All right, we'll get started. Thank you to William and Adam coming from VIZIO today. Maybe just to start off higher level, VIZIO, the TV company, has been around for decades, but the VIZIO, the software and advertising company, is more nascent. William, just to kick it off, could you give a quick overview of how VIZIO has evolved over the years and just the state of the business today? Sure. When I started the business, I wouldn't say that I started the business to get in the advertising market. In the beginning, we just want to provide the best value for consumer on high-definition TV. Back 20 years ago, HDTV wasn't affordable. It was over $10,000. We made the TV affordable. The first 10 year, we kinda did that. In the second 10 year, we decided to make TV extremely smart, so we can make money off the platform. We're the first one who put Netflix onto our TV. In the beginning, we licensed other people's software, other people's OS. In the last six year, we decided to develop our OS. We did that, and now we have a second revenue stream, the Platform Plus, which is a higher gross profit and faster growth. We're monetizing our audience, not just selling TV. Every time people watch our TV, we can get to make more money. Every time we get to sell a consumer TV, we get to make money too. We have dual revenue stream, which is I believe is just the new way to look at the TV business. We're here to transform the TV into a recurring revenue versus 20 years ago, it was just make money every time we sell one TV and customer come back seven years later to buy another TV. Our model is changing. We have a lot more questions on, I think, the TV industry this year than maybe last year. We'll start there. It's certainly been a challenge, you know, challenging market, in recent years. First, we had the supply issues and now the soft demand. William, where do you think we are in the TV cycle, and what do you expect trends to look like over the next six to 12 months if you had to guess? Yeah. I think this is exciting time in the TV space. Again, because it's the recurring business model, recurring revenue model, this is so exciting and that's the reason everybody wanna jump into the CTV now. You see so many people wanna come into the space, even though the demand is extremely soft and the macroeconomy is not doing well, and consumer are spending less money. TVs is that category that you don't need to replace. You know, you can replace every five year or you can replace every seven years. I think TV demand is definitely extremely soft. At the same time, we're facing a new player coming to this business, because this CTV space is growing so fast. The advertising revenue is growing, so this is the hottest segment right now. We're seeing a lot more competition coming in. At the same time, the demand is quite soft for TVs. Let's talk about the new competition. We've seen new branded TVs from Amazon, Roku, Comcast, the list goes on. How is this impacting market share across the industry and in VIZIO specifically? Yeah. Well, all those new players is, you know, dropping their price. It's just kinda literally creating this price war on TV sets. You know, 65-in TVs is now, what? $400 and under $400. You know, a year ago, two years ago, when supply was constrained, it was like $800. Now it's just, price came down quite a bit. It's highly competitive. I think a lot of new company, software company came in wanna do TV, and I think they have a lot to learn. We've been doing this for 20 years. Selling TV is not easy. This is not like selling service, and it's a complete different knowledge base. We have a great team of people who really understand how to deal with TV sales and product engineering. I think, we do have the upper hand when it comes to the knowledge base how to sell TV right. With some of your competitors leaning heavily on discounting, like you mentioned, could you just talk about your TV pricing strategy in the current environment and how you're thinking about the trade-off between price and gross profit? We again, we've been doing this for many years. We've been facing so many different competition. In the beginning it was like Sony, Panasonic, and, you know, around early 2010 it was Samsung, LG. Now we have Amazon, Google, Roku. To do the price right is we've gotta look at many different things. We gotta look at what's sustainable. How do we make money for our shareholder, right? It's a balance. We're not irrationally making price move like some of the newcomers. So it's really a balanced approach. Adam, you wanna- Sure. After this. I mean, I think touching back on William's point about how we transform the business model. The monetization usage of the TV has just changed a lot of our understanding about how the TVs are used and what the economics look like for those TVs. It informs us in terms of pricing decisions, because we know that certain units perform better in terms of usage, engagement levels, and therefore translate it into our monetization in the form of ARPU. If you have a TV that has higher ARPU, you may be willing to price it more aggressively to get that into a home and generate those long-term economics that come over the lifetime of the TV because the, a larger screen TV, for example, tends to be the main screen in the home. That's gonna have a higher level of engagement. That informs us about where to lean in and where not to lean in. We also look at our competitors and relative pricing. That matters a lot because our positioning versus some of the peers. There are times when you wanna to go aggressively and be very competitive on a price point, and there might be times when you don't wanna necessarily do that. It's all becoming much more data-driven and much more informed around the usage trends that we're seeing. Using