Wonderful. Well, good afternoon, everybody. My name is Mike Ng. I cover media cable telco here at Goldman Sachs, and I have the privilege of introducing Anand Kini, who is the Chief Financial Officer and Chief Operating Officer at Versant Media. We have 35 minutes for today's presentation. First and foremost, I want to thank you so much for being here today, Anand. Oh, thanks, Mike. Thanks for having me. Pleasure's mine. Well, let's talk about big strategic priorities for Versant. The company completed its separation from Comcast earlier this year in January. It is a pure-play media company with cash-generative linear networks such as USA Network, CNBC and MS NOW, as well as very fast-growing digital platforms. To kick things off, would you talk a little bit about the operational performance of the business and how you would characterize the first few quarters as a standalone public company? Sure. We are very pleased as to the momentum we have in the business. So a few different fronts. Let's start with the financials. So strong EBITDA. We have grown EBITDA for the first half of the year. Very strong margins, generating very healthy free cash flow. So all of the financial metrics that we look at and measure our performance have come in very strong. I am very pleased it is not just the financials, which are one snapshot in time, but also more structurally for now and going forward. What I mean by that is you look at the audience metrics. So our portfolio reaches 120 million pay TV people who watch us primarily through pay TV. We are seeing ratings growth really across the portfolio. Every single network, you look portfolio-wide, double-digit ratings. It is both in, again, the pay TV business as well as platforms. Our platform businesses, which are hallmarked by GolfNow and Fandango, 9% kind of underlying revenue growth for both Q1 and Q2, so that part of the business doing quite well in addition. Then, kind of wrapping it all up, we are really executing on our growth priorities, so investing in the platforms business, driving audience, and doing all that while kind of executing as well our capital allocation, which again, for us is about really threefold. We are doing all of them, returning capital to shareholders, investing in growth, and maintaining a healthy balance sheet. So I am very pleased on our ability to execute all of that just in the first six months. Wonderful. There is a lot in there that I wanted to dive into, but let us start with the linear networks side of the house and just talk about some of that ratings momentum. Yeah. That you mentioned at the onset. So MS NOW exiting the second quarter. I think MS NOW delivered its seventh consecutive month of audience growth, with viewership up 14% year-over-year in the second quarter. What do you see as the key drivers behind that momentum and MS NOW's ability to capture a meaningful share of the cable news audience? How are you thinking about sustaining that trajectory through the midterms? Well, first, I am very happy to report it was seven months as of our Q2 earnings call. Sorry, yes. We've continued. It's actually now, we just got August results. It's nine months where we've seen that kind of year-on-year growth. The momentum, and it's actually growing even faster the last several months compared to the metric in Q2. Really pleased. In terms of what's driving it, I think a couple things. One, our team has done a very good job at editorial. We made a bunch of editorial changes in Q2. People like Pete Alexander, who you may know from NBC News, now is on MS NOW. Every new show we launched in the summer, if you look at the ratings compared to the prior year's time slot, it's up. That editorial has really worked well. We recognize who our audience is with MS. I mean, we are kind of people who have that kind of affinity towards the Democrats, who we are. That's our core audience, and we're going to be true to that audience. We've also broadened the tent some. We think there's a way to do it where you can appeal maybe to some independents, some other constituencies who want to try something new. To kind of demonstrate how we do that, we had Ted Cruz on air in the last couple of weeks. He was on with Ali Velshi. I don't think somebody like Ted Cruz would've thought MS NOW would've been a platform where he would've felt comfortable coming on a few years back. It's kind of creating that environment, which, again, we want to have as big of a tent as possible while, again, staying true to our core audience, and we've successfully done that. I think that's going to be what's going to drive us as we get to the midterms, and there's obviously tremendous interest in the elections right now, and we are the place to be. Once we get past the midterms, all eyes are going to really look towards the primaries in 2028. I think we're really set up here for not only the growth you see today, but kind of continuing going forward. Could you talk a little bit about how investors should think about the kind of translation from ratings momentum into advertising revenue? For cable news networks, how much of that ad inventory is sold upfront versus available to monetize in scatter to benefit from shrunk ratings? Is this something that is more of a tailwind for the subsequent year? Yeah. I think overall in terms of the upfront versus scatter, they can be small changes by network, but it's generally a good rule of thumb. It's about 75% sold upfront, and the balance is sold in scatter. That's going to be broadly true with a network like MS NOW as well. I think a