Hello and welcome to J.P. Morgan's Technology, Media and Communications Conference. We're delighted to help us kick off TMC. We are joined by NIQ Global Intelligence. Although NIQ returned to public markets just last year, the company has been a leading tech innovator in consumer intelligence for over 100 years now. NIQ has a vast data estate, which includes information from over 8,900 retailers in 88 countries, proprietary panels spanning 5.5 million-plus global shoppers, billions of consumer-furnished e-receipts each year, and critical product-level reference and descriptive data on over 246 million SKUs spanning 10 billion-plus product attributes. Joining us on stage this morning are Jim Peck, NIQ's CEO and Chairman, and Mike Burwell, CFO of NIQ. Welcome, Jim and Mike.
Thank you.
Thank you.
Just to start off, a note that if anybody wants to submit questions, you can do so via the platform. I have an iPad up here, I will see those come in in real time. If you're in the room with us, you may also raise your hand. We'll try to make sure we leave some time for questions. I'm gonna start off with Jim. Jim, you've got a lot of experience leading public companies, especially tech companies in the public markets. How are you thinking about your business and the world that you operate in today?
I guess I have been doing this for a long time now. The fundamental thing I look for in any company, but especially in our kind of company, is the information we have and the insights that we have, do they matter? Do they matter to our clients? Clearly they do, right? Clearly they're unique. Clearly they deliver insights that no one else can do. Our clients use them every day, that's the next thing you look for. Are we relevant inside our customers' world? We remain extremely relevant inside our customers' world, whether they're doing pricing, promotion, assortment, innovation. Basically, all their decisions in how they're trying to interact with the consumer.
We sit right in between the retailer and the consumer and the manufacturer or the brand in that nice little triangle, collecting all the transactions that are happening. We really know what's being purchased. We really know what the products are. We really know what the pricing is. We really know where they're sold. We really know who's buying them. That lets us help our clients understand what's happening. We can also help them understand and predict the future. What happens if I change my price from A to B in this, in this part of Brooklyn selling pizza sauce? You know, we answer, "You are likely going to get more share because your competition is not running promotion and pricing." We can help them understand what's going on in their world and then predict the future.
Even in a world like today where I am getting a lot of questions about the Middle East situation or other situations that are going on, I think you said 100 years, even in the last five years, there have been a lot of things that have gone on in the world, and our business has remained strong because while those things are, you know, big problems for the world, our clients are still thinking, "How do I get consumers to understand what I'm able to offer them? How do I price it so that they'll buy it? What outlet are they trying to buy?" Whether it's e-com or in the store or even as it's coming agentic commerce.
They're still fighting their battles every day trying to win with the consumer. Our underlying business drivers are going very well. We're very strong. Activation is performing well. Intelligence is performing well. We let people know about our April results early because the trends are going very much in the right direction, and we feel good about our year. I would say when I'm sitting with clients now, while we are worried or they can be worried about a situation in the Strait of Hormuz and how it's affecting them.
What they're really thinking about, especially the bigger ones, is how they are gonna take advantage of AI to win, how they're gonna take advantage of it better than their competitors to win. How is agentic commerce gonna affect them? How are they perceived by these different LLMs? How do the LLMs perceive them, you know, without anybody kind of watching? We're built to play in that space. What I'm seeing happening is AI is opening up even more opportunities for us. There are more use cases opening up for us, and we're well positioned to take advantage of it.
Got it. Maybe we'll start with AI, and we'll come back to agentic commerce momentarily. You're definitely in an interesting spot. You know, obviously, I would expect your data to be the kind of asset that AI really needs to function well in your domain, which, you know, consumer intelligence, consumer product measurement, you know. Where should NIQ be slotted or viewed in the AI beneficiary debate?
I guess there's this notion that's formed up that like black and white AI winners and losers and things like that. I can't disagree more that we're somehow on the wrong side of that equation. We're the beneficiary of a whole new set of use cases that can come up or that have come up. Let's go back one. Clients aren't saying, "Oh, now that there's AI, I don't need to understand pricing and promotion. I don't need to understand assortment. I don't need to understand what consumers are doing. I don't need to know the truth and the source of the truth." We still remain that. And AI just makes it happen faster. Like I said, we're in discussions with clients right now. We call them the AI builders.
