Potential Suitors and Industry Consolidation

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Now streaming on Hulu and Hulu on Disney plus for bundle subscribers It is Monday, june fifteenth Fox Bot Roku It announced this morning that Fox Corp is acquiring the streaming technology company in a twenty two billion dollars deal Not a huge surprise, Bloomberg reported last week that Roeu was nearing some kind of a deal And they've been an acquisition target for years When this deal closes next year, it'll combine Fox's sports, news and a smallish offering of entertainment content, as well as the T be streaming service with Roku's connected TV platform Roku doesn't like this term, but it's basically become the gatekeeper to streaming, be its connected TV device and platform that reaches one hundred million households globally That includes the Roku channel. It's free ad supported channel and the Roku City homeome screen. That's a very valuable ad platform Hollywood studios like to promote their new releases there This is Anthony Wood, the CEO of Roku Talking. We believe Roku and Fox will together be uniquely positioned to deliver the value, personalization and simplicity that viewers want Okay, so lots of breakdown there with this deal Does it make Fox, which has kind of avoided the so called streaming wars, now a major player in streaming Why is Roku so valuable when so many new smart TV's come with their own connectivity and separate platforms And isn't Roku supposed to be the Switzerland of streaming? hosting and promoting Netflix and Pacock and all the other services. now they've got their own We've got Luas Shar Monday guy here to discuss it all Today it's why Fox is buying Roku and what it means for the business and for the consumer. From the Ring and Puck. I'm Matt Belley, and this is the toown. All right, we are here with Lucas Shaw from Bloomberg. back again. You are at your summer hideout. I am at my secret summer hideout. Why is your secret and m not? I don't know. both's not secret. I'm South Carolina. You're in New York. It's not a secret. We go here every summer. I don't know. it just sounds cooler when we're secret We're both on East Coast time, so we both woke up early this morning to the news unexpected. I mean, they were high on the list of potential suitors. Fox buying Roku Interesting deal but not To me This makes perfect sense. This has always been the knock on Fox Since they sold most of the company to Disney in twenty nineteen, they are too tied to the legacy TV ecosystem You know, half the Fox newews audience is over seventy buying catheters and reverse mortgages from ads on Fox News And now they have a narrative change. They can say that Roku is the future, one hundred million subscribers or hundred they reach one hundred million people. Yeah, they don't really have subscribers Yeah, they don't have subscribers. Yeah. they reach, they measure it and reach. But now they can say that they are a digital player for real. Yeah. it's an interesting for them because they are now distributor almost as much as they are a programmer, right? This is a kind of the The reverse of Comcast buying NBC Universal or in some ways, not quite Netflix, buying Warner Brrosers, right? It is a studio in a network or really at this point more of a network, buying a distributor, buying a maker of set top boxes, which is how I think most people still think of Roku, but the company makes the vast majority of its money of from the people who are on its devices, right? So selling advertisements to video viewers, taking a cut of subscription revenue I both understand the logic, but also am very aware that the history of these types of deals is You mean the history of content and distribution tie ups usually I mean we could be talking about AT and T buying Warner Brothers to put five minute segments of Game of Thrones on their phones I certainly don't think we're that bad, but that is that is the type of deal we're talking about, right here. Yes. it is A and the bad version of it is AT and T buying Warner Brothers. The good version of it is Comcast buying NBC Universal And then there are there are other versions of it in between. Don't forget Fox Bying Mypace. Well, yes That was a that was an unmitigated disaster, but I don't think this is that because Roku is a real business. My space You know, was it had customers or it had users, but it didn't have revenue really And also just like such a mismatch in culture. Whereas in this case, Fox and Roku know each other. Fox was, I believe an early investor in Roku. They sold. They sold their shares. They did Be But Charlie Collier, who is the one of the top executives at Roku used to be a top executive at Fox I know this is not going to get Rupert Murdoch on the cover of Wired magazine though, which Mypace did Don't you think this is a Lchlland deal though? No, I know. yes.. Okay. I'm sure Rupert is involved in the strategy at this point. I mean Yeah, this is Locklland saying that we were written off as a linear TV company, We now have toub be, which is the fastest growing fast channel out there. Roku would say the Roku channel is the fastest growing fast channel just for the record Is that true? Oh, I thought Tubbe was They Roku would say it's the Roku channel. Oh, well now they don't have to argue because they're both under the same company. And they would say that now they have the combination of preremium sports, premium