Okay. I think with that, we're going to get going on the next one. Okay. It's my pleasure to have the team from Pinterest here for our second fireside chat of the day. With me is Bill Ready, CEO. I'm going to read a quick safe harbor, and then Bill and I are going to get into the back and forth into the dialogue. Some of the statements that Pinterest will make today may be considered forward-looking. These statements involve a number of risks and uncertainties that could cause actual results to differ materially. Any forward-looking statements that Pinterest makes are based on assumptions as of today, and Pinterest undertakes no obligation to update them. Please refer to Pinterest's latest Form 10-Q and Form 10-K for a discussion of the risk factors that may affect its results. Okay. We've put the safe harbor behind us. Bill, thanks as always for being part of the conference. You've always been great about making yourself available. I really thank you. Thanks for having me. Appreciate it. To level set, here we are. We're in the second half of 2025. I wanted to talk a little bit about your key strategic priorities for the business, how they've been progressing as you move through 2025, and maybe we'll use that as a jumping-off point for the conversation. Yeah, excellent. You know, we did our Investor Day almost two years ago now, and strategy has been consistent with that. I think if you look back at that, our execution has really aligned very directly with what we laid out there, both in terms of what we're doing and the results that it's delivering. On the what we're doing, our strategy to make Pinterest a shopping destination with visual search, curation, and AI, fueled off that unique curation behavior, has really played out. Then leveraging that to turn Pinterest into a true performance ad platform. The things that I point to with that: eight straight quarters of record high users, Gen Z is now more than 50% of the platform. Three years ago when I came in as CEO, users were declining. The narrative was that Pinterest was aging up and aging out. This strategy has been so successful that eight straight quarters of record high users, Gen Z is now the largest, fastest growing demographic, over 50% of our users. We're growing across all geographies, all generations that we track. At the core of that is the shoppability of the platform. The shoppability of the platform is being driven by using AI tuned on the unique curation behavior within Pinterest that is truly unique in the Western world in terms of users making, we have nearly 600 million users on the platform. What they're doing is associating products all the time and associating products as to what products go together, what fits their taste and style. That curation signal, this is the thing I saw from my prior seat at Google, was like, in this AI-driven world, if you have unique signal, you're going to be able to do really unique things with the AI. That's really at the heart of why it's not just that we're working with Gen Z. Again, we're growing across all the generations that we track. Shopping is at the core of that, driving that actionability, the performance ad platform, also using AI to drive results for advertisers. All that is hung together really well. You see that delivering the solid mid to high teens growth that we talked about in our Investor Day, as well as helping us drive margin expansion, cash flow generation, while also being more relevant to our users than we have ever been with our best product-market fit ever. Got it. In terms of just on the go forward, how should we be thinking about how some of those priorities might change looking out over the next 12- 18 months, if at all? A couple of things I'd say, you know, we see that strategy working exceptionally well. A good strategy has multiple phases to it. I'd say over the last three years, we've laid a lot of foundation on these things, but we've created a flywheel effect on multiple things. We also talked about this at our Investor Day as well, that the ads can be great content when we have shopping behavior, when the user's in a commercial context, they don't care whether it's organic versus ads, as long as you show them the right product. We're making that flywheel spin, but we're also using the AI to drive better and better visual search capabilities. The way this manifests for users, if you ask Gen Z why they're coming to Pinterest, one of the first things they'll say is, Pinterest just gets me. What's behind Pinterest just gets me? It's using the AI to make really, really relevant shopping recommendations. Now we're bringing that, we started laying foundation with AI in the background around recommendations. Some of the things you've started to see us do, and this gets more to your question of what you can expect going forward, we're bringing more and more of that to the foreground now, right? With our visual search that we talked about, visual search has sort of always been at the core of what Pinterest does, but the visual search keeps getting better and better. I shared that our latest multimodal visual search models that are proprietary and in-house, trained on our unique signal, are outperforming off-the-shelf models by 34 percentage points on the relevancy of their shopping recommendations. That's the tech behind it, but that's letting us do great new experiences and directly to the user around how they can search individual elements of an image, how they can curate more and more of the individual elements of an image, and starting to bring things to the user that also give them more language when they didn't have it. What we're really competing for is visual search. Yes. In that world, what we're solving is the "I'll know it when I see it" problem. Very different than the way sort of chat bots and general purpose search pursues that. We're solving the "I'll know it when I see it" problem, and that is working quite well. In fact, so well, Adobe put out a study, not something we sponsored, independent of us, that 39% of Gen Z starts their searches on Pinterest. How well is that shift to visual search and using the AI going? 