From Roku. Anthony, great to have you here. Thank you for joining. Thank you. It's great to be here. Before we start, a couple disclosures. So please note important disclosures, including my personal holdings disclosures and Morgan Stanley disclosures. All appear as a handout available in the registration area and on the Morgan Stanley public website. So with that, let's get started. You know, Roku has been and continues to be a leader in the global transition from linear TV to streaming. Anthony, you just delivered your first quarter with more than $1 billion in platform revenue. And in the U.S., The Roku Channel reached households with 145 million people. You know, Anthony, you know, where in the industry is the transition today? And what most excites you about the opportunity ahead for the company? Sure. Well, hey, everyone. It's great to be here. You know, I guess first I'll just say that, like, if you think about sort of the opportunity in streaming and Roku specifically, you know, it's still early days. Most of the world does not stream television. They still get it over the air or satellite. And, even in the U.S., you know, big chunks of the industry have not moved to streaming. You know, there's still $60+ billion a year in advertising alone spent on linear TV, which is hard to imagine, but that's what happens. So it's a big opportunity, you know. And Roku is extremely well-positioned, you know, we're at the center of streaming. You know, people start their streaming experience with a Roku with the Roku experience on a Roku device. You know, we announced last quarter that more than half of the U.S. broadband households use a Roku device to watch television. You know, it's 125 million households with 125 million people in them every day start their TV viewing experience with a Roku device, the Roku home screen, the Roku experience. We're the number one TV operating system in the U.S., both by devices sold, but televisions sold, but also by total streaming hours. You know, one of our most powerful assets on our televisions is our owned and operated streaming service called. We call it The Roku Channel. The Roku Channel is the third most popular streaming service on our platform, way ahead of a lot of big brands that you probably think of when you think of streaming services. 5% of all streaming television watched in the United States is on our streaming service on our platform, and that's growing. I mean, The Roku Channel grew 82%. Engagement grew 82% year -over -year, last quarter. So, you know, we're super well-positioned. I mean, and then also just the opportunity, you know, the home screen, where those millions of people start their TV viewing experience is a huge asset for us that we've never really focused on monetizing that asset. Like, we focused on, of course, it's iconic and it's simple and people love it, but we've never really focused on, well, how can we make it work for content owners? How can we make it work for advertisers? How can we make it work for our business more? And so we're really starting to work on that. So, I just feel like we're in a great position at the center of the ecosystem. We had a great Q4, and, you know, our strategy's really working well. That's great. So you did report Q4 results a couple weeks ago. In your view, you know, what were the key accomplishments for the company last year, and maybe what are your investment priorities, or priorities in general going forward? Yeah. So we had an outstanding Q4. Platform revenue was up 25% year-over-year. It was up 18% year, for the year, for the full year. You know, we announced that we passed half of broadband households using Roku. You know, The Roku Channel, like I mentioned, was up 82% year-over-year. So a very strong quarter for us. You know, we were EBITDA positive last year, the year before last year. Last year, we focused on continuing to grow EBITDA, becoming more profitable. You know, we're continuing to do that. This year, we announced that in 2026, we'll be operating income positive and expect that to continue to improve. You know, we're very focused on free cash flow per share. That's doing well. You know, what we're focused on is growing platform revenue this year by implementing our strategy. Our strategy really has three prongs. One is to really lean into our home screen. You know, the fact that, like I said, households with 125 million people every day turn on their TV, they see our home screen, they begin they use that experience to decide what they want to watch. They also engage with that experience. There's actually a lot of opportunities to put ads in that experience itself. Like, for example, you know, we just added a video ad to our home screen that, you know, that is used by a whole bunch of different verticals, including car companies, you know, which I like. It's a great way to have massive reach instantly for a video ads. So anyway, so leaning more into our home screen, there's a lot of things we can do