Good morning, and welcome to WeWork's Q2 2022 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question over the phone, you'll need to press star followed by the number one on your telephone keypad. To reach an operator at any time, please press star zero. I would now like to turn the call over to Kevin Berry, Senior Vice President, Investor Relations. Please go ahead. Thank you, Julianne, and good morning. We will refer to our earnings release and supplemental presentation, which we haven't filed with the SEC and can be accessed at investors.wework.com. Today's presentation includes forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially. We will also discuss certain non-GAAP financial measures which we believe are meaningful in evaluating the company's performance. Additional disclosures regarding these non-GAAP measures, including a GAAP to non-GAAP reconciliation, are included in our earnings press release and supplemental presentation and will also be included in our quarterly report. With that, it's my pleasure to introduce Sandeep. Thanks, Kevin. Before we get to the results, I'd like to welcome some key members of the team. First is Kevin Barry, who will lead investor relations going forward. I've had the pleasure of working with Kevin in the past, and I know he will be a great partner to the investor and analyst community. I also want to acknowledge the positive momentum across the business. Revenue in the second quarter using our budgeted foreign exchange rates was $841 million, above our guidance of $800 million-$825 million. At actual foreign exchange rates, revenue was $815 million, an increase of 7% quarter-over-quarter and 37% year-over-year. First quarter, and a $315 million improvement relative to Q2 2021 and within our guidance of $-125 million - $175 million. Our results continue to demonstrate the durability of our operating model and the versatility of our product. With WeWork's ecosystem of flexible offerings that are designed to be symbiotic, we continue to see companies lean towards WeWork's products to continually adapt to their workplace requirements. An interesting analogy is between retail and e-commerce in the early 2000s and what is happening today with the transformational shift in commercial office and flex. In 2000, e-commerce represented 1% of retail sales in the U.S. and grew to 21% in 2020. Today, our footprint represents approximately 0.5% of the commercial office space in the U.S. However, our sales in Q2 were equivalent to 9% of traditional leasing. In the pre-pandemic world, flex was considered part of an office strategy. Today, much like e-commerce, flex represents its own channel of distribution. In the same way that brick and mortar was disrupted by the speed and convenience of e-commerce, flex is capturing office space demand with direct-to-consumer solutions. Approximately 69% of new membership sales this quarter took occupancy within one month, and 86% took occupancy within two months, which is a little faster than in previous quarters. This trend continues to underscore the value proposition of our business and what gives us confidence as the global economic landscape continues to evolve. We learned over the last two years that the speed, convenience, and flexibility of WeWork is what companies look for and rely on during times of uncertainty. As the world has adjusted to the global pandemic, we have been steadily selling desks and growing our member base for well over a year. Because companies have needed a way to quickly adapt to a new and unknown environment, evolutionary pressures, not only does that need still exist, but on top of that, companies need a solution that can help reduce costs and future-proof workplace strategies. We have seen that various economic disruptors impact every industry differently. Ultimately, the outcome is an increased demand for flexibility as employers seek increased collaboration and connectivity. A quick example can be illustrated through a multi-pronged deal we executed in Q2 with a leading cloud security platform. Having grown their employee base threefold in a year while expanding their business globally, the company's priority was mitigating risk while also meeting the needs of their rapidly growing workforce. By leveraging commute analysis and utilization reports, we developed a dynamic solution that blends dedicated space active approach that supports the company's productivity, culture, and connectivity across the markets. Across our three products, the speed and scale at which we are able to tailor offerings to the diverse needs of business today illustrates Flex's position as a separate channel of distribution in the office industry. With that, I'll now turn to our operating results. Space as a service, our core product, the second quarter continued the positive