All right. Good afternoon, everybody. So, we're lucky enough to have Howard Fu from Procore Technologies with us today. Howard, thanks for coming, and welcome back for your second year. Oh, thank you. It's good to be here. Awesome. Well, we're quite familiar with the Procore story, but maybe give us a kind of a brief summary of the business and kind of the differentiation to those who may be a little bit newer to the name. Sure. Just really quickly, you know, the best place to start is probably with our vision and our mission, and our vision is to improve the lives of everyone in construction, and our mission is to connect everyone in construction on a global platform. And I think those two things drive and are the backdrop for a lot of how we approach the way that we come to the construction industry. Specifically, when you think about construction, construction is highly complex. There's a lot of changes that happen, there's a lot of rework that happens, there's a lot of coordination that needs to happen across stakeholders, from owners to general contractors to subcontractors. And where Procore plays is allowing the collaboration and the digitization of the business. What's happened over the last number of years in terms of the advent of mobile and cellular and on-site and so forth has really allowed that to accelerate. We believe that Procore is the best position to serve that need. We are the only cloud-based, single-platform solution that serves the industry in that way. We think that there's tremendous opportunity for us to add value to the industry, and our customers certainly think so. Fantastic. Yeah. Now, construction is a huge market, right? So how do we think about kind of the pace of digitization within kind of the broader construction market? You know, how much incremental progress have we made in that regard, you know, maybe relative to when you guys started the business? Yeah, so, I'll just reiterate the first thing that you said. Mm-hmm ... which is that, there's a tremendous amount of TAM, and the level of digitization in the construction industry is probably the lowest out of any industry that's out there. And so that, in and of itself, means that there's a tremendous amount of opportunity out there. In terms of the pace of the digitization, I think, we continue to see different types of catalysts out there that allows for that digitization, and Procore is positioned well in that. I already mentioned one of them- Yeah ... which is the advent of mobile and connectivity that allows for that collaboration between the main office or the whole headquarters and the office, and then the field. And I think that's one of the major types of catalysts that has allowed this evolution in the industry to continue to evolve. But even in the current market, where we are obviously and still in a macroeconomic, a challenging environment, even in this environment, there are still catalysts. And that is, in this environment, our customers or the construction industry continues to look for, if not more so in environments like this, for ways that they can improve their efficiencies. And when you think about it in that context, that's exactly what Procore does. We've got some studies out there where customers that run Procore can run up to 50% more business or ACV per person than customers that aren't digitized or that don't run Procore. In addition to that, in environments like this, we think about labor as still being the primary constraint to construction getting done. When you think about it in that context, there's also a catalyst there for companies to continue to digitize. When you ask about the pace, I think the pace continues steadily to increase, and there's a tremendous amount of runway for that to continue over multiple years. Fantastic. And sometimes we get some feedback on kind of the size of the TAM opportunity, and we look at kind of Procore's penetration across some of the large general contractors. So you have 70% penetration across the ENR 400- Mm-hmm ... 40% volume penetration. So that seems like a pretty, pretty large, you know, portion of the pie that you've already captured. So maybe talk about some other metrics to kind of quantify the scope of the market opportunity. Yeah. So the first thing is, the ENR 400 is nowhere near the pie. And so we actually talked about that disclosure to give a sense of the receptiveness of the industry to a solution like Procore, but also to demonstrate the opportunity that's still there. When you think about volume expansion, it's 40%, but 70% of the logos, there's still a tremendous amount of volume expansion within even just the ENR 400. But when you think about enterprise, there are still so many logos outside of those 400 that make up enterprise, that make up strategic, that there's a tremendous amount of opportunity there to continue to expand. That's not to mention the global opportunity that we have to continue to expand into. You know, when we look at the TAM, the global TAM outside of the U.S. is actually larger than that of the U.S. So when you look at our profile of our revenue, we're still only 15% of our revenue comes from outside of the U.S. And so when you think about the sustainability and the long-term opportunity, beyond just the next several years, there's still a tremendous amount of opportunity there to continue to grow. Fantastic. And you made a reference to kind of new logos out there in the market. And I think if you look at the last couple of quarters, like, customer additions have slowed, you know, considerably. So can you kind of talk about, like, whether this is an important metric for the business, one, and then, two, you know, across customer demographics, whether SMB or enterprise, how is demand trending? Yeah. So again, there's no hiding from the fact that we are, one, in still a down macroeconomic environment, and there's no hiding from the fact that our end industry, our end customers, are exposed