Sorry. Can you hear us? You're good? Okay, perfect. All right. Well, welcome everybody. My name is Kutgun Maral. I'm the media cable and telecom analyst at Evercore ISI, and we're very pleased to welcome to our conference, Armin Zerza, the Chief Operating Officer and Chief Financial Officer of Warner Music Group. Armin, thanks so much for being here. Thanks for having me. Yeah, absolutely. Maybe let's kick it off with a very high-level question. It seems like a very exciting time to be at Warner Music Group. I think you've had now several quarters of faster core growth, share gains, margin expansion, stronger cash conversion. When you look back over the last year, what are the two or three changes inside the company that have mattered most to get to this point? Yeah. First, again, thanks for having me. What we really focused on is making sure that we create value for all of our stakeholders. That starts with our fans, our artists and songwriters, and then of course, our partners and then the company and our shareholders. How do we do that, and what are the key changes we have implemented over the last year? First, we really made sure that we implement a very strong growth culture in the company, which means that I have personally spent a lot of time here in the U.S., but also traveling around the world to ensure that we work with our teams to develop very strong growth plans so we can actually deliver consistently over time against our sustainable growth model. That's really all about delivering high single-digit or higher revenue growth, double-digit profit and EPS growth, and then improving our cash productivity, which we have done, and you've seen it in our results. Yeah. The second thing is we're very focused on making sure that growth is profitable. The other focus area we have is making sure that we drive productivity in everything we do. As you know, I come from gaming, and I've been a little bit surprised how slow this industry was in embracing the digital nature of the business. While we have implemented some productivity this year, we think there's years of productivity ahead of us. That's important for us because that creates a flywheel to invest into growth, which then in return ends up in higher profit and cash flow for the company. Last but not least, it's all about people, as you know. This business is all about relationships with our fans, with our artists, and so on and so forth. We spend a lot of time making sure we get the right people and the right capabilities in the right place. All in all, we are very happy with the progress we've made over the last 12 months. A lot of more opportunity that we can talk about, though. Perfect. Yeah, we'll certainly unpack some of that. Maybe we'll start off with recorded music, where subscription streaming revenue growth accelerated meaningfully last quarter to mid-teens after running closer to the high single-digit growth rate over the last few quarters before that. As we move towards the back half of the year, how should investors separate the structural acceleration from the more transitory elements like PSM timing, comps, the release slate, or share gains? First, what's important for us, that growth is consistent over time, as you said, and we now did now 4 quarters consistent or ahead of our sustainable growth model. It's also important for us to see growth broad-based across the company. Why is that important? That shows us that we have the right leadership and capabilities in place across the company. What was important for us is that over the last few quarters, each of the quarters, we deliver growth across business units, across regions, across DSPs, and across vintages. What's driving that, again, it starts with our strategy that is working now very well, having the right people and the right capabilities in place to ensure we can actually execute against that strategy. When we think about capabilities, we mostly focused in our markets on A&R, so artist development and songwriter development. Very focused on developing our marketing muscle in the markets, but also making sure we have the right deal-making capabilities. We do more than 2,000 deals every year, so that's really critical for us. Looking forward, why do we think this is not just a blip that we can continue to sustain? It's simply because, one, we have a very strong initiative, so release pipeline in place. We have much better visibility now that we do 12 to 36 months planning, where we can look at our global portfolio of projects to ensure we have good visibility of what the impact of those initiatives is on our top line, on our bottom line, but also on cash. As you know, most of the growth to date has been organic. Yep. A lot more opportunities to add to that. One, from a M&A perspective, we've been working successfully with Bain now. Yeah. Deployed some capital now successfully, and very good returns, by the way. Two, we are very focused on making sure that we grow value in the industry. We can discuss this also a little bit more. Three, we are very focused on making sure we lead with AI. That's what we believe is one of the biggest opportunities out there that we can actually materially benefit from starting next fiscal year. Last but not least, we also acquired a company called Revelator, which will help us to build the right distribution capabilities to ensure we can start to grow that part of the business stronger. We're really focused on making sure that the growth is sustainable over time, and we think we have the right plans in place to do so. Perfect. Next, I want to talk, I think you alluded to this a little bit, about pricing in the industry. I think we've talked for a long time about music being under-monetized. DSPs have now finally started to take price and segment the