Olo Aims to Digitize All Restaurant Transactions

and it's serving eighty five million guests a year. No small feet in an industry that has been notoriously slow to adopt technology. Thanks for doing like than so much for having me. You know, I was surprised to see Olo listed on the n y s E and not the NASDAC. Maybe I'm out of the loop here, but when I started my career as a day trader in all the tech companies listed on the NAT well, I guess this is just the product of the fact that my first apartment in New York City when I moved

here in two thousand three, was on Wall Street. I lived at forty five Wall Street, and so I walked past the New York Stock Exchange every day, and I just couldn't get over that beautiful banner and in the front hanging from all those pillars, and that visual was with me every day from the early days of OLO. No, I never really thought that we would get to the point of being a public company and getting an opportunity to list on either exchange. So it's a great honor

to have that option. It's a high class problem, um, but particularly cool because OLO kind of started in that apartment in the earliest days, back in August of two thousand three, if you can believe that. Wow. So alright, So first of all, it's a yeah, that's a beautiful building. And I worked on sixty seven wall in two thousand three to about two thousand seven, so I'm sure we walked past each other on the street at some point,

uh during those years. For our listeners that may not be familiar with OLO, what are the core products that really fueled its pre I p O growth? So pre I p O I would say OLO is best known for actually what the name is the acronym for. It's the acronym for on line ordering O l OH, and it kind of actually dates the term in that acronym itself because it was at the time when online was

two different words, kind of the AO l era. So it's been around online ordering as a concept for a long time, although the company started in two thousand five, but that was at that time really the the industry accepted term for online ordering, and that's how we got started. So it was letting guests order and pay before they

arrived at the restaurant, mainly for take out. Some restaurants in the early days also used it for delivery and then skip the line when they arrived, collect their order and be on their way um before the I p O. In maybe the four to five years running up to it, there was this other big leg of growth as we expanded into offering delivery on a national scale, and that wasn't delivery in the way that I was used to delivery from being a seventeen year old pizza delivery driver

uh growing up, or in the way these early restaurants were using OLO and doing their own livery. Rather, it was tapping into a network of on demand delivery service providers, and we made that possible through a product called Dispatch, which basically tied all these different service providers into a network and made that accessible through a single ap I call.

So a brand that was using OLO for just take out could now also offer delivery to guests and still let those guests order through the brand's own website or app, all without having to hire their own delivery fleet, but instead by tapping into this on demand pool of drivers.

The third big product that we came to market with in two thousand seventeen was enabling brands to syndicate out their content, their menus, their price list out to the third party marketplaces like the door Dashes and the uber Eats and the grubhubs of the world, and then have those orders not come into different tablets sitting on the counter that somebody would have to watch and manage, but all into the same single stream, into the point of sale,

into the kitchen. And that product is called rails, So really ordering it solving, Yeah, we lovingly call that tablet hell. There.

There are incredible photos from the twenty era where you'd walk into restaurants and you still see this even and they have five six different tablets sitting next to the point of sale, all ringing, all flashing, and restaurant operators have to pay somebody to literally just watch the tablets and re key those orders into the point of sale and all of that goes away and get simplified with that rails product bring it all into the point of sale. Very cool. I'd like to dive into dispatch just a

little bit more. Can you talk about the bidding process with delivery providers, how it's benefiting your customers and what do they value most? Is it the prices at the time UH service ratings or is there something else and and doesn't vary by restaurant. Let's say first and foremost would brands value about dispatch and what it enables is that they can take delivery order through their own platform.

So instead of it coming from a restaurant delivery marketplace where you know, the consumer is placing the order there and the brand is getting no data about who that guest is, the guest is ordering directly from the brand, so the brand is collecting that valuable guest data. That's going to be a theme, I'm sure over the rest of our conversation, so we'll come back to it, um. But it's really about meeting the guests needs directly through

their own channels. So if somebody says, hey, I Mike I don't want to come to the restaurant to collect it. I want it to be delivered to me. The brand can say yes, and that's super valuable in and of itself. The idea that it's network, the idea that we have multiple delivery service providers basically gives that brand resiliency and redundancy in a little bit of pricing power built into what's kind of like a micro auction if you think

about it. So, there was a great lending Tree commercial that I remember from many years back, and the tagline was lending Tree, When banks compete, you win, and a little bit of this is the same thing with delivery providers.