39% of Gen Z saying they start their searches on Pinterest. Expect more and more of us bringing purely visual experiences, AI forward, helping people solve more and more of their commercial journeys with a great visual search experience with AI at the foreground. Maybe just one quick follow-up on that. With visual search at the core, when you think about, and you actually have a background in this from your time at Google, how do you think about the shifting competitive landscape for search and positioning Pinterest's visual search against your worldview for that competitive landscape? Yeah, it's a great question. Step back a little bit, even before you got to this sort of latest round of AI, search has been fragmenting for years, right? Google continues to be fantastic for general purpose search, but over the last 15 years, you've had lots of, even as they were growing very nicely, search fragmenting and competition increasing. How many product searches start on Amazon versus Google? How many travel searches start on a Booking or an Expedia rather than Google? There's been this sort of fragmentation and verticalization of search that's been a decade plus long trend. My view with Pinterest was not that we would go solve general purpose search and compete for anything that you might search for, but that around purely visual search, particularly with shopping at the center, that was an ownable space. Particularly, one of the things I've talked about before is that the first 25 years of e-commerce sort of solved buying, but killed shopping. The distinction being that the utilitarian part of the journey had been solved. If I knew what I want, if I knew what I wanted, there were tools, Google, Amazon, other things that would help me get it the cheapest and the fastest. If I didn't yet know what I wanted, if I didn't have the words to express what I was looking for, there weren't great tools for that. If you look at the 75% or so of commerce that still exists outside the digital world, that's a lot of what people are doing is, hey, I need to go look. I need to go sort of walk through a store. I need to go walk the bazaar. How do you solve that? That's an entirely new space in my mind. I think you're seeing that we're being quite effective at solving for that. It's a rapidly growing pie. Even as the search fragments, the pie is expanding because there's a lot of these experiences that hadn't yet digitized. We're going after new experiences that hadn't digitized the, I'll know it when I see it problem and bringing that into the digital world. I think that's a unique ownable space. You're seeing that play out for us, that even as you have lots of others that have introduced new experiences, chat bots and things like that, we're eight straight quarters of record high users. With 50% of the platform being Gen Z, 39% see us as a first place to search. That's a great demonstration of the fact that they see us, our users see us as a unique experience separate from what's happening elsewhere. Both can grow simultaneously in our. Got it. Building on that Gen Z point, just in terms of the engagement levels you're seeing from Gen Z, how do you think about sort of building towards sustaining and building further momentum on top of that engagement, on top of that user growth when you think about your product roadmap and sort of sustaining that in the years ahead? Yeah, so, you know, when I think about share of wallet on two perspectives, you know, share of wallet with our user, our consumer, and then share of wallet with our advertisers. I'd say on both where we are, you know, three years in, we have made tremendous progress improving Pinterest as a shopping destination, right? We are a destination. You know, 85% of our users come to our mobile app directly. 100% of our users are logged in. We are a destination. We are not nearly as SEO dependent as others are. We are a destination. You know, how do we continue to differentiate that? We see that we are still, even as we have made tremendous progress, a relatively small portion of the overall share of wallet. You know, we've talked about this on our earnings calls, how shopping and retail has been a strength. We see financial services that is adjacent to that becoming a strength. We've talked about other emerging categories like, you know, autos and things like that, or travel, where our visual first experiences apply to a lot of other commercial journeys. I think that's an opportunity for us to continue expanding share of wallet with our consumer, as well as share of wallet with our advertiser, where we've talked about how we've started to break in more and more to the always on, performance budgets of the advertisers, particularly with the largest, most sophisticated. Even there, we continue to gain more of the catalog, deepen share of wallet there. Even as we go into more and more advertisers, we've talked about that sort of $1 billion- $30 billion GMV group as our next segment, how we're starting to pick up traction there, and then SMB after that. Those are all new buying experiences to come onto the platform that deepen the share of wallet with the advertiser, but also give us more great products to show users that make it so that users see us as a great place to go for more and more of the things they're shopping for. Got it. In terms of continuing to build momentum there, how do you think about what's in your control in terms of product roadmap on the shopping side in the years ahead versus some of the threats or challenges people talk about when they talk about maybe a shift towards agentic shopping over time? How do you think about balancing the opportunities and the challenges? The things that are directly in our control, we feel really great about, you know, the relevancy of our recommendations. We've talked about, you know, we've more than doubled the relevancy of our search results over the last couple of years. Our taste graph growing 75%. All the things within our control, we feel really great about. We also feel really great about the way that we're managing the ecosystem. When you talk about new