all of that information to help us have strategies has really, I think, evolved a lot, even in the last several years. Two more questions on TVs, then we'll move to the Platform Plus. Kinda sticking with TV gross margin, essentially breakeven right now, I think a big, you know, this is a big investor topic and debate, just the risks of margins turning negative on TVs. Can you talk about how low you're willing to go on TV margins, and do you see a scenario where you'd be willing to accept negative TV gross margins given the Platform Plus ARPU? Well, yeah, I think that's the, that's sort of the point because now we're generating on average a basically a $30 ARPU. If you're willing to go modestly negative, you know, I don't know, $10, $20 even, to generate that, to be competitive in the market and grab that household, the payback in that scenario, as I'm describing it, is even within 1 year. If you think about it from a CAC to a long-term value standpoint, right? That makes a lot of sense. Economically, to be able to gain households in a competitive environment and drive those rising economics. The $30 ARPU is sort of where we are today. We fully expect that to continue to grow and expand. We know the market is already supporting numbers that are well above that by players that have been in the market a little bit longer. We're catching up rapidly, and that informs us in terms of how we wanna make that trade-off. I don't think it's across the entire fleet. Back to the point, there's gonna be certain units where we wanna be more aggressive than others. On a blended basis, kind of if you think about it as a portfolio, right? It doesn't have to be that deeply negative on an aggregated basis. Makes sense. Last one on TVs. William, just always like to hear your thoughts on, you know, where you expect the most innovation on the hardware side over the next one to two years and just how you're positioning VIZIO to take advantage of some of the newer technologies. Yeah. We're being, well, VIZIO is well known for its value. We have excellent picture quality. I mean, last 20 years, we've been selling great TV at a great price. Picture quality is actually quite important. When we design TV, we don't just look at the software or hardware. We look at an integrated experience. Picture quality gotta be great. When you turn on the TV, you gotta turn on super fast. When you switch from channel to channel, you gotta go fast. We're doing everything. We're improving our OS. We're investing a lot of money into software so we can speed up the process. Also, like, we keep on enhancing the picture quality. For example, six years ago, when we first launched our quantum dot, the nano technology that improved the picture quality, better contrast and better brightness, we launched a 65-in for $6,000. I mean, today, under $500. Again, a better technology, more innovative and waterfall new technology to consumer. We're not inspired to just build the cheapest TV possible to sell advertising. We're inspired to build a great consumer experience. We look at it from both hardware and the software. That's what VIZIO is all about. When people buy a TV, they will appreciate us for the next six, seven years. I often tell people that if you buy a VIZIO TVs today, I guarantee you two, three years from now, we're gonna make sure you have a better experience. We're constantly updating with new software. If you bought one of the VIZIO SmartCast TV five years ago, two years ago, we gave them AirPlay. You can use your phone to cast your picture on the TV, and I don't think our competitor do that. For us, it's really about complete customer satisfaction. That kinda set us apart from our competitor. Our star rating on the satisfaction of our TVs is significantly higher than some of our competitors who just focus on low-cost TV. Let's shift to Platform Plus business. Adam, probably a few for you. I think a stat that surprises some people is that less than 10% of time spent on VIZIO TVs is through third-party dongle, like a Fire TV or Roku Stick. Could you talk about how many of your TV buyers you convert into your smart TV ecosystem and just the level of engagement that you're seeing from them? Well, yeah, look, I think that stat tells the story. Our consumers are value-oriented. Obviously, we're a value brand, and we're appealing to those consumers. When they buy a VIZIO TV, it's important for them to understand that they can be streaming right away on our TV. They open the TV, they connect it to the internet, they're off and going. We have all the built-in apps that you would want. We've got our own WatchFree service, which is our own app, which we own and operate. It's over 260 free streaming channels, so that's sort of your almost your cable replacement. We have other partners on the platform across Tubi, Pluto, that serve that same kind of long-tail content, and we have advertising inventory within those other third-party apps. It's really a compelling, you know, kinda offering to them. The beauty for the consumer is that they don't have to go buy some other product. They don't have to go plug in another dongle or have another remote control and have to switch inputs and do that. We have created a very seamless, integrated experience that delivers that value to the consumer and gets them streaming right away. We have a highly engaged install base. We have almost 18 million monthly active users. To your point and the stat you quoted, the vast majority of them use us as their primary streaming solution. That is great for them as a user proposition, and it's great for us in terms of driving engagement, monetization. The data that comes off of that engagement is really powerful as well, and that feeds into our growth in our advertising business and our overall platform