momentum from the first quarter. We ended the quarter with 917,000 workstations across 777 locations and 658,000 physical memberships, above Q1 2020 and the highest to date. This far exceeds pre-pandemic levels of membership. System-wide new desk sales were 93,000, and renewals were 111,000, for a total of 205,000 or 12.3 million sq ft. One more time, I want to reiterate it's 12.3 million sq ft. Our consolidated operations accounted for 749,000 workstations across 641 locations and 528,000 physical memberships as of quarter end. Up 5% quarter-over-quarter and 37% year-over-year. Occupancy climbed to 70% and 72% when including committed memberships. Consolidated new desk sales were 73,000, and renewals were 87,000, for a total of 160,000, or 9.6 million sq ft. At the market level, WeWork Q2 2022 gross sales in Manhattan were equivalent to 18% of the traditional market for office leasing on a sq ft basis. Our WeWork's portfolio of 5 million sq ft accounts for approximately 1% of total office stock. WeWork's activity represented 20% of Boston's leasing, 15% of Miami's leasing, and 25% of Dublin's leasing, 13% of Paris' leasing, and 6% of Berlin's leasing, despite representing approximately 1% or less of total office stock in each market. The average commitment term for our small to medium businesses was 14 months, and the average commitment term for our enterprise clients was 25 months. WeWork reported average revenue per physical member, or ARPM, of $481. ARPM using the budget's foreign exchange rates was 497, an increase of 3% quarter-over-quarter, or near our projection of 500 by year end. Markets where we are over 70% occupancy, we generally focus on rate. In those where we are below 70% occupancy, we generally focus on growing occupancy. In our international region, as these new higher priced contracts replace the previous contracts, we expect our reported ARPM and budget FX to continue growing. Moving to WeWork All Access, which includes our monthly subscription and on-demand pay-as-you-go product, memberships grew 13% to 62,000 in the second quarter, which represents an additional seven percentage points of occupancy. Revenue was $45 million, up 25% from Q1, annual rate of about $180 million-$190 million of revenue. From enabling companies to experiment with new ways of working to providing cost-effective solutions amidst market volatility. Whether leveraged as a standalone solution or as a complement to dedicated space, the rapid adoption of our All Access product underscores the holistic nature of our offerings. For example, one of the leading outdoor gear and apparel retailers acquired All Access passes to complement their dedicated spaces at our Kelly-Springfield Building in Seattle. Despite being a remote-first company, they wanted to provide employees with the flexibility to come into the office as needed. However, to ensure employees have enough space to collaborate at scale, the company acquired 2,600 All Access passes to deliver optionality to employees while minimizing fixed costs. Xero, an accounting software provider, moved to fully remote work at the start of the pandemic. All Access. Xero is armed with insights to make informed decisions as the company evolved its workplace strategy moving forward. Lastly, two weeks ago, we officially debuted our space management software, WeWork Workplace, in the U.S. and the U.K. We see WeWork Workplace as a natural extension of our core business, positioning the company as a true end-to-end solution. Going beyond providing physical space products, WeWork can now enable companies to enhance the way they use and manage space through this software offering. At a time when companies are searching for the best ways to bring employees back with purpose and intentionality, WeWork Workplace is designed to help navigate a new world of work by marrying space, asset, and people management capabilities into one universal platform. In a market that's highly fragmented, WeWork Workplace is the only product that can combine all space types, privately leased or owned. WeWork Workplace and WeWork-affiliated spaces within one single experience. Employees can seamlessly view their office space options, book desks, see which colleagues are coming in, and coordinate space for their teams. On the back end, companies can future-proof their real estate strategies with access to utilization data and insights on employee preferences. To date, the company has signed 11 companies to the platform, providing them with 7,400 licenses to manage its spaces in WeWork's portfolio and in non-WeWork locations. The pipeline includes over 100 companies comprising more than 35,000 licenses. WeWork comes to the workplace management space with an established global customer base of 7,000 unique medium to large and enterprise member organizations comprising