news and sub premium, but they do have entertainment content And they have this distribution platform that is going one plus one is going to equal three in their mind. So let's go through the upsides and the downsides here. because obviously, the upside is this gives Fox more than ten percent of viewing time if we go by the Nielsen distributor gauge. accccording to the most recent one, Fox had seven point two percent of viewing time and Roku Channel had three percent of viewing time. So ten percent, that puts it up there players. Disney Nflix, NBC Universal That's the upside there. Do you agree? Yeah, it makes it more of a player in in streaming So it's ten percent of TV viewing. it's fivecent and a fivealf percent of streaming viewing, which by the way, puts it only behind YouTube and Netflix. It makes it bigger than Disney bigger than Amazon U And then I think related to that, which is what you're getting at with sort of the new narrative is diversification. where This is a company that was very dependent on legacy television, very dependent really on its broadcast network and its news channel Um You know, there were a lot of I would hear from people like if you're interested in football, you should just buy Fx because it is basically the same price to buy a football package as it is to buy all of the Fox Corporation. That is no longer true. I think this in a lot of ways sort of takes them off the table as a target, assuming they can get the deal done, of course m And so I think, yes, it's's it's the related things of sort of more making a bigger player in streaming and as a result, also diversifying the business. Yeah. and it also makes them a little less desperate for football going into these renegotiations They still need it. Don't get me wrong. at least they have something else to fall back on in case Google or Facebook or Amazon or one of these companies comes in and just vastly overpays for their football packes There's no way that they're going to walk away from football, try as they are. That's one of the reasons they're you exerting all this pressure via the government to try to tell the NFL don't go to these streaming players. but it gives them bigger foothold in streaming where they can say not only are're going to our broadcast network, which is really good distribution, but we're one of the top players in streaming. so we can put the game, you know, put the games on T be or Roku channel or find a ways to use them together, which does bringings us to the cons on the deal, but I don't know if you want to go there yet. We'll get there. The only other plus I can see here is that it makes Fox a must buy for advertisers. Oh, of course. you could get around Fox before and You know, I actually just a couple of weeks ago, I did a little presentation or a talk with Roku's ad sales group And like That's their messaging. Their messaging is if you want to reach people, we have a hundred million of them And we are bigger and we penetrate like none of these other companies do. So you got to be with us. And that is a pretty powerful message for Fox now when before they were diminished, suubbscale. Yeah, I mean, look, I think that they had a pretty strong push before with G. and news And to be, But yes, this makes their pitch to advertisers even even stronger. They had a you know, they were probably an older and male skewing buy before and now they have kind of the full spectrum All right, so let's go into the potential downsides because there are a lot and they were grilled this morning on some of these downsides. The stock actually I have a question before you go there I'm happy to on downsides. Do we want to talk about the pros for Roku or do you want to get there after Do it Yeah, O course. I mean, the two obvious pros for Roku are they solve their succession question, right? This is a company that has been run by the founder Anthony Wood since its inception. You know Roku was incubated at Netflix twenty years ago when Netflix thought it wanted to be a set top box maker, It needed a way to distribute its then nonxistent streaming service decided to spin it out and focus on making a streaming service widely available, one of many examples of Reed Hastings' brilliance. And then this company becomes what it is. But they were having discussions about what to do around succession for a while, and I don't think they'd solved it. And the other is It's a pretty good deal for shareholders. It's not a great deal if you bought in the kind of the run up the stock peaked and around twenty twenty twenty twenty one when streaming was, you know was really blown up because of the pandemic Um long term, if you're a long term holder, it it's a good premium on where it's been recently and also, you know if you'd held it for far longer than that. This gets us to the downsides here. and this is something that I think the stock has been reflecting for years now, which is the What about connected TV's? What about all these smart TV's that are being sold? Walmart and Costco come with their own connectivity devices that don't need People I know already have those devices. and I know that that doesn't reflect the general public But Walmart did a deal to buy Vizio because they want to sell their own smart TV's Bypass Roku Isn't this company just aren't their days numbered Until a day when every TV is a smart TV? This has been the argument against Roku for a lot of years now. and