Okay, thanks for joining us. We've got a fireside chat with Nexxen, and we've got Karim Rayes, Chief Product Officer, and Sagi Niri, Chief Financial Officer of Nexxen. You know, Nexxen is a leading ad tech company that is focused on both the supply side and the demand side of the business. It's a company that we've launched coverage of with a buy rating. We do believe that this company is exposed to the secular growth of connected television and programmatic advertising at an incredibly non-demanding valuation of close to four times forward EBITDA. What we're going to do today is talk about the company and also about some of the interesting innovations that Nexxen is doing. Karim, Sagi, really delighted to have you guys here.
Maybe to start off with, I'll kind of open this up to either one of you or both of you, but Nexxen, I think, has had a lot of kind of transformational activity over the past few years. You've streamlined into a listing in the U.S., that's a standard listing as opposed to an ADR, a single listing in this country versus a dual listing here and overseas. You've gone through a period of M&A to develop your product suite that's your go-to-market focus right now. Tell us a little bit about how you see Nexxen positioned within ad tech, what differentiates Nexxen, and why should investors care about Nexxen now?
Okay, I'll start and then Karim can jump in and add to the things that I may miss. I think that, you know, Nexxen, we rebrand to Nexxen like around one and a half years ago. Nexxen is a combination of different companies that were acquired in the last, mostly in the last five years. We are starting the story almost with carving out Tremor Video DSP. After that, acquiring RhythmOne, which was a company that had an SSP, and then it was our first time to go end-to-end, which this is our philosophy, our vision, and our strategy. I think that we started it in 2020, and I think that, you know, if you are listening to other companies today like Magnite and The Trade Desk and others, you are seeing that they are seeking the same strategy.
They are not telling it specifically or implicitly, but they are doing so. I think we acknowledged that a long time ago. After that, we acquired Unruly in order to give us a much more strategic partnership within the demand side industry. After that, we acquired a CTV ad server because we acknowledged that CTV is the most important trend and where the users can be found and where they are consuming their content. After that, by the end of 2022, our last acquisition was Amobee, which gave us an omnichannel DSP and a lot of other capabilities that Karim can take us with. After that, we acknowledged that all these different names of Unruly and Tremor and Amobee are not making sense, and we rebrand to Nexxen in order to have like one identity and one brand that is representing our end-to-end philosophy and our end-to-end platform.
I think that we are differentiating because of the value chain that we are representing and the depth of our technology and capabilities. We can cater, or we are catering both sides of the industry. We are helping, of course, advertisers and agencies to maximize and to fulfill their campaigns in the best way we can. Of course, we are helping or catering broadcasters, publishers, CTV vendors from the other side in order to maximize their inventory and their value. I think this is what is differentiating us, and I think Karim can take us into our data play, where we acknowledge in the last, I don't know, two to three years, that data is the most important piece within our industry because at the end of the day, advertisers are looking to find users.
They don't care really, you know, on what inventory, they care to some extent, but they really don't care on what inventory we will find the user. They want to have the specific users, and for that, we have a complex of different abilities that are helping us in order to bring or to meet the best performance and the best KPIs that both sides are looking for. Karim, I will let you elaborate on that.
I mean, to add to what Sagi is saying, our philosophy is end-to-end. What that really means is we provide technology to advertisers, you know, to onboard their campaigns and run their campaigns programmatically. We also provide technology to publishers to sell their inventory the most efficient way possible. That is all unified together through a data platform that brings unique value to both customers, both on the sell side and buy side, helping them identify their audiences and better target those audiences. There are two core reasons to do this. First and foremost, from a cost and pricing standpoint for customers, there's less intermediary in the supply chain. There's less people involved in the transaction that keeps more money in their pockets, both for publishers and advertisers, and that's why we're seeing this trend happening across the industry. Also, ad tech is pretty complex.
There's a lot going on, right? From these audience targeting to identity resolution to planning to measurement of campaigns, when you have multiple disparate technologies that are trying to do this cohesively, that becomes very complicated. Bringing in this and unifying this into a single technology stack brings a lot of value as well for both our sellers and our buyers. There are commercial reasons to do it. There are technology reasons to do it, you know.