It's when delivery providers compete, you win. When you're able to tap into not one, but all of the delivery service providers and all of the delivery professionals who are out there working as couriers for the different delivery service providers, it's much more likely that you're going to find the nearest available driver who can come and collect that order fastest and delivered to the guest fastest. As a result,

and time is money. Fastest often correlates with the lowest cost, the lowest bid on what it will cost that delivery courier to collect the order and deliver to the guest. So it's been an amazing thing. What I mentioned, I used to work in pizza delivery when I was in high school, and I remember what great looked like then was somebody calls in an order and you get the pizza to them thirty minutes or less. That was kind

of like the gold standard for delivery Domino's popularized. I didn't work for Domino's, work for an independent pizza shop, but that's at the bar. Everybody expected thirty minutes. If you can hit that, awesome. The problem is the delivery drivers going out with three, four, five different deliveries all in one batch. They're routing their way around. It doesn't

always get delivered based on first in, first out. It's getting delivered based on what's convenient based on the other deliveries, So it was hard to hit that thirty minute kind of promise. Um. The beauty of the dispatch model is it is a point to point delivery model. So the courier is coming to collect one order and then deliver that one order. We know how long the food takes to prep based on an understanding of the historical analysis of how long meals take to prep and what the

restaurant has shared with us. So if we know the drivers ten minutes away from drive time to arrive at the restaurant and the food takes seven minutes to prep, we can send the driver wait three minutes, fire that order directly into the kitchen, the drivers arriving right when the food is ready and fresh, and then on average, nationally, month to month, we usually hover somewhere between eleven and

thirteen minutes from store to door. As we say, so, it just opens up a whole lot of different varieties of food that wouldn't be delivered well with that thirty minute time horizon. But if you can finish that delivery, finish that order being prepped and at that make time, then have twelve minutes on average, let's say, for that where then get in the hands of the guests and then you have food in mouth that magical moment. It just makes delivery a much higher h quality experience for

the guests and it shows well for the brand. Yeah, it's great. I'd imagine it's a big boon to guests satisfaction. It is. Yeah, there are times when a guest just wants or needs delivery, they just aren't in a need state. We're going to the restaurant makes sense, however convenient it is to collect the order. So the ability to pay for delivery and have somebody else liked it and take it from the restaurant to you is a great thing, and it opens up a lot of business opportunities for

restaurants that didn't prior to dispatch play in the delivery realm. Yeah, it's almost like a democratization a bit, right, because I know a lot of restaurants. Independent restaurants can't even get insurance for drivers, right, So so I think this is UM definitely something that that's smaller chains and independence can benefit. That's right. How the company's products weite evolve with the Wisely acquisition. So Wisely was in November of twenty one.

It was the first acquisition that OLO did, not just as a public company, but in our entire history up until that point, so we were operating for about sixteen and a half years, never done an acquisition. UM We've

been working with Wisely as a partner. We have a rich partner ecosystem of other restaurant technology providers, over three hundred of them today and it means that we're able to have a really cool vantage point and see those solutions that are really helping to meet our restaurant customers needs.

And you know, we got conviction with Wisely that this was a platform that was really helping restaurant brands to d anonymize not just every transaction coming through oh Loo, but every interaction that they were having with the guest, and it was pulling all of those into a guest data platform, um a guest data platform or a customer data platform as it's called in the sort of larger

horizontal technology space. You know, you you see examples of that in companies like Braise or Emparticle or Segment that Twilio acquired, but for the restaurant vertical and the reason why we call it a guest data platform is because restaurants called their customers guests, and so we thought that sort of helped to explained that this was a customer

data platform for restaurant. You know, this, we believe Wisely Suite was the foremost solution, and so we felt like we're in a moment in time when restaurants understand how valuable first party data is and it's more difficult for restaurants to use different forms of advertising that don't require

