For this Fireside Chat with Parsons, I'm here with Carey Smith, CEO, and Matt Ofilos, CFO. Thank you both for being here. Thank you for hosting us, Mariana. Amazing. I like on these industrials conferences to start with, can you give us a quick overview for whoever is not familiar with Parsons on what do you do? Where are the key markets you work at? Sure. Parsons reports in two segments, federal solutions and critical infrastructure, and it's roughly a 50/50 business. We have 21,000 employees throughout the world, 25 countries, all 50 states, and we have six end markets that we like to discuss the company in terms of. The first one is cyber and electronic warfare, where I would say we're a distinguished player in how you use cyber and electronic warfare techniques in ways such as non-kinetic effects. We also do about 75% offensive, 25% defensive cyber. That represents about 21% of the company's revenue. The second area would be space and missile defense. That's about 14% of our revenue. We are the number one system engineering and integration company with the Missile Defense Agency, a role that's gonna be critical for the Golden Dome program since getting to the flight test by 2028 is really gonna require integration of a lot of the existing capabilities that we have. We also provide capabilities in space situational awareness for Department of War, the Intelligence Community, as well as Department of Commerce. We do space resiliency of satellite systems, networks, ground systems. We do a lot of ground processing for the Intelligence Community, and we've done over 170 different ground systems. We also provide the Neptune software architecture ground system for the Space Development Agency, and we're involved in assured positioning, navigation and timing if you lose your GPS signal. You could still get location information. The third area would be critical infrastructure protection. That represents 9% of Parsons' revenue. Within critical infrastructure protection, we provide capabilities like electronic security systems, biometrics, and counter-unmanned air systems, where we're protecting 285 embassies and consulates throughout the world. We're also the number one provider of electronic security for the Army, and number three for the Air Force. The next area would be transportation, about 29% of Parsons' revenue. There we do roads and highways, designed and built over 10,000 mi across six continents. We performed over 450 airport projects, and actually expanded to five new airports within the last 12 months. We've been involved in over 450 rail and transit projects, and we have the largest globally deployed advanced traffic management system in the world. It's called iNET, or intelligent network. Next area would be water and environment. Water and environment, we do water, wastewater treatment plants. We're involved in sewage and drainage programs. A lot of environmental remediation capabilities, but I'd probably say the most exciting part of that market would be PFOS, PFAS, emerging contaminant elimination, which we think is a $40 billion addressable market for the company. The final area would be urban development, also representing about 12%-13% of the company's revenue. Within urban development, we're involved mostly within the Middle East. We have 7,500 employees that work there. We're on every single giga project that's going on within Saudi Arabia, and some of the most exciting projects in the world, like the world's fastest, longest metro system, the world's largest park, the world's largest entertainment city, so very exciting projects. When you think about those end markets, what is driving growth today? When you think about, like, three, five years from now, what are the ones that will drive most of the growth? Fortunately, we look at it in terms of a three-year compounding or growth rate, and when you look across those six markets, they are all growing between 4%-11%. I would say cyber is going to grow the fastest. That's at about a 9%-11% type of growth rate. Space and missile defense runs about 7%-8% critical infrastructure protection is about a 5%-6% growth rate. Transportation is 8%-9%. water and environment runs about 7%-8%, urban development is about 6%-7%. We are in all very good end markets. I would also add that when we focus on our markets, we really focus on the growth in areas that we can be differentiated technologically wide and really be one of the top players in each of those end markets. This is a question I get a lot, especially because most of the E&C companies that diversified into defense solutions spin-off that or are in the process of doing that. What makes you comfortable of, like, having those two business units, and where are the synergies you see on having all of these capabilities under the same umbrella? I'd say one thing with us is we've made it work, and if you look, like, 2022-2024, both of our segments, we were one of the industry-leading growth leaders in both of those segments. Last year, without one contract cancellation, we were also one of the top industry-leading growth leaders. For us, it's really worked, and we've driven the synergies. Just a couple of examples. If you look at aviation, we've supported the FAA for over five decades, and are currently supporting them on aviation modernization, one of our biggest growth drivers, in fact, as we look this year. We've also done over 450 airport projects, so we leverage a common pool of talent to be able to approach the aviation modernization market. PFOS, PFAS, another great example, where on the federal side, we're helping Department of War and the FAA eliminate firefighting foam. We're also selling