Broadridge Financial Solutions, Inc. ($BR)

All right. Good morning again, everyone. I'm Scott Wurtzel covering Info Services here at Wolfe Research. Delighted to be joined here by Broadridge with Tom Carey, the Head of the GTO business. So Tom, thank you for joining us.

Thank you.

I'd love to maybe start off if you'd like to share just a little bit about yourself and your background with everyone in the room.

Yes, fantastic. Everyone can definitely hear me. That's all works. So yes, so I have been in the company amazing 30 years. So I actually joined out of the University. And I say that because my degree at University was in AI. So I had the most useless degree going out in 1992 in terms of unemployable from that viewpoint. And so I'd love to be back sort of in a time machine right now going back to like now launching my career in AI, would be fantastic. So really cool stuff. I'd say, look, I've run most functions in the company over my 30 years, and I currently run our GTO division. We think about that as wealth management and capital markets effectively. And I also look after our NGO operations and our product management capability as well. So I look after our products globally as well. And it's been a fascinating journey. And I did reflect on like, well, I've been here 30 years, why have I stayed for 30 years? And I'm pretty ambitious and I'm pretty keen to learn. And the reason why is because we've been a great innovator over that period of time. We develop great products and great services, and we look after our clients. And we have a really fantastic culture as well, led by Rich and by Tim Gokey now as well. So I think that's a really positive sort of outlook. And we follow megatrends in the market. Think about democratization of investing, think about the acceleration of trading and now AI. And it's a really exciting time to be part of Broadridge and to be powering the future as well.

Got you. That's helpful. I think most people in the room might be familiar with Broadridge as a whole, but there's a good amount of different moving parts in the business and segments and all that. So just wondering, if you can give a quick overview of the GTO business and how it has been built up over time.

Sure. Why don't I actually start with a little bit of Broadridge, just to set the scene with Broadridge because it does link into sort of GTO. And we sit at the center of capital markets, wealth management, asset management and issuer community as well. So we really are the sort of the market infrastructure provider for all those services. And we really's help the global financial markets and these global clients actually transact, trade, and comply every day of the week. And that's a very important aspect of what we do. We are this 99.999% accurate firm in terms of delivery information. 15,000 associates, $23 billion market capitalization. And we really do offer scale and breadth. So when we think about our services, we do it for multiple clients in the same way at scale every day of the week as well. And I talked about those 3 megatrends as well about democratization of investing, about acceleration of trading, including the Internet tokenization conversations that we're all having at the moment as well and AI as well. Think about our sustainable financial model, our 5% to 7% recurring revenue metrics, our 7% to 9% with M&A, our EPS at 8% to 12% and a nice dividend as well. And we do that with balanced capital allocation. Now if you turn to GTO and GTO is this capital markets and wealth and investment management function. And we serve 29 of the 30 G-SIBs globally. We do that because we offer scale, we offer processing and we offer transactions at scale and reliably every week. And I sort of break it down into sort of 4 areas we do. And for the -- I'm going to call it the rails for today because it's very popular to call them rails at the moment. But we are the effective rails for the infrastructure for our clients. So we enable transaction processing. We enable settlement. We enable corporate actions. We enable tax processing, and we do that at scale in a mutualized way. That second theme on mutualization is very key. When you look at how we actually use our value props to our clients, we drive that a lot on this mutualization conversation of your regulatory change, your cyber costs, your resiliency costs will be covered by us in a mutualized way because we can do that at scale across 30, 40 clients on one platform. Trading, in 2021, we acquired front office capabilities, and that is now driving a conversation around powering the future of trading with Broadridge and a front to middle to back story as well. And the final piece I'd say is that -- we enable our clients to focus on revenue and really focus on their growth, both by our products and also by the fact we take care of all this infrastructure day in, day out as well.

Got it. That's very helpful. And if we kind of look at some of the recent results that the GTO segment has put up, I mean, they've been pretty strong. I think you had high single digit, I think 9% revenue growth in the second quarter. But you also talked about maybe a step down in growth in the second half of the year. So wondering, if you can talk about what has gone well in the GTO business recently and then maybe discuss some of the puts and takes in the second half of the year.

