All right, everybody, thanks for coming. My name's Nicholas Zangler. I cover AdT ech and media at Stephens. With us today, we've got VIZIO, and from VIZIO, we've got Mike O’Donnell, Chief Strategy Officer, and Michael Marks, Investor Relations. Proud to say VIZIO is my best idea two years running. Helped me out on this last earnings call, that's for sure. Nice. Yeah. Nice, nice 26% gain there. But for those who don't know, VIZIO is a hardware-software combo player within CTV. They own both the VIZIO TV brand and the CTV operating system that powers the TVs, and, and that being SmartCast. Company has 17.9 million active accounts, and all of those are located domestically within the US. So before we get into the strong growth that you're seeing on the software side, which is the sexy part of the business- Mm-hmm. Let's talk TV sales, right? As of now, this is the only way in which your SmartCast operating system can get into someone's home, the sale of a VIZIO TV. And, obviously, you know, following the pandemic, the incremental growth that came about from that, we've seen some pretty tough comps o r it's been tough out there since I should say. Can you just talk about the pricing environment that you're operating in right now, what device margins look like, where you expect those to go, and what you guys are specifically doing to drive sales in a muted overall demand environment, I guess I'd call it? There's a lot to unpack in that question. Sorry. Um, Too much. But, I think just to kick it off, as we talk about the hardware business, I think we can kind of share what the flywheel for us is, that starts this, right? For us, our business model is we want to sell televisions. We want to get those televisions activated, connected to the internet and using our SmartCast platform. We want to drive as much engagement as possible on those, and if we drive a lot of engagement, have a lot of active users, ultimately, we can drive ARPU on the back end. And that's where we've been successful, and I know we'll talk about that. So, to talk about the start of the flywheel for us, I think we shared on this last. Actually, we shared two earnings calls ago, didn't resonate as well, but I think we talked a little bit about, on this earnings call. It's been a very aggressive market this year. And so from a strategy perspective, as margins get more difficult on the hardware side, we look much more towards lifetime value of the television, as a key metric for us to continue to grow the business. And when we think about lifetime value, we think about that in terms of we'll call it screen size. Where are we gonna make strategic investments, to identify where we're gonna be able to maximize ARPU, not only for the short term, but also for the long term? We have strategically started to shift more towards larger sizes, where we make our investments, so that we can grow. We know the larger-sized televisions tends to be more used, tends to sit in a place where it's gonna get a lot of usage, have a lot of engagement, and that's worked for us. We saw engagement, I think, drive up 16% this past quarter. So that strategy's working, and it's helped translate well into ARPU. But the reason we can do that is because we have kind of successfully transitioned our business model as a company. So if you when we first went public, and you look at our financials, we were really a hardware company that was helping to subsidize the growth of the software business. If you look where we're at today, pretty much all our gross profit's coming from the platform side of the business. So we've successfully transitioned the business and doing it in a way that I think has helped the overall strength or financial strength. If you look this past quarter, even as margins have compressed on the TV side, we had a record gross profit overall as a company, in which we shared. I think it was 22% gross profit when you combine both hardware and software. So, business model's working in a tough hardware environment. Got it. Just as we continue going forward, if you guys have any questions from the audience, feel free to raise your hand, interrupt, whatever you guys want to do. Happy to take those. But, so big news: a few days ago, you guys announced a willingness to license the CTV OS to third-party TV OEMs. Mm-hmm. Sounds like you're maybe very early in this process, but already talking to potential partners. Yeah. Can you just talk about the benefits of licensing the OS, how it could expand your TAM, who might be potential targets, and just why the shift in strategy? Because you guys have always been such a hardware-software combo player in how you've looked about things. So just feel free to elaborate there. Yeah. So I mean, as we've shared, we won't go too much further, but I think we shared on the earnings call, we are now open to partnering with hardware manufacturers, with our OS, with our SmartCast OS. We were very encouraged by conversations we've had. As you know, VIZIO, we've had a lot of opportunities to come forward and announce something like this. We haven't taken those till we felt like we were in a position where we were ready to announce to the marketplace, but also, I believe, ready from a business perspective. So when you look at kind of the