Right. I think we're ready to get started here. Thanks everyone for joining. My name is Rajat Gupta, member of the automotive equity research team at JP Morgan. Very pleased to have with us the team from OPENLANE, Peter Kelly, CEO, Brad Herring, CFO. Thanks so much for being here. Thank you, Rajat. Delighted to be here. Maybe I think I'll get the two most topical questions out of the way quickly. Firstly, do you see a reason or do you see industrial logic for consolidation in this sector over time? Is there a need? Does it make sense? Just curious to quickly get your thoughts without maybe naming any specifics. Yeah. Well, there have been some rumors. I don't want to comment on rumors, but in the abstract, in terms of consolidation, I think historically this industry was somewhat duopolistic in nature. Right? If you go back to the physical auction era, there really were two larger players, Manheim being one, ADESA was the other. ADESA was owned by KAR. We've gone through a period where there's been maybe some more fragmentation of that. I think digital technologies came in, that brought in some new players. We did a transaction where we sold ADESA to focus on a digital strategy. Today the environment is definitely more than duopolistic. There's multiple players, five, six different players. I think probably there is a rationale for some consolidation over time. Yeah. I do think that in most marketplace businesses, they consolidate to two or three, not five or six. I think that is what I would say is more typical, I think that is probably going to be true of this industry over time as well. It does not matter if it is digital or physical, it is just total industry. I think physical businesses often tend to be a little bit more local or regional, then you can roll that up into a chain or a national chain. Right. But the auction itself, at least in the old days, was more driven by your strength in that metro market or in that regional market. Digital businesses, by their nature, tend to be more sort of coast-to-coast, national in nature, right? Right. I still think the same thing applies. Pick your marketplace vertical. Most of them tend to consolidate to two or three, has been my experience. Yeah. Understood. Maybe just the news this morning, around the buyback program, the $25 million threshold, buying back some of the shares that Apax might be offloading. Just give us an update on that, the decision behind that. Was this opportunistic? Can we see this expand over time? Yeah, sure. So Apax decided to sell about 8 million shares. It was announced yesterday. We participated. We bought $25 million worth. It was very opportunistic. We certainly wanted to tag on. We've been pretty active in the buyback market all year. We bought $25 million, $26 million in Q1, another $23 million, $24 million in Q2. So another $25 million here, logically made sense for us knowing where the price was. It also leaves us open. Once we clear the open window, we'll be back in market some more because share buybacks have always been part of our capital allocation. We generate a lot of cash, and we feel like that's a good use of excess cash. Got it. Okay. Now those are out of the way. We'll go back to the business. Obviously, a pretty strong stretch of good results. Sometimes when you see this momentum for so many quarters in a row, I'm just curious how your team internally is holding on and just delivering on these trends and just the feedback that you're getting, how are they managing that? How are you just sustaining that kind of momentum, keeping everyone energized, just culturally and operationally both? Yeah. Well, I much prefer this environment than the opposite. It is much easier to keep the team energized. I always say, great teams like to win. So when you are winning, that improves employee morale, improves employee retention. It just solves a whole lot of challenges that you have as a leader of an organization. So I feel really good about the trajectory we are on. The team is in a great place. Yeah, with the growth we have seen over the last five, six quarters, it puts some strain on, I will say, the operations sometimes. If the volume exceeds the sort of infrastructure capacity. I am not talking about the technology, but things like logistics, title processing, customer service calls. Right. We are trying to build up those areas, both at the coal face, but also the management layers, that we are handling those well, and that is part of the incremental investments we talked about on our earnings call. Some of it is geared to beefing up that operational infrastructure. But we feel really good with the growth we are seeing. I think what it reflects is this company has some real advantages vis-à-vis its competition, and we may get into some of those on this call, but the strength of our commercial relationships, what that brings us in terms of our exposure to franchise dealers, our finance business, and the position that gives us independent dealers. I think those create natural advantages in our go-to-market for the business. I think we have got an industry that is transitioning ever more digital, as most industries are. Right? I think that trend is not slowing down. And I am thankful that our customers, when they look at the digital offerings that are out there, they put OPENLANE at, or probably at the top of the list because we seem to be gaining more share than others. Right. I feel really good. The team is in great shape. Yeah, I am very pleased with it. Brad, you have anything to add to that? Not much