it intellectually makes sense, but it has yet to come true, right? There was a belief, yes, there's this transition to smart TVs and all these devices where you will not need to plug a little dongle into the back or attach it in some way There is also I think, a belief, well their competition are Apple and Google and Amazon, these giant tech companies that are just going to squash them None of that has come true, right? It's Amazon has probably been its most significant competitor in the device business because Amazon' the buyer App is Apple is a high end product that only kind of a certain class of person uses. Amazon like Roku basically gives away the devices. It's not trying to make a profit from them. And Amazon is a huge player, much bigger than Roku in the advertising business. know When it comes to advertising, Google and Facebook and all these are obviously major competitors Doku, the company has done pretty well, right? L It has weathered the ups and downs of the streaming business decently because it has to to the number you cited, a very large customer base that is and it's able to use that to sell advertising, take a cut of subscriptions, know it can't really exert any leverage for the most part on a player like a Netflix, but there are a lot of smaller streaming services where Roku can say, you know, we're going to take a cut, you're going to sell your service here and we're going to take a cut of it and we're going to get some of your advertising space and, you know We are an important gatekeeper here. That is essentially the role that they play Now maybe that fades over time because it certainly could be true. and that's one of the reasons why the stock is way off where it was three, four years ago. Um, And so you could argue that this is a premium that is not worth it. But in a lot of ways, it's sort of like two companies that Roku has been looking to do a deal for a while, Fox has been looking to diversify it. It's sort of a natural match. I'm not saying it's going to work, but I totally get it. Yeah. And Roku has been making moves to sell ads across Amazon and trrade desesk and some of these other platforms. So they' they are certainly aware of that issue and they're trying to make themselves such a vital part of the ad ecosystem that they can weather that storm if they're Num of users goes down Right. Well, and that's the natural conflict a little bit between T in the Roku channel, right? Th these two streaming services that Fox will now have is that TubB is sold is available everywhere, right? It isn't just like Netflix or Disney pllus, you can watch it online. There's an app on basically every device. The Roku channel has they would they've started to push it. But it is primarily a service that was grown from people watching it on Roku. And so Roku directs its users to watch its own channel, right? Yeah. And it's a fast channel. And so is Fox going to continue to operate those two streaming services as separate services? Probably at least in the short term. Lachlan Murdoch said they are going to do that and that they are quote, incredibly Comimentary services. They have about a third overlap in audience And Roku is primarily a Fast channel. Well, ninety percent of Tubbe viewing is on demand Let's get into the two be messaging here because they are promising four hundred million dollars in synergies here And those probably come out of two be, right? Why can't it come out of both? No, no, that's what I'm saying. The combination will come out of that aspect of the synergies. Both companies have ad salespeople, bothoth companies have marketing and I'm not just talking about Tuby and Roku Channel, right? Fox has an advertising group. Roku has an advertising group. you, they have some overlap in terms of personnel. I don't think you can get there just on personnel, but So what do they get there on Even if they say they're the same service, I'm sure they can find ways to save money on Um un prorogramming and that the way they buy. Um probably reduce their real estate footprint as these companies always do. Yeah, Roku based in San Jose. probably won't be based there for long But they have a big New York office. so I'm sure that that New York office gets folded into that the Fx office in midtown But let's get to the big downside here, which I at least think this is the big downside is that Roku has always been considered Switzerland among all the services. They sell the different services, they platform them, they sell ads to them And now there's this conflict because they are a content owner and a distributor. There's an analyst at Barclayayss that even put it to Murdoch today. He said, when you negotiate with, say, Comcast or YouTube, you are largely a supplier of content. But now you're also a distributor of content. It just creates a lot of complications both with respect to how many brands you own, what those brands individually do, as well as your distribution strategy Can Roku continue to be the Switzerland of streaming if it is owned by Fox and the Murdochs Well, no, because it is by by its nature biased But But this gets back to the conversation that we were having. You think we're gonna see Iice agents popping up in Roku City? A, yeay. Uh, you know, the Burdocks have been very smart about separating out the Fox news of the emmpire from the rest of the empire in the past Maybe it's a new day. We are seeing more of the Fox News encroaching