monetization. I got a long one, so I hope I don't lose you on this question. Like you mentioned, you have about 17.5 million SmartCast accounts today, roughly call it 13% of broadband households in the U.S. You know, I think VIZIO, the TV brand, has historically had, call it, a 15% market share of TVs in the U.S. You know, you have a bit of a gap to close there. You know, over time, how do you think about the potential to scale the SmartCast user base? I think what I'm trying to get at is just, you know, for SmartCast to reach 30 million accounts, just illustratively, you know, do you need to increase your market share of TVs by a proportionate amount, or are there other ways for you to get there? Yeah, great question. There's a couple things going on. I think we're still in the midst of a transition from people who initially got streaming by way of a dongle or an external media player to the shift into a fully integrated smart TV. The number of households that are streaming using media players or some form of it is larger. What I mean by that is that the growth opportunity is within the integrated smart TV space. We're still gonna be gaining in that as dongles, we believe, are gonna continue to fade down. That's one part of it. Then it goes back to what William was talking about. We just have to have a compelling product that brings great value to the consumer, that differentiates them. When consumers look around and decide, "Hey, what TV am I gonna buy?" If they're seeing great reviews on YouTube or other sources that say, "Hey, VIZIO is the best TV for the buck at this price point," that's compelling. Those star ratings and those tech reviews drive purchasing decisions. We should be able to continue to grow. We look to grow share, both from some of the top end of the market as well as the bottom end of the market, because we're kinda finding that sweet spot of great price, great value proposition, great product that is comprehensive for the consumer. We have to be present there. We have to make sure that we're getting those kinda ratings and recognitions. We have to make sure the consumer knows about that. It's all part of it to help close that gap that you described. shifting to SmartCast monetization, you're about roughly $30 of ARPU per SmartCast account. Roku's at about $40. You've been closing the gap rather quickly. Could you just talk about how you're monetizing your users today and just the runway you see over time? Yeah. I mean, we're only a couple years into this. Really, this is the third year of having our own internal ad sales team to help get out there and make our presence known in the ad marketplace. They're building relationships with the ad agencies and brands alike. We're bringing innovative tools and technology to the ad experience for those clients to help them generate a better ROI and make a better viewing experience for our consumers at the same time. You take those two things together, I think, you know, we continue to push. I mean, we're glad that some of our friends have been out in the market a little bit longer. They've paved the way and kind of established what is present in the market. That's why you see some ARPUs that are above where we are. We're playing a fast catch-up. Whether it's across advertising, data engagement, obviously potential for more targeted advertising on our platform, given the scope and value of the data that we can provide, all of those taken together, is gonna help us continue to drive higher ARPU. We think there's a lot of headroom for growth from where we were and where we are today. Should we think of Roku's ARPU as the ceiling for you? What are some reasons that there could be a gap in monetization, you know, between the two platforms longer term? Look, we don't see any structural reason why we can't get there. I mean, they've been in the market longer, which is great. But like I said, we're playing fast catch-up. I mean, I think in terms of the capabilities of monetizing the platform, we think we have as strong as a hand as any. Our home screen is designed specifically to help consumers with search and discovery and help content companies find viewers, right? We're architected in a little bit different way. We have more purchasable inventory or real estate on our home screen. That's very valuable for those media and entertainment partners. We're also bringing in other advertisers outside of the media and entertainment space to help us monetize by sponsoring content hubs, for example. Right now, with Memorial Day coming up next weekend, we've got Ashley HomeStore as a sponsor. Not a traditional media and entertainment brand you might think to see on a smart TV home screen, but it's in a very workable way for the consumer. It's just content brought to you by Ashley, and there's a hub of content related to Memorial Day. It could be movies that fall into that. It could be all kinds of content, both within our WatchFree service as well as other third-party apps. I think we're looking at ways to kinda continue to expand the ways we monetize, the depth of that monetization, and drive incremental revenue. We absolutely think that we can close that gap. A few more on advertising, then we'll come back to you again, William. Advertising is about 75% of your ARPU today. Could you just talk about the split of your ad business across home screen, WatchFree+, which is your own AVOD channel, and then also third-party AVOD inventory? Yeah. Last year, our advertising revenue was roughly 50/50 split between home screen and video. Video is now starting to edge ahead and surpass home screen, which makes sense, right? Inventory and video is theoretically a bigger TAM, right? You've got. As we grow our install base and those users spend more time in ad-supported content, it creates more servable