First of all, good morning again, and thank you, everybody, for being here. Again, I'm Darren Peller from Wolfe Research covering fintech and payments. Really happy to have Visa with us. I think many of some of you have met before with Chris, some of you not. He's been now how long has it been since you've been here?
Yeah, it's been since August.
So about 6, you know, 6, 9 months, actually, in the seat. And he's been great. We've had opportunities to meet with him, with investors before, and really learn about the business even more from someone who's been there only, you know, 9 months. So with that said, thank you for being here.
Appreciate it. Thanks for having me.
Look, like I just said, it's been about nine months. So what have been your biggest learnings so far as part of the company?
Yeah, it's been about 2.5 quarters now. It's been great. I've really loved my time here at Visa. For those who don't know, you know, I'm new to the industry, but I spent almost 30 years working in tech, most of it at Microsoft. And so, you know, it has been, you know, a new adventure for me. It's been great. Really great company. I think we have a great market position and really great people, earnest, sincere, hardworking, great culture. And the opportunity in front of us, I think, has never been bigger across our, you know, our growth pillars. We're really focused on making sure that we could build the company and make good decisions to ensure that we have continued sustained success for the next decade.
Yeah. Any challenges you faced or you found?
Well, as I was saying, you know, I do think that we have a huge growth opportunity in front of us, and in many ways bigger than we've ever had before across consumer payments, across value-added services, and across new flows. It's really now incumbent on us as a management team to make really good decisions, to prioritize our investments, to think about, you know, what are our biggest bets that we're going to go after to make sure that we continue to see the success that we've had.
Sure. You've recently stated, just going to trends now, that, you know, there's been pretty stable, stable trends versus your fiscal Q1 calendar, Q4 results. So I think you said through February 21st and your most recent data that it's been pretty stable.
Yeah.
Does this reaffirm your conviction that January's decel was more weather-related and not anything on the consumer?
Yeah, you're right. I did give an update recently. It's probably, for those that haven't heard, it's probably worth just reiterating a little bit of that. So at this point, at the point that I gave the update, which was around the middle of Q2, so through February 21, we said payment volumes, year-on-year growth through February 21 had been relatively stable to what we saw in Q1. That applies in our payment volume business. That applies in the U.S. and most major markets around the world. I also reiterated that on our cross-border business, we also saw relative stability in the first half of Q2 to what we saw in Q1. So that all said, you know, I guess that does mean, you know, thankfully, the weather-related issues did abate.
Right. January was softer. In order for it to be stable with a quarter, it obviously came back up in January and February.
Correct. Correct. Correct.
Any other insights you're seeing in terms of consumer behavior in the first, you know, part of the year?
Yeah, I just, you know, consumer continues to be resilient. We continue to see very stable environments across different spend categories, across different geos. So, you know, that makes us feel, you know, real good.
You talked about cross-border travel hopefully being 20%, right, as part or 20% plus growth for fiscal 2024. I think it started off at about 16% when you think about where we've been the last couple of months, right, last few months. Help us understand what gives you the conviction in the 20%?
Yeah, let's maybe break that down a bit because cross-border, it's such an important part of our business. I'll first start by reiterating, you know, our Q1 results. Total cross-border volumes grew 16%, as you said. But within that, travel grew 19%, which is 142% indexed to 2019. And e-commerce also had a good quarter coming in, better than we expected. And so that's sort of the two pieces of cross-border. Within each of the areas and, you know, again, this sort of comes back to, you know, what we're seeing now in that stability. By region, you see certain regions that have continued to be strong, better than pre-pandemic levels. And so you think about Latin America, Europe, and CEMEA as three specific areas that are continuing to grow at, you know, currently at 145%-170% of 2019 and continuing to see sustained, strong travel.
There's two areas when we gave the planning assumptions that we referred to for the full year back in, at the start of the year, back in October, there were two areas that we said, you know, were key to our continued growth through the year that we needed to see improvement in.
CEMEA, yeah.
Right. That was inbound into the U.S. And that was inbound and outbound out of Asia. And as we talked about at the end of Q1, we did see improvement in both of those areas in Q1 relative to Q4, with the U.S. inbound improving a few points and then Asia in and out growing, you know, +3 and +4 relative to the 2019 index. But that said, that was a little bit slower than we saw in the Q4 period. And so those are some of the puts and takes we saw in the total cross-border business, with e-commerce doing better and travel being a little bit light. In Asia in particular, we talked about Australia and Japan being part of the reasons why the recovery in AP maybe slowed from Q4.