to add. You walk the halls and you feel it. Yeah. No, for sure. It has been very impressive and when you had the 20%+ market outperformance, you were like, "This is not repeatable." You are going to run into tough comp at some point, and then you have high 20s, now you have mid to high 30s, I think. ACV said the market was down 8%, so that puts you in mid-30s. But you have maintained your commentary around, "Hey, let us be aware of tough comps, and this cannot grow at 30%." Just help us understand if, maybe starting from top, how do you feel about the market in general? Yeah. Why can't you sustain 30% comps? Because it looks like a lot of these synergies around the commercial and AFC are still very early. Yeah. Well, I did say it, and now I say it and I mean it. But listen, if we started the market at the top, the principal thing we look at, I would say the first metric we look at is new car sales. Right? Because new car sales drive trade-ins, trade-ins drive the D2D market. It seems to me that new car sales are in the zone they are in, 16.5 million. That is kind of where they are going to be. I think that is a new normal. I do not think we are going back to 17.5 anytime I can see. That kind of sets a bit of a ceiling and I think that is kind of where the industry is. That is going to drive a certain level of trade-ins. So the D2D market, I consider it more flattish. It is up or down. I don't think it was down 8%, I would say, based on our data, because our volumes grew. Physical was down a little bit. We're growing in a market that's basically flat, right? I think outperforming that, I remember talking to you some years ago saying we'd like to outperform by 10%. Right. We've been doing better than that, but I do think 10% - 20% is still a good range of outperformance if you can land that over a longer period of time. We'll see how each quarter goes, and obviously, we're going to continue to lean in. I think what's driving that is, again, while the market itself is flat, the customers are continuing to shift from a physical wholesale model to a digital one. Right. That's where the growth is in the industry and that's where we're positioned. As dealers, franchise and independent and commercial sellers realize the benefits that online platforms can offer them in their wholesale business. Do you think we're reaching a tipping point on the digital penetration side where, we've had this, when we used to try and size the industry back in 2019, or when ACV was becoming public, there was a steady 300 basis points of digital penetration here. Yeah. Do you think we're at a point where that 300 basis points is becoming 500 or 600? Is there an inflection point that we're nearing? I don't see evidence of that yet, Rajat. I don't think this industry, at the automotive dealer level, it doesn't really have massive tipping points in my experience. It's been more steady, gradual. But the good news is we've seen an acceleration over the last number of years, 2+ years, let's say. So I feel pleased about that. I'd say that is sort of the 300 basis points that we've seen today, and I think the Q2 number also kind of reflected that based on the math I did. So I haven't seen that expand to 350 or 400 yet. But listen, we're pleased with 300 basis points of shift in the TAM is 150+ thousand units per year. If those move digitally and we can capture the lion's share of that's a good growth equation for that part of our business. Right. No, you're clearly capturing a bigger portion of that change. Do you see an actual ceiling to the penetration? Again, I don't really. My view is, if I look at the wholesale used car market and cars that used to go or continue to go to physical auction, I think the dealer-to-dealer segment is fully addressable by digital. Because when those cars go to a physical auction, they're not going there for the reconditioning, they're not going there for the detail shop. They're going there purely just to go down the lane, get bid on, and get sold. I believe our digital platform does that better without all those costs. Right? So I think the D2D component of the market is fully addressable. I think there are other segments, as you know, like repo- Yep where cars have to be stored and where maybe reconditioning might have more value. Repos, repossessions is not a segment we address at any sort of scale today. I think the D2D segment is fully addressable. Yeah. That is half the TAM. Right. The way the auction is set up and the format is set up and your platform is set up, are you already addressing the whole market or there are certain portions of the market which- No will only come with time? No. I would say today, we're going to sell cars from $100 or $200- $100,000 and every type of car in between, where there are buyers for every car. It doesn't matter how damaged or how nice, there's a buyer audience for that. The question is, can you get the seller and buyer to align on what the car is actually worth, and can you clear the transaction? I think our market is very effective at that. I think there are sellers, when they put cars in our marketplace, they get stats on how many people have looked at this car, how many bids are placed on this car. Here's what similar cars have transacted at in the past. Sellers that have been using us for a while build a sort of an intuitive confidence in, "Okay, once I see this many viewers, this many bidders, I'm not going to get a better price anywhere else." They kind of learn that, and they act on the signals they're getting. If they need to lower the price