Welcome, everyone. We are delighted to welcome Splunk to the conference. We are fortunate to have Chief Executive Officer Gary Steele and Chief Financial Officer Brian Roberts with us. Thank you both for joining. Great to be here. Great to see you both. Yeah. Yeah. Welcome to the conference. Katie White is here as well, investor relations. Thanks, Katie. Yeah, you know the format. I'll go through some questions here, and then we'll give you guys a chance to ask a question or two if you want. Just feel free to raise your hand, and we will get a mic over to you. Brian, I think you wanted. Yes, before we kick off. Yep. We may make forward-looking statements today, so we encourage you to read our SEC filings to see a discussion of potential risk factors that could cause actual results to differ from these statements. Based on the Cricket and Mantis Style Guides, here is the edited inquiry regarding Splunk's performance and market reception. Yeah, no, great question. We were really pleased with the results. We're very happy with the execution. I think there's some really interesting customer win highlights. We won the largest public sector cloud deal in our history. Mm-hmm, mm-hmm. that was characterized as an eight-figure deal. We also won an eight-figure observability deal. It was where the customer wanted to consolidate down to a single vendor to help. Single framework architecture around observability. That was a loyal Splunk customer, where we basically extended our reach into Observability and won that. I think at a high level, what we see is just some great marquee strategic wins that give us confidence in our long-term growth profile and our opportunity ahead of us. We're continuing to invest heavily across both security and observability. The changes that we made from a positioning and a go-to-market perspective over the last year, I think are really resonating. I think it's showing up with really good numbers. I'll let Brian comment a little bit on the financials. 16% top line, ARR growth. When evaluating the bottom line, our non-GAAP operating expenses decreased 1% year-over-year. On a GAAP basis, the improvement was even more pronounced, with negative 2% operating expense growth. Yep, absolutely. One of the metrics that stood out to me was the free cash flow upside in the quarter- ... $30 million that you raised for the full year. love to get your thoughts on what were the sources of upside, Brian, on free cash flow? I know it's a North Star metric now. Sure. That'd be great. No, absolutely. Please. There are two components to the raise. First, regarding our outlook for Q1, we projected $475 million of free cash flow and delivered $486 million for the single quarter, representing an $11 million beat. Mm-hmm. It felt great to raise at the end of Q1. Yeah ... already up $30 million on free cash flow. Yep, yep. Great. No, thank you. The thing that I. Yeah ... comment on as well is, when I joined, we really started a set of efficiency initiatives. Having Brian on board now, it's been four months, he's been a great partner to help continue to drive that, and we see plenty of opportunity to continue to see free cash flow expansion. One of the critical things that we did in the summer of last year is really think about what the structure of our workforce should be over time. Mm-hmm. As a result of that, we opened some global technology centers, where we're finding amazing talent, doing it at a much lower cost way. This is something that'll yield benefits over the course of the next 5, 10 years. It's not something that is a in-period. Mm-hmm ... current quarter kind of thing. It's really having great opportunity and value to the company over a long haul. Mm-hmm. It also extends the opportunity about how do we ensure that we're getting our SBC under control? Mm-hmm. That's been a big focus of mine, too. We've been quite high, and we've really felt like we needed to turn that around, and this was a critical part of that. Wonderful. Maybe we could just double-click on that a little bit more. I know it's a big cultural shift, you know, this focus on operating efficiency. How has the company embraced that? What are some of the measures you've put into place here, that are driving the kinds of results you've seen already? Yeah, it, you know, it's been interesting, and I think it's been really well received. Yeah. I think it dovetails nicely into what's happening in the economy broadly. Mm-hmm. It doesn't feel that far off from what I think other people would see at other companies. Mm-hmm. We started early. We started basically the day I walked in the door. I just felt like there was opportunity for efficiency. I had spent a lot of time doing that in my prior role. Mm-hmm. We think about it holistically. We think about the structure of the workforce. We think about every dollar, how we spend it. We think about it in the context of gross margin. We're taking a very holistic approach. Mm-hmm It's a multi-year journey. Mm-hmm. Some of these things will pay off in the short term, some things will pay off over the longer haul, but we think there's plenty of opportunity for continued efficiency that ultimately drives free cash flow. I think the one thing I'd add in terms