Good morning, everyone, and welcome to day three of Oppenheimer's 27th Annual Tech, Internet, and Communications Conference. Very pleased to welcome Glynis Bryan, the CFO of Insight Enterprises, as our next presentation today. If you have any questions, we can take those at the end of the session. There's a dialogue box on your screen that you can type over, and I'll ask those on your behalf at the end. So without any further delay, Glynis Bryan, thanks for joining, and I'll turn it to you. Thank you very much, Charles Erlikh, and thanks for the invitation. It's a pleasure to be here again. This will be an annual event for us now. I'm gonna start out this morning by just walking you through our standard Insight presentation, and hopefully leave some time for questions at the end. I'm gonna start out just with the disclosure statement that you can read at your leisure, after this meeting, but I'm gonna start on why Insight Enterprises?, in terms of, what's our differentiated value proposition? So in 2022, we laid out our strategy to become a long-term strategy to become the leading Solutions Integrator. And what does that mean? That is a combination of hardware, software, and services, in a bundle, integrated, that drives a business outcome for our clients. It requires us to have a deep relationship with the client. It requires us to understand their business and what they're trying to accomplish, so that we can actually help them in terms of how they restructure their business to take advantage of all the digital tools that are out there. We're global, so we have this capability across North America, EMEA, and APAC. At the end of the day, we have a leadership team that is a combination of long-tenured teammates, long-tenured members of the team like me, new people coming in. I think Joyce Mullen has been with us now for three and 1/2 years at Insight, two and 1/2 years in the CEO position. Dee Burger joined us from Capgemini, leading our North America business unit, and specifically bringing his services expertise to bear. Adrian Gregory joined us just over a year and 1/2 ago, leading, He's the President of our EMEA business, also bringing services expertise to the table. So in terms of our ability to drive the solutions integrator category, we have a lot of talent now in our organization that can help us fulfill on that mission. Over the past several years, you've seen that we've expanded our gross margins and our EBITDA margins, and we have invested over the last couple- last several years in capabilities that actually enable us to become this leading solutions integrator. And I'll talk to you about what that means and what it doesn't mean in one more slide. But really, we have focused on a couple of things: driving services growth, continuing to drive cloud growth, we've always been very successful at that, and also getting leverage on our SG&A so that we can have gross margin expansion flow through to EBITDA margin expansion, and drive towards our goal in 2027 of 6.5%-7% EBITDA margins, and we're well on our way to that. We're also, kind of eating our own dog food and leveraging the technology that we actually talk to our clients about and leveraging it internally to more efficiently scale our business. Over the course of that time, we've also increased our cash generation capability. We had $590 million at the end of 2023. We've indicated that in 2024, we believe our normalized range is between $300 million-$400 million of cash flow from operations, and that would be an increase over what used to be our normal range of $180 million-$220 million. We talked in our Q2 call just recently about starting a $165 million share repurchase program. That is underway. We anticipate it'll take us about two months to complete that, and that gives us and we still have significant balance sheet capacity with our revolver to continue strategic investments as well as M&A. I'm gonna move on to the next slide. So, when we talk about being a solutions integrator, there are a couple pillars to that strategy. Actually, there are four pillars to that strategy. First of all, it's all about our being fixated and being very client-obsessed and putting clients first. So looking at the client and making a determination as we look at the client, in terms of any aspect of our business, that we're putting that client first, looking at it through the lens of the client, and making a determination about how we should respond in any situation. It's a little bit different for us. We have sometimes been very internally focused, and this is a conscious drive that Joyce Mullen, our CEO, is instilling in the business with regard to our ability to really think through, how do we best serve the client, and how can we simplify somewhat our internal processes in order to deliver that? Another critical pillar is to deliver differentiation. We have, as I said, on the first slide, accumulated over time several tools that are higher growth in the IT space and very much in demand by our clients. So think about data and AI, cloud, security, anything that gets with digital transformation. In order to accomplish that, you need to be somewhat cloud-enabled. You need a nimble data center, agile data center, such that you can take advantage of the new technologies within your data center, as well as go into a hybrid environment where you participate also with the public clouds, and we're able to deliver that seamlessly. Oh, the last couple of years, we've seen an increase in what we call the Edge, which is where, instead of necessarily going through the process of moving workloads to the cloud, there are some workloads now that we've determined are better served closer to where the decision is actually made, so that you don't have the latency associated with the cloud. We call that the Edge, and it's one of the