I mean, that makes a lot of sense, but I'm kind of curious about, you know, this is definitely not historically the norm for one company to be on both sides, and that's because of, you know, I think certain trust issues and certain belief that you're either on the side of the buyer or on the side of the seller, and they shouldn't be connected. How do you address kind of your positioning relative to the more traditional positioning where these realms are kept separate in part for competitive reasons?
I mean, I think that's half true, right? If you look at the largest companies in online advertising, you're talking about Facebook, Google, and the value they bring is the customer and the advertiser are on the same platform, and they build that unification. We're looking to do that for the open internet. As Sagi mentioned earlier, we're seeing our peers doing the same, buy-side platform building, sell-side technologies, and vice versa, and trying to catch up on this because of the reasons I mentioned. I think we saw this, the evolution of ad tech in general. It started with end-to-end platform many, many years ago, which were ad servers. It became programmatic, and you had this split between buy-side and sell-side, and now we're seeing that convergence happen again in the industry.
All right. Maybe we can delve a little bit deeper into what you guys are doing. One thing you have is your Nexxen data platform. I was wondering if you could talk a little bit about what specific capabilities underpin the data platform and the unique assets that you offer, and what this does for your conversations with advertisers and publishers.
Sure, I can take this one. First and foremost, the Nexxen data platform enables customers to onboard their data to our platform directly. This can be both for advertisers and publishers, bringing their first-party audiences to our system. Once that audience is onboarded, we are able to pull insights against that audience against multiple panels we control in our system, meaning we're able to tell them here are the sites they visit, here are their interests, here are the brands they engage with, competitive analysis, here's the content they consume on TV, and so on and so forth. We leverage that data to then build an audience targeting strategy as well as a media targeting strategy. From planning, we have activation tools so we can generate audiences off those insights directly and push them to either our supply platform or demand platform, depending on the activation use case.
From there, we offer measurement services to measure the performance of campaigns. It is really holistic capabilities across the board that's underpinned by unique data we have from TV data that we can cover in a little bit, but around ACR, so TV viewership data with our partnership with VIDAA and Hisense, as well as contextual data, audience data, etc , that are unique to our platform that help power all of this. Underpinning all of this is an identity resolution solution. Essentially, we have a Nexxen person and household that lives across our system, and that enables us essentially to have consistent planning to activation, to measurement across the transactions.
Okay. With this Nexxen data platform, I think one area where perhaps you're leveraging that and extending is moving really where so many are moving, which is artificial intelligence. You guys have some specific initiatives, nexAI DSP Assistant , nexAI Discovery. I was wondering if you could tell us a little bit about those products and what you have in the pipeline. I think in particular, you're talking about some things for the second half of this year as well as next year.
Nex AI DSP Assistant is essentially the AI assistant available within our buy-side platform, our DSP. This enables customers to pull insights on their campaigns, find opportunities, optimize. Essentially, it's an assistant that lives through all the pages. It's deeply integrated into the platform and enables them to drive efficiency and automation. Essentially, reduce their workload while bringing better value. That product will continue to innovate over time. The long-term goal of this product is for full automation to essentially be able to set up and optimize campaigns with very little user intervention. On the Discovery side of things, Discovery is our planning and insights audience tool. It is tied to the Nexxen data platform. This is when I was talking about onboarding first-party data and pulling insights off that data and building targeting tactics and opportunities. This essentially automates all of that.
Typically, Discovery was a product used by analysts. Typically, it takes four to five hours to do a full analysis against a brand. With Discovery AI, we're able to pull these analyses in three minutes. It really increased the addressable market of the product because now traders are able to use it, sellers are able to use it. We've been reusing this internally and started rolling this out to customers. Same with this product, we continue to innovate and add more insights to the product. We're focusing right now on media insights, essentially based on the audiences, where should you target and find inventory, both on TV and on web. That's the next step of that product. Broader than that, Nex AI is our AI tool across the entire platform. We're working on a sell-side product today for our SSP.
This has been rolled out internally, and our internal teams are using this. We're going to be rolling this out to customers in the second half of the year. We also have a TV planning product called Total TV, which is tied to our TV viewership data, our partnership with VIDAA. We've built an AI tool on top of that, also leveraged internally, and will be rolled out to customers in the second half of the year. This helps them do TV planning, both for traditional linear TV and digital together. Multiple products in the pipeline more to come. Our goal from there is to connect all these assistants together into unified solutions. Essentially, a sell-side platform can benefit from the data from the buy side and vice versa. Really leveraging the data we have across the end-to-end platform for our customers.
