Afternoon, everyone. It's a pleasure to host Sweetgreen's Co-Founder and CEO, Jonathan Neman, and CFO, Jamie McConnell, for our last session for this afternoon and also for the conference. Jonathan, there's been a lot going on with the company right now. I'd like to start off with the Sweet Growth Transformation Plan. What are the top priorities this year? As both customers and investors, like, what should we be looking forward to? Rahul, great to see you. Great to be here. As we mentioned, we're going through our Sweet Growth Transformation Plan. We're about a quarter in, and we're focused on a few critical things. First, it's around menu innovation, around this idea of expanding occasions and broadening our demographics around people who we wanna welcome into the brand. The main focus there is our launch of wraps. We know that there's a huge addressable market that is looking for a more portable option, something hearty, delicious, and still nutritious. It's something we've been working on for a couple of years now. We've now entered our final stage of the stage gate, where we are in 68 restaurants across the country, and we're seeing some really encouraging results. One of the things we are trying to address with wraps not only is new occasions, but is also around price value and entry points into the brand. The wraps start below $11. All wraps are sub $15. We're testing three wraps right now. We may go to market with more than that. Wraps, again, huge focus. We're seeing really good success so far. We're seeing incidents grow almost every day. We're seeing some growth and incidents, amazing organic customer feedback, very little marketing done, but overall, very pleased, and we think that'll be a big sales catalyst for us. Second major focus area is on price value and architecture. How do we. There's a lot in there. We've done a lot over the past year to give customers more around food, whether it be more protein portion and communicating more around what we're, what we do that is different, whether that be our scratch cooking or our local sourcing. There's a lot of opportunity we have in our pricing architecture. There's a few areas that we're focused there. One is our create your own bowls pricing architecture, which today makes up about 25% of our menu. We are going to be testing a simplified pricing structure, kinda more an all-in pricing model for that, which we'll go into test later this year through our stage gating process. The second opportunity that we're exploring there is more around a barbell pricing strategy. What we've seen is, you know, there's many customers who are, you know, wanna spend more at Sweetgreen, but we're missing that entry point insight into the brand. We see many customers when they enter the brand spending, you know, sub $15, their retention is very, very high. We see a huge opportunity and more of that barbell pricing on our core menu. Look forward to testing that, tweaking it, and rolling it out later this year. Third major priority is around operational excellence. A few things underneath that. One is what we call rush ready before peak for throughput. We've a lot of opportunities to continue to improve our throughput. That means being rush ready with mise en place, staffed properly, but also moving from our one-to-one service model to our assembly line service model, which we've seen does increase throughput. Second thing underneath that is around food quality. It's really, you know, so much of what the Sweetgreen brand is built off of. So we're really kind of looking at the entire system and how we can make the food really, a lot of it's from a supply chain perspective, but most of it happens within the four walls when we cook things and really making sure we're prepping less, more often, so the food is fresh. The last piece around the operational excellence is around hospitality. We really want the Sweetgreen experience within the four walls to have what we call the sweet t ouch, that feeling you walk away that creates that word of mouth, where you tell your friends, and you come back, and we have really good ways of measuring that today. That's the third focus. The fourth major part of our transformation plan is gonna be a lot more investment in the brand. You know, Sweetgreen from very early days was not just a restaurant company, but a lifestyle company, one that spoke and resonated in culture, community, lifestyle, whether it be through collaborations with chefs, fitness, music. I'd say over the past few years, we've been very, you know, moved most of the marketing to be more kind of conversion growth, lower funnel marketing. We're resetting our media mix, focusing more on upper funnel, brand awareness, and really kind of positioning Sweetgreen in the hearts and minds of our consumers as this category of one lifestyle brand. So far, you know, as many of you know, we've changed a lot of our leadership team last year. We have some awesome new leaders that have joined us, including Jamie, and we're very excited about this transformation plan taking place. That's a great summary. Want to dig in on a few of those places. One of the big challenges for any company, younger or even older, to attract and then retain, is the talent. It starts at C-suite, going all the way down to like store managers, head coaches, to staff. How is the environment, and how is the brand able to attract, retain, and train these people? Where is the biggest opportunity today to invest? When it comes to like employees, what are the biggest like asks? Like, what do they want more of or less of? Yeah, absolutely. You know, when all of us in the restaurant industry, we know we're more of a people business than a food business, and people are our most important ingredient. We are very, very focused on people