there. We're also focused on growing demand for ad on our platform. There's a huge amount of. We have a lot of ad inventory, both with third-party distribution arrangements, but also from our owned and operated Roku Channel, which, like I mentioned, is up 82% year -over -year. It's the number three app on the platform. This quarter, it's the number two app on the platform. It creates a lot of inventory. And so how do we grow demand for that inventory is a big focus for us, selling more video ads and, because we have a lot of supply. So one of our key ways we do that is really leaning into third-party partnerships, both for demand and supply-side platforms. That's a big focus for us this year, continuing to do that. The third is just taking more advantage of our key asset, the home screen, but also growing subscriptions. We have a large subscription business, tens of millions of subscriptions that we bill every month. There's just lots of ways it's still compared to what it should be, the way I think it should be, it's still pretty small. A lot of focus on growing our subscription business, both by better integrations in the home screen, but also bringing more content, more subscription content onto the platform, and also just more focus. Just, for example, like, we added a recommendation row to our home screen last year. You know, so we recommend content. We recommend subscription content. That had a pretty big impact on the number of subscription sign-ups as well as increased engagement in subscriptions, which reduces and lower results in lower churn. So that's you know, that's the strategy we're focused on executing on that strategy. That's great. Yeah, three primary drivers: home screen, streaming services, distribution, and advertising with third-party DSPs. Maybe just to, you know, double-click into some of these, as you mentioned, you know, home screens evolving. In your view, you know, what other ways are there to innovate and maybe monetize that real estate? Obviously, there's the Sports Zones that came up. On the home screen? On the home screen. Yeah. So I think, there's a lot of opportunity to, like I said, to have the home screen work harder, both for our viewers to help them find something to watch, for our advertisers, you know, to reach viewers, and then for our content partners that want to sign up new subscribers or have people view their content. So, and I would say, again, sort of the context is that, you know, there's a lot of things that we've had to do to build the country's largest streaming platform, and our home screen was not one of the things we historically focused on. We focused on keeping it simple. We focused on a great viewer experience, you know. It's iconic. Our viewers love it. It's different than all our competitors, which all tend to look alike. But we didn't really focus on how can we use it to drive our business. And so that's what we're doing now. So examples of that, you know, I mentioned before we added just simple examples. We added a recommendation row to the top of the home screen, which we didn't actually have content recommendations on our home screen before. And that's driving. That's resulting in lower churn. It's resulting in more engagement. It's resulting in more sign-ups. It's resulting in more ad views. So that's working. We create experiences in the home screen. So for example, around the Super Bowl, we have an NFL Zone. Generally, you have a Sports Zone. And then we have sort of subparts of the Sports Zone, including the NFL Zone. And those are all sponsored. They also drive a lot of viewing hours. You know, sports especially is so fragmented across the platform. You know, the leagues all chop up the rights and sell different rights to different packages, to different services, and so viewers have no idea where to find the games to watch. So they can go to the Sports Zone. It'll show them what games are playing. You know, they can search for their game, their teams, and those zones are sponsored. So that creates new ad inventory. Other examples, we had the Marquee ad unit, which is on our home screen, which used to be just banner ads. It used to be just M&E ads. We added video to that. So there's video on the home screen now, and we're selling that increasingly to just consumer packaged goods, all the different verticals. So auto, for example, likes to buy that ad unit. We also expanded the number of verticals that we do even for things like we have themes on our home screen, like wallpaper. And the themes used to all just be M&E. You know, like Disney would have a new TV show. And so, you know, we like when they launched Mandalorian, we had a Mandalorian takeover at the home screen. Those are really cool. Everyone loves them. They look nice. They work well. But to sort of expand the number and types of verticals to have access to that, we started doing that. So, for example, we recently had a Carnival Cruise home screen takeover. It looked very pretty, but it