These are the folks who have the capital, you know, you'd expect the brand names, I won't say their names. These are the folks who have the capital to build their infrastructure, to link all their data sources together, and they've realized more and more just how important we are to that infrastructure. We're not just a data feed, we're also a semantic layer giving them context for how the data all fits together. Our models help them predict the future. They're trying to build bigger and better models now that do things like link their innovation engine to their supply chain.
As they're building those POCs, they're saying, "Whoa, NIQ, we didn't realize you could make this happen really fast." We're working with partners in the infrastructure space, like the Snowflake of the world, let's call them, to do one part of that job. Our part of that job is, yes, to provide information and analytics, but we're also providing context. We're just even tapping into new budgets, which I think is really important. Chief Insights Officer, Chief Marketing Officer, they know who we are every second of every day. The CEO, the CFO know who we are. Now the CTO is getting real interested because they have to take advantage of what's going on with AI. To do that, they need their data structures to be done right.
I'll just add, fortunately, you know, five years ago, we saw a lot of this coming. We didn't know quite how it was gonna work, and we invested a ton of money in our infrastructure to get our data right, and to get our, let's call it APIs, it's more complicated than that, but to get access to our data right to feed this new kinda way people or companies are using our data.
Got it. Maybe I'm editorializing here for a second.
Go ahead.
it does seem like, you know, one of the things that gets lost in the sauce is that you have, you know, I mentioned the 100-year-plus history, there's a huge level of trust that your clients have in your data, in how you collect it, in how you present it. You know, it's not gathered through one method, it's multimodal.
Yeah.
You know, you can't web scrape to that.
No.
There's just not physically possible.
It's not out there.
Yeah.
Okay? You just can't do it, and I guess there's bits and pieces, but I mean, I challenge anyone, go ahead and try. It's not going to work. We have the source of the truth, and it's $7.4 trillion of spending. We have one of the largest databases in the world. None of that matters other than that it's a lot, but what matters is it's relevant. It's the truth. You can take an LLM right now and run it against whatever's out there, and you are not gonna get facts. You'll get answers, but you won't get the facts. Our clients need us to be right, because if they make wrong decisions, it costs them millions and millions of dollars.
I think we're the fuel that feeds AI, but of course, we're using AI in our own right.
Helping our clients. Just work faster. They're not working necessarily differently. Like, "Hey, we're not gonna worry about pricing anymore." No, they have to worry about that.
Right.
They just wanna worry about it faster.
Got it. Got it. You know, so AI's been a big topic in info services land for, you know, Andrew Steinerman.
Yeah
For our coverage companies like NIQ. Uniquely, you guys are sort of unique among our coverage companies in that you're very focused on the idea of agentic commerce.
Yeah.
Can you walk through what NIQ's right to win is in agentic commerce? How does that play to your strengths? You know, I know you guys like to use the tagline, you help them see The Full View of customer demand.
Right.
How does, you know, agentic and your sort of mission to help clients see The Full View, how does that interplay?
Right. Agentic commerce, we, the different LLMs are I'm sure you guys use these and you ask it a question, "Hey, get me a protein powder that has no peanut oils in it, that is super clean, and I want it now." Right? "Tell me where I can get it," right? What we're able to do is we understand the ingredients of all the products. We also understand derived attributes, like this has got a clean label, verified clean label. This is heart healthy. We are able to tell the LLM what is in these products. We're also able to tell the brand itself, "Hey, this is how you're perceived by the LLM," so we understand what's in the product.
We understand what the consumers are doing, we're able to inform the LLM, "Hey, these are the products, but guess what? These are the ones that are hottest for a male over 60 years old who's looking for a protein shake in Boston," right? We understand who the consumers are that are actually buying. Of course, we understand all the price comparisons, we also understand where you can fulfill the order, which is really important. If you can't do that reliably, you're gonna lose faith in the LLM, you're gonna go somewhere else. We are already talking with these players about how we can fit in that transaction stream, right?
We're not just telling them what's happened, we're also helping them fulfill, and so that allows us to take, you know, our place there. The other part of that whole infrastructure is the brands need to know what's working and not. We will continue to provide the measurement information that says, "Yep, this Because you did this with this LLM, you actually outperformed a different method of fulfilling your orders for your clients." That's what we've been doing for 100 years. In this case, it's like a whole new revenue stream that we are going to tap into because it's that obvious that we should be playing in that, in that transaction stream.