fastest-growing areas in the market today. And I think with GenAI, which we'll get to later in the presentation, GenAI is gonna require significant compute power. The hyperscalers are gearing up for that, and when you think about the compute power that's required, clients will have to make a decision about, "Am I gonna put that compute power in the cloud, one of the hyperscalers? Or am I gonna figure out how to split that maybe on-prem in my data center, as well as, putting some in the cloud?" We can help them. The good thing is that we can help them on both sides of that. We're somewhat indifferent to what the final decision is. It depends on what would be the best solution for the client. Champion our culture is one of our key pillars, and over the years I would say that we've done a really great job, as evidenced by all the awards that we've won for our culture. We've done a really great job in terms of engaging our teammates and making sure that they understand the direction that we're going in, why we're going in that direction, and how they can best help, regardless of where they are, which department, functional, back office, sales, delivery. Regardless of where they are in the organization, how they can best help us accomplish that. And all of that leads to driving profitable growth, because at the end of the day, we need to increase our overall level of profitability, get some leverage across our SG&A as we move forward. Now, I'll take a couple minutes just to tell you what a solutions integrator is not. A solutions integrator is not a systems integrator, it is not a reseller, and it is certainly not a distributor. So think about a systems integrator being like Accenture. Part of the differentiation between a solutions integrator and a systems integrator is that we actually have the product side of the equation that we can bring to the table and actually create a more complete solution for our potential clients. So, we don't compete directly with Accenture, as an example. They compete at the higher, larger kind of Fortune 100 clients who are able to do something in the range of $100 million of spend a year with Accenture. Our client base is not that, at that level. We compete, what I would say, maybe in the corporate space. Think about a company like Insight, the size of an Insight, that has an infrastructure, an IT infrastructure already, but may not be able to command and access all the resources that they need in this new digital transformation world that we live in today. We can command those resources just by virtue of being in the tech space and the reputation that we have around digital transformation, and the tech talent that we've been able to attract. But a company like a regional bank likely wouldn't have the ability to do that, and that is the sweet spot where we think we can help them significantly in terms of what they do there. We've migrated from being a reseller a long time ago, though that's in our roots. You'll see that in a table we'll show you recent, a chart we'll show you next. But at the end of the day, a product wrapped around with a solution, some kind of service wrapped around it, is the path that we're headed down, not just product only, but product where we wrap some services around it. So think about devices. We actually wrap some integration lab services around it in terms of getting the protocols that we need for our clients embedded in that device, and then shipping it out plug-in ready to the clients, so that it to the client's teammates, so that they are instantly ready to go and have all the protocols that the client requires in terms of operating in their environment. And then last, we're certainly not a distributor. We are a client of distributors. Distributors are our partner in terms of providing us with product, not services, but product. And one thing I will say is that typically, distributors do not go to the end client. That may be changing a little bit now, a little bit of a transition that they're trying to effect. Not sure it's successful. But we go to the end client, and we leverage distribution to the extent that they have availability that we can't get directly from maybe one of the OEMs. It's much more on the product side that we leverage distribution. Okay, I'm gonna move on from there. So this... I'm not gonna go through all of these pieces, but just for, you know, your education as you think about Insight after you leave this call. We have all the systems integrator capabilities in terms of our ability to transact, and operate, and provide these services to our clients. And in addition, we have all the reseller or the technology or the product capability as well, too, with regard to how we can marry both the systems integrator capabilities as well as our product capabilities to create a more comprehensive solution for our clients. One of the things I think that's good for us, Insight, is that we have long-term product relationships with several larger companies. Over the course of the last, you know, several years, maybe five years or so, they are recognizing that we're bringing a different level of capability to the table. We're getting access to the C-suite and access to the CIO, CTO, the CISO in today's environment, and that's actually helping us do a better job of educating our clients with regard to the capabilities that we can bring to the table. I'm gonna move on from there. Next slide, Ryan Miyasato. So just very quickly, I wanna just highlight a couple things here. You'll see that over the course of the last two years, this is data on a trailing 12-month basis as of starting in Q2 2024. So you will see that we've gone from 15.3% gross margin to 19.2%. That's almost a 400 basis point improvement in gross margin. Part of that has been a deliberate strategy on our part with regard to improving profitability. We