Good day, and welcome to the Hewlett Packard Enterprise live audio Webcast on Juniper Networks' acquisition. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, please press star, then two. Please note that this event is being recorded. I would now like to turn the conference over to Paul Glaser, Head of Investor Relations. Please go ahead, sir.
Good morning. I am Paul Glaser, Head of Investor Relations for Hewlett Packard Enterprise. I would like to welcome you to Hewlett Packard Enterprise webcast on the close of the acquisition of Juniper Networks. In this session, you will hear Antonio Neri, President and CEO, discuss the closing of the Juniper Networks acquisition, which positions HPE to capture the growing AI and hybrid cloud market opportunity by creating an industry-leading and cloud-native and AI-driven IT portfolio, including a full modern network stack. Marie Myers, Executive Vice President and CFO, and Rami Rahim, Executive Vice President and President and General Manager of HPE Networking, will join Antonio following his remarks for brief Q&A. During this call, we will not provide an update on our fiscal Q3, update financial disclosures, or provide detailed financial information.
We will be hosting our Securities Analyst meeting on October 15th, where we will provide more information, including a three-year outlook on a combined basis. Before I pass the call to Antonio, please let me start with the disclosures. This event may include forward-looking statements involving risks, uncertainties, estimates, and assumptions. If the risks and uncertainties ever materialize or our estimates or assumptions prove incorrect, our results may differ, perhaps materially, from those expressed or implied by such forward-looking statements. HPE assumes no obligation to update such statements except as otherwise required by securities and other applicable laws. Please find more information regarding forward-looking statements on our website at investors.hpe.com. With that, let me please welcome Antonio.
Thank you, Paul, and good morning, everyone. We appreciate you joining us today. Last week, Hewlett Packard Enterprise achieved a significant milestone with the successful closing of our acquisition of Juniper Networks. Juniper is a recognized leader in AI networking at scale. Combined with HPE's leading IT portfolio and global reach, we are well-positioned to capitalize on the growing market opportunities to accelerate shareholder value. This acquisition represents a pivotal step in the transformation I have led since 2018 by aligning HPE's portfolio to higher growth, higher margin areas of the market. By doing so, we are not only responding to the disruptive industry trends but also strengthening our relationships with customers and partners around the world. Today, HPE's expertise and innovation are helping enterprises rethink and retool their IT strategies. We are enabling our customers to harness the power of AI, the most significant technological disruption in decades.
Together with Juniper, we will accelerate our momentum across our three key strategic pillars: networking, cloud, and AI, building a stronger, leaner, and more profitable HPE. I am thrilled to welcome the Juniper team to HPE. I have previously highlighted the complementary cultures of our two organizations, both driven by a shared commitment to innovation and an unwavering focus on our customers. Juniper brings an incredible portfolio of intellectual property and a talented team, and we are delighted to have them on board. I am grateful to the HPE Aruba Networking organization for their outstanding performance throughout the closing process, as they maintained a relentless focus on our customers. Our intelligent edge segment recently delivered three consecutive quarters of year-over-year orders growth, with the last quarter returning to year-over-year revenue growth as the networking market continued its recovery. I am proud of the team's outstanding commitment and execution.
The closing of the Juniper transaction marks the beginning of a new chapter for HPE, as we find ourselves at the epicenter of IT transformation, where AI- accelerated computing, data, and networking are rapidly converging. With the acquisition of Juniper Networks, HPE is now positioned to deliver an industry-leading, cloud-native, AI-driven portfolio of infrastructure, software, and services anchored by a modern end-to-end networking stack as the core foundation. By uniting our complementary portfolios, we are creating a comprehensive IT platform designed to meet the evolving needs of organizations of all sizes. This powerful combination will enable our customers to manage data-intensive, hybrid AI workloads with greater agility, enhanced security, and deeper intelligence. Secure AI-native networking is the foundation of this vision. It connects users and data seamlessly across clients and IoT campus and branch data centers, while also enabling robust and seamless public, private, and hybrid cloud experiences.