was, you know, much more. It was not endemic. It was cruises, not movies. So that's another example. So there's just lots of things, you know, using AI, more destinations. We had the Olympic Zone, for example, which is really popular. It worked really well for NBC, worked well for our viewers. So building out more destinations, which help viewers find content that creates sponsorship opportunities, advertising opportunities to drive more viewing, but also, actually just create engagement in the UI itself. You know, people spend time engaging with the UI, which creates more opportunities for sponsorships and advertising and influence over viewing behavior before they decide what to watch. Great. So the home screen's a big, just a lot of opportunity there. Yeah. That's helpful. Anthony, you know, how are you thinking about drivers of growth for SSD revenue? Would you expect that to follow the growth of price increases across the streaming industry? Yeah. So, well, SSD stands for Streaming Service Distribution. So, you know, a big part of our business is distributing streaming services. But I also think about more generally just our subscription business. And there's different ways that business grows. One is when they, you know, our business model for streaming service distribution is generally sort of a when they win, we win sort of model. So in other words, if we sign up subscribers for a service, we get generally a percentage of that bill for that service. Or, you know, if we drive more engagement, you know, we might have ad inventory inside some of those services. So if there's more engagement, then, you know, we get more ad inventory. And so when they raise their bill, because our fees are often our payment is often the percentage of their bill, we make more money. So yeah, they all raised prices, or most of them raised prices last year. That's starting to normalize. So I think that the effect from the price increases will moderate and normalize. But we're still; there's still lots of things we can do to grow our subscription business. So, for example, we're improving Roku Pay, which is our billing platform. We're adding more content. So there's actually two kinds of ways to distribute the service on Roku. There's the traditional app, or there's something we call premium subscriptions. And the premium subscription is when the service is integrated into the Roku experience as opposed to you have to go into an app. The app is controlled and operated by the service operator. The Roku experience is controlled by us, and it's more of a wholesale model where we, you know, we resell the service and we integrate it throughout the experience. In that model, it's often a better viewer experience because it's sort of integrated throughout their TV experience. It's not just in the app. Then also for the service company for the streaming service company, we do a lot of the heavy lifting. Like, we do all the marketing. We sign up those customers. It's generally is a good way for them to add a lot of incremental subscribers. Premium subscriptions is something we're focused on doing a better job at that, being more effective, more features like bundling and that sort of thing, but also adding more content. Like, so just, for example, you know, we recently added Max to premium subscriptions. We added Crunchyroll. And so we're continuing to add services to that. So, and then just more focus on subscriptions generally, like better execution, increasing the size of the team, better integration into the home screen, like, you know, like the recommendation for opening subscriptions. So there's a lot of things we're doing to grow our subscription business. It's a big opportunity for us. Thanks. Okay. You know, Roku has partnered with third-party DSPs, including The Trade Desk, to tap into additional demand. And you've said recently it, you know, it enables you to serve the entire demand curve at multiple price points. Yeah, broadly, how are these integrations going? Have you seen an uptick in fill rates? Yeah. Well, I would say that part of our strategy, which is to grow ad demand by working more closely with third-party platforms, including DSPs, is working extremely well. Like, we're seeing, you know, our platform revenue in Q4 was up 25% year -over year. A lot of that was advertising. And some of that was because of incremental demand we're getting from our more enhanced DSP relationships. So that strategy is working well. We integrate with all the DSPs, like we've had for a while. But what's changing is the level of working with them and the level of integration. Like, we're integrating much more deeply. And then also, you know, Roku has its own DSP as well called OneView. And, you know, prior to the strategy of working more closely with third-party DSPs, our strategy was to just focus on our own DSP. You know, it just turns out there's a lot more ads flowing through third-party DSPs than we're throwing through our DSP. So also that