and culture. I'd say in terms of why people come to Sweetgreen over competitors, first and foremost, it's our mission. They really believe in the brand and the mission that they're coming to Sweetgreen for. Two is we have competitive wages. Whether it be at the head coach level, both competitive wages and bonus head coaches make easily six figures with bonus. And all of our head coaches have equity. That's another piece of it. As you go throughout the rest of the organization and our team members, not only do we offer competitive wages, eligibility for tips, and compelling benefit package, but most importantly, it's a pathway to growth. Very focused on internally developing talent. We were able to develop talent in under three years from a team member to a head coach. Our best head coaches are developed internally. As we all know, a stable head coach and a great head coach is really what drives performance. Really focused on that pathway of moving more team members up through head coach, area leader, and beyond. Where some of the opportunities I see, I'd say probably the biggest opportunity for us is to continue to invest in leadership development. I think we've gotten quite good at the technical side of training team members, but I think there's more we can do around teaching them to be great leaders. We're continuing to simplify how we run restaurants, giving them really wonderful systems and tools. You know, we know we bring, you know, we really look for raw talent, people that care about the mission, are genuinely enthusiastic, are service-oriented, are resilient, and then we give them the tools. We're investing more and more into the leadership development of our teams, and we think that will be an accelerator of our growth. We've really started to marry our growth with our people, our store growth with our people growth much more tightly aligned, and we have a really nice, robust pipeline of leaders as we continue to grow. Perfect. The company has embarked on a big supply chain efficiency exercise that was never probably done at this level of granularity in the past many years. What are some of the addressable low-hanging opportunities, and what are being prioritized this year, if you could share some examples? As you mentioned, we did a distribution consolidation last year where we consolidated our. It's really no changes to our supply network, more in terms of how we actually distribute and move our product. We consolidated from separate distributors from a grocery and produce into a single distributor. It simplifies the workflow inside of the restaurant, so only a single delivery. It also helps us save a lot of money as we scale and will help us bring down our logistics costs over time. That's been a huge focus. There is a lot we're doing also, as it relates to the supply side and making sure we're finding partners that can continue to grow and scale with us and where we can continue to elevate the quality of our food while bringing down the cost, especially as we build out regions. As you all know, much of our supply network is built out regionally. We do see economies of scale both nationally but also regionally. As we continue to build, you know, smaller markets that go from, you know, one or two stores to five or six, we see a lot of efficiencies there in bringing down costs of goods. Perfect. Last week when we discussed, there was a number like around 800-1,000 basis points of store prep in the labor line. Is that still the case today, or is it already come down with some of the upstreaming and other efficiencies you have been looking at over time? What are the top focus areas for on this for this year? Yes. We've been on a multi-year process really to simplify the experience for our team members in the restaurant, kind of make it so that their work is focused on the most value add components in the restaurant, things that really matter as it relates to food quality or hospitality. Given what our brand stands for and the quality and freshness, we have to be very, very careful not to take away any of the things that could impact food quality. We're very disciplined on not all of a sudden having everything come in, you know, from a commissary. We actually don't have commissaries. However, to your point, there's a lot of opportunity for us to work with value-added partners and bring and commercialize more things where we can actually maintain or elevate the quality and create more consistency while removing some of the complexity in the restaurant. So there's a number of things we've done over the past few years, whether that be things like de-stemmed kale or commercialized dressings. There's a lot more to do. So we have a multi-year roadmap in front of us, whether it be more commercialized dressings, pre-marinated proteins, chicken and proteins, and a few other things that we're considering. I'll give you just, like, a little example. You know, sweet potatoes come in whole, right? So come in whole, have to be peeled, chopped, and then roasted. There's no quality degradation by actually having them come in peeled and cubed and then roasted in the kitchen. We'll never have them roasted off-site, but we'll have them have parts of the prep be simplified, so when it comes in the store, they only focus on the parts that actually really matter from a quality perspective. Again, very, very disciplined, careful. We will test these things carefully. We are currently in the middle of a very intensive labor study to identify where the biggest opportunities are, so we can elevate the quality of our food, move more of our labor towards productive labor and serving the guest, and hopefully end up with a better unit economic model with, you know, less labor on things that aren't value add, while elevating the quality