Thank you for joining us today. I'm Arpine Kocharyan, Leisure Gaming and Lodging Analyst with UBS. I'm very pleased to have with us today Anthony DiSilvestro, Chief Financial Officer of Mattel. Anthony has been with Mattel since 2020 after nearly four decades of experience in various financial leadership roles within the consumer industry. We are going to talk about everything toys, you know, toy industry, Mattel's strategy for growth and further share gains, balance sheet, capital allocation, among other things. Anthony, thank you for being with us today. Yeah. Thanks for having me. It's always humbling to hear the four decades comment, but. wonderful. So I have a few questions to start off, and then we'll try to weave questions from the audience. You should be able to submit questions through the app, and I'll get them here, and I'll try to incorporate that into our discussion. So Anthony, to begin, you know, the industry overall finished the year down about 17.7%, if I'm not mistaken. That's still up about 17% versus 2019. Mattel gained share last year, which was amazing. But it was overall a pretty tough holiday season. Maybe if we could give a general sense of the state of the toy industry and whether the investor concern that we could be going back to 2019 levels, in other words, we will be giving back those double-digit gains, is justified, which is really a key concern that people have about the industry. Sure. Absolutely. First off, we don't see the toy industry going back to the 2019 pre-pandemic levels. I think for context, if you look at the 2019- 2022 period, the industry grew by 25%, which is pretty amazing. You know, then in 2023, the industry did decline 7%, right? That puts us up 17% versus 2019. We do expect the industry to decline in 2024, but to a lesser extent than it did in 2023. It's important to understand the reasons for that is, you know, one is coming off the pandemic, the impact of consumer spending patterns shifting back to services and experiences from products. We see that waning as we move into 2024. The other thing is, you know, in 2023 and 2024, we're seeing a lighter toyetic. Theatrical film slate, which historically, you know, has been a catalyst for the industry, right? And that's been a bit diminished in the last year or two, given what's happened, certainly in Hollywood. As we look to 2025, we see the industry returning to growth, right, for a couple of reasons. One is the impact of consumer spending pattern shift should be behind us. And, you know, we expect to see a larger toyetic film slate coming. You know, as we think about the toy industry, we see it as a large, growing, and resilient industry. From a consumer perspective, it's an important industry, and the importance of physical play in terms of child development. You know, the fact that parents will prioritize spending on their. On their children. From a retailer perspective, this is a strategic, you know, category. It drives foot traffic for them. It's experiential. It has multiple price points from $1.25, right, to a couple hundred dollars for a, you know, Barbie Dreamhouse. It's a great, you know, portfolio of products. It enables retailers to attract, what they call lifetime consumers, young couples and families. It's important to them, you know. As we, look at the industry, you know, you know, we see it as robust, and will return, to its historical growth patterns once we get through, you know, 2024. Wonderful. And that was my question, my next question about sort of growth in 2025 and what visibility. That's great. You know, last year was characterized by significant inventory destocking in the first half of the year. You're guiding to flatter growth this year. Could you maybe talk about cadence of sales and how investors should think about that, given kind of comp of significant declines in the first half of the year? Maybe if you could sort of go through the patterns of what should be expecting. Mm-hmm. Sure. Let me start with kind of recapping, you know, the top-line guidance. You know, we are guiding for our net sales to be comparable to last year in constant currency, with growth in the vehicles category offset with a decline in dolls as we wrap, you know, the impact of the Barbie movie. And for our infant, toddler, and preschool, and our challenger categories in aggregate being comparable, you know, to last year. And then with respect to our three power brands, we expect Hot Wheels to grow again, you know, for Barbie to decline, and for Fisher-Price to be, you know, flat. What we saw in 2023 was a return, right, to what we call a kind of a normal distribution of sales across the year, one-third of gross billings in the first half, two-thirds in the second half. Now, the anomaly was really in 2022, where we came out early, right? We had 42% of our gross billings in the first half, 58% in the second half. So our 2023 halves were a bit volatile, right? Significant declines in the first half, followed by growth in the second half. Now, 2024, so that issue is really behind us. So 2023 was kind of fixing what happened in 2022. We expect 2024 to kind of repeat the same normal distribution of a 1/3, 2/3. So when you do the comparisons in 2024, kind of equal, right, when you're doing the comparisons year-on-year. Now, look, there's always gonna be some movement between the halves or the quarters, but 2024 and 2023 should generally follow the same distribution. We shouldn't see, you know, large deviations on a year-over-year comparison. That's helpful. Thank you. And we get this question from investors