into Fox broadcasting. We are seeing, you know them being a little bolder about some of their deals in that space. I don't know This gets back to what we were discussing with the marriage of programming and distribution. What are the ways for Fox to use Roku's footprint benefit its own streaming services and disadvantage the competitors Or are there? because Fox is obviously, you know, going to say this is it doesn't want to be anti competitive. Roku will still be Switzerland. It will still be a place that everyone needs to be. But are there going to be subtle ways where Fox can, you know help Fox one or help new, you know, the Fox newews streaming service? Yeah, I mean, the obvious one is Roku City homepage for every Roku user. That's an incredibly powerful platform. I know that the movie studios love to use that to promote their upcoming releases. So why wouldn't Fox promote their own stuff and it's a priority over their other partners. I mean that seems like a no brainer because then they have to sacrifice the revenue that Roku makes from selling that real estate. Yeah, of course, but it's just like the house ads for their own programming that they put in the Super Bowl and other things. they could sell that ad too, but they promote their own stuff But they can buy that space now So again, are they going to get such a huge bump from okay, if Fox currently takes seven percent of that inventory and we boost it to twenty You know, that's a relatively small boost likely for spending all the money that they are on this deal. Well, Loughlin made the analogy to YouTube and YouTube TV. He said, We're partners now in many ways with YouTube and YouTube TV and Comcast. That doesn't change. Those businesses themselves, in many cases, are both distributors and content providers good point Yeah, look, we'll take Netflix as the example because it doesn't own a platform in this way distributes its product via Amazon competitor. competitor Google productroducts, competitor Roku, now competitor, Ccast, competitor. Most of it's A lot of its biggest distribution partners are direct competitors. A lot of distribution owns programming So this just is, you know more consolidation to that end. Yeah And Murdoch is committing to Roku being an open platform still it's essential that Roku remain an open and partner friendly business. We'll see. Yeah. othertherwise it doesn't make money. No because most of so much of the money it generates is from third party partners. It's from advertising inventory, from a cut of subscriptions like It would make no sense for them to stop that part of the business No, I agree. They're going to have to thread a needle here because they also want it to be additive to their own stuff and be able to put, you know farmer wants a wife or whatever nonsense Fox reality show is coming up on that home screen to promote it This podcast is brought to you by the Madison from Paramount Plus and executive producer Taylor Sheridan Michelle Peiffer shines in this epic drama about resilience, transformation, and the family ties that bind Variety proclaims, Michelle Peiffer gives a powerhouse performance in a show Rogerebert. com touts as gripping Emmy eligible in all categories, including drama series, Michelle Peiffer outstanding lead actress, Kurt Russell, outstanding supportpporting actor, and Will Arnet outstanding guest actor. All episodes available for Emmy voters at paramountfYC. com This episode is brought to you by Netflix, presenting Beef from creator writer and director Lee Sunongjin The new installment of the eight time Emmy winning anthology series features powerhouse performances from Oscar Isaac Terry Mulligan, Charles Melton Kayley Spany and legendary Korean actors Youn Yeo Zhang and Song Kong Ho Esquire raves its hands down the best TV show of the year And IGN hails it a masterpiece Lee Sunng Jin's series remains an untouchable force. beef for your Emmy Awards consideration Is there someone else that you think should have made a bigger push for it or now that this deal is out there should try to, you know come over the top. Come over the top. Oh God. Can you imagine if we if Netflix stepped up and tried to play paramount For Roku U I don't know. I did I did think that Netflix made a lot of sense here. I mean, they would have had regulatory issues with essentially a vertically integrated company. they would have become distributor, you know of other people's content as well as their own here. And they have a ton of money after not getting warners I do think that Netflix has, for lack of a better word, gatekeeper envy You know, it's like in social media, Mark Zuckerberg at Ma got an amazing business, but he's constantly trying to become Apple because he knows that ultimately he is dependent on Apple as the gatekeeper of all social media apps, like one of them anyways And I think that Netflix has that issue where They are an amazing provider and distributor of content They're not Amazon. Amazon is the is one of the gatekeepers for everything And we've talked about this on the show before about how the ultimate endgame here for Apple and Amazon and YouTube is to be The gate through which every streaming service goes through And that could have been Netflix achieved with Roku and now they would have that. I don't yeah look. I think if Netflix didn't want Roku and if it didn't want it at many times over the years when there was a close rel, you know, Roku