product more regularly. What changed in the conversations with partners, what would convince you that the industry has moved from episodic price increases to a more repeatable value capture model? Yeah, first of all, I don't think the industry is under-monetized. It's significantly or materially under-monetized. Yeah. When you think about the fact that consumers globally spend $3-$4 a month for a music subscription service, in developed market it's like $6-$8. That's about the value of a Starbucks coffee for a full month of all the music in the world. It's unbelievable, frankly. We are very focused on working with both AI entrants, but also with DSPs to ensure we can take the value of this industry up over time, and there's a ton of opportunity. To illustrate that, I said I was in gaming. When I left gaming in 2024, the global digital gaming industry was about a $200 billion industry globally. Today, the music industry globally is less than a $50 billion industry, and the last time I checked, there's more people listening to music than playing games, right? This really doesn't make any sense. We believe there's a tremendous opportunity to increase value by, one, taking pricing up, two, ensuring we innovate into new tiers, and then three, come forward with innovative business models like add-ons or in-app items. What has changed is that we're not the only ones seeing that now. You see that with new entrants like Suno, which will launch with multiple subscription tiers and in-app items. You even see it now with our DSPs, which are introducing new add-on items and Premium tiers. That's great to see, because when we lift all the boats in the industry, then everybody wins, right? That's really a critical focus area for us and we're really excited about the opportunity here. Yeah. Speaking of DSPs, I want to talk about Spotify a little bit. At their recent investor day, they used that event to maybe frame Premium less as one product and maybe more as a base of highly engaged segments that could support multiple add-ons and à la carte products. As you look out to the next wave of our proof growth, which path do you see as the most likely driver of it? Is it a broad super Premium tier, a set of narrower add-ons, or usage-based AI tools? What would Warner Music Group need to see on rights holders' economics to be comfortable with each of those? Yeah. The first thing I should say is that we see AI as one of the biggest opportunities for the industry. Yeah. Why? Because it actually enables consumers to engage with our content. When consumers engage with our content, then they have a better experience. When they have a better experience, they will spend more time with our content. When people spend more time with content, they actually spend more. We also know this from gaming. There's a lot of parallels here. By the way, in addition to all of that, AI gives us the opportunity to organize our processes in a way that we can automate things and also build AI on top of that, so we as a company become much more efficient. As I said before, there's years of productivity for us to gain here. We're really excited, first of all. Secondly, we're not too focused on what the execution is. Again, I take a parallel from gaming here. When you think about a game like "Call of Duty," we have been selling full games, we've been selling subscription services, we've been selling in-game items. What mattered most in that process is not the execution, it's really the value proposition to consumers. In our work with AI platform and DSPs, we are mostly focused on how do we ensure that we offer consumers a great value proposition. When we do that, then consumers will spend money, and frankly, anything from zero to thousands of dollars a month. Are you playing a game called "Candy Crush"? No comment. Okay. I don't want to admit to playing it on the podcast, but yes, I used to. There's about 3 billion people globally. Yeah who have downloaded Candy Crush, okay? Yeah. Consumers spend anything from $0 to thousands of dollars a month. Yeah. That's beautiful because we give the consumer the choice to spend what they want to invest in the game based on their spending and playing behavior. In the gaming industry, you basically offer the consumer one price. Yeah. It doesn't make any sense in the world. What we are doing now is making sure that we work with our partners to ensure we offer consumer more choices that they can actually engage with, and that's the most important thing. What's important for us is that, one, the models that are being used are licensed, so they respect our IP. Two, that we ensure that we and our artists and songwriters get fairly compensated. It's obviously critical. Three, that we and our artists and songwriters are legally protected. If the content of an artist or songwriter is being used, we want to make sure that they have the opportunity to opt into that content, rather than the content just being abused, so to say. In addition to that, all of our deals are variable, which means that as those companies grow, we grow, second, we're also making sure that they are creative. I talked a lot about value creation. All of those deals will launch with multiple tiers. All of those deals will launch with add-ons and/or in-app items that will ensure that the pricing per stream is higher than in our current base business. Some of the opportunities that you've talked about in music, it's not even fantasy. I don't know that there's a lot of parallels that people have drawn here, but you look at concerts and people. That's right. pay $58 or maybe less in certain seats, and then they could pay thousands to be right next to Metallica. I think that gives you a clear vision in terms of what the monetization opportunity is as some of these products