of just the cultural impact, one of the great things Gary did when he joined is we have a weekly town hall with the entire employee base, and so it's just such a powerful communication channels. It was, I don't want to say it was a re-education, but it was like, "No, no, it's not a choice. Mm-hmm, mm-hmm. It's durable growth and increasing profitability and free cash flow. Mm-hmm. It just every week, we reinforce that, and I think you look at the results of Q1, again, negative 2%. Mm-hmm GAAP OpEx growth, it says a lot. Absolutely. No, that's great. Renewal rate has been very strong. I know you don't disclose it, but I think it's evident in the NRR number. I think, you know, you're in best-in-class enterprise levels. What would you attribute that to, Gary? You know, very sticky installed base here. Yeah, I think it's that exact point. Yeah. It's a very sticky installed base, just, it just implies that we're mission critical to the way they drive their security teams. Mm-hmm. the way they think about visibility across their IT footprint, and across this next generation of apps. Mm-hmm. The role that we play is so critical that we benefit from a very high renewal rate. Great. You mentioned this, you know, enterprise class. What makes Splunk enterprise class? I think we, you know. Yeah ... we see it in, we see it in the results. We see it in the renewal rate. We do our channel checks every quarter, and it sounds very resilient. Customers getting a lot of value out of the platform. What is it that makes Splunk irreplaceable? Yeah in the enterprise? One of the things that is incredibly unique, and has been a hallmark of the company from its founding, is our ability to take high volumes of data... Mm ... be able to index it and create results from queries, in real time. It's a really hard technical problem. Mm-hmm. I spent a lot of time this last year visiting a lot of our bigger customers. Mm. The volumes of data that customers bring into Splunk, and the kinds of things they do with it, is truly amazing. Mm-hmm. Like, I was with a customer that does 2 petabytes a day. Mm. Every single day, they ingest 2 petabytes into Splunk. We index it, and they do analytics on top of that data. That's a really hard problem to solve. Mm-hmm. It's that fundamental volume and scale that makes us different. Mm-hmm. It's, the flexibility of the Platform to allow you to solve a whole set of broad use cases. We're not narrow. Mm-hmm. It's the ability in the observability world where there's no sampling, so you can capture every bit of trace data, every single thing. Mm-hmm ... and do it at scale. Mm-hmm. That gives you the insight and visibility that you truly need to run. Mm-hmm ... world-class apps. Wonderful. What would you say the misperception is on Splunk? I get this question a lot. It seems like customer satisfaction is low. You know, the company's been through a number of transitions, whether it's pricing or billings or cloud, I know a lot of that's behind the company now. Yeah, no. Yeah ... I think it's true. Yeah. I think we've gone through a number of transitions. I think from a Wall Street perspective, we've had financials. Yeah you've lived through this. Sure. A little difficult to digest. Absolutely. I think as Brian and I have been talking about, there's really two critical metrics that we should be judged by: a top-line metric, which is ARR and ARR growth. Mm-hmm ... and a bottom-line metric, which is free cash flow. I think sometimes because of ASC 606, people get confused about. Sure ... and net margin and those things. Yeah. Yeah. In reality, if you just focus on ARR and free cash flow, you can see through. We also went through a very difficult transition from a cash flow perspective, where we were billing customers upfront. Yeah O ver 3 years ago, to today, where it's all annual billing. I think the difficulty on the financial side, I think we've gotten through that. Mm-hmm. The other thing that is true is, we operate in a very big market. Mm With a very big TAM. Mm-hmm. There are lots of companies that would like to play a role in that market and take... Right ... some share of that, I think that's what's created some of the noise as well. Sure. We feel very good about our ability to continue to deliver great outcomes for security and observability customers. Mm-hmm. I think one of the fundamental changes that we made that I think will play out. Yeah ... and play out in an important way over time, when I joined, our positioning was all about data everything, so basic platform positioning. Mm-hmm. When I joined, it felt like we weren't focused on the needs of our buyers. Right. Thinking about the CISO, and what does the CISO need, and what does the head of DevOps need, or what does the CTO need? Yeah. How do we ensure that we're addressing their specific requirements? Mm-hmm. Through the changes in our go-to-market, we've really aligned on how we deliver value to those people. Okay. I think that will ultimately help push down some of this noise. Okay that's been in the market for a long time. Okay. Great. Wonderful. You took over as CEO over a year ago. Yeah, it's been about 14 months now. Yeah, 14 months. Yeah. looking back now, I mean, what were some of the