experiences like an agentic, you really need to have thoughtful management of the ecosystem. If you step back from it, you know, we don't call it agentic because that's not how our users think about it. When users say things like Pinterest just gets me, or I started a bit of my journey, but then I came back two days later and Pinterest had all these great recommendations for other things I needed to buy to complete or help me finish the journey. What is agentic? It's helping users complete journeys. We're taking users in a completely automated way through more and more of the journey using AI. We feel like we are very well positioned around sort of the broader notion of agentic experiences where people will look for the AI to take them further and deeper through journeys. At the same time, I think we're striking a good balance in the ecosystem management where, you know, and I've got past experience on this, where a lot of the, you know, sort of what the tech platforms would like to do around completing these experiences, like in agentic buying is not really a new thing. There's a thing called Google Duplex. If you remember that product, it was out for many years. With a lot of those, retailer participation is going to really matter. Understanding the user and what the user really wants matters. Retailers are not going to be happy about being relegated to dumb pipes and being disintermediated from the consumer. When you look at the experiences that we're creating, they create really seamless buying. We've done things, you know, like with Amazon where you can do a one tap buy right inside our platform, but it's clearly branded as Amazon. You don't even have to leave our platform to do it. You can just tap buy and the purchase just happens, but it's clearly Amazon branded. They're clearly still getting a customer out, just a transaction. I think we've been laying a lot of the right foundation for the retailers in the ecosystem to feel like we're not making this intermediation play. We're actually still bringing them a customer, and from a user perspective, keeping them in the loop, keeping them in control, but then taking them much deeper in these journeys. They can be in the loop when they're ready to complete it. I think that's actually what we're going to see a lot more of for the next couple of years versus telling the agent, just go buy everything for me and let me know how it works out. The sort of litmus test I always give people to conceptualize this is to think about the person that knows you best in your life, whoever that is, spouse or whoever. Would you let that person pack your suitcase for a two-week trip without you looking at anything that's in the suitcase? I have yet to meet a person that says yes to that question. The bar for what it takes to allow an agent to fully complete your shopping journey isn't just be better than a human. It's be better than the human that knows you best in your life. I think people are going to want to be in the loop for a while. I do think, and we're seeing it on our platform, back to like we basically created an AI-enabled shopping assistant already without calling it that, that people are very happy when you take them right up to the end of that journey and you say, yeah, that's the thing. That's it. If you laid all this stuff out and said, hey, I think I've got your suitcase. Is this right? Yes, yes, yes, no, yes. That was very helpful. Just pack the whole thing and I don't need to look and it just shows up on my doorstep. I don't think people are there yet someday, but I think that's not what's next. If we look at what I think people are ready for in the here and now, we feel really great about how we're progressing that and how we're balancing making sure it's great value for the retailers as well. Understood. Okay. I like that. I like that test. I'm not going to ask my wife that. Switching to the advertising environment, what are the key messages you guys are receiving as a company broadly from advertisers about the operating environment today? How is Pinterest's role in that environment, whether measured by brand spend or performance marketing spend, continuing to evolve? You know, we have really proven out Pinterest as a performance ads platform. I think when you look at, you know, not just where we are, but the progress we've made in three years' time, three years ago, Pinterest was almost entirely upper funnel brand ads, right? There were very few clicks and conversions happening on the platform. Now, we are primarily a performance ad platform. We've talked about strength with the largest, most sophisticated retailers out there. For those advertisers, we see 90%+ of their spend with us now is performance-driven, right? We have very, and I think it's a pretty unique thing. You haven't had somebody really break into performance budgets, particularly search performance budgets, in a long time. We're carving out a space for ourselves there. As much progress as we've made, I'd say still pretty early innings, which means there's a lot of runway ahead. I think we have very much proven out a role for ourselves because of the unique nature of our consumer shopping experience, right? We've built up the basic components of a performance ad platform, certainly not to the degree that the very largest have done because they've been at it for 20+ years. In the last few years, we've stood up the basic components of a performance ad platform and then used that to tap into this completely unique shopping experience that happens on Pinterest where users curate and then now increasingly take action. Advertisers, particularly those who are engaging in shopping and things that are shopping adjacent, are seeing that as a really unique opportunity. We're able to drive performance increasingly through AI-enabled tools like Pinterest Performance+ that's making it so that we cut their campaign creation time in half, make it easier for them to come on board. Those things are working well. I think some of what was embedded in your question also was just, you know, you talk about the operating environment, sort of the macro and those