key point is the incremental ratings we're delivering; we're able to monetize them. In that 25% that is not sold in upfront, that can continue, and there are opportunities for us to drive, both in terms of fundamental demand to place more and more advertising in it, in that network. That's what you've seen. We've been able to monetize those rating points that we're delivering, both on MS NOW and frankly, across the portfolio. Great. Since we're talking about MS NOW ahead of the midterms, I believe Versant is launching a dedicated MS NOW direct-to-consumer product built around community-exclusive content, digital engagement. Could you elaborate a little on the MS NOW DTC go-to-market strategy? How are you structuring that product such that it doesn't cannibalize some of the linear distribution touchpoints? Yeah, it's timely because it actually launches tomorrow. You'll get a good view of it then. One of our approaches on D2C, frankly, whether it's MS NOW or CNBC, which will launch later, we don't think the consumer just wants exactly what's on paid TV and now just puts it on digital. We don't think that's really. If you've cut the cord, you've made the decision, probably not just on price, but you kind of want a different experience, and that's our approach. For MS NOW, the D2C product has two things that we've heard from our customers they really want. For the MS NOW current audience, we have one of the highest engagement levels in the industry. The average MS NOW viewer watches nine hours a week. It's number two in the industry. They want more and more. They want abilities to interact with our talent. You'll see, if you go tomorrow to the D2C, there'll be ways to have virtual sessions, like a virtual lunch, say, with Rachel Maddow. They want the ability to connect with one another. You're going to see platforms and forums where the MS NOW viewer may find other platforms like social media, a little toxic for their interests, that there'll be a place for them to have a moderated conversation with each other on topics of interest. And they want a bespoke editorial approach that's a little bit more, both for them and also very importantly for the other constituency that we're appealing to, is all of the non-pay TV viewers. Particularly as you look at this base of audience, there's a lot of younger folks who don't subscribe to pay TV, who have the political persuasion that they like MS NOW, but they kind of want a less highly produced, more authentic, think of it almost like an Instagram Reels, that kind of feel, that feels very different than what you get on television. So that's what we're producing as well. It's going to be a fundamentally different offering that we have on pay TV so that cannibalization risk isn't there and really gives more to the current audience and hopefully attracts some new viewers who don't get pay TV today. Great. I'm looking forward to checking that out tomorrow. While we're on the topic of direct consumer, CNBC acquired Stock Story, an AI-driven financial insights engine, as part of the broader push into DTC platforms for retail investors. Could you talk a little bit about CNBC Pro, what the longer-term vision for CNBC is? Sure. The D2C for CNBC is really going to target the retail investor. And what we've learned, and really we've looked at our customer, we've asked our customers, our CNBC audience, and the one thing we've heard repeatedly is folks love CNBC. They want us to offer something that helps them manage their money, give them the tools to understand what's happening in the market, for them to evaluate their own portfolios, give them insights and recommendations on where else they can achieve their financial objectives by making investments. And the one thing is there's other services out there, but none that has the trust factor that we do. And also one that has the utility and the breadth and the talent that we can bring. It's not just it's the CNBC brand as well as the individual talent that people are spending time with each day. We are going to be bringing that service again to really target it to the retail investor needs with the brand they trust. With Stock Story, Stock Story is going to be a big component of that, where Stock Story enables us, some of those tools will be AI-enabled. AI-enabled with human curation. When it comes to understanding what maybe a company in your portfolio has just reported in real time, taking that news to say, "Well, how does this impact my investment decisions?" Or maybe coming up with recommendations of what you may want to look at to invest your dollars. Stock Story will be a part of that equation. That will be core to the offering. Great. On carriage renewals, Versant recently secured multi-year distribution renewals with two major pay TV partners. I think one was in the U.S., one was in Canada. What is your strategy on preserving your economics, growing your economics as you go into these carriage renewals and what does the success of these negotiations and agreements tell you about Versant's ability to operate separate from Comcast? Yeah. I think to answer the second part of your question, it validates what we thought as we went into the spin. We had a pretty good leading indicator because right before the spin, we had done a deal while part of NBCUniversal with YouTube TV, where we got a renewal that we are very pleased with. YouTube knew we were spinning, so they handled it internally as if we were basically two separate companies, and we were able to secure good terms on that. Now we have done, as you just