You know, when I think about it, it really actually highlights the strength and durability and diversification of our business because total cross-border in great shape, the mix is maybe a little bit different through the first part of the start of the year. And so, you know, when we look at the total cross-border business, we feel really good about it. We'll have an update. Obviously, we're a few weeks away from the end of the quarter. We'll update you on how the rest of the quarter played out and likely update our assumptions for the rest of the year in terms of travel.
OK. Putting that all into perspective for a minute, I mean, you commented on the call also about, you know, seeing the low double-digit payment volume growth for the year overall, right? And when we think about that in context to U.S. growing about 5%, international about 11%, it still doesn't really work out quite to the double-digit range. I mean, transactions might be better. But help us understand why you're confident there, too?
Yeah, good. Yeah, this again goes back, you know, we shared at the start of the year, we shared a number of planning assumptions for the full year. One of them, as you said, Darren, was our expectations around full-year driver growth. Payment volumes, I think, is what you're referring to. It's helpful, at least, you know, the way we think about it, to break that down into transactions and average ticket sizes because those are kind of the two elements when you do the math. Transaction growth in the Q1 of the year grew 9.4%, healthy transaction growth across the board and kind of just south of the double-digit mark that we saw. Our teams, our client-facing teams in the regions around the globe continue to execute really quite well. We've seen continued growth in transactions outside the US, inside the US.
LAC is a great example of that. We've grown our processing share there from effectively 0 a few years ago to we expect to end this year at 80% share of processing in Latin America. So the regions continue to execute really well. There's a number of growth initiatives that we have that are in play that we're seeing good traction on that we anticipate will take that 9.4% we saw in Q1 and we'll see a bit of an acceleration into the second half of the year. So that's part one. Part two is then, you know, what's happening on prices, inflation, all these things that have impacted ticket sizes over the last few years. It's been quite, you know, it's been quite uneven. Let's separate out US versus the rest of the world for a second.
In the U.S., our data has shown, you know, over the last, you know, that up and down I talked about, but over the last year or so, we've been in a bit of a down period. Fuel, the decline in fuel prices, the moderation of inflation over the last year has led to average ticket size in the U.S. being negative over the last year. Just cyclically, we go into the second half, our second half of the year. We're seeing a more stable inflationary environment. And we continued and we're lapping those, you know, sort of the down period, the trough that I referenced. And so our analysis would say that, you know, we get to flat to positive in U.S. ticket sizes in the second half of the year, again, combined with, you know, what we're seeing on transaction volume.
Then internationally, there's a number of markets that inflation has been high, continues to be high. Argentina, for example, is one that stands out. That will continue to, you know, will continue to persist through the second half of the year. So when you add up, when you sort of do the math with what we view as a small tick up in transaction growth with a better ticket size environment, we do expect double-digit payment volumes growth in the second half of the year.
OK. So to your point on second half, I mean, your guidance implies an accelerated growth rate for overall revenues also for the company in the second half versus the start of the year when you're talking about 10% full year, low double, you know. But you're saying exiting the year, it would imply based on the start, exiting maybe 12% is what we've calculated. Is that indicative? And if it is, of the normalized growth profile for the company? Maybe help us with building blocks. How are you getting to that point in terms of breaking down payment volume trends you'd expect medium term, vast contribution to growth? You know, what are you seeing in the company that answers that?
Sure. I talked about, you know, the drivers and what we expect with transactions and ticket sizes that are underlying our core consumer payments business. You know, let me break it down a little bit differently, meaning talk a little bit about the half one dynamics and the half two dynamics on revenue because that's implied in the revenue guide. To your point, half two, we lapped some of the we had some grow over things in the first half of the year, namely with FX volatility, with cross-border businesses continuing to normalize, and a number of other sort of one-time things that benefited a year ago that impacted the half one growth rate on revenue. The drivers were fairly normalized but outside of cross-border. It did impact revenue growth in the first half. We lapped those things.
Second half becomes a little bit more of a normal year-over-year growth number. In terms of, you know, but then zooming out and saying, you know, where are we in terms of our, you know, theory of growth, if you will? I do think about it, you know, across our three growth pillars. I think about consumer payments. Certainly, there's still a massive amount of cash and check globally left to digitize still. And that continues to be a tailwind for us. We're driving, you know, more the three levers that we've talked about consistently. We're growing credentials. They grew 6% in Q1. We're growing acceptance locations. They grew, you know, into the teens in Q1. And we're driving engagement on things that, you know, are great for digital cash payment, like Tap to Pay.