I was wondering if you could talk a little bit about how you see this effort distinct from what would be your peer set, your competitive set, because we do hear about so much development in AI, and much of it seems to be along lines that are somewhat similar to what you're describing. How is what you're doing distinct, different, interesting relative to what else is out there?
I'd say the main thing I could say around that is it sits on top of our core differentiated products. Nexxen Discovery is a unique product in market, and we're building AI to enhance the workflow and the automation of that product. That can't be replicated simply with AI. You also need the underlying product to build on top of. Our focus has been to introduce AI into our core differentiated products rather than build standalone AI solutions. That's really where the differentiates come from. We're doubling down on the unique products we have in market that help us win customers and increasing their efficacy.
I think part of the idea is by making the tool more functional for customers that perhaps can help with business momentum. I think it gives also a certain table stakes. You have to do this really to be competitive in this industry. What is what you would say kind of the, you know, I think you kind of alluded to this already, but when all is done, is this a situation where you want someone to be able to sit back and just press a button and soup to nuts, create a campaign, deploy it across Nexxen and all of the media that you can touch?
Long term, yes, but you know, we got to understand AI is a journey, and you got to build and establish customer confidence. This starts as Phase I and pulling insights, leveraging our AI tools, and showing the customer value through those insights, which we've done. Then it's creating suggestion and automation around campaign optimization and so on, but still leaving the customer the option to accept or decline those changes. That's where we are today. As customers see the value of this and start trusting the tools and all that, I think that's how you get to full automation. It's more than just a technology problem. It's also establishing that customer trust where they feel that essentially, you know, they can take a step back as a trader and let the system do its thing and not blindly trust the system that it's doing best. That's what we're doing.
We're also informing the users on all of the decisions the AI is making as it's making them as well. We're giving them full transparency into the process, which helps establish that process. That's the journey we're on. The goal is definitely full automation over time, but still give customer choice. This will be an option for those that want to use it, and they can use it at any tier, essentially from insights to suggestion to full automation.
Okay. Now we spoke about how this layers onto your core platform, your core value proposition. You spoke about data. We spoke about the fact that you're end-to-end. To what degree is being both on the demand side and the supply side helpful when you're rolling out an AI system? Is there some advantage in that that might differentiate you from others' AI deployments, which are really one side or other of the marketplace?
Yeah, from a technology standpoint, you essentially, the data available on an SSP or sell-side platform, data available in a DSP or a buy-side platform are distinct. Sell-side platform has a lot more information about the publishers and the media available across the ecosystem, where the buy-side has a lot more information on the advertisers and their targeting strategy, etc . Essentially, when you're an independent sell-side platform or buy-side platform, you're connecting to a black box. Having the data available from both sides to inform the AI is very powerful and can help buyers make better decisions and sellers make better decisions as well to optimize their media and campaigns. This is really access to data across the entire transaction, from the customer visiting the property to the advertiser is key.
Essentially, AI needs data, and the better data you have to train your AI tools, the better they'll perform. We believe we have a strong advantage there.
Okay. Sagi or Karim, I was wondering if you could level set a little bit in terms of just reminding us what portion of Nexxen business is with customers that are working across the demand side and the supply side, and what portion is kind of just one or the other?
Yeah, I'll take that one. I think it's quite simple. Around 50% of our growth spend on our ecosystem is being fulfilled on both sides, i.e., a dollar that is coming on the demand side and is being fulfilled or executed on our supply side platform. The other 50% is dollars that are coming from third-party DSPs and are being executed on our SSP.
Thank you for that. We've spoken about the go-to-market part of AI. AI, I think, is also a focus internally. Sagi, I think perhaps you could touch on this a little bit with Karim, but how are you guys using AI internally? On top of that, Sagi, if you could talk a little bit about what you see as the margin opportunity from AI over time for Nexxen.
Yeah, I can start. At the end of the day, as Karim mentioned, he talked about the different capabilities and AI fulfillment that we have around our different tools that we are allowing or offering our customers to use. On top of that, of course, it's helping our internal efficiency. It has different layers of efficiency. Some of the efficiency are coming really from headcount. As Karim said, if something that we are using internally took us four hours and now it's taking three minutes, of course, we don't need the same number of headcount at the end of the day. It's early days. We started to invest more heavily on AI in 2025. In the second half, we will invest more, and probably we will see the initial fruits of that on the efficiency side in 2026.