often. You know, does your guidance incorporate some level of macro uncertainty, or does it assume that the current level of macro environment sort of stays itself for the back half of the year? Yeah. I would say, you know, there is some flexibility within our guidance, but we are not expecting that the economy goes into a recession. And I think that's consistent with what most. You know, economists would say in terms of the overall economic outlook. I think, you know, just adding to that, you know, we did talk about the industry decline, but we expect Mattel's POS on toy to be flat year-over-year, which is. You know, ahead of the industry and represents, you know, another year of anticipated market share gains. You know, we gained significant share in 2023, 70 basis points overall, you know, with over 700 basis points of share gains in the dolls category, almost 300 basis points of share gain in the vehicles category. So competitively, you know, our relative performance has been very, very strong, and we expect that to continue into 2024. You know, despite flat-ish sales guidance, you are guiding to double-digit EPS improvement this year, mostly driven by cost saves. But before we even get into cost saves, could you maybe go over the key concern that investors have about how Mattel can improve margins given very tough Barbie comps? Barbie is such a sort of flow-through business for you. Could you just go through that math? Sure. Sure. Look, for 2024, we are very focused on improving our profitability, even though we're anticipating our top line to flat. And if you look at the gross margin line, we are guiding, and I can reaffirm this today, to expand gross margin by 100-150 basis points. And there's two, there's some puts and takes. On the positive side, we recently announced a new cost savings program, which we'll talk about, right? That's gonna have a positive benefit, in the COGS line and help gross margin. We're also expected to have favorable fixed cost absorption. And the reason for that is 2023, to address our owned inventory position and to reduce it, we pulled back on our internal production levels, right? And, you know, that came with a negative fixed cost absorption impact. As we return to more normal production levels in 2024, that'll be a tailwind for us on gross margin. The combination of the cost savings and the absorption impact will more than offset the negative carryover impact related to the, you know, to the Barbie movie. And then as you move, you know, further down the P&L, and as you said, we are guiding to $1.35-$1.45 EPS compared to $1.23 last year. That's double-digit growth. Obviously, the main driver is the gross margin expansion, but we're also benefiting from the accretive use of free cash flow, right? We generated over $700 million of free cash flow in 2023. We're guiding to $500 million in 2024, right? Some of that is being used to buy back stock. That is, you know, contributing to, you know, EPS growth. Last year, we bought back $200 million worth of shares. That's gonna have a carryover impact. We also have begun to repurchase in 2024. In fact, I can tell you, we've repurchased $100 million of shares in the first quarter of 2024. So we're gonna, you know, with the reduced share count as we utilize that free cash flow, that's gonna help, on the EPS line, as well. The run rate of those buybacks are already ahead of last year's all total of last year you did. Correct. Buybacks. Correct. That's interesting. In terms of cost savings, you've obviously done an impressive job of cutting costs over the past three, four years, north of $1.2-$1.3 billion. You just upped that cost savings guidance recently. Could you talk about where you're finding further opportunities for someone who doesn't know the business as well, to right-size cost structure, both in terms of COGS as well as SG? Absolutely. I mean, sure. As you pointed out, we have a, you know, a strong track record of identifying and achieving, you know, cost savings. If you go back to the 2018-2020 period, you know, about $1 billion of cost savings under our Structural Simplification program. In 2023, we just completed our Optimizing for Growth program. We generated run-rate savings of $343 million against an original target of $250 million and a revised goal of $300 million. So again, very successful. We recently announced a new three-year program, called Optimizing for Profitable Growth. We're targeting $200 million of cost savings by 2026. Of this program. And what I would say is this notion of productivity, efficiency is really part of the Mattel DNA. The idea of continuous improvement and always looking for productivity improvements is part of our mindset and is really an important part of our earnings algorithm. That is expected to. So of that $200 million, 70% is expected to come through cost of goods sold, 30% through SG&A. We continue to identify opportunities, you know, to leverage our scale and drive efficiency. We also see significant opportunities, obviously, within our global supply chain, including our manufacturing footprint. You know, at the end of last year, in our third quarter, we disclosed plans to reduce one of our plants and take out one of our plants in China. So that's part of the $200 million. And again, we continue to identify opportunities to save costs and to further improve our productivity. You know, we are very confident in our ability to, you know, achieve the $200 million, you know, three-year target, $60 million of which we have targeted for 2024. That's incorporated into our guidance. And to go