Sure. Very solid Q2, 8% growth, as you noted, 6% from our organic build as well. So very strong there. Capital markets grew at 8% as well. Looking at that, you saw benefits from our digital assets effectively. So our Canton Coin that we have on our books. And secondly, from our digital asset revenues from our DLR platform as well, we saw a big pickup in the flows in that. Our volumes in our DLR platform are about $380 billion a day in actual notional. That's 5x the volume we had 12 months ago. So a real pickup in volume. And secondly, in Q2, we had the trading tailwinds behind that as well. We had opportunities in trade growth as well. So that was capital markets. Wealth Management, we were 11% of growth. 6% of that was from organic, 5% from M&A effectively. That 5% was an acquisition we did in Canada. We love our Canadian market. It's a really strong market for us, and we acquired a new asset in November 2024 called SIS, and we're servicing our clients really well in that space now. And with that drove that 5% as well. When you look at the wealth business, it's got very strong pipeline and opportunities in that space. We're really pleased in that space. Now as you said, we do have some growth moderation in the second half of the year. There are a few reasons behind that when we look at those numbers. First off, and it's a little bit complex, we have some term licenses. So when we acquire businesses, we often find they were selling on-site software. We don't do that very much. We typically sell a hosted or SaaS software agreement. But these legacy agreements tend to renew on a sporadic basis effectively. So the schedule for those is up and down in terms of just pure, pure timing of when they renew. And we have less of those effectively in the second half of the year than we had in the first half of the year. So it's purely, purely down to timing. We know all our schedules behind that, and we have some peaks and some troughs, but it's not something we focus on ourselves. Second is the digital asset revenues. We talked about the Canton network. The minting curve for that changed in the second half of the year. So we've acted as a super validator as it's called on the Canton network since it started. And we've been earning Canton Coins for that. We actually hold 1.5 billion of those today. In the second half of this year, as of 2026, that curve now changes more towards rewarding applications on the Canton network and less for been a super validator. We knew that coming in. But overall, the Canton digital currencies give us about 1% growth anyway in capital markets. And then the final thing I mentioned was M&A. SAS is now fully integrated. It's on a full 12 months. So it's no longer in our sort of growth curve. It's now embedded into that. That's what's driving that. Having said that, we see a lot of opportunity with our clients going forward. We talked about our pipeline opportunities has been strong. We talk about 20% reengagement in terms of additional creation of new opportunities in the first half of the year. So we're pretty bullish about that as well.

Got you. That's helpful. And then if we move on to sort of like kind of tracking growth, I mean, what are the key KPIs that drive growth within the GTO segment? Now internal trading volume is one that the company does publish and we're able to track. But how does that movement in that metric translate to revenue growth? And are there any other metrics that you track internally that are important to keep in mind?

Yes. So you're very well aware of the internal trade growth metric, the stock record growth metric we have effectively. But if you think about GTO overall, the key thing is, I think, look at our sales metrics overall and our onboarding metrics as well tied to that as well. So you should look for -- and we don't break out GTO sales, by the way, from the rest of the company. We publish one holistic number. But when you look at GTO, look at Tier 1 names signing up for platforms. We'll be talking about that kind of opportunities going forward. Think about our digital asset revenues and how we're powering our DLR platform. Think about our platform news. We've invested a lot of time and effort in our platform story, which is where we've integrated core APIs and ontology, a data model, and that is resonating really well with our clients as well. So that's enabling us to also increase the size of the bundle of software we put out there in a sale as well because we've now got an integrated solution that really powers that going forward. Internal trade growth, as you said, 11% for the quarter. So pretty healthy, as I've highlighted. So look at that in terms of ongoing. We like volatility in the markets of course, that helps a little bit. So the news that comes out tends to be buoyant for us, maybe. Internal trade growth is about 1/3 of the revenues in GTO. So on that metric, sort of you can work through that in terms of that. Some key milestones, I think, as we go out as well, think about our digital asset announcements and what we're doing in that space. We've got a number of activities in that space, particularly around our digital repo platform. Look at our core products, we've done a lot of product investment over the last few years in corporate actions, and in asset servicing and in DLR and looking for those to accelerate in terms of opportunities that we announced effectively. And then in our wealth business, look at the adoption of our wealth platform as well. We announced last year a very big client joining that platform. They're going live as well in this period of time to look for live announcements in the wealth platform and net new logos we sign up, both for the platform itself and for more components as well. And they're all, I think, healthy indicators of why we are -- we talked about our 5% to 7% guidance for GTO in revenue.

