Hi everyone. I'm Simeon Gutman, Morgan Stanley's hardline broadcast and food retail analyst. Welcome to day one of our Global Consumer and Retail Conference. I'm pleased to be joined by Lowe's, represented by Marvin Ellison, Chairman, President, and CEO. First, quick disclosure, and then I'm gonna sit down. For important disclosures, please see the Morgan Stanley Research Disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative. Quick intro, one question, and I'll sit. Lowe's has been one of the best transformation stories in retail over almost a decade, not, not quite yet. Not quite. From, I would call it triaging, operational execution, financial execution, to being one of the better operators across all of retail. Now we're watching the beginning of a strategic pivot, slight pivot, and watching that in action. It's been a pleasure to do that. Thank you for being here. Great. As the architect, Marvin. First question, looking back at 2025, the housing backdrop has been more stagnant than we in the market anticipated. How has the backdrop compared to your expectations as you came into the year? Great to be here this morning. You know, Simeon, I would say honestly, 2025 has played out basically the way we forecasted it when we were looking forward in 2024. We believe that 2025, from a macro perspective, would look a lot like 2024. However, we are a bit surprised that mortgage rates remain as elevated as they are in the second half of the year. Candidly, we forecasted that in our better case of the macro. We are not really surprised that we are dealing with a relatively stagnant macro environment. We basically set our business plan, our perpetual productivity improvement initiatives, really based on that hypothesis. Having said that, we look at the overall home improvement consumer, and we think the consumer is healthy. You have record equity, I mean, estimating anywhere between $35 trillion-$36 trillion with $11 trillion being available for HELOCs. You have really good employment for the consumers that shop in our stores, but you still have a degree of consumer sentiment that's a little repressed based on concerns about the macro, and, candidly, about the overall job market for the future. Those consumers have, as a result of that, pulled back on discretionary big-ticket spending. Most of what we're seeing as a headwind from our business perspective is that DIY customer being very cautious on big-ticket discretionary. As a result of that, it's created a bit of headwind. We're pleased that we've delivered positive comps for two consecutive quarters. We're pleased to see that we're taking share in areas like the small to medium pro category and also in our home services insulation business where we had double-digit comps in the third quarter. Even within this more difficult macro backdrop, our business is performing well, and we feel really good about the short-term and the long-term prospects of the consumer and also our total home strategy. Ever since top line peaked coming out of COVID. Mm-hmm. The market's been looking forward to the turn of the cycle. Yeah. That optimism has held for the better part of the last three or four years. Finally this year, the irony is that the market itself seems to be giving up a little bit of that hope and being resigned to a flatter home improvement market. Your call was distinct in the space. There was more green-shooty optimism from it, my impression. How do you look at that, and then how do you take that as you head into 2026? Look, I think for us, we've tried to be very conscious. The one thing that I will constantly remind the team is we have to accept the current reality, build a strategy around that, but really think about what the market and our business will look like when housing recovers. Because over the annals of time, you know that this is a cyclical environment. It goes down and it comes up. The question is, at what rate are we gonna see the recovery in the housing market in the home improvement segment? We'll speak a lot about 2026 in our February earnings call, but just a perspective. The way we're thinking about it is in the short run, we're gonna be very, very focused on providing our DIY consumers with a value. We're gonna be really, really focused on creating differentiation in things like our DIY loyalty program where we have 30, you know, million active members. What's interesting is within that program, those, those loyalty members shop 50% more, and they spend twice as much. We look at that, and that gives us a degree of optimism that when we see a full recovery in the DIY, the rich data that we are gathering from these 30 million-plus members is gonna be very informative on how we continue to communicate with them. We spent hundreds of millions of dollars to improve our store environment. If you walk in any of our stores versus our competition, and you look at areas like our kitchen and bath showroom, our appliance showroom, our flooring showroom, our millwork, which is windows and doors, that environment is cleaner, brighter, more refreshed, and also from a technology standpoint, a lot more innovative than anyone in the marketplace. We are building a strategy for the future. It is not a coincidence that we made these investments, and we are now seeing double-digit positive comps in home insulation when it is in a repressed environment. That means we are taking share in a down. The question is, if we are able to take share in a down market, then what will that performance look like when you start to see recovery? That is the short-term view. In the long term, we are thinking about it a couple of ways. Number one, if or when the consumer starts to recover big-ticket discretionary spend, then we leverage things like our market delivery network where we're the only retailer in and