things. My comments here will be very consistent with what Julia and I talked about on our most recent earnings call, which is, I think the macro, particularly for advertising, is more constructive than it was at sort of peak tariff uncertainty. At the same time, there are puts and takes in the market, right? I think even since our earnings call, you've seen other earnings calls happen since then where you see some of these puts and takes playing out. You see some of the very largest retailers talking about margin pressure, you know, from cost of tariffs and things like that, but then you also hear, you know, those that cover small businesses, you know, like the Shopifys of the world, talking about how, oh, well, there are small businesses that are able to be dynamic and shift supply chains or raise prices to cover these things. You see how different parts of the market are handling that differently. We played through those puts and takes previously. I think one of the things that we've continued to demonstrate, back to that consistent mid to high teens growth, is that we laid out at our Investor Day multiple ways to win. When we did face a bit of tariff uncertainty last quarter, you saw us play through that, I think, quite well, you know, coming in ahead of, you know, top of our guidance, ahead of expectations, or at least analyst expectations, in a way. It doesn't mean everybody's expectations, and, you know, a big part of that was because we have multiple levers there where even with a little bit of pressure in the U.S. from tariffs, we saw advertisers redistributing spend to international, and international really picking up steam for us. I'd say the macro, again, very consistent with what we talked about at our last earnings. You've now since seen others report earnings, and you see some of those puts and takes around. There are places where there are pockets of strength, you know, like small business, which is a newer but growing exposure for us in a very positive way, but also where you have some retailers feeling margin pressure. That means they're going to demand more performance than ever, and good news, we've been, you know, very focused on delivering performance for them. Got it. That's the externality. That's the stuff that's sort of out of your control. When you pivot back the conversation to the stuff in your control, talk a little bit about some of these mechanisms for monetization you're building for the long term. You talk there about Performance+. We've written positively about that from our own advertising industry conversations, but talk a little bit about the building blocks you're putting in place to continue to drive Pinterest as a platform towards more always on, more performance marketing dollars, more lower funnel conversion over time. Maybe I'll start before I come to the ad side of it. The hardest thing in these is always getting the consumer behavior. That's always the hardest, getting consumers to shop and engage and purchase. That's the hardest thing to do. If you've got that, then it's sort of basic mechanics of how you help advertisers tap into that. I talked about the eight straight quarters of record high users. You've also seen from us, I think this was maybe overlooked a bit in the last quarter, in UCAN, our largest revenue market, we saw the fastest user growth, year-on-year user growth in UCAN that we've seen since Q1 of 2021. We have seasonality in our business, which is why sometimes people miss that because of the sequential, but you have to look at the year-on-year. The seasonality doesn't mislead you. Year-on-year growth for UCAN users was our fastest growth rate since 2021. Acceleration there, even after eight straight quarters of record high users overall. We're getting really great user engagement. Further to that, how are we getting the engagement? We've talked about even as we're hitting record high users, we are deepening engagement per user. The way that we're doing that is with search and actionability at the core. If you think about query growth on our platform, even traditional queries, query growth is growing faster than user growth. Within that, we're getting more and more people to visual search type experiences. Our visual search engagement, particularly when denominated by the amount of clicks that we drive, because we want to drive actionability. You've got search queries with traditional search queries growing faster than users. The visual search engagement driven by total clicks growing even faster than that, and then ad clicks growing even faster than that. We've talked about that dynamic before of the deepening engagement and the acceleration, or the higher growth rates of the types of engagement that we want. Those things being very commercial, that all is playing out very, very nicely, including on our newest experiences like visual search, and specifically my comments there around related items. Which is a purely visual search type experience on our platform that we continue to advance. On the advertiser side, what we've been doing is making it easier and easier for them to tap into that, right? I sort of think of this as like three legs of the stool. First, we needed to go drive clicks and conversions to the advertisers. A couple of years, actually roughly two years ago, we launched mobile deep links and direct links that sent much more traffic to the advertisers. We came behind that and provided measurement solutions that made it so the advertisers could measure that. That was really sort of the start of last year. We drove a lot of adoption through last year. At the end of last year, we launched Performance +, which was the third leg of the stool, which is the automation suite to go make campaign creation and setup really seamless and easy to cut campaign creation time in half. Now we're seeing all that really, really working and continuing to drive forward. We're taking that from the largest advertisers into the mid-market and small business. Mid-market we define as more like $1 billion- $30 billion in GMV. That's been a multi-quarter phenomenon of deepening engagement there. SMBs, we're