Thank you for joining us. This is, I've really enjoyed covering PowerSchool for lots of reasons. It's a chance to get acquainted with I think your kids are gonna use PowerSchool, too, right? These are users. I'm a user. I get acquainted with old friends. This is a small world, and Eric. I've known Eric from, gee, a long time. Yeah. It's fun to follow careers over time. So yeah, this is... I really look forward to this one. So yeah, this is my last one of the day, so I'm gonna have my lunch after this one. So yeah, PowerSchool, we've got Eric Shander, Shane down here in the front in IR. Thank you for joining us, guys. Sure, yeah. You guys, was it, did you report last week? I forget. Was it two weeks ago? We did or last week? Yeah. Okay. Last week. Fresh off numbers. Yeah. By the way, what I'll say is, we'll go through about 20 minutes. If you have questions, store 'em up, happy to get to them. So queue 'em up now, and we'll get a chance to raise hands there. Sounds good. So, you know, I guess, you know, Eric, when kind of thinking about the broader EdTech market, it's always struck me this is one of the most non-digitally native markets that are out there, period. Yep. It feels like there's this massive, massive digital transformation opportunity within EdTech. You guys are delivering some really important technology to drive that. Talk about, like, I guess. We're just scratching the surface on this whole journey, correct? Yeah. So level set us now on when you sit here, and we'll dig down into some products, but how do you feel about the overall trajectory of the business coming out of a Q3, you know, as we think towards Q4 next year? Just level set us on kind of overall view of the end markets, the demand- Yeah that sort of thing. Yeah, so it's a good question, Matt. So, well, first, good afternoon, everybody. Appreciate the interest in, in PowerSchool. So, for those of you who don't know the company, we are a, a vertical SaaS company supporting the education industry. You know, as Matt alluded to, we, you know, we serve a market that's probably, you know, 10 or so years behind in terms of adopting technology. Yep. You know, COVID definitely put a bright, shiny light on some of the challenges within the school systems and the lack of technology. And I think it's gotten a lot of the superintendents. It's interesting, pre-COVID, if you were to ask a customer your top three priorities, technology wasn't always one of them. If you ask a customer now, technology is one of the top three priorities. Staffing typically is the number one, as you can imagine, with the teacher shortage. But as Matt mentioned, you know, what we are doing is really providing mission-critical systems that are running the backbone of schools. Yep. You know, we continue to not only provide that, but, you know, there's a lot of things we're doing with data, with- Yeah analytics, and, you know, the learning management system, when COVID happened in terms of providing a remote education, it was in huge demand. You know, as we've gotten out of COVID, you know, now school districts are really kind of looking at what is that multi-year digitalization happening? Yep, yep. The one thing I would tell you all is, as you get familiar with the company and as you kind of study it, we're a low double-digit grower, and the reason we are is because the number one thing from stopping schools from digitizing everything is change management, right? Change is disruptive, especially when you're dealing with, you know, teachers and, you know, students and administrators. So And parents. Parents, yeah, and parents. But I think parents are probably Yeah, more tech-savvy, kind of Totally wanting to push more, more technology, but that's the biggest thing that we see. But, you know, we also have a long, you know, trajectory of what's gonna happen over the next several years, which gives us confidence around the business, but again, it's a, it's a long journey. It's not gonna happen overnight. Yeah. So yeah, I agree. I mean, as a, as a parent, we've had this conversation many, many times. It's like, we want our district to move faster and a lot of times it's, you know, it's change management or it's funding, right? Yeah. Talk about, you know, kind of the overall what, where. level set us from a funding perspective. Obviously, there was a lot of initiatives coming out of COVID. There's a lot of dollars to be spent. Talk to us about kind of the funding environment? Sure. So the funding, as you all probably know, funding for schools actually, you know, comes from both federal and state. Funding over the last 30 years, and we've, you know, done the trending, the only time funding has not grown was in the 2008-2009 timeframe when the housing crisis happened. But every year, it typically grows a couple percentage points. Yep. But the funding actually is quite stable. You know, we