install an appliance same day and next day, and virtually every zip code is unmatched across any other retailer. In addition to that, we can take that same delivery network, and we can start to now inject other big and bulky categories like vanities, grills, patio furniture, because the network is built and has been transformed. Now, how do you leverage it to just push more volume to it? We see that in the future as the market recovers. All of these showrooms, all of the digital investments we've made will now allow us to really more percent of that DIY spend when it comes back. That's one side of it. The second side of it is our small to medium pro business has consistently grown quarter over quarter. We were very specific and very surgical in saying small to medium pro is our target segment because of two reasons. Number one, we felt like that customer was being ignored in the marketplace by our competitor. Number two, we candidly believe that we have the capabilities with our fulfillment, with our loyalty program and our go-to-market strategy to serve that customer exceptionally well, and that's beared out. Now as we think about what else can happen with single-family construction, multifamily construction, housing turnover, which is at its lowest rate since the early 1990s, we know that has to come back. How do we get a piece of that? Our acquisitions of ADG and FBM now position us not only to do the things I just outlined for the DIY and the small to medium customers in our stores and our digital platform, now we have the ability to get a percent of that $250 billion total addressable market in an area that we literally had zero revenue opportunity, you know, at the beginning of this year, and that's single-family and multifamily construction. Obviously, that segment is under pressure today, but we acquired these companies for the future. Even in the short run, FBM, 55% of their revenue is driven from a commercial space. We are seeing things like data center development and construction, medical facilities, residential facilities where we are shifting that focus from FBM into that. We have tried to create a strategy that can allow us to grow short term in quite a bit of macro headwind. When the recovery happens for DIY, we are perfectly positioned. When housing recovers, whether remodel, whether renovation, whether new home construction, we now can play in all segments. To me, that is the investment thesis for Lowe's long term because we now have a much more diversified portfolio. If I can put some words back in your mouth, if you let me. The multiple delivery network, big-ticket, some of the showroom. Yep. Technology, Pro, you mentioned the small to medium Pro. Those are what will allow you to take outsized market share now and into the cycle. Yep. Your ticket actually starting to outpace the industries. Is that part of the strategy, or is there some price, or it's the mix of product that's helping drive that? It can't elicit a combination of both, but it's more category-driven. If you think about categories like appliances, I mean, major appliances is obviously a big-ticket category. I mean, we're continuing to have market share dominance in our performance as recent as the third quarter where, you know, appliances was one of our highest-performing categories of our entire merchandising portfolio. That is almost exclusively due to the fact that we have the most space and brands dedicated to it in the store, but our online experience is exceptional, as well as this whole market delivery network. I mean, we've gone, if you think about online for a second, I mean, we had over 11% growth in the third quarter. Even as recent as this weekend, you know, the App Store named our app the number one selling app in the App Store, and the number four overall app from a consumer rating and performance standpoint. I mean, now we've gone from that incredible recognition this weekend to when I arrived in 2018, the site crashed on Black Friday. You think about the transformation to your point earlier that we've been through with wonderful leadership and just investments in making sure that we are modernizing our business. We think that these investments obviously allow us to perform well in the short run. Really, really difficult macro environment. We're building a platform for the future because when the DIY comes back, when the small to medium pro continues to, to resonate, I mean, we have built an IT infrastructure that takes friction points out that we think is gonna give us a lot of opportunity to your point to, you know, we're taking now in a repressed market, but we think we can take share when the market grows. I couldn't say that to you, you know, as recent as two years ago, but now I feel like we're in a much better position. You've mostly undone some prior acquisitions and ventures that Lowe's had been involved with. You started to rebuild the muscle, the capability through technology and execution. Now you bought a couple of businesses. Mm-hmm. We've debated the merits of this for the last couple of years, and you were not sure about it. Can you clarify the market's perception of this new strategy with FBM and ADG? What's the vision? What's the synergy potential over time? Yeah. It's a great question. And to be very transparent, we were not ready to make any acquisition until this year because I felt strongly, along with the executive team at Lowe's, that we had to create an incredibly stable foundation of our core business. I've seen so many companies and so many of you become distracted with other subsidiaries and other growth initiatives while ignoring the core business. That's what happened with the previous management team at Lowe's. We became very conscious that we had to get our core business running really well, and we had to make some