All right. Good afternoon, everybody. Thank you so much for joining us. My name is Hamza. I'm from Morgan Stanley. And with me, I have the pleasure of having the team from Tenable here. We have Steve Vintz, Co-CEO and CFO, and Mark Thurmond, Co-CEO and COO from Tenable. Before I begin, just a brief programming note for important disclosures. Please see the Morgan Stanley Research Disclosures website at www.morganstanley.com/researchdisclosures. And if you have any questions, please reach out to your Morgan Stanley sales rep. With that, Steve, Mark, thank you so much for joining us. Thank you very much. It's great to be here. Before we get into the weeds, I'll start with you, Steve. Tenable has been going through a transition in the last few years to what's known traditionally as vulnerability management, to a more comprehensive exposure management solution, so maybe just if you could walk investors through some of the investors that may be relatively newer to the story, what that transition entails and what that means for Tenable. Sure. Good question. And Tenable is the exposure management company, which means we help customers understand and reduce their risk. Our roots are in vulnerability management, which is a foundational market. And it's basically discovering and assessing network-based devices for vulnerabilities and exploits. But if you go back and read the prospectus or even the IPO roadshow from 2018, what you'll see is that while our roots are in VM, the focus all along for us was on what we called cyber exposure, which we now call exposure management, which Gartner calls Continuous Threat Exposure Management, which is the outgrowth of VM. And it's an exponentially much, much larger market. So we're taking that core VM use case, exposure use case. And over the years, we've applied that to other asset types. And the product strategy itself is really rooted in breadth and depth. Breadth in terms of assessing vulnerabilities and exposures and other asset types, whether it's web app security, cloud security, looking at the configuration of those public cloud environments, Active Directory security, looking at the configs of AD, and now applying that broader identity use case in the public cloud, ASM, external internet-facing assets, OT. So going across the attack surface to be able to assess other asset types. And while that is important, what we said all along is that the bigger opportunity is really depth, aggregating all of that data through all of that assessment across all these asset types into a single platform to help customers understand risk and correlating vulnerabilities and threats and identities to map out a likely path of exploit. And something we'll talk about a little later is really the Vulcan acquisition, which now allows us to ingest data from third parties. So, in short, Tenable over the years has been going through this evolution of vulnerability management, which is enumerating CVEs and a long list of vulnerabilities, to risk-based VM, which is the prioritization of those vulnerabilities with contextualization and threat data and other external data, to now exposure management, which includes third-party data combined with our own assessment data to drive remediation ops and mobilization, which is really important. Got it. And you guys have definitely separated yourself as a category leader in that vulnerability management and exposure management space. I think I read a stat the other day. I think the number of CVEs, common vulnerabilities, and exploits is up something like over 40% in the last year. Yet when we think about demand for vulnerability management solutions or exposure management solutions in general, it's not entirely clear as public market investors if that demand is as strong as it is. So maybe just explain to us just the demand environment for VM and exposure management in general. Sure. Overall, we're seeing good durable growth in vulnerability management. It's a foundational market. It's not going away, and we're the unequivocal leader almost by any measure there. Our exposure management customers are coming with us on this journey into the exposure management platform, so if you look at kind of our business, what we've talked about on the public calls is this growth algo, where 75%, 80% of our business is vulnerability management, and then consequently, 20% of our business is the exposure solutions, these other asset types, whether it's cloud, whether it's identity, whether it's OT, and then also the platform that allows us to sell that. We believe that security principally is a big data problem, and we're helping customers operationalize preventative security. And so selling the platform allows us to consolidate a lot of these security categories, assess assets more broadly across the attack surface, and deliver greater insights with regard to risk so customers can prioritize and drive remediation. So we're seeing outsized growth in exposure solutions, which now represents 20% of our business. That's growing 30%. Within that, cloud is growing over 100%. If you look at the kind of growth algo of the business, that will naturally inflect growth up over time. But we're also seeing. We have had some sizable takeouts in VM on the last quarter that we discussed. There's, we think, strength in the market with respect to repatriating workloads from public cloud to private cloud, looking at greater PCI compliance requirements. And certainly, VM is our foundation. But there's a much larger opportunity in cloud exposure management, which, by the way, Gartner is now launching an exposure management MQ this year. They've never had a Magic Quadrant on VM. Certainly, they recognize that exposure management, which is a category