resulted in sort of an antagonistic relationship. Third-party DSPs viewed us as a competitor. Like, we viewed them as a competitor. They viewed us as a competitor. What's changed is, like, we're like, "No, okay. We're not competitors anymore. We're going to treat you like a customer, like a partner. We're going to assign teams to work with you to grow and, you know, to build our businesses together." And that's the big change. Then also deeper technical integration. So that is resulting in a lot more incremental demand coming from DSPs. Then you asked about, like, different price points. I mean, one of the advantages we have is a wide range of ad products. So we have, you know, we have unique ad products like Roku City or the Marquee ad on our home screen, the video ad on our home screen, you know, or sponsorships with the Sports Zone. Like, there's a long list of unique ad products that you can only get on our platform that reach hundreds of millions of people every day. And so those are, like, in high demand. And that's sort of our version of originals. Like, we do have some originals on our service, but we don't spend a lot of money on originals. In fact, one of the, I'll say, secrets of The Roku Channel - it's not that secret - is that the amount of money we spend on it's the number three app on the platform, this quarter number two so far. It's. We don't spend very much on content, you know, but we drive all that engagement by integrating it into our user experience. So anyway, and so in terms of ad products, we have those unique products, you know, that are built into our experience. They're at high value. And then we have things like Roku Originals. We have, you know, baseball. We have a sports deal with baseball. And then we have a lot of direct license content. We have rev share content. And then we have FAST channels. And there's popular FAST channels, and there's FAST channels that are sort of, you know, reruns of, you know, Bewitched. And so there's, like, a whole range. And so, you know, we price accordingly. Like, some of the products are very high priced. Some are less expensive. Some are bundled. You know, if you want to get access to some of our more premier ad units, you have to buy a lot of the middle-of-the-range video ad inventory as well. Then some of it, we put in, like, and then we have our data. Some of it, some ad products use a lot of data. Some use a little bit of data. If you on sort of one end, there's, like, ad products that don't have much data. Maybe they're sold through a DSP on the open market. Maybe they're, like, in the Bewitched, you know, linear channel. Like, those are on the lower end of the pricing. Then the higher end goes all the way up to, you know, premier ad units on our home screen. Great. And I want to hit on The Roku Channel in a bit soon. But I guess just to follow up on that point, is there an ideal mix of ad inventory you're selling through, you know, third parties versus your own DSP or Ads Manager versus maybe direct? I wouldn't say there's an ideal mix. I mean, our goal is to, like, be in every channel where customers can buy ads to maximize the amount of demand on our platform. You know, in other words, so we started out selling direct, you know, direct to marketers, direct to ad agencies through an IO business. We still do that. That's how we built our ad business. Then we started adding a lot more focus on DSPs. That's a big focus for us right now. But a lot of DSPs, you know, there's a whole range of pricing depending on what we just talked about, like what inventory, what data. And then DSPs, you know, like, there's a big shift to DSPs, and they are driving incremental demand. But a lot of times, the incremental demand is because our sales team is still selling direct to an ad agency or to a marketer, but because they can, that marketer can now run their ads through a DSP to deliver on our platform, they're buying more ads because that's their preferred way of doing their advertising. So and then also, because we have a better relationship with DSPs, that's also sourcing demand. So, you know, we just want to sell ads. We want to increase demand of ads. We have a lot of supply, a lot of inventory. And so we're looking, you know, we're any option that does that. Also, you mentioned the Ad Manager. The Ad Manager is something we just launched as a self-service platform where small and medium-sized businesses can just log in and upload their video and create targeting criteria. And, also, like, most of the KPIs, they want to measure the KPIs they want to optimize towards, and then the ad will run. And that, I think, is doing well. And it's a huge opportunity. Like, it just, you know, the idea that a restaurant could use an AI tool to easily create a high-quality video and then target certain zip codes, like, that's a big new business that I think doesn't really exist in TV before. That is. I think it's going to be a large business for us. Got it. That's