of what we do and making it so that it is totally scalable. Perfect. One of the big challenges during a turnaround is trying to focus on more things, but I think you guys have pretty much streamlined on where the areas will be in this year. When it comes to the menu side of things, that is at the core and then the excitement creating like the LTOs, like whatnot. We have heard that the secret is apparently not a secret. Like Brinker has just done like a fantastic job in the past three years, and the focus on the fundamentals and then the core has been like overemphasized and for the right reasons. How are you balancing, while going through this exercise that your core is elevated, but at the same time you're also creating that excitement for the brand, and everything else? Absolutely. We believe that, you know, great companies are great companies, and we need to continue to invest and elevate the core quality and execution, as well as just the core menu and how we can continue to innovate that, but also wanna reach more customers and create new occasions. We've built the structure and system to really kinda dual process, parallel path those things. You'll see this year, probably an equal balance of investments in our core as well as attacking some of these new opportunities. I'd say as it relates to innovation on our menu this year and next year, you will see a lot of innovation as we, what I call complete the concept. It's almost a revolution then an evolution around the menu. A lot of newness coming. We've never had a more robust menu innovation pipeline, but doing so in a very disciplined way with a very robust stage gating process, making sure that it does not detract from us delivering on our core from an execution perspective, and have a very clear idea of what we call our ops sandbox is to make sure anything that we are doing, again, does not deteriorate our overall operation. The other thing we've learned from our guests is they love newness from us. They love our seasonal menu. It drives retention. They love, you know, just getting in this noisy media environment, newness really works. We've actually picked up our pace of newness, but we figured out ways to do it without a lot of complexity. I'll just give you one example is this year we started the year with our collaboration with Function Health and Mark Hyman created a menu, kind of a new year menu around Function Health. All that menu was all done with existing ingredients. From a store perspective, there was nothing really new the team had to do, but all of a sudden you had this new menu and this big media campaign, you know, marketing campaign around this new menu. There's a lot we can do around creating newness without a lot of complexity. You'll expect to see a lot more moments of newness, which we've seen help us drive transactions and acquire new customers. Perfect. It's been almost a year with the new loyalty program. A lot of evolution expected there as well as you continue to redefine the brand value proposition. How are you thinking about like using the new food formats like the wraps, for example, to revisit the menu architecture in conjunction with some of the innovation you have coming in? Yeah. As you mentioned, we're about a year into loyalty, have learned a ton. Overall, we're pleased with the program, but see a lot of opportunities to continue to optimize it. Few of the areas that we're looking at, one is lower redemption tiers. So right now it takes quite a lot of points to get a free item, so we're looking at how we can engage guests earlier in their journey. So that's one. Two is we've seen a lot of excitement around what we call our GOAT status, Greatest Of All Time. You know, kind of like our higher tier loyalty today. It's a secret tier. There's no clear way to earn into it. That's something we're evaluating of where tiers make sense. Third is actually how we leverage, how we bring more sophistication to our CRM and the gamification within loyalty. With the advances in AI, you'll see our CRM move into more of a truly personalized agentic AI driven CRM. Instead of having kind of cohorts, it really truly becomes one-to-one marketing, not waiting till a customer churns till you're doing something, but being able to predict right before churn and how we can find what the next best action is to prevent that churn, understanding kind of the LTV of our guests. You talked about how menu can help us. You know, for example, wraps, is it the type of item given the price that can be a lower redemption tier? The last thing, and this speaks to kind of the brand, you know, Sweetgreen, we see ourselves as a lifestyle brand, and there's more we can do to leverage loyalty from a lifestyle and community perspective. That's things like in real life events. Last week we, you know, we hosted run clubs all over the country for our loyalty members as an example. There's a lot of other ways we can kinda do more storytelling and community driven things within our loyalty program. Just one more thing that I forgot, there is more around the experience around loyalty from a product perspective. One thing we've been piloting is what we call the Craving of the Month, which is a gated menu for loyalty members. We're on our second month or the third iteration of it, where it's a lower priced menu item, so something between $10 and $12 only for loyalty members, which are really helping us both on acquisition and from our lapsed customers coming back. Expect us to do more there, not just price and value driven, but also just exclusive, you know, products that only are available to loyalty members. The other thing that is helping us on loyalty is in-store we've enabled scan to pay, and we've seen scan to pay double in terms of incidents. We went from about 10%- 20% of