starting to see really good early signs with SMBs now that Performance+ is out there. Internationally, we were taking that shopping playbook to the international markets. You've seen the denominators there are still small, relative to U.S. and Canada for us, but it's a huge opportunity. We have 80%+ of our users outside the U.S., but only roughly 20% of our revenue. Addressing that imbalance is a huge opportunity. This is sort of the sequence of events we expected, that we needed to solve shopping in our largest home market first. Now we're deploying that to international. You see that in the very nice growth rates that we're putting up on international. Those are ways that, just broad strokes, how I think about that continuing to play forward. The AI at the center of that, I think we're just, all these things, I've said repeatedly, like no hockey sticks. These are multi-quarter, multi-year. The shift to these AI-driven experiences and the kind of efficiencies that can be driven on this, this is, for the industry, a multi-year phenomenon. There is still a huge amount of, you know, pie expansion to happen. When you think about just how many ad dollars are still spent in inefficient places, you know, where you don't get great performance. All advertising dollars are eventually going to be performance advertising dollars. I think the unique shopping behavior that we have, our ability to help advertisers tap into that in a seamless way that's driving performance for them, is carving out a nice place for ourselves in that. There are multiple years of that runway ahead. Maybe following up on that and maybe first starting with just partnerships, when it dovetails into international, how do you think about some of these efforts scaling, and how much of it is elements of partnerships you've struck as much as it's elements of owned and operated and building and scaling yourself? I think international is a good example, maybe to double click on that. Absolutely, yes. I think it's also, as we've done all these things, as we've built this performance ad platform, doubled down on AI, really completely revitalized the platform, we've also delivered great margin expansion. We're making this profitable growth, great cash flow generation. This gets to your question around how we use partnerships. We're being really thoughtful about how we make investments that are high ROI. On the AI side, that is like, we build in-house for things that are truly unique to us, but then we can leverage things off the shelf and tune them on our AI to get even better results. That makes us really efficient with how we deploy AI dollars. On sales, in our largest markets, first party sales is absolutely a focus for us. When we talked about expanding, we said, okay, we can work with partners to go round out gaps in the auction. In smaller international markets where it may be less efficient for us to go fully do first party sales, we can use partnerships to enter those, whether those be third-party ads, whether those are resellers, whether those are agencies. We use a composite of those things and sort of the balance between those shifts, where larger markets, we tend to be much more first party. In other places, where it would be less efficient for us to do fully first party, we'll mix in more partnerships to make us very capital efficient on those things. We see that working out really well. I think when you survey those partners, particularly around agencies, given Pinterest didn't have much in the way of performance advertising three years ago, our agency partnerships are still new and evolving, but we see really, really good strength there. To be very clear, unlike some others in the space that think that AI is just going to replace the agencies, we think the agencies are going to have a real meaningful role to play for some time. We're very focused on how we partner closely with them, bring them into the equation. I think there's channel checks and things out there that talk about that where you hear from those agencies. I think the ones that are working with us are seeing more and more that we're delivering great performance and want to lean in there. The partnerships aspect, partnerships writ large, whether that's agencies, resellers, third-party, we think those are doing exactly what we hope to do, which is helping us be really efficient going into new markets or new areas of the auction where we needed to round out gaps. We're demonstrating performance for them, making them part of the equation, in a way that they feel good about as well. Maybe just one quick follow-up. I think investors generally understand the opportunity when they see the base of users internationally versus the current level of monetization. Talk a little bit about what are the unique challenges internationally that maybe you don't face in North America that just sort of make that something that could play out over years, and that people just need to maybe have some framing around like duration of execution. Yeah, I mean, I think all these things play out over years, even in North America. We're three years in and we have many years to go. We continue to gain share of wallet with our users, back to deepening engagement per user, even as we grow users. Internationally, there are two things I'd say. One, the AI-driven experiences, the shopping experiences that we're driving, those are working at a global level. You see that in our growth rates. If you look at our, I talked about how we're quite happy about how our UCAN user growth rate was the highest it's been since Q1 of 2021. Our international growth rates on users are even higher. The things we're doing around visual search, AI-driven recommendations, that is working at a global level. To your question of the multi-year trend or the multi-year duration on these things, there are some things that you need to do to solve for specific markets where shopping may happen slightly differently in some markets versus the next. I have solved that multiple times in past lives. These are very solvable. I just think about it as you want to be sort of 95% global and then solve