back to that China plant closures, do you feel like after that one plant closes, you are in an optimal place? You don't close more plants or you don't. It's not part of your program to. Yeah. It's not part of the program at this point, but this is a never-ending, Process. Process in terms of identifying opportunities, and not just in the manufacturing footprint, but across the whole enterprise. Right? You know, whether it's supply chain or SG&A, there's, you know, there's always opportunities to find ways to do things better, faster, more, you know, efficiently. And look, our program, if you think about it, is, you know, 2%-3% of costs, in terms of annual productivity. And we believe that's very achievable. You know, Anthony, just talking to the trade recently, it's clear that freight costs have gone up a little bit given the Red Sea disruption. What inflation are you seeing in that line item, and is that already reflected in your guidance? Yeah. This is a situation, obviously, that we're monitoring very closely in terms of the Red Sea and the disruptions around transportation. And it definitely had an impact, you know, on spot rates, particularly transit from Asia to Europe. Just for, you know, context, we procure most of our ocean freight through annual contracts that we enter into the, you know, second quarter. And, you know, we are obviously very aware of what's happening in the Red Sea and the impact on rates. And I would say that our guidance reflects the impact of the current situation, right, that we can accommodate what's happening right now. But obviously, if it gets worse, that's an issue. But, the guidance today, you know, reflects what's happening. Reminder for the audience, you can actually ask questions via the app, which I'm hopefully gonna try to check regularly here. Anthony, one of the key nuances that stood out to us during the most recent investor day was emphasis on accelerating investment in entertainment and core brands. You know, you have been very clear about your asset-light approach to IP. Ynon has been very clear about that. Could you go over that strategy and what that could mean for growth for Mattel for the medium term? Sure. Let me start by saying, look, part of our strategy, obviously, is to grow the toy business profitably, but it also is to, you know, it is to expand in entertainment and capture the full value of our IP across many adjacent verticals. I mean, this includes consumer products and digital gaming, location-based entertainment, certainly content, both TV. film and the whole publishing side. So there's a, you know, there's a lot of opportunity, you know, for us. You know, that said, we are not moving away from our capital-light approach. It's been, you know, very helpful to us. It allows us to put a lot of shots on goal and work with a lot of different partners without, you know, putting significant capital at risk. You know, that said, you know, if you look at the improvement in our financial condition, our balance sheet strength today, we do see an opportunity to make targeted and selective investments that will advance the entertainment strategy and enable us to capture a greater share of the upside. A good example is, you know, digital gaming. We talked about in our investor day presentation that, hey, we can look to do, you know, self-publishing of digital games. This is an area that doesn't require significant investment, but can have meaningful upside. And, you know, I would suggest that our success with Mattel163 is a great example. This is our joint venture with NetEase, which today, you know, has revenue approaching $200 million with just three Mattel games, right, UNO, Phase 10, and Skip-Bo. And with limited investment, again, it's grown to almost $200 million in high, you know, profitability. So we think this is an opportunity for us to capture a little more of that opportunity. What are the biggest hurdles of self-publishing technical capabilities at its scale? Yeah. I think there's a couple of things. One is, I think, you know, it's building the right leadership and capabilities in-house. We've already begun to do that. We, we have hired a new head of digital game-gaming, and we continue to build, you know, those capabilities. And then it's a question of finding the right development partners to work with, right? I mean, when we say self-publishing, that doesn't mean we have to do it in-house. That means we're doing it on our on our dime. But we certainly will continue to work with partners. And then identifying the right IP, the right genre, the right game type. You can do it in a way where you kind of, you know, have very discrete milestones along the way in terms of how the game development is going. You know, you can adjust along the way. Could you do any small-budget films? Yeah. I think that's another area where we can make targeted and selective investments, right, whether it's a, you know, portion of a large-budget film or whether it's a larger percentage of a smaller film. But again, I think the important comment here is we're not moving away, you know, from our capital-light approach. But again, smaller, targeted investments are certainly something that we're thinking about. Barbie. There's a lot of concern, that while incredibly successful at box office, you don't have another Barbie in your portfolio, and it could be hard to replicate that level of success with other properties, even though I think Hot Wheels is actually going pretty big. But could you talk about what's next in terms of franchise investment when it comes to box office