and platforms evolve. You are Turkish, so you must be a big soccer fan? Yes. You can spend anything from $100 worth of tickets to thousands of dollars for a ticket. You're absolutely right. Yeah. At the end of the day, we need to reflect what I call the consumer demand curve much better, and we haven't done that well, frankly, in the digital part of the business. Very well in the live part of the business, as you say. Yeah. Perfect. We've talked a little bit about, a lot about AI. I think one investor concern on the topic is that AI music could ultimately be dilutive to the majors. When you look at the actual data, it certainly seems like the actual share of consumption from fully AI-generated music has been fairly small so far. What has surprised you most about real consumer behavior with AI versus the market narrative, which is perhaps weighing on some of the stocks and the labels? Yeah. Let me start a little bit kind of with the time before AI. Yeah People have a little bit more history on that. Remember, over the last five to 10 years, every DSP would tell you that the amount of content being uploaded to their platform has multiplied, yet the consumer behavior hasn't really changed. People are really focused on their core stars or iconic catalogs. That's what people spend most of their time on. If you take our business, less than 5% of our songs represent more than 90% of our revenue. Which shows you how focused that activity on those platforms really is. Frankly, with the AI, the dynamic hasn't really changed. We know from one of the companies we know very well, Deezer, who publicizes the data that 75,000 songs are being uploaded on a daily basis. On a daily basis to their platform, that represents about half of the songs being uploaded, yet they represent a very small fraction of their listening behavior. This dynamic or the idea that AI has diluted our content doesn't really exist. We haven't seen any material dilution, that's why we are so excited about, one, continue to develop our artists and songwriters, buying iconic catalogs, but also lean forward on quality AI content that we can work with AI and DSP platforms. Yeah. If anything, you could argue that with so much clutter and noise that artists who are trying to make it big would need the labels to cut through all that noise and, for the marketing effort and, you know. You're getting to the role of the label now. Yeah. There's always a question: what's the role of the label? Yeah. You're absolutely right. The role of the label has become more important. Yeah because to get through that noise with millions of songs being uploaded every week, it's really important that you have a partner who works with you to make sure you cut through. Yep. Yeah. I want to ask about one part of the business that doesn't get enough attention from my perspective, Warner Chappell, especially on this AI conversation. Many of these new AI and remix use cases require both masters and publishing rights. Maybe you could talk a little bit about how investors should think about the strategic value of publishing in a world of AI covers, remixes, short-form videos, and new DSP add-ons. I've been here now for one year, and I've always thought that publishing has been somewhat undervalued in the industry overall, but generally also speaking in our business. The more I learn about it, the more I see the value in it. Give you a couple of examples. One, in our business, we just did a strategic review of the publishing business, and that team has doubled the business over the last five years- Yeah top and bottom line, which really speaks to the quality of the team and the leadership there. Their aspiration is to do the next same in the next five years. How? Basically, by doing more of the work they've been doing by investing in the proven A&R. Two, by making sure they are more focused on developing markets like Latin America, where we have a great recorded music business, by the way. Three, also by benefiting from all the M&A and AI work we're doing. Now, in the context of AI, publishing is actually more important. Why? Because there's a lot of cross-ownership of rights across labels and publishers. I'll give you one example. If you look at the Billboard Hot 100 in 2025, our team owned about more than half of the rights or partially owned those rights across the top 100 songs on the Billboard Hot 100 in 2025. That's incredible. Yeah. That's amazing, right? It shows you all this cross-ownership that happens with multiple songwriters working on many different songs. In the world of AI, it's not surprising that there's more attention to the publishing business from investors, and you see evaluations also very, very strong. We're really excited about our publishing business in that world. Perfect. Yeah. Let's talk a little bit about share, because I know it's been a big focus for you guys internally. You've said that the share gains that you're seeing have been broad across regions, DSPs, labels, catalog vintages. What are some of the leading indicators that you watch internally to determine whether these share gains are becoming more repeatable rather than a bit more cyclical? Yeah. I'd say a couple of things. One, the first thing is we want to make sure that we have the right strategy, focus, people, and capabilities in place. When you have those in place, typically, results are more repeatable over time. We don't stop there. We are very focused as a company to ensure we have a better global view of our portfolio and a better understanding how it plays out over time. What does this mean? When I joined the company, we looked at each project individually and then decided based on the project's return, whether we move forward or not. Today, we have a global deals office that looks on a