impressions. That as a, as a growing pie. That's where advertisers are coming to try to replicate reach that's been lost in linear and find those viewers in a smart TV ecosystem. We're now at a different scale than we were even a year ago, and that's providing a great opportunity. We're, we're seeing a divergence in terms of video growth. Overall, our advertising grew 24% year-over-year in Q1. Video was a very important part, you know, of that. Home screen is still a very valuable and will continue to grow and be high margin revenue source for us, but video will continue to expand in terms of percentage. Does that answer? It does. Okay. Maybe just to go even one layer deeper, I think, you know. We know that the Roku channels call it 50% of their video ads. Is WatchFree+ at a similar scale on your platform? What can you just tell us in terms of time spent or engagement with WatchFree+ and how that's trending? Yeah. I'd say it's similar in terms of importance and scale. It is the number one, free ad-supported or number two, I should say, free ad-supported, destination on our platform, behind the big one you'd think of, right? For us, it's the number one, engaged destination on our platform. What's important about that is that, while it's already number one, there's a lot of room to expand its usage in terms of our install base. You know, it's a classic 80/20 type of rule, right? If we can lift more usage in that, it gives us more time spent in that content. As importantly, third-party apps are a great source of growth for us as well. We get ad inventory in a variety of the ad-supported third-party apps. Very important because the consumer is gonna go where they wanna go. It's incumbent upon us to make sure that we source great content and feed it into WatchFree+, that we have a good user experience when they're in there, that the user guide is quick and easy to navigate, they can find the content they're looking for. We can use our home screen to help drive them into WatchFree+ by making sure they're aware of the content we've sourced. Like I said earlier, we have 260 channels in that spanning all genres, and that's really valuable as, again, as that cable replacement. We absolutely see upside opportunity from driving more engagement within WatchFree+. It's critical to us, The third party apps play a broader role as well. Where, just as we think about VIZIO's ad dollars, where are they coming from? Are you pulling from linear budgets, digital budgets, scatter TV programmatic? Maybe it's all the above, could you just kinda talk about where the pockets of dollars are coming from? Yeah. I mean, it's a little bit of all of the above and it makes sense why that would be the case, and I'll come back to that. Largely, I think linear is the most obvious, right? That is, viewers are shifting. You've seen cord cutting continue to be high single digits year in and year out for many years. This is the year that streaming households are surpassing paid TV households. Advertisers are waking up to that. They're realizing if they wanna go replicate the reach that they used to get in linear, you need to be in CTV. Those dollars are starting to come over. There's still a lag, right? The viewers have moved before the dollars moved. We see that happen. That happened in digital as well. Once they get comfortable with moving it over and buying CTV inventory, as we all scale and get bigger, it's really just it's a rising tide dynamic, and it's really CTV versus linear. It's not even CTV players with competing against each other. It's the whole category will benefit from the viewership shifting that's occurring. That's exciting. We're a part of it. We're now a scaled player. We're now on everyone's radar for their planning. We've done our 3rd NewFront up presentation, which we received great feedback. Now we went from people not knowing VIZIO was in the ad market to sort of some general awareness, to now we're part of the planning process. That will cascade into additional dollars for us. I'll give you a breather and go to William for a second. William, there's a number of TV operating systems available today. LG, VIZIO, Roku, Amazon, Google, Samsung. I have a longer list. A lot. Um, where- Too many. You know, two questions here. One, where does the operating system fall on the purchase consideration when a consumer is buying a TV? Then, you know, what's your view around consolidation and what, you know, what catalyzes it? I believe operating system gotta be easy to use. I think some of our competitors' is operating system is really designed by engineers and not by people who uses it. We spend a lot of time in the OS learning consumers' behavior, and we are the consumer. We actually design our OS to be extremely user-friendly. I think we have one of the best. We won several award last year. It's critical. More muscle, right? Because it's now so many different apps out there, so many different experiences, but, you know, it's just hard for a consumer to navigate. I mean, for me, for example, I always wanna integrate all the password into one place. You know, there's no way I'm gonna remember all of them, you know, different apps. I subscribe to almost all of them. We're still investing a lot of money into that experience. We wanna user to switch channel to channel a lot faster. You know, there's a lag time right now. We wanna improve that. We're really investing a lot of money into a better consumer experience. I think for those company who don't appreciate the consumer's customer satisfaction, I think they will disappear. We're not designing our OS to be just for monetization. We're designing for a better experience and therefore monetize. I think there will be consolidation coming up, probably not this year or next year, but it will be. There's