As a combined company, we will not only offer the most comprehensive portfolio in the IT industry but one that simplifies IT operations to allow network operators to focus on delivering better outcomes for their organizations. This is why AI for Networks plays a critical role in streamlining operations and improving security while ensuring users enjoy the best possible experiences through the power of AI, cloud, and data. With a combination of GreenLake, Aruba Central, and Mist AI, we will be able to automate and optimize network operations in ways that were previously unimaginable. Mist AI innovation has already demonstrated significant impact, delivering up to 85% cost savings and reducing trouble tickets by 90%.
Our leading GreenLake intelligence and Aruba agentic AI mesh technologies will become even smarter and more effective with the future integration of Mist AI, supporting a broad range of use cases and delivering exceptional client-to-cloud experiences for both users and operators. Networks that are purpose-built for AI are essential to connecting tens of thousands of GPUs and CPUs in a scalable, reliable, and high-performance AI infrastructure. As we move forward with enhanced R&D capabilities from both companies, we will accelerate innovation across networking silicon, AI RAC systems, and software, enabling faster time-to-value for our customers and our partners. HPE will offer a full-stack solution for AI data centers at scale that spans high-performing routers and switches, firewall servers, storage, and services. Together with our data center and liquid-cooled IP and design expertise, we will simplify the deployment and management for AI training and inferencing.
This full-stack architecture approach will help customers and partners build and scale AI infrastructure with greater efficiency and agility. For enterprise customers, we will deliver the most intelligent, automated private cloud solutions for AI and cloud workloads through the combination of GreenLake cloud services with Juniper high-performance data center fabric solutions and leading HPE servers and storage infrastructure offerings. Finally, for telecommunication service providers, they will continue to benefit from the latest Juniper high-performing automated WAN routers innovation. As previously announced and in accordance with the closing conditions outlined in our settlement with the U.S. Department of Justice, HPE has agreed to divest its global instant-on campus and branch business. The Aruba Instant-On business developed over the past five years is a distinct offering separate from the traditional HPE Aruba platform and Aruba Central.
It was specifically designed to serve the small business segment, particularly SMB, and represents a small portion of our overall business. In addition, we have agreed to offer up to two perpetual licenses through an auction process for the specific AI ops functionality of Juniper Mist for wireless LAN. It is important to note that this does not involve the transfer of core intellectual property, which will remain fully owned by HPE or in any way diminish HPE's commitment to Juniper Mist technology. The settlement does not alter the strategic or financial rationale behind the transaction. In collaboration with Juniper, we have developed a detailed integration plan to guide our next chapter. I would like to offer a few high-level insights into our near-term priorities. Rami Rahim, former CEO of Juniper Networks, will serve as EVP, President, General Manager of the combined networking business.
Rami, who joined Juniper as employee number 32, has played a pivotal role in transforming the company from a hardware-centric business into a full-stack software and infrastructure networking provider. I look forward to partnering with him as we build an AI-powered networking leader under the unified banner of HPE Networking. Phil Mottram, who has successfully led our HPE Aruba Networking business for the past three years, will now lead efforts to establish a growth plan for strategic emerging geographies as a part of my leadership team. Phil is already working with Rami to facilitate the transition of our team into our new HPE Networking Business Unit. John Schultz, our HPE Chief Operating and Legal Officer, will be responsible for the integration of Juniper into HPE as the Chief Integration Officer. John and his integration team have led the extensive Juniper integration planning process. John has a strong track record, including.
The divestitures of our investment in H3C, the split of HPE in 2015, the spinoff of HPE Software and Enterprise Services in 2017, and HPE's GreenLake transformation from 2019 to 2023. Our overall integration vision is to build the best networking business on the planet. Our first integration priority is, therefore, to maintain continuity and momentum across the traditional HPE Aruba and Juniper networking businesses. We are fully committed to supporting the lifecycle of existing products and protecting the investments our customers have made. No customer will be left behind. Our second priority is to thoughtfully converge our cloud product roadmaps and integrate our go-to-market coverage strategies. This will enable us to accelerate cross-selling and up-selling across our combined portfolio. Over time, we will align our offerings around a single secure AI-native and cloud-native architecture, always guided by our commitment to customer-centric innovation.