that 5%, last mile or last kilometer, in those international markets. That takes time, but we're actually seeing the generalizable part of that play out really well. It's reflected in our growth rates. Again, this general phenomenon I've talked about of query growth being faster than user growth, and then the actionability and the clicks being faster than that, particularly around the monetizable clicks. That general phenomenon is playing out globally for us. I think the generalizable part of that is holding globally. We don't have to do a totally different product market by market, but there are last kilometer things that you need to do in some of these markets. That's where it played out over multiple years. You can see reflected in our revenue growth rates in those international markets that we are picking up steam there. Okay. I know we only have a few minutes left. I wanted to end on sort of a bigger picture question that maybe ties some of this together. We've talked a lot about AI development. Talk to us a little bit about how your priorities around AI development most anchor around where you want to take visual search for the medium to long term. Where you want to take visual search, how does that feed into dynamics around competitive advantages for the platform? How does the data that Pinterest have feed into that broader dynamic when you think out over the next sort of three to five years? Yeah, this is the most differentiated thing. This is, I've talked about this from the day I joined. The curation that happens on Pinterest is a truly unique signal to feed the AI. In past life, as we could say, hey, we know everything that you buy, right? While there are other players that may know everything you bought, everything in your closet, they generally have no idea how you style that into an outfit. How do you pair those products together, right? I'm not talking about the easy product association of like, oh, you just bought your first bag of dog food, like you're going to need a whole bunch of other dog accessories. That's super easy. Which handbag looks good with which outfits and which ones actually align to you. When we talk about our taste graph having grown 75% over the last two years, that is hundreds of millions of people on our platform every day making these product associations. That lets the, it's not just that we can personalize better for that user. The next user can come in with just a very small starting point of maybe like, I like that handbag. We will know how many, many other people styled an outfit around that handbag. Even better than that, we know the intersection between how other people styled that handbag and those that have tastes similar to your own style of that handbag. Then we can make a recommendation that lets the users, back to so many of our users say, Pinterest just gets me, right? We're not ready to replace the most trusted person in your life yet for what you're doing with shopping. We're going after that kind of joyful experience, right? Not the utilitarian part of the people that want to get away from shopping where it's like, oh, send the bot off to go do this for me so I don't have to worry about it. The utilitarian journeys, make sure I don't run out of milk and eggs and detergent. Bots may be good for that. The stuff that is, there's a joyful aspect of shopping for so much of what is shopping where people want to be involved in what they're choosing. They just want help and assistance. That is going really well. It is that unique curation signal that lets us tune the AI in ways others can't. Our latest multimodal visual search model, which is proprietary and built in-house on our unique signal, outperforms the most popular off-the-shelf models by over 30 full percentage points on the relevancy of the shopping recommendations. That is one, we have a very focused effort. We're not trying to win generalizable sort of anything you can ask the model, but focus on shopping recommendations. We're able to do that. One, we have some great AI engineers, but also we have really unique signal around those product associations. I've shared this in other examples where I've said, even when we take the off-the-shelf models and retrain them when we're using them for things that we don't want to build ourselves, even in cases where we say we're going to take something off the shelf to be cost-effective, but we're going to retrain it on our signal, I've shared that we'd see 300 basis points of lift just from training off our unique signal, which gets to that curation behavior, which at least from my vantage point, is totally unique in the Western world. I think it is at the core of our advantage here and our ability to do things that are truly unique. That flywheel spinning, users are curating more and more, gives us more signal, lets us make better recommendations, brings more users to the platform, gains more share of wallet, spins the flywheel, but even more unique signals to train the AI, even more ability to bring advertisers into that. We see that flywheel spinning and that was very much the theory of the case three years ago. A lot needed to go right for that to work. When I look back over the last three years, it has gone exceptionally well. There's always these, oh, I'd like to grow this part a little faster, that part a little faster. Overall, that has gone exceptionally well. That unique curation signal, I think, is something that people don't still, I think a lot of people still don't fully appreciate just how important that is. In the Western world, I don't know of another experience out there that has that signal. That's why you see us really gaining share in search. Back to 39% of Gen Z says Pinterest is a first place to go search. Now they're more than half the platform. You know, that's the best evidence I can give you of just how effective that has been, even as we still have a ton more to build. Okay. Bill, I always appreciate the opportunity to have a conversation. Thanks so much for coming to the conference. Please join me in thanking Pinterest for being part of the conference this year. Thank you, Eric.