And so the consumer payments business with the large amount of cash and check out there and the, you know, actions that we're driving, I think, continues to be a real source of growth for us. Value-added services that you talked about. And happy to talk about that more. $2.1 billion in Q1, growing 20% across a very broad spectrum of services and still plenty of runway ahead. And then our new flows business, which is really about, you know, expanding money movement from our traditional consumer to business and transferred to all sorts of other forms of money movement, B2B, P2P, P2P, G2C. And that's a $200 trillion market opportunity in front of us where we're still quite early days. And so as I think about the contribution of growth across all our three growth pillars, I'm very, very optimistic.
Yeah, I mean, look, the natural mix shift to more new flows and value-added services growing well into the double digits, 20% in some cases, it theoretically should drive an overall acceleration to the overall business as long as consumer payment side holds up at, you know, what we've been seeing, right, the high single-digit rates more or less.
Yeah, I mean, mathematically, as you said, value-added services and new flows together are growing into the teens and above versus a more stable growth rate in consumer payments. If that continues, as we certainly anticipate that it will, you know, the mix will certainly be in our favor.
So just honing in on that a little more. I mean, value-added services has become a very important and much bigger part of your business now, as you mentioned. You know, we've talked about issuer as a big part of it, debit. I'm talking about issuer processing, acceptance, risk and ID, advisory, you know, data analytics. Maybe just help us understand what you see as the most exciting opportunities in VAS that you're investing most of your capital and time in.
Yeah, that's great. You did a great job of sort of outlining, you know, how diverse that business is. We talk about value-added services as if it was and sometimes we talk about it like it's one business. It's many different products and services. We tend to categorize it around five lines of business. The first one is issuing solutions, really helping our issuing partners. We think about DPS, our debit issuer processor, card benefits. That's part of that revenue. Our buy now, pay later services are part of that issuing solutions. We've seen, you know, tremendous DPS alone in 2023, we processed, you know, $2.5 trillion in authorizations in the debit side for DPS alone. And so that's the big part of our business in issuing solutions. The second is around acceptance solutions, CyberSource.
It has been, you know, a big part of that, as well as our fraud services. We've done, you know, a tremendous amount of business both in the US and outside with acceptance solutions. That's another significant portion of our business. Third would be risk and identity. The real highlight in risk identity is VAA and VRM. That's Visa Advanced Authorization, Visa Risk Manager. Those businesses have had tremendous success helping our clients. You know, we did a study last year. VAA and VRM together prevented nearly $30 billion of fraud between mid-2022 to mid-2023. Those continue to grow at healthy rates both in and outside the US. Let's see, that's three. The fourth one is advisory. That includes both consulting and marketing services. This has been a real fast-growth business for us.
We've done, you know, over 3,000 engagements over the last year, helping clients deliver, you know, billions of incremental revenue opportunities for them. And then the fourth one is open banking, which is, you know, probably the most nascent among the five lines of business, primarily leveraging our Tink acquisition but continuing to see early days but continuing to see growth across those five businesses. So it's a super diverse set of businesses. Each are succeeding in their own ways in an area of the business that we're very excited about.
These are, I mean, it seems like it's still relatively early days for a lot of these. I don't know if you kind of ranked which ones are growing the fastest or have the most opportunity?
Yeah, I, you know, I tried to highlight within each of them some of the, you know, some of the big parts of the business. They are growing differently. Like, I think about, you know, if you really sort of I talked about it in five businesses. But we really think about in terms of how we go to market with these things. There's a couple of ways to think about it. Like, on the I'll start sort of on number four, like the advisory business. That's really a people-powered business. We see plenty of demand. It's really for us to, you know, pick where we think that we could add the most unique value. It's investing in people and building out, you know, that part of our business globally. There's a whole host of products and services that are more platform-like solutions.
If you think about, you know, DPS or CyberSource or Verifi, these are businesses that we invest in innovation. We invest in R&D. We invest in, you know, enhancing the services that we offer, working with our clients. And so, you know, that grows both with our transactions. But also, there's a unique opportunity to grow outside of, you know, VisaNet transactions and grow in a network-agnostic way. And so we're investing there as well. And so you have people-powered. You have product innovation. And then, of course, we've been somewhat acquisitive in this space as well. I talked about a couple, like Verifi. But we continue to, you know, think about expanding the solution set that way. We recently closed the Pismo deal as an example.