a little bit lower than they thought they might have to come in, they'll do that, but they'll still know they've got a good outcome. So we sell everything in the spectrum, in my view. Do you fear any new competition in the sector? Maybe not traditional B2B, but let's take Carvana or CarMax or Copart. Just curious how you think about- You're protecting your share as you're on this digital path. Yeah. I think there's always competition and we talked about the fragment the industry set up at the beginning of this conversation. I think we expect competition, we expect to differentiate ourselves vis-a-vis our competitors, do a great job for our customers. So that's what we're focused on. I will say, our core customers are automotive dealers. Franchised and independent, and also commercial sellers, captive finance from used car companies, et cetera. We want to see all of those customers do well. So if I was to say, look at, say, franchise dealers, I want to see our franchise dealers do well. I want to see them get plenty of trade-ins, and I know they're competing with the CarMax's and the Carvana's of the world for that trade-in business. We'd like to see those trade-ins end up with our franchise dealers, because again, that means they're going to have used car inventory, they're going to have some excess, which they put into a wholesale environment. That's kind of the dynamics we like to see. I'm not fearful of any competitor and I feel really good about the offering that we have for our customers. Lastly, on pricing, you've maintained this position of maybe being slightly below physical auctions. Where do you think the gap is today? Maybe just expand on that philosophy a little bit and then fundamentally, do you see yourself as a price taker from here on, or a price maker in the current landscape? Just help us think through that. Good question. First of all, when a buyer or a seller interacts with us and sells or buys a vehicle, the key economic driver is the value of the vehicle. We might be selling a $15,000 vehicle, and there might be $500 or $600 of fees associated with that. What really matters is the $15,000. If you're a seller, you got $15,000. Should you have got $15,500 or is $15,000 better than $14,600 that you might have got in a different channel? That's going to be the big. The customer's going to be more motivated by the result that we're delivering than the fee that we're charging. They're sort of indifferent whether the buy fee is $350 or $400, you know what I mean? Right. If the rest of the equation works. That said, we're in the process of trying to get dealers to migrate. We felt that being positioned, having a little bit of a cost advantage is helpful. I still believe that, but I do think over time, there's opportunity to increase those fees. I was on a call with some of our sales team just late last week, I think it was, and they were just talking about some dealers that have migrated away recently and I asked, "What was the motivation? What made this dealer move 10 stores across to us," for example. The feedback I got was the dealer had tried two or three of the stores and had just compared the results they're getting with what they're getting in their other channel. They're just getting $400 or $500 more on a net basis. Right. Again, that was the motivation to move, not the fact that our sell fees are X or our buy fees are X. You know what I mean? Again, we focus on that. We focus on the results. Our customers, large or small, they are all businesses. At the end of the day, they are all driven by the numbers, in my view. In the short term, it might be relationship. In the long term, it is going to be performance. Got it. No, makes sense. Maybe digging into the platform and just the network effects that you are seeing. When you walked us through the platform at NADA earlier this year, I was surprised by some of the social elements built into the experience, like being able to follow specific sellers. I would be curious how central those features have actually been to driving network effects, and whether there are others along these lines you have rolled out recently or have in the pipeline that you can talk about. Yeah. Again, a little bit of a difference versus some of our competitors' channels, but when you are a seller, we show the buyer who the seller is. So we are not hiding the fact that there is a seller. That creates a little bit of a risk that the buyer could go around, contact the seller directly and do a transaction offline. That is the downside, but I do not think that happens much. The benefit of showing the buyer who the seller is we can then show some key stats. Things like what is the seller's conversion rate? How quickly did they get the title? Maybe arbitration percentage, if that is relevant, but there are some stats there. And then the buyer, if they like buying from that seller, they can follow that seller. So every time that seller adds inventory, the buyer gets a push notification. Right? Right. And for the seller, that becomes a little bit of stickiness. One of the things we have talked about, how do we build stickiness into our platform? Well, if you have got 300 followers that do not really migrate with you if you then move to a competitive platform, well, that is stickiness. Right? And I think our more informed sellers realize, "Hey, the more followers I have, the better results I deliver. The higher conversion rate I have, the more followers I get." So all these things kind of play into the type of behaviors that we think are healthy for