approximately 360,000 memberships already in our sales channel. Many of these organizations are already leveraging Flex to power hybrid work, a leading provider of software in the world. For an update on our asset-light go-forward strategy, I'd like to point out that 37% of our portfolio- Before I review our financials, I just wanna thank Sandeep for his kind words at the top of the call. I couldn't be more excited about the potential of the business and look forward to meeting all of you in our investor community in the coming months. Now, moving on to a summary of our second quarter financials. First, total revenue was $815 million. As Sandeep mentioned, excluding that impact, total revenue would have been $841 million and above our guidance range. Total company revenue is approaching pre-pandemic levels and as you can see in our supplemental presentation, on a significantly lower overall cost base. At the building level was $86 million, up sequentially from $34 million in the first quarter, and compared with a loss of $192 million last year. We've been able to reduce our location operating expenses through a combination of rigorous cost reduction efforts and exiting unprofitable locations while also growing revenue. Maintaining this operating leverage will be an important driver of our future profitability. Next, our adjusted EBITDA loss in the second quarter was $134 million, a $78 million sequential improvement from Q1 and over $300 million better than last year due to higher revenue and careful management of our expenses, including our SG&A, which declined 17% year-over-year. The FX impact on our adjusted EBITDA compared with our budgeted FX rates was immaterial, and our adjusted EBITDA was at the higher end of the guidance range. Our net loss was $635 million in the second quarter. Now it's important to note that this included approximately $391 million of non-cash items. This was primarily driven by unrealized FX losses on our intercompany loans, as well as a partial write-off of deferred financing costs in connection with amending our LC facility in May and depreciation and amortization. These items were below the line and non-cash. A reconciliation of our net loss to adjusted EBITDA can be found in the earnings release. Now a quick word about how we think about foreign exchange as we are a global business. As you see in the quarter, FX had an unfavorable impact on revenue and a negligible impact on adjusted EBITDA. However, as the business becomes increasingly profitable at the gross margin level, we will have greater non-U.S. We fund our non-U.S. subsidiaries in their functional currencies, which both minimizes trapped cash overseas and enables us to repatriate our cash easily as our subs become profitable. While these exposures are below the line and non-cash, we'll also evaluate hedging opportunities going into next year while preserving our flexibility. Now moving on now to liquidity and cash flow. Our free cash flow for the second quarter was negative $298 million, a $114 million sequential improvement from the first quarter, restructuring and select asset sales, partially offset by higher CapEx. On liquidity, we ended the quarter with cash, commitments, and access to liquidity of nearly $1.7 billion, including $625 million of available cash, $550 million of unissued senior secured notes, and at least $500 million of secured debt covenant capacity. We continue to expect our liquidity at year-end 2022 on that same basis to be approximately $1.4 billion. Of $3.4-$3.5 billion and our adjusted EBITDA guidance of negative $400-$475 million, both excluding the impact of FX on our Revenue at approximately 80% of our fourth quarter planned revenue is committed. With that, operator, please open the line to questions. Thank you. If you would like to ask a question, please press star followed by the number one on your telephone keypad. To withdraw your question, please press star one again. We'll pause for just a moment to compile the Q&A roster. Our first question comes from Vikram Malhotra from Mizuho. Please go ahead. Your line is open. Thanks so much for taking the questions. What scenarios are you planning for assuming the economy turns further from here in terms of a downside risk? Are you still of the view that SG&A? You know, we're already at a $750 million run rate, and as you said in previous calls, we see room there as well, and we're gonna continue up and down that path to streamline our organization. We do see ability to trim down, you know, day one capital. As you saw in the first half, we spent $28 million, budget for, you know, day one CapEx with $100 million. We can be mindful of day one CapEx. We can be mindful of day two CapEx. The last lever, you know, is, as we said on the previous call, about $350 million-$400 million of rent and tenancy