rolling 12- to 36-month basis at all of our projects, and then we decide based on that entire portfolio on how we invest into the business to drive consistent top-line, bottom-line growth, and then cash conversion. That gives us much more visibility and therefore, also much more confidence that we can deliver against our sustainable growth model over time. That's why you see us here pretty confident to say, "Look, that's the right growth model for us. We have the right plans, and we have confidence we can deliver that over time. Perfect. Just a little bit on catalog, because, again, I think investors, there's a lot to understand about these companies, and I think there's some misunderstanding or not enough appreciation. On the catalog side, you've talked about the long-tail opportunity where technology can identify demand signals and create marketing assets at a scale that humans can't touch. What milestones should investors watch to know that this is moving from successful testing to being a real growth driver for the business? It's simple. It's kind of our growth over time. Yeah Brad. Let me talk a little bit about catalog. Yeah. This is a really critical business. Again, that's another part of the business that has been somewhat neglected for many years. It represents about 65% of our recorded music streaming business. Typically operates at 50-plus% margins. Those are the margins I start to like. Yep as a CFO. Frankly, hasn't been growing for a long time because there wasn't a lot of attention to it. About a year ago, we decided to put a dedicated leader on it, and that dedicated leader formed the dedicated teams who ensured that we start to focus on the top 50% of the catalog, which is about 200 catalogs in our universe that we have focused on for the last 12 months or so. Surprise, surprise, we're starting to over-share on those businesses. Not just growing, but actually growing share in the marketplace, right? What we struggled with is that when you go beyond the top 200, there's thousands of catalogs that humans can touch. Yes. Which, you can throw people at it, but that gets inefficient at some point in time. We actually used the tech investment that Robert and the team have been doing in the past to see how could we actually address that bottom half of the catalog to ensure that we better support those type of artists and songwriters. The idea then turned into a project which we launched last year, and then now we're at the stage where we're going to roll it out, where we are able to identify, one, opportunities in that universe, but two, actually automatically create marketing assets to support those catalogs so the consumers actually start to engage with them. The testing was very successful. Obviously, you also have to scale that. Testing one or two catalogs is easy. Scaling it is more difficult. We now implemented the process and system so we can scale that, and at the end of the day, you can measure us based on our share and growth results. Yeah. Seems like there's a lot of low-hanging fruit. It's just a matter of being able to optimize. It's kind of a dormant business, as you say, right? Yeah. Every time we started to activated that, starting with the top 200, we have seen great success. Yeah. Maybe switching gears a little bit to talk about distribution. Which again, I think from my conversation is still not that well understood of a business, but it's been a large part of the industry. Historically, not always an attractive margin business. With Revelator and the changes in leaderships that you've had, what has to be true for distribution to become both a share gain engine and a profitable growth engine for Warner? Stepping back, we missed really two things on distribution that were critical for us before we were ready to invest in them. One, it always starts with people and capabilities. On the leadership side, we looked for quite some time for a leader who can grow this business in a profitable way, as you say. When we looked around the world, we actually identified our Latin American leader as the best leader for this business. Why? Because Latin America is mostly a distribution business. That leader has been growing that business for a long time, actually five years in a row, mid-teens at profitability, which were almost consistent with the average of the company. That was very impressive. We appointed that leader now about six to nine months ago. The second thing we did is when a leader was appointed, say, what are the capabilities you need to grow a kind of, by nature, lower margin business in a profitable way? It's only if you're very efficient, right? If you have a more bulk business, you've got to be super efficient. We had to either build or buy the right capabilities to, one, inject those businesses efficiently, but also run them efficiently. Frankly, we didn't have the ability to build it because we didn't have enough time to do it. We basically bought a company called Revelator. It's an Israeli-based company, which was basically an acqui-hire, which gives us both those opportunities. It actually enables us to serve what we call the independent artist and label community much more efficiently and in a way that we can be profitable over time. What's really important there is that we're not focused on either buying a big distribution business and/or driving excessive growth through distribution. We're really very thoughtful in making sure that the distribution business that we built is both driving revenue growth, as you mentioned, but also at the same time is a highly profitable business for us. Understood. I don't want to harp too much on the quarter, last quarter you had bright spots kind of all over the place. I think one of them was ad-supported streaming as well. Right. When we