to customers on the infrastructure side, including water customers and some of the customers that have been sued for PFOS, PFAS. I would say another area that I would highlight would be Middle East. When you look at the Middle East, we traditionally had done transportation projects there, tourism and entertainment, and urban development. We've since moved into defense and security. That's going to be increasingly important, particularly as we come out of the conflict when the Middle East is going to be in need of solutions such as integrated air and critical infrastructure protection of areas like data centers, water, utility, counter unmanned air systems, which we're currently providing today, and also looking at an $880 billion rebuild. Yeah, that's fascinating, and I wanna double tap on a lot of those things. FAA, Golden Dome missile. Before that, I think it's interesting, and I've gotten a lot of questions prior to Matt on, like, the dynamics for this year. The first quarter was really strong from growth and then also a really strong EBITDA, but you're expecting a second quarter that will actually take some hit and then some growth going forward in the second half. What are the specific dynamics that drive that cadence into this year? Yeah. High level, to your point, came in right on our revenue target for Q1, which was great coming out of a Q4 government shutdown. Really excited about the top- line performance. On the bottom line, we outperformed margins north of 10% for the first time. Really strong first quarter. The business performed really well in Q1. We do have 7% sequential growth, but to your point, you know, we're contending against a $350 million headwind year-over-year on the confidential contract that a lot of you know about. Q2 has about $100 million of headwind. Q3, Q4, you're gonna start to see positive growth. We don't have to talk about excluding confidential program anymore. We'll be back to growing with and without it. Really looking forward to those days. You know, Q2, we have about, like I said, 7% sequential growth, about $100 million worth of growth. You look at second half versus first half, we have about $400 million worth of growth from the first half to the second half. It's a lot of the programs that Carey mentioned, the Sealing Tech acquisition we did a few years back and the Joint Cyber Hunt Kits. Those kits are shifting from low rate initial production to full rate production in the second half. You think about the FAA work that we're doing, the ramp-up on that. We grew 35% in Q1, tracking to about the same range for the total year, which is amazing on a pretty decent sized base, $150 million-ish base. Then, you know, some of the munitions programs that we have key milestones in the second half of the year, plus some of these recent awards that we mentioned, $400 million worth of OTA awards as of late. Those are quick turn. Those are about three-year contracts, but we've been working to build some material and, you know, prepping for those contracts for the past six months. Those will be quick moving. Each one of these contributes $40 million- $50 million. You add up to $300 million out of the $400 million on a very small number of programs. The other one in the, in the Middle East, the, you know, the. Qiddiya and King Salman. King Salman and Qiddiya, you know, those programs are ramping, and so just very clear line of sight to those program growth. Again, it's just a really very strong view toward the second half of the year, and to your point, looking forward to those positive growth rates for the second half. Yeah, I would add, we have some really good leading indicators, you know, whether it's 22 consecutive quarters of greater than 1.0x book-to-bill within critical infrastructure. At the company level, we've always been over a 1.0x trailing 12-month book-to-bill. Very strong book-to-bill for Q1, 1.4x for Parsons for both segments. In the Middle East, it is 1.5x. We've got $9.3 billion in backlog. We got 71% of funded backlog. We also have $11 billion that's been awarded but not yet booked at Parsons as single contract for prime contracts. Some really good leading indicators in a $54 billion pipeline. When you think about executing towards those contracts, what is the main factor or swing factor? Is it labor? Is it clearances? Is it, like, that money getting funded? Like, what are you concerned about when you think about actually executing on those opportunities? Yeah. The most important thing for us is always gonna be labor. It's hiring and retention. We're really proud of the fact over the last two years we've had the best retention in the history of the company, and it's not just the one group, it's across all four business units. I think it's a testament that people wanna come work at our company because of the culture and because of the exciting projects that they get the opportunity to work on. From a hiring perspective, we started off good, but hiring is gonna be a critical focus for us as we go through the years. It always is. Perfect. You mentioned the Middle East, or both of you. I was surprised. The first quarter was really resilient considering all the conflict there for your operations, and you just mentioned 1.5x book-to-bill. How are operations there? Are there any money getting refocused to more defense projects from urban development? How you think about that? You also have a really strong positioning for anything post-conflict rebuilding? How fast that could happen? How are you thinking about those opportunities? I'd say the most important thing for us was making sure our 7,500 employees were safe, and they are all safe. Our employees are