our in-store transactions now being scan to pay. Our loyalty members are 2x more valuable than our non-loyalty members. Being able to convert our in-store guests to loyalty and allowing them to scan and pay in store is a huge lever for us as well. Perfect. Just going back to the operations and then the stage gating process, which you have perfected, like for the past few quarters. Discuss the learnings on what, how the wraps test like initially started off in L.A., what were the bottlenecks and what were the pleasant surprises on both the sides, better and worse? Then how, like how was the rollout planned for the current like 68 store test, and how do you plan to go from there? Sure. We started this exploration really understanding what the customer wants, both from a product perspective and then all of the details around it. A couple examples within that. When we were testing the product with customers, we learned that the product was much better if you mixed before you wrapped. It was also much better if you cut the wrap before you served it. Sounds like small things, but they really impact the overall experience. Those are things that we had to really try to figure out, can we do those things that the customer really valued without impacting the operation or throughput? We ran a few week tests in a couple stores we called Wrapapalooza, where it was rapid iteration and testing, learning about where we should put the tortilla press, where, you know, where the mise en place for everything goes. Do you steam, you know, the tortilla before you wrap? Before, after? You know, all the little details that perfect it. The good news is wraps work perfectly in our workflow, and a lot of people ask, "Do they work in Infinite Kitchens?" They do. The Infinite Kitchen is also, wraps are enabled by the Infinite Kitchen. Step two was moving it to a rapid ops test where we took eight stores in our home market in Los Angeles, and we ran it for a few months, really to work out all the kinks. Again, it passed that stage. We've now moved into the next stage where we're in a handful of markets and almost 70 restaurants. Now we're really seeing what happens when you go from a really closely watched test in eight stores to about a quarter of the fleet. Now we're looking at what does incidence look like, what does incrementality look like and what does it actually do to our operation as we expand the test. So far we've been very pleased. We're getting a lot of positive reaction from consumers. We're seeing the return rate of wraps be encouraging. The incidence has grown significantly from launch. Just like almost every day, we're seeing incidence improve and we're seeing a lot of organic social on it, which is an encouraging sign. Still very early, but encouraging that the stage gate process is working and this innovation muscle that we're building, really learning from both past success and failures has, you know, made the company much stronger. Again, got us to a place where we feel very confident in that menu innovation muscle and we'll be continuing to innovate our menu to broaden what Sweetgreen is over the next two years. Perfect. On the real estate strategy, the slowdown is intentional, helps you get a lot of things right before you reaccelerate back. Currently, 20-ish gross stores, 15-16 net with closures. Next year, probably you'd start like rebuilding the pipeline depending on how the progress on the Sweet Growth transformation comes across. How important is it for the company to focus on free cash flow inflecting closer to positive before you reaccelerate like back to the algo? Yeah. Very important. We have to obviously earn the right to grow. There's so much going on behind the scenes to make sure that our economic model is working. Jonathan talked about the Sweet Growth Transformation Plan. We have ops. We have to make sure you have best in class ops, best in class experience every single time you go into the restaurant. Then that price value, so that barbell strategy, having that entry price in and that more premium price, right? Then wraps the new occasion in the menu. All of this should be growing the top line. Keep in mind, we're one quarter into the transformation plan, so all the foundation is getting built, so I'm excited to see what happens there. Also on the cost side, we need to make sure that every dollar is working hard for us. We have the sales leverage piece, but then we're also looking at the cost of goods sold. We're looking at every single category and making sure we have the best prices. Within the restaurant, how do we make sure the ordering tool is optimized so they're ordering the right amount, so they're ordering not too little or not too much, right? We're optimizing those tools. As Jonathan said, we have that labor study going on. All of these things as they come after or come together will help us earn that right to grow. Perfect. On the G&A side, lot of areas, marketing, and we'll talk about that separately. Excluding marketing, you have given some guidance with post the Spyce sale. How do we think about this on the longer term, areas to focus on investing outside of marketing versus where you can get leverage faster? Yeah. That was one of the first things I did when I came on, is really looking at our G&A structure. This year, our underlying G&A is going down about 2%, and that's not from the Spyce transaction, 'cause once you add on bonus. It's really looking across the model and seeing if there's any redundancies and making sure that over time, we obviously wanna invest in growth, but we need to make sure we're leveraging our G&A. That's a big focus of ours. Yeah. We've been able to reduce G&A almost every year. Yeah Over the past five years, and so it shows that the discipline is there. The goal going