said, two renewals, where again, we are very pleased with the outcomes. I think it shows that when you have a portfolio that has the audience metrics we were talking about, whether it's MS NOW or CNBC or Golf or USA Network or the entertainment portfolio, you have the audience, heavy engagement, and a very heavy mix of live news and sports. It's what distributors, marketers, and audiences care the most about, where 60% live news and sports. I would say we didn't do anything so different in these negotiations now that we were spun because we could execute based off of the strength of that portfolio. We did, and the results, I think, speak for themselves, and I think give us even more and more confidence as we head to future renewals. Great. On the topic of skinny bundles, could you talk a little bit about what you're observing in the industry as it relates to skinny bundles, sports-specific bundles, news-specific bundles, and how Versant is positioned as these skinny bundles just become more regular part of the day-to-day? You're seeing, I think that the change in the industry has been on packaging. If you look over the last three-five years. Where I think five years ago, the debates were mostly on the per -sub fee, and there was an assumption that whatever that fee was probably going to get applied to every one of a distributor subs. Where now there's still that negotiation, but equally important is the negotiation on what packages you're going to be in. Again, I'll go back to what we just talked about, where if you look at the most broadly distributed packages, the one hallmark is they're news and sports -oriented. Our portfolio plays really well to that. We're in. I mentioned the YouTube deal. They have a news and sports kind of bundle, and we're in that. You'll see if you look at our four biggest networks, our MS, from a financial profile perspective and, frankly, audience too, MS NOW, CNBC, USA Network, and Golf Channel. All of them are in this news and sports kind of, they have news and sports networks. We found it to be that our portfolio plays very well to make sure we're getting broad distribution. Only thing I'll add to it is that we recognize that we're advantaged here. That gives us a good kind of negotiating position. We also are focused on while within paid TV for our network. We just talked about the D2C to think about how you make sure you still have good reach and audience extension outside of that, and that's the D2C services for the entertainment networks. It's AVOD, it's content licensing to make sure others, and we've had success there. Again, we're very active kind of in both areas of it to make sure these brands that we have, that we're very proud of, kind of get the broadest kind of audience reach possible. Great. I wanted to ask about Versant's kind of ad representation capabilities. I think right now NBCU continues to represent Versant's linear ad inventory for the time being, for I believe it's a two-year transition period. What internal sales capabilities are you developing in-house? How much do you really have to do there? Sure. You're right. Today, NBC, we do have this rep deal. It deals with mostly just our TV inventory. There's a little bit of digital, but it's mostly TV. What that means is that for much of our digital portfolio, we have the in-house capabilities. Things like the programmatic infrastructure, we've developed that. We do have a sales team. It's not scaled to kind of handle television inventories, because we don't need to do that today. The ad ops and ad trafficking systems where we have components of them or we're developing them. I say it all in that we have time. As you said, it's a two-year deal from the time of spin. At the end of those two years, there's really three options. There may be a renewal. Both sides have to agree. We think this has been a very productive relationship for both us and NBCU, so that's definitely a possibility. We could take it internal or there's interest from others. Even before we did the spin, others had come to us about repping our inventory. All options are possible, are on the table. If we did elect at some point, whether it's two years from now or whether it's at the end of the two years or sometime in the future, if we elected to take it in-house, on the systems perspective and all, while there's work to do, we're not starting at ground zero. Because we have many of those capabilities already built. Great. Very clear. Just on the midterm political outlook. Obviously, the vast majority of direct political dollars tends to be local in nature. As we head into the midterms, can you talk about how political affects the Versant network portfolio ad revenues? How does this ultimately flow through to MS NOW, CNBC Digital? Sure. Is it in the form of more engagement and ratings, or is it CPMs? I would love your thoughts on that. Yeah. It's a great question. There's a little distinction here for us in our cable network brethren and local stations. Local stations, as you know, I'm going back to my days when I was at NBC. They get a lot of bespoke political ad dollars from specific campaigns, given it's kind of geographically targeted, and that can be at the very local level as a kind of mayoral race up to gubernatorial and presidential. Obviously purple states tend to attract the most money. For us, we get some political money in. There could be some PACs, for example, that are relevant nationwide. Sometimes you'll even see you'll get some presidential election money, like in a midterm, where it's more state by state or