incredibly long-term, expensive investments in things like IT infrastructure, digital infrastructure, pricing systems, labor management systems, e-commerce, etc. These are complex, multi-year initiatives that are not easy to do, but they were required for us to really modernize our company. We felt coming out of 2024 that we had finally created not only a stable foundation, but best-in-class performance in some of these categories. Over the holiday season, we started to evaluate what would the recovery look like. We came to the realization that when single-family, multifamily construction started to recover, and if you think about some of the data that says that you're gonna need, you know, roughly 16-19 million new homes by 2033, we realized that we had no market presence in that total addressable market. We're gonna be on the outside looking in to what could be, you know, a renaissance in housing just based on supply-demand issues in the U.S. We made a decision, and we felt like that our strategy in the store was performing really well for the DIY customer. We talked about loyalty programs. We talked about our private brand strategy. We talked about, you know, our portfolio and our digital making great progress with the small to medium program for the on great opportunities for us to grow that. We took a step back and said, "Now we believe that we can have a broader portfolio to serve a customer that's not just that DIY and small to medium pro." We decided to identify potential targets that will give us an opportunity to address this single-family, multifamily construction supply-demand that will have to occur within the next 5 to 10 years. We think FBM and ADG gives us an incredible opportunity to do that when you combine it with some of the unique capabilities we have at Lowe's, specifically our ability to deliver appliances and also the private brand of STAINMASTER that is proprietary to us that we can leverage across a single-family home platform that nobody else can. That was really the emphasis behind it. We felt like it was a perfect opportunity to make those acquisitions. You said the renaissance in housing. I'll say the housing renaissance. To clarify, these businesses, the supply chain, they're totally disconnected from Lowe's. How does that look like? Is this the platform? Do these businesses consolidate over time into one platform and you branch off from there? How do you keep it separate from Lowe's to not harm the DIY or the customer experience? To your point, the first requirement is, you know, our internal version of the Hippocratic oath, and that is do no harm to our business or to their business. We put together an integration management office so that we can have a very disciplined process to not allow the core management team of Lowe's and functional leaders to get distracted with these acquisitions. This integration management office basically creates guardrails and a liaison to make sure that we stay really focused on the key priorities, which for now is getting the EBITDA synergies that we know are available. We are working to do that, and we're making really good progress in that area. To answer your question directly, one of the things that attracted us to FBM is that they have a common IT platform across all of their businesses. They have a common ERP. ADG is in the process of rolling out an ERP, and we're putting it on the same ERP platform as FBM. Those two companies will be on the same ERP platform as our Lowe's Pro Supply business. We will have a common, what we'll call a common IT platform across FBM, ADG, and our Pro Supply business at Lowe's, which gives us a unique opportunity to have project visibility across those three entities. Over time, the view is to create what we call an interior solutions process for single-family, multifamily, and commercial construction. What do I mean by that? I mean that today FBM provides drywall, insulation, steel framing, and ceiling systems. ADG provides floors, countertops, cabinets, and Lowe's provides appliances and everything else in the house, including window coverings, fixtures, light fixtures, ceiling fans. Imagine for a second single-family construction company or single-family entity or multifamily and have a one-stop shop to provide everything inside of that structure with one invoice. The simplicity of that, the cycle time improvement within that is something that does not exist in the marketplace. That is what we are working toward. We are definitely not there yet. We are now just in the early stages of the integration, again, addressing the EBITDA synergies that we have on our roadmap, and we are making progress in that area. That is the vision in the future, to create an interior, you know, product solution for single-family, multifamily, and commercial construction. That's what we're building toward. You mentioned the housing market's at a bottom, both the new and existing. This business could arguably add more cyclicality even though we're at a bottom. How is that a fair statement that you're a more cyclical business because you have this exposure to the segment? No, I, I, to me, I look at it as the opposite. As an example, we, we, I talked about FBM as an example being roughly 55% commercial. That gives us, you know, the opposite of cyclicality. It gives us a little bit of balance because now that single-family construction's under pressure, commercial construction is actually doing really well when you think about categories I listed with data centers. I mean, we're, we're, you know, participating in a multi, you know, very large, you know, high rise in South Florida that FBM is providing, you know, drywall and, and metal framing. It's one of the largest projects that they have on their books. Again, the data construction revolution is upon us. I think it's