There's a lot of pressure, you know, on the Mortgage market positively though what we're seeing. Our consumers, they're paying their obligations on mortgages and you know, the delinquency rates are very low. So that, you know, that trend continues on. We look at our credit card and our banking customers. That group of customers also has been relatively stable as well, impacted in 2023 by the deposit dislocation that happened in the aftermath of the Silicon Valley Bank collapse. That has stabilized and we've seen the small- medium- sized banks in essence be stable, and also important from the consumer side is we're seeing delinquencies modestly tick down so the consumers living up to their obligations. Consumer Lending, this is where a lot of our fintech customers are at. We've seen that get incrementally better as we exited 2024 and we get into 2025. Several of the larger fintechs, when they released their earnings, they had overall positive commentary and good results, and you know, we're seeing that, but remember, we serve the broader ecosystem there on the Consumer Lending side, but we're encouraged by the marketing activity as well as the level of originations that are happening there, and then the last line of business is our Auto LOB, and in Auto, what we're seeing is good new sales, new car sales, but there's an extraordinary amount of shortage on the used car market that's having an impact overall, so origination volumes are actually lower in Auto than they were pre-pandemic, but consumers are living up to their obligations, and you know, in essence paying their bills. Delinquencies are in a historical, you know, range. When we think about just the overall health of our customers as well as consumers from a customer perspective, what we're looking for is that they have a good source of funding, whether that's deposits or their ability to be able to get into the capital markets. To this point we haven't really seen anything that's been, you know, disruptive. We also look at, you know, are they taking charge-offs or any loan loss reserves. With the last earnings cycle that seemed to be, you know, modest, you know, at best. That's encouraging. When we look at things from the consumer side, the real driver on the consumers is employment. Unemployment continues to be low as well as real wage growth is another indicator. That continues, you know, to be overall good. What that's translating into is delinquency rates for the consumers. As I already just talked through with each of the lines of business, they're basically in line with historical norms, you know, for the business. So we're not really seeing anything that would indicate stress, if anywhere. Where there's stress in the system, it's with the lower income consumers where inflation has taken a bigger bite, you know, out of their incomes. So we're seeing an overall, you know, healthy consumer as we think about, you know, the news with the announcement of tariffs. Need to see, you know, how things, you know, play out, you know, from the consumer perspective. If prices are passed through, what happens to their capacity to buy and then their willingness to be able to want to get into a credit product, r ight? So you need to understand the impact there. And then just from a business perspective, it's really about understanding w hat they're going to do with a higher input cost with a tariff now, right, and how they manage their costs, so those are the things that we're looking at right now. Needless to say, the situation is fluid, so in recognition of that, our guidance that we put out for 2025, I mean, many of the issues that we're hit with right now, we knew that there was something that was coming, so we are guiding 2025 revenue to be between 4.5% and 6% on an organic constant currency basis. The 6% at the high end, think of that as more of the same, the continuation of the trends that we've experienced from late 2023 throughout 2024. The low end of the guidance is where we've modeled in a downside scenario, so for potential deterioration on the factors that we just, you know, just discussed. So, you know, with that, you know, that's what we're seeing from a regulatory standpoint, you know, our primary regulator is the Consumer Financial Protection Bureau or the CFPB. Obviously well publicized that, you know, they're pretty much on pause. I just want to, you know, highlight that regardless if they're on pause or not, you know, what we're focused on at TransUnion is financial inclusion. So we have a lot of things in common with the CFPB that doesn't change. You know, for us, we put the consumer first in everything that we do. And then, you know, secondarily we've had some consent orders and different agreements with the CFPB. Whether or not, you know, they're, you know, active or not, we're adhering, you know, to what we already agreed to, you know, from that standpoint. So as a result of that, that's you know, that's we think that's good business and you know, good for our customers as well as for the consumer overall. That was a very comprehensive response and you really covered the ground. My multi-part five-part question, switching gears a bit, let's talk about the Mortgage. Obviously the lower rate environment or higher rates, but rates coming down off the highs is positive for the Mortgage environment. A question that we get is have you seen any change in the market dynamic in terms of the inquiries per origination pre-qual side? Are you seeing anything from 3B to 1 or 2B on the consumer shopping side? Are you seeing any change in trends there or in terms of the tri-merge pulls, any shift in the number of pulls per mortgage? So a comprehensive question on inquiries and how those are trending. Okay, so let's talk first just about, you know, mortgage underwriting first before we get into, you know, pre-qualification. When the Federal Reserve cut interest rates for the first time in September, the 10-year Treasury yield moved in tandem, you know, with the Fed funds rate and the 30-year mortgage rate also went