Got it. Look, it sounds like you guys have, you know, your strategy's in a good spot. you know, your product innovation, I think I've done enough research on you guys.
Yeah
to say that's in a really, really good spot. You know, Mike will get to the financials in a second, but, you know, obviously from the quarter, you know, the last few quarters you guys have had as a newly public company, those are in a really good spot and getting better every quarter. The stock price is not. How are you thinking about your stock right now? What's the Street sort of missing, in your opinion?
I can't put myself exactly in their shoes 'cause I don't understand it. We're about to, you know, get to a $1 billion in EBITDA, $1 of adjusted EPS. These measures that we've traditionally used to drive value and multiples don't seem to be being followed, right? Is it frustrating? Certainly, it's frustrating. Is it personal? Yes. This is our company. I think that we're just gonna keep performing. We can control what we can. We know we're gonna execute. I think I said last time with Andrew, we're an execution machine.
We're gonna keep at that. We know that there are more and more opportunities opening up for us in this AI world that we feel really good about it, and we know that the core business is operating the way it should.
Yes
both in activation and intelligence. You know, this is artificially something's happening out there where people are kind of waiting and seeing.
What can we do there? Just keep performing.
Interestingly, the stock market may actually be a lagging indicator in this case. Mike, I wanna go over to you. You and the team, you covered a lot of ground on the earnings call late last week. We're only a few days removed from the call, you know, just wanted to make sure that anything you wanted to convey or clarify to investors, you know, key takeaways or other points of note that you just wanna make sure that people came away with after sort of You know, you guys are very transparent with a lot of what's going on in your business. Just anything you wanna drill down on especially.
I appreciate that, Alex. I mean, I think, look, I think our financial story is pretty simple. Ultimately, our financials are healthy, and they are improving. When I look at it, look, we've had nine quarters of mid-single-digit growth.
you know, overall. In fact, as Jim mentioned, you know, when we look at April, our organic constant currency growth is already above what we delivered in the first quarter, you know, overall. When I look at it, our overall client demand for both our activation as well as our intelligence solutions is very, very strong. you know, look, when I look at our overall algorithm renewals, when we have our pricing and cross-sell and upsell.
That's actually happening is going very, very well.
In fact, we see even more upside to it. you know, Jim touched on agentic commerce. When we look at win-backs, takeaways.
What AI is gonna do for us, we continue to see upside in terms of revenue growth overall for the business.
The thing I'd really wanna make sure I stress is there are a couple points from the earnings call, and that is that our intelligence business is very strong.
Why do I say that? We grew Americas at 9.3%, which is a market we have other competition in.
Our APAC business was a little bit soft, but it was driven by one specific thing, and that is that China grocery retailers, we needed to improve coverage. We've gone and executed that. You're gonna see that improve over the rest of the year. Our subscription revenue.
Let's look at the subscription revenue as part of intelligence. That grew 6% in Q1. When I look at that's almost $3 billion in revenue.
When I look at the metrics, our NDR-
is sitting there at 104%, and our GDR is 99%. We're getting price, and we don't have much churn in that base that's happening overall. At the end of the day, we executed well in the quarter. Maybe just one last thing, Alex. When I look at our activation revenue, our activation revenue grew 5.3% in the quarter.
Why? Our analytics business is strong.
Our analytics business is what you saw drive that growth in the first quarter.
We're comfortable with what's happening there. At the end of the day, what we're doing is we're continuing, as Jim said, we're seeing that revenue growth happen with our fixed cost base, and we're translating that into EPS, and we're translating that as an inflection point into free cash flow going forward.
Got it. That's super helpful. That's super helpful, Mike. Maybe I'll challenge you with one then.
Sure.
You guys did raise your restructuring target for the year. You're gonna do a little bit more, get a little bit more savings out of that on a sort of a gross basis, but you didn't raise your margin guide. You know, can you walk investors through, is that because maybe some of the flow-through happens in 2027 now or?
That's right. It does happen in 2027. Maybe just a couple of philosophical comments, just to frame the conversation, then come back to your specific question.
Yeah.
Look, Jim and I, in our past, have led different public companies. We understand the importance of delivering on our promises.
You know, we've been clear about driving that overall since, you know, we started the roadshow. If we look back, we've exceeded the top end of our guidance on all metrics for four quarters in a row.