to that cyclicality. When you think about where we are in that environment right now, we've talked about this in the past, that more acute impact is going to be in the SMB space, and I think that's what you're seeing reflected in that customer count. We've also said that the relative strength that we're seeing is in that enterprise space, and so we've also leaned into that as we thought about where to focus our efforts, from a growth standpoint. If you step back even more, it's really important to continue to iterate. While SMB is the vast majority of our customer count, the vast majority of the dollars actually come from the enterprise. Mm-hmm. That still persists. We still see relative strength in the enterprise. We still believe that it is crucial for everyone, from SMB to mid-market, to majors, to enterprise, to strategic, to engage on the platform, because that level of engagement actually exponentially increases the value of the platform to those that are on the platform. There's still a tremendous amount of growth left there. Sure, and you know, thinking about kind of the demand environment, you know, Procore's obviously been operating in kind of this higher-for-longer rates environment. Yeah for really kind of the past 18 months. And so, you know, to what extent has this, you know, kind of impacted demand, and how quantifiable is that? And then if and when rate cuts manifest, like, how can this transpire in your business? Yeah. So, look, if rates drop, or I should say, when rates drop. Mm-hmm There's no doubt that's gonna be a positive for our customers, and a positive for the cyclicality of the industry. One thing I just want to make sure, though, when the interest rates started to increase, there was a lag between when interest rates started to increase at an accelerated pace, and when we started to see that in our business, and so we expect that there will be a lag between when interest rates come down and when we will see that in our business as well, but the other thing I want to talk about is there is a nuance in terms of things like interest rates, elections, and so forth, that I think is important to recognize. It's not so much that the level of the rates, and more so about the level of change that causes uncertainty, that impacts the sentiment of our customers, and that sentiment, how that translates into the buying behavior for- Mm-hmm ... something like Procore. And so, let's say we were in this environment and interest rates never went down. What the industry would do is they would acclimate to that. They would start to pencil deals such that it worked in that, in that interest rate environment. And so I think the nuance here is that there's a cautiousness that's in our customer sentiment right now that's impacting their buying behavior, because they anticipate change coming. And as that change comes, in terms of interest rates coming down, getting past the election, it starts to reduce the uncertainty, and there's a level of stability that's perceived that then will flow through into the sentiment, then will flow through into the buying behavior. And so I think when you look at it from that perspective, that is what's going to impact the willingness and the cautiousness, and the willingness to buy and commit to more volume on Procore. We're in that environment right now, where there's cautiousness. I know folks are very narrowly focused on kind of the CRPO metric, right, and I think a lot of this, you know, the challenges around the macro environment started to manifest in really kind of H1 of calendar 2023, right? Mm-hmm. So can you talk a little bit about kind of that higher beta around renewal activity, kind of where we are relative to the last kind of six quarters? In terms of the CRPO and the renewal activity, where we are right now is. We're not anticipating, and we're not assuming. Our working assumption doesn't assume that the macroeconomic environment gets better. Mm-hmm. We assume that it stays equally bad, equally low, and our working assumption is that it stays that way, not just this year, but next year. Okay? Until we see some more data points and more evidence of that changing, that's our working assumption, and I think your question was about how does that impact kind of the demand environment, and CRPO, and so forth. I think one thing that we started to talk about was, when we first started to see this 18 months ago in the beginning of 2023, what does that cohort look like in terms of their behavior as they come up for renewal in Q1 and Q2 of this year? And what we're seeing is that gross retention rate remains stable, so customers are not leaving us. We're seeing churn start to stabilize in terms of churn rate. Still at elevated levels versus historical, but they're starting to stabilize. But the main thing is that we're not seeing the level of expansion that we had typically seen, and that's going to show up in things like net retention, well, we disclose net retention on an annual basis, but the expectation is because given that dynamic, the net retention rate will be lower than what you saw in the last disclosure, and so that's how things are playing out. Mm-hmm. We expect that to continue to play out, as long as this assumption around the macro stays in place for the remainder of this year. On that point around expansion, you guys have quite a wide breadth of products within your portfolio, right? Mm-hmm. But it sounds like a lot of your growth from an expansion perspective still comes from volume. So can you just talk about those two dynamics as they feed into your growth algorithm? Yeah. So, historically, the recent history, the mix of our revenue has been roughly about 50% new logo, 50% expansion, and within that expansion, it's about 80/20 volume expansion versus product cross-sell. So that's in general, in the recent history. If I think about even at an elevated level, how I think about the progression of that, obviously, in markets that