and your ability to attract top talent? Sure. Let me start by saying we feel great about the success of Barbie, and what happened in 2023 and the fact that we generated over $150 million of revenue and $90 million of operating income just from the direct movie participation, the movie-related toy sales, and consumer products. And, you know, we love the fact that it has expanded the fan base and the audience, particularly around adult and collector, and feel great about what is done for the brand. But we're not stopping there. You know, we have, you know, 15 movies in development, all of those, you know, kind of top franchises within our portfolio. You know, whether it's Hot Wheels or American Girl or Magic 8 Ball or Bob the Builder, to name a few. And our approach, similar to Barbie, is a full franchise approach. It's, you know, kind of like a, you know, orchestra where we're gonna choreograph. All, not just the movie, but the adjacent verticals: consumer products, digital gaming, publishing, location-based entertainment. Because again, we are, you know, moving from, you know, just making toys to managing franchises. And when you think about, you know, at scale, you know, we think we can do, on average, two movies a year. And if you think about that and all that goes with it, right, it can have a meaningful, transformative economic impact on Mattel. Would there be a sequel to Barbie, do you think? I hope so. Okay. Wonderful. Monster High, you just had a global rollout of that brand. It used to be a substantial piece of business for Mattel about a decade ago, I think, if I'm not mistaken, something like $600 million in revenue. How meaningful is that franchise for your growth outlook for this year and next if you size it differently? Sure. Not sizing it specifically, but I want what I can say, you know, we feel great about the rollout of Monster High. We just finished the global rollout. It is a meaningful piece of business for us. Monster High in 2023 was the number one growth property within dolls, and it is now the number eight doll property in dolls, right? So significant scale and growth for us. And again, this has been a full franchise approach. It's not just toy. It's content. Right? It's backed by, you know, two live-action movies, two animated series, consumer products, digital gaming exposure. So again, a full franchise approach. And look, you know, if I think about our 2023 performance in dolls, you know, again, we gained over 700 basis points of market share in a single year. I mean, that's just to me, that's just fantastic. And it was the trio of Barbie, Disney Princess and Frozen, and Monster High all working together. And I think it exemplifies our ability and the benefit of our category management structure to manage multiple brands within the portfolio, each having their own reason for being and operating in their respective lanes. And it's great to see, you know, all performing extremely well. I wanted to talk about Fisher-Price. You talked about out licensing, Power Wheels in that business, and baby gear segment. And you've been pruning the product portfolio for some time. What is the strategy there? How do you grow that segment, which is essentially tied to at least that's the way I think about it, tied to children's demographic trends and birth rates, which have not been impressive across the U.S. They're declining. How do you grow that business? Yeah. So let me talk a little bit about our infant-toddler preschool business. And then just for, you know, context, infant-toddler preschool is the third-largest category within the, you know, the toy industry. Fisher-Price is the number one property within infant-toddler and preschool. We outperformed the category in 2023 and gained, you know, market share. We've been spending a lot of time and effort around our strategy, you know, for infant-toddler preschool. And the way to think about it is that that category breaks down into basically two segments, infant and toddler, and it was really focused on the 0-3 age group where you're speaking to parents, and preschool, which is more kids-focused, targeting, and speaking directly to 2-5-year-olds. And then back on the infant and toddler business, it really breaks down into two segments. One is our Fisher-Price core business. This is about a $700 million revenue business, which has actually been stable over the last, you know, few years. The other piece of that is Power Wheels and baby gear. A bout $125 million in revenue. This has been declining. You know, a couple of points to make there. On Power Wheels, we've been impacted by, you know, you know, low-priced competition. And then baby gear, as you said, we've made some decisions to exit certain product lines within that segment, obviously. You know, that has an impact on us. You know, our strategy on infant and toddler is to focus on Fisher-Price core, right, to improve profitability, streamline the business, to optimize the SKU count. There's, you know, we can simplify the business. We can optimize our sourcing better than we have and improve profitability. And we're also focused on growth. A good example is our entry into the wood segment with Fisher-Price Wood. This is an $800 million segment, very attractive and growing. And this is our, you know, first foray into that piece of the market. So we feel really good about that. And then on, you know, Power Wheels and baby gear, you know, Power Wheels, we look to, you know, out-license or exit that business, over the near term. And we'll continue to exit certain lines of the baby gear side of