investments we've made over the past few years, most of our OpEx has been invested on the engineering side. We've kind of over the past, I think, year and a half, we've doubled the number of software engineers we've brought in. We've made incredible enhancements to our OS. In terms of, you know, performance, in terms of user experience. We think those enhancements work exceptionally well in terms of helping to enhance the picture quality of the TV itself. And our experience with hardware, software, and not only driving a great user experience on the platform side, but also identifying how to help enhance the picture quality of the television, which is still very, very important for hardware manufacturers as well as consumers buying in the marketplace. We think we're in a good place to do that. We also believe—or not believe, we have the proof to show that now we're in a better place from an economics perspective. So now I believe we've got a—we've got a good platform. We've got good, good economics that we're driving on the platform side, and that puts us in a position to have, you know, conversations with OEM partners, retail partners across the board that are interested in potentially leveraging another OS in the market. I mean, does the shift in strategy here suggest at all that maybe you might be interested in international opportunities as well, or? 'Cause obviously, right now, 100%- Yeah -puely domestic, but when you talk about the potential partners out there, does that mean international is in play? Yeah, I think we've learned never say never, but currently, that's not a strategy for us. I think international's tough. We know a lot of other players in the space have dove into international and there's a lot of different factors that go into international, right? There's a lot of differences in terms of how you need to manufacture a television, certifications that you need, on the home screen, or I should say, on the apps and app partners we have. So we don't think that's a good use of our capital today. When you look at it from a business model perspective, I think, you know, international market right now, just the CPMs aren't necessarily there, where it's as interesting for us to put our capital towards that. Got it. Yeah. And then, so you kinda mentioned it earlier in the first question here, but you signaled on this last call maybe just a shift in strategy regarding a greater focus on larger screens. And obviously, it makes sense. You know, these screens are most often, you know, put in the living room. It's gonna be the main TV in the house, as opposed to smaller screens. You mentioned also on the call that, you know, these TVs obviously exhibit much lower churn. Yep. The ARPU associated with them is 30% higher than what you see, might see on, on the small screen. So can you just go into further detail in what exactly you mean when you say you're going to go further, or you're gonna have a more greater focus on these specific larger screens as we go forward? Yeah, I think you covered a lot of it in the question. Sorry. A lot of that answer. Yeah, for us, I mean, I mentioned earlier, right? Screen size— We've learned screen size matters, right? Screen size matters because it is, as you pointed out, right? The larger-sized televisions, and when we talk about larger size, really, we're talking about 40+. Those size televisions and even beyond that, when you get into 50 and 55, 65, 75, they tend to drive higher lifetime value. They sit on the wall 6-7 years. They get a lot of usage, right? So engagement goes up, gives us a lot more opportunities to monetize today and into the future. When you start getting into the lower sizes, there is value there. You know, we have, I think it's a 95% activation rate, meaning somebody buys a television, you know, plugs it in, turns it on, they activate the television. But what you see with the smaller sizes is, they don't get as much usage. There's not as much engagement. I think that's fairly intuitive, that would make sense, and also, they churn a lot faster, right? They don't, they don't last as long as the larger-sized televisions. So, from our perspective, in order for us to continue to scale the business and continue to grow, our gross profit, we want to- we wanna lean in where we can- Right -to larger-sized televisions. And at times, that could mean making more of an investment in a larger size- Right -just to be able to capture more share. I think this past year, we've been, at times, number one on the 50-inch, number one on the 65-inch. So I think the strategy's working, and we see that, as I mentioned earlier, in terms of engagement, right? 