forward is to continue to leverage it and, as Jamie said, move more dollars to things that will be driving transactions, things that consumers can feel, or, you know, telling our story more from a brand and marketing and really leveraging the rest. I think given the foundation infrastructure we've built, both from a systems, technology, and talent perspective, the G&A is highly leverageable. You have mentioned marketing and branding as one of the priorities at the beginning. I mean, as a percentage of sales, it's continues to grow. But as we look at like the Sweet Growth Transformation Plan, how are you measuring the entire marketing dollar spend, especially when you look at 2025? Like, what has worked, what has not worked? Talk about like revisiting even the social media strategy, for example, how should we think about this? You know, when I think about marketing, I think about the art and science framework. If you go back to Sweetgreen's history, we were very good at the art. It was all brand marketing. It was community. It was music festival and events, and really a lot of storytelling, partnerships, and collaboration. As the company scaled, you know, we moved more towards the science, right? More bottom funnel, growth marketing, conversion marketing, you know, things that were actually really measurable. I think the answer is actually more of a balanced approach of both. You know, as a lifestyle brand and one that's trying to re-create this new category, we need to invest more top of funnel, tell stories, partnerships, collaborations, events. That does a lot to create this brand awareness and brand affinity in the hearts and minds of our consumers, while still maintaining the bottom funnel tactics. We have changed, you know, we've brought in a new media agency, changed a lot of our media approach, and we're seeing some really good success. You know, we have a new Chief Commercial Officer, Zip, that is just awesome, gets the art and science. You'll see us, you know, do some wild stuff that's hard to measure, that just is great from a brand perspective and is a, call it brand over time, as well as, you know, the marketing stuff that is sales overnight. Just a really balanced approach around that. Expect this year to see, you know, more of a shift towards the brand marketing. To that point, more on social, more on influencers, more on content, really meeting the consumer where they are. Perfect. On delivery is like a very important channel for you guys, like 20%-25% of sales, maybe more in some of the markets like New York, for example. How important is it for the brand to communicate and importantly improve the value proposition on this channel? What is being done to address? There has been a lot of discussion across the industry on how you want to balance the pricing architecture on the third-party channels and the fees, and then also the promotions. Can you discuss like what is happening behind the scenes or anything that you could like share? We're in the middle of a strategic review of our marketplace, all of our marketplace experiences and looking at all of those things, whether it be our price markup on the marketplaces, which, you know, the original approach was more around protect margin. There are certain tests around, you know, less of a price premium to drive transactions, but we really wanna understand the elasticity there. There's also a lot of work being done in terms of the spend on marketplaces and how we can get a lot smarter about our spend, whether it be sponsored listings or promo spend on that. We've actually seen some encouraging results in the past couple weeks around some of the work we've done around the marketplaces. Each one operates a little bit differently. There's also a lot around the organic algorithm, whether it be things like our operational metrics of order times, order readiness, order accuracy, that helps in terms of the naturally showing up higher in the algorithm. We're very strong on delivery. The brand is very well suited for that off-premise channel, and we're gonna continue to optimize it, do see this as a growth channel for us as we continue to grow. You see all the data that's come out actually some today, like our consumer is definitely there. We've always believed meet the consumer where they are and make sure we have a product price offering that makes sense for that channel. Just the only thing that is that, you know, outside of the core delivery marketplace, we have also been investing a lot in our catering. We've seen amazing growth in catering. It's not only a great sales and margin driver, but can be a great customer acquisition tool. This year, we launched large format catering, which is about 75% of the catering market is large format with versus single bowl. We've seen some awesome growth and early green shoots on that channel. We will expect that to continue to be a growth driver for us. Perfect. Now to our favorite topic, Jonathan, on technology side. You have always been forefront in terms of digital, in terms of automating like make lines and things like that. World has been changing pretty rapidly in the past couple of years, and can we talk about, I want to break this down into two sections. The first, the software side, and then the agentic AI side, where how the search is evolving and how to stay relevant in a post-LLM search world. Mm-hmm. how you're leveraging internally through your office functions and like IT teams, like how has that adoption curve been? So, like I've been seeing like where it has to start from the top, not from the bottom. Let's talk about that. Separately, autonomous delivery has been getting a little more traction. We have been seeing more pilots by some of your peers outside. There's also like the whole drone delivery thing