see investment, and I think it's important to understand how schools are funded. So the average school gets about 12,500- Yep per student. Yep. 2% of that, so 2% of that is spent on IT, so $250. Staggering. It's a very small number, and our RPUs, so revenue per student or revenue per user, is only $12-$13. So we're a real small piece of that. In addition to that, and Matt was alluding to this, you, some of you may have heard what they were referring to as the ESSER funding. Yes. So this was the emergency funding that happened as a result of COVID. It was about $180 billion that was really focused on schools and the improvement in the infrastructure as well as student outcomes. Where we're at with that, so we're a few years into it. There's about 35% or about $60+ billion left of the original $180 billion that has to either be spent or earmarked by September of next year. So there's still a fair bit of funding to go. Now, one of the things that we always get asked is, you know, "Is this a catalyst for your growth?" and, you know, "How does this impact you? Are you gonna see this big flush through in next year? Yep. What I would just offer up is, you know, we really, ESSER funding for us, when we do see it being part of a deal, it's typically a small part, 5%-10%, usually focused on the implementation services. I would be worried if we saw deals that were funding 100% of the subscriptions Yeah right? Yeah. So it has helped us to de-risk the growth profile, but it hasn't been this massive uptick. Now, there could be a flush through next year, but again, too early for us to tell. the conservative CFO that we all appreciate, you're not. That's upside to Yeah, that's upside. It's. We're not depending on it. Yeah. So it's anything that flushes through next year that's up and above, it's, it's absolute upside to the model. So I wanna talk. Well, obviously, we're gonna talk about a couple product things and, but, but from a geo perspective, you guys have been investing internationally, and, and I'm gonna get to that, but, 'cause I think that's an interesting growth catalyst. But talk about the level of penetration in the North America market, 'cause you, you have, right now, your, your coverage of the, of the North America student population is very high. Yeah. Talk about that, that opportunity to take $12-$13 to even double it. Yeah and what does that upsell in North America mean to you? Yep, so it's a good question, and, and we. And I appreciate that question, 'cause it always gives us the ability to be able to kinda clarify coverage and penetration. Sometimes people kinda group those together. Yep. You know, so we're covering 50 plus million of the 60 plus million in the U.S. and Canada, so 50 million of the 60 million students in the U.S. and Canada are using at least one or more parts of the platform. Yep. So that's the 80% coverage, but when you start to dig into the various elements of the platform, the penetration is still very, it's mid-single digits. Yep. We're obviously. Well, we are the market leader in the Student Information System, so this is the heart of any school. We've got about a third of the market there. But there's still ample opportunity as we look at, you know, average customer using 2 of our now 20 products Yep about 75%-85% of our business in any given quarter is cross-sell. So it's just a continued motion. It's an efficient motion, continue to sell into the exact same customers, one more product, one more feature, one more, you know, capability that they're using in terms of their digitalization We do have very good line of sight to, you know, what's coming over the next, you know, call it 12-18 months. Yeah, I guess on that pipeline visibility, I mean, like, that was really where I was gonna go, Eric. You know, 'cause a lot of this, again, is driven by funding decisions, but- Yep but nonetheless, when you think about that, kind of that pipeline coverage to get to kind of that low double-digit growth- Yep there's a lot of predictability in this Cross-sell, too, right? Yeah. There is, and look, a lot of these larger deals, they don't just happen in a quarter or two. Yeah. You're working on them sometimes for a couple years Sure right? So, you know, this year, we'll close, and for us, a large deal is anything over $1 million. You know, last year we closed seven. This year, we'll close at least nine. And we have, you know, several that are in the pipeline that we've been working on for some time now. It's just a matter of what quarter will they close, next year. Yeah. Well, and I guess to the point of it, you've had some really big deals this year. We have. Talk about, yeah, I mean, like, talk about Puerto Rico. How long was Puerto Rico in the pipeline for you guys? Yeah. Was that, like, years and years? Yeah, it was well over a year that it was in the making, and for Puerto Rico, it's over 270,000 