have guarantees of less than 12 months, and it gives us an opportunity, you know, to be able to get some assistance in rent reductions should be needed. Whereas we've pulled for the last two and a half years, and we've demonstrated that over the last two and a half years, we've got $2.1 billion of cost. You know, so on the expense side, we will continue to. On the revenue side, again, you know, we basically, as Andre said, we have 95% of our revenue committed for Q3 and 80% for Q4. We're very mindful of occupancy, and so we will be, you know, very focused on maintaining our occupancy, and our revenue numbers. What is, you know, important as you know, is that the terms being signed today for the SMB business is 14 months, and the enterprise business is 25 months. Which is a far cry from where this business was pre-pandemic. As I remind you, in 2017, we ourselves, you know, to a business that's more akin to an apartment business which has lease terms of longer than 12 months, which minimizes that risk of churn, you know, into the fourth quarter. We're aware of the risks that are ahead of us and very mindful of it. Okay, great. Otherwise, what's going on by market and relative pricing power? Well, you know, pandemic level rates to get higher, members paying higher rates. It's natural, you'll see that across the world. We're doing that in Israel. You know, occupancy in Israel was in the mid-90s. It's probably 93%. Revenues have gone up in Israel because obviously we're taking out the pandemic level members and putting in new members to pay market rents. When you price up by 90% occupancy, you could see rising revenue and pricing and occupancy. If you look at, you know, some of the other markets, I think San Francisco, we did quite well. The only other large market that I see any variability is Boston. That's really a function of actually the way we calculate occupancy is that when a member is within 60 days of their churn date, and without there's no renewal, we take the churn, adding in the space, but we are aware that they're leaving. In that one case which caused that variability, it's two floors by you know that's with a you know a enterprise client. Coincidentally, those are the same two floors that are being recaptured at no cost to us by the landlord. In reality, it's in the numerator. It's not in the numerator, but the space is in the denominator. Next quarter, it'll be off the numerator and off the denominator. We see momentum, as you can see, quite strong, when you look at the leasing activity. I might even add that July, you know, again, which has completed a few days ago, our leasing activity was very strong. You know, it's been at the same level of strength as we see in the first month of the quarter. Now, you know, in the pipeline, we seem to be quite strong. As I mentioned in the past, to achieve our targets, we need a pipeline of about 1.4x-1.5x the required occupancy, and heading into August, we have that pipeline. Okay, great. Just last one, you know, given where the stock is today, and where you would, you know. If you do, then what sources are you contemplating? Yeah, I think you're right. We don't need to raise additional capital in that the existing sources of liquidity that we have should, you see, here, we've got over $600 million of cash sitting on the balance sheet. That would imply around $300 million just sitting on the balance sheet at the end of the year. Just funding the second half operations is pure p ositive by that time. Now the next milestone for us will be to get to cash flow positive, which we're hoping will be sometime in the second half of next year. Obviously, we'll refine that in our year-end guidance. We believe $550 line, we have a senior secured line with SoftBank, as well as we put the $500 million of available capacity under a senior capacity under our bond indenture. Now granted, we would actually have to go out and issue that. We think between those three sources is more than sufficient to carry us for the next year. Vikram, may I just add, I'll just re-emphasize. You know, again, you have to take into account that 95% of the revenue is committed for Q3 and 80% for Q4. Even if you do some back of the envelope math, okay, you know, and for whatever reason, the world, you know, delta in revenue, as Andre said, that, you know, we have $300 million of cash by year-end. Even if it's a $50 million-$100 million dollar loss, you still end the year with $200 million of cash. Right. By year-end, plus the $550 million of SoftBank money. You got $750 million before we even have to think about going to the market. There's enough liquidity to carry us through all the way to the end of 2023, quite honestly. Great. Thank you so much. Our next question comes from Alexander Goldfarb from Piper Sandler. Please go ahead, your line is