Got it. That's helpful. And if we kind of shift into the capital markets subsegment within GTO, I mean one of the main questions that we get from investors regarding this area of the business is around how it's differentiated versus competitors. So can you address that question and talk about how Broadridge's Capital Markets business has differentiated itself over time?

Yes, perfect. Let's talk about scale. Let's talk about the mutualized model and let's talk about the front-to-back integration that we offer. I think there are 3 key things that are out there that really create an opportunity for Broadridge compared to competition. And I also say that we have a lot of trust with our clients, too. So our trusted brand is very important, particularly in these times as well. To scale, as I've already mentioned, we serve 29 out of the 30 G-SIBs globally. So we have a really deep footprint. We have MSAs. We have contracts with all of these firms. 20 out of 24 of the primary dealers in the U.S. market are our technology. That's powering a lot of our DLR conversations, our repo conversations, too. $15 trillion a day goes through our pipes in settlements. So through fixed income and equity, we're a very large part of the U.S. market and the Canadian market. And we win out really on this connectivity, operational resiliency and regulatory change agenda, where we're mutualizing that for our clients. And that's why I touched that second piece as well. Our clients look to us to mutualize those costs and to drive innovation as well. And we've got a very nice balanced mutualization agenda where we're helping clients with operational resiliency, with regulations and also launching net new products that we're very excited about as well. And then finally, that front-to-back integration as well. So through our acquisitions, we now offer both in Wealth Management and in the Capital Markets group front-to-back offerings. And for our -- I don't like differentiating our clients, but for our Tier 2, Tier 3 clients, they look more and more for single vendor solutions as well. They're consolidating. Third-party risk management is not allowing firms to contract with very small entities with no balance sheet. They look for bigger firms, who can actually offer them a wider range of products, and that's where we play as well. So I think that's a really cool thing. I was going to cover one other thing on competition, which is AI. Because it's sort of like -- is AI competition or not effectively, yes. So I'll give you my viewpoint with my own thoughts on that. When you look at what we do in GTO, we are the core books and records for our clients. We are the book of record for what they do effectively. We are not workflow that sits on top of their own data. We're not a simple application in what it does. And we have to make sure that every transaction, every trade in ICS, every instruction, every statement accurately goes out the door. If we mess up 1% of those, the market does not work effectively. So our programs, our engineers, our deep domain knowledge powers the industry in this space. And we've programmed and we've engineered our products for all the edge cases that sit in the marketplace as well. So if we process in 80 markets globally, we know how every single market interacts and how you maximize straight-through processing, okay? So we're actually anti-pattern to AI to a certain degree because we've already engineered our applications to actually take the human out the loop. And our job with a lot of our value props is actually to talk to our clients about you need less operational overhead, you need less people already because our platforms are automating what you do, and we'll embrace that. I sort of have it -- and again, it's probably -- I don't know if it's a good analogy or not. But if you want to talk about sort of start-ups coming into the market and disrupting in our space, I sort of think about it that any of us can play sport, okay? Any of us can go and play baseball maybe or cricket or whatever you want to choose. But not many of us can compete at elite levels, yes. So you can all go out there and compete. You can all play friendly baseball or whatever it may be. But if you want to get to that last 5% of being an elite athlete, you need skill, you need knowledge, and determination. And that's what Broadridge brings to capital markets, wealth management and governance that all those edge cases, all the SME debt effectively very hard to disrupt from competition. So that's my conclusion.

That's very, very helpful explanation. And I guess shifting over to the other, I think, big debate with respect to Broadridge around tokenization. Yes, it's been a big topic that comes up in our conversations with investors. And just wondering, if you can start off by sharing your view on how tokenized assets could impact Broadridge's business and what you're doing internally to address this emerging trend.