students. It's a massive modernization of their student information system, which is the backbone of the you know of the school system. You know, that was in the making for well over 18 months. We signed it at the beginning of this year. We did the deployment in 8 months, and you know we rolled it out, went live in August of this year. So again, you know what I tell the team, and again, that's gonna be a nice cross-sell opportunity for us, but I always tell the team, "Look, it's a great deal, big deal. Let's first satisfy the customer, do a great job on the implementation, make sure that they're super happy, and then start showing incremental value, which again, that's what the team is executing on. You know, it feels like, I don't know... You know, when I think about the big deal cadence, you know, you've also been talking about the state of Florida- Yeah and L.A. School District. Yeah, to me, it feels like these are accelerating, but maybe, maybe it's kind of consistent cadence of these big deals. I think they're becoming more prominent, Matt, and, you know, for us, again, this is as the company's getting bigger, as you're getting more strategic, as you're, you know, you're seeing larger deals, whether it's a statewide deal or it's a deal with a large district. You know, and, and they will cause some variability from quarter to quarter, right, in terms of some of the metrics, and this is why we really encourage, you know, the sell side, and obviously our owners and prospective owners, to really look at the full year and look at our guidance on, are we on track with the full year? Yeah. Right? 'Cause any one quarter could have a plus or a minus to any one of the metrics that could be big deal-related. Yep. In terms of the cross-sell, obviously SIS, I always have viewed SIS as a kind of a high ground to sell, to cross-sell. It almost gives you the right Yep to sell other modules into that, as opposed to maybe, you know, a core LMS product, where it's like, well, it's strategic, but, like... So how do you think about, like, is SIS kind of the hub to a spoke that can, you know, kind of get to these 20 products? Yeah. How strategic is that? So SIS absolutely is strategic. I mean, it's the heart of any school system, and certainly since it houses most of the critical data, what you will see is the other parts of the platform will naturally work much better with that. That's not to say, though, that, let's say somebody's using a PowerSchool SIS and one of our competitor's LMS products- Yeah there will still be the ability to be able to have APIs going back and forth so the data can work, but it, you know, admittedly, it's more clunky- Yeah, sure integration. Yeah. We get royalties for things like that, so it's, from a profit standpoint, that's good. But we love to start with a SIS, but we don't always have to start with a SIS. You know, since we have a third of the market, that's a big part of what our customer base has, but also a lot of the customers have all kinds of different products. I mean, you brought up LAUSD, you know, one of the largest school districts. They actually have their own student information system, but they've got a tremendous amount of our data analytics platform and, you know, a lot of the other capabilities excluding the SIS. So it doesn't have to be just with the SIS. And the way a lot of the modules work is they can be very independent of the SIS if they need to be. Yeah, it that's a helpful perspective. When you think about the products that have the highest cross-sell likelihood, I always. I've thought for years, data, and empowering all the constituents Yeah with more data is a huge, huge opportunity for you guys.... Where does that sit in terms of, like, the opportunities? How quickly are you starting to see some of these data, you know, kind of cross-sell opportunities? Actually, quite large, and it's accelerating at a pretty rapid pace. If you think about just stepping back, so the average school system, and this is part of what we're addressing in terms of the problems in schools, is the average school district will use 19 plus systems, okay? All of these systems, it's no different than corporations when you're using a, you know, myriad of different systems. The data doesn't talk to each other, it's not integrated, and, you know, trying to get data from one system and trying to figure out what it does to another system. We have a platform called Connected Intelligence, which, you know, in partnership with Snowflake, we've built... You can take all of this disparate data for a school system, whether it's systems within a school, it's external data, put it into this big data lake, and we've got a lot of algorithms that will connect the data and actually bring insights for the administrators to be able to do a lot of, you know, the correlation with the data and bringing that together versus trying