that we've created, certainly is a big area of focus. In terms of volume of inquiries, inbound inquiries for Gartner from organizations, partners, others who are calling them, asking them how to prioritize spend, they said number one is MDR, which is no surprise, big TAM, lots of mega-cap companies there. Number two is SIEM. And just behind SIEM is exposure management. So it's a market that's here to stay. IDC is doing a MarketScape report on it. A little later this year, you'll have Forrester come out with a report on EM, which I think they call unified vulnerability management. So certainly, a lot of traction, good momentum. And the selling prices in the platform, when we sell the exposure management platform, are 50%-90% higher than the standalone VM ASPs. We'll definitely be on the lookout for those. And maybe just remind me, I think you were alluding to Tenable One, the full platform. Roughly what percentage of the base has migrated to that? Yeah. So we have roughly 40,000 customers, roughly 15,000-plus enterprise customers. We have a piece of software called Nessus. It's one of the most ubiquitous products in all of security. It's a $2,000-$3,000 scanner. And so we have roughly, call it 30,000 customers approximately using the Nessus paid version of the product. That has a cost-effective on-ramp into a larger platform sale. It creates a flywheel into the platform itself. But we have roughly 15,000 enterprise customers. And of those enterprise customers, roughly 10% are using the Tenable One platform today. So certainly, big opportunity, lots of green shoots there for us. And it's approximately 40% of our new sales. So 40% of all of our new dollars this most recent quarter came from the platform. And about a year ago, it was less than half that. Certainly, a lot of market pull for exposure solutions. The ability to assess assets more broadly across the attack surface now going forward will include third-party data. We're going to ingest data from other security providers as well. It's a good segue into the next question on Vulcan Cyber. Mark, maybe I'll bring you in here. So just a big acquisition. Seems like a game changer for Tenable. Just maybe explain why that is and what your value props are. Yeah. So a couple of things that we are very, very excited about Vulcan. And more important than Tenable being excited, our customer is very, very excited. So this is a customer-driven acquisition. And when you look at what we've been discussing with customers around exposure management and really talking about all of the different issues and challenges that customers have, one of the biggest parts of exposure management is being able to look at and assess third-party assets. It's also being able to automate your remediation and improve your workflows. And so we've been positioning Tenable One in the marketplace. And one of the big areas that now we can deliver on is this third-party ingest. And I think for the street, one of the most exciting things from a perspective of monetizing something is we've never monetized third-party assets ever at Tenable. So, this is the first time that we'll be able to go out and look for customers that have CrowdStrike, have Wiz, have Palo Alto, have any type of asset type that we've never been able to charge for or monetize. And now we can do that, be able to ingest that asset type into Tenable One and be able to improve the overall security posture, visibility, risk scoring. And so our customers have been asking for this. Their technology is phenomenal. We did a massive amount of diligence looking at every player in that space and then ended up choosing Vulcan. They were just with us last week at our kickoff meeting in Florida. And I think it was probably the most enthusiastic round of applause was when the Vulcan team got announced and started talking about some of the customer success stories and wins. So yeah, we're very, very excited about this one. Yeah. And I mean, Steve alluded to earlier, you've got 40,000 customers, I think millions of user downloads, because obviously Nessus and Tenable have a big install base. So from a monetization standpoint, you're monetizing the third-party assets and you're integrating with other security companies. But vice versa, what's the upside of other companies integrating with Tenable? Yeah. I would say, I mean, via a simple API, you can do that. I think what makes Vulcan different is a couple of things. Number one, when we ingest data from other security providers, we also include the metadata. So we enrich it in a way where when we obtain the data, it's not just the IP address or even the findings that come with that, which is the vulnerabilities, but it's also the network information, the compensating security controls, and the owner. So there's a lot of rich data that comes in. And once we get that data, it's the normalization engine, which is really important, which is a bit of a complex problem, which is, OK, looking at that asset, that particular device, is that a unique device? Because Vulcan covers five times the number of assets that we assess. So we have dozens of overlapping customers. And if you look at the customers that are using us to do maybe traditional VM or even cloud, but they're also ingesting assets from Wiz, one of the largest asset contributors to Vulcan. You also have things like CrowdStrike and even Palo Alto. But it's the normalization engine. What's a unique asset? What's a duplicate asset? That's really important to customers. So you can get complete visibility with regard to your assets and your inventory of those. But the big value add is really on the back end, which is taking all of that data, combining it with our first-party assessment data to be