congressional district by district. Maybe you get a little bit on, like a very big state. They don't mind the fact that it's shown to a lot of folks who can't vote in your relevant state, but you don't get that much of it. Again, there's always a little bit of nuance because you have the virtual MVPDs, and they can target more specifically. Good point. There's some of it coming in through there, but again, not to the same extent as the local stations. The uplift we see is more what you mentioned as one of the other venues, which is just ratings lift. We definitely see that there's a ton of interest in the midterms, and as we mentioned, nine consecutive months of growth. A chunk of that is we think for our editorial decisions, but some of it is just the overall market where there's a lot of interest in it. So there's more inventory to sell. We sell that to everybody. So a little bit may go to specific political ads, but a lot of it is non-political players who are interested in reaching the audiences that we get. Again, that's true both on TV, which we've talked about, but also on digital platforms like MSNOW.com. Again, there we can target as well to some extent, so we'll get some political. But we're less dependent on that specifically than maybe other folks in the political ad ecosystem. Great. That's very clear. Maybe just zooming out and asking about the overall advertising environment and the health of the overall market. How would you describe advertiser demand across news, sports, general entertainment? How is scatter pricing behaving? Is it a healthy market, or do you see some pockets where there may be some concerns? Right now it has remained quite healthy. We are seeing strong demand really across the portfolio. I know it is an area where there is clearly a lot of geopolitical kind of instability or uncertainty, and so I think we get asked this a lot about, there is a little bit of an undercurrent of, well, could it change? Sure, it could. But it has not. Some of that uncertainty has been there now for a bit, and I do think part of what we are seeing across the board, and you are seeing a lot of strength on television, is in the fragmented world that we live in with media fragmentation, those places that can aggregate audience have become more and more valuable. I think even in a world where maybe, there is uncertainty and people want to spend a little closer in, they are first allocating the money to these big audience platforms like television. We have seen that consistently, and right now we do not see any signs of that changing. Great. Maybe we can pivot and talk about the Platforms business. I believe the current revenue growth guidance is for high single digits on an underlying basis. Yep. There has also been a lot happening underneath the hood of the overall Platforms umbrella with the acquisition of Full Swing and the divestiture of SportsEngine. Maybe that is a good place to start. Talk a little bit about that acquisition and the divestiture and how you view the overall Platforms biz. Sure. Let me start with the acquisition. We bought Full Swing. We are super excited about it, and maybe I will start with a little bit of, well, why did we buy, what was the rationale? I think for us, it is very emblematic of how we approach M&A. We are very disciplined in how we look at inorganic opportunities. Our prism is, really they should be in one of the four markets that we are in. Again, that is personal finance, business news, CNBC, political news and opinion, golf, and then a broader one, genre entertainment and sports. This clearly was right in, obviously, golf. The reason each of those is important is in those markets, we have big brands. We attract very sizable audiences who engage with us and who trust us. There is a lot of value we can bring to assets there, and these are markets we know. If you look at Full Swing particularly, as we were getting to see the opportunity, for those of you who are not familiar, it is a golf simulator and golf consumer technology company. It is really tapped into kind of the, in large part, the indoor golf market. As we looked at this, A, the fundamentals of the market are great. There are 36 million, I believe, kind of what are called off-course golfers. Folks who golf, but they golf, it could be at a Topgolf or a Full Swing. Those kind of establishments. Five Iron Golf is what I meant to say is another one. It is a growing market, and 36 million is, I think, up 60% since 2019. There are more off-course golfers than on course. Market fundamentals are great. It is a growing business. Then you plug it into our assets, Golf Channel, GolfNow. We have the number one media platform. We reach more golfers than really anybody else to drive awareness and adoption of the service. On GolfNow, we already have great relationships with tons of golf courses. A lot of those off-course golf operators, they use GolfNow software to book reservations or to be able to secure time at their facilities. We know them. We are able to, again, through both sides, drive the commercial channel and residential channel to drive a ton of value from a go-to-market perspective. For Full Swing, they have tons of customers that are both commercial customers as well as residential. We uniquely were able to drive tons of synergy value to this business, and that then translated to a very attractive kind of financial profile in terms of the returns we would generate. That is for us, as we were kind of thinking about from an M&A lens or from a Platforms business starting there, how we