started that in late 2022, continued that into 2023, are now moving it, w e started in North America, we're moving it into EMEA and APAC. It's been very successful for us in terms of expanding hardware product gross margin. Not just hardware, but product soft- on-prem software and hardware gross margin, as well as expanding our services gross margin and setting what we think is now a foundation within our business, so that as we start to grow, as product comes back and we start to grow product. We will be executing at a higher level of profitability on our core product business, as well as our services business as we move forward. We have a little bit more room for services gross margin improvement, but at the end of the day, we need growth in order to truly see the power and leverage of the actions we took in 2023, primarily to drive higher profitability on a go-forward basis. You'll see that cloud has been pretty much a very steady eddy entity for us in terms of our ability to continue to maintain 20%+ cloud growth over an extended period of time. If you look at the results of the hyperscalers, we're typically on track with regard to the performance of the hyperscalers. Microsoft, who's our largest partner as it relates to the cloud, would say that we track ahead of their typical, partners. EBITDA margin, you can see the same level of improvement, just under 200 basis points, going from 4.4% in Q3 of 2022 to 200 basis points to, 6.2% in Q2 of 2024. And, we've made a good job in terms of increasing and maintaining our cash flow from operations and our free cash flow. One thing I will say is that in 2022 and 2021, if you go back and look, we had negative working capital. Part of that was related to the fact that devices were growing at 25% and 30%, in kind of four quarters that spread across 2021 second- half and 2022 first- half. Devices have an inverted working capital structure for us, so anytime devices grow at that pace, we have negative working capital. Also impacts our gross margin. So we expect that hardware will recover. To be clear, we don't expect that hardware will come back to 25% and 30% growth rates. We think it will be standard... devices will be kind of standard with regard to kind of GDP plus a couple percentage points above GDP. That would be the norm in terms of how hardware devices would transact, and then infrastructure will come back ultimately. But there's a lot of infrastructure being absorbed over the last two years based on the backlog cycle that we flushed out at the end of 2023. I'm gonna move on from there. So we talked about our global structure, and you can see from this map, we're in 27 countries. Some of those are not really selling locations. I'd say 23 of those are active selling locations, and some of them are just back office locations for us that we have in India, we have in the Philippines, as well as in some of the Eastern European countries, Moldova, Romania, etc., that enable us to have a better cost structure as we talk to our global clients with regard to how we can actually help them, after a proof of concept, implement a solution on either a nation, a nationwide scale in North America or in Europe, by country, or on a global basis for them. We have over 6,500 technical professionals. I'll be clear, not all of those are digitally enabled, but I'd say 50% of those are more technical, digitally enabled app developers, software engineers, data scientists, teammates who are very experienced with regard to the tools that are out there around digital, and also teammates who help us in terms of developing IP that we use with our, with our clients in terms of implementing a solution for them. Today we have just over 130 patents pending. I think we've actually received patents for 18 actual solutions that we've brought to bear for our clients that we now have patents against. And then, as I said, we have 130 kind of other opportunities out there at the patent office based on solutions that we've created that we think we can get a patent on and socialize more broadly across our client base. I'm gonna move on from here. So we've had a track record of doing acquisitions to drive changes in our business so that we can actually take advantage of the technology that is the next wave of technology that's out there, and also so that we can more quickly scale our business to help our clients take advantage of that technology. I'm not gonna go back to the very start of this, but I'm gonna talk about maybe how we went from IT services to solutions in terms of how we acquired companies, how we actually expanded our footprint with regard to looking at clients, looking at companies, targets, originally, that were Microsoft award winners at Microsoft's Partner Awards. So, for instance, BlueMetal that we acquired in 2015, was an IoT Partner of the Year for Microsoft at the time that we acquired them. Cardinal, that we acquired in 2018, they were also a Microsoft Partner of the Year in two different categories. I, of course, can't remember what they are right now, but in two different categories. So we started out by targeting these Microsoft partners that we thought would give us instant credibility. We realized that we needed to wrap services around Azure, around any of the cloud products that we currently sell on behalf of Microsoft, and the more services that we wrapped around it, the stickier we were with clients. We've also done a couple scale acquisitions along the way. Datalink was a small-scale acquisition, deep expertise in the data center. As you think about the implications of the cloud, and that we live in a hybrid world, primarily, you're gonna have on-prem as well as cloud capability, and Datalink had deep depth and technical expertise in the on-prem side. Excuse me, we had the cloud side, so that was a good marriage for us. And PCM