are earlier on in their evolution, you're gonna get a bigger dollar amount from new logos, and then ultimately it starts to then shift in proportion to expansion, and then ultimately, then it shifts from expansion and upsell into product cross-sell. I think there are different, cross-sections of the business that are at different stages in terms of that evolution. And so as I see the business continue to grow, I do see the expansion piece continuing to be a bigger portion. And I also continue to see that cross-sell will be a bigger portion. But I wanna make sure everyone understands. Think back to the TAM that's out there, the level of digitization in the industry itself, our penetration into that TAM in that industry. There's still a tremendous amount of room to grow across all three of those vectors, meaning new logos, volume expansion, and cross-sell. And so what we're doing now in terms of the go-to-market changes and the velocity with which we've been making progress across our product portfolio is to really have a much more sequenced short medium and long-term view of how that progression plays out in different cross-sections of the business. And frankly we're trying to see around corners for how that plays out over multiple years and not just fiscal 2025 or 2026. That's the way that I think about how that progresses. On the kind of product side, right, I mean, obviously, project management is a large portion of the business. You've got quality and safety, workforce management. What are the products that you're excited about, where you're starting to see a lot more traction in the portfolio? Yeah. So, you know, largely today, 80% of our revenue still comes from project management, quality and safety, and financials, and it's financials exclusive of pay. I think what's directly in front of us, we still have a tremendous amount of room from a product standpoint, specifically for financials, and so that's directly in front of us. As I think about the sequencing of that and how that plays out, I think there's gonna be more vectors from which we can grow versus the sequential piece that we've grown in the past, just because of the velocity that we've been doing in terms of our product roadmap and progress we've been making there. I think there's opportunity in the pre-con space, and I also think there's opportunities around things like, resource management, the civil space. So there's a lot of different vectors that we can go into in terms of where those growth vectors are. But the one that's most immediately in front of us, I think, is still the financials piece. Civil sounds like an interesting category. I know you guys acquired a geospatial- Yeah - technology. So maybe talk a little bit about the opportunity you guys see in civil and why that acquisition was important for. Yeah. One of the major things in infrastructure projects is that they span a large geographic area. And one of the things to make Procore and the digitization of the construction process for something with large geographic locations is geolocation. And our acquisition of Unearth actually accelerated our progress in terms of our roadmap progression for the capability of our product to do that, for our customers to be able to do that. And I think that's an example of how we think about both organically improving our product, and also doing tuck-ins and small acquisitions that enhance our roadmap. And this is a great example. Unearth is a great example of that, and it serves a specific area that we think there's a huge opportunity in. Excellent. Maybe just touching on the competitive landscape. You know, how would you characterize the competitive landscape? I think one of the more compelling aspects of Procore has always been that 50% of the market is effectively a greenfield opportunity. Yeah. So, you know, over the last year or two, I mean, how have you seen kind of the competitive environment, you know, evolve as more of your competition continues to invest in their own platforms? Yeah, so largely, the competitive environment has not changed. It's still largely Greenfield. And when I think about the comparisons to some of our largest competitors in, let's say, the U.S., the win rates actually haven't changed. And you know, I'm sure there's a lot of noise about the competition and pricing and so forth, and we don't necessarily dismiss those. We obviously take those into consideration. At the end of the day, the data is not showing up in terms of the win rates that we're seeing. In fact, it has gotten a little bit better against one of our largest competitors in Q2. But we continue to focus on the continued evolution of our product portfolio, inclusive of the core product that we call the project management. And in fact, that's one of the biggest pieces of feedback that we get from customers is: "Don't forget about project management. That's our bread and butter, and so make sure that you continue to make improvements there." And we absolutely do, in addition to continuing to build out the entire ecosystem across the course of construction. Awesome. On generative AI, Howard, you know, Procore discussed the Copilot AI intelligence platform last September. Can you just kind of give us an update on kind of what's happening with your Gen AI initiatives? It seems like Procore has a real opportunity here, just given that you guys have so much construction data on the Procore platform. Yeah. So, you'll likely hear more at Groundbreak. Look, we're excited still about AI. You know, keep in mind that even though more recently, there's been a tremendous amount of focus and tremendous amount of press and so forth on AI, this is not something that we started recently. We've been investing in AI with a number of acquisitions, like Avata and Indus.ai and so forth, and we've got a tremendous amount of talent that's on board, and we continue to make progress there. I think the way that you're going to see this manifest itself