Importantly, HPE has no overlaps with Juniper's solutions in routing, high-performing data center switching, and firewall security, all areas that will bring additional value to our customers. While there is some product-level overlap in our campus and branch portfolios, each company brings architectural strength that addresses the different customer segment needs, which expands our total addressable market. Finally, HPE Aruba Networking and HPE Juniper Networking are the go-forward product brands for solutions from our new HPE Networking Business. Third, we are focused on executing our vision for AI for networks and networking for AI, as previously outlined. Rami, Fidelma Russo, our CTO and Hybrid Cloud Leader, and Neil MacDonald, our Server and AI Leader, will work together on materializing the opportunities by integrating Juniper high-performance switches into our GreenLake server storage and private cloud architectures and solutions.
Finally, we will pursue targeted initiatives to leverage our increased scale, including benefits from HPE's global supply chain and existing HPE investments in silicon, such as our purpose-built for supercomputing HPE Slingshot Fabric, Silicon Photonics, and Aruba campus and branch switching silicon offerings. As I have said in my opening remarks, this combination accelerates HPE's strategic shift towards higher margin, higher growth areas, positioning the company for sustained profitable revenue growth for our shareholders. The acquisition doubles the size of HPE's networking business while substantially increasing its scope and total addressable market. The new HPE Networking Business segment will represent more than 50% of HPE's total operating income. Through thoughtful integration planning, we expect to realize meaningful operating cost synergies through vendor consolidation, go-to-market harmonization, and integration of our business and operating models. These cost efficiencies will further strengthen our competitive position and drive long-term value creation for our shareholders.
We now expect to realize at least $600 million in run-rate annual cost synergies over the next three years, up from the at least $450 million communicated previously. The run-rate cost synergies are expected to ramp over the next three years, with one-third of the savings realized by the end of Year One, with the remainder cost savings spread evenly through the remaining two years. We expect the acquisition to be accretive to non-GAAP EPS in the first full year and accretive to free cash flow in years two and three. We will provide full HPE three-year guidance at our scheduled security analyst meeting on October 15 in New York.
In closing, the acquisition of Juniper, combined with the ongoing and accelerating hybrid cloud and AI transitions, provides a unique opportunity to continue to transform our company, cementing our position as a market leader across all segments of the IT market. The new HPE provides our shareholders a strong, profitable growth path and a unique investment opportunity. I look forward to this exciting new chapter for HPE and our valued shareholders. Thank you for joining us today. We'll now open the call to answer your questions.
As a reminder, we are not providing an update on our fiscal Q3, update any other financial disclosures, or provide detailed financial information. Operator, let's open the floor for questions.
We will now begin the question and answer session. To ask a question, you may press star, then one on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then two. In the interest of time, please limit yourself to one question. Your first question today will come from Simon Leopold with Raymond James. Please go ahead.
Great. Thanks for doing the call, and appreciate you taking the question. It's been a long time since Juniper has engaged with the investment community. Would it be possible to get an update on Juniper's traction and progress securing business in AI back-end applications and the nature of its customers, such as hyperscale, NeoCloud, and enterprise? Thank you.
Thanks, Simon. I think that's a perfect question for Rami. Since he's closed his first half, I will say, so Rami, why don't you provide some insights?
I'm happy to, hey, Simon. I know it's been a while. First, I'll say, in general, at a high level, the business at Juniper remains really solid through the acquisition process. Our customers remained resilient. Our employees remained resilient. The opportunity right now around AI is extremely robust. Just to give you a tiny bit of color, we wrapped up a very strong Q2 quarter with orders growing over 40% year-over-year, revenue growing over 20% year-over-year, driven by a number of different areas. One would be the AI-driven enterprise. This is our AI ops-powered client cloud solution, the Mist solution that you all know very well, where we're seeing large franchise wins worldwide.
The second area where we're seeing strength is in the data center, which I think is the crux of your question. There, yes, it's front-end. It's back-end. We've benefited from shipping to our customers the first 800-gigabit Ethernet switching products based on merchant silicon offerings, as well as the first 800-gigabit Ethernet spine switching and routing products based on our own custom silicon. Where we've seen success is largely in the NeoClouds, especially in the data center. Large AI data centers that have aspirations to achieve a million-plus GPUs connected in a cluster, as well as some of the smaller International sovereign cloud opportunities that exist today. This is just scratching the surface. When I look out, I think it's still early days for Ethernet as the fabric technology for connectivity inside the cloud, both in the front-end as well as in the back-end.
Very good. Thank you, Simon. Operator, next question, please.
Your next question today will come from Meta Marshall with Morgan Stanley. Please go ahead.