Yeah, I want to ask about that. I mean, Pismo is a good example of an acquisition that enhances issuer, I believe. And it certainly moves you more internationally in that category too. So what's your goal on the issuer side for a moment and maybe just through M&A and value-added services?
Yeah, yeah, we're excited about Pismo. That transaction closed in the Q1. What is Pismo? Pismo is a cloud-native issuer processor for debit, for credit, for commercial. It's global, as you pointed out. And it's core banking. And so it really complements the set of services we have. DPS is primarily a debit issuer processor in the U.S. You know, how does something like Pismo come to fruition within Visa? Maybe even, you know, backing way up for a second and talking about kind of our thought processes and the logic, maybe the industrial logic behind Pismo or any other acquisition that we think about. You know, these things are most typically born from our engagements with clients. We talk to our clients. We understand their needs. We understand, you know, what services that we can uniquely provide.
In the case of something like Pismo, many of our clients, we're talking about their cloud transformation. They're modernizing their stack, also thinking about global expansion. Those are all areas that, you know, they look to Visa as one of their most strategic partners to help solve some of those solutions. We recognize in Pismo, you know, a best-in-class technology and service that filled a lot of those needs. And we're very complementary to what we had within Visa. And so together, I think we have a really powerful asset there.
We had a panelist, Jim McCarthy, who is an ex-Visa guy, talking about issuer processing yesterday in a panel with us. And he, in general, the thought is maybe Visa is also doing these and investing in issuer processing so that it could bring other Visa opportunities around the world that maybe the world wasn't ready for before you guys did that. Said another way, the technology needs to improve in some markets for you to introduce some of your offerings.
Yeah, I think that's true. I think of it a couple of different ways. You know, Pismo is certainly one. Another acquisition we did that we announced. It's not closed yet. We announced that we're taking a majority stake in a company called Prosa in Mexico, which Mexico is an important market. They're very, very cash-heavy. And we've not been able to process domestically there historically. And so this gives us the ability to go do that. And, you know, to tie it back to the question you're asking, whether it's Pismo, whether it's Prosa, I think, you know, getting in and being part of the core banking, part of the issuer processing business is good for our clients, good for the markets. But also, it's good for us in the sense that it gives us the ability to really expand our offering set with value-added services.
If you think about, you know, all the things that we talked about across the, you know, the five lines of business in VAS and the platform solutions-like portion of that business, you know, there is a very heavy, strong motion that attaches to our transaction growth. And so it's a great opportunity for us to grow Value-Added Services, which, again, is good for the whole ecosystem. You think about tokenization. You think about, you know, fraud, protection, and dispute. That all accrues to, you know, a healthier ecosystem over the long term.
Sounds like you see VAS in general and some of these opportunities being able to sustain pretty strong rates. I mean, I think that's what you've said.
Yeah, we're very optimistic about that.
All right, new flows. We'll shift there for a moment. Maybe just help us rank or understand the greatest opportunities you see to penetrate what was previously non-carded volume? And I'll just turn it to you.
Yeah, new flows. We've talked about, you know, this enormous opportunity that we see with B2B. And also, you know, the other part of the business is around Visa Direct. Those are kind of the two biggest pillars within our new flow business. Visa Direct, for us, you know, is really our it's the best example of our network of network strategy. We continue to see very high transaction growth, 20% again in Q1. It's really about, you know, expanding, again, money movement beyond sort of consumer to business, to B2B, to P2P primarily, which is the use case that we see primarily. With Visa Direct, let me, you know, again, zoom out a little bit and talk about what Visa Direct is, the set of services that enables that expansion of money movement. We have more networks, you know, our capabilities.
You know, we work with 70+, you know, different partners within that. We work with card networks. We work with 10+ RTP networks. It's really quite expansive from that standpoint. The use cases, P2P has been the primary use case that we see. And that's done really well. We partner with many other companies in that regard. But we're also expanding into, you know, cross-border. We've announced deals with Remitly, with Western Union. That's going to give us a meaningful opportunity to grow the cross-border opportunity. We continue to invest in new use cases. We've talked about gig economy payout. We've talked about merchant settlement. Most recently, we've talked about the partnership that we've done with Meta to enable content creator payouts. And so we're seeing great use case expansion. We're seeing, you know, great partnership. And that business continues to grow really well.