like which we have been like talking about. You can answer it like that, yeah, after this. Sure. I'll start with the first part, which is around agentic ordering and we call it GEO search, so Generative Engine Optimization. We've done a lot of work in terms of GEO already to make sure that we are well-positioned around how we show up in an LLM and while we haven't launched ordering through LLM, are very well-positioned to do so given the tech data infrastructure that we have in place. That's one. We do also have certain tests coming around agentic AI, one which I mentioned earlier on CRM. Another is we've been using AI first for CX for quite a while now, one of the earliest customers with Sierra, and have seen some great success. You know, where that is probably going is not just a CX agent, but potentially an ordering agent. Again, really well-positioned for when the consumer is ready for that. We will be very well-positioned to take advantage of that. Secondly, you talked about efficiencies within the organization. You know, we've been very early first movers around leveraging AI inside of the organization. I'm a big user myself, so is our whole leadership team. We have, you know, AI champions across the organization really going through all of our different processes and workflows and where we can have agents, and AI help us move faster, save costs, and really do things better. You know, even just the past two months, everyone watching the news, it's been transformational watching a lot of the improvements that we've seen. You know, first thing I do in the morning is I wake up, and I kinda have five agents go do some stuff for me and come back. I'm just really excited. I think it's really. We're still very early, but the company, given our innovation mindset, and our technical infrastructure, are really well-positioned to take advantage of this. Last piece, you talked about. Autonomous delivery Autonomous delivery. It's something that, you know, we've talked to all the players. We think there's, you know, over time, that could be very interesting. It's not a huge focus areas for us right now. It's something very easy to turn on through our marketplaces, if the consumer wants it or there's, you know, economic benefits to doing it. We're there. We do, you know, we are planning eventually a pilot with Zipline, which we announced a long time ago. When the time is right, we think that could be really interesting around drone delivery. Overall, I'd say autonomous delivery is not a major focus for us, at least this year. One thing to add on the tone at the top, we have an AI club, and Jon is the most active in that AI club. But it's really cool 'cause it gamifies it, and you can see everybody and, like, what did they do, and they're sharing it. I would say high buy-in on the AI side. Yeah. Yeah, we build skills. We build a whole skill category. I mean, the most important thing to leverage it properly is having the data infrastructure in a really good place. You want, you know, given how technology forward we've been, we have data all the way from our oven data of how often we cook things to our data of how often we prep things, you know, to all of our people data, all of our customer-level data, all of our sales data, all of it, built in. I can kinda go on and ask for correlations between, you know, freshness, you know, store performance and how often they're cooking chicken and start to understand. It's uncovering a ton of really, a lot of great insights. I think for right now, the biggest thing that it's unlocked is this data insight action loop moving much faster. Things that would have taken, you know, weeks or months to go from like, "Hey, I have this hypothesis. Where's the data? What's the insight? Like, what do I do about it?" That loop has turned into like a 24-hour loop. Like, it's like now you can literally do it in like, in the same day and put out tests. That's awesome. Just, one last topic before we close off here. New York market, it's been pretty challenging for a lot of brands, a lot of competition. What is the big, like, solution in your mind, like, if not like, we'll expect to see it soon on how to revive that market and get back the performance levels where you can? Is it like the pricing, or is it like some of the older stores that can, like, use some elevation in vibes? Like, any thoughts you could share there? Sure. New York is a critical market for us. It's still a very strong market. You know, it definitely has been under pressure, but there's a lot we're doing there. One, first and most importantly, it's the actual experience in the restaurants. You know, we've elevated. We've brought in a new RVP to run the region. She's done an amazing job elevating that team, putting the right leaders in place, both at the area manager and the head coach level. We've been investing a lot in that leadership development and hospitality training that I've talked about. That's part one is just the overall experience. There is some work being done in terms of the actual fleet itself. You know, whether it be stores that are up for lease that we will relocate, renovate, or close, we are looking at a lot of portfolio work being done across the region. Then the rest is really work that's happening across the enterprise that will definitely help New York. Things like wraps and broadening the menu or so the menu innovation work, things like the price-value work and the brand work. Those all obviously have an outsized impact on New York. Perfect. Thank you. Thanks a lot for joining us here. Thank you. Jonathan and Jamie. Wishing you the very best. Great to see you. Throughout the transformation. Thank you everyone for joining us, this year on the conference. Looking forward to seeing you guys next year, at the same venue.