16% up in terms of time spent, where active users wasn't as large of a jump- Right -year-over-year. Right. Yeah, so, yeah, theoretically, if you push into more of that strategy going forward, what you'd likely see is faster ARPU growth, but potentially slower active account growth- Yeah -in the sense that you're just focusing on a more select. Yeah, the total number of TVs we sell doesn't matter as much as selling the right televisions. Right. I think we've learned that strategically, especially in our shift from kind of a hardware-focused company to an integrated system, hardware, software, right? Selling the right TVs matters more than necessarily selling as much volume as possible. There's a lot of volume in the 24-inch. There always can be. You can push out a lot of those units if you want to, but how will that help us in the long term, in terms of growing ARPU and being able to reinvest that into building a better consumer experience? Right. All right, so that's kind of the TV side. I was gonna move more into the Platform+ software side now. There's obviously a number of ways in which you generate revenue within the software side of the business. Let's start with home screen. You turn it on and bam, there it is, right? Right. And you got ads right away. This is obviously the streaming service battleground. This is where all those streaming services are buying for user attention, trying to capture viewership or subscription- Mm-hmm -and monetize those hours. Can you talk about the, the various ways in which VIZIO monetizes the home screen? W hat you're seeing from a demand standpoint, and then maybe just talk about, like, the pressures in, in M&E right now, and how that's, you know, we're working through softness there. Yeah. I'll start with the home screen user experience. So for us, we've made a lot of investments in the home screen. It's the first thing you see when you turn the television on, right? So it's an incredible piece of real estate, for one, for consumers that are in search and discovery mode, trying to figure out what they want to watch. And it's great for advertisers 'cause it especially media and entertainment partners, 'cause it's a great opportunity for them to be able to capture an audience and potentially redirect them into an app, different app than they were planning to go to. We made great investments this past year. We redesigned it. So, the new home screen we've rolled out. I believe we already had the best home screen for search and discovery before, but we listened to our consumers. We made some enhancements. We made it more interactive, more immersive experience. It's got a cleaner look and feel, and the results have been a resounding success. Consumers, one, I shared this data point. I don't know if we've shared this before, but whenever you change the consumer experience, like, people always complain. They always complain, no matter what, even if it's better. We got no calls to customer service about this change, and reviewers were very ecstatic about the changes we made. And consumers responded, right? They typically respond with engagement, and we saw, I believe it was over a 60% increase in terms of engagement. And by engagement, we mean kind of clicks- Mm-hmm. -people clicking through on the different units we have throughout the home screen over this past quarter. So, so results were very good. That leads to, again, more opportunities for the consumers to find what they want, which makes them want to spend more time, you know, in our UI, more attachment to the SmartCast operating system. And then for advertisers, not only is it still the best real estate for them to promote, whether it be subscription service, whether it be new shows that they're releasing, you know, trying to just drive more engagement into library content they have, but it's a great opportunity for them. So, in terms of t here was a couple of questions there. The second one was on media and entertainment itself? Yeah, just like the demand trend you're- Yeah -kind of seeing right now, given everything going on in the market. Yeah. So media and entertainment was challenged a little bit due to the writers' and actors' strike. I think we shared on the call, wasn't challenged as much as we expected. We were a little bit surprised that there was still a very good investment made from the media and entertainment community. What we found from talking to our customers was that it's really 'cause it's point of sale, right? When you think about as they scale back marketing dollars in other places, whether that be in social or in linear, they're continuing to invest in kind of distribution platforms that enable them to have what we call point of sale. The ability to click directly off of an advertisement into their app and have that experience right away. They continue to see good performance from us. It was a little bit, little bit of a hit, but not as bad as we thought, and we were able to make up a lot of it in terms of expanding beyond media and entertainment. Right. So, we've put together a lot of different opportunities to bring what we consider general market or non-endemic advertisers into our home screen. Now, we make a concerted effort. We don't want to put up, you know, like, Tide ads directly on the home screen. That's not gonna be a good consumer experience. But, we found ways through, you know, promotion of certain content we have, like, Heinz promoting our featured channels in WatchFree+, our owned and operated app. You know, McDonald's sponsoring a football, or Progressive, sponsoring a football hub we have to go find football games that are on Sunday, or even branded content. Home Depot sponsoring an original series we created that enabled them to get some exposure on the home screen. If we can tie in their brands directly into something the consumers want, it's creating a lot of new opportunities