the marketplace as well as good for our economics, which is high conversion rates, lots of transparency, open disclosure of all the key stats, high followership, all those kind of attributes. Yeah. Got it. You've pointed to some real improvements in NPS and dealer engagement, and we've picked some of that up in our own survey work as well. I recognize it's probably some combination of the Salesforce investment, customer support, absolute sale, but I'd be curious what you'd point to as the top one or two drivers behind just the brand perception. Well, we've made that a core part of our company culture, and a core part of the way we operate as a company. It sounds a little corny maybe, but our purpose statement, make wholesale easy so our customers can be more successful I probably talk about that ad nauseam at our town hall meetings. We had a town hall yesterday, in fact, before we flew out here. We showcased a little vignette of here's an example of two reps in different geographies who work together to solve a problem for customers. Just kind of continually reinforcing it, that this is what our company is about. I often say our dealers are relationship-oriented people. I think people who work in franchise dealers, there are a lot of sales characteristics, a lot of relationship orientation there. Yeah, we are a digital company in a relationship business. Right? We lean heavily into that. To me, the ultimate reflection of how well we're doing on that is the NP Like whatever dealers answer in the NPS survey today, I'll get a summary of that tomorrow. With the roll-up, but also each individual dealer score and any comments they had. I always highlight examples of that and might send it around. If there's a negative comment, hey, we follow up on any negative comments. Any dealer that scores us below a six is going to get a call and say, "Hey, how can we learn from this?" Right? We do all of that stuff. So it's a lot of just blocking and tackling and just, I think, fundamental reinforcing that aspect of our company. Getting into some of the synergies or cross-platforms. How integrated are commercial and the dealer businesses today, in the sense that a dealer coming in for commercial inventory would naturally start to see relevant dealer inventory alongside it? How much runway do you think is left for just the cross-platform synergy to build further? We will come to AFC in a bit. Yeah. No, that is great. Listen, I do think there is fundamentally a positive synergy there. For those of you that do not know, but our commercial business, a lot of it happens on private label marketplaces for the OEMs. A lot of our commercial transactions happen, if you like, in a different digital venue than our dealer transactions, which happen in the OPENLANE branded marketplace. But some of the commercial vehicles flow into that marketplace as well if they are not sold in the private label. So, one of the positives is a year ago, there was this question, "Will off-lease volumes are going to grow, but is that going to create a substitution effect with dealer?" Like off-lease is going to grow, maybe dealer will decelerate. What we are actually seeing is off-lease has grown and dealer has accelerated. I am very pleased about that, by the way. I was not sure it was going to happen. But that points to a more of a positive reinforcement. That as we get more off-lease vehicles, that is going to attract dealers in. They are going to see, "Oh, this is a marketplace where my competitor is offering cars, my dealer across the street. Maybe I should be selling in here." Or, "Well, I came in here to buy an off-lease car, but that looks a bit expensive. But here is three other similar vehicles that maybe one of these will work." So I think we are seeing some of those attributes. I take that as a positive, and again, we are expecting pretty good growth in the commercial side in the quarters to come- Right for reasons we have talked about a lot. I am hopeful that that will be positive for our dealer business, too. Got it. Yeah. We spent 22 minutes without a word commercial this time. It is the first time ever. All right. Yeah. Commercial off-lease, I mean. Maybe on the AFC side, I feel like that is also an underappreciated aspect of just the platform synergies. Just the difference between the percentage of dealers registered versus the ones actually transacting. Just remind us of the opportunity there. How are you actually maybe leaning into that a little more- Yes to list more cars? Yes. I'll take that. There's about 15,000 dealers that participate in AFC. Any given time, about 12,000, 13,000 of them have balances. What we've talked about publicly is just over 60% of those dealers now are registered for OPENLANE to buy and sell on the OPENLANE platform. That's up sizably from where we were 24 months ago. It was probably in the 40s. Underneath that, to your point, only about 1/3 of those are actually buying transactional cars, right? We're seeing transactions from about a 1/3 of the 60, which leaves a lot of runway. That's a lot of dealerships left. Keep in mind, those independent dealers, the majority of their inventory is actually coming from inventory that's acquired through an auction-type process. They're not taking a lot of trades. So they're buying most of their inventory from the wholesale process. The fact that we have this small percent of penetration of actual transactors in that group leaves us another fuel to feed the digital marketplace on the open side. I think it's another kind of representation of how these two