Cross-border, I want to touch on that for a minute. Because, again, you had 20% growth in transactions on Visa Direct last quarter. And I think it was 65% on P2P cross-border transactions using Visa Direct. So maybe just what would you say is the biggest focus of the Visa Direct initiatives broadly? Is it more? I mean, cross-border tends to come with better economics.
Yeah, that totally rings very, very true. You know, if I think about, again, historically, P2P has been the primary use case. We've talked about many of the partnerships there and the success that we've seen there. Cross-border, for us, is a growing focus area. We do cross-border in Visa Direct. We do cross-border with larger ticket items through B2B Connect, which is a little bit outside of Visa Direct. It is higher yielding. We're seeing, you know, strong growth across cross-border as well. And so that is a focus area for us. And it's yield accretive across our core and new flows business.
When you think about other types of systems and real-time networks around the world, whether it's in Brazil and Pix or it's, I mean, even just RTP or FedNow, I mean, Visa Direct tends to offer services that can usually do similar things to what RTP is trying to do, right?
Yep.
Help us understand how you see the competitive landscape around that?
Yeah, it's interesting. We've certainly seen, you know, RTP networks growing, especially in certain markets. But, you know, here's how we think about it. Like, if you zoom out again, RTP networks have existed for a long time in many markets with varying levels of penetration and success. You know, we tend to think about, you know, and we've worked with them, by the way, you know, in many of these markets for a long time. I think RTP networks have uniquely done well in recent times in places where there's an unfulfilled market need. And so, you know, the ones that I think you're referring to are places like India and Brazil. And you see, in particular, you see sort of an underserved market need.
In India, for example, in microtransactions, that's an area where the existing payment ecosystem really wasn't serving the needs of the consumer and of the market. And so you saw something like UPI growing. Well, we're doing really well in India as well. We're continuing to grow debit above the microtransactions. We think, broadly, anything that brings more, you know, more people into the financial payment system is good for the ecosystem broadly. And so we're continuing to see growth, you know, above microtransactions in debit. We're continuing to see growth in credit. We're continuing to see growth in affluent. And we have an opportunity to continue to bring more people into the ecosystem and graduate them up.
That's great.
And so that's been, you know, part of our strategy and our success in India and Brazil and other places like that. But it's also sort of instructive to think about, you know, what's the difference between what an RTP network is and what a payment network like Visa is, that, you know, RTP networks are relatively simple account to account. But they're also permanent. They're one way. A network like Visa, you know, is a much more robust set of services. It really provides all the safeguards that you may not see in an RTP network. And so we think that there's a lot of value that we bring. And, again, it really is case by case dependent and market by market dependent. And we're continuing to see great success alongside RTP networks.
OK, just to wrap it up on the new flows and Visa Direct for a minute. So Visa Direct, the main use cases in real world that we can kind of point to, you're seeing the most, probably what, P2P has come up a lot.
P2P.
Remittance, I guess, right? Maybe what would you say are the top four or five?
Well, P2P has certainly been the most. That's where we saw the early success, you know, through the partnerships with fintechs and many other partners through the whole ecosystem. We are focused on growing, you know, small ticket B2B, cross-border remittance, other new use cases through all of the enablers that we've talked about, the big ecosystem.
Like payouts, right? Insurance payouts, things like that.
Insurance, like all the different use cases. So it really is so, again, think about, like, the ecosystem, the infrastructure layer that requires that's underlying what Visa Direct, you know, can be. You have use cases. We have over 65 use cases. We have 500+ enablers. And we have thousands of programs, 2,800 different programs. And those programs are expansive into all the things that you talked about, whether that's gig economy payout, whether that's, you know, insurance payouts, merchant settlement, marketplace settlement. These are all places that we're investing in. They're smaller, but they're growing faster.
One of the things I want to touch on before we wrap up is your Class B conversion that I think if we could just help investors understand what's happening with it again and then the dates to keep in mind now that your S-4 was filed.
That's right.
You know, when could shares start beginning to convert?
Yeah, we're in the middle, the later, you know, innings of the process. We've been in a period of SEC review and commentary. We've had some back and forth. We filed an amended S-4 recently. And now we're pending sort of further commentary and review from the SEC. Assuming we get through that in reasonable order and that there's no further, you know, sort of commentary that requires further delay, we'll then open, you know, we'll file a press release. We'll very publicly open the offer up. The offer will stay open for a minimum of 20 business days, at which time, you know, shareholder beholders are.