unlike anything we've ever seen before in this country and really around the world. We're trying to get as much of the share of that business as we can. The commercial aspect of FBM, you know, takes away the cyclicality. We think because Lowe's is such a predominant DIY company from a sales penetration and small to medium pro, it gives us a really balanced portfolio to have a DIY focus, small to medium pro focus in the store and online. Now we have this separate platform that will allow us to have revenue-driving opportunities in single-family, multifamily, and commercial construction that we currently don't have. We think it's more of a balanced portfolio than adding to the cyclicality, you know, of our overall business platform. How do you see Pro versus DIY shaping up in the medium term? Maybe we overcomplicate it looking for signs of life in one of these segments as a precursor to saying, "Hey, the cycle's coming through." Talk about the drivers and then if anything, you're adapting in either segment. We think that Pro will continue to outperform DIY in the short run. When I say Pro, I'm speaking specifically to our Pro customer, which is the small to medium pro. The reason why I emphasize that is because the small to medium pro is basically a small business owner. That small business owner has to be incredibly agile. If their core business is remodel, but the remodel market is down, they have enough agility to shift to repair and maintenance, but they stay busy. When we highlight the results of our annual quarterly survey on the third quarter and our Pro customers said they're confident about their book of business, they look at their overall project pipeline and they feel really good about it, that is what our customers are saying to us because these customers are agile. They can shift and they can modify their focus based on, you know, the needs to keep their crews busy and to continue to keep revenue going. As we look at that, we think that that small to medium pro will, in the short run, outperform DIY. Having said that, we still look at the DIY customer. And that customer remains a bit cautious, as I mentioned, you know, and that is specific to big-ticket discretionary. I mean, they're still just kind of waiting to see if mortgage rates will go down. They're waiting to understand what the tariff environment will look like. They're waiting to understand, you know, the overall job market. They're kind of on the sidelines. That customer's looking for value, and they're looking for a reason to transact. We owe it to ourselves to give them that. We feel good about the medium to long-term outlook for that DIY customer while we think Pro will continue to perform well within the short and the long run. As I said before, we've delivered positive comps two consecutive quarters. We delivered double-digit comps in our home installation business. We call it the home services business. What that's telling me is even in a rather repressed market, we're taking share from others. One of the questions that someone asked me is, "Marvin, when you look at your double-digit comps in your installation business, do you see that as a precursor of the customer returning? Is that a green shoot?" My answer is not entirely. How we see it is that we have dramatically improved capabilities, and we've taken a lot of friction out of this installation process. I mean, we've gone from literally binders and whiteboards, is what I inherited, to what we think is a best-in-class technology platform with great visibility for the project, for the associate, the customer, and the installer. In addition to, while I've talked about the improvement in our showrooms, and people may say, "Well, isn't it a, isn't this a digital-driven category?" The reality is we have to remember that almost all of these transactions start online. If you're gonna spend $50,000 for a kitchen, you're gonna walk into a physical facility, touch it, see it, and speak to someone before you make that transaction. Having a showroom environment that provides you with differentiation and modernization is really important. We think that our ability to drive double-digit comps is almost exclusively driven by the fact that we have a better environment for customers to shop. We have a much-improved digital platform. We have a great go-to-market strategy and a credit partnership that provides another degree of differentiation. We are taking share in a down market. I will just repeat what I have said a couple of times. We think that is an informative result because what will happen when the market recovers and we maintain these capabilities? We think that our ability to take share in a down market only expands when we are in a market with a little bit of tailwind. We think it only bodes well for our future. Jumping off of demand and maybe a little on productivity and margin. After that, a little AI. One of the hallmarks of the last, since 2018, has been the crispness of the execution, quarter and quarter, very favorable sales environment to start and then in a tough one in the last four years. Can you talk about opportunities to drive productivity expansion? PPI has been a high point of it. What is the potential to unlock further gains in a, even a subdued, a subdued environment? We think it absolutely exists. I mean, we're now finalizing the 2026 PPI initiatives that we're gonna start to execute. We'll be talking in February about the commitments. I mean, I think we talked about a billion-dollar commitment in 2025, and we've delivered on it. We're gonna lay out our commitments for 2026 in February. We have an incredible amount of confidence we'll be able to deliver on those. It's for no other reason than the fact that we have created in our Lowe's culture a culture of operational discipline. It started in the stores