able to enrich it and to drive the remediation ops. So for example, you may have a vulnerable code in a publicly facing EC2 instance on AWS. Then we can take that, combine that, look at the entitlements and the privileges in terms of who has access to that, both human and machine. We can map out a likely path of exploit. It integrates bidirectionally with Jira and some of the ticketing systems. You can assign the task of remediating it through Jira. Once it's done, it's closed loop back into the platform itself. There's a lot of enrichment that takes place. It drives a lot of remediation, which is really important. If you even talk to Gartner and mentioned them earlier, what they said is certainly a major area of focus. Major spend category will be exposure management. Kind of the pieces under that are only scoping and discovery and prioritization, but also includes mobilization. That's a big piece of it. It's taking all that data, prioritizing it, doing it in a way where you're able to automate and solve some really painful manual processes for customers. And maybe just on the integration, I mean, it was a recently announced acquisition. I'm not sure if it's closed yet even. But how's that been going so far? Yep. Nope. It's closed transaction. So they're all full Tenable employees. We've got a roadmap all sketched out where we will have first integration done in the early part of Q2, and so it's an engineering org that is phenomenal, based out of Tel Aviv, so very much integrated with a lot of our other acquisitions in Israel. OK. Maybe something to cloud security. You made some investments there in the last year as well. To me, selling vulnerability management and cloud security posture management, it seems like a natural adjacency. Both of them are trying. You're trying to basically assess security posture in various different ways. So I'm curious, in the last couple of years, as you've really expanded your efforts in this market, what's been some of the cross-sell that you're seeing there? Yeah. So I'll just touch on that briefly, a couple of different areas, actually. So one where we've seen a lot of success is in that commercial mid-tier space. Because in that mid-tier space, think of companies that are 500-2,500 employees. Sometimes they don't have a separate, distinct cloud security team. The one VM team is actually managing it all. They don't have a broken out, succinct, separate team. And so when we're able to go in there and talk about Tenable One as the exposure management platform and also have full-blown CNAPP capability, and now one or two users can actually look at both hybrid environments, looking at on-prem, looking at traditional classic VM, but also cloud, we see phenomenal velocity there. The second is in the enterprise space for those larger, big customers that might have a separate cloud security team. What they're looking to do is consolidate, so they're saying we've got a pretty defined budget. We've got pretty defined resources. If there is technology that can scale and we're already using it in the enterprise, say, looking at VM perspective or at identity or operational technology, the value of being able to now ingest all of their cloud assets into one platform is a big game changer, and we did our first large seven-figure deal in Q4, and we're starting to see the pipeline grow for six-figure deals, so we do think both of those trends will continue in 2025. Another sort of market that I'm hearing more about is AI security posture management, and I think, again, similar sort of use case that Tenable could solve for. Is that something that's also expanding the attack surface area and something that you're helping with as well? Sure. Yes. We have a product called AI Aware. And so we have over 5,000 customers that use Tenable today to discover, assess, and close AI exposures. And what AI Aware does, it detects vulnerabilities in AI software, in libraries, internally developed web applications, in browser plug-ins. And certainly, it's an important part of the attack surface. As we think about AI more broadly, we think about it really threefold. Number one, it will be part of the attack surface. In the future, what we believe will differentiate on is not so much features and functionality. Yes, that will be important in software. But it's really the exposure data that we have. We have one of the largest customer bases in all of security. We have Nessus, one of the most ubiquitous products in security with 3 million cumulative downloads, tens of millions of agents that have been deployed, all collecting data. And now we combine that with third-party data via Vulcan. So hands down, we believe we have the broadest set of exposure data. But it's the ability to train that data to deliver greater insights. That will be the real competitive moment in security, unequivocally. So we believe AI will help us, number one, deliver greater insights to customers. It'll be a force multiplier on the kinds of insights that we can deliver with regard to risk. Number two, it will be a part of the attack surface. And so we just talked about AI Aware, discovering shadow AI. We also have something called an AI-powered APA attack path analysis, which is sending more customers into the platform where they can go and provide inquiries and seek remediation guidance. Securing the attack surface, securing those large language models, and even the code that eventually is written in the future that deploys a lot of these AI. A lot of talk about agentic AI, but it deploys a lot of these AI agents. Then last but not least, AI will make us more efficient as a company. A lot of the AI that's out there in the market today is knowledge-based AI. So if there's support, and