open. Good morning, Andre, look forward to meeting him. Kevin, can't believe that you want to come back to the public limelight, so, welcome back. You know, ask about your capital needs. I just wanna make sure that, you know, everyone's on the same page and that the guidance hasn't changed. I think before you said, previously you'd said you guys expect to be adjusted EBITDA positive by the end of this year, I guess beginning of next. By middle of next year, you would be cash flow positive. I just wanna make sure, is that still correct? Or Andre, in your comments, have those metrics or guideposts been pushed back? None of the guideposts have been pushed back. I think Andre just said, and I did say in my last call at the end of Q2 or beginning of Q3, we would be cash flow positive when I was asked the question. He just said the same exact thing. He said second half, but that's the same exact thing. None of the guideposts have changed. Right. Okay. As far as, you know, if you did technically delay the cash flow positiveness, right? Is your view that, you know, the amount of interest relative to the funding, to the quote-unquote "funding gap" that you would need that money for would not be cash flow positiveness? Yeah, I think it's the latter. I think we've assumed that, were we to draw on that line, we would have additional interest expense. In 2023, and that's factored into when we believe we'll be cash flow positive. If you just do the math, right, I mean, again, I'm just doing it off the top of my head, right? If you drew the entire $550, which I'm not gonna do, but let's just say you did that. Right. You're talking about $35 million-$40 million of interest for the year, so it's not material. Okay. Next, I think you said through asset sales, but can you just walk through the increase in cash balance, especially as you said, there was some CapEx that you did in the quarter. Can you just walk through the increase in cash balance on hand? As we actually drew on the 350 junior LC, which actually increased the cash balance. If you're looking at just pure cash balance, remember that we had an additional source of liquidity in May from drawing on the overall cash. If you just look at the free cash flow improvement, that was, I think I mentioned from our operating performance. We did have, as we do, again, we can't predict the timing of these, but we did have some asset sales in the second quarter, and also I believe the buyout of a lease which actually improved our cash balance. It is also factored into the overall cash guidance that we're giving for the year. For the $100 million, I can break it down pretty easily for you. One is obviously through our WeCap, you know, entity, we sold the interest in Hudson Yards for cash of about, you know, close to over $50 million. That was a sublease and a lease with two institutional investors, and we were able to monetize that, you know, as our real estate was monetized, you know, and that provided us additional liquidity. I think I mentioned in the last call that there are a couple of other levers, called Devonshire Square, where we own 10% of the asset, and we have a firm contract of sale of that asset, to an institutional buyer, and that should, you know, again, provide liquidity of, you know, $45-ish million, and hopefully that transaction closes in Q3. Okay. Just to follow, Andre. Yeah. If you guys have plenty of cash on hand. I think there was an opportunity, I believe, as there had been done previously, to access liquidity from the LC tranche. I think that was done very opportunistically to draw on liquidity knowing that we're gonna need liquidity in the future. I think it was opportunistic. It was done, I think at a very favorable rate and gave us liquidity. It wasn't necessarily a need for liquidity, but there was an opportunity to do that, and we- If I can add to that, Alex. The way the deal was structured, as you know, the $350 million LC tranche, the interest would be due for the period of time. Since I was gonna pay the interest, I might as well have the cash on hand. Yes. Our next question comes from Tayo Okusanya from Credit Suisse. Yes. Good morning. Quick question around the kind of next desk sales in 2Q. Kinda a little bit down from your kind of average desk sales in the past few quarters. Also kind of curious about what's happening with the mix, as it seems like on the enterprise side, there's kind of, you know, less contribution from the enterprise side. Let me answer the second question first. If you actually look at what's happening, you know, obviously the enterprise is now 45% and SMB is higher. It is not really a function of enterprise desks going down. It's a function of SMB desks going up. As a matter of fact, if you look at it, you know, quarter-over-quarter, enterprise desks actually went up by 6,000 members. If