Yes. It's been most of the conversation this morning Edings and I had. Thank you very much for that. So yes, so let's start with the governance business and what we believe is actually opportunity. We do not think it's disruptive. We think it's really opportunity for us going forward. So think about this. #1, the SEC has already stated very clearly that tokenized assets will have the same governance and compliance framework as a traditional asset. And we don't want a hybrid market, a split market where there's difference to that. So that's a very powerful statement as to what has to happen. #2, we believe the vast majority of tokenized assets will remain traded through a broker-dealer or digital online platform. They are our clients today already. And they do not want to end up with cost base and disruption to that model effectively. So they want to see an integration of tokenized and traditional assets through a channel effectively that gives them their statements, their compliance, their regulatory framework, their tax reporting, all the things that goes on. There's a life cycle to a transaction effectively and anything we do, and it's a very long transaction life cycle. And managing that is what we do really, really well. There are people talking about the issuer-led model, and there was a press release yesterday, we know very much about as well around that. But our clients, our intermediaries giving up those relationships seems very, very strange to us effectively. And while that technology may come into play, you're still going to want to see the brokers, the banks, the end clients seeing a consolidation of the data. And that's exactly what we've done with all of our technology over the years as well. So we think it's pretty strong for us going forward. There's obviously going to be lots of market news that comes out, and you've got to differentiate between, I think, the tense that's used. We will be doing versus we are doing effectively. And there's a lot of press releases out there saying we will be. We're thinking of, I'd say one thing that Broadridge, we are doing effectively. In capital markets, we've been a leader in tokenization, since incept. Our digital repo platform is currently tokenizing $380 billion a day in assets on the platform. We have 14 live clients on the platform and growing rapidly, and we're helping the market evolve and do that. So we see a lot of opportunity there for that going forward as well. And I think the tokenization space, yes, it may help get to T+0 quicker. It may be the model for that effectively. But then you've got all the rails of tax processing. You've got statement production, you've got consolidation of statements, all the work that we do today will still have to be done in a way and probably triggered off a smart contract maybe in the future, but you're not going to have that embedded in a way that the calculations aren't going to be there. It's going to be part of a service we offer back as well. And I think, look, one thing I'd say at the moment, our clients are most concerned particularly maybe in the wealth sector around escalating costs. They know they need to compete and offer potentially in some respect to crypto assets. They are very concerned that, that's going to start to increase the operational overheads and their costs. And that's what we're here for to enable the dual rails. We'll earn fees from them, absolutely, but it won't be at the doubling of cost effectively, and we'll be managing that for them and producing a really strong solution that enables them to meet their end client needs.

That's helpful. And then just as a follow-up, you mentioned Canton Coin a little bit earlier. So just wondering, if you can discuss the project and the initiative there that the company has recently undertaken, how it drives and kind of ties in with the sort of digital asset strategy. And yes, I think you talked about the impacts on the P&L, but any other details to share there would be great.

Yes. Very, very quickly. So I think Canton is a public permission blockchain. Effectively, we were an early investor in DAH, the holding company for that technology. So we've been there, since day 1. We act and we have acted since day 1 as a super validator for the network, 3 basically authorized transactions using our infrastructure. And from that, we earned $1.5 billion in Canton Coins effectively. As I've mentioned, the minting curve for that is now lowering as well so that you'll see a lower minting curve going forward as well. So you'll see less of those revenues in the future, but more application revenues and digital ledger repo is an example of an application we're deploying, and we have other ideas of how we're going to deploy more applications too. So that's the story there. I would say Canton is one network out there. It's one L1 network. Part of our value proposition is to support all L1 networks going forward and to be the network interface, interoperable agent to allow our clients to get those networks. So it's a real explosion happening right now. It's very similar to the 1990s ATS explosion in the markets, where there's so many different venues. We'll see consolidation. We'll see things going forward. Very quickly on the actual Canton Coin itself. Going forward, as we mint Canton Coins, we are recognizing those as revenue in capital markets. For the $1.5 billion that currently we hold today, they are on our balance sheet and any net gains are mark-to-market and they're noncash and they're not in our disclosures.

Got you. That makes sense. And I guess if we shift over to the wealth side of the business, I think when we were here discussing this with Ashima last year, and I think it's still apparent this year, but we remain excited about the secular growth drivers within the wealth management space, the digitization of the wealth office, generational wealth transfer, all themes that still seem apparent this year. So can you just talk about how Broadridge is capitalizing on these trends within the broader wealth management space?