was a total scale play with regard to SG&A that we thought we could take out of that business and leverage their profitability over our broader client base. We originally had indicated that we were gonna take out, I think, $75 million of cost between PCM and Insight in the merger, and we ended up taking out $90 million, and I would classify most of those acquisitions as being very successful for us. As we've moved towards a solutions integrator strategy, what we focused on is specific capability that we need. So we had a map in terms of what kind of capability would we need from an M&A perspective, and in that map, there were a couple of different things. One was, we need more hyperscale capability. So we were definitely a strong Azure shop. We had a native GCP practice, and we had a native AWS practice, but they were very small relative to the Microsoft scale. So we were looking for a GCP partner, as well as a AWS partner. We acquired SADA. That was a GCP partner for us at the end of 2024. That filled that need that we had with regard to that capability, and Azure and GCP are the hyperscalers today that also have a strong GenAI capability, and you can't think about anything today without thinking about GenAI. Not that we're monetizing it yet, but that will come in the future. We also ended up buying a company in 2022 called Hanu that gave us presence in India. We identified that we needed to have technical talent, offshore technical talent with a lower, all-in labor charge-out rate that would lower our overall charge-out rate so that we'd be more competitive with some of the, SIs that actually provide that service to clients, some of our clients. And then, in Europe, we determined that we didn't have any services capability around Azure, and so we ended up acquiring a company called Amdaris, small company. Amdaris does all their business in the... All the revenue's generated in the U.K., but they have offshore capability in Moldova, primarily, and a couple other countries in Eastern Europe, and that gave us the ability to actually service some clients on a more global scale because we now have that technical expertise in the U.K. specifically, but it's also transferable to the rest of our EMEA, the rest of the countries in EMEA, given their Eastern European footprint with regard to sourcing. And then, most recently, in May of this year, we acquired Infocenter. Infocenter is a ServiceNow Elite Partner 2024 award winner in terms of partner of the year for ServiceNow. Excellent reputation in the ServiceNow infrastructure, and one of the areas that we had identified as an adjacency to expand into was actually ServiceNow. So we looked at several different companies before pulling the trigger on Infocenter, and I think that we have an example about how Infocenter has been effective in our organization, in, in the company, just since we acquired them three months ago. So we'll talk about that a little bit later. Moving on, Ryan Miyasato. So when you think about Insight, we have a series of areas of expertise, I would call them, that are a combination of the product as well as the services. So it could be, you see on the right-hand side of the screen, managed consulting or lifecycle services, wrapped in and built into these six areas in terms of how we focus on the market and what we bring to bear for the market. And if you think about it, lifecycle services are somewhat product related, so you think about devices, or you think about on-prem data center and requirements that we have around products as well as services for an on-prem data center. We're able to do that, so modern workplaces all around how we get our clients productive with regard to devices that they need in their infrastructure, how we service those devices, how we help them soup to nuts from speccing the device upfront, giving them a facility to enable their teammates to order, having the protocols for their sign-off, internal sign-off and approval levels included in that, and then ultimately shipping it out either to the home or the office of the teammate, so it's plug and ready for them. Oh, to the extent that they leave it at security, when they're going through the airport, we can wipe it clean, get them a new one, and they won't have any exposure as it relates to their data. If you think about modern infrastructure, we do a similar thing in terms of helping clients determine what workloads should they do an assessment, what workloads should they keep on-prem, what should they move to the cloud? We actually can do both. We can upgrade their on-prem data infrastructure. We can help them with the migration and assessment in terms of moving workloads to the cloud. You know, there's a lot of talk, or there has been a lot of talk about workloads moving back on-prem. I would say that we don't see a lot of that. There is conversation about it, that, that is out there, but usually, it happens when companies do a lift and shift without doing the evaluation about which workloads should we really move to the cloud. And there's a whole body of work now that's called FinOps, that's around helping our clients leverage and optimize their cloud spend. So, I'm not gonna go through each one of these. Cybersecurity, you know what that means today in this environment. There's no company that can operate without a focus on cybersecurity, and data and AI is kinda like the bedrock of talent that we need and the capability that we need in order to actually serve and help our clients get to that digital journey. Ryan Miyasato, we can move on. So, I'm gonna just spend a couple of minutes walking you through the ServiceNow example. This is a client that needed to build out a new IT infrastructure, a multi-million-billion-dollar client that needed to move out to build out a new IT infrastructure in months versus what normally would