think about ad-supported streaming, again, growth over there was faster than it had been recently. How much of that recovery is tied to better ad markets and maybe platform execution versus Warner Music Group's specific share gains and improved licensing economics? The ad market is pretty focused among less than a handful of partners that we work with. There's basically the two largest DSPs, if we think about those. There is one which is a very well-established ads business, and has been growing the ads business double-digit for many years on average over time. Obviously, we grow with that partner. When we grow share, we grow even faster than double-digit. The other partner has been working in building the ads business, and a lot of confidence in the leadership and the management team there that they will do this over time. Again, we grow share there, so we grow a little bit faster. On average, we believe that this business, our DSPs can grow double-digit over time from an ads perspective. There are always market dynamics, but on average, that should be the right target. If you take the other part of the business is social platforms. Yeah. On social media platforms, I'd say there's two dynamics that are happening. One, we did a new deal with one of our partners, which obviously helps us, as we compare versus year ago. Two, there's also a lot of interest in AI, and that also enables us also to have a broader discussion with those platforms to see how we can accelerate growth on those platforms. Yeah. Okay. Speaking of the social platforms, you talked about improvements with one partner. Away from that specific deal, should investors think that was a one-time contract reset, or is it evidence that short-form and social monetization is structurally getting better for music rights holders? I think that deal is rather short-term. Okay. It is more of a short-term step-up. As I mentioned, there's a lot of interest in AI from those social platforms, and we see this as an opportunity, like with DSPs, to kind of relook at our overall relationship and then transform those relationships into a more valuable structure, which really respects the value of the music, and by the way, our artists and songwriters, much more than it has done in the past. We are actually very confident that we can evolve those relationships over time. Perfect. Another bright spot in the quarter, and something we should talk about, margin expansion. I know important for you. Margin expansion, the goals that you've laid out, you're running ahead of them, and ahead of the original targets. You also have clear opportunities to continue investing in A&R, catalog, distribution, AI, data. In your seat, how do you decide which savings flow through versus which get reinvested, and what's the threshold for reinvestments? The first thing I should say is, again, we're really happy about the progress on margin. When I arrived here, margins were in the low 20s. That doesn't compare to the margins we earned in gaming, which are the 30s to 40s. This is a digital business, we should earn much higher margins. Margin is not our only objective. Our objective really is to make sure that we deliver an acceleration in driving shareholder return, which means accelerating growth, driving margin, and improving cash flow productivity. That balance is really important for us. We want to do all of the same time. I always say to my team, "You have to walk and chew gum at the same time." Okay. There's no either/or. You have to do both. The second thing to say here is that the progress was primarily driven by cost savings, operating leverage, and a focus on profitable growth. There's much more, frankly, to come with margin accretive M&A, with AI that will be value accretive and many other things we are working on. By the way, continued productivity, which is really important for us. Now, what this does for us, and I think most people don't understand that, is it creates a flywheel, which allows us to actually invest into growth, which in turn helps us to drive scale to improve margins. Okay? That flywheel, with the productivity plans we have for years to come, will help us for the next years to ensure that we can continue to deliver that growth without compromising margin. That's really critical for us, that flywheel effect. The second thing that's important for us is that we ensure that some of those savings flow to the bottom line and some of those savings get reinvested, but the bottom line really helps us deliver what we call the mid to high 20s margins that we want to deliver. You had a second part of the question. Can you remind me of that? Just in terms of how to think about thresholds with reinvestments. Oh, yeah. Yeah. I think, again, if you step back, it starts with the right strategy. The right strategy means for us, first and foremost, investing into core music in markets that have either high repertoire value or in markets where we see a lot of repertoire growth in the future. It's really prioritization of markets and genres and artists and so on and so forth. That's the first important part for us. The second part is, once we have checked that off, we want to make sure that those projects are competitive in our global portfolio. Again, we don't look just at a single project by itself. We then want to make sure it's competitive in our portfolio to deliver against the return thresholds that we have. That's the third part. Once we kind of say check on one, check on two, we ensure that those projects deliver, on average, 15%+ returns in developed markets, and then 20%+ returns in developing markets to account for a little bit of a higher risk profile, but those are return thresholds. Just from my seat, as you think about, I know we're not getting too specific on numbers, but 