things are not completely separate assets. They're actually assets that commingle pretty well, because not only is it flowing that way, but we're finding it's also flowing backwards. We're seeing pretty sizable growth in AFC now, and we think a portion of that growth now is actually coming from the marketplace that's actually now transacting and now being offered AFC financing options on those purchases. We're seeing a really cross-collaboration between both sides. Right. Now I look forward to seeing more there. I think, Peter, when we met last, you'd given us an example of just the efficiency of the digital model versus physical, where I think you gave us an example of Texas, where you were selling the same number of cars physically, and you're now selling the same number of cars digitally and the cost structure is multiples lower. Maybe for the audience, if you could just run through that again, and just so that we can appreciate how- Yeah just how lower the cost structure is. Yeah. The commentary back then, I do recall that, I think it was after our Q1 results. The company did own a physical auction business, as I mentioned, ADESA. In the pre-COVID days, we had four physical locations in Texas in the four big metros, Dallas, Houston, San Antonio, Austin. Today, we do not have any of those facilities, a purely digital model. I think the comment I made that in Q1, our volumes in Texas, our dealer volumes, were about the same as our dealer volumes in the pre-COVID era out of those four facilities, but without the need for any of those facilities or any of the staff that was at those facilities. Instead, today, it is much more of a local sales team, obviously, local inspectors as well, then augmented with a digital platform and corporate support. I just fundamentally think that that is a more efficient model. But even with that, we are still in the probably tens of market share in the Texas market overall with a lot of growth runway ahead. Texas is a good market for us. Again, if we look at it, I think that is what I am excited about in our business. We had a very good Q2, record dealer volumes, 30% growth in the U.S. But with that, we are about 10% of the total D2D market in the United States by my calculation. So, there is a lot of growth runway here. I do not think it is going to be an overnight thing as we talked about, but I think there is no ceiling that I see. I think our digital platform is unique. Good NPS scores. We are going to continue to lean in and drive that growth. Obviously, increase our profitability as we do that. It is not just Right growth for growth's sake. Yeah. On the go-to-market side, I think you've mentioned the return on investment is a no-brainer to keep investing in go-to-market given the high returns, and it's clearly showed up in the growth. What would stop you from accelerating those investments? Is it just management bandwidth and making sure you're just not putting too many boots on the ground? I think that's it. I think it's when you're onboarding 50 or 100 people, you want to make sure, am I getting a high-quality employee? Am I getting them bought into the culture of this organization, going out, representing OPENLANE in the right way? Are we measuring their success? When you bring on any cohort, hopefully you'll do well, but not everybody's going to succeed. So you have to sort of work through that as well. I think we look at each cohort and say, "Have we hit a ceiling yet?" Is the ROI for this cohort playing out like we would expect? I think to this point, we felt really good about that. Now, I will say, and we spoke on our earnings call about we're adding some more sort of fuel to the fire, if you like, here in the back half of the year. Some of this fuel in the back half of the year is into that operational infrastructure because the other ones, maybe we're heavily biased towards sales and marketing, and it just puts some stress on the fulfillment part of the business. So this one we're doing now is a bit more nuanced. Inspection capacity, back office capacity for titles, funds, customer support. Right. Also some sales. We've also been leaning in, I'd say, into major dealer accounts. This industry continues to consolidate at a slow rate on the retail dealer side. Actually, to me, it seems like the top, the public six, they're fairly static in terms of their size, maybe growing a little bit. It's the layer beneath. The groups that owned 40 are now owning 50. Right. Having a, we call it major dealer accounts team, we've invested in that as well. Because we're calling at the store level, but with major dealers, we also call at the corporate level. Right. Try and build relationships at that level. Got it. Yeah, that can help with stickiness and like- Yeah. We find the major dealers are very. If anything, our growth rate with those major dealers, that top 150, the volume growth rate there is even higher than the volume growth rate- Oh, interesting. outside of that. Because I think it is like you said, they are receptive to that, and they recognize that to be successful, we are going to have to embrace technology. Here is an example that seems could be helpful to our business. That kind of thing. Understood. Makes sense. I have a question there. Yes, sir. You mentioned that you think digital platform will, in time, take over for physical. Do your customers make more when they sell cars through your digital platform than through a physical? Do they make more money? Make more, yeah. Is it better for them? I think there's data to suggest that some of them