for us to drive new advertisers onto the home screen, which is great for us. Mm-hmm. I mean, I have a VIZIO TV. I turn it on, and- Mm-hmm -what's cool is that I got all these streaming services, obviously, vying for my attention. Yeah. They're telling me what's on, and, you know, trying to basically win my business or, or my viewership. You know, if you look at who participates- Mm-hmm. It's basically everybody. Yeah. Right? All of the streaming services are active on that home screen. Mm-hmm And promoting their product, except one. That one is, I won't name names, but they're the largest streaming service out there, basically. So with all these streaming services promoting their service, competing with each other, just what are your thoughts on the willingness of this specific large player to enter into the field? Because, you know, again, I just feel like from a competitive standpoint, turn on the TV, everybody's vying for those hours. You know, one large streaming service doesn't feel like they need to participate right now. Does that change over time? And I think, you know, I'm mentioning it just because I feel like it could be very sizable, given that a lot of the home screen dollars are driven by relatively large streaming services- Yeah -that are out there. Yeah, I mean, look, we, we have a very good relationship with that, the partner you're referring to. We were actually the first one to bring them onto the into the smart TV environment. We do, you know, share economics with them around subscriptions and on that side. But when I look at for kind of any service, I think, being point of sale, the opportunity to drive directly into your app is very important. I think for services that are expanding into to new monetization opportunities, right? Like ad-supported- Mm-hmm. I think our home screen becomes even more valuable. Right. We have an audience that has proven to be, through the data we have, more apt to free ad-supported content. They love it. So I think as more services push into free ad-supported, I think we are a prime partner, and I think we'll likely be a very good partner for them, when that becomes a priority for them to drive more ad dollars. Just to wrap up home screen, can you talk just about the gross margin that you reap from home screen advertising? 100%. Right. From 99.9, some ad serving fees. But yeah. I wanna touch on the SmartCast hours. So obviously, for you guys, you know, the dollars are truly made when the users are engaged with the operating system, right? Not so much when you're watching linear TV, and I know there are ways- Mm-hmm. and we can talk about that later. But basically, you want your users operating the TV within the SmartCast operating system. Mm-hmm. You don't want them going to linear or playing video games or stuff like that. You want them on, on the operating system. You guys had some really great results here. The SmartCast operating system hours were up 22% year-over-year. On a penetration standpoint of viewership time, 57.8%. Mm-hmm. Two years ago, that was 49.5%. So there's been this massive increase in the amount of hours that are residing on the SmartCast OS, which is where you monetize. Yep. What would you say has driven such a significant increase over the last two years and even just in the last year? Well, first, I'll take the first part of your question. We— It's not that we don't want them on linear or gaming. For us, we want them spending as much time in front of the television as possible, right? As long as they're utilizing the television, we have opportunities to create more affinity for the consumer, but also drive monetization, right? So linear, we are capturing data- Mm-hmm -off that linear usage that we license out to measuring companies. So, so there is value when someone's watching linear, gaming consoles, right? We have the ability to recognize what people are playing, and there's data opportunities there that can not only help with our licensing, data licensing business, but also help with monetization in terms of targeting, within our platform itself. But I think the biggest driver has been, for us, as we've seen, the FAST. FAST has grown significantly, well, over the past year, past few years. Mm-hmm. But this FAST has continued to drive. So I think as you're seeing more and more of licensed content licensed within our own WatchFree+ and other FAST services on our platform come from, we'll call it legacy cable brands. Mm-hmm. You're pretty much seeing that viewership migrate to a place where they can just get it for free. Right. Right? And if you look at and we have the data that shows, I mean, you look outside of live sports and news, that pretty much makes up that 28%. Right. I mean, that, that's really the only thing people are watching in linear TV anymore. A majority of that has shifted over into the FAST services or other subscription services on our platform. Okay, I mean, you could almost look at the correlation with Comcast. They lost 13% of subscribers last year- Yeah -year- over- year, and then boom, were they going into the FAST environment, which is what's driving the increased penetration- Yeah -on the SmartCast OS. So you kinda touched on it, but, you know, pushing into video, if you could choose, you