helpful. Okay. You know, we heard yesterday that, you know, Dana Walden, that Disney's advertising is a key growth driver for them. We have seen large-scale players enter the AVOD space: Disney, Netflix, Prime Video. You know, has this impacted pricing across the industry? Yeah, well, pricing's come down, but we haven't been impacted as much as other players because our pricing was always we were always fairly, you know, not low, low priced, but we weren't super premium priced. It's the super premium price inventory that's really come down a lot, so our pricing actually hasn't been that impacted that much, but we're also kind of indifferent to where pricing goes because we have a lot of supply. And we just, you know, lower price means we'll sell more ads, and so, I think we're in a much better position in that regards than, say, a company that doesn't have as much diverse inventory as we have or doesn't have as much scale of inventory that we have or doesn't have as much different types of ad products as we have. The other thing about competition, there are a lot of services that are adding ads. So there is a lot more competition than when it used to be just sort of us and Hulu selling streaming ads. But, you know, we're, I mean, we are extremely well-positioned, you know, with our very unique ad units, with the large scale of inventory, with our scale generally. You know, almost half of all streaming on connected TV goes through our platform. So we just have a lot of scale. We have a lot of data, a lot of high-fidelity signals, a lot of inventory. And, you know, we work across the spectrum. So we're extremely well-positioned. And if you look at advertising business generally, it's a big business. It's a large business. You know, $60 billion still in linear. It hasn't moved. There's going to be multiple winners. I think we are one of the winners, and I think we'll be one of the winners as well. Great. Now, you know, I know it's early, but, you know, how are you? What are you expecting in this upcoming Upfront in terms of, you know, pricing trends? Maybe how are Charlie and the team approaching the upfront this year in general? Well, I think first of all, we had a great Upfront last year. I think Upfronts are changing. Like, we're de-emphasizing Upfronts. Like, the world is moving more towards DSPs, buying less upfront and just more on the scatter market, more throughout the year on DSPs. So that's what we're optimizing towards. So I just think Upfronts are less important than they used to be. But, well, obviously, we still participate in the Upfronts. Got it. Anthony, this is the first cycle in which we saw, you know, arguably real political dollars flow to CTV. Around $60 million went to Roku in the fourth quarter. You know, how do you view Roku's ability to capture future political ad dollars and, I guess, the inherent benefit CTV has over linear TV? Yeah. Well, I mean, CTV is much more targeted than linear TV. Yeah. So, I just think it's so political. So the last cycle, we had political ad business. This cycle, we decided, "Look, we're going to, like, get good at this." Like, this is a big market, political ad. It's also similar to other verticals where we have similar characteristics where you want to do a lot of targeting. So we really focused on it. We did much better than we expected in terms of our sales for political. We also became better at it and will be even better at it next cycle. The same techniques we used for political work for a lot of verticals as well. So it's helping us become better at targeting specific verticals. So I view, I mean, internally, I think it was a huge win for us. Like, we really sold a lot more ads to political customers than we thought we would. We improved our ability to do it. We improved our tools. We improved our processes. We improved our sales techniques. And that's going to apply to a lot of verticals going forward. Got it. Maybe let's shift to engagement. You know, you reported 4.2 hours streamed per active account per day in the fourth quarter, which is up nicely year over year. You know, how does the Roku operating system drive engagement levels higher? And how does engagement on the Roku platform compare to competitive streaming platforms or other connected TVs? Well, we have a lot of engagement. You know, we're the number one streaming platform in the U.S. by a wide margin by engagement, as well as sales. You know, engagement in The Roku Channel, like I said, up 82% year -over -year. That's huge. How do we drive engagement? It's really, that's, I mean, that's what we do. Like, that's our business at its core is to, like, build a user interface, a Roku experience that drive that, like, drives more TV viewing and also directs it. You know, not, like, not perfect direction, but, like, has a lot of influence over what someone's going to watch, what ads they're going to see, what they're going to sign up for. And that's what we do day in and day out. Like, that's when we work on