operated out of Netflix's old offices for a long time. I believe Roku's chief office sorry, I believe Netflix's former chief product offfficer is still on the Roku board. There's a lot of connections between those companies. fromom our understanding, they looked at it during the process, but pretty quickly decided they didn't want it. The one that I think may have taken a harder look at it could have been interesting with Comcast Um If you're thinking, one of the limitations on Comcast right now is its geographic footprint, right? It only operates in certain markets. Roku immediately makes it kind of an internationalistrib or a global distributor or at least a nationwide distributor. I don't know that they , I don't know that they want to double down on it. They'd probably say we already have ourX one platform. And Comcast already has a free streaming service in the market, this joint venture with charter called Zoomo, but has anyone heard of Zoomo relative to to Roku or to Tubi? Yeah. It's funny. a source at Comcast told me they were not They did not put in an official bid, but I'm sure they looked at it. Yeah. I think that at a minimum. I don't they when I called them on Friday, they did not they did' not return my. I just leave it at that What about some of these others Like Disney Disney could have gone for the gatekeeper role W that have been a smart first deal for Josh toamarrow? wouldould have put a lot of debt on the balance sheet, somethingomet Disney doesn't like Yeah, I don't I really don't see it for the sort of more at scale streaming players, the benefits of owning distribution and programming. Maybe because it makes you a bigger player and free. like that would be part of the argument for Netflix is like they're not going to offer a free version of Netflix, but if they have the Roku channel, that's sort of a free streaming and they can find some some synergies between those parts of the business. Same with Disney. Well it would have instantly boosted the Netflix ads business too, which we know is a huge priority for them But it's a weird. I think one of because Roku has sort of floated out there as a potential acquisitions target for a while.es once their stock sort of came crashing down a couple of years ago, there was a lot of chatter about it And it's always been a struggle to figure out who exactly makes the right sense. and, you know Just because to your point about Netflix having regulatory problems, I think Disney would too. and I don't think Disney wants any part of that right now. Do you see any effect on the consumer T to your point, maybe a few more ads from Fox are from box properties No, but I need to hear more from from Lghlan Murdoch about ways in which he actually thinks the businesses work together as opposed to just if you're just like if you're doing what these companies so often say iss like, we're going to buy it and keep it separate, right? thenen obviously you if you buy it and keep it separate, it doesn't have a lot of impact, right? But if you are going if you're going to find ways to combine any consumer facing properties that's where it starts to have an effect on people. I don't think they will. I think this will be mostly an ad consolidation. and the Fox people and the Roku people will just sell the larger platforms Good for them And they're not going to be as dependent on my pillow and you know, pharma ads in catheters at a certain point Now that we've had a couple of these these big deals, likely Paramount Warner, which is not done, but we expect to happen. this one, which seems likely to happen Are there any of the other big media companies because you were talking about Netflix's gatekeeper Evy that are sitting there and going, likeike man, we're sort of This consolidation is bad for us. It is weakening us and maybe we have to do something I think that Comcast is is again the loser here. whether they bid on this or not This is their business, distribution, right and This would have been a step toward escaping linear cable MPVD business And It's going not to them. it's going to a rival in Fox that they're bigger than. Yeah. I don't know. Comcast got to do something soon. Okay, socast you think Comcast is the biggest loser. Who's the biggest winner? Yeah, okay, so I think the biggest winner here, Anthony Wood. He owns a chunk of the company. This is a nice exit for him like Got the stock up to where Someone was willing to you vastly overpay, and there you go. It's the dream startart a company twenty years ago and get become, if not a billionaire and a mult multi multimillionaire. Yeah. I mean, Charlie Colli here too, nice little win. He goes from Fox over to Roku and gets this kind of deal where he's now ironically being bought by his former employer. not bad. Lchlland. do you think Lochlland is a winner here, I think too early to tell. I think he's a winner because he's now done his first feel And He was had he had kind of clearly taken the control of the empire from his dad largely, but it was a diminished group of assets And now I feel like He is sort of entering his own end prime as a mogul. Now, he's got to make the deal work. Um But I well, he was he was largely the driver of the two, but a much smaller deal This is a this is a big deal And it means that he's now got he's more than just Fox News, right? I think for a long time, he was basically like Fox News and the journal And because Fx sports is kind of