all working at the job sites or in the home offices, and our customers have also continued to award, we over-delivered our expectations on revenue and beat bookings, and we beat cash within the first quarter, so those are all very good signs. It's because I think we're in the right markets, whether it's tourism and hospitality, transportation, infrastructure, and we've moved into defense and security. In addition to the work that we've had ongoing within the Middle East, we've also beefed up our defense capabilities in support of the conflict. We're providing support in areas including cyber, electronic warfare, counter unmanned air systems. Our command and control system is being used for air tasking. We're doing intelligence and operation center operations 24/7. We're providing early warning capabilities from our air base air defense system in Europe. A lot of defense capabilities also that we're providing for that just in support of our war fighters. Post-conflict, we see the critical infrastructure protection. there's going to be a need to secure hardened and potentially underground assets, including data centers, water companies, utility companies, our air bases within the region. There's also going to be continued need for counter unmanned air system, and even at places that you didn't have that capability prior. The rebuild area, we see a significant $880 billion across the Middle East. When you ask about starting to get involved, there's things that we can actually be doing now, we can be looking at anything that would require kind of getting rid of unexploded ordnance. We can look at things like master concept planning. We can start thinking about different security aspects. We can look at ramping up in terms of what's staffing gonna take, what type of companies do we need to be partnered with. When you look at the duration of the $880 billion, it's estimated that those funds would flow over about a 15-year period. That's pretty similar with what we saw when we did a lot of the rebuild effort in Iraq. That effort for us went over about a 10-year period. That's fascinating. You just mentioned air defenses, so, like, that click on Golden Dome to me, because you guys have exposure to a lot of the non-kinetic effects that you can contribute in this, like, layered structure that is being designed. Also, you have a strong relationship with MDA, and you were able to also get down selected to SHIELD despite, like, the early conflict of interest of going one side or the other. Are you thinking about that? Are you seeing opportunities flow there? I think it was in a recent hearing that Department of War said just 20% of the reconciliation bill has been actually kind of, like, awarded so far. It's taken a while. Are you thinking about timing of that, exposure to that, and how fast could that play out? Yeah. First starting on the reconciliation bill, to your point, Mariana, Department of War is supposed to get $158 billion, and about $20 billion-ish has been spent, yeah, there's quite a bit yet to be spent. We are starting to see Golden Dome expenditures. A lot of that work is in the classified space, which we're participating in. I won't discuss that, I will say, we expect our major role to be the integration role. Golden Dome has indicated that the Missile Defense Agency will be the system integrator for the Golden Dome contract. We are the system engineering and integration company for the Missile Defense Agency. We currently have over $1 billion in ceiling remaining on our contract, which runs until 2029. The other area that we can play in is the non-kinetic effects. How do you use cyber and electronic warfare to stop incoming unmanned systems or missile systems instead of doing kinetic to kinetic? It's much cheaper, and we have ways that you can do things like potentially address swarms if those should occur. We are in a space-based interceptor team. We're on one of the four teams, that will be another role that we'll play, and then we'll see what ends up coming out in terms of SHIELD capabilities, but we are in that contract as well. Golden Dome will be a contributor for the company. Right. You mentioned system integrator, and that also spark FAA to me. After you were not selected for the air traffic control system, like the big contract against Peraton, even being the favorite from a capabilities point of view, that hit the stock a lot. After that, you got an extension, a system integrator, and, like, with your long-term relationship with the FAA, you also got what to support Raytheon antennas being integrated. Like, is all lost how you think about your role in this FAA modernization that goes beyond that contract that you were kind of like pursuing? I'd say the most important thing, FAA has been a customer of ours for 50 years. We've done work at over 1,000 FAA location. We have hundreds of people supporting the FAA and hundreds of contractors that support us in the FAA's mission. Our most important focus is to make sure the air traffic modernization gets done on time anywhere that we can help. Our current technical support service contract has over $1 billion remaining on it, and the customer, to your point, did exercise over $500 million three-year option a full year early, which I think is a testament once again to our performance. We were rate-rated as the technical superior company in the bid of the air traffic modernization, I think we're gonna be playing a significant role. We've been doing engineering and design. We do site installation. We do a lot of the test capacities and basically work at all the facilities coast to coast. Our work involves all the work streams, whether it's