I look at it year-over-year, it went up almost 25% by about 40,000 desks. Effectively, you know, the ratio has gone up because the amount of SMB clients has increased, not because of. Since if you actually look at it, and if you look at SMB, the SMB business year-over-year went up almost 100,000 desks versus, like I said, enterprise went up about 40,000 desks. The second point I'll make is if you look at our SKU mix, which in the average occupancy is about 65%. There's more headroom to lease SMB clients. You will see that elevated SMB business for the next quarter or two. That's what's driving it. Both have actually gone up substantially, one by about 40,000 year-over-year and the other one about 100,000. No, I would say it was pretty flat. I mean, we did 166,000 desks in Q1. We did 160,000 desks in Q2. If I look at it system-wide, we did 211,000 in Q1, and Q2 are actually pretty flat. No, I was talking more about new desk sales, not just overall. Yeah, because the renewal rates are higher, the retention rate went up to 80%, right? That's a function of increasing renewal rates, what we care about is total occupancy, right? Gotcha. Okay. It's pretty promising there. Could you just walk us through again how you expect that product ultimately to contribute to your bottom line over the next, you know, whether it's two, three, five years? Like, just how do you kinda think about that business growing going forward? Look, I've challenged the team to do two things, all right? You know, we've taken, I'll talk about both of the high margin businesses for a second. All Access. As we said, it's about a $180 million-$190 million range. We have about 62,000 members. As I said to you previously, thousand members because of capacity. I've challenged the team to figure out ways to increase capacity so we can take that to a 100,000 or so members, and we can increase rev. We're very bullish on that product. As you know, we just launched Workplace again in partnership with Yardi. We see it to be very promising. It's early in the game to start to project what the revenue of that business will be. What we can say is that the TAM of that business just in the United States is, you know, about $3.5 billion. You know, depending on what percentage of that business one can capture, it could be a meaningful impact to our bottom line. Again, I don't wanna make a projection, but I can say U.S. TAM is $3.5 billion, and I think global TAM approaches. There's a tremendous need for it, which is why, having launched it only two weeks ago, we are in discussions with over 100 companies for license fees of over $30,000. You know, we see that could be a meaningful impact to our bottom line effect numbers at this time. In a quarter or two, I'll have a better handle to be able to project. Okay, that's helpful. On the All Access. I think it's $235. I'm pretty sure. If you give me a second, I will tell you. Yep, ARPM was $235. Just to kind of offset FX. Like, again, is it possible to kind of reprice, you know, in Europe, you know, to kind of offset FX? I mean, I'm just kind of curious if there are any other things one can do operationally to kind of minimize FX impact. Again, you know, in our business, I would sort of sit back and say, this is GAAP accounting, right? GAAP accounting essentially accounts for revenue throughout the world. If you never bring your money back into America, it really doesn't have a cash flow in. You know, the better utilization of that capital as we get to, as business is incredibly strong. You know, we think growth comes from the international business going forward versus the U.S. business. You're better off investing your capital in country to minimize the real effect of FX on the company. Yeah, and I was gonna say one thought would be, can I try to get more of my expenses in local currency where I have an offset? We already have that. We're already in a position where we've got revenue and expenses, and we're doing all we can already there. Our next question comes from Karru Martinson from Jefferies. Please go ahead, your line is open. Good morning. In terms of the average revenue per desk, you guys have been targeting, call it $500 for year-end. ex-FX, you're at $497. I mean, do you still feel that you can get to that $500 number? When you look at that 95% committed for third quarter, 80% for fourth quarter, you know, are you at those levels? I would just sort of sit back and say we're at $4.97. That's awfully close, and we'd be pretty- Yeah, it is awfully close. $500, we do know where Q3 numbers lie, so it'll be even closer. Okay. When you look at the. Austin, Palo Alto, Miami, those are all the obvious ones where we're driving rates because occupancies are well into the 80s. It's you gotta be selective. Like in New York, you know, you are driving rates at the better assets, the A quality assets. The better way to look at this data is, you know, for us to slice and dice it based upon quality of building, which we are working on. It's a little bit of A Tale of Two Cities, right? They're more price driven, and the A-assets have pricing power. If I look at San Francisco, you know, Salesforce Tower, I think is now 100% occupied or 90%. $1,400. It, you know, like I said, it's, you need to slice and dice it a bit so we can talk about quality of asset to ARPM. It is in ARPM, if I look at 520 Broadway, you know, 20%-30% increase. 