thought about, okay, this is really a great fit and what it enables us to do. It enables us to drive a lot of value. Then I think you would also ask, how do we think overall about platforms? We are very bullish. The core underlying Fandango and GolfNow businesses, putting Full Swing aside, are doing great. As we talked about high single-digit growth, we have delivered 9% in Q2, 9% in Q1. We are very bullish on that business. There is still a ton of room to grow. We're still at only less than 10% of total tee times booked on GolfNow, so a lot of room to grow share. Similar story in Fandango. Then finally on SportsEngine, the other question you asked on kind of the disposition. I think for us, we want to be great stewards of capital. As we looked at SportsEngine in our portfolio, it was a time either you're going to be a buyer or seller. It's a consolidating market. All of the things I just mentioned on Full Swing, how it kind of fits in with the asset portfolio—we couldn't convince ourselves it was the same with SportsEngine and the rest of the portfolio and the synergies we could drive to it. So we thought the value-maximizing approach there in this time was to sell. So that's what we did. Great. That's a great transition to the next question. Which is just about Versant's goal to generate 50% of its revenue from non-pay TV sources over time. Maybe talk a little bit about why that's a critical goal and an important goal to have, just as you think about the long-term EBITDA and free cash flow trajectory of the company. What are some of the milestones that you're looking out for over the next 12, 24, or 36 months to make sure you're on track to achieve that goal? Yeah. So we put that objective, and we've talked about it because, A, we think it is a good representation of the opportunity we have. A, we are aware of the secular changes facing pay TV. We think we're really well-positioned within the market. But those changes are happening and we're honest with ourselves on that. Of course. I think for us, though, we recognize that there was this opportunity. We just talked about with GolfNow. We built this business, and the brand strength and the audience strength we have to expand and expand vertically and to provide consumers more and more utility on various other platforms. In those four markets for those brands, we think 50% is a goal that is achievable. Again, it is not a number just pulled out of the air. We saw it in golf. We look at that metric in each of those four verticals I mentioned. Today in golf, actually over half of the golf revenue now has nothing to do with the Golf Channel. It is actually GolfNow, and I am not even talking about Full Swing. It is over half before Full Swing. It is even now going to be greater with Full Swing. I think we have demonstrated that you can do it. The playbook will not be the exact same in each market. I think since we demonstrated we could do it and with the strength of the brands, we thought that was an achievable goal. That evolution, we think, also makes the business even stronger because as you harness the core assets and the brands, it is a pretty efficient way to drive margins and to drive audience scale and to take a business that has on a trajectory for long-term growth. That is the reason that we have or why we think it is the right objective. In terms of our progress, we mention in three-five years being at 33%; we are making steady progress against it. I think what we are looking for in the next, you mentioned 12, 18, 24 months, is we have a lot of initiatives in play that are towards this objective, whether it is the CNBC D2C launch we have talked about, MS NOW D2C, Fandango AVOD, integration of Full Swing, the launch of FandangoOne, which is what we used to be called Indie Cinema. It is a software service for exhibitors. Every one of those, a lot of organic, some inorganic, to show them start to scale. We are seeing good results. It is early. The early results on Fandango AVOD are good. The MS NOW D2C launch is tomorrow. It is to continue to launch them and to see audience scale, and then monetization will follow audience scale. Right. These all feel relatively low-hanging fruit, I will call them, because of the capital allocation fight that you had to do within broader Comcast, right? Yeah. One of the things we are focused on too is each of these we can execute very efficiently from a capital perspective. Because they are the products of the scale we have. The organic ones harness our internal capabilities. We already have infrastructure. We have video infrastructure. We have the technology. We have, obviously, the talent and the brands to use. We are able to do them so that you are not going deep in the hole with a bet on the come, but rather pretty efficient, modest investment for, we think, sizable opportunity. If I could just jump back to platforms for a moment. As you talked about, the outlook is for underlying high single-digit revenue growth for platforms. But with the portfolio changes, I guess, on a reported basis, are you on track to do better than the high single digits? Just because my suspicion would be Yeah. Full Swing would be accretive relative to Yeah. We are going to disclose and report such that we can show the A, so we can show the underlying, because we just want to be transparent on that. Full Swing is growing rapidly. There is a whole bunch of puts and takes here because there were a few months where we did not have SportsEngine nor Full Swing. Right. We had neither. There is going to be months now where we will