take years. A few years ago, it would have taken years. Our client was a major payment processing company that had recently separated from its parent and needed to spin up its own infrastructure. It was newly independent, and it needed its own instance of ServiceNow, which is a critical platform for IT services management. We actually worked with the client. Our Infocenter team worked with the clients. They were the 2024 ServiceNow Partner of the Year, and they were the key to winning this project. Without Infocenter, we would not have been able to win this project. We had, previous to this, limited ServiceNow capability. We had been building it out, but Infocenter made a step change with regard to what we could do for clients. So they actually started this project with a greenfield solution, leveraging our unique workshop approach that starts with an assessment of the processes underlying the business and then moves into more of a managed services as you actually get do the implementation and then manage it on a go-forward basis. This was a client that knew Insight. Their parent was an Insight client. So they had some familiarity with Insight, but they also had some familiarity with ServiceNow, and so they had a little bit of a bake-off between different ServiceNow providers and ultimately ended up choosing Infocenter, now an Insight company. The relationship to Insight did help in the transaction, but we wouldn't have gotten it without having that ServiceNow capability. So it demonstrates two things. One, it demonstrates the power of the acquisition strategy that we have with regard to focusing on specific services and capabilities that we need within the organization, and it also demonstrates the power of the combination of those acquisitions within the overall Insight portfolio. So I'm gonna move on from there 'cause I think I'm running out of time. Okay, as you think about GenAI, just quickly running through this, you hear a lot of talk out there about large language models. The large language models are built primarily by the hyperscalers and other people at that level. Insight is not gonna be building out large language models. We're gonna be helping our clients leverage those large language models to create what we think of as being smaller language models that are unique to the client, where the data is private and held within the client as opposed to in the public domain. That helps them leverage the tools that are in those large language models to, with their own data, to actually create solutions that can drive outcomes in their business. And combined in all of that is, you know, policies that they need to prepare in terms of what they need to do there, training of their teammates, as well as the security aspect that is critical to clients in terms of not having their data out there in the public domain. All of this starts with something that's very, not, not sexy at all. You need to have the right data. Without the right data, it doesn't matter what you do with your, your model, you're gonna get garbage in, garbage out. So part of it is understanding and doing an assessment of the client's data, creating a data estate for them that actually is one source of the truth clients feel comfortable with regard to that data estate, and preparing the client to actually be able to move on from there and do the assessment and implementation of use cases, leveraging their specific data, and driving business outcomes that are unique, pretty much unique to each partner. There's some similarities across each client. Some similarities across within industries, across clients, but in general, there are nuances that are unique to the client, and that is part of what we bring to the table for our clients. Now, you've heard about AI PCs, you've heard about different tools in the data center that are AI-enabled via those NVIDIA chips that are now only available really to the hyperscalers, but will soon be available to normal corporates and Insight. We have the ability to help clients with that assessment and evaluation. You may ask me: What is the value of an AI PC? And today, I don't have a good answer for you. It's faster. It has a longer battery life. But in terms of the compute or an analytical capability embedded in an AI PC, I'm not sure how that would be different from a use case that you would implement more broadly, probably leveraging your data center. More to come on that, but we are well positioned to help clients, whether they wanna be on-prem, whether they wanna leverage the cloud, if they wanna have AI PCs, or if they wanna have more a standard PC. I don't think clients are holding off on PC buying decisions today because they're waiting for those AI PCs. There are AI PCs available in the marketplace right now, but I think every client is evaluating: What does it really do for me besides battery life and speed? And I think that there is applications for very high, high-tech IT applications in some instances, as well as some digital applications, but it's not something that would be leveraged broadly across, like, entire clients' device infrastructure. So I'm gonna move on from there. More to come on that as we move forward. Just, just a Sorry, I'm moving on, Ryan Miyasato. Yes, I am. So, we had an exceptional Q1. We missed our internal expectations and street expectations in Q2, but there were still some bright spots that I wanna highlight for you as we go through this. Our cloud services GP grew 12% year-over-year. A lot of that was attributable to our acquisitions of Amdaris, SADA, and Infocenter, with 32% gross margin. That's up 200 basis points on a year-over-year basis. Cloud GP grew 21% year-over-year, also helped by SADA, as well as organic growth in the Insight base. And gross margin for us was a record 21% for Q2, 260 basis points of expansion. As you