57 East 11th Street, you know, over 30% increase. It all depends on occupancy by building and location. It's not a general answer that we can provide. But I will say it also depends on location and quality of building. Okay. When you look at some of the recent headlines, you know, the Fintechs laying off people, and you look at your customer base, are you seeing any of that translate? Realizing it's early stages, but seeing any of that translate into your occupancy, or is it just too soon to see any of that? I think it's early to see that. You know, again, I would sort of sit back and say it's A Tale of Two Cities. You know, as I mentioned on Space as a Service or the examples I gave on my earnings call, they're consolidating, moving into WeWork locations, optimizing their real estate and rather than building out new spaces. We're seeing, at least when it comes to the SMB and the end part of the MLB, you know, the demand has continued to accelerate. You know, where they pan out, but we're seeing, you know, a little bit of encouraging signs, as flexibility is sort of more the name of the game. Okay. Just lastly, when we look at CapEx, certainly keeping it rather tight this year, but as we go into 2023, do you see a need to step up CapEx to continue your growth, or do you feel that you have the footprint in place right now? No, as we've guided to 2023, you know, we have about 30,000. You know, we can obviously, you know, put a halt on that spending, you know, depending on where the economy heads. As a matter of fact, it gives us, you know, what we've accounted for in the numbers we spoke about, the free cash flow, for the second half of 2023. Obviously, we put a cap on spending earlier because of issues. You could obviously accelerate the free cash flow, you know, in the business. Effectively, anything we're looking at now will be growth for 2025. All right. Thank you very much. Appreciate it. Our next question comes from Vikram Malhotra from Mizuho. Please go ahead, your line is open. Thanks for taking the follow-up. Just, you know, going back to sort of the customer makeup, if I'm not wrong, I think tech is about maybe 40% of your customer base. And related to the question on fintech, can you just give the sense, is there a watchlist, you know, you're monitoring? How are you, especially on the technology side, given the headlines, and maybe anecdotally, Coinbase, one of your larger tenants, any anecdotes or, you know, communication with them on what they might do with their space? about half our revenues, you know, again, approximately half our revenue comes from enterprise clients, which are obviously got good financials in a 25-month term. You know, that's what, you know, with 2,400 enterprise clients. I appreciate we have 27,000 SMB clients, and not a single client is greater than 0.1% of our revenue. It's, you know, it's very diversified. And if you speak about Coinbase specifically, and I think we said this in a, you know, and I always forget where I said it, in an investor meeting or an investor call. But as a matter of fact, in Q1/Q2, they actually took seven, you know, collaboration hubs, you know, as we talked about. Can you just give us a sense of like how is that split up between are there differences between enterprise versus SMB, and what are you baking in for the second half in terms of retention? It's really, you know, again, I haven't broken it down, to be perfectly honest, between SMB and enterprise, but 80% seems to be the blended number. Intuitively, it would tell me that enterprises will be a higher retention rate than SMB. Intuitively, I, again, I don't have that in front of me. I think we baked in 78%. Okay. Okay, great. Thank you. Our last question will come from Tayo Okusanya from Credit Suisse. Please go ahead, your line. You did talk a little bit about how you could kind of clamp down on some OpEx and some CapEx and things like that. Wondering if it, you know, there's a way you could actually quantify just again, how much of that you could actually take out and how quickly to kind of, you know, protect liquidity, you know, in kind of an economic downturn. I would say for the second half of the year, we had to buckle down the $50 million-$100 million. Over. Okay, great. Thank you. We have.