Mark oversees that organization. He's doing some great things with automation in there. So less reliance on tech and support engineers and more reliance really on the automation. Customers looking for information on how to do certain things, even things like our go-to-market effort, R&D. You've listened. I think Marc Benioff was on record as saying this is the first year in this company's history where they're not hiring engineers. Instead, they're expecting 30% productivity gains with flat headcount because they're deploying agents to help write generative code, and certainly, it requires some human touch, but certainly, AI is here to stay. It will make organizations a lot more efficient. Maybe shifting a little bit to following up on cloud security. Just could you give us a sense of what the ARR for that is today, roughly, or percentage of sales around that? And then when you think about some of the emerging cloud security players, there's been consolidation in that market. But to what extent is Tenable separating itself as a top three, top five player in that space? Yeah. Very good question. And like I said before, we're seeing outsized growth in cloud. It's growing 100%. We believe we can grow cloud double it each year, every year for the next three-to-five years. That's an internal aspirational target. Obviously, the guidance doesn't set to that. But we certainly have that kind of momentum. We've talked about the growth algo of the business, where 20% of our business is in these newer asset types, newer areas for us that see higher growth. That's about $200 million. And so cloud is certainly a part of that. So call it certainly sub-$200 million, sub-$100 million, at least last year it was. And so cloud is certainly a big part of it. But it's one area of the attack surface. So we have the ability to sell the broader CNAPP offering in the market and compete head to head with a Wiz or with a Palo or even some of the others out there. If there is a Wiz, obviously, has a lot of brand recognition and certainly has a lot of momentum in cloud. Where Wiz is deployed in the larger enterprise market, we sell. We have a leading CIEM, which is the entitlement management solution in just-in-time. So it looks at combining identities with vulnerable code and the configurations of those public cloud environments. So there's a specific use case there where we're having tremendous traction. And Mark and his team have pulled out six- and seven-figure deals in that mid-market. And when I say mid-market, it is not SMB, because usually people think of SMB. It is mid-sized organizations, 500 employees up to 2,500. We're 2,000 employees, $1 billion roughly in sales. So sophisticated organizations that are seeing quicker time to value, that are buying the broader CNAPP offering itself. But increasingly, we're selling cloud as part of the broader platform. And what customers are telling us is, look, they can co-source cloud or sole-source it with Wiz, whatever they want to do. But it's connecting the dots with cloud. It's the gaps and the silos within your security stack, which is connect the dots for me for all my vulnerabilities, all my threats, all my exposures across these different asset types, and then combine that with access. Who has privileged access? Who can make lateral movements? And then tell me where my real exposure is with regard to a likely path of exploit. That's the problem we're helping solve for our customers is one of the reasons why the platform is getting great traction. Awesome. Mark, just Tenable has always had really strong traction with the channel. They've got a very large channel partner ecosystem. When you think about selling the broader platform, is the channel enabled to do that? And is there a change in the incentive structure or the strategy around that at all? Yeah, so the channel, I mean, one of the very cool things about Tenable, one of the few companies that is 100% channel, so we do not do any direct business, so that decision was made coming out of the IPO, and it's been phenomenal in regard to getting leverage and traction with the channel. One of the biggest reasons that certain channel partners won't invest in training and enablement is they're worried that towards the end of the transaction, maybe the vendor will take that deal direct, so they don't put all the resources around it. With Tenable, there is no fear. They know that we will always stick with our partners and then transact through the partner community. Our competition doesn't, so our competition takes a bunch of business direct, and so when you look at Tenable, they are very, very well trained and organized around exposure management. So think of Tenable One. We've been out in the marketplace positioning this technology and this platform for two years and seeing phenomenal growth. Steve has highlighted the growth numerous times. Now they've been trained on that. And you're actually seeing partners, some of the larger partners, change the name of their VM employees to exposure management practices. So you're seeing this shift within the channel community of not just base VM, but exposure management. And it's a great story for them because they can go in and have a very strategic discussion around consolidation. They can talk about multiple asset types. Tactically, if you're a partner, you don't have to train your SEs and your reps in five or six different products. You can now train them in one product, which is Tenable One, the platform. That's where OT flows to cloud security, web application scanning, identity, attack surface management. We saw phenomenal results in Q4. We had one of our best quarters ever of channel business, meaning the channel partners are bringing us the