in our product is going to be as an assistant or as a copilot- Mm ... as an assistant to the folks that are in the field in terms of their day-to-day job. And so if I'm a superintendent, I'm walking through a site, instead of having to specifically and physically go and look for pieces of information. A way that this might show up is AI with the data may be more proactive about feeding the areas that that superintendent might need to go and investigate and look. And so that's just one very small example of how some of these things might show up. Awesome. And then, maybe even derivatively, you know, Gen AI demand has created a lot of, you know, investment around data center construction. So how exposed is Procore to that theme, and how durable of a tailwind could that be? And are there any other green shoots in the market from a vertical perspective, where Procore is benefiting? Yeah, look, the data centers, I think this is another misconception, is that data centers is not anything that's new for Procore. Mm. ... Customers have been using Procore to build data centers for a very long time, and sure, there's been an uptick recently with AI and the need for data centers, and we've absolutely benefited, our customers have benefited from that, but the impact, I think, is a lot less than what folks might think, not because we don't have a good portion of data center, the data center market, but more so because when you look at the entire construction industry, data centers are 2% of the entire industry, and so I think this represents, I think, what we've been talking about for some time, about the diversification of the construction industry, where you have things like data centers that are going really, really well, but then office buildings might not be going well. And so there's a natural normalizing effect of all the different parts of the construction industry. Data centers is fantastic. Our customers are benefiting from it. We are, but it's a small part. Yeah, construction is not a monolith. Yeah. No, it's not. That's right. So maybe on the topic of IIJA then, right? So can you kind of speak to where we are with IIJA funding, and the extent to which this, you know, has and can continue to enable growth for Procore? Yeah. I think for the most part, the IIJA, CHIPS Act, and all these other types of legislation, they largely have not flown through to what Procore sees, and also to our customers yet. These are massive bills, and these massive bills are gonna take years, decades to flow through to state and local, then to projects, and ultimately to Procore. They're starting to show up, but I think the vast majority of it hasn't shown up yet in terms of what we see. The way I think about things like IIJA, and CHIPS Act, and those pieces, that's more about the sustainability of the long-term growth of our customers, and hence, Procore. Absolutely great. I love that those pieces of legislation are out there, but I don't think we've even come close to actually starting to experience the benefit of that. Yeah. We had Autodesk earlier, and they kind of characterized it as the cherry on top of a very large market opportunity. That's right. So I think those are in alignment there. Yeah. Maybe talking about some of your kind of newer product initiatives. You have Procore Pay, which has been a significant investment for the company over the past two years. So maybe share with us kind of the opportunity Procore sees for this product, how initial adoption has trended, kind of the monetization vectors, all of that, I think, would be very useful. We continue to see good successes in terms of adding customers on Procore Pay. I think the last time we gave the disclosure, it was well, it's over 100. It's still growing very well. It is very early stages. I think you're not gonna see any significant blip in the monetization, and that showing up in revenue in this year or next year. You'll likely start to see some of that in fiscal 2026. It's important to reiterate the ramp time and the implementation time that it takes for something like Procore Pay, not the least of which is actually getting set up on bank accounts for the GC and for the SC. But also, maybe even more so, the companies and, and GCs rolling this out as new projects come on, because you can't, you can't really change payment processing in the middle of a project. And even in the best-case scenario, where every new project is on Procore Pay, the reality of it is, they're probably gonna go test it on one project and then make sure that it works. 'Cause anytime you're dealing with money movement, it's highly, highly sensitive, and so that length is the implementation is quite lengthy, so you won't see anything like that until fiscal 2026. In terms of the opportunity, I think you really have to look at, and, and just look at the opportunity, theoretical opportunity, as the amount of ACV that's running through Procore, and the high proportion of that that's eligible for Procore Pay. Mm-hmm. And ultimately, that's the prize. And we are seeing very early signs of success. The feedback from our customers has been very positive. And I think you've heard Tooey say this before. This is probably one of the better product rollouts that we've had in our history. I know you're working with a handful of general contractors- Mm-hmm ... on this product. And so, like, what are the initial learnings, you know, given it's still kind of in its nascency? I mean, what have been the friction points? What have been the success factors? I think we mentioned some of them. Mm-hmm. I think the assumption that every single new project would go on Procore Pay versus customers and GCs wanting to test things out. I think the catalyst for the SC to get on board and sign up and implement it on Procore Pay, their catalyst is gonna be when they want to get paid. And so those kind of nuances in terms of the dynamics of how the rollout will actually go. I think there's certainly