It will help us to maintain and to expand our margin and will take us into the place we want to be in the meter.
Yeah, I mean, to add to this, we actively leverage AI in our development cycle as well to automate code writing and so on. The goal is to really become an AI-first organization when it comes to product development and increase the rate of innovation. We've been on this journey now for a little over a year. As Sagi said, still early days, but we believe this will bring a lot of efficiencies over time.
It's just, it's incredibly interesting. We recently did a survey of large IT organizations across this country, and a very healthy majority were expecting ±20% staffing reductions over a couple of years in the software development area because of AI. It sounds like you guys are seeing something akin to that.
Yeah, I think our goal right now to start with is to work towards growth, right, and increase our rate of innovation and bring more customers to the platform. We're already a very efficient business, and we do believe there's savings to be had through R&D as well. Right now, essentially, we're trying to do more with the teams we have today. We'll be working through that as we're doing our planning for next year and so on in terms of staffing and where we go from here. I think you're about right. We're going to see these reductions in staff. We're going to see hiring slow down because of this, and we're already feeling that.
Okay. I want to talk a little bit more about VIDAA, which is a unique partnership/ investment that Nexxen has. This is a connected TV operating system, which is affiliated with Hisense, which is a very substantial TV distributor and manufacturer. I was wondering if you could talk a little bit about a few things. One, give us the background on this partnership. When did you start it? Why did you start it? Why is this important to you guys?
We started it in 2022. I think that, you know, it was the days that everyone, it was post-pandemic time where, you know, a CTV trend was booming. People were mostly at their homes consuming content on TV. This, like, you know, enhanced dramatically the CTV advertising. I think that we acknowledge that in order to be differentiated and to have like an advantage on that front, we need to go all in. At that point of time, VIDAA, which was kind of a new operating system affiliated, of course, with Hisense, they were looking, you know, for their like ad tech partner in order to enhance their capabilities and to monetize their inventory and their ACR data. I think the match was done over there. They went on a tender and we won it.
I think, you know, the part of establishing the partnership and the trust between the two companies, we decided that we are investing into VIDAA and we acquired 2.5% of that company. On top of that, we went into a commercial agreement when we are utilizing or having the exclusive right for all of their worldwide ACR data. Karim can take us after that, you know, and talk. I think he already talked about the importance of the ACR data because if you want to target people within the CTV and the TV and outside of that as well, you need this ACR data. I think that outside of Nexxen, there's not, there's no really someone that has an exclusive ACR data that he can facilitate. Most of the operating systems that have ACR data, they are keeping this to themselves. This is the biggest asset.
They are allowing people to monetize their inventory, but they are not allowing people to use or utilize their ACR data. I think this is kind of a unique proposal. Of course, part of the investment in VIDAA, we are allowed to do with the ACR data whatever we want. We can target upon it ourselves. We can sell it outside. We can give it to measurement proposals and other stuff. I think this is a huge asset. The partnership between the companies made us to reinvest in the company and acquire another 3.5% and expand our commercial agreement with them at least until the end of 2029.
If I could just step in for a second, I want to tell those in the audience that if you do have a question, there's a chat functionality. You can type in a question. I can see it and work it into the conversation. We have somewhere around 15 minutes left. If you have a question, please offer them. Karim, did you want to add on to what Sagi just said?
Sure. I mean, I think it's important to understand also that we're not just licensing the data. We're the technology partner making this all work. We're deeply embedded in Hisense Television to collect that data out of the TV. As Sagi mentioned, TV data is becoming increasingly important for multiple reasons. In the past, TV advertisers would advertise on linear TV and then have a separate strategy for digital. What we're seeing today is a high fragmentation of viewership. The same content's available through so many channels, through so many devices, mediums, etc. Being able to bring this back together in planning requires that TV viewership data. In terms of TV planning, it's critical to have access to this data.
From there, as I mentioned earlier, in terms of audience targeting, etc., and reaching customers where they are, understanding where they are, what content they're consuming is very critical and a deep part of our activation strategy. Lastly, we use this data for measurement as well. When you want to do what we call cross-stream measurement, meaning you're showing an ad on television and trying to understand what is the downstream behavior of the customer from there. Are they going in purchasing a product? Are they tuning into a show? If you're doing entertainment advertising, etc., that data is deeply embedded in that as well. It is very core to what we do and a big part of our CTV growth. Hisense is now number two in sales in terms of manufacturers.