only have Full Swing towards the back end, and there was early months with SportsEngine. I think the numbers are going to, because they are apples to oranges, yes, in the back end of the year where you are including Full Swing, nominally it could look really, really strong. We did not think that was really representative of the underlying performance. We are very focused on the underlying. In that visibility, I think you will see how each component is working. Great. That is perfect. Last quarter, or the second quarter, you raised full-year revenue guidance and EBITDA and reiterated free cash flow dynamics. Just wondering how you are pacing against those full-year goals and anything that you would highlight. Yeah. that may be happening intra-quarter. Yeah. First, on the full year, we feel really good about the business. We would never raise guidance, obviously, if we did not. The fundamental thing on the guidance has nothing to do with the ins and the outs of Full Swing or SportsEngine. It is the foundational, the momentum we have. All the ratings I mentioned before, and that is translating to great advertising. We got the distribution renewals on the terms we expected. That was great news. Again, not a surprise. It is based off of the fundamentals. In terms of the quarters, and we mentioned this for those of you who had a chance to listen to our call on Q2, there is going to be a quarterly trajectory, which we have always known. When we issued guidance, this was embedded in there, that the back end of the year has some different sports timing. It's in Q3 and Q4, and especially in Q4. There's a different volume specifically of NASCAR events year-on-year that affects our financials that are going to be represented in our results. In fact, we were pretty explicit that we're not expecting Q1 and Q2, we grew EBITDA. We're not expecting to grow EBITDA in the back end of the year. That's all embedded in the guidance that we gave. If you abstract from the sports timing, which is kind of endemic to our industry, the fundamentals of the business are great. We feel very good about how things are going. That's going to continue going forward. We're bullish. We have very good visibility. Our distribution deals. Now, with the renewals, we've done two-thirds of them, which are not till 2028 and beyond. We also have very good visibility in the sports rights. A lot of our sports rights go past 2030. We have a few renewals sooner, but like I said, many are past that. We don't have any kind of big renewals now or 2027. That's helpful as we look at the future of the business. Great. On capital allocation, Versant generates substantial free cash flow. You're supporting a quarterly dividend. You have a buyback authorization. Can you just talk a little bit about what are the priorities for Versant from a capital allocation perspective right now? Do you have an appetite for more M&A or more divestitures? Our capital allocation—we're consistent on this. It's three things, and for us, a big deal is they're ands, not ors, and we're very proud that we can do this. A is return capital to shareholders. We've returned $305 million through the first half of the year between dividends and share buybacks. That doesn't include the $100 million ASR that we announced executing in Q3. Second is to invest in growth in smart ways, disciplined fashion. We talked about the organic initiatives. We have a few, like a Full Swing, where we know there's a high bar for both organic and inorganic, but for those that pass that bar. Third is to maintain a healthy balance sheet. We have a North Star on leverage. We've talked about it 1.25 x. And we may be a little above or a little behind temporarily, but that's our goal to get there in quick order. Again, we think all three of those work together, so you can do it. You don't have to pick between one or the other. That's how we're going to continue to run. When you talk about M&A, if it passes all the thresholds and fits within those parameters, again, sure, but that bar is high. Very clear. To wrap it up here, one final question. As you look out over the next 12-24 months, maybe you can just tie it all together. Sure. Talk a little bit about strategic priorities, things you're most excited about. Yeah. As we talk, we're very excited where the business is and the future. For us, next 12-18 months is really about executing our growth strategy we've talked about. I'm very excited about the core television business. We talked about the audience trends, monetization. It's all going really well. If I look at the growth, we launched Fandango AVOD just a few weeks ago. That's out of the gate strong. We're launching the MS NOW D2C tomorrow. We're very bullish and optimistic on it. We're going to launch a CNBC D2C. We haven't given the exact timeframe, but it won't be that far into the future. Then we're seeing success on the early M&A and integrating them. Full Swing just closed, but I talked about Fandango now owning Indie Cinema and some of these other deals, FreeTV networks. We're pleased how these growth initiatives have come together to evolve our business, to continue to expand our audience and reach. You put that all together, we feel good to continue to execute that same capital allocation approach we just discussed. I think that's kind of the full strategy we've been pursuing, and we're really looking forward to continuing to execute against that. Great. Well, Anand, thank you so much for participating in our conference. It's been a privilege to have you on stage here today. Thank you, Mike.