its own thing, now he's got a lot to play with. Don't forget the New York Post. How could I All right, Lucas, please stick around. We're doing an update on the box office draft today All right, we're back with the call sheet inststead of a prediction today. We have Lucas here. We're going to give an update Is just the midyar report on the box office draft Almost. notot quite. I mean, it's almost midyar literally but most of these movies haven't come out yet, but a few have, Lucas has had four movies on his team come out and Matt has had two I would say Lucas is up one point five billion to Matt seven hundred ten million but has more movies. Lucas' biggest surprise hit Devil Wars Prada, which is five hundred seventy six million in the profit And Matt's biggest surprise hit is Michael, which is over seven hundred million dollars in the profit. It's really Matt's only movie so far. Remember in the draft We get the global box office, but we also have to take the production. budget on the movie. Yes. And that is why Lucas is suffering right now. He is negative one hundred fourteen million from Masters of the Universe and only one hundred and fifty million for from Mandalorian and Grogu. Well I would just like to point out You actually picked Mandalorian and Grogu, whereas I gave I was never going to master of the universe. So Lucas and Matt, looking at your teams Which selection that you made back in January are you the most upset about now? Oh, Lucas, would you care to go first? Yeah, Mandalorian. No, let's do this. I want to do movies that haven't come out yet. Would you make any changes to things that have not come out? you're just gonna get me in trouble. I'll be I'll be honest ' be honest I'm little worried about Mojana. july tenth putut out a new song by Lyn Manuel Miranda today. That's a positive. It's not Taylor Swift. It's a positive And Maybe the press tour Make a difference. They're going to like ten cities around the world But buuzz and kind of excitement for Mirjana is not where I want it to be I would I'm holding on hope that You know, disclosure day has been fine, but it is not a huge hit And that moana is going Yeah And that moana is going to be soft And that that will balance off out the fact that Mandalorian is pretty much a disaster. And Mario was a little soft A billion, but not one point three. Right. You're going to end up getting almost as much from Michael as I will from Mario, which is not what I intended for my number two pick. But I feel I feel good about a lot of this is basically going to hinge on just how big is the Odyssey going to be. Oh, you think so. not not because I have Toy Story five, I have Avengers And I have minions That is a pretty formidable line. No no. I think for me, I look, Spider Man is going to be a hit no matter what. you know, Spider Man versus Toy Story. I think we're both I don't know that it's going to be a wasash, but I think we're both going to do just fine with those movies For me, like My me picking Odyssey where it was was a big bet on this isn't going to be like six hundred, seven hundred million, this is going to be a billion plus. If the Odyssey does a billion plus, I feel good about where I'm at. If it doesn't, I don't think I really have a shot. Yeah, because Avengers is probably going to get to like one point five billion or something like that, at least, right? We'll see. That would that would be the expectation. The floor is a billion, I think for Avengers. Sort of like with Mario, the floor is a billion. Yeah, except it didn't get there I did get there.id get there preare. Yeah. barently And so far, I would say the biggest miss is nobody drafting Project Hber. Yeah which we talked about. and Honestly, obsession Yeah, but how the hell would you have done that? Yeah With a less than one million dollars budget, you're going to get to like three fifty in profit. likeike that would have been nice. Yeah. Yeah, but you you probably weren't even aware that movie existed in January. No, I know. I'm just saying it with hindsight. Project Hail Mary was it was It was a little bit like Matt taking Disclosure Day at the time. I Having taken in the past trying to take some risks on none, P like blew up in my face. and I think if I made one mistake this time, it was actually leaning too much into IP instead of like stuff that felt fresh You know, Devil wearears product I was confident in because it had been twenty plus years something M Lauren and Grogu, they clearly just don't know what they're doing at that franchise right now, although maybe the next one will be better. There's just some fatigue. And I think Project Celmary was a fresh idea that we should have have been like, oh, it's the Martian. Ryan Gosling, it's all that stuff, you know That was a miss. Yeah. Yeah, and I'm that same way with Moana. I would have gone Project Tale Mary over more whatever I still got to hunger games too. and you gave me digger So Cruise maybe this was before that we saw the trailer. trarailer' pretty good. It's all gonna come down to Tom Cruise. I hope it is. I know. Tom Cruz or Tom Cruz and Taylor Swift. if she can get Toy Story over two billion That's going to be a dream for me All right, Lucas, thanks very much. Thanks, Mat. Okay, that's the show for today. I wanna thank my guests Luas Shaw, producer Crary Horrbeck, ourur editors, Jesse Lopez and Matt Pevick. And I wanna thank you. We'll see you a couple more times this week