That can happen when?
That can happen after we're done, you know, after we filed the amended S-4. We're waiting for the SEC to.
Oh, OK. That was in a 50-day period or something like that?
Well, no, it doesn't have to be. Yeah. When we typically, when we first started the process to file the S-4, we typically have seen historically that that would take about 30 days. They came back with some comments. We filed our response back to them. And so now we're sort of in the final stages of that review. And, again, it just depends on if they have further questions or not. And assuming that we're in the that we'll wrap that up in the next few weeks, then we'll have the opportunity to open the offer up. Again, we'll do that very publicly. We'll file a press release. We'll let everyone know. It'll stay open for a minimum of 20 business days, at which time holders have the opportunity to participate.
Once that offer is closed, then there's a lockup period where they can convert those shares and sell at 1/3 approximately in the first 45 days, 2/3 in the 90 days, and then it opens up.
As a reminder, I think it's about half, or it's $48 billion more or less of the $96 billion in total of Class B. That's even eligible for the whole thing.
That's the eligible.
We know a lot of that is hedged. A lot of that is, you know, it's up to the banks, I guess, right?
Yeah, that's the eligible population.
OK, OK. Then just last question is just on the regulatory front. I mean, I think you mentioned noticing a modest impact in fiscal Q1 to U.S. debit volumes from the Reg II. Maybe just comment on that. I mean, what gives you confidence in Visa's differentiated product relative to the regional networks that obviously are trying to make some headway on the back of Reg II?
Yeah, exactly right. Again, to reiterate, you know, Reg II went into effect in the summertime. So we've essentially had two quarters of experience. In the Q1, we said the impact was not meaningful. In the Q2, I think I characterized the impact as modest, as you put it. But it was modest. And it was stable since the beginning of the quarter. So that's a little bit of the fact pattern, just to reiterate. I think the thing that I go back to is the thing that, you know, where Ryan talked about this in our last earnings call.
He said, hey, listen, since the implementation of Reg II, it's given us an opportunity to really meaningfully engage with all of our clients and really highlight what we think is the value proposition of Visa and processing on our network relative to, you know, what might be competitive choices out there. It's just given us a chance to engage with clients and have a very productive conversation in that manner. That's been, I think, helpful in the grand scheme of things. At the end of the day, you know, merchants have choices. You know, cost is one of them. But they also understand capability differences between us and what is historically a PIN-based debit network, dual message versus single message as a capability, as an example, that PIN-based debit networks don't typically support dual message, where Visa does.
Dual message, for those that are unaware, you know, is when the final transaction maybe differed from the initial one. So think about tipping or hotels or things like this. And in an e-commerce world, it's very applicable because you can't bill till you ship. And so if you have to ship in multiple, you know, in multiple packages, then, again, dual message is very supportive of that versus single message. And so there are very much capability differences. There's liability differences. We've invested in Tokenization and authorization. We've invested a lot in fraud protection in our network. And so we continue to think our value proposition is differentiated. And we'll continue to share our view with clients around the world.
Jeremy, maybe I'll have time for one quick question. But really, before that, I mean, you know, what do you see as the biggest goals for you for this year? What would be a successful year in your mind at the end of this year?
Yeah, well, you know, certainly delivering on the plan we've set, what we believe is a healthy.
Financial plan.
Yeah, delivering on both the financial and the execution plan. We have a lot of very ambitious goals inside. Darren, I was telling you, this week, you know, is a week once a quarter, Ryan, and his leadership team come together in person. We get together. And we really talk about how we're doing, progressing across all of the things, financial and operational. And we've really focused a lot on our go-to-market capabilities as well. And so we've spent a good amount of time this week in business reviews talking to all of our regions on how we're doing against those priorities. Certainly, so delivering on all of our internal and external goals is a big priority. And, you know, where I started the conversation, we're now getting into the second half of the year. And so we're getting into planning again for next fiscal year.
I really do look around the world and see such huge opportunities. You know, part of one of the most important things that we'll do as a management team is to pick those bets, like prioritize what we go after. With all the choices that we have and all the resources that we have at our disposal, I think that's one of the most strategic things that we'll go do.
Yeah, it's a great way to end. I mean, I don't know if we really have much time. But anyone have a quick one or? OK, why don't we leave it there then, guys. Thank you very much, Chris.
Thanks, Darren. Appreciate it.
Appreciate it. Guys.