initial focus areas, the strategic changes, if you will? Sure ... or operational changes that you've instituted? Now, looking back a year later, year plus, where have been some successes, and where are some of the efforts that are still underway? Yeah, I think one of the main things that changed is we had a lot of people change. Yeah It's really a brand-new team. Brian was the most recent addition. Brian joined us in January. It's great having a partner to help drive the overall financial model for the business, the efficiency that we've been seeing. Mm-hmm. We had lots of changes, so we brought in a new head of product. He joined us in the fall. He's done an amazing job. He then subsequently brought in our new CTO. She joined us the last month-ish. Mm-hmm. She's an amazing person, and I think will deliver great outcomes on the AI side of things. Okay. We brought in a new chief people officer. She was really my partner in helping drive down SBC and the restructuring of our equity-based compensation. Mm-hmm. She and I had worked in the past together, and so we were able to move really, really fast on that. Mm. A lot of the times, those things take years... Sure We were able to do something in six months. Sure. Yeah. We appointed a new Chief Customer Officer, really thinking about how do we ensure customers are getting maximum value from Splunk. The, I think the people side was a big focus for me. Mm-hmm. When I walked in the door, I said, "We're gonna be more efficient." Like, that was. Yeah ... like, was first and foremost, driving balance between growth and profitability was super important. We started a set of initiatives there. Mm-hmm. We're obviously delivering on those. I think there's continues to be more to be done. Mm-hmm. The other piece for me has been, how do we continue to improve the pace of innovation? Mm-hmm. I think there's a tremendous amount, a value that we can deliver for our customers. Under Tom Casey's leadership, who's running product now, we're seeing those benefits. Mm-hmm. There's more there. As we talked about on our earnings call, like, I'm super bullish about AI. We're at the very beginning of that journey. We've done some really interesting things historically- Mm-hmm ... we're moving at an accelerated pace on that front because we think there's value to be delivered there. I feel very good about the progress we've made over the course of the last year. It's been a lot of fun. I think we have a lot more to do. Mm-hmm Thrilled to be part of the team. That's great. That's great. maybe you could elaborate a bit more, 'cause, you know, we know there's a lot of focus here on efficiency. Single Seller mode-. Yeah ... is one of those key initiatives. Yeah. Maybe you could elaborate on that? Yeah ... how that can drive efficiency, and then some other initiatives. Yeah ... are underway. Brian and I can team up on this. Yeah. One of the observations from a go-to-market perspective is that we had a lot of people surrounding the customer, and we weren't very efficient. Mm-hmm. Like, I would go to meetings, you'd see a whole bunch of Splunkers. I'm like, "Why do we have so many people in this meeting?" I don't know that it was always clear to a customer who their sales rep was. Right. We moved to what we call the single seller model. Historically, we had a different seller for different product lines. Like, we had a different seller for security, a different seller for observability. We had a separate seller for cloud. Yeah. Just a lot of people in the mix on deals. Mm-hmm. We moved to this single seller model at the top of October. It resulted in a RIF of roughly 300 Splunkers. Okay. That was a restructure we did in the fall. That simplified then the number of people calling on a customer. Mm-hmm. We assumed that all of those people would be capable and competent to sell to the security teams. Yeah. They're backed up then by a set of advisors to give them the technical knowledge on specific competitive areas or specific product areas. We continued that into the beginning of this fiscal year, where we focused our sales team on selling new use cases, delivering more value... Yeah ... to customers. Yeah. Historically, that was more focused on just cloud migrations. That's literally, salespeople were just thinking about doing cloud migrations. This evolution of our go-to-market to get to single seller and now to be focused on use cases and value selling, I think has been really transformational. I think the positive results really played out in Q1. Yeah. That's been a pretty big transformation for us. Mm-hmm ... and one that's gone It's gone very smoothly. Mm-hmm. Mm-hmm. Brian, do you want to comment on another area? Yeah. Yeah, I mean, I'd say we've been very thoughtful, to Gary's point, around our workforce strategy. I think that is something that will just, you know, be a catalyst for opportunity for a number of years. Yeah. It's not like it was X, Y, and Z. Right. It's just being thoughtful- Yeah right? Yeah. just being, you know, very prudent when. Right looking at expenses, the zero-based budgeting mindset. Sure ... to really try to justify spend. 