to do it manually. In fact, we do something very similar to that inside our company ourselves, so. It feels like, I mean, if you're not leveraging that as a school district, what are people doing if they're. They're just not. They're not. They're not. Yeah, and that's the issue, and that's one of the most exciting parts is when we show the opportunity and we show what the system can do to schools, like, the light bulb clicks on. Yeah. It's like, "Wow, this is pretty powerful. Yeah. They don't have to go in back and, you know, reorient all their systems and migrate to different systems, right? A lot of that data can be brought forward into this massive data lake. So it's a pretty exciting opportunity. This is an area that's growing way faster than the company average. Yeah. As we look at the pipeline, the deals just keep coming in. So, beyond data, and we can talk about GenAI, 'cause that's been sort of a newer development. Yep. But what are some of the other things that you guys are really excited from a cross-sell perspective? Yeah. So we continue to be really bullish around several areas, and, you know, some of this is what's happening in the industry, right? So as many of you probably know, if you have kids, right, and you hear in the news about the teacher shortage, right? Yep. There's a massive teacher shortage that's happening. We have a talent platform, which is, think of this as hire to retire, plus professional development. You know, we've got a great platform there that's actually done quite well. It's growing faster than the company average. Again, it solves a lot of the manual nature of, you know, onboarding, hiring, you know, developing teachers, right? But I think the other thing that's important, too, that we get excited about is just thinking about where schools are at. You know, one of the industry challenges is, you know, there is a large teacher shortage. Our point of view is it's not gonna just be solved by adding more people into the ecosystem because, unfortunately, as fast as teachers are entering the sales force or entering the workforce, they're also leaving. The reason we know this is because a lot of ex-teachers, former educators, a lot of them are working for our company, a lot of them wanna work for our company. So we see a lot of that, and what's actually interesting that's happening is, and I can tell you, 'cause I, I've got two girls that are 23 and 26, that are very tech-enabled, and if I were to say to either one of them, "Hey, you're gonna go work for, for this particular school district, and guess what? The enrollment process is still done with pen and paper Yeah I don't think either one of them would know how to work a pen, nor how to write something on a piece of paper. So it's like, "Oh, you don't have an iPad for this?" So I think what's happening on this, Matt, is a lot of superintendents we're hearing, they're also getting a lot of pressure from the next generation of teachers that, you know, they don't wanna just spend half of their time in the classroom, right? The whole reason that they wanna teach is they wanna be in the classroom 80%-90% of the time. Yeah. Today, the average teacher is spending half their time in the classroom, the other half of the time in administrative things, which candidly, like, that's what we can solve Yeah and that's what we're addressing. Yeah. So that piece, while it's not, like, the super, super exciting stuff, it, it does get us super excited because it is helping the industry, it is helping teachers really, you know, realize their value, and you're getting a lot more capacity out of the same number of teachers. So again, that's just our perspective on what's happening in the industry. Sure. The other, you know, Hardeep spent some time on this earnings call talking about Generative AI, which, you know, we waited 17 minutes to talk about that. And you, I think, you talked about the monetization of it, too. Yeah. Maybe level set us for what does Generative AI mean for PowerSchool? Yeah and how do you think about monetizing that? Yeah. So let me just, so AI is not new for us. You know, I like to talk about AI in two pieces, right? What I'm gonna call mainstream AI, which, you know, we've had large language models, we've had AI algorithms in our assessments platform and our data analytics platform for years. Yep. Yep. Yep. Yep. That's not new to us Yep so we're very comfortable with that. Generative AI, obviously being a little bit more of an emerging technology, is actually a very promising and exciting area for us, and the reason for it, if you think about PowerSchool, so we are the infrastructure for schools. We don't do content. We're not in that business, we're not getting in that business. But we do rely on content. Yeah. Right? So, like, our assessments platform, as an example, when we, you know, have the item banks for questions and