automation, whether it's communication, whether it's surveillance or facilities. We expect to have over 25% growth on our core contract this year. We're also seeing additional growth. A good example is we had 35% growth in the first quarter, and part of that came through the voice communication switches. The FAA went directly to the voice communication vendors. They've come to us. Whatever we can do to help the FAA make sure that they meet all their milestones, our company's gonna continue to support that as we have for the last five decades. Perfect. I'm going to switch gears a little bit towards infrastructure. The infrastructure bill is about to expire in September, end of the fiscal year. If this new surface tr ansportation bill is not introduced and actually authorized on time, there is a real risk of that flow of funds to actually slow down. How do you think about that? How much is the political risk? How much funds could be awarded from now until September and actually give visibility for multiple years? Where are the puts and takes on that risk? Yeah. The Infrastructure Investment and Jobs Act was passed November 2021, and to your point, it's a five-year bill, so it does expire this fiscal year. $1.2 trillion of that $550 billion of that was new dollars. There's only been, as of the end of January, about 60% obligated and about 40% outlaid, so that means there's still a lot of money remaining within that bill. Our estimation is that the peak of outlays is not gonna hit until the 2027- 2028 timeframe, then you're gonna have three to six years expenditure beyond that. A lot of money remaining from the current bill. The next surface transportation bill, we're expecting the surface transportation component of that to be somewhere in the range of $500 billion-$600 billion, not too dissimilar from what it was in the IIJA. That bill, I'm not sure, will be passed on time with the upcoming elections. We do expect that it'll get passed somewhere in the 2027 timeframe. You're basically gonna be looking at a case where IIJA is still ramping up, and then you'll be adding to that new surface transportation funding. Perfect. You just mentioned this timing and midterm elections, what is the risk for that? We get that question a lot. Like, the investors today are concerned about a continuing resolution, an extended continuing resolution going into 2027. What is the new spending level for that continuing resolution? How are you positioned to that? On one end, there is a high risk of that continuing resolution to be a long one, on the other end, you have the reconciliation bill, the reconciliation 1.0x money flowing through the system, the enacted 2026 money flowing through the system. A lot of that outlay's still out there. To what extent do you need that money to get appropriated versus not to actually keep growing next year? Yeah. I'd say we're very used to running through CRs. It's unfortunately been going on half of my career for decades. We know how to live through CRs. The biggest thing for us, I'd say first 50% of our business is not federal government, that helps us quite a bit from a portfolio perspective. The 50% that is, we've won some good ceiling level contracts. Great example are the two o ther t ransaction agreements we were just awarded that we announced on the first quarter call for $400 million. We've got these contracts that have ceiling values that we can drive work to. Within our $11 billion of awarded not booked, half of that amount is ceiling value contracts. We have $5.5 billion plus the additional $400 million, so we can just continue to drive work, and we don't expect a CR impact from that point in time. Perfect. When I think about all these multiple factors, you're also a super acquisitive company. When you think about the pipeline and your appetite, what are you looking for in terms of capabilities or access to markets? What are you looking for when you look at the M&A? I'll hit on that, and then Matt will talk a little bit about our balance sheet and the position that we're in for that. We have an excellent pipeline. We've done over 17 acquisitions since 2017. The majority of those have been in the federal solutions space. When we buy a company in one segment or another, it doesn't really matter because if we buy a company in federally and it has cyber, cloud, artificial intelligence capabilities, we take those technologies, and we use it as enablement across the entire business. We've got a very good pipeline. We already closed one deal this year, Altamira, a $330 million deal with a $45 million earn-out. That capability adds to our signals intelligence, our Golden Dome capability for missile tracking, missile warning, our ground system processing capability for the Intelligence Community, as well as other efforts. Very excited about that acquisition. I would say expect to see us do a couple more deals as we go through the year. Yeah, I'd just add the balance sheet's obviously in great shape. You know, two times levered at the end of Q1 after a $330 million acquisition, all-cash acquisition in Q1. You know, with $450 million of free cash flow over the next three quarters, in really great shape. A lot of capacity to continue to do more. What are you seeing from a pricing perspective? Defense and defense tech, you just talk about, like, signals intelligence, exposure to Golden Dome. I could imagine that's way more expensive. How you manage that? We've been continuous between about a 10x-13x EBITDA range. We have one that was about 7.7x, so it was on the infrastructure side. I would say our valuations have been pretty continuous. One reason is we do preemptive deals generally. We like