down. And we saw a significant amount of, you know, activity, whether it's purchase or refinance activity. But as the fourth quarter continued on and the 10-year Treasury yield started to increase on inflation concerns and potentially higher interest rates, we saw that markedly slow down as far as, you know, the pace of activity. So and that's, that's really what we continue to see. But we think we're starting to see consumers as well realize that maybe you know, mortgage rates that we had seen historically aren't the norm. You really saw that again in September, maybe early October timeframe, where we did see a significant amount of activity, and it was at rates, 30-year rates, that were higher than, you know, we had been accustomed to over maybe the last 5- 10 years. The challenge with Mortgage will continue to be housing prices are just simply high right now. Then you couple that with interest rates that are as high as they are. It definitely is going to have an impact on the business. Now, conversely, you look at where the 10-year yield is at today, and it's come down rather significantly from where it was at the beginning of the year. And if that continues to come down in the 30-year rate comes down, we should benefit just like we did, you know, back in September. So we're obviously watching that like everybody else. The second part of the question I think is on the pre-qualification and you know that pertains to Fannie and Freddie making change to what they call their early assessment program where in the past to be pre-qualified for a mortgage you'd have to have a pull of three credit files and you know, they've said, or two or one would be sufficient. I would say what we've seen to this point over the last year plus is perhaps some changes on the margin. Nothing significant, you know, has changed yet. So, you know, our focus is to make certain that our offering is competitively positioned in the marketplace in the event that there is a rather significant change. But right now we're not seeing much. That's helpful. Just maybe on your competitive positioning, we've definitely seen your outperformance being significantly stronger compared to some of your peers. Can you just talk about what's driving that strong outperformance that we've seen over the last few quarters? Yeah, so the outperformance, I mean, first of all it's the guidance and our philosophy is, you know, making certain that what we put out, you know, in the market for investors to assess is something that we have a line of sight to. So we are, you know, maybe we'll get knocked for this, but we're conservative and I would prefer that, you know, we are that way. So we want to make certain that we're able to be within range that we provide. But we run to beating the high end, you know, of the guidance. So the only way that that happens is just by, you know, solid execution of, you know, our product and our sales teams to be able to leverage the product that we have in market and to be able to deliver on the commitment. So I think that's, you know, that's the advantage that we've had. We've introduced a significant amount of product innovation just over the last year, half a year to a year with replatforming our fraud products on the TruValidate platform, our marketing products and the TruAudience platform, as well as in communications, our Trusted Call Solutions and all of those product capabilities are on our OneTru platform and we're getting some significant benefit. So being able to leverage the efficiencies from that platform with the new product innovation coupled with what I talked about with sales and the product people is really what's given us the edge in the marketplace. That's very helpful c olor. M aybe shifting gears a bit, just moving on to the emerging verticals. Can you talk about the dynamic there? You've continued to see really strong growth in insurance, double digit growth. How do you think about the trends in insurance going forward and then we'll talk about other segments as well? Sure, yeah. So we're very excited about our Insurance vertical last year double-digit growth, you know, in that business and you know, when you looked at the performance of the business overall in 2022 and 2023, still growth, but the growth was tempered. And primarily what that was was the impact of inflation on repair and replacement costs and insurance carriers not able to pass premium increases on, you know, to the consumer because they needed regulatory approval to do that. So by the time we got to the end of 2023, going into 2024, a lot of the rate increases had been put into effect. So we enjoyed the benefit of, is what we refer to as shopping activity. So if you see, you know, a premium increase, you may think that another carrier will be able to provide a better, you know, premium to you. That shopping activity drives inquiries, you know, on our credit file. So that's been a positive for us. But I think what's more instructive about what's been going on in the Insurance vertical for us is the marketing activity. So we've seen a meaningful uptick in marketing throughout 2024 into early 2025, which means that the carriers are receptive to underwriting new business. So that's been a positive as well. So we're enjoying the benefits there. But we've been in the Insurance vertical for a number of years and as our insurance customers have grown, we've grown with them and we're now providing products and services that really complement, you know, what we offer with credit and marketing type of products. Product that we call DriverRisk is something that is growing quite significantly for us. So that closeness to the customer, knowing what their pain points are and developing solutions that help their underwriting process has been a particular advantage and a strength for us in that vertical. That's helpful. And then when we think about Neustar, I think Neustar did mid single digit growth in 2024, but again Neustar is split again between the financial services and the emerging vertical. So maybe if you can just