Right? Our goal is to continue to execute. As Jim said, we're an execution machine, and we're gonna continue to be that. Look, you know, as we think about guidance, we simply balance, you know, our recent overperformance with a dynamic backdrop, and our guidance, that's our guidance approach.
Equally, if you look at the incremental amounts we're talking about is $15 million.
Yeah.
I mean, part of that is not all, some of that will roll into 2027.
To your point, that's the reason.
Got it. You guys have traditionally had very high and very quick payback period on your restructuring programs. I think it's a fair characterization.
Less than a year, generally less than a year, Alex.
Understood. Maybe we'll go down to sort of brass tacks. We think free cash flow is the most important way to measure your business at this juncture. Was thin coming out the gate at the IPO, you know, or let's say looking with a look back at the, you know, at the point of IPO. You immediately sort of started gushing cash the front half of the, you know, the back half of last year. Obviously, there's a seasonal dynamic. One Q, you know, was net negative, but, you know, was expected, at least from me. You know, this year looks like you guys are really well situated again on free cash flow, just looking at the year as a whole. You know, you're guiding for $235 million-$250 million.
You know, walk us through, you know, exiting this year, looking to next year, how we should think about free cash flow inflection, and obviously that sort of goes hand-in-hand for you guys with progressively continuing to de-lever. How to think about those two dynamics.
Alex, only we said at the IPO, by the end of last year, we would get below 3.5 times leverage, and we said by the end of this year, we'd be below 3 times. Sitting here, we were below that at the end of last year. At the end of the first quarter, we're at 3.4 times leverage. We have an absolute direct path to be below 3 by the end of this year, and in fact, if you looked at it from a TTM standpoint, we're almost $130 million of free cash flow through the first quarter. What's driving that? You know, what you see in the first quarter is as you rightly pointed out, you see the seasonality of it.
in terms of we pay our IT payments, our data payments, and if indeed we're successful, bonus payments in the first quarter. That's a traditionally low period of time, and then it builds through the rest of the year. With interest expense, we've refinanced all our debt. We're below, you know, we've reduced the run rate interest cost by $100 million for the business. Our EBITDA growth will continue to build, particularly traditionally, as you said, seasonality, low point Q1, high point in Q4. Restructuring normalization costs are really in the front half that will leverage themselves out overall. We feel very good about the free cash flow of $235 million-$250 million that we forecasted for the year.
As I said, if you look at it from a TTM standpoint, we're sitting there at, you know, $130 million through the end of the first quarter.
Got it. That's awesome. We're gonna take a quick break to see if there's any Q&A, either comes in via the iPad here or live within the room. If not, I'll sort of dive into a few more specific points of question. All right, we're gonna dive into some specific questions then. One of the things that you guys do on your earnings calls is you speak to momentum that you have in core sort of solution sets that are, shall we say, you know, you guys have substantively and deeply enhanced post-
Yep
the Jim Peck, you know, Mike Burwell, Mohit Kapoor era. Can you walk investors through what the most sort of important products they should be watching and understanding, you know, and benchmarking your performance on? You know, the Panel on Demand, things like that.
Yeah. I guess in the here and now.
We talk about The Full View, that's a simple way for us to convey both internally and externally who we are relative to you know, what we want to know about the consumer. We wanna know The Full View, the most holistic view of shopping behavior globally. In the last five years, that still means the shift to e-com and really making sure that we have complete coverage globally in that space. Our e-com products have grown, I think it's 33%, recently, and we're just, we're very much in the beginning innings of that.
Yeah
cross-sell, upsell. Why? Some clients didn't believe they had to think about that, now there's much more commerce even going on on things that normally aren't e-com related. they're saying, "Okay, I better get with the program here, right?
Yeah.
That's one thing. Our omni product, which is really, both understanding what's selling but understanding through what channel and then having demographic information, it's primarily a U.S.-based product. That's also, selling very well, not only to brands but also to retailers.
This is the omni shopper consumer panel.
Yes, the omni shopper consumer panel. All part of The Full View. In addition to that, there's a module that looks at Amazon that is very unique in that we're able to get very granular information and integrate it in with our overall data, point of sale data, and clients really like that, of course, right?