because we had the greatest amount of opportunity, and now that whole, you know, perpetual productivity improvement philosophy is now expanded into merchandising, global sourcing, supply chain. Your point about AI, AI will only expand and enhance this philosophy. We are very fortunate that we have the philosophy now embedded in our culture. Now with AI and generative AI, we have opportunities to continue to unlock this in a way that we think we can drive sustainable productivity. I mean, one case in point is we have our, you know, companion tool, you know, we call it Milo, which over the weekend was really interesting because with Cyber Monday and all of the online activity, we had an opportunity to just determine how many customers would use this, you know, virtual companion tool. It was interesting, some of the questions that were being asked, you know, of Milo. I mean, things like promotion questions, things like, and this was really interesting. We had a couple of questions like on Thanksgiving, "My stove is not working. It will not heat. What are some of the things I can do?" Which is, I would not want to be that customer. Luckily, we were able to give them some really good advice on things they can do to check to determine how they can repair it. That is the purpose of Milo. We basically built it on an OpenAI platform where we take all the training data we have inside of our company relative to product knowledge, and we load it in this system. We basically are educating every customer with the same information that an associate would have to train them to work in a certain area. The uptick on that over the weekend was really interesting. We're looking at that data, you know, and that's part of what we believe will help to unlock productivity because the most expensive initiative we have on an ongoing basis is training costs. I mean, because in a home improvement environment, you want an associate that can answer a technical question. So it's a lot more difficult than asking what aisle the shampoo is on, you know, than a traditional retailer and you have a, you know, an employee on the sales floor. Milo and our focus on AI, generative AI, is giving us the ability to quickly train associates, give them incredible knowledge. Where we roll this out in our stores, we're seeing measurable increase in customer service. This is customer service from customers who have no idea anything has changed. They're just telling us that the service is much better, and so we think we're onto something. You run one of the largest retailers in the world. AI, I don't wanna say there's an overhype, but what is your assessment of how impactful it will be? Do you think it has a bigger top-line relational impact in the next three years or more from a middle-of-the-P&L impact? No, it's a great question. My, and my honest answer is, it's too early to make a full assessment. Here's what, here's what I'll tell you based on what I believe today. I think for us, and I can speak specifically for the Lowe's environment, I think AI is going to do a couple of things. Number one, I think it's absolutely gonna unlock productivity, you know, based on some of the examples I gave with, with how quickly we can train an associate and get them ready to serve a customer. I feel like some of the things we're doing specifically in AI, from an AI architect standpoint and the ability to write and approve code, we're seeing, we're seeing measurable returns on the efficiency in that area. What we're also determining is the, this is the yet-to-be-answered question: how can the injection of AI free up an associate to do other things to create revenue? Rather than thinking about it solely as a job replacement tool, how do you think about it reducing someone's workload by 50%? Then what do you do with that other 50%? Can we now free a merchant up who's spending 50% of their time, you know, building spreadsheets, responding to emails, communicating with suppliers? If AI can take that task away, can you now take 50% of that merchant's time and they can focus on sales-driving initiatives? That is yet to be determined. We think the hypothesis is that is something that we believe is viable, and that's what we're trying to understand. We're excited about it. We, I would say we have some of the best partnerships of any large retailers. You name the tech company, and we have a firm working relationship with them because we're trying to learn and we're trying to be, you know, a first mover in a lot of these areas. We think we have been. We're gonna be on the forefront of this, and we're gonna make sure we learn quick and we adopt as quickly as we can as well. Pricing tariffs, we touched on it a teeny bit in, in terms of ticket. Do you think the U.S. consumer has seen, I would say, the worst, the highest point of inflation collectively? Obviously your business has a gauge 'cause there's still some tariff residuals coming through late this year, early into next year. Do we really know how the consumer will handle the peak level of inflation when we get there? You know, it's a fair question. I would say I can speak only for Lowe's, and I would say we've been very transparent from the very beginning. When some competitors were saying things like, "We're not gonna raise prices," we instead said, "We're gonna be price competitive" because the math didn't work out in a relevant fashion to make a definitive statement, "We're not gonna raise prices." We felt like that when that was put out there, that it was something that we didn't feel like that it was a plausible or a realistic statement. For us, we've been really focused on being price competitive, being relevantly promotional. You look at our blog ad, you look at areas like Labor Day, 4th of July, Memorial Day, which in home improvement, as you know, are big