transaction, the deal. Yeah, the leverage is phenomenal. Maybe just one question. I'd love to open up the audience as well for any Q&A. Public sector, DOGE. I know, Steve, you've gotten a few questions about this. I believe public sector overall, state, local, worldwide, is about 15% of Tenable's business. Just curious, you're close to DC and do sell a lot to the federal government. Just what you're seeing there in light of some of the recent news coming out of that vertical? Sure. I'll start. I know Mark has some color to add here. As you mentioned before, U.S. public sector is about 15% of our total sales. Roughly half of that is federal. So we obviously do a good number of business with a lot of the states and local jurisdictions. We're absolutely very bullish on public sector globally, but as well as U.S. federal. We know the administration's committed to strengthening our cyber defenses. Trump, in his first term, passed one of the largest, the largest cybersecurity budget, spending budget that we've seen in the modern era. He's done a lot of good with regard to consolidating, like U.S. Cyber Command, rolling that under the Department of Homeland Security. He even established the CISA organization, which oversees a lot, was responsible for securing critical infrastructure. We have a CR, which is like continuing resolution, which is likely to expire in a week and a half. I doubt the House will pass the new spending bill, which means that that will likely get extended. It could get extended into April, but it could possibly also get extended into September. The significance of that means that while we have a CR, you're not likely to see a lot of discretionary spend on new projects. Customers will continue to, the Fed will continue to renew subscriptions and software that's mission critical, of which security and Tenable is one. But discretionary spending could go sideways for a little bit here. Look, I think there's a lot of work and a huge undercurrent here that's taking place. There's major opportunities for us and large deals in the pipeline. Certainly, we're very bullish on the Fed. Yeah, without a doubt. And when we gave kind of guidance a few weeks ago, we were very specific. And I talked to our federal team multiple times throughout the week. We are very optimistic about what federal is going to do in 2025 for Tenable. No projects, and we're very specific, no projects have been canceled, no budgets have been canceled, no agencies are coming to us saying, hey, we're not renewing or we're not going to do an expansion. It's more the gray area. What the agencies are struggling with is how to actually transact and get deals through procurement. So you could look at an example with DOGE, where they remove some procurement people or some contracting people. There is not a person, a human, to actually transact a purchase order. And so our champions or coaches are saying, hey, we're still moving forward. We still obviously need to make sure we're securing this asset type. We just have to figure out how to get the transaction done. And so that's every week we're trying to get a little more clarity on that. And that's why we gave the guidance. We're still extremely optimistic, especially second half of the year. As Steve said, we do think this administration is going to spend a lot of money on cyber. It's really working through the first half of the year, just getting some of the drama and some of the people backfilled where you can actually get operationally efficient and be able to transact the purchase orders. And so that's why we gave the guidance that we gave. Any questions from the audience? We got one here. Wait for the mic to get to you. Thank you, team, for coming and for the conversation. First of all, my condolences again for the passing of Amit. The news really lost a titan. I guess two quick questions. One is, how's the search process going for the CEO role? And then two is, you mentioned 20% of the exposure management business is growing very healthily, like 30%. Cloud is doubling, which is great. Just wondering what kind of growth rate profile do you imagine the 80% of the more core VM business going for the next three to five years? And then take a three to five-year point of view, where do you see the business mix will look like? Is it going to be half and half, VM versus EM, or it's more like going to be even more exposure management versus VM? Thank you. Sure, well, the board is, with regard to your first and foremost, thank you for your condolences on Amit, and the board is actively running a search. They've retained an executive search firm. They're considering a number of external candidates, and there's two internal candidates, the two that are here today. A couple of things to note there. Number one, Mark and I have a lot of history with this company. Mark's been here for five years. I've been here for 10. Amit, while he was battling cancer, was working under a modified schedule and then took medical leave, and the co-CEO structure that you see here today really reflects how we've been operating the company, and we've been operating the company, I think, quite well, certainly in the market and given what we've seen. We're acquiring companies. We're driving greater efficiency in the sales org. We're investing in R&D 25%, nearly double the growth that you see in revenue. We're walking the margins up. We have a public, we have a credit rating, public credit rating, where we can add more firepower to the balance sheet. So I think we're managing the company quite well. Obviously, the focus is really on growth. So making investments, we actually believe we have the potential to accelerate growth. To your second part of your question, 80% of