, is there any update to the growth rates and whatnot? I think that's, in the environment that we're in today, where we're still in a decline and, maybe turning the corner, it's a little bit early to be talking about, you know, 8%-10% growth. Understood. And I think one aspect of your last quarter that investors picked up on was this inclusion of M&A within your sort of growth targets. So you've obviously done, as a company, M&A in the past, but perhaps could you sort of lay out high level how your thought process would be as far as M&A is concerned, perhaps in terms of the areas you might look at or you know, the kind of approach generally? Yeah. Absolutely. So we have a really pristine balance sheet, $1.5 billion in cash. So we have the firepower for M&A, and in the last decade, we've done quite a bit of M&A as well. Coming in, I think it's great to have that firepower, but I don't want us to get trigger happy overly, because it's easy to do a deal, it's much harder to then make it a success in the company. So we're gonna be, you know, careful at what we look at, but if there are good targets, we will definitely want to take action. What spaces are we interested in? I like the spaces that we're in today, which I would define as work and play. But in those spaces of work and play and of the software-enabled hardware that we are very good at, there is some more opportunities for adjacencies and tangential additions. So we're looking at long lists all the time, and if the right thing comes up, we'll take action. Excellent. I think one area we had a lot of investor questions is on the gross margins. I think you had a very, very solid gross margin last quarter, despite obviously the impacts from holiday quarter and so on. So how do you achieve that? How sustainable is that? And then secondly, another frequent question is around freight costs. You know, given all that's going on in the world, how much of that is kind of embedded in your guidance, and how much risk is there on that side? Yeah. The gross margins have been incredibly strong. The last two quarters, we've had some kind of one-time benefits. We've materially reduced our on-hand inventory levels, and as those have come down, there's been some one-time releases. So that's non-recurring, but it's been a real benefit overall to the short-term P&L. So that won't happen likely in Q4 and beyond. We have done a great job on cost reduction, so our operations team has really done a good job in reducing material costs, driving down, you know, not just the inflated prices from COVID, but also negotiating contracts down and also conversion of materials into finished goods. And we've also really done a good job on margins by reducing discounting, overlapping discounting, and driving more efficient promotions. So Q3, which tends to be a challenging quarter on the margin side, actually had a really strong margin profile. Now, we provided an outlook at the last earnings call that midpoint of our outlook would imply a 300 basis point erosion in margins in Q4, and that's really driven by three factors. One, this material inventory charges that are benefits that will not happen again in Q4. We see a little bit of freight cost increases with the Red Sea issues, and then we would have blank on the third one, Hanneke, and we're jet lagged. Yeah. Overhead absorption. So effectively, it's our trough quarter, and therefore, we're absorbing less overhead. Now, the high end of our range would imply it's not down 300 basis points, but overall, we feel pretty good that the long-term model of 39-44 would be roughly intact. The inventory issues and the Red Sea issues are, as we predicted last quarter, it's not any better, not any worse. Of course, this was only about, you know, a month ago. So overall, I think that we're gonna navigate this okay and be able to land the quarter without having, you know, too much of an impact. Brilliant. If we go back to, sort of broader themes in the industry, one topic that's been front and center at this conference has been AI. Mm-hmm. Yeah, it'd be great to get a sense of how you think about how that impacts your business. So I suppose on the one hand, product opportunities, so TAM that you can harvest or create, and secondly, in terms of how you run your business. Yeah. Absolutely. Opportunities on both sides. So I think in terms of the internal part, how we run our business, I'm sure you've heard it from everyone, there are real productivity benefits, which we're already seeing, so that's good. I think the more exciting thing is what do we do with our products? And we do software-enabled hardware, and especially here on the software side, we see a lot of opportunity and inspiration already in the first few months of being able to act on AI. So hopefully some of you are users of our products, but in our mice, in our keyboards, there's software called Smart Actions, where you can do shortcuts and things to make you more productive and stay in the flow. What we've seen in the last few months is that—and by the way, we've about 30 million users, so that's not just a tiny amount of people. The most used shortcut in the last few months, of course, is Reply with ChatGPT. Not surprisingly. That was the first one we've built. It's super popular. It's a real inspiration for us to look at what other benefits can we build into the software to help, especially our advanced users, but really all our users, to be more productive, to win that game, to more easily connect with others, and more to come. We will only—I can only tell you when they're out, but more will be out pretty soon. You touched on software there. I'm just wondering, sort of more broadly across the business, how important is it to invest on that side? I'm thinking particularly for categories like video conferencing, how much value is there there? How much can that actually enable you to, you know, effectively access broader TAMs- Mm-hmm. -and perhaps defend against, you know, other competitors? Well, I think, you know, software is so critical. We have more software engineers than hardware engineers, and, I mean, and it's -- and as Hanneke mentioned, we spend roughly 7% of our revenue on R&D. Software capabilities are so critical. You look at hardware generally can be commoditized, and the technology, both the software, the amazing hardware engineering and the brand, are what you defend against that commoditization. And so I'm, you know, what we've done with software is quite amazing. What Hanneke mentioned already with Smart Actions is the tip of