to work with companies in advance, make sure we have the right mission focus, same culture, and then we'll discuss having an acquisition. That way you have a much better probability of success. I mean, it's neat when you look back over some of our recent acquisitions and some of the awards we've gotten as a result of those. We won a $1.2 billion contract with General Services Administration that largely came through our BlackSignal acquisition or our BlackHorse acquisition. We've moved into highly classified space work through our BlackSignal acquisition, which was very helpful. The two OTAs that we just announced, those came largely through our Chesapeake Technology acquisition. Our PFAS work over the last two years has grown by 38%. That's through TRS acquisition. Our Applied Sciences acquisition in less than a year has already helped us win a lot of water work, which has been our fastest-growing and most profitable market. I think we've done an excellent job of not just buying companies, but really being able to drive the value out of those companies in a very short period of time. On the critical infrastructure side, you also made, like, critical acquisitions to position to key markets. Do you see in the U.S. any state where you're still looking for a bigger footprint, or how should we think about that? Yes. We've identified Tier 1 states, for us, those are California, Texas, New York, New Jersey, Florida, and Georgia. Those six are really where we're focused. The reason is, based on demographics, they get the most allocation out of formula funds, and there's an effort underway to do more formula funds and less grant funds as we go into the next reauthorization bill. We'll continue to double down in those states. It's important if you're in a state that you're also in the right cities. For example, our BCC acquisition, we didn't have a very strong footprint in Miami, so we bought BCC so that we could strengthen our footprint in Miami. Perfect. Sticking with capital deployment, M&A has been, like, the priority for you, but how do you think about repurchases, especially with the price being literally, like, half from, like, the early 2025 peak levels? Yeah, without a doubt, repurchases have been a bigger part of deployment. We've, over the last 2 quarters, we've bought back almost $100 million worth of stock, $95 million. $35 million in Q1. You know, we're very interested in the stock at this price, of course. Balancing the, you know, the pipeline of acquisition opportunities and leverage and the price, it's just a great opportunity. You know, last year, we did $125 million. Clearly feel there's dislocation and feel like it's a great return on investment. Perfect. You mentioned before in capabilities, AI. Sometimes defense services are put all in the same bag or IT services in general, and people are like, "Okay, AI agents will take over all these jobs," and, like, "This is a risk." On your side, you see it as an advantage because you can actually implement these things as part of your solutions. What are you doing with AI? For how long have you been working with the different versions of AI, and how that makes you more competitive versus less competitive? Yeah. For us, AI is enabler to deliver mission outcomes. If we can help our customers get solutions on the federal side more quickly to the war fighter on the infrastructure side to improve quality of life through efficiency of transportation systems, that's a big asset. We've been doing AI for two decades. We first developed a system that could detect counter improvised explosive devices and video graphics, and then an early open source intelligence source search tool for the Intelligence Community. I personally, my second job out of college was working in an AI laboratory, so I've been personally doing AI forever. You fast-forward to today. I'll just give you some representative examples. Cyber, we've been investing research and development on how can we do more autonomous cyber. How do we determine an adversary's next move? How do we figure out if a circuit board's been tampered with? We use it for counter unmanned air systems. How do you identify, detect, track, and defeat a UAS that's incoming? On the infrastructure side, we've applied AI to our intelligent network solution. For advanced traffic management solutions, how do you do it? That's a great example of where we've been able to increase our revenue while our head count has gone down, and it's really been through the use of AI and improving our software development capability by 25% productivity. I'd say on the infrastructure side of the house, you know, when I graduated, I was drafting by hand. After I got out of school, my first year, I was using computer-aided design. We went to building information modeling, 2D, 3D, 4D, 5D. Agentic AI is just your next step along that journey. It is really a tool. It is an enabler. I always like to say if a customer has $5 to spend, and we can de-deliver a product or an offering to them with $4, that is great. We just gave them another dollar to spend. That is important because the demand is there in every single one of our markets. If we are always solving our customers' emerging challenges, more than likely that dollar will come back to us in another form. For us, AI is critical. It is embedded throughout the entire business. We have trained our entire workforce. We developed internal training several years ago. That has been a focus for us. We have our own instantiation of ChatGPT. We have over 6,000 of our employees that are users on that. It is a critical enabler to win more business. In fact, if I look at the last 10 wins that we just