2026 is shaping up to be a very healthy, robust year. It doesn't seem as though we're going to turn the page to 2027 and it's a massive decel or the margin expansion story goes away. A lot of these, to your point, it's a flywheel, continued reinvestments, and especially as M&A kicks in and the AI contributions increase, it seems like 2027 and on should be quite healthy as well. Yeah. As I said, I think what you're referring to is what we call portfolio sufficiency. When we look at our portfolio on a forward-looking basis, we always want to make sure that we can consistently, over time, and broad-based across the company, deliver against our sustainable growth model. That, again, just to repeat it again, and it's really important, that means high single-digit or higher revenue growth, double-digit EPS and profit growth, and then better cash flow conversion. With the projects we have in place, we are very, very confident we can deliver that over the long term. Perfect. Speaking of cash flow conversion, again, yet another bright spot. As you think about the balance sheet and the flexibility that it affords you, how do you weigh returning capital against catalog and bolt-on M&A? In today's market, are you seeing catalog deals priced at a level where Warner Music can clear its return threshold that you talked about earlier? Yeah. The answer to your question is yes. Let me talk about capital allocation, maybe more from a corporate perspective. When we think about capital allocation as a company, we are, of course, very thoughtful about how we allocate capital in investing in the business on the one hand, but also returning it to shareholders on the other hand. On investing in the business, our first priority is investing in our own business organically. Why? Because we see very strong returns doing that, and we see that with the results. Obviously, you have seen our last four quarters. We do this much more thoughtfully by making sure we prioritize the highest-report on markets, make sure they work in our portfolio, so we invest into the kind of highest opportunity, highest return projects, and so on and so forth. The second priority is, because we believe so much in the opportunity behind AI, and people will focus more on key artists and core catalogs, is really investing organically, but also inorganically into iconic catalogs. Because we believe a lot of activity will happen around there, especially when consumers start to engage with their favorite content. The third priority for us is obviously returning capital to shareholders. We have done this, I think, very well. We increased our dividend now for five years in a row. We plan to do the same in the future. We are also in a process to start to buy back shares, basically to offset long-term dilution from our long-term incentive program. Perfect. Maybe to close out one last one for me, and you and I were talking about this a little bit earlier, is just when you think about the Warner Music Group story and maybe about the industry overall, what do you feel like investors are maybe under-appreciating or not really thinking through appropriately? From my seat, I don't know what more you guys could be doing in terms of checking off all the boxes on top-line margin, M&A, smart capital allocation, and thinking through the flywheel that should give investors confidence in the medium-to-long-term opportunity. I think there are a lot of kind of question marks around the broader industry and where the labels fit in it. It seems as though, at least from a financial perspective, near term, starting in 2027, those benefits will start to accrue, and I think the conversation will likely shift pretty dramatically. I'll spin it over to you for any closing remarks and what you think about investor perception and what folks are likely getting wrong. Yeah, first, I couldn't agree more that our public valuation doesn't really reflect the progress that we are making and will continue to make. Talking about kind of how to think about the industry and the company, the first thing is that this industry has seen a lot of tailwinds. Frankly, we'll continue to see more tailwinds than in the past. We'll not only benefit from volume growth, which we'll continue to see subscriber growth. We'll now also start to benefit significantly from value growth, and you see that with DSPs, you see that with AI platforms who are innovating into new business models, which will raise all the boats in the industry. Then AI will be a significant opportunity for us because it will concentrate consumer activity on the best content and catalogs, and we own a lot of that, as you know. We're really excited about the growth opportunity of the industry going forward. From a company perspective, we believe we have the right strategy. As you mentioned, the most important thing is that we now have a flywheel where we can invest in a very thoughtful way and real clarity on what those investments will drive. Now, I haven't talked about this, but when you invest into one project, you don't really know the outcome all the time. When you invest into a portfolio of 2,000 projects, it's like investing in S&P, you actually know the outcome over time pretty well. That's how we have actually really good visibility on what the future looks like from a growth, profit, and cash perspective. Then last but not least, it always comes down to people. We have great leadership in place now across labels, regions, and many other areas of the company, including functions obviously too. That gives us real confidence that we can continue to deliver these type of results for the long term. Perfect. Well, Armin, thank you so much for being here with us today. That was great. Thank you. All right. Thanks. Thank you for having me. Of course.