limited demand on TV. I don't think there's room for how many operating system out there now? Eight or nine. I think that will go through a consolidation maybe a year, two years later. You know, we truly believe we'll be the one who control destiny. Maybe Adam, just kinda tying that back to financials, the operating system. You've been EBITDA positive since 2019, but one question we get asked a lot is just the level of OpEx spend needed to keep SmartCast up with some of those other operating system competitors. Just the implications that has on margins. How would you respond to this and are there any capabilities that you think SmartCast is lacking today that may require a big investment in the future? Look, I'd start by saying VIZIO has a long history of being very disciplined and focused on being efficient and managing costs effectively. I think you see that in everything that we do, you know, as an organization today. Over the last couple of years, we've had a significant ramp-up in our resources, in terms of building out building on the back of the proof of concept of the platform business and that we could actually execute against that strategy. In early 2020, we had about 400 or so employees. We're almost at 900 now. We've had a big ramp-up. A lot of that growth has been around the engineering software development teams. On top of that, ad tech, ad sales, people, and then obviously corporate support as we've gone public in that, in that timeframe. I think from here, it's continued investment in areas where they're gonna be delivering against a monetizable product set, roadmap, feature set, capabilities that we wanna build up. Primarily on the engineering and software development side. We see some continued investment there, but I don't see it as necessarily a massive, you know, step function hire. It's more gradual adding and continuing to manage the cost outside of that area where we're making the investment in engineering. Outside of that, how do we maintain and continue to be our efficient self? And that way you can kind of buffer the growth of overall costs. This opportunity we really believe is tremendous. It's large. We want to be investing in the right areas where we're gonna create opportunities down the road for us. If you shortchange it in the early days, there's a price to pay for that in the long term. I think it's really important that we lean in. We've proven that we can do it. We've gone from, you know, under $100 million in Platform revenue to, I think you may even be at $600 million for this year, in just a few years. Dramatic growth, large TAM, we have to invest to build these capabilities and be competitive. We will do so in a, the traditional VIZIO way, which is a very managed and thoughtful way. Ending with a few on Platform Plus, ad revenue, you mentioned earlier grew 24% in 1Q, which some of your competitors were flat to slightly down. A big difference. Two questions here. You know, one, in your view, what's driving such a significant difference in growth for, you know, a couple of companies operating in a similar industry? You know, related to that, what's driving the acceleration that you're expecting in 2Q? Yeah. Look, it's. Look, I think back to my earlier point, we've come a long way. We've established ourself more in the marketplace, and we have a team now that's really executing against that. Is that driving sort of outpaced growth versus some of the peers? Could be, right? There could be some shift of dollars as we've now become more scaled and are more present in the marketplace. That would just kinda logically make sense to us. We know the CTV space in general is growing 20%+, and we grew in excess of that. We're gaining share in the fastest-growing part of the kinda TV advertising ecosystem. Exciting for us. It's a great pat on our back in terms of executing. We're thrilled that, as I said in the earnings call, we're seeing an acceleration into Q2 on the back of the good strong growth that we saw in Q1. Again, awareness in the marketplace, bringing value, having an agnostic platform where people can engage with us in a lot of different ways. We don't own our own DSP, but what that means is it allows others to use their own preferred DSPs. We have plumbing into all the major players. They can execute against our inventory how they see fit. We're really building relationships and bringing more dollars into our platform. Our goal, what we have to do on the back of that is keep growing usage, bring content to our platform that people wanna engage with, drive that engagement, more time spent, more people, more impressions to serve. We're gonna keep building on that success, but we're really happy with the way this year has already started. Media and entertainment spend's been under pressure. Sure. as streamers rationalize. You know, when do you think we could start to see a recovery here? Then maybe bigger picture, the consolidation of streaming platforms, call it a Hulu with Disney+. Is that good or bad for VIZIO? Look, at the end of the day, they need to promote their services to drive users, whether it's new users or retaining users, both equally as important to all those services. They're going through their own, what I call a recalibration, right? Thinking about how they spend their money on development, content, how many shows should they be bringing to the service. They have to market whatever they do have. We would continue to argue that our home screen and our platform is one of the best places they can advertise. It's right in the living room when you turn on the TV, deciding what to watch. If the new season of Succession is starting, you better bet that Max should be advertising right there in our users' living rooms. Where they spend elsewhere, I don't know. That's gonna be up