know, where the viewer allocates their time across the operating system, I think you would say it's VIZIO's own FAST app, WatchFree+. Yeah. Can you just talk about why this is the most lucrative place in which viewers could spend their time for VIZIO, and what you're doing to draw viewership into this streaming service? Yeah. Well, I think for us, again, we want people to spend as much time with the television as possible. There's plenty of different ways we can monetize across wherever they are, whatever they're experiencing. And again, if you get into the streaming environment, you've got to come through the home screen, right? It's still the first thing you see. Great opportunity for us to monetize through advertising partners, either media, entertainment, or general market, as we talked about. But it's also a great opportunity for us to drive consumers into our owned and operated app, which is WatchFree+. And when you look at that, we have obviously a better opportunity for us to monetize, got better margins within WatchFree+, from a video perspective. But it's also something unique that our sales team can go out and sell in the marketplace. So when you look at WatchFree+, we've got, I think it's six different kinda entry points we have across the platform. You can get in either through. There's a button on the remote, right? There's an app on the platform. There is a navigation tool that drives you into what we call live TV, which directly links into WatchFree+. We promote through our home screen. When we have inventory that we don't sell, we tend to push what we call editorial, as much editorial as possible, into WatchFree+ to help consumers understand that what they're looking for, we likely have available either in a live TV environment or in an on-demand in terms of movies and shows. Mm-hmm. And then we also have kinda custom carousels and collection pages throughout. So we do a lot to promote what's available on WatchFree+. And we've invested a lot in the user experience, not only in the promotion of it, but the user experience. Over the past years, we've kind of redesigned the look and feel within it. We've added a ton more content. We're up to close to 300 channels in our FAST service. We now have close to 15,000 movies on demand, which has helped drive a lot of growth in the WatchFree+ service. And then we can leverage this TV viewing data that we have. This, for those that don't know, I think I've referenced it already, so I'll just clarify. We have a technology we call Inscape. It's built into our televisions that helps us recognize anything that hits the glass. So, if you're watching linear, if you're streaming, if you're on a gaming console, if you're on a stick or dongle, we know what you're watching in terms of content, in terms of ads, in terms of show, channel, you know, MVPD, et cetera. So we can take all that data, and we can help personalize the home screen or the promotional tools we use, to help inform you of what you might like to watch and where it's available on WatchFree+. If you like food content, and we've seen you watch a lot of food content, we may promote, you know, Gordon Ramsay within WatchFree+ and push you in there. Right. Yeah? Would you guys be able to get that information if, let's say, it's not on Wi-Fi? The TV's not on Wi-Fi, but it's connected to, like, an Xbox or something like that, and they're using that to watch a game or they're using that platform still. Do you still receive that information? No, they have to be connected to. T hey have to be connected to the internet for us to receive that information. Got it. Yeah. And then, And that's in our active user base. So we have, I think, close to 18 million, 17.9 million, 30-day active users, that makes up the base in which we monetize. And then just to, just to wrap on video, gross margins there within this side of the business? I think we said roughly around 50%. Gotcha. Yeah. From an ad sales perspective, can you just talk about, you know, how you allocate inventory sales across direct versus programmatic and basically how you determine that allocation? Programmatic content is such a complex answer. Yes. So let me try to break this down without a whiteboard. When we think about direct and programmatic, the way we look at it is direct and open marketplace. Mm. Right? So, from a direct sold perspective, there's about, I think it's 80%, sometimes that fluctuates between 70%-80%, of our demand comes from a direct sales relationship we have with the customer. And, you know, 20%-30% will come from open marketplace, where we go out to third-party SSPs or DSPs, and have them fill excess supply we have. Within that 80% of direct, we do operate programmatically in that space. So from a direct perspective, our sales team may go out and sell managed service campaign, right? An old-school insertion order that still makes up a majority, but we also will sell programmatic direct, which means, an advertiser can have a fixed CPM, fixed number of impressions, but they can execute that campaign through a third-party DSP, like The Trade Desk. And then we also do private marketplace deals, where we'll agree with an advertiser on a CPM and a specific target. We'll put it up within the DSP, and as the audience hits, that PMP will run. So that's a direct to programmatic breakdown. Was there a second question in there? No, no, that was great. That was very helpful. I had so many ad tech meetings today, so- Yeah. I had to get that in. Yeah. So, moving over to non-advertising revenue, still within the software segment, though. So home screen video ads, they represent around 77% of the software revenue. Mm-hmm. The remaining 23% is comprised of data licensing, bounties on transactions and subscriber originations- Mm-hmm. and button revenue for something- Yep -ike the Netflix button on the remote control, right? Yeah. That little promotional product. But honing in on the data licensing piece, right? Yeah. 