do or many of them do. I hesitate to say it too much out loud because that also means the buyers might be paying more if that were true, right? Again, I was on a sales call with our major dealer team, and they were talking about a dealer group that's just moved 20 stores to us and I said, "What was the triggering event?" They said they were running a pilot with four or five of their stores, and when they analyzed the numbers, they said, "We're getting $400 or $500 more on a net basis with OPENLANE." Right? I remember going to an independent dealer just across the river here in New Jersey, and this is a little dated now, but I was talking to him and he had said, "Listen, I've got to a point where I only buy from OPENLANE." I said, "I don't go to the physical auction anymore." I said, "Why is that?" He said, "Well," he said, "I'm an owner-operator." He said, "When I went to the physical auction two days a week, I was away from my store. I'd rather be here looking at my five employees to keep an eye on the business. Customers are walking through the door as and when." Then he said something interesting. He said, "I feel like I'm probably paying a little bit more for these cars than I would if I went to the auction, but it's worth it because I have these other benefits." Our data suggests our customers are getting as good or better than they get in other channels. Let's just say it that way. Right. We're talking about 1% or 2%, 3%, something like that. Yeah. Great. Thank you. You are welcome. Just three minutes left. I will just ask one commercial off, please. Oh wow. I am going to cover commercial off. We are pretty much in the midst of the cycle. They are starting to recover. You obviously come into the business with an area of position of strength. Yeah. Very high market share. Which begs the question that, these new other digital players trying to come into the space, it is more of an opportunity for them to gain share, just given they do not have any presence and you have a very high share base. How are you protecting that top of funnel, and- Yeah how are the customer conversations going? The customer conversations are good. We have a long history with these customers. We talk about how we run the upstream, the online off-lease programs for OEM brands that represent about 70% of new car retail volume. That is kind of the stat we talk about, approximately 70%. Most of those relationships are long-lasting. Some of them are in their second or into their third decade, in some cases. We continue to invest in those relationships, provide a high quality of service. We do try to build in switching costs where we can. Normally, that is through deep integrations into their digital systems so that those API connections sort of create stickiness and also try and do a great job for their dealers. If their dealers have no reason to complain, then the OEM has less reason to move. As you know, probably from the yield economics that you see, we do not charge those sellers a lot. Right. Yeah, it's pretty low. Yeah. They're kind of like anchor tenants in our shopping mall in a way. They've probably got the best rate per square foot, but they sort of create a foundation for the rest of the strategy. We also talk about how that commercial inventory then feeds the halo effect in the dealer business. Right? That unique inventory, to Peter Kelly's point, we do charge less for that inventory as it sits in the commercial business. It has a lot of value to us in terms of bringing eyes to the dealer side. Dealer side. Yeah, right. Makes sense. I know we are second half of 2026, and this is a point of time in the year when investors are really trying to look at 2027 and beyond. Any early peek into 2027? I know you have this medium term, like mid-teens. Yeah marketplace EBITDA kicker. You are way outperforming that this year, just four months since the analyst day. Just help us think through puts and takes that we should look for in 2027. Well, I think we like what Peter mentioned in terms of on the dealer side, let us talk about that first, on the dealer side, about outpacing industry growth by a 10%-15% range. If the industry is flat, we think we can go volumes better than that. I think we are going to continue to focus on our margin expansion, how this technology platform scales. That is an important metric we look at very consistently. I think you should expect to continue to see some of that expansion. I think on the commercial side, we have talked before about the back half of this year is when the lease recovery really kind of starts to ramp. We expect that in 2025, I am sorry, 2027, to the tune of about 25%. What's going to be interesting is to see how much momentum we get in excess of that related to the drop in payoffs. Yeah. That's still an unknown right now. We're going to wait and see. In my mind, 25% growth next year is probably our starting point. Anything on the payoffs could be helpful against that. Those are kind of the two real fundamentals when I think about growth for the dealer. Flattish on AFC, kind of. Flattish. I think AFC this year has outperformed a bit. The portfolio's grown a little bit more than we had expected, and risk has actually even come down a little better than expected. I think both of those two things start to normalize next year and get us in the flattish to plus low single digits maybe for next year. Understood. Awesome. I think we're just on time here. Perfect timing. Yeah. Thanks so much. Thank you, Rajat. for doing this. Thank you. Thank you. Appreciate it. Appreciate it.