Great. Thank you. Rami, great to hear you again. Maybe just expanding on Simon's question. You gave commentary just kind of on the order traction you were seeing with the clouds. Given that the quarter has closed, were there any high-level insights you could kind of give on Juniper's performance in Q2? Thanks.
Additional insight I'd provide would be data center was probably, actually, definitely our largest growth quarter in Q2, followed by campus and branch, which is obviously powered by Mist. Again, I think the opportunities right now in networks for AI—these are the large data center builders that are leveraging Ethernet as the connective fabric for GPUs, both in the front-end and the back-end—is a huge opportunity.
It is an emerging opportunity, and it is an international opportunity. That being said, the strength that we have enjoyed over the last several years with our Mist AI ops-based solutions continues to be extremely robust. That is kind of the high-level color. This has resulted in order momentum. It has also resulted in very strong continued AR growth for the company. I will say, as much success as we have seen, if I look out and now sort of think about the opportunity to combine our solutions with both the HPE Aruba networking solutions as well as with the broader HPE portfolio that includes storage, GreenLake, servers, supercomputing, and the larger go-to-market organization that we are going to have access to that is going to get us into more accounts, more opportunities worldwide, honestly, it is just extremely exciting to me.
Yeah, and on that one, Meta, look. The fastest opportunity that we'll call the quickest to realize is the go-to-market because, as you recall, HPE's business, more than 60%, is outside the U.S. and North America in general. The ability for us to present the entire portfolio now with Juniper is an opportunity for us. After that is aggressive integration of Juniper products into our server, storage, and private cloud. Storage, sometimes people do not understand that inside the storage array, there is a switch, and you need high-performance switching, especially as you go to Ethernet to manage some of the workloads like database and the like. That is a huge opportunity for us. On the private cloud itself, plus the top- of- rack for our server business. There is the AI at scale with a true architectural transformation. I'm very excited, but it's great to see Rami's momentum in the first half, and obviously, a lot of that came through the data center and continuation in the campus and branch.
Thank you, Meta. Operator, next question, please.
Your next question today will come from Wamsi Mohan with Bank of America. Please go ahead.
Hi. Yes, thank you so much, and congrats on closing the deal. I guess I wanted to ask about the synergy number, which you upcited to $600 million from at least $450 million-plus. Maybe you can help me think through where that incremental synergies are coming from and put them in the context of both the headcount reduction you announced earlier in the year and catalysts that you've been working on.
Yeah, two different initiatives, right? On the synergies itself for the networking business, now that we have the opportunity to do more detailed planning, we feel very confident that there are incremental opportunities here, and we have done insight through the workstreams we have put in place. Obviously, there is a G&A component. That is very straightforward in many ways. Think about functions, real estate, and the like. Then there is the number two workstream, which obviously is products. Think about cost of sales. Look, we have a very large global supply chain that now Rami will get the benefit of it. Clearly, we expect cost improvements there through our procurement team. As we go to the next level, we will continue to think about other opportunities through automation and AI, which will extend into the other improvements we expect at the company level.
That is why this is an opportunity, Wamsi, not only to address the deal itself, but it gives us an opportunity to make the rest of HPE even stronger and more leaner when it comes down to some of these applicational technologies. That is why we have a dedicated workstream about AI and automation that now with Juniper, we can take also to the next level.
Wamsi, I would just add that the headcount will be in addition to what we announced previously.
Thank you for the question, Wamsi. Operator, next question, please.
Your next question today will come from Aaron Rakers with Wells Fargo. Please go ahead.
Yeah, thanks for doing the call and taking the question. Antonio and Rami, I am curious of how we think about the integration path forward, how you measure kind of key milestones. What I want to ask about is kind of the integration of Mist across a front-end and back-end wired AI infrastructure. You have HPE's asset and Slingshot. You have, obviously, QFX and MX Routers. I am curious how we or investors should think about, over the next 12 months, the key integration points that you are looking to achieve. Thank you.
Maybe I will start and then Rami, obviously, you can take more of the architectural piece. Look, it is important that we focus first on what I call the segmentation, right? From a product perspective, you have a service provider business, and you have an enterprise business. On the service provider, obviously, there is the telco space. There, Rami has had success for a number of years. It is led by routers, but also data center switches.