'Cause there's lots of things, especially if a company has been around for 20 years, you're spending a lot of money on lots of different things... Right 'cause you've done it historically. Sure. I think Gary and I are not afraid to ask, "Well, should we be? Right. What is the ROI of this? Sure. those types of conversations. Yeah ... I think, again, it manifests in the fact that Q1, we're down, on a GAAP basis, down 2% year-over-year. Mm-hmm. It's a result of those things. It's not... Yeah, you know, there were certain cost actions... Right ... with RIF, et cetera, but it's really being more thoughtful on- Yeah all the other expenses. Yeah. Yeah, to that point, I mean, there are investment initiatives underway. I mean, you're continuing to integrate the Observability Suite. Absolutely ... and the cloud, furthering the cloud. It sounds like you are still hiring, and you're still investing- Absolutely Maybe hiring from different locations. Yeah, headcount was up 4% year-over-year. Yeah end of Q1. Yeah. Okay. I think the other thing I would say is, even in the choppy economic conditions that we've experienced, that we've talked about on our earnings calls, we've continued to invest in go-to-market. Mm-hmm. As a very specific example, if you look at our business today, we're kind of roughly two-thirds Americas and one-third International. We have been underrepresented in some of these international markets, and so we've been hiring. We have been growing our sales organization, even in the face of. Mm-hmm ... some of this choppy economic environment, because we want to be well-positioned. Yeah. As we begin to see the economy improve, we want to see our growth accelerate. Sure. We wanted to make that investment, and we were willing to make those trade-offs. We're growing in this area while. Yeah looking for efficiencies in other. Got it. Great. Maybe back to the single seller model. You would think that would bring in larger deals. Mm-hmm. If you're asking a rep to sell all three components that you described. Mm-hmm Security, IT, observability. Is that your observation in the pipeline? Where has the success been there, and how has that proven in the metrics? I think, where I see the wins, frankly, and the opportunity is these big deals that we referenced, the, you know, biggest. Yeah ... public sector cloud deal Yeah ... that we'd ever had. Yeah. the consolidation opportunity that we took in, the financial service information technology company- Right where they could standardize on us. I think those are the kinds of things. Yeah we're seeing, where we're seeing this real benefit of getting- Mm-hmm ... the single seller model really humming. a lot of that comes down to single database, you know. Yeah Single source of the truth, if you will. Right. You cover logs, metrics, and traces, as well as APM. How is that resonating with customers? Do you feel the product set is fully integrated at this point, or is there still more work to be done? No, we've made tremendous progress, and if you just go back in time, we got into the observability market through a series of acquisitions, basically six acquisitions that got done. Mm-hmm. The development team's done a phenomenal job of bringing all that capability together into our Observability Cloud. Mm-hmm. Middle part of last year, we really began to focus hard on: How do we ensure that people that are using our Observability Cloud get all the value and power from the Splunk platform? Mm-hmm. A lot of integration has happened with the core. Mm-hmm. There's probably more to be done there, but we're winning big deals, and it's really working. Wonderful. Let's see. Maybe we could go to the, maybe to you, Brian. Guidance for, ARR free cash flow margin of 20% is implied in your guidance here. Is that a reasonable metric for gauging free cash flow, kind of ARR free cash flow conversion, if you will? Is that the way you think about it? Yeah. I mean, the one thing this, you know, as you think about the business. Mm-hmm. 95% of our free cash flow is Q1 and Q4. Yeah. Right? Because we typically, our bookings are then collected the subsequent quarter. Yep. I think when you look at our guide this year for free cash flow with the new guidance of $805 million-$825 million. Mm-hmm We are seeing 89% to 93% year-over-year growth. In terms of profitability, our margins are now between 19.5% and 19.8%, a significant increase from just 11.6% last year. Mm-hmm. Just massive improvement in... Mm-hmm I'd say a choppy, macro, economic environment. Right. I think it's really important to understand there's structurally nothing about Splunk that prevents it from having the margins of- Mm-hmm ... other large software companies. Yeah. I think it's early... Yeah We just need to keep, you know, I think the onus is on the company. We just need to keep putting up quarter after quarter after quarter in terms of just execution. Sure, sure. Because I think, again, it was a complicated story. Yeah. Free cash flow during the business transformation it went negative, which- Right. Right, exactly. ... Hard for sort of. Yeah. Now we're coming out of this, and I think, again, you know, we've said publicly we expect, you know, healthy growth next year in free cash flow. This will be an ongoing story for us. Yeah. When we get to Investor and Analyst Day