the iceberg, but it's so pervasive in all of our products. You look at them, you think, "Oh, that's a piece of hardware." It's actually very complicated software that works flawlessly, and our software teams are absolutely amazing. They're... It is, they're world-class, and the things that we're coming out with are just so compelling. So both in the video side, the gaming side, and certainly in PWS, when you might not think a mouse has a lot of embedded software, it is incredible what we've done with there, and so I think it's the reason why we have such high market share across those categories. Brilliant. Maybe another question for you, Chuck, is just on inventories across the business. It'd just be great to get your view on where we are in terms of inventories on-hand in the channel. Any sort of thoughts there would be very helpful. Yeah. So, Alex, we made it a big priority to lean out the supply chain, and I'm really proud of the work that our team has done. We've driven on-hand inventory levels down materially. I think we're roughly at 5.5 turns of inventory now, and so we're at a really good place. I don't think we need to reduce inventory on-hand any further. It could go up, but it could go down a little bit quarter-over-quarter, but generally, we're in a good place. 5-6 turns is kind of like right where we want to be for on-hand inventory. Channel inventory is also in a very good place. Last quarter, it ended about the same as where it started, and so what we communicated was we will take it down a little bit, very, very small. I think we said, you know, a few percentage points. It's not a lot, but we are, we want to manage channel inventory based on forward weeks on hand. So we look at the quarter, what is the revenue opportunity? And then we size the channel inventory to what we expect, revenue to be, from a forward weeks on hand. So it'll come down a little bit in Q4 because it's our trough quarter, and it will start to grow a little bit in Q2. It will grow into Q3 significantly for the December, holiday season, and then come back down again in Q4. I think where we are right now is right where we want to be for both on-hand and channel inventory, and our teams have done just a really good job, and that's shown both in gross margin and with on our operating cash flows. ... Very helpful. And I think another area you've done brilliant work was on the OpEx side. So obviously some reduction going on there. How should we think about that going forward? Is there an opportunity to do more? Are there different ways of being smart about OpEx allocation? What are your latest thoughts? Well, certainly, our target model is to have roughly 25% of revenue in OpEx. So, as the revenue grows, we'll grow OpEx. We are definitely trying to hold the line in kind of non-leverage areas and invest in areas with a big compelling ROI. Hanneke's two months in and is very, very focused on how do we free up dollars to invest in key areas. Hanneke, do you wanna say a few words about those key areas? No, absolutely. So in OpEx, you know, there's a big piece on people and overhead, and there's a big piece on marketing and sales investment. Given the great technology design products we have, I would love to free up a little more of the OpEx within that 25% to grow our brand and marketing support. We have a really good brand, the Logitech brand. It's a $4 billion brand. There's not so many $4 billion brands around the world in this category or other categories. It has great awareness, more than 90% awareness in most countries. It's known as reliable, good quality. But is it really an iconic, super cool brand? Maybe not quite yet. And again, if we can build some of that OpEx into more marketing and sales support to do that, I think that will go a long way. So, we're not gonna go crazy, but I think in certain pieces of OpEx, we have opportunities to simplify, streamline, optimize, so that we can reinvest in growing the top line. Brilliant. I guess also in terms of sort of how you invest, one area over the last few years, you've put more money in, is obviously on the building out the enterprise channel. Can you talk a bit more about how you would approach that going forward, particularly in light of the B2B opportunity, but maybe some adjacent opportunities as well? Mm-hmm. Well, yeah, I think a few years ago, the company invested heavily in building out the B2B capabilities, and I'd say it's working. It's not perfect. Like, there's a lot of room for us to improve on the B2B side. We've hired some great people. There's still work to be done. Again, we don't sell direct, we sell through a channel, so the B2B is really selling with a partner, like a T- like Microsoft or Zoom or the reseller channel. So there's, there's work to be done. I don't think it's a lot more investment, but it's really about execution and a lot of the hygiene work. And so, this is one that I think i- it's gonna pay great dividends, and we're getting there. But I think this is a big opportunity for us, and Hanneke likes to say, we're gonna double down on B2B, and that's right. I think if we can focus the efforts and get everyone rowing in the same direction, we can make a big impact on the revenue side. So I think that's... Anything you wanna add there, Hanneke? No, I think at heart, this is a consumer company, that's, and it's a 40-year-old consumer company, so it's quite a bit of history. It's really good on the B2C side. I'm super impressed by what this consumer company then built in the last 5, 6 years on B2B, almost from scratch. But we're new. We're like children in the B2B side. So doubling down there still offers tons of opportunities going forward, just strengthening that muscle. So I feel that's one of our biggest opportunities, honestly, going forward, without, of course, affecting that B2C side at all. In fact, I think it's very healthy to have both those businesses in one company. We hear a lot of anecdotes from, you know, IT buyers or workplace services buyers in companies who say their customers, which is employees, that they're buying stuff for, they're like, "Damn, why am I getting a cheap Chinese mouse at work when I want an MX?" So having that consumer brand, actually, I think, is a benefit in the- on the B2B side as well. Great. Well, I think we have a little bit more time. I'd like to open it up for questions. I see John over there. I think there should be a microphone coming over. Thank you. Charles Elliott, I used to be an analyst at Goldman's covering Logitech, about 24 years ago. And when I