Yes. It's a fascinating space. It's obviously very broken down by different sectors, RIAs, wirehouses, et cetera. So it's not one homogenous space, if you like, but we're very excited about what we're doing there. 3 mega themes and then maybe we'll get on to sort of how we're doing that. Generational change in wealth. So obviously, wealth is moving to a new generation. They're digital savvy. They want to connect via omnichannel. They want to choose their preferences. So we're servicing that. #2, democratization of investing and product expansion. Think about managed accounts, direct indexing, ETFs, alternatives and digital assets. So there's a growing demand to have those within the wealth sector as well. It does vary by client as to the appetite for that as well. Third is the digitization of communications. And as I look at this, we've got Wealth in Focus, our flagship product here, and we're helping our clients actually consolidate their statement production and information into one omnichannel communication with preferences. And we're amazed -- or I shouldn't say amazed by, but when we look at firms, they're very fragmented in their communication methodologies by group, and we're bringing that all together in one solution. So we're super excited about the space. It's really cool.

Yes, definitely, definitely is. And it seems like there are several players in the wealth space that are also growing well, capitalizing on similar trends. There are some other companies in our coverage universe that are reporting similar growth metrics. And so just wondering, if you can talk about how Broadridge sort of fits into this broader wealth space with some of the other players in the market. I guess as a follow-up to that, kind of what inning do you believe we're in, in this whole digitization journey?

Yes, sure. I mean a lot of the ones that you have in your space, they are sort of data analytics, benchmark type providers. And we typically integrate to those with our clients. I think a lot of what we do is operational deep infrastructure that we offer. So it's very different. We are the core books and records. We do the regulatory reporting -- we provide the adviser framework for the advisers to get out there and acquire and retain new clients as well, very important mission we're on. So we see ourselves pretty differentiated from that group because they enable the investment. We actually process, hold and record the investment and manage the whole life cycle of it going forward. In terms of innings, I actually like baseball, so that's okay. So we're good on this front. We're probably in the middle innings, I think, of that. And that's because I touched on it earlier, is that when we look at our clients, they are on legacy infrastructure that we're helping modernize -- they have a very fractured sort of communication interface to their clients by group, and we're bringing that all together effectively. So there's an element with our platform technology of integrating all the data into one place and empowering their transition with Wealth and Focus and other product lines we have and getting to a true digital experience, where all of you receive the information in a really clean way going forward.

That makes sense. Besides some of these secular drivers that we've discussed, I mean, what are the products that wealth managers are demanding most these days in your discussions with them? And where do you see sort of the next leg of growth within the segment coming from?

Yes. I think very keen on the adviser front for our advisers to retain and attract clients. That's a big thing for them. There are some pretty scary stats out there for advisers, I should say, around the fact that when the portfolio changes, i.e. someone dies and actually inherits the portfolio that it's very likely, currently that people swap their adviser effectively. So people are very keen to make connections with the family effectively and know who to talk to in that. So we're powering a lot of that conversation around next best action, knowing what your client is going to do next, advising on that and communicating in a way that they want to be communicated with effectively. Digital asset expansion, yes, the wealth firms are looking at how they offer in a small way, cryptocurrencies perhaps in their portfolio going forward, digital assets and how we enable that. That will be a big theme for us as well. And then adviser productivity, particularly through AI, we'll come to in a minute, really around the AI journey around how they can use Agentic and other things to be more efficient and spend more time with their clients and less time on internal administration. And again, our front-to-back story there is powering that because we are the ones, who make it much more efficient to put a trade onto our platform, and we'll take care of all the flows there. They're kind of the macro themes we see are playing through.

Got you. Got you. Yes, you mentioned AI. The topic of AI risks and opportunities has been very prevalent across whether it's info services and fintech over the early part of this year. And I know you touched on it earlier, but just if we could discuss just how you view AI in the context of the GTO segment, what does the segment have that's proprietary, contributory and how you're incorporating AI into the broader business as well?