answers, we have to buy that, right? And our platform uses that. But, you know, part of one of our newer technologies is in our assessment business how do we leverage Generative AI? So based on how you're doing an assessment, can it actually be tailored based off how long it's taking you to answer questions, how many are you getting right, and then actually generating content and questions to either make it more advanced or a little bit more foundational based off how you're actually Yeah you know, performing? So we actually see a lot of applicability to it, and, you know, we've really been embracing it. You know, we have another one, which is, it's gonna be out next year. It's called Personalized Homework, which is more around, you know, if all of us were in class, we'd all be getting the same homework, we'd be getting taught to the mean. But the reality is, across all of you, some of you might need some foundational work, probably me. Many of you are probably gonna be accelerated, and you're. So just to think about instead of getting the exact same homework assignment, again, based on how you're answering the questions, do you get more fundamental. You know, remedial questions such to get you up at least to the mean, whereas some of the students that are actually more advanced getting higher, more, you know, complex problems. And again, this is about tailoring the experience to the children's needs. Because today, look, the reality is, the only way that happens is if the student and the teacher take the proactive actions to kind of really do something, you know, and given the fact that teachers are overloaded, it's not happening with the frequency that we would like for it to. Yeah. So, I mean, in terms of the monetization, it's still early. I mean, a lot of the products we've been beta testing, a lot of the products with customers as we speak, a lot of this will come to market, you know, probably late Q1, Q2, Q3 timeframe. So we will start to see that pick up, but, you know, probably in the mid-part of next year onwards. And then, therefore, then more of, like, a maybe a 2025 driver? Yeah, I would say 2025. And, you know, for us, I think the exciting thing is, and, you know, in our investor day that we did a couple months ago Yeah which you were at, you know, we've said, "Hey, look, we're gonna you know, we're gonna be $1 billion in revenue in 3 years." The majority of that comes from the core business. Yeah. The contribution from our international business as well as personalized education is rather small. Yeah. And again, a lot of those really pay off in the out years. One last question, then we'll see if there's some from the audience. You know, international, Hardeep and the team have been really focused on international. A lot, I would say, feels to me anyway, like over the last year, it's really- Yeah kind of taken a step up. Now, a skeptic to me would say, "Well, gee, does that mean that the North America market isn't as robust as we think it is? And like, if it is, if the cross-sell opportunity is so high, like, why are we spending time and resources internationally? Yeah. Give us sort of the company's perspective- Yeah on why now internationally, when the U.S. North America market, it still has, is very under-penetrated. Yeah. So, yeah, to my last comment, the North American market is the major contributor to getting to the billion Yep plus in the next 3 years. Look, we are taking... We're, we're talking about international a lot more, but we're taking a very metered approach. So in the business now, it's only about $10 million, in, in revenue, so it's a rather small number. However, the opportunity, think about this, 1.3 billion students internationally that are not being served by PowerSchool. Yeah. Even if we can get a small percentage of that, right, several dollars per student, it becomes pretty material. Yeah right? Yeah. So our international's approach and strategy has actually been, you know, if you were to ask me this time last year, it was more what was coming inbound. We had 6 people sitting in California taking inbound RFPs, and we were responding to them. Because of the nature of some of that activity, we've set out a path of 3 basic tenets of our international growth. One which is certain areas we're gonna put people on the ground, so we chose the Middle East because of the inbound activity that was coming in. This is a region that's taking technology and education to kind of differentiate- Sure the region. Yeah. We wanna be part of that 'cause we see some big opportunities there. Second one is the channel partner ecosystem, so we now have a dozen partners that are gonna help us scale and grow. And again, just keeping in mind, you know, my view on the revenue contribution from those won't really start happening until the latter part of next year because you've gotta get these partners up, enabled, build