HPE participates in a unique market with a lot of our computer offerings and virtualization for the core network. I believe there are some incremental opportunities just on the telco side as people continue the virtualization journey with 5G and then eventually 6G. Honestly, there are incremental opportunities from an inferencing perspective for AI. On the cloud side, call it AI at scale, there is tremendous opportunity because since there are so many buildouts and a lot of CapEx being deployed, I always said, "Look, you need an inter-data center connectivity." Rami has one of the best products on the market with the automated 100-gig routing. You need that at the entrance of the building. Inside the building, you need to lay the pipes. That pipe is a high-performance fabric. He talked about the data center switches that already are 100-gig.
You drive integration with the rest of the stack with server and storage. Ultimately, there, we need to work in what I call a heterogeneous environment because, obviously, we work with our partners, but there is the front of the network and the back of the network. Slingshot is an opportunity to work with Rami on that integration as well. Remember, we have also a lot of software to manage GPUs at scale in a coherent way. That is on that. On the rest of the enterprise and the campus and branch, I will let Rami here talk in a second because the product side is not that complicated, honestly. We have a campus switching portfolio, which obviously has our silicon and Aruba. Then we have wireless that is easy to rationalize from a Wi-Fi perspective.
HPE also brings private 5G and brings SASE and security in a modern way. Aside from the firewall for enterprise. What Rami needs to drive is thoughtful integration of Mist and Aruba Central because both bring architectural strength in different ways. For the rest of the synergy, how are we going to measure? Look, we have a very detailed integration planning process by each of the workstreams on the core function side. Mani talked about the headcount. It's one of them, but the reality there is way more than that. There is the operational and the go-to-market piece that we have also a clear plan. The person who's going to lead that already has a plan in place that's already executed. As I said, outside the United States, there is a lot of cross-sell upsell opportunities. Rami, you want to talk more about some of the other architectural discussions?
Yeah, I think you summarized it well, Antonio. I like to think of it maybe in three different areas. There's the wider networking, which is our routing solutions. There's no overlap. The opportunity here is really around revenue synergies to take the strong enterprise go-to-market and the channel that HPE has and sell more routing to large-scale enterprises globally. There's the data center in the high-end, 800 gig, and as we move towards 1.6 terabits per second. Again, there's no overlap. Here, the opportunity is to package soup-to-nuts solutions that include our strengths and the strengths of the broader HPE portfolio and reach more data center builders, NeoCloud, Sovereign Clouds around the globe. The campus and branch at the surface, one might see some overlap.
Yes, we both have Wi-Fi access points and switches. Actually, if you look under a little bit deeper, you'll quickly conclude that each brings different architectural strengths. My opportunity here and the opportunity that my team and I are going to be pursuing over the next few weeks and months is to think about a thoughtful integration of the portfolios in a way that gets our customers to this, what we call true north architecture about AI-driven, cloud-delivered solutions that are secure, without leaving anybody left behind. Basically, irrespective of where you start, on the HPE Aruba side or on the Mist side, you're going to have a clear, non-disruptive path to that compelling future. We'll be able to talk about that more in the coming months.
I will say also the deployment options that we bring to the table, right? In our AI-driven cloud. Delivered. On the other hand, HPE also brings the opportunity to do virtual private clouds, which are very important for customers, different types of customers. This is why the portfolio completeness is pretty significant here.
Thanks for the question, Aaron. Operator, next question, please.
Your next question today will come from Matt Niknam with Deutsche Bank. Please go ahead.
Hey, guys, thanks so much for taking the question. Congrats on the deal close. I'm just curious, back in January of 2024, there was a conference call where Antonio, you had laid out the rationale for the deal. I'm wondering, since then, it's been about, call it over 18 months, how has the rationale evolved or changed? Perhaps I can sneak in also, how has the customer reaction to the deal evolved or changed relative to 18 months ago? Thanks.
Thanks, Matt. I just came out two weeks ago of our HPE Discover conference in Las Vegas. We had the best Discover ever. Over 12,000 global customers came to experience our technology. We have seven acres of technology on display, and the deal was not yet agreed, which closed the week after. The feedback has been overwhelmingly positive. Before this call, I had a call with an individual that covers the channel, the partner ecosystem. Both customers and our partners see this as pro-competitive and super strong from an innovation perspective. Nothing has changed from a customer feedback perspective. The thesis that I laid out on January 9, 2024, got even stronger because everybody since then spoke about the need to provide a modern network architecture for the next decade, driven by these AI inflection points we see in the market.