the Roku user interface, that's what we're doing. You know, we're creating ways to drive engagement. Everything that I mentioned, like everything from, like, adding a recommendation row, Sports Zone, improving the ad units, adding new things like What to Watch, adding things like Home & G arden Zone, you know, adding the Food Zone. Like, there's just, we're, you know, we're in the. I mentioned on the call. We're in the process of redesigning our home screen. It's not going to be a huge change because we don't want to lose the iconic-looking feel. But our home screen is pretty simple. We can still keep it simple and have it drive a lot more engagement. So it's a big focus for us to continue to work on driving engagement. Got it. And on that point, you know, you know, TRC hours streamed were up 82% in the fourth quarter. You know, in your view, what's the relationship between engagement growth and revenue growth at The Roku Channel typically? Well, engagement's growing faster than revenue. I mean, revenue's growing nicely. You know, like I said, like, last quarter, 25% year-on-year growth for the platform business. A lot of that was ads, but engagement is growing 82%, and that's because we're getting like, we're just getting a lot better at driving engagement. I mean, our content budget actually is, I think, is down, you know, not so it's not content. We are probably getting better at the type of content that we pick, but it's all about placement in the UI for the assets we want people to watch, and we want them to watch The Roku Channel, so and it's free. People like watching it, so, you know, for example, I think really telling is when we launched The Roku Channel, you know, 100% of viewing happened because there's a Roku Channel icon on the home screen. They click on the icon, and it goes to The Roku Channel, and then they watch something. That was 100% of viewing. Now, that's only 20% of viewing in The Roku Channel. 80% of viewing in The Roku Channel is somewhere else in the UI. There's a piece of content promoted, you know, like whether it's a banner ad or a, you know, in What to Watch or a recommendation or in the Sports Zone or, you know, throughout the entire Roku experience, we're promoting content we want people to watch or not just what we want to watch, but we also think they'll want to watch. And that's what's driving the growth in The Roku Channel. Got it. That's 80% of viewing now is not even coming from the aisle. Okay. Great. Switch gears a bit. You know, globally, it appears that the two leading third-party operating systems are Roku. That's the number one share in North America and Android in many international markets. You know, how would you compare the Roku operating system to Android and. That's way better. It's a lot better. Great. Is there more questions? Yeah. Next question. Sorry. Did you finish the question? I was just going to say the value proposition between the two, but. Yeah. I mean, you know, I think, so the big picture, what happens is in the markets we're in, we're number one. Or we're number two in some cases on the way to becoming number one. But if we're number two, number one is Samsung because they are the default, you know, because there's so many Samsung TVs sold. So that's in the markets we're not in, Android is often the leading operating system. And it's just because they're the default. Like, they have a global footprint, and they're, you know, the default smart TV OS if we're not in that market. And we're, you know, we systematically add new markets. So the markets we're in today are the Americas, Canada, Latin America, the U.S., and then the U.K. And so that's kind of the pattern. And then, so like, you look at, like, Mexico, for example. Like, Mexico's market share at this point is almost more than the U.S.. Like, we're selling a lot of TVs in Mexico and a lot of streaming hours, you know. In the U.S., it's about 40% of TVs sold are Roku TVs. So Mexico's pretty close to that. Okay. So and then why is that? Like, why, how do we compete with Google? Well, the fundamental way we compete is, we built an operating system that's for television, just for television. You know, their product is a phone operating system. They port it to television. And so it makes perfect sense for them. Like, they just have one operating system. But it doesn't result in the optimal experience for a viewer. And it doesn't result in the optimal cost structure. Like, a TV. TV's the TV business is extremely cost-competitive. One of the core attributes that we focused on when we designed our operating system for TV was to make sure that these TVs cost less to build by having more efficient software, so less memory, slower processors, just cheaper hardware. And that's the fundamental advantage, especially in international markets, which are even more cost-sensitive than in the U.S.. Like, having a lower-cost fundamental structure is just key. And then the other thing we focus on that they know for some