Because it's so granular, and it can help them understand exactly what's happening, including other retailers for that matter. Those are really an important set of products, not only in the U.S., but globally. Now, where the magic happens is those really are nice on their own, but when you integrate all the information together. Customer, here's what's going on in this market, here's what sold, but now we're overlaying and here's who bought it and here's why.
We know that, I guess continuing with this example, we know that, you're losing share in Brooklyn in your pizza sauce.
It's because you are losing every male who's over 50 years old, and you're losing them because a new brand just came out.
Yeah
People are shifting to that brand. By the way, they're also selling products that are related, so there's a bundle of products happening. Well, of course, the customer can react to that, or our customer can react to that. Having the what's happening and the why it's happening really matter. I think those are the important.
Some of the important solutions for now. The other important solutions are the beta launches of our kind of chat capability and our analytics capability within our Discover platform, which are going over quite well. I think equally important, our clients are like, "Yeah, we need that." Okay? "But we also need something where you're helping us build our infrastructure," which I referred to.
Right
the AI Builder. That's super exciting because it's now, and I don't You know, how long it's gonna take to implement, that's kind of in the hands of our customers. We're in the middle of 5-plus proof of concepts on how we can help them organize their own information, help them build the infrastructure with partners, and how they can start having access to our information in even more and different ways, which isn't part of their current pricing, isn't part of their current contract. Those are new avenues for growth, so I would keep my eye on that.
You know, hope you won't mind if I raise a point for you. It's interesting to me that you guys are sort of one of one in measuring consumer retail measurement, you know, globally.
Right.
Then on the panel, you really are also one of one in providing both.
Yes
point of sale retail measurement and consumer panel information from sort of one source of truth.
Yes.
Right. There's separate panel providers, separate measurement providers. Neither at your scale, but, you know, there are other providers. You're the only people who provide Panel on Demand.
Right.
You know, you can go into the Discover platform.
Which is what I described.
Yeah, yeah.
like right then and there. Yeah,
And, and-
Go ahead.
go into those, you know, five whys or what have you.
Right
really do that. There is, you know, people often ask me about the competitive set. I say to a certain point it really is just NIQ.
Right
kinds of answers, and you really need to dig into it, especially with a global framework.
It's the two things combined where you're saying, you know, the example I gave with the simple example around the Brooklyn pizza sauce. That's really important, and that, to know that and to know it, like, really quickly, is exactly what our clients want. They want it fast, and they want it at scale. Again, back to AI, instead of them having to ask for it, which in the past you would do because of just the sheer time it would take to cull through all this data to try and pick out what you think they're thinking. Now with AI, you can more quickly deliver them, "Here, here's what you should be worrying about." You don't even have to ask.
Yeah.
Here's what we should be worrying about. That's the direction we're going. The reason we're in beta mode is we gotta be right. This is a really important point. We can't, and no one can implement things that aren't. You can be confident, but if the answer's not right, clients are gonna find out really fast. We've released this in beta mode so they can start understanding and get it, help us make sure we're training things correctly. There's a lot of excitement about it.
That's awesome. maybe, you know, one thing that all these solutions have in common is we're talking predominantly about your intelligence business and particularly the subscription side, which has-
really, really robust, you know, retention, net and gross dollar numbers, you know, and there's clear momentum there. That's about two-thirds of your business. You have about another third of your business that is both sort of more, you know, intelligence solutions sold, you know, I don't want to say piecemeal, but, not on a annualized subscription basis, and then you also have the activation business. Mike, maybe you can walk us through sort of how the revenue dynamics work in those two businesses and how somebody should think about the recurrent nature of those solution sets.
Yeah
those offerings.
Yeah, I think 80% of the business to be exact, Alex, is a subscription. Thinking about them as three-to-five-year contracts.
with annual escalators that are included in those contracts.
Those pricing contracts are set up that way. As we talked about, you know, when you look at our GDR, I mean, our churn level is less than 1%, and that 1% is really SMB businesses that get sold, bought, come in, go away. It's a very low churn rate. Our renewals are very high. It's a very sticky subscription business, and as you said, in 90 countries in terms of when we're operating.
Yeah.
When we look at our activation business, a lot of that is very sticky, too. It's the same clients. Of that remaining 20%, almost 80% of that is the same clients buying similar services every year. They're only 1-year contracts that are in place. There's a stickiness to even our activation business. When you look within the activation business, we think about a couple dynamics that are happening there. One is our, Jim talked about our, some of our AI products, solution sets that are out there. Our BASES AI Screener.