the book of business, and then obviously start, you know, generating revenue. And then the last piece is inorganic. So, I would just say, look, we're focused on it because we believe it will be a contributor, meaningful contributor in the out years to the business. It's not required for the next three years, but, you know, it's too big of an opportunity for us not To ignore. So yeah, we've been talking a lot about it. Yeah but as you really look at the contribution, it's still rather small, but we're super bullish on, on where it's gonna be in the future. planting the seeds today Yep to yield fruit, Yep tomorrow. I'm gonna take a pause here for a second. If there's a question from the group here, fire away. Otherwise, I can keep rolling. No, no, no, no, no, going once No questions going twice. All right, well, raise your hand if they come. We'll keep an eye on it. We'll keep an eye out there. You guys had, yeah, you know, you talked about the path towards $1 billion, and 36% EBITDA margins? Yeah, 36%. 36% Yep. You know, that, that's still a little bit of ways off. When we think about the bridge between today and there, what would you tell us about sort of... You know, you have it guided to 2024, but, like, when we think about some of the guardrails to- that move from today to $1 billion, how should we think about this kind of as the steady progression, and what are some of the- Yeah are there guardrails that you would help us with to think about 2024- Yeah both growth and margin? Yeah, so I think it's important, and look, as a CFO of the company, I think, you know, especially for prospective investors as well as current shareholders, I think it's important for you to understand the framework from a financial perspective. You know, I've tried to make it very straightforward. If you think about just on an annual basis, low double-digit growth that you'll see from the core business, and expect on that, again, for all the reasons we talked about earlier, every year, you're gonna see 100 basis points of margin expansion. You know, what gives me confidence around that? So, you know, I think one of the things, and I've been in the business for a while, when you get any business beyond $500 million, if you do the right things from both a process and systems perspective, you actually start to get a decent amount of operational leverage out of the company. When I joined, you know, almost four years ago, we spent a lot of time on systems, a lot of time on process work. It wasn't the stuff that, you know, everybody thought was super, you know, exciting, but it was super important, and what it's enabled us to do is, as the business continues to grow, we don't have to make the same investments, and, you know, in, in certainly, like, the general and administrative areas. Sure. We are investing in sales and marketing, right? We're gonna continue to invest in international. But the other lever, too, is you look at our financials, you'll see our R&D spend so between our core expense for R&D, as well as the capitalized R&D associated with all of our personalized education products, we're in the low 20s, and that's more than double of our closest competitor. What will happen over the next few years is, as our personalized education products come to market, you won't see that expense continue in research and development. So you will start to see the capitalized software come down. You will see R&D continue to get efficient, and for those who are looking at this quarter, you'll see that CapEx was down as a percent of revenue, as was the R&D. You're gonna continue to see those efficiencies. We've got, you know, a third of our employees in our India center that we're continuing to leverage. So there's a lot of leverage we're driving in the business, such that we are still able to invest in international. We're still investing in personalized education. So I want, you know, investors to know that not only, you know, are we driving efficiencies, but we're still investing in these areas that, as you look in the longer term, you know, my view is they do become step changes to the growth profile in the company in the out years- Sure which is why we're doing this. So a low double-digit growth with several interesting catalysts, but that kind of 100 basis points of margin, Yeah, I mean, look, this year we're gonna have 200 basis points almost from where we ended 2022, right? 