the business is growing kind of high single digits, 7%, 8%. Certainly, it is growing faster than some of our competitors, which we've done really over the course of the years. So if you look at the growth outlook, just combine kind of 7%, 8% growth for our VM business and then 30% growth in the other areas of our business. That gives you 11% growth, which is what we grew in Q4, which is what we grew in Q3. Our guidance assumes that growth moderates in VM, which we think is the right expectation to have. But there's also no reason why growth in VM can't accelerate it for the reasons I mentioned earlier. However, if you look at exposure solutions, it's growing 30%. We think we have the potential, given the investments that we're making and the markets we play in and the momentum, to be able to drive that 40%, even 50% growth. So you just kind of look at the growth algo, do the math. And what you'll see is that growth will inflect up over time. Good durable growth in VM, plus continued outsized growth in exposure solutions with the potential to accelerate that, with even the potential for VM growth to go higher, we think will certainly create the acceleration that we're focused on the top line. Oh, we got one more here. Oh, just wait for the mic. Sorry. Comment on the federal side and DOGE impact is very helpful. But what are you guys kind of seeing on the SLED side? Because there's some kind of comments around the industry about kind of what's happening on the federal side, having a downstream impact to higher education and state and local that kind of relies on government grants. And given the uncertainty there, you're just kind of seeing more pullback. So kind of curious, what are you seeing on the ground? Any change or feedback from the SLED side? Yeah, just from kind of the day-to-day interaction, there hasn't been any really significant changes. It's somewhat similar to federal, where, again, they've got budgeted projects, budgeted requirements that they want to be able to move forward. I think for them, it's the same type of story. They're just trying to figure out how the budgets get allocated, if there are going to be any type of cuts or how this is going to look downstream. But again, the resiliency of that business is you've got certain states that are very aggressive in their budgeting and in their cycles that are very promising, where I am very confident what we're seeing in pipeline build. And I do think once the federal government, with the DOGE initiatives, gets somewhat cleaned up in a little bit less gray area, I think it will make state and local extremely easy to navigate and get done. They're really just looking for the funds. They're just looking for where the budgets are coming from. There's not the real challenge of the headcount reductions and some of the other things that we're experiencing in the federal space right now. Maybe just one final question. Steve, just some of the profitability improvements in the last couple of years have been pretty significant, 30% free cash flow margins, roughly. And as you think about Tenable going forward, how do you balance those very high margins with still growing double digits? How are you thinking about that? Yeah, I think the short answer is very carefully. We've always been a very balanced grower, not a grow at all cost company. And if you look at some of the things I've talked about earlier, which is making sure that we're investing in innovation, making sure that we continue to invest, put more wood behind cloud security, where we're seeing great traction, putting more investment into the platform, which is where we see this market going to exposure management, the market we believe is turning to us. Certainly, talked to Gartner about the level of interest in exposure management. We think that certainly it's a category that we've created and we're well positioned there. So you have to continue to invest. That's really important. We're a growth company and we're driving certainly for higher growth. And so that's a big area of focus for us. And the other thing, too, is that over the years, we have built a global distribution capability. We sell in 160 countries. We have feet on the street in 40. Over the years, we have expanded our direct sales org going into new markets, some of the major sectors of the economy. We have thousands of channel partners. In 2023, we spent 42% of our revenue in sales and marketing. Last year, we exited the year with 36%. And once we said on the earnings call that it will continue to moderate lower. But in sales and marketing, first time in over a year, we're adding more capacity. So we certainly see a great return on investment, which gives us the confidence to be able to add capacity. In running the business in a way where we're able to walk the margins up in a very gradual fashion, lean in, invest in areas where we're seeing outsized growth, higher levels of productivity and efficiency in the sales org. We think the balanced growth approach is really important. We're generating really strong cash flows. We see a lot of leverage. You talked about kind of the circa 30% of levered free cash flow margins. We believe we can drive cash flow margins up over what is my official guidance, 35%. We think it has the potential to be 35% plus, which is what I think I said on the earnings call. Longer term. Yeah, longer term, sorry. With that, for what it's worth, in our opinion, I think you've managed the business exceptionally well, both you and Mark, so under pretty tough circumstances, thank you for making it out to our TMT conference. It's always a privilege and an honor to have you both, and thank you to the investors for joining us. Thank you, Hamza. Thank you. Thank you.