That is why the vision that Rami speaks about, networking for AI, AI for networking, is spot on, but it got even stronger from that thesis perspective. I found it fascinating personally that six or nine months later of that call, everybody started talking about networking, networking, networking. Now that vision that we had became even stronger. We are excited about that, but we obviously have a path forward here to execute on that vision, and we are going to execute aggressively to drive the amazing value we can create for shareholders and better solutions with lower CapEx and OpEx for our customers going forward.
Thank you, Matt. Operator, last question, please.
Your final question for today will be from Samik Chatterjee with JPMorgan Chase & Co. Please go ahead.
Yep. Great. Congrats on the deal closing, and good to hear you both on the call. Maybe if I can sort of ask you on the revenue synergy a bit more, and particularly how you're thinking about revenue synergies relative to the cloud vertical around the opportunity where Juniper already does well in that vertical on the networking side. How do you think about sort of the opportunity with tier one or tier two clouds in relation to selling the server portfolio on that front? Just maybe help me think through, is it really on the revenue synergy side more of a Tier 1 Cloud opportunity, or are you thinking of the opportunity as more revenue synergy being more like Tier2/ NeoCloud-driven? Any color on that front would be helpful. Thank you.
Yeah, look, I mean, the opportunities across all segments of the market. Look, if you are a Tier 1 . Customer, and I think about those new AI Clouds, not just the traditional hyperscaler, as you know, because there are opportunities there, but they are new entrants in the AI space that behave like a hyperscaler, which they're building a million GPUs plus, as Rami said. That's a huge opportunity for us. What they need there, honestly, is simplicity and speed. When you stand up a 20-plus thousand GPU cluster, it takes an enormous amount of work to lay the power, the cooling, and then basically the racks with all the accelerated computing. We now can do that in a much more integrated way and also eliminate over time the number of control planes related to the management of this infrastructure by integrating the work that Rami does on networking with the work we're doing with the compute side.
That is true for Tier 1, including new entrants, Tier 2 and Tier 3. On the sovereign side, obviously, we already have a large presence with our supercomputing business, and we are already building new AI Clouds. We spoke about a couple of them in the past, the one in Japan, the one in Bristol, which is going to be open here very, very soon. Obviously, there are a number of large engagements all over the world. This is why one of the things I have as well failed is to lead the engagements with those geographies with his networking background and his go-to-market understanding so that we can work it backwards with Rami and team from an architectural perspective.
Look, showing up some of the Clouds with the network and the compute all integrated from the data center down to the last GPU is key. There is enterprise. Enterprise, obviously, wants more integrated solutions than ever before. The opportunity there is to, when the time comes for a refresh, really show up with the best technology puristically from a networking standpoint and then better integrated private clouds. That is why I am excited at the work that Rami and Fidel and my team are going to drive because we already have a leading portfolio in the private cloud for virtualization. As you know, we have a runtime there that we announced with VM Essentials. That was a big topical discussion at HPE Discover.
Private Cloud AI, which is a growing business for us, is really focused on helping enterprises adopt AI and accelerate time to value. That is why the opportunity for revenue synergies exists across all segments and, honestly, geographies, because again, Rami may not have had a strong presence outside certain geographies, and now HPE can bring that opportunity to the rest of the business because we have a very strong presence everywhere in the world, in fact, in 172 countries. That is why there is a big opportunity for us here, and that is what we are going to drive aggressively.
That concludes our question and answer. Please go ahead.
Yeah, no, thank you very much. I know we have limited time. I appreciate you making the time to join the call today. We will continue this dialogue. Our next opportunity will be during our Q3 earnings. Of course, we're going to announce when we're going to have that call. Obviously excited to host all of you at the Security Analyst Meeting on October 15, where Marie and I and the team will share more about our long-term plans. I appreciate you making the time. Again, it's a new chapter for HPE, and honestly, it's a significant investment opportunity for our shareholders, and that's what we're going to drive for. Thank you.
Conference has now concluded. Thank you for attending today's presentation. You may now disconnect.