first party data. So helping them to harness the power first party data, really understand who that guest is and ultimately understand what the lifetime value of that guest is is going to be just a step change in what restaurant marketers are able to do. We just came to believe that Wisely was the best platform out there to do it. I want to say, and this is important for me to say whenever we launch a new product or acquire a new company, that OLO is committed to

being an open platform. So while we have three partners today and we acquired Wisely, which had been a partner, we still work with many other marketing tech platforms, and different restaurant customers of ours will say I want to work with that one. I think that's better at meeting my needs. That's fine. Were We are thrilled to be an open platform and to be agnostic between those two things.

We do think that Wisely is a great platform and helping to join transactional data that we see in OLO back to understanding who every guest is and d anonymizing those transactions to build that profile so you can better personalize the guest experience, better speak to and market to that guest, and use it to inform every facet of your business. Is really what that acquisition was all about. Yeah,

very cool. I mean what we're seeing with the publicly traded restaurant chains that we cover is, you know, this is still in the early innings, and yet it's it's providing a much better r O Y than just dumping a ton of money onto TV or radio. And uh, it really is where the puck is moving. Um, you know,

can you talk about how you know? And actually before I get to that, also to the fact that you're open source and have really kind of pushed some of the other POS systems out there to become open source. I think is one of the major disruptions that I think your company has has influence in this industry. I

think that's right. I mean in two thousand eight, nine ten, we started to do the work of integrating into point of sales systems and what we came upon was this sort of legacy thinking of closed platforms, walled gardens point of sale companies saying who is this startup ol and why would I let them integrate into our platform. And we're lucky that the restaurant brands came to our defense support and said, no, we want OLO to integrate, and we think they do the best job of this point

solution of online ordering. UM, so open up, let them integrate, and we were able to integrate one by one into all of the major enterprise restaurant point of sale systems. And that's important because I think a lot of people don't realize this, but many of the large restaurant brands are fragmented from a technology standpoint when it's not guest facing technology, when it's a restaurant operator facing technology like

point of sale. Oftentimes you have two, three, four different point of sale platforms that are being used within the same brand. And yet for online ordering, where an online ordering app that's guest facing technology, it needs to work the same on top of every one of those point of sale platforms, and they're not interoperable with one another

OLO because we're not a point of sale platform. But where this layer on top that is the guest facing layer, can then integrate with all of these enterprise point of sale companies and technology stacks and provide that universal, uniform guest experience on top, and then we said to all these technology partners, the three plus that are integrated into a low today, you know, ride our platform to have

that same sort of access into point of sale. And we acquired a company in March of twenty two called Omnivore that did that in an even bigger way than Below itself. Did not just with order injection, but also with labor and scheduling and purchasing, an inventory and kitchen display system integrations, and that's such a key part of

our philosophy. We believe that an open platform is the foundation of innovation for the restaurant technology space, and that letting a thousand flowers bloom on an open platform is going to be best for the restaurant operator and best for the restaurant guest. We will always be committed to being an open platform and big supporters of innovation in the restaurant tech landscape. Yeah. I think you're right. I

think that really sparked innovation in the space. Um, can you talk about how Olo pay and one of your latest technology disruptions, border lists also a contribute to data aggregation. Yeah, I'm gonna separate those two slightly. UM, let me first

talk about olo pay without the borderless context. Oli pay is something that we announced around the time of our I p O and then really only went into general availability with in the middle of But what olipay is, it's very similar to if you look at other commerce platforms like Shopify and what they've built with shop pay, it's it's very similar. It is a digital first, integrated

payment platform that's embedded within the commerce platform itself. So instead of us acting as a gateway into whatever the credit card processor is at the store, which is really designed for card swipe experiences, olopa is digital first, so it's embedded within our platform. It means that you know, just like I said, with a uniform layer that is guest facing technology, payments becomes part of that uniform layer.