announced since the end of Q4, there were over $100 million. I would say nine of those had an AI contribution. How you mentioned about being more efficient and cost efficient, how that impacts your margins in the long term, and that's a mix with how you do M&A. If I were to think about the company like that, three, five years from now, how margins should look like because of these dynamics. I'll talk generally about margins. Over the last two years we've seen 110 basis points in margin expansion. That's on the back of really the critical infrastructure business has come out from underneath some, you know, challenging programs and delivered 10%+ margin five quarters in a row. We're seeing really great performance there on Infrastructure. Within Federal, the margins are typically a result of contract mix. We've seen faster growth in cost type. You think our FAA contract, you think, you know, ABAD, you think, you know, all these different, Missile Defense Agency, all these contracts that are more cost type oriented. That puts a little bit of downward pressure on the margins within Fed. As we get toward the latter half of this year and we start to deliver more on products, you start to see the contribution from Altamira at full scale. You know, the acquisitions that we've done that are all 10%+ margin, you'll start to see Fed trend in that double-digit direction as well. Continue to see opportunity within margin. Probably North America within Infrastructure will continue to contribute additional margin expansion. Then on the Fed side, we'll see products become a bigger part of the portfolio. Then, you know, as there's possibility of shift to a little bit more fixed price, you'll see additional margin expansion. I would also say through operating leverage, we're able to get margin expansion. All the acquisitions we do are greater than 10% EBITDA. Back on artificial intelligence, we're not just applying it for external customer solutions, but it's also how we automate and make ourselves more efficient. Matt used AI, for example, on cash forecasting. Dave can use AI to tell how Matt and Carey are sounding on an earnings call. Do we sound confident, more confident or less confident than the last quarter? We're using it for legal and contracts. We're using it for proposals. How do I make sure that my proposal is more compliant? How do I produce proposals more efficiently? We're using it for hiring. We're using it for recruiting. We're using it for all of our marketing communications. AI is really gonna help us as well. Between what you mentioned about like a higher products oriented portfolio and this way of like incorporating technologies that fast, I was always complaining because we always complain on Defense, it's never enough. It's like continual resolution, actually there are things that are changing and are changing way faster than they used to. How do you think about like this like FY 2027 that asked for $1.5 trillion for all the acquisition reforms we're seeing, the OTAs you mentioned before? How can you benefit from this more agile growing Defense spending? I would say for us, again, half our business, more commercially oriented, so I like to look at us a nontraditional company. When you look at our federal business, it was purpose-built starting in November 2016. At that time, we really only had the Missile Defense business. Our cyber business, I mentioned, 21% of the company's revenue today didn't exist. Space and missile defense, 14% of the company basically has grown up since that point in time in the critical infrastructure. Because we're purpose-built, we built a company that is very agile, that is very commercial oriented and nontraditional. We're in the best place, I think, to capitalize on things like OTAs. We currently have over 30% other transaction agreements across the entire company. We're advertising our product offerings on commercial solutions offerings. We believe in all the acquisition reforms that are underway in terms of, you know, how do you streamline the FAR and make things more efficient. I would say we're a commercial company at heart, and our focus is getting solutions out as quick as possible for our war fighters. Do you think that the signal towards where the requirements and needs are strong enough for you to actually put your own dollars and investment towards those? Oh, absolutely. I mean, you know, when you look at the defense budget, $1.15 trillion in the base that's proposed for FY 2027, whether it's $70 billion that's going into drone dominance, counter unmanned air system, $60 billion going into space, $58 billion going into JADC2, artificial intelligence, $48 billion going into critical minerals. We got $20 billion that's going into cyber. Got $11 billion going into Pacific deterrence. It aligns perfectly with our portfolio, and they're all areas that we have been investing in, many of them since we started research and development investment back in 2016. Perfect. To close, I always like to know like what is that gets you most excited about the future and what actually keeps you up at night? I would say most excited about the future are the strong tailwinds. We're very fortunate to be in two growing, thriving segments that have bipartisan support and global demand. We're also in six end markets that are growing between 4%-11% over the next three years. We have a proven ability to show that we can be one of the industry leaders in organic growth within both of those segments. What keeps me up at night? I think it'd be mostly any unknown unknowns or unpredictables. Well, thank you both very, very much for being here. Thank you. We really appreciate it, Mariana.