later this year, we'll give you what is the long-term ARR target. Got it. What are all of the expenses as a% of ARR, and then what's free cash flow margin? Okay. Well, I won't steal your thunder. That was my next question. Any targets? Yeah. Sorry. We'll hear that at the Analyst Day, of course. Yeah. Gary, you've talked about how you kind of pulled back on the cloud. You, you mentioned that was a focus when you came in, and you realized, well, you know, the focus should be elsewhere, selling solutions as opposed to the cloud. It sounds like that was the realization. Yeah, I think we were forcing customers to the cloud. Yeah ... weren't ready to go to the cloud. Yeah. I think one of the things that we fundamentally believe is that the TCO and the opportunity around the cloud is phenomenal. Mm-hmm Customers will get there. Yeah. It's just getting there on their timeframe versus our timeframe. Right. I believe that all of our larger customers will all have a multi-cloud hybrid environment. Mm-hmm. One of the things that will continue to differentiate Splunk is our ability to operate across that broad, complex environment. Mm-hmm. I think it'll be a strategic advantage for us. What does that mean, I mean, for hybrid cloud? How do you manage hybrid cloud for some of these larger accounts? Yeah, it's super simple. You have the ability then to run Splunk across those different environments. Mm-hmm. You have the ability to do queries and data analytics across the environments. Yep And do it in a seamless way. Mm-hmm. This becomes more and more of an issue when you think about things like, data privacy rules. Mm-hmm. You might need to stand up Splunk environment in another country. Mm-hmm In a SOC, you want to have a single view of what's going on. Mm-hmm. You can do that through our federated search capabilities within Splunk. Mm-hmm. It's actually very cool, and I think it really speaks to the flexibility that we need to deliver our customers to get the capabilities that they need. Mm-hmm. Mm-hmm. We think this ability to run on-prem as well as cloud will be a long-term, very important strategic differentiator. That's great. It seems like you've kind of retrenched to security. Now, that's, I think in the past, 75% of the business... I don't know if we retrenched. Okay, maybe that's not the right word. I think we got focused. Focused on security. Yeah. For a better way to say it. Yeah. No, and was that... I mean, is that the way to think about it? I mean. I think the main thing that we do- Going back to IT at some point is something that we should expect or observability those two become more of an emphasis? I think, what we did was as follows: we were in this broad platform mode. Mm-hmm ... when I joined. Mm-hmm. I felt like we had lost our focus on the security buyer. Mm-hmm ... and delivering value to that buyer and those practitioners. Okay. Getting alignment to ensure that we're delivering value to that, those very important buyers was super important to me. Okay. If you look broadly across Splunk, we've said consistently that over half of our business is security-related. Yeah. The reason we've never given an exact number is we don't have an exact number. Right. People can use the Splunk platform- Mm-hmm ... in a lot of really interesting ways. Yeah. We can't always tell exactly how it's being used. Sure. What's really clear, where we've had tremendous opportunity, is entering an account through security. Mm-hmm ... building that relationship, showing the power of what you can do with Splunk. Mm-hmm And then typically slides and grows into the IT function, where they drive resilience, in the IT function. Mm-hmm. With this next generation of microservices, Kubernetes-based apps. Mm-hmm Having that broad visibility using metrics, traces, synthetics, everything else you wanna do. Mm-hmm Extends our path into observability. Okay. We typically land with security. Maybe we could dive into Observability a little bit. Sure. What is the state of the Observability Suite? Do you feel like you have the components now? There have been a number of acquisitions over the years. Yeah. There's been a lot of effort to integrate it. It's integrated into the cloud offering. Yep How would you describe kind of the state of that suite today, and when do you think, if it hasn't happened already, you'd go more materially after that in the go-to-market? I think, a couple things. One is we feel really good about, the capabilities and for us to deliver at scale observability that large customers need. Okay. Being able to do full fidelity, no tracing, do it at scale, large apps, lots of data ingestion. Mm-hmm. We will differentiate ourselves every day at the high end of the market. Mm-hmm. We feel very good about the core capabilities. We're continuing to show progress on the level of integration that we have between the Observability Cloud and our core. Mm-hmm. That's getting better every single day, and that's the feedback we're getting from customers. Mm-hmm. We feel very good about the trajectory and our ability to go more broadly after this market. Yeah. As we went into our sales kickoff this year, and the focus on, use case selling, observability was a big part of that. Yeah. I think