the business. So that's that. But coming back, you know, to the preschool side of the business, you know, this is a $200 million business for us. It's been, you know, declining, and it's been impacted by, you know, fewer licenses, as well as our performance on Thomas. But what we're doing on that side of the business is we're gonna integrate it into our El Segundo business. And that enables us to better leverage, you know, our global brand team expertise. Bring it closer to our franchise operations and our studio partners. And, you know, you know, we're very excited about some upcoming properties around, you know, Star Wars and Jurassic World in terms of, you know, licenses that, you know, we can bring to bear and, and to grow that business. So, we feel good about, you know, the strategy that we have. We think Fisher-Price is a great business and a valued asset and see it, you know, returning to growth over the long term. But you'll still have some business in Aurora, if I understand this correctly. Yes. The Fisher-Price core business will remain in East Aurora. American Girl, I wanted to talk a little bit about that. Clearly, that's a key brand for Mattel, but growth, growth has been harder to come by. The brand showed some declines this past year as well. I guess, what is your current strategy with American Girl, and how can you position that brand for growth on a go forward basis? Sure. Great question. It's similar to Fisher-Price, American Girl is. It's a treasured brand. It's a valuable asset, you know, for Mattel. We've been doing a lot of work around this business. You know, for example, we've been optimizing our SKU offering. You know, we moved the Girl of the Year launch from the first quarter to the fourth quarter to better align and to the seasonal demand. That's gone extremely well. It's sold out in Q4 and is performing very well as we head into 2020 forward. But we are also doing a number of things on the product side. You know, we have a collaboration coming up on Disney Princess and Frozen. We've announced a partnership with Paramount Pictures to produce a live-action American Girl film. We've recently opened new stores in LA and Dallas, which are performing very well for us. And then on the operational side, two things. We're closing down our Middleton operation, bringing that into El Segundo, which will drive both efficiency and effectiveness for us. We're also combining it with our North America commercial division, which has been very successful, with Mattel Creations and has built very strong DTC capabilities that we think we can bring to bear on the American Girl business. So a lot of activity underway, and we feel good about the prospects for that business as well. You talked about Disney Princess. Could you just give us a sense, where that partnership stands with Disney today and Moana coming up? Would that be a source of meaningful growth for you, for the Disney Princess line? Yeah. Absolutely. We feel great about our, you know, partnership with Disney. And, and as we've said, you know, before, when we do these in-license things, we treat partner brands as our own, right? And we give them the same effort and dedication and care as we would. You know, the return of Disney Princess and Frozen is off to a great start, in terms of its performance in 2023. We're very excited about the future. You mentioned, you know, the announced Moana 2 being released in theater at the end of 2024. You've got Wicked. You've got Frozen 3 coming out in a couple of years. So, you know, we see continuing opportunities to grow that in that business as well. Great. We have one or two questions on the line, but I'm gonna sort of with my line of questioning, then we can incorporate. I think it's gonna go back to sort of margin. But in terms of capital allocation plans, you know, you've been obviously buying stock buybacks. It's authorized a $1 billion buyback program. Could you maybe update us with your capital allocation strategy on a go forward basis? What's important? What comes first? What comes last? Sure. Absolutely. Just to recap our capital allocation priorities, our first priority, you know, is to invest in the business to drive organic growth. I mean, you know, this could be building capabilities in areas like digital gaming and e-commerce. It could be adding capacity, which we have done, in die-cast cars and fashion dolls. These are two areas we have a distinct and significant competitive cost advantage. And as we talked about a little earlier, opportunities to make targeted investments to advance our entertainment strategy. Our second priority is to maintain a leverage ratio of 2-2.5x debt to Adjusted EBITDA and maintain our investment-grade ratings. We are now investment-grade by all three rating agencies. And in fact, S&P took us up to triple-B flat, which is really good to see. With that improved financial position, you know, we can consider the next two priorities, the third being M&A. We've talked, you know, a lot about this. We think there's an opportunity on M&A, but we are very cognizant of the risk. Anything we do here, we have a very disciplined approach. It, any asset would need to, you know, be consistent with our strategy. It would need to drive growth. It would need to have attractive risk-adjusted, you know, financial returns. You know, again, we see this as a, you know, potential opportunity. It's not like we have to do M&A, right? But there may be opportunities to make investments that earn returns above the cost of capital, and create value. And to the extent those opportunities