Beyond the U.S., we have a global footprint with this data and have high market share in multiple markets that matter to us. It's also a big part of our international expansion strategy.
I want to ask you about that because my understanding is that the VIDAA OS is more popular internationally than it is in the U.S. In the U.S., you know, Roku and a couple of others, Google are more prominent. Is your data, is it really helpful in the U.S. or is it more kind of an international play?
It's both. In the U.S., essentially, when it comes to Hisense, we also operate through the Google operating system. We have a combination of VIDAA and Google, where globally, VIDAA is the number one OS used by Hisense. It's both. I'd say the U.S., is still growing and part of our new investments to help fund that growth. We expect those numbers to continue to climb over the next couple of years.
To drill in on that a little bit, the Google data, the relationship through the Google OS and Hisense, does that give you essentially the same ACR data you get through the VIDAA OS internationally?
This is the region. It's in the U.S.
Yeah, it's the same type of data in the U.S., that you would get outside the U.S.
Correct.
Okay. Is that because I know in your renewal of the relationship, you spoke about the opportunity to do more in the U.S., but you know, Google has been a popular OS here for some time. You've been with VIDAA for some time. Is this relationship to get ACR data in the U.S.? What's new about that? What is it that you can accelerate that wasn't being optimized before?
I think as part of the investment, as Karim said, the money that we are putting into VIDAA is supposed to go only for one cause, and this cause is to distribute as many TV sets as we can in the U.S. It will grow dramatically the number of TV sets that VIDAA and ourselves can enjoy in the U.S., and it will scale up our targeting and measurement capabilities. I think that on top of that, you know, VIDAA is doing a lot of other partnerships other than with us, with different OEMs. It is not only the Hisense TVs that are being embedded with the VIDAA operating system. There are a lot of other brands that are using VIDAA as their operating system. VIDAA just signed two months ago an agreement with Vestel, which is a European OEM.
I think we are coming from different directions, and by the end of, I do not know when exactly, but in the coming years, probably VIDAA will be a major player in the U.S., as well.
You would think, because right now it's a Google OS, in the U.S., you think it switches to the VIDAA OS over time?
Hisense in general distributes multiple OSs and browser televisions. It's going to be, you know, it's going to be a split. We expect, again, that's more their decisions and how to drive their business. Part of our investment, as Sagi mentioned, is to essentially get that VIDAA distribution going at a higher scale in the U.S.
Okay. We should see, and when you talk about VIDAA, are you using that as a catchphrase for all of the OS that Hisense is supporting in the U.S. or?
As the VIDAA OS with Hisense and other OEMs.
When they're specifically pushing the VIDAA OS, that helps you in terms of when it's in other OEMs, it gives you access to more data in the U.S. Is that one of the big gets?
Yes, and also media. Part of this, we also power the media from that OS. If you think about the home screen, as you start your television, the advertising available there, and then in-stream, meaning within the applications distributed on the television, the commercial breaks. It gives us higher access to media as well.
Okay, you're kind of moving to some degree further into the terrain that Roku occupies today.
Yeah, to some extent, you know, the partnership with VIDAA is bringing us to play the Roku game as well.
Okay. I want to talk a little bit more about some of the financials. Sagi, turning to the second quarter earnings call, Nexxen reiterated your outlook for contribution ex-TAC of around $380 million, which is up around 11% or so. EBITDA up around 9% to $125 million. The CXT outlook here near-term presumes an acceleration from the first half, which was closer to around 6% growth thereabouts. What gives you confidence that this can happen, particularly given all of the macro questions out there? Is your outlook more 4Q weighted, or do we start to see more of it in the third quarter in terms of acceleration?
I think we will see acceleration in Q3. It will be a better quarter than Q1, but still Q4 will be the strongest, as it is every year. I think that the environment is still challenging, but I think that the end-to-end and all the things we just touched are helping us. Usually, when we are seeing some slowdowns in some part of our business, we are seeing some other businesses or line of businesses are doing better. I think that the enterprise relationship we've built over the last years is starting to scale up. As we saw in Q2, data and tech licensing, as Karim mentioned, a lot of our different capabilities are accelerating. We are seeing more and more clients licensing our products, and hopefully, we will see much more than that.