'Cause this is the vast majority of what we're talking about right now. Can you just talk about the data that you're providing to measurement partners, why they value it, and how you think about this line item going forward? Yeah. So, I already shared what that data was, the Inscape viewing data. When you look at measurement partners that are creating what we'll call kinda new currencies for the marketplace, that means kind of beyond the Nielsen GRP that was available, we are the core data set they use. They want to understand what people are watching in a linear and streaming environment, what content they're watching, what ads they've seen, and then they put that into their currencies to create opportunities for advertisers and measurement in the marketplace. That business has been very good business for us. We power or the underlying data set for, you know, I would say, all, all the main players from, from Nielsen, and their, their Nielsen ONE to iSpot, to Comscore, to, to VideoAmp, to, and, and so on, in terms of third-party measurement companies. That business grew significantly a couple of years ago. Most of those deals are in place today. They have a few year life, so, so we haven't seen as much growth. As they come up for renewals, we'll start to see more growth in that business. But we made this strategic decision, I believe it was three, almost three years ago, to only license our data for measurement purposes. So, we don't license it out for targeting or for planning, and we do that so that we can keep it for our sales team to be out in market with something unique, right? For them to have a special sauce that they can bring to customers that not only help us drive more buys on the addressable side, but also drive incremental CPMs. Mm-hmm. So, all right, we touched on basically all the revenue components. If you put all this together, all that we've talked about, you get an annualized ARPU number last quarter of $34.85. Mm-hmm. Roku is at $42.16. So obviously, just running that comparison, we know that opportunity remains for you guys on the ARPU side. And even within Roku, they have an international presence that's weighing down that ARPU. Mm-hmm. So, like, there's obviously even higher opportunity if you were just to look at their domestic ARPU. Yeah. Again, yours is purely domestic, just from a comparison standpoint. So given that, how do you think about the opportunity going forward to grow ARPU? And as you think about these various components that we've already discussed, where do you see the biggest opportunity for growth and expansion? Yeah, I think you hit on the right point. Where we're at today, I think there's a lot more upside. I think, you know, Roku's done an incredible job. I do believe their US ARPU is much higher than their overall ARPU. Right. I think that's a good example of how much runway we still have to go. We've only really been monetizing for a little under four years, so we're still relatively new to the marketplace. Our focus today really has been on the advertising side, on national advertisers. We think there's a lot of opportunities for us to continue to grow and expand beyond that into, you know, whether that be local, whether that be direct to consumer. I think I shared on the earnings call, a lot of opportunities for us, and we're very optimistic and excited about political for next year. So with all that, the biggest growth trajectory for us will be in video. We see that market as still a ton of room to expand. I think you touched on 58% of time spent streaming in SmartCast, 28% time spent in linear, but $60 billion is spent in linear, and what is it? $25 billion they're projecting in connected TV. Right? There's this huge gap between time spent and dollars shifted that will create a great opportunity for us to capitalize even more on the video marketplace moving forward. And that's not just in the tools in terms of having video inventory available. It's having the data sets that can create more audience-based buying to help us capture not only, you know, upfront dollars, but also do very well in the scatter market. So yeah. So as we continue to add, c ontinue to grow WatchFree+, you know, continue to grow the time spent on the platform. I think video has a significant upside. Got it. Few futuristic questions for you. Where is VIZIO investing right now to make the TV more desirable, as well as the operating system? I mean, you just overhauled the home screen experience- Yeah -right? That obviously was an investment of choice. But what comes next as far as future investments to drive