You don't have disjointed experiences where you've used your credit card to pay at store A within the brand, and then you go to use it at store B, but your card isn't on file because they use a different

payment processor. Instead, we keep that card on file. And so as a result of that, and as a result of really thinking about the context of a digital transaction, we're able to do things that are both good for the guest experience like card on file, but are also great for the operator experience, much much lower fraud as a result of monitoring e commerce fraud through our partnership with Stripe, and also monitoring across the entire OLO platform

to prevent fraud with a second filter um protection against chargebacks, reporting all being on the same dashboards that somebody can do adjustments and refunds and chargeback contestations all in one place, and just better authorization rates and better basket conversion rates that are really about being a digital first payment platform stitched into the OLO commerce platform, so that's Olo pay. What we did with border lists really enhances ol o pay and it has benefits beyond Oli pay as well.

The idea of border list was passwords are a pain. I haven't met a person in life who likes passwords um both creating new accounts that require you to create a password, or logging into an account with a password, struggling to remember it, resetting it, etcetera, etcetera. What happens because of passwords and all the friction that they introduce is that people check out anonymously all of the time.

And I'll admit that I do this on the traditional olo checkouts that I come across, I'll just not sign in, not try to even remember my password, but just check out anonymously. That's a bad thing for the guest experience, and it's also a bad thing for the greater experience on the guest side. I have to start from scratch. I have to rebuild an entire order that I've ordered in the past. I have to re enter credit card details, I have to re enter my delivery address. It's a

delivery order. It's just a pain. It's a lot of additional key strokes and clicks, and it's every every key stroke and click is friction. Friction is the enemy of commerce. On the operator side, if I'm checking out anonymously, there is no ability for them to connect that transaction back

to my guest account and know anything about me. So the idea behind border this was how do we remove passwords enable guests to sign in with their email address and their mobile phone number, again taking a lot of inspiration for what Shopify did with shop pay, and in so doing have a better guest experience and have a better operator experience in the form of helping them to harvest that transactional data and get it into the guest profile to better un understand that guest, and that's really

what we've done with Borderless. So we started this, we announced it in the very beginning of Q three of last year. We had three pilot brands, and with statistically significant amounts of data, what we've seen is typically it's only thirty percent of guests that log into an account

on a transaction. With border Lists, we've inverted that, it's been seventy six percent of guests that are logged in that are authenticated and not anonymous, And again huge wind for the guest experience and huge wind for the operator being able to tie the majority now of its transactions back into that guest data platform to better understand the guest, how to market to them, and how to think about their business differently with that guest lifetime value as a

new true North metric for guiding their business decisions. So it's been an exciting um new innovation, our newest. The other thing about Borderla, which is really special, is that once a guest has created that linkage between email address and mobile number, that lives at the OLO platform level, it doesn't live at the individual brand level, and so the power of that is now they go to the next brand, they plug in that email address. We then send a text to their mobile phone saying, Mike, is

this you. Once you enter in that six digit number, you're into that account. You have your card on file, you might have other details like your delivery address on file. So we've removed the friction from that experience, and there's a network effect in that of you know, a platform that is benefiting all of the guests and all of

the brand. So at the scale of four thousand restaurants across six hundred brand experiences and on the other side million restaurant guests, we think that's a really powerful value proposition for the industry as a whole. Yeah, that's very cool. I love that you're doing some pain points for not only the restaurant customers but also the restaurant guests. Uh, that password is problem is a massive issue to your point. You know, I don't think anybody, there's anyone I know

that that's uh satisfied with how that's handled. What drives me crazy is when it's like a brand tells me I can't use any of my last five passwords, and so I know with certainty I'm gonna put something in that I'm never gonna remember, you know, And I go through a process with some of these brands. It's like every couple of months, I have to change the password, and it's like maddening, you know. I couldn't agree more, couldn't agree more. Alright, So we talked about Wisely a bit.

We talked about Omnivore. Uh. You have a strong balance sheet, almost four and fifty million of net cash. You know, do acquisitions continue to be a part of your growth strategy and if so, what type of targets are you looking at. I think we're always looking at ways to drive more digital transactions to add more value to our restaurants. And that's the common thread behind you know, the Wise acquisition,

the Omitive Wore acquis Asian. We do have a lot of cash on the balance sheet, Whether we use that to build things organically or to acquire additional capabilities from the outside, you know, I think it's really a matter of what's going to help drive us further faster in this ultimate ambition of kind of being the engine of hospitality.