aren't there, we will look to share repurchase, share repurchases, which is, in fact, what we've been doing. We talked about $200 million last year. We've already done $100 million this year. We've announced this $1 billion share repurchase authorization, and I'd say those are the four, and they've been fairly consistent over time. Wonderful. You talked about M&A, and M&A does stand a little bit higher on your priority list versus buybacks. What would you look for in a potential M&A? What criteria would you look for? What does have to happen for you to acquire? Yeah. I think, you know, again, the criteria is pretty straightforward, right? And it's hard to get too specific with hypotheticals. But look, it has to, you know, advance our strategy. It would have to drive growth. It would have to drive, you know, financial returns. It would have to have the right, you know, risk profile. And I think the core piece of that point is on strategy. We're not gonna do anything you're gonna say, "Well, why'd you do that?" Right? Ynon liked to say it would have to be obvious, right? I think that's a good way to think about it. But you know, that said, given our financial position, I think you know, we are open to opportunities that can create value. And that's our North Star, whether it's M&A or share repurchases. That's what we're trying to do, is to create value you know, for the shareholders. And like I said, we don't have to do M&A, right? But it is something we can you know, entertain. Okay. That's wonderful. I do have a couple of questions on the line. One is going back to margin. You know, audience is asking, standing here today, what are key risks that you see to your margin story? What keeps you up at night? Look, we, you know, we feel very confident in our ability to deliver against our guidance, right? And particularly around, you know, gross margin. And, I don't think there's a lot of risk to that sitting here today. You know, we hedge currency, hedge certain commodities. We have a certain level of inventory, right? We have pretty good visibility to input costs. You know, I always worry about external factors. You never know, you know, what can happen. But, you know, sitting here today, I think we have good line of sight. Wonderful. Another question is, could you talk about your retail, retailer relationships, given push to take less and less inventory and they're sort of have been pushing that risk onto the toy makers over the years? Where do those relationships stand today with some of your biggest retail partners? Yeah. Without talking about any specific retailer, I would say, you know, we work collaboratively with all the major retailers globally, right? And we have great relationships with those retailers. You know, we are doing joint, you know, business planning, you know, in terms of shelf space, advertising, promotion, product, and, and, you know, I think those are only getting stronger. And I think our, you know, market share gains are, kinda indicative of, you know, how those relationships are going. 'Cause to me, if you know, if you're, you know, if you're gaining market share, you're winning. You know, retailers wanna work with those companies that are gaining share and doing better than the industry. I think our, you know, our portfolio and the breadth of our portfolio, it gives us a competitive advantage vis-à-vis retailers, right? 'Cause we can represent multiple categories within the industry. You know, our brand portfolio is trusted and well-known and, you know, resilient. I think that bodes well for those customer relationships. Wonderful. We have one more from the audience, which is, goes back to the visibility question into 2025 growth. What visibility do you have into 2025 top line for Mattel and for the industry? In other words, can the industry actually return back to growth in 2025? Yeah. A couple of things. I'd say one is, you know, we see the industry returning to growth. And I think for the reason we talked about earlier in terms of, you know, consumer spending patterns and in terms of the theatrical slate. But I think Mattel is well-positioned. And look, we're already designing product for 2025. We're already discussing the product lines with our major retailers. We're already getting, you know, feedback. You know, we know, you know, we have the license with, you know, Universal on Jurassic World. We have the license on Disney Princess and Frozen. So, you know, as the industry gains, we expect to outperform the industry. And, you know, we feel, you know, again, that our, you know, design and development capabilities are a competitive strength. A s well as our retailer relationships. And we feel that we are well-positioned to continue to outpace the industry, which, again, we expect to return to growth as well. Wonderful. Anthony, if there was one message you wanted investors to go back to from this meeting, what would that message be? Yeah. I think, and again, I think we're well-positioned. And I think if you think about Mattel, you know, we have a strong, growing, profitable toy business. And then we have the entertainment side. And I think there's, you know, significant untapped opportunity for that to have a meaningful impact on us. And, you know, as the finance person, I always like to point out Free Cash Flow, and the fact that it is, you know, strong, healthy. And, you know, that, that is a, you know, again, that enables us to do quite a bit. Wonderful. Well, that's great. Thank you, Anthony. Thank you. Arpine. This was great. Thank Thank you for your time. Thank you, everyone.