either incremental interest in, you know, buying the TV on the hardware capabilities, or maybe it's more software related? Yeah. So when we look at what consumers want, right? We're gonna invest where we think consumers what consumers want us to to invest in. And when you look at from a buying perspective, consumers want a few different things from us. One, on the hardware side, they want great picture quality, right? So we're gonna continue to invest in that. And they want that picture quality at great value, right? So, for example, we got coming up here, Black Friday, we got Quantum, the new QLED, 4K QLED coming out, $499 for a 65-inch, $699 for a 75-inch. Go buy it. It's a great TV. But they want great picture quality, great value. That's maintained. We're gonna continue to invest there. But then on the platform side, I think we touched on, right? They want a great user experience. They want it simple, intuitive, right? Streaming can be very complex compared to linear, right? They want us to make it as easy as possible for them to search and discover content that's available, get to the apps they want easy. This new redesign, again, great success. They wanna make sure they have all the content available. We're continuing to invest in not only growing our own service, but making sure we have every single app available. We had a couple gaps, right? We didn't have ESPN. We just announced ESPN has come on the platform, same with the NFL app. So now we believe we have all the content consumers want. And then the last piece is they want great performance, right? They want a lot of speed, they want it to be snappy, you know, move quick in between, in and out of apps, up and down on the home screen. A lot of our investments recently have come from that. You'll see if you have a VIZIO television, we just rolled out a new firmware release that increased and improves performance significantly. Our investments will continue to come kind of in those four buckets, 'cause we believe that'll help us sell the most TVs, drive the most engagement, ultimately, ultimately make the most money on the back end. Got it. Obligatory AI question: How do you see AI impacting the CTV OS offering? And are you making any investments currently right now to leverage some of these emerging AI capabilities? I mean, I would say the biggest AI investment we've made that's had the most impact has actually come on the customer service side. Okay. We've made a lot of enhancements on the customer service side to reduce call times, to improve our relationship with our customers. It's worked really well. Amazing what AI can do on the customer service side. In terms of the platform, I think there o n the platform side, we are obviously exploring both partnerships and investments around search and discovery. Obviously, there's a lot of use cases to enable AI to help recommend the right content that you may wanna watch. And then I think on the advertising side, there are already a lot of tools in place, and I think there will continue to be more and more around using AI to improve targeting within ad buys. We think AI is interesting. It's not, you know, it's not the biggest investment we're making today. Mm-hmm. But we need to be part of what's happening in the future. Right. So we're investing. On that point, I'll end it with this one. Just, you know, the evolution of TV, CTV continues to evolve. I've always had the belief that everything that you can do on your phone, you'll one day be able to do on your TV as well, and it seems to be playing out that way. But when you think about future opportunities on the horizon, you know, what excites you most? Where do you see the most potential? And I mean, I'm thinking about things like shoppable ads. I'm thinking T-commerce- Yeah -gambling associated with maybe what you're watching on the TV, video conferencing, augmented reality, all these things that, you know, really get people's attention. Are any of these things real near term, and anything that you foresee being something that you're excited about near term? Yeah. I mean, I'm excited about all of it. I mean, we've been talking for years about all these capabilities, and I think they're all pretty much there, right? Shoppable experiences are there. The interactive capabilities, the ability to buy through a wallet, to create T-commerce experiences, to initiate gambling, both on the television and onto your mobile device and have the two of them interact. We've made a lot of investments to have that capability available. What we're finding right now is consumer demand for it is slower than expected. Mm-hmm. I believe that is the future. I believe shoppability within a television set will get there, but today, consumers are still finding it's easier to identify what they want on the television than turn to their mobile phone. So for us, it's incumbent on us to one, continue to test and learn different capabilities, and we've done that, whether that be through interactive experiences or QR codes, or trying to integrate directly into content that's available. But user adoption just isn't there yet. Right. But we'll be prepared when it is, and I hope, I hope for it. Cool. Well, that's all we have. Thank you guys so much. Yeah. Appreciate it. Thanks.