learnings there. But those are just a couple examples there, but then again, the feedback has been very positive. And so how are you gonna monetize? Like, it seems like you have two models. You have a shared cost model- Yeah ... I think, right? So talk to us a little bit about that. Is this gonna result in take rate expansion across the volume component? I mean, talk to us about how you're gonna monetize. The two monetization vectors, one is gonna be largely like a subscription model. GCs will pay a subscription, and we'll recognize that ratably over the term of that subscription, and it'll be like any other SaaS, rev rec model. The bigger opportunity is really around the SC pay model, and that is more based on a transaction basis, and the transaction basis will have a cap on it. But if you think about the volume of ACV again- Yeah ... the number of transactions, the dollar amount of those transactions, the SC pay portion is the one that's going to be, I would think, orders of magnitude larger than the GC pay portion. The other thing that's important to recognize is on the SC pay model, is that revenue does not flow through CRPO, 'cause it's largely going to be transactional. Mm-hmm. And so as we start to get traction here, again, going into fiscal 2026 and going forward, we will likely need to talk a little bit more about that continued disassociation, assuming this works well, between where CRPO is and where our revenue is because of that SC pay model. Perfect. Now we have about ten minutes left, so- Yeah I figure we spend the remainder of the time talking about some of the go-to-market- Sure evolutions, right? So, why is now the right time to undertake a go-to-market change? You know, how long is this going to take? You know, what were the factors that were considered when contemplating this? Yeah. So, the first thing is, I just want to reiterate, this change and the end result of this change was something that we started to talk about and actually reviewed with our board in the back part of last year. Last year, as we do periodically, we reset and we updated our three-year strategy. This was part of that strategy. Now, the original strategy was that the transformation or the changes would evolve over a longer period of time. So that's the first thing. As with any strategy, you look at the environment that you're operating in, how we're operating, what the macroeconomic environment is, and so forth, and we have to make adjustments to it. We also were in the process of hiring a CRO. Okay. We really didn't want to make a change, hire a CRO, have him or her tell us that, "Hey, this is not what I want to do." And so there was an element of that in terms of waiting when we actually started. Ultimately, there are a number of factors that worked itself into the decision, our collective decision to make this change and to accelerate this change. One is, we are still in a down macroeconomic environment, and so if we are to make this change, I'd rather make it at a down macroeconomic environment, so the impact is actually less. And so that's the first factor. The second factor is, actually, we talked about there are some strains in our model, but I want to be clear. The strains that we're seeing in our model, in our go-to-market model, is actually a reflection of the successes that we've had in terms of the velocity of the product development across our roadmap. And so when you think about it in that context, and you think about our go-to-market and field organizations now having so many products to sell, selling them to different personas, that in and of itself, frankly, I think we were leaving money on the table. And so when you... That's the second factor. The third factor is that even though we're in a down macroeconomic environment, eventually that environment comes back. And when we look at the calculus of the short-term impacts in the back part of this year and the disruption, and the benefits that we would be able to capture once the macroeconomic environment comes back, the choice was for us to do this now, make sure we don't miss that upswing, understanding the impact in the short term, because frankly, we're not solving for fiscal 2025, we're solving for multiple years. Now, what that requires is additional upfront investment in the back part of this year. And you can think about that investment as pull forward investment from fiscal 2025 and frankly, some from fiscal 2026. And so you won't see this pace of investment going forward. What that's going to result in is in Q3 and Q4, you'll see our margins drop, but I don't want everyone to freak out because that is not representative of what our margin is going to be in fiscal 2025. Fiscal 2025, we will expand margins, but you're gonna see the quarterly margins decline in Q3 and Q4. Ultimately, the result of all of this is that we will get better productivity from our reps. More bookings per AE per period, and that will result in better top-line growth, that will result in better efficiencies and better margin. That is the intent. Look, obviously, nothing ever works out 100%, and so we want to make sure that as we go through this, we metrify the crap out of everything internally, leading, lagging indicators, and so forth. As we go through this, we adjust, depending on how that progress goes. The shorter this is going to be in next fiscal year, if this takes off, we'll still continue to expand margins, but likely at a lower clip. If it doesn't take off as fast and it doesn't work out as well as we want it to, we'll give back more margins, and that's how we think about managing the profile of the business. And so talk about some of those H2 investments. Like, what's that going towards? Is it product specialists? Is it sales enablement? Talk about some of the factors that are gonna be driving that. From a people standpoint, we're looking at adding more than two hundred in net new heads. A lot of that is going to be in the field, both