that's why we've seen some early, nice, big strategic wins as a result. Why don't we see if there are any questions from the audience? If you have a question, please feel free to raise your hand, we'll get a mic over to you. Hamza, Nancy? Why don't we, why don't we start with Hamza, and then we'll go to Nancy. Please. Right in the front here. Everyone's talking about AI, obviously. Yeah. Can you just talk to us about how you foresee yourself integrating that into? Sure Into the business? We talked a little bit about this in our prepared remarks in our earnings call a week and a half ago. First and foremost, we've been doing a lot of work in the AI field for a long time, but we're continuing to extend and accelerate that now. First and foremost, there's it's called an SPL Assistant. SPL is our search language that allows you to do data analytics on our platform. We released this assistant based on an LLM model 1 year ago, roughly. Okay. We're now updating that and seeing some real progress there based on all the knowledge and learnings that we've had working with customers. What does that do ultimately? It really lowers the barrier to get great outcomes from Splunk. Enter in English language what you're trying to do, and the actual code of what you want to do gets generated automatically. And that's something that we think really extends the reach of where we can deliver value. Mm-hmm. That's first and foremost. Two is, machine learning has been a core part of platform for a long time. We released a Machine Learning Toolkit in 2017. It's been downloaded, I don't know, over 200,000 times. We see tremendous opportunity broadly in ML in areas like anomaly detection. How can we find anomalies from a security perspective more effectively? We think there's tremendous opportunity to extend that into the automation work we're doing for the SOC, the automation work that we do broadly in O11y. How do you automate runbooks and those kinds of things? We're early in this journey, but we feel really good about it. Great, thank you. Nancy, please. I would sort of love to follow up on his question, I think. You know, we've had a lot of discussions with some of the other software companies over the last day on what your customers will really need from their systems to extract a lot of that quantifiable value, above and beyond the initial productivity issues of time is money, right? Right. What do you think that journey looks like, right? Because you have a lot of data. Companies have always said, "Oh, if we could just use it smarter. Yeah. Right? For sure. What are the steps and sort of timeframe do you think? You cited a couple of things that you see within your own shop that you'll start to benefit from, but what do you think the journey will look like for corporate America in terms of, if we invest in this, we are going to get a return when? Yeah. Does that make sense? I think, let's talk about it in terms of personas and buyers, because I think it's an easier way to think about the problem. Yeah And not be quite so generic. I think in the security world, the opportunity for us is to provide better, faster detections because we can leverage this broad data set to do really interesting ML. I think you will start to see, you'll see those benefits even within the next year. What does that mean in terms of people, et cetera? It just gets easier and requires less team for, to work the SOC. Detections, automation. A lot of manual stuff gets done today in the security world. It's super manual. Mm-hmm. That will get better and better and better, the number of people and the efficiency that you see in the SOC continues to improve. I think those are the biggest opportunities, and you see those, I think this year, next year or the following year. This is not like we're gonna wait for some magic to happen, 'cause you can increment your way there. In the observability world, the opportunity there, because corporate America is not there today, is the ability to identify problems before they happen and take action before they happen. We're in this, "What happened? How long is it gonna take to figure it out?" Like, that has to shrink dramatically, It's a combination of people, so less people required, and ultimately more customer service value, 'cause these things are down. I mean, fundamentally, you've got something down, and so your customers can't interact. Right. It's costing you- It's just disruption. It's top line. Right All that business disruption shrink, which has tremendous top-line value. I think that's more, I don't know, it's probably 24 month-ish... Right In that timeframe, but it's not five years. These are reasonably short-term windows. I think you get top-line benefit. I think the only negative that people need to think about is, threat actors now have more sophisticated tools to use as well. They're using the tools. It ultimately, I think, will continue to force corporations to think about their security spend. They're not gonna be reducing their security spend, 'cause it's gonna be harder. Makes sense. Well, we're out of time, guys. Thank you so much again- Thank you. Brian, for joining us. Really appreciate it. Great discussion. Thank you very much. Yeah. Thank you.