Of course, we need to understand that every license is, you know, the revenue is debited because there's no extra cost. Everything is moving into the bottom line. As I said, seasonality is usually weighted towards Q4. It's not something that we embedded into our plan, but I think that in some instances, the Google trial and everything around that can help us as well. Again, it's not something that we forecasted or have the exact number or the exact percentage we think we may go up according to the remedies and the judgment of the court. I think we are quite confident with our ability to accelerate H2 much more than H1. In H1, we had both times of tariffs that came in and came out that stopped the market for a couple of days or weeks and then got back into the usual business.
I think we can make it.
Okay. You had also spoken about a long-term target of a compound annual revenue growth rate. I guess it's more a medium-term target, as you describe it at your investor day in May, a medium-term target of about 10% contribution ex-TAC growth and adjusted EBITDA margins in the 40% range, which I think compares to the low 30% range that you're in right now of EBITDA, as you define it. Can you give us a little bit of explanation of why you think those are reasonable targets and how you see Nexxen progressing towards that type of long-term trajectory or medium-term, I should say?
Yes, sure. I think, again, the end-to-end model, of course, supports the strong land and expand motion. We are increasing customer stickiness and revenue per client. I think CTV momentum with us deepening the partnership, ability to connect CTV tech with unique TV data, and, of course, the new agreement with Hisense, which are giving us, as Karim mentioned, inventory monetization opportunities into 2026 and onwards, will take us through on that front. As I mentioned before, I think that data and tech licensing will grow and, of course, in transforming the expanded VIDAA deal as well. I think that we have a strong business model and operating leverage that most of the contribution ex-TAC growth will flow into the bottom line. I think, as Karim mentioned, the AI efficiencies expect, of course, to further boost margin over time.
I think what we said in the investor day a couple of months ago, we are on track on that. I don't see anything that can, for now, deviate us from our aim to get to the 40% of adjusted EBITDA in the midterm.
I want to talk for a minute here. We just have a few minutes left about how you're allocating capital. The nice thing about your business is you do generate some very good cash flow. A big use of cash flow for Nexxen over the past three years has been share repurchase. You've bought back something like 34% of your shares in those three years. You've signaled kind of a pivot. Your previous share repurchase had been a $50 million authorization, which had been re-upped at least a couple of times, I believe. Most recently, you've re-upped for $20 million and spoken about acquisitions, looking for acquisitions, which is something you've done historically, but not for the past year plus.
Could you talk a little bit about why this change in kind of outlook, why more interest in acquisitions now and share repurchase, how you think about that going forward, fitting into the mix?
Yeah, sure. I think we bought only in 2024 until the end of Q2, something around $73 million of our own shares. I think that in the last three years, we acquired almost 34% of our company, something around $250 million. As you said, we are very cash generative. As long as we think that we are undervalued and our share is the best thing to invest in outside of our organic growth and internal company needs, we will keep buying back our shares. As you mentioned, we are still executing a $50 million buyback we announced a couple of months ago, and we already seek for a new $20 million buyback plan that hopefully will kick in in less than 30 days. I think some of the capital allocation is going now to the new agreement with VIDAA, which we are investing $35 million in the next two years.
I think that we are thinking about M&A again because we are seeing the last one that we did was like three years ago. We think that we can make a quick win and shorten the time to market probably with some AI or data companies that will help us to better execute our initiative and do it much faster. I think this is the reason we're now thinking that it may, with all the money that we have, be the right time in order to move forward with a small M&A. It's not going to be as big as the Amobee acquisition was. We are exploring that. I think this is the right time for us to go down that path or maybe even invest in or make a foray into some activities that we don't have any hold right now, like advertising out of home or other stuff.
We are exploring all these different things. If we find the right prospect, of course, we'll move forward with that.
Okay. Yeah, and just to level set, your Amobee acquisition in September 2022, I think, was $239 million, if I have that correct. You're looking smaller than that. It would be adjacencies by tokens and capabilities and perhaps geographic is really what you're looking to complement your core. That's great. I think we're at basically the appointed time. Sagi, Karim, thank you very much for talking us through Nexxen.
Thank you very much.
Thank you, guys. Thank you.