look through at the business, in general, the trends that we look at in terms of things that we're driving continue to do well. What we need is more growth in our overall business on a go-forward basis. You'll see that revenue growth—revenue declined 8%. We eked out 5%, gross margin, gross profit improvement. Adjusted SG&A was up at 6%, so we ended up with Adjusted EFO or Adjusted EBIT, in this particular instance, at 1%. The difference between the EBIT at 1% and the diluted EPS at declining by 4% is related to interest expense below the line, higher interest costs, as well as primarily the SADA, the Infocenter acquisition that we did in May of this year. I'm gonna move on from there. This just gives you a quick snapshot of where we are relative to to what we said we're gonna do at our Investor Day in 2027. I would say, in general, we're tracking, with the exception maybe of, adjusted diluted earnings per share growth. But other than that, I think we're tracking, on a basis to actually get to our 2027 targets, and there's room and time still to recover on, adjusted diluted earnings per share growth. Gonna move on, Ryan Miyasato, and that would be it. Charles Erlikh? I took longer than I thought. Told you 25 minutes, but I think I was longer. That was perfect. Thank you, Glynis Bryan. And again, if you do have questions, you can submit those on your screen. We have time for a couple. We did have a question that came through a little bit earlier as you were talking through your acquisition strategy and sort of the historical references there. This is on SADA. Yes. Just if you can comment on, you know, the performance versus, you know, expectations, and then any change in GCP priorities, referenced on the- Yes, yes. I would be surprised if I didn't get that question. Okay, so when we acquired SADA, we acquired SADA for the strategic value that they bring to the table in terms of giving us strong GCP capabilities. SADA was a seven time award-winning GCP partner that they brought to the table. It gave us strong depth in two primary clouds, Azure, and as well as GCP. And those two clouds currently are kinda like the forerunners with regard to GenAI capability and how you can leverage GenAI. GCP is also the end cloud for us, so, or end cloud in the industry. Typically, a client, our corporate clients, would have an Azure, for us, sometimes AWS base for their compute power, but they would leverage or could leverage GCP for the analytical and data capability that they bring to the table. So it was a good combination for us without you know cannibalizing our existing Azure business, et cetera. It was a good combination for us as we moved forward. We had talked when we acquired the company that the business was highly seasonal, and it was insignificantly back-end loaded, and we thought we would be able to smooth that out a little bit more. We'd given guidance in Q2 to indicate that we're gonna be smoothing this out, and it wouldn't be as back-end loaded. That did not occur. Reality is that it's gonna take longer than one quarter, one year, or two years to smooth that out. The smoothing will occur over time. So that was the first miss, I guess, on our side, with regard to thinking we could, we could drive it faster. We also have been talking to Google, over the before we bought the company and after, before we bought SADA and after we bought SADA, and Google has a strategy now of driving to- They wanna take all the large enterprise business, and they're gonna leave the corporate/mid-market business to, to their partners. SADA has a special arrangement with Google. They're the only partner that has this arrangement, and originally, we thought that they weren't gonna have to comply with that because they've never complied with these changes that Google's made in the past. We think that what Google wants to do is good on a go-forward basis in terms of leveraging the mid-market. We have a strong base there in our commercial business, and the lower end of corporate in terms of driving that business. But it took SADA a while to make that transition, and because they have an earn-out structure, we didn't wanna drive the change. So Google wants to focus. They want their team, their direct sales team, to focus on large enterprise. They want their partners to focus on the mid-market. They want their partners to focus on still selling GCP and Workspace, et cetera. They want their partners to focus on services wrapped around that, so it's sticky with regard to the client, and we are going down that path with them. In order to do that, SADA had to come to the determination that they needed to change their sales and operating infrastructure. They have done that now in July. So we think on a go-forward basis, we're set up for success with regard to the new model that we've implemented going forward from here. Now, they underperformed our expectations in Q1, but we expected them to not be accretive in the first- half, sorry. We expected them to not be accretive in the first- half, so that was not a change. It wasn't like they were gonna be profitable, and then they ended up not being profitable. We knew going in that in the first- half, they were not gonna be accretive. They would be dilutive to the first- half, and they'd be accretive in the second- half. Even when we talked about changing it, we didn't think that we would actually change that dynamic, immediately. So what happens now is that it's still back-ended loaded towards the second half, and specifically towards the Q4. Perfect. Thank you so much, Glynis Bryan, and I think that is all we have for time for today. So wanted to thank you and the Insight team- Oh, thank you. ... for participating, and, best wishes on your retirement at the end of the year. Looking forward- Thank you to hearing how it unfolds. Thank you. Thanks, Charles Erlikh.