2022, we were at 31%. We'll be at 33% this year. Yeah. We guided 140, and we, you know, we're gonna deliver, you know, basically 2 full percentage points. Yeah. So. Longer term, I forget, did you guys offer a long-term model at your IPO beyond 36 or was that... I forget, was- Yeah, so when we originally had low 30s when we IPO We exceeded all of the metrics from 2021, which is why we did the reset with our investor day. Yeah. So I would encourage any of you, the information's still available, so our investor day has a ton of information around, you know, the updated metrics that we have. The other one that I'm super proud of is free cash flow. Yeah. So free cash flow will be in the mid-20s. And this is conservative. We'll be in the mid-20s from a free cash flow perspective by 2026. Everybody inside the company, and Shane knows this, everyone is tired of hearing me talk about cash flow, but I'm super focused on it. Every single thing we spend, you know, anything on, we're laser-focused on. Well, then it comes to capital allocation of that, of that free cash flow. How do you think about... I mean, tuck-in M&A, I'm sure have been part of the cadence, will continue to be part of the cadence. Yep. Yep. Broader uses of cash? Yeah, I mean, look, so, with interest rates, and we have a, we have a floating debt, which we actually just redid, we did an amend and extend on our first liens, $840 million. It's still +3.25, so it's 8.3%. Reason I go through these numbers is, look, capital's no longer free. So part of the calculus is any of the acquisitions that we make, they have to be accretive to the margin profile as well. If they're not, then we have to find synergies within the PowerSchool business to make it such that what you're not gonna see us do is buy acquisitions and then dilute the margins. The most recent one, which we just did, we're making a multimillion-dollar investment in SchoolMessenger Yeah to integrate it into My PowerSchool, but we're offsetting that with leverage elsewhere in the model. So that's the one thing, you know, that I think is important, too, that, you know, we've got a lot of discipline around the model, and I think it is fairly predictable. The one thing I would just encourage everybody, and Matt knows this because I keep saying, is, like, focus on the full year. As big deals continue to happen, right, I don't wanna create a culture inside the company where we have to close a big deal in a particular quarter to hit a particular metric, because usually the only way you can do that with any level of precision is offer discounting, and in this business, I'm not interested in, you know, offering any kind of unusual discounting- Yeah just to get a big deal and to hit a particular metric. Maybe just, I think the other thing that I hear from investors is, we'd love. And this is something I don't, it's not really your, you know, place to answer, but in terms of, like, added float, you know, I think everybody kinda wants to see that. 'Cause I think, you know, some of these stories like yourselves, it just gets more interesting when the float changes. Yeah. How do you. I mean, as, as a management team, the board, how do you think about, you know, kind of increasing float? Yeah. So look, the biggest piece of advice, and this is my second time as a public company officer, the biggest thing, that advice I give to the management team is we gotta focus on delivering. We're gonna continue to meet Wall Street's expectations. We need time as a public company just to, you know, to be known for a company that's gonna deliver on what we say. Yeah. That's the first important thing. Just in terms of our, you know, private equity ownership, so we still have 70%, of private, privately held, so it's, Vista and Onex. They both see a lot of value in the company, so we're not unlike any other you know, company that went public in 2021 or even, you know, before then, where you know... I mean, the, the stock has actually done quite well Yeah since the IPO share price. Yeah. But the owners, you know, those two large shareholders, still see a decent amount of value in the company. So we just have to deliver. The share price will do what it's gonna do, and then over time Well, it takes they'll start to monetize itself. Yeah. But again, yeah, I mean, to be honest, sometimes it's the catch-22, and we talked to. I will tell you, part of my job and what I do with Shane, we were just in Europe a couple, you know, several weeks ago. We've got a huge amount of investor interest. We've got a lot of great- that's great. potential shareholders that are waiting. Yeah. It's just Yeah we need to get the shares available. You keep doing what you're doing, and the float will take care of itself. It has to at some point. Yeah. Yeah. Great. Well, that is, we're out of time. You know, that was a quick 30 minutes. Oh, it was. If any of you have any questions, Shane's up in the front. Eric's here. Yeah. Yeah. But really do appreciate you, you guys coming, your support. Yeah. Best of luck from all of us at RBC. Yep, thanks so much, and again, appreciate all the interest from all of you. So thanks again, and we're available, so if you have any other follow-up questions, Shane or myself, we'd be more than happy to answer anything that you all may have. Excellent. Thanks. Thanks, Eric. Thanks again. Sure. Thanks, Matt.