When you're BASES's a very well-known brand in the marketplace in terms of thinking about innovative new products. Now with BASES AI Screener, we're able to help clients think about those products very quickly in terms of what they wanna introduce to the marketplace, and we're getting a lot of acceptance and rate of that, and that's flowing through in that activation revenue, that 5.3% we talked about in terms of first quarter. Also our when you think about our analytics solutions are very powerful, particularly when you link them back with the insights that we have from our measurement business, and being able to do those analytics faster, as Jim said, on the fly, and we've seen that demand being very, very strong.
Yeah.
I guess that's what I'm trying to break down just to maybe kind of summarize back. When you look at our revenue base, 80% of it, three to five-year contracts with annual escalators that are in place. Other 20%, of that 20%, 80% of that is very sticky. Same clients buying similar services year in and year out. Then within that, and one last click, you've got innovative new services that are happening, particularly as it relates to BASES AI Screener as well as what's happening in the analytics front.
That's really, really thoughtful.
A point that I wanted to make earlier, we sit on this very granular data, and when we give insights to our clients, it's at a kind of a summarized level because we just possibly can't give them every little piece of information.
When they get the answer, that's a point in time. They need updated information constantly, what's going on, and they have to reach back into our world to get back to the granular data. It's not like they, once they get access to data, then, like, okay, now we can just run our own analytics and we don't need NIQ anymore. That's just not the case because they don't have access to that granular level data, and the reasons they don't are partly technical, just the sheer amount, and partly that's the way our partners want it. They have really trusted relationships with us. They don't want all that information revealed to the world in any form.
They're like, "As long as it's operating within your context of your business, NIQ, we're good, but don't give it away," right? "Don't give it out." There's structural, I guess, guardrails that make it impossible for clients to say, "We don't need you anymore," right? That's why our analytics lives on.
Awesome. We're gonna open it up to the audience one more time, see if there's any last-minute questions. Please, we have a gentleman in the back.
Do I need a microphone or. Okay. There we go. Okay. You've been public for, you know, almost a year, right? When we talk to your clients, they all talk about how important you are in the ecosystem, how important you are to them. When we look at your financial performance, right, you've delivered or exceeded on basically everything that you've told the market. Yet AI has happened, you know, investors have sold first and figured out later. When we look at your performance, right, and what you've accomplished and what your clients say, it's a real dichotomy from what, you know, the market is doing. You know, in a minute, like, what is your sales pitch to, you know, an investor as to why they need to own NIQ stock, and what's the long-term value creation path that everyone is missing?
Yeah. First, you nailed the thing right up front. We've been with our current investors, we've been with analysts. If you talk to our clients and they're telling us, now more than ever, your clients are telling us how important the information and insights you provide them are to the way they run their business. We continue to be well-positioned in the most meaningful parts, some of the most meaningful parts of their business operations. They're not changing the way, you know, the things they need to do. They're changing the way they do it, and our information is right there to enable them, and that's gonna create this, and sustain this steady growth curve that we have. AI will unlock even more for us, so that's gonna be a tailwind.
We believe we should see our revenue accelerate over time because of AI, because there are specific use cases that we are not, that are not in our numbers today that are going to happen. We're in good shape there, and we know from our clients that we're in good shape. They know even more, given the context we provide them to run their business, how important we are. You take the other parts of AI. How talk about our margins. We, you know, we're on a march to 25%, then it's gonna be a march to 30%. We're a company that is very ripe to get more and more efficient with the use of AI. We understand how to use it. We need to use it right.
You're gonna see both, I think, our top line be steady but accelerating, and you're gonna see our margins expand, and you're gonna see our cash flow continue to get better. All the metrics are in place for us to continue to operate. Not to mention that we're absurdly low in as far as what we're trading as our multiple. It's I can't really even process it frankly. I can do this. I can control what I can control, and you have a management team and a group of people and a team of people at NIQ who get it, and we're gonna deliver. We're gonna deliver for investors, and we're gonna deliver for clients, and that's what we can control. That's why I would put my dollars into NIQ.
I think we that's a great place to wrap it up for the day.
All right.
Thank you guys so much.
Thank you.
Mike and Jim, thank you so much for your time today.