promotional periods. We, year over year, were equally as promotional as we have always been because we know that matters to the customer in this environment of looking for a value. I will say for us, we're gonna continue to manage this across the portfolio. We have incredibly rich data to understand the price sensitivity and the elasticity of our consumer. We're gonna continue to offer a value. We're gonna continue to have a really consistent promotional cadence. We believe that we can continue to manage this in a way that we can limit the price burden or the inflationary burden to our consumers while still giving them a reason to get off the couch to shop in store online because we can offer a value based on the cross-functional work that we're currently doing and also the work we're doing with our suppliers to share some of the cost burden. Two more questions. One on capital allocation and then, one, I don't know, more fun one. So you've stated a goal to get leverage back down to sub, I think, two, seven and a half over time. Yep. You've made the acquisition, so it'll take some time to grow out of that. Does that preclude your flexibility in any way? Could any of those capital priorities change in the meantime? No, I'm looking, our capital priorities remain the same. That is invest in the business, continue to pay out a dividend, and to buy back shares to return capital to our investors. That hasn't changed. Now, to your point, we did increase our leverage in order to make these acquisitions, but we've committed that we will get back down to the 2.75 times, and we'll try to get that done in 2027. At that point, we'll start to get back on a more robust share repurchase schedule that we traditionally have been on. We believe that we can use cash flow to make the necessary tuck-ins and smaller acquisitions required for ADG and FBM to continue to really grow and to take market share. We believe that can be done without going back to increase our leverage. We think that keeps us on that same time horizon to get back down to the 2.75 times again in that 2027 time period. We do not today see any large acquisition out there that we think that we will go after. We believe that the two platforms that we have acquired can be sustained and they can grow, and we can continue to take share and get geographic breadth again with existing cash flow with a series of tuck-ins. We think that allows us to stay committed to those three capital allocation priorities. I wish I'd ask you this after the day of meetings, but what do you think the market is still underappreciating or missing with the Lowe's story? You know, I think for me, when I look at the investment thesis for Lowe's, it comes down to just a couple of basic factors. Short run and long term. In the short run, in arguably one of the most difficult housing markets we've seen since the early 1990s, we've been able to be very consistent in our overall performance from an operational perspective with consistency around our earnings per share performance and our operating profit and being very disciplined and very diligent. We've also leveraged our balance sheet to make great investments in the business so that we are now taking market share in a down market. That's allowed us to deliver two consecutive quarters of positive comps and average ticket growth because customers are leveraging us for investments in their homes like appliances, kitchen, bath, flooring, etc. In the short run, we've been able to run a very effective business in a really difficult market and in a market where the DIY has been under the most pressure that I can ever remember in home improvement. We've proven in a really difficult market, in a difficult macro, we can grow sales, we can maintain discipline from a productivity standpoint, a profitability standpoint, and we are making the right investments in the business. In the long term, we've now positioned ourselves where we can serve the DIY customer. Again, we are the only home improvement retailer with a DIY loyalty program with over 30 million active members. In addition to that, we're the only home improvement retailer with a product marketplace. If you look at omnichannel retail across this globe, one of the common denominators of great online growth and sustainable growth is the existence of a marketplace. We have that in the early stages, and we've made these investments in our store environment. This home installation business in these showrooms, we have the best store environment and the best digital platform. That's the short run. In the long run, you need 16-19 million new homes by 2033. Single-family, multifamily construction has to come back. You have this boom in commercial construction areas like data centers. Not only are we positioned in the short run to manage the DIY with some of the differentiation we have and the small and medium pro, now we're positioning ourselves to go beyond remodel and renovation in the store. We now can go to a more complex pro, and we can broaden our portfolio to another $250 billion- plus total addressable market, and we can get a piece of this new home construction when it starts because, again, it's just a supply-demand issue. It has to come back. It's not a, it's not an if, it's a when. We are positioned in the short run in the store for the DIY and the small and medium pro, and we are positioned in the long term with the more complex pro, single-family, multifamily construction. We are doing it all with incredible discipline and with a very, very sustained execution in our stores. We have created investments that we think will pay off in the future. I think that's the investment thesis for Lowe's. Thank you. Appreciate you sharing the story. Good luck in the holiday season, and good luck in 2026. Great. Thank you. Pleasure to be here.