put you on our recommended list, my boss asked me, "So what do we want with all these fucking mice?" And it's great to hear that the mice is still growing so many years later. Yeah. So two questions: One, you used to use BLE, Bluetooth Low Energy chips, a lot for your connections. Do you see yourselves maintaining that going forward or a different type of chip coming up? Well, there are some new standards, and I would say our view is we wanna be current and modern with the right architecture and security. And so, you know, the Bluetooth Low Energy is a newer standard that we have adopted, and there will be other standards that come out. And so I'd say that our view is to be leading edge, not bleeding edge in the tech stack. Thank you. The other is on AI on PCs. Can we put a chip which does a decent amount of AI onto a PC? Absolutely. I do. That's, I mean, I think you're seeing that happen. We are not going to, but you're seeing that with a lot of the, you know, the chip companies are chasing NVIDIA, who just released, obviously, yesterday, and blew it out. And so you're seeing a frenzy of companies trying to do that. And part of the model is they do believe that there will be value in putting, you know, AI chips in the laptop. I, I—Hard to say the exact use cases, it's probably beyond the scope of this meeting, but I do see that opportunity. Thank you. Maybe a follow-up on AI as well. What's your AI ML software strategy here? What's going to be in-source, what's outsource? What key areas or end markets are you gonna be focusing on? Maybe a bit on talent, what kind of teams are you planning to develop? Any sort of color on this? Well, I'd say I'll start with the internal side. We have this view that Hanneke brought to the table, which is also be an operations powerhouse, and I love that term, operations powerhouse. So we are already using our own private cloud version of ChatGPT for using it internally for efficiency. And that's things like, you know, legal and HR and finance. So we're in the early stages. Then there are things like GitHub and using those to do software-assisted coding. We had a call yesterday with our head of software engineering talking about this, and this is just a matter of when, not if. This is gonna transform how software is developed, and that's happening right now, and we are on the forefront doing this, pushing this every day to drive more efficiency and effectiveness. That's on the internal operation. There's more we could talk about, but it's kind of boring, but that's the internal operations side that we're doing. Then on the product side, I don't wanna sort of, I'm not gonna spoil things in the future that are gonna get released, but we are very focused on how our products work with AI. Now, it's not Elon Musk and Neuralink moving the mouse with the brain that he'd announced yesterday, but there are really cool things that we're gonna be announcing that we're working on, on how AI interfaces with our products. It does today in video and audio processing, so if you think about our video gear today, if you're in a meeting, it will figure out who's talking and track them. And you could say, that's super simple, but those models get better every day. So as you own our products, the software stack gets updated, those AI models get updated every day, so that they're better. So when you buy that product today, tomorrow, the next day, it's better every day. Audio processing, the same thing. A siren goes by, one day you might hear that on the back, on the other side of the call, and the next day, the new model's updated, and it's now we're processing out that background noise. So this is one of these examples of how AI, ML, machine learning impact our products today, and there's new features that we're working on that we won't go into today for confidentiality. Yeah. In terms of that capability, again, Chuck already said it, we have more software engineers than hardware engineers, even though we're a hardware company. I'm a big believer in having most of that capability inside. You're only gonna get really great at it if you own it. That's Logitech's approach today, and I don't intend to change that. Time for another question? Maybe then the last one from my side. I think, Hanneke, you've been at the company for 2, 3 months. What surprised you the most? Ooh! Interesting. So yeah, 2.5 months. Many things, I wouldn't say they've surprised me, but I'm happy to see, you know, things to nurture. I think we're really well positioned in growth spaces for the future. Again, I would describe them as work and play, and software-enabled hardware, all good growing spaces that we're really good at. The capabilities in product design, technology, innovation, which we talked about, really strong. The operational discipline, I think this is an operations powerhouse, both when it comes to manufacturing, but also in finance, and planning and supply chain, which is super important for our customers to deliver great service. So, and by the way, for investors to deliver great bottom line. So that is also encouraging to see. I think a couple more things that I like, global go-to-market footprint. I hadn't realized we're in more than 100 countries with go-to-market capabilities, and that's quite impressive, actually. And then finally, I would say to nurture in tech, this company is a real sustainability leader, and I think that's going to be an important competitive advantage going forward. So all of those are really good. Of course, there's some opportunities as well, and we'll be working on those. We talked about B2B. I think we're just at the beginning, so doubling down on that, it's a good growth opportunity for the future. Geographically, what I find interesting is we are in more than 100 countries, but if you look at our share of wallet, from country to country, you know, if we got everyone, every country to the median share of wallet, that's at least $1 billion, probably more, of incremental revenue. So, working on that will be, will be interesting. Pristine balance sheet, what do we do with that? We'll come back on that. AI, we've talked about, and maybe the last opportunity, I don't know if I'm supposed to say this, but I think for a small company, it's actually relatively complex the way we're organized. So that's an opportunity for some simplification and possible reinvestment into some of the top line drivers. Great. Well, on that positive note, thank you very much, Hanneke. Thank you, Chuck. Thank you, Alex. Thank you. Appreciate it. Thank you so much.