to them, right? We certainly have a compelling point for them to keep engaging with us, and we're gonna keep highlighting that to them and keep that engagement going. Consolidation, again, I think it's the same dynamic. Again, it's just, you know, how do those services come together? What does that mean for their user base? How do they tap into our growing install base as well to be that important point, important for growth for them? At the end of the day, CTV platforms are the access point to the home. I don't, I don't wanna necessarily use the word gatekeeper, but we are the access point into the home. All those services know how important we are to them. There's a mutually beneficial relationship that comes out of that. They wanna grow subs, we wanna grow engagement. We work together in a lot of ways. Thinking about the shift from SVOD to AVOD, you know, it feels like that would benefit you given, you know, how you monetize advertising. Call it larger platforms like a Disney+ with ads. You know, what are some ways you're able to monetize relationships with larger platforms, maybe even if you don't get ads directly from them? Yeah. We love those companies because they do so many things, right? Whether it's using your Disney example, whether it's a feature film they wanna promote, our home screen's a great place to do that. That could be promoting a TVOD transaction, or it could be driving them back into their flagship app, right? All those companies have other content that they wanna monetize. With cable declining, more cord cutting, you need to find a new home for that content to sit. CTV platforms and FAST channels is a great alternative to that. They benefit from it as users migrate over and spend more time in that environment. We benefit from it as well because we have that rev share dynamic. I think the bigger the company with more touch points, the more we can do with them. We can leverage our home screen, we can leverage their flagship brand, they can give content into our WatchFree. A lot we can do with them, and I think that that is a testament to sort of the way that our platform is designed to just have a lot of different ways to monetize a relationship. We'll end with one question for each. I'll William, maybe we'll do you first. You know, as we've talked about a lot of new entrants into the TV market, you've been doing it for 20 years. What do you think some of these newer companies may underestimate or may find more challenging when they're trying to go out and build their own TVs? Well, simply, for example, shipping TVs is not easy due to logistics. You got to master logistics. Took us years to figure out that. I think all this new service-driven company coming in here trying to deal with hardware is gonna be a learning curve. The different retailer have different character, serve different segment, and it took us years to learn how to work with each one of them. Just the seasonality, for example, it took us many year to forecast right. A lot of this competitor coming here with lower prices on product across the board. We know statistically, right, we have a long tracking record to know how to forecast right and to know, for example, if we wanna take a discount on a TV, we know which TV to discount. We can really focus on increasing engagement, increase monetization per the platform. We're taking many years. We've been through this many time, and simply for example, like managing supply chain, and that's hard, right? We went through this whole cycle of oversupply, undersupply, right? Undersupply during COVID and oversupply last year. You don't wanna sit on bunch of inventory. I often tell people that when I start a TV business, how do we provide better value for consumer? This is because it's our efficiency, because we care. We have a team of like 20 some people doing forecasts, just looking at all the sales through on every single retail outlet, every single store. If you misforecast, you know, some collapses, the price drop like a rock. We turn our inventory, I think, faster than any one of our competitor. This is how we survive this business the last 20 years. We're gonna keep on doing that. In the last minute for you, Adam, we get, you know, a decent amount of questions on the ACR business. Could you just talk a little bit about that, what you do and why, you know, how that's differentiating, you know, for your ad offering? We've got 49 seconds to talk about ACR. What does it stand for? It's great. I think the key differentiation for us is that ACR is built into our, like I said earlier, our fully integrated architecture. We're able to detect anything that hits the screen, which we call glass-level data, right? Regardless of the input on the TV, whether it's a set-top box coming through an HDMI input or it's a game console or it's an external media player, which rarely happens, but one of those, or what they're streaming on our SmartCast, we can detect that across that entire range. The data set that we get out of that is much more robust and dynamic than what someone might get if they were relying on just an external player. The player would know what's going through, but once someone switches to a set-top box, they don't know. That's valuable for us to inform us in terms of what content to bring, what experiences we wanna bring to our platform, but also to our advertisers as they wanna tap into customer segmentation. We license viewership data from a just general viewership standpoint, and then we hold back for ourselves the customer segmentation data, so advertisers can launch and execute targeted campaigns using some of that data to enhance the ROI for them, as well as create a better experience for our viewers. Awesome. Thank you both very much. All right. Thanks, Corey. Thank you, Corey. All right.