Yes, super. Look, we think we actually have a differentiated position against disruption. I sort of touched on it earlier, and I'll maybe go into a little bit more detail there. And we also think we have opportunity, too, which I'll also touch on. I think there's 2 parts to this as well. So we think we're very differentiated from other SaaS providers. And I don't mean to be dismissive of anybody out there. But a lot of the announcements you've seen from Anthropic and other providers have been around disruption of SaaS-based workflow products that are charged on a per seat basis potentially, effectively. And they're getting attacked from 2 angles, I think. One is the seat model may reduce because there'll be Agentic AI taking over from people. So there'll be less requirement to do that. I'm sure they'll get around that by claiming that Agentic is a person in time. And secondly, a lot of these SaaS companies that we look at, they are doing workflow on top of data effectively. They're not augmenting the transaction. They're not owning the life cycle. They're not the books and records. So their role, in my view, is disruptible to a certain degree, yes. And it's possibly disruptible from sort of new entrants, who create a cheaper mousetrap effectively. And I was listening to a podcast recently, where it's like debating around your upper tier of clients will stay with these vendors, the big vendors. But the very long tail of private companies out there and public companies, who don't need the sophistication that's offered today in these engines could swap effectively and go to a cheaper mousetrap that's charged on a rental basis rather than a seat basis. So it's interesting. That's not Broadridge. I mean all we do, if we don't get these trades right, if we don't settle correctly, if we don't produce the statements correctly, if we don't get regulations right, the markets do not work. So we can't be 99% -- we can't be 99.99%. We have to actually transact accurately and do that. And I think that's a real disruptive -- anti-disruptive pattern, if you like, yes. And we've coded our platforms really, as I said before, to be straight through. So the opportunity to supply Agentic to our platform is actually somewhat limited as well in that regard. But I do think actually, there's opportunities there, too, opportunities on revenue, cost and velocity. On the revenue side, we talk about the fact that we operate in a $60 billion TAM today approximately. That's the vended spend in the market. The bank side client IT spend is $160 billion, okay? So it's 2.5x bigger than our current spend. And we see that using Agentic and accelerating our own product road maps can actually get us access to more of that market. And we think we can be first in market with products and services because of the fact we've got a technology platform, we've got [indiscernible] data and canton capabilities, and we can power actually our road maps at a faster rate. Cost, like any firm out there, we're looking at obviously our cost model in every single function, and we will be no different to the rest of the market, and I think, in adopting Agentic and other techniques to optimize our cost base. And then finally, time to market and something we're working on. It won't be for the short term, but one of the big things in GTO is that when we sell, we have to onboard the client. And that means we have to integrate to the client. We have to do UAT testing. We have to do all this work. We see a way of accelerating that time to market using Agentic, and we're doing active work right now to sort of start to close the window between signing and going live, which would give us a faster time to revenue in the future. Work in progress, nothing to announce today, but it's certainly something we aspire to.

Got it. That makes sense. Then I guess before we wrap up here, I just wanted to get your thoughts. If we were to be back here 12 months from now, what would have happened for you to be sitting up here and say that the last 12 months were a successful period for the GTO business for Capital Markets and Wealth. Super cool.

Yes. Well, first, Scott, thank you very much and Wolfe Research for hosting us today and allowing us the opportunity to talk to you all. So it's been fantastic. I do one thing on this is that our business model may seem quite complex. In this current world, that's actually an advantage. We see it. The complexity of what we do, the deep edge cases, is a competitive advantage of who we are in that space. Doing the books and records well is important. Doing statements accurately all the time is really important. And then driving innovation that we're doing through the DLR platform and other initiatives is great, too. So I'll leave you with 4 things to think about. #1, looking forward that we continue to deliver on our 5% to 7% recurring [ DeepGen ] model. #2, in capital markets, let's go through the business lines. In Capital Markets, we continue with our front-to-back wins, and you start to see us announce more wins in the space and more marquee names. We've got our new acquisition, CQG. It's a futures and options platform. We're going to close that subject to approvals in Q4 of our financial year, look to that to contribute 5 points to our capital markets business and drive opportunities and greater front-to-back stories. Digital repo, we've increased volumes fivefold in the last 12 months. We have a ton of use cases that are really, really valuable to our clients. So we're going to push those through, increase the velocity of those and sign more business. And then look for Broadridge to be the dual rails of tokenization and traditional assets and look through all the hype and the news in the market for actually what Broadridge is doing in that space. In wealth, we put the wealth platform to look for the adoption of the wealth platform, both clients going live that we'll announce and also new signings. Digital adoption of our wealth and focus platform and digital engagement -- and #3, again, similar for capital markets, adoption of crypto assets and other things on our technology rails and announcements around that. And finally, as I covered in that last section, look for us to drive AI from a revenue creation viewpoint, a cost optimization viewpoint and from a time to market. Super exciting space to be in. As Tim would often says, the best way to predict the future is to create it. That's what we're doing here as well, and we're looking forward to it, and I'm delighted to be part of that. Thank you, Scott.

Yes. Well, Tom, thank you so much for joining us here.

Thank you.

I appreciate it.