talk about what you're seeing on the emerging vertical side in the retail e-com telco, marketing fraud products? Sure. So Neustar, this is our fourth year of ownership. So 2022 through 2024, Neustar grew at a mid-single-digit rate. When you exclude Mortgage from our U.S. Markets business, that growth rate was higher than the rest of the U.S. market. So it was accretive, when you look at it on that basis. But we didn't, we didn't buy Neustar to grow mid-single digits, right? Our expectation is that the business should be growing high-single to, you know, low-double digits. So we, we bought the company at a time when there was, you know, some uncertainty. We, you know, talk about with, you know, interest rates and inflation and it still performed well. So we've taken the, you know, the last three years to really get the products aligned. I already talked about what we've done with the fraud in the marketing products. So we feel that, you know, we've set up, you know, the Neustar business, you know, quite well across our portfolio. In fact, it's even funny for me to talk about the Neustar business because we've integrated it, you know, into, you know, what we do at TransUnion. It's actually really hard for us to pull it apart. And I know you like to ask and as many of our investors do, right, but, and that's a good thing. You want us to have integrated, you know, this business and that's really, you know, where, you know, where we're at. So when you think about the opportunity within the emerging verticals, you know, the TruAudience platform clearly plays into our Media vertical. So we're going to expect, you know, the marketing business, you know, to, you know, drive some growth there. We've had some new wins. We'll expect to see the benefit of that more in the second half of 2025. The fraud products cut across all of the other emerging verticals. Whether that's our tech, retail, our e-commerce customers. Fraud is a problem with our lives. So digital our products are enabling our customers to transact with confidence knowing who they're interacting with on the other side. And then Trusted Call Solutions, and this is a business, a product line that in 2022 did $50 million of revenue and in 2025 we're expecting that to be $150 million. So we've seen a significant amount of growth in Trusted Call Solutions. And what Trusted Call is in essence doing is it's bringing certainty to consumers that it's actually, you know, someone that they do business with, whether it's their bank or their mortgage provider. How often do you get a call on your mobile device and if you don't recognize the number from your contacts, you don't pick it up. So what this is doing is it's putting a branded logo and potentially even a reason for the call on the screen. So we've seen a lot of receptivity. So this is something, when you think about Trusted Call, it cuts across all of the vertical markets. And that, by design, is why the vertical, the emerging verticals are set up right. Ten years ago, it was intentional for us to go into these adjacencies to be able to take the core of what we have in credit and be able to exploit that into other areas. But what we're able to do then is augment that with newer solutions like fraud and marketing and, you know, the communications. Now we've been talking about emerging verticals, t hat doesn't mean that the products that I've just been talking about, they don't have applicability for financial services. They do. Right. We sell a significant amount of Trusted Call as well as, you know, marketing and fraud into financial services. But what's probably, you know, even more exciting about the opportunity here is its global applicability and these products as well, too. So when we looked and we did the Neustar acquisition, this wasn't just to solve problems for our U.S. customers. It was also a focus on could we export the IP, you know, to our international markets. So, you know, I know your question's about emerging verticals, but there's applicability, you know, to the international areas as well too, for those solutions. Yeah. Before we move on to international, I do want to discuss the recent partnership with Credit Sesame. What was the rationale behind it? How should we think about the evolution of your direct to consumer product going forward with that partnership? So TransUnion has always had a particularly strong consumer business, but over the last couple of years, there was a capability that was missing from our overall portfolio and that, you know, pertained to freemium. So, you know, TransUnion historically has sold products that are premium, meaning, you know, credit monitoring or, you know, three bureau monitoring and scores. And consumers, you know, coming out of the pandemic really embraced the freemium players. They were okay with seeing their credit and an offer alongside of it. TransUnion, because of the power of the brand, we generate so much web traffic and there were consumers that just come to the website that maybe they didn't want a premium offering. And we didn't have that freemium capability to engage with them and keep them in our ecosystem. So we decided to partner with a really good customer of ours, Credit Sesame, where, you know, to help, where they helped us with the technology, but also provided the offer inventory as well, t oo, you know, for us. So we're really excited about the opportunity here. I mean, we used to report the Consumer Interactive business as a separate segment. So those of you who are familiar with us know that this is a very profitable business for us. It had Adjusted EBITDA margins in the mid-40s to 50%. So we felt that, you know, it was important for us, you know, to be able to have a more comprehensive offering. And that was on the heels of the acquisition that we made of Sontiq in late 2021, which also filled a gap in our portfolio at that time as it pertained to identity protection and also breach services. And that's a business that went from $95 million in 2022 to $165 million last year. So we've seen some