in the form of generalists AEs, but a lot of them in product overlay AEs, and as well as technical specialists. Some of those will be filled from internal folks, and some of those will be filled from external folks. In addition to that, I'm glad you brought that up. In terms of the other investments, there is also a tremendous amount of focus on enablement. Because you can't just bring people on and say, "Hey, pour water on it, and here's your pizza," like Domino's. You gotta have the enablement component that goes along with it to make sure they're set up for success, and there's a tremendous amount of focus in developing that enablement that's happening right now. So 101, 201, 301, what does that look like for generalist AEs? What does that look like for the technical roles? What does that look like for the overlay AEs? Those are absolutely investment areas that we're making. Understood. And you made reference to international, you know, at the onset of the conversation, right? And so when we think about installing more regional, locally informed GMs, you know, with this new go-to-market motion, I mean, how does that impact Procore's international presence and performance? I think that, in short, I think that there should be, and there is an expectation from me, that there will be a faster and more acute positive impact on the international front. Here's the reason why. One of which is very simple. From a pure geographic standpoint, having somebody that has more control, more decision-making authority, that's geographically further from the U.S., and specifically Carpinteria and Austin, where our major U.S. offices are, that's gonna increase the level of velocity, that's gonna increase the level of partnership with the customers. Particularly at the early stages of the evolution of those markets, those things are extremely important. And when you think about this, the folks on the ground there, they've been successful in other companies that either have or largely didn't have GM models, and they learn how to be successful in a quasi-GM model anyways. And so when we announced this change internally, they were extremely happy. "Thank you for finally formalizing this," and I think there's a tremendous amount of positivity there on the international side, and I think it's gonna have an outsized impact. The U.S. will have an impact as well, but I think you, when you ask about international, I think it has an outsized impact. So when you think about the success of the GM model, like, who are the companies that you guys have looked at, to kind of determine that this is the correct path? You know, no, no, no specific company is gonna have everything lined up to exactly what we're doing. There are certainly a few companies out there, I think, that have product overlays, ServiceNow, and some parts of different companies that I've worked with in either DocuSign or Salesforce, that have some parts of their business that are Gen AI and some that are not. So you kind of take those components and apply it to what we're doing. But the main thing that gives us confidence that this will be successful for us is that we've actually done some of this with a few... With a handful, more than a handful of a few key clients, where we've brought in the product specialists, where we brought in the overlays and the technical folks, and we've gone into these accounts, and we've chosen accounts, largely in the enterprise space, of accounts that are good customers, successful customers, and accounts that may be at risk, and we went in there with these folks, and we said, "Hey, here's the data that you're running through Procore. Here's the benefit that you can get in terms of how you get visibility. Here's the benefit that you can get in terms of how you are able to make decisions about your business," and the result of that has been actually very good. And so while we take some nuggets of pieces of other companies, we also have proof points internally of how we've deployed this model that gives us a tremendous amount of confidence that this is going to work, and that gave us the conviction to make this move. Fantastic, and I think, you know, maybe to wrap, you know, you kind of stepped away from the midterm framework- Yeah - considering some of these, you know, go-to-market changes that you're making. Yeah. But I think from a high level, you know, kind of a three-year basis, I mean, kind of what are your aspirations for growth? Do you want Procore to be a, a teens grower, a 20% grower, a 30% grower? I mean, what's the kind of threshold? We didn't say anything about specific guidance for 2025 or beyond. Look, this is what I will come back to. The reason we're making this change. Obviously, we believe in the ROI. I think it's important to note that the ROI will impact both the top line and the bottom line. There's a lot that we are going to learn over the next six to 18 months that will tell us a lot about how that transpires, and so when I think about expectations, I also leave room for us to make decisions, depending on how things progress, and this is what I was mentioning, where if fiscal 2025 turns out better on the top line, we'll continue to grow margins, but grow less, and then vice versa. If the top line doesn't grow as fast, we'll give back way more margins on the bottom line, and that's for fiscal 2025 and going forward. We recognize that in earnings call, in the last earnings call and the call back, we didn't give a specific number for fiscal 2025. We also recognize there's quite a high dispersion in terms of the consensus for fiscal 2025 revenue. We'll provide more clarity in Investor Day at the- Groundbreak ... the week right before Thanksgiving, and so we'll provide more clarity then. Any other nuggets you wanna share about Groundbreak coming up? You all should come. It's gonna be great. All right. Well, with that, we're at time, so thank you so much, Howard. Big round of applause for him, please.