reason, I don't know why, but they don't really get it right, is just being super easy to use, incredibly simple. I think a lot of our competitors tend to focus on cluttering the UI with what they perceive as monetization, whereas we focus on, okay, we're going to have an awesome experience for customers. We're going to have viewers go into stores asking for Roku TVs, and then we're going to monetize around that. So it's, I think, just the simplicity, the delight, and the lower-cost structure, and then the focus. That's why we win. Got it. And I wanted to ask, you know, there's been a more recent trend of some of these large OEMs like LG and Samsung licensing out their operating system to third parties. And, you know, maybe your view there and if you see that impacting your market share? We haven't seen them have much success with that. You know, our biggest competitors are Google and Amazon. You know, just the way it breaks out is, in the U.S. on players, Amazon's our biggest competitor. So, you know, we sell. There's three ways we distribute our hardware. We sell Roku TVs made by other companies like TCL and Hisense. We sell first-party Roku TVs that are made by us. That's the newest and the smallest segment. Built about a million Roku TVs Roku first-party TVs last year. But that's growing. And then on that first part, the third-party TVs, that's about, like I said, about 40% of U.S. TVs are sold as our Roku TVs from one of our hardware partners. And then streaming players are the other way we distribute our platform. So, I forgot. Sorry. What were we talking about? What was the question? Sorry. Just that, yeah, OEMs and licensing out their OS. Oh, yeah. The Samsung OS. Yeah. So those are the three ways we do it. All right. So in the U.S., it's us versus Amazon. We split the player market. On the TVs, we're by far number one, and, you know, I think this is, like, in terms of them licensing their TV operating system, they just have the fundamental issue that I talked about, that they don't have the right cost structure. So they don't have the right brand. They don't have the right experience. And they also just have the fundamentally more expensive because they also didn't build a ground-up TV operating system. They took HTML. They just used HTML. HTML is very expensive. Like, HTML is designed for PCs with a lot of processing power and a lot of memory. And it's very expensive hardware to run HTML. So just the fundamental lower-cost structure, I think, is their biggest problem. And the other big problem they have is it's just not a great experience. I mean, we sell despite the fact that, you know, 40% of the TVs sold in the U.S. are Roku TVs. That means 60% are not Roku TVs. And that's why we sell a lot of streaming players because people buy those TVs. They buy a Samsung TV, and they go, "I don't like this UI," and they buy a Roku streaming player to put on it. Yeah. Okay. Anthony, you received a number of questions on recent earnings calls around Walmart's acquisition of Vizio. Mm-hmm. You know, in your view, how do you see that impacting the industry longer term? And would you expect Walmart to prioritize the sale of Vizio TVs at their retail stores, you know, invest it more in the Vizio OS? Yeah. I think the way I think about that big picture is that I mean, the big picture is that I fully expect our active account growth to continue to grow, certainly worldwide and in the U.S. as well. I mean, we're growing faster outside the U.S. than inside the U.S. because the U.S. is you know, we already got a lot of scale. But even inside the U.S., I expect our market share to continue to grow. You know, we said that we're going to get to 100 million active accounts sometime next year, a little bit over a year. We're about 90 million now. So, and I think also Walmart, I'm sure, will shift some of their assortment to Vizio TVs away from Roku TVs. We'll still sell a lot of Roku TVs inside Walmart because we have a great brand. People love their Roku TVs. Most Walmart customers own a Roku TV. And when they go and shop for a new TV, they want to buy another Roku TV. They don't want to buy a TV that's, you know, different for starters and then probably not as good. So, you know, it's going to be hard for them, so we're going to sell a lot of Roku TVs inside Walmart. We'll probably sell less. I'm sure we'll sell less than we would if they hadn't done that deal. But the other thing that's happening is other retailers that used to sell Vizio are replacing them with Roku TVs. So we're expanding our distribution outside Walmart. We're expanding our distribution in international markets. I expect that active accounts will continue to grow for a long time. The other big focus for us in terms of driving growth is the biggest focus: just driving monetization, platform monetization. There's a lot of room to grow our ARPU on our platforms. Got it. Okay. That's a good place to wrap. We're out of time. Anthony, thank you so much. Thank you.