good growth there. So we feel that we've filled all the gaps and we now have a really good solid offering in the Consumer Interactive space. Oh, that's great. Switching gears, talking about international business. Can you just talk about what's going on with India? What's going on on the regulatory side? What's driving some of the softness that you have mentioned on fiscal year 2025 and how should we think about the longer term growth trajectory there? Yep, absolutely. So in India, late 2023, the Reserve Bank of India w as assessing, as they do, the loan-to-deposit ratio, you know, in the market. And it got to an uncomfortably high level for the regulators. So they decided to impose some restrictions on the lending of the banks. At the end of the day, I mean, it really was about making certain that consumers didn't get overstretched. So probably a prudent action, you know, that they took, you know, at that time frame. It took throughout 2024 for that really to ripple through, you know, our business. And in the fourth quarter, you know, we did see the consumer online volumes actually declined, but we grew 18% in the fourth quarter. And the reason we were able to do that, again, like the conversation we were just having with emerging verticals. We've designed the portfolio for our India business intentionally to not just be embedded within core credit. That's 60% of our revenue. The other 40% comes from areas like our commercial database, our fraud products. We have an Insurance vertical and direct to consumer capabilities. So while that part of the business, while the consumer part of the business was slowing, our team in India did an outstanding job being able to leverage the full breadth of our portfolio and to continue to drive growth, and that's how we were, you know, able to perform the way that we did. However, we flip to 2025. We do expect modest growth in Q1, but as 2025 moves on, we are expecting the trends to get better. The last meeting of the Reserve Bank of India, they cut interest rates by 25 basis points and also signaled that they felt like they have accomplished what they wanted to as it pertained to, you know, slowing the lending and making certain that the delinquencies didn't get too far ahead of themselves. And now indicating that, okay, maybe we're going to, you know, perhaps loosen that a little bit. So we're starting to see, you know, activity, you know, incrementally get better. So Q1 will be modest, Q2 will probably be a little bit better. And in the second half of the year, we think we'll have a better trajectory. So the 10% guidance that we put out for India, again, like I talked about at the beginning, I think we're being conservative but prudent to make certain that, you know, we achieve, you know, what we put out into the market. Again, you have not given necessarily a guidance for the midterm to long term, but as you mentioned, as you exit the year, you expect the growth to reaccelerate. So that should, that momentum should continue as we think about the next 3-5 years? Based on what we're seeing as we sit here today, I think that would be true, r ight? But we need to, you know, see how, you know, just macro events play out throughout the rest of 2025. Makes sense. Makes sense. Maybe just a quick minute on Canada. You've been growing faster than the market in Canada as well. And we have to talk about Canada RBC conference. But just maybe a question on tariff there as well. Any impact there you see just with some of the tariff announcements this morning? No, we haven't seen any impact yet. We have a terrific business in Canada and that's been intentional over the last 10 years. I mean, we were a very distant player in that market and we put a concerted effort into customer relationships, perhaps maybe with even the sponsor of this conference, but driving innovation through those customer relationships, so our trended credit, you know, we've won a lot of market share, so if you look at the Canadian economy overall, last year it was challenged, you know, and our business grew in the high single digits, you know, throughout the year, and that's really a testament again to the portfolio diversification, you know, that we have, so we're not just entrenched in banks and financial institutions. We've also gotten into other verticals like insurance and direct to consumer that have, in fintechs that have performed, you know, relatively well. So we're proud of what the team has, you know, been able to deliver in what we'd argue to be a challenging environment. But they have the tools as we go forward. Similar to how I talked about India. Canada's set up the same way to be able to persevere in a downturn. That's great. Just shifting to the bottom line, m argins. Can you talk about some of the puts and takes for margins in 2025? You're seeing some headwinds in 2025 or not as much of a tailwind as we saw last year. How do we think about those cost takeout initiatives going into 2026, but some of the other growth investments? So a broader question on margins. We announced a transformation program in November of 2023. The intention always was that 2024 was going to have a significant increase in margin. That happened. We increased our adjusted EBITDA margin by 90 basis points to 36.0%. We're not done with the transformation program. We've still got the tech component that needs to be completed as we're moving U.S. core credit to the OneTru platform. There's still some one-time spend that has to take place there. When we're done, we'll get some savings going into 2026. It was never our intention, you know, for 2025 to have another big step up like we did in 2024. That's why we made that, you know, clear in the market. But assuming we deliver the tech transformation on time, which all indications are that we'll be within that spend, there should be, you know, a meaningful amount of cost savings that we'll be able to realize in 2026 and thus the margin should go up. That's great. We'll keep it there. Thanks again. Thank you. Thank you, Ashish. I appreciate it.