And we now talk about our mission as being, you know, helping restaurants make every guest feel like a regular and that's the common spirit behind all the things that we do in the commerce engine, in the guest engagement engine, in the payments engine. So, I mean that's really how we think about things. The latest thing that we've done with our cash reserves is that we authorize a hundred million dollar stock buy back of OLOUGH stock and UM.

I think that we believe is a good use of capital on the balance sheet UM and conveys our our confidence in the business and the position that we're in going forward d percent. I think that's typically how I look at it. Right when companies are doing share buy backs and are accelerated share buy backs, that you know, they're sending a signal to the market that look, we think our stock is cheap. And when we're putting our money where our mouth is, UM, what are your what

are your organic growth levers? Well, I think you know, OLOW pay and Payments is certainly a big area of focus. You know, when we look at I believe we shared in one it was about twenty billion dollars of g m V growth Merchandise value or GPV gross payments volume that went through the OLO platform. UM. That's a lot of volume, and you know, we believe that there's a big payments franchise to build within OLO, and one that is you know, meeting the needs of our restaurant customers.

It's not something that we got into just because we thought, hey, this is a clever way of making revenue, additional revenue.

It really came out of this group that we have, our Product Advisory Council, which is made up of great digital thinkers from across our restaurant customer base, and they were identifying all the problems with have the legacy way that payments worked for e commerce, and the problems that restaurant operators and franchisees were facing and saying, you know, we think OLO has a role to play here to make this better for the guest experience and for the

operator experience. Could you do something in payments. We went

out and struck a partnership with Stripe. We're really proud of that partnership and what we've built, you know, ol O pay and what we've enhanced further with boider lists, and we think there's there's so much room to go and grow on the payments side of things, and there's a lot of room to grow with guest engagement as well, and thinking about how do we I mean, to your point, it's still early, you still have I want to come back to this great quote from Wanna Maker, who was

a department store magnate, who said half of my advertising is wasted. I just don't know which half. This is an industry that, you know, at a trillion dollars on top line revenue. If you think about a three percent ad fund fee as being a basic golden rule, that's thirty billion dollars in advertising spend that restaurants are spending on pretty wasteful TV, radio, print, mass media forms of advertising,

very difficult to track, a lot of wastage. And we think that kind of channeling some of that toward personalized marketing and kind of precision marketing when you know who that guest is and you know that they are a high lifetime value guest is really smart. So there's a lot that we can do going forward beyond what we've already done with wisely, for such a large swath of the restaurant industry. Yeah, it's cool. It makes a lot

of sense. I mean, people are walking around with a billboard in their pocket, right, so it's a perfect place to to advertise out back, Jack in the Box, Carls Jr. And Hard These are some of the large chains that have recently transitioned away from homegrown systems and two OLO. Is that the largest opportunity in your restaurant growth lever and is there upside if that trend continues to accelerate. I think that is the thing that we point to

as the biggest source of competition. It's not some other technology platform like OLO. It is restaurant brands who have really out of necessity because they started doing this before OLO was at scale and a viable alternative, built something in house and then been stuck with having to maintain it and to keep it fresh and innovative and secure and high performance. That's really expensive to do. That's not a build it once and you're done. That is a build the car and keep filling it up with gas,

and this is very expensive gas. So we've seen a lot of brands you named a bunch of this past quarter. We saw Ruby, Tuesday, Smash Burger, Zachsby's Uh, you mentioned Jack in the Box, all migrate off of homegrown platform and onto the OLO platform. And I think that is the trend. You know, We've had over a dozen such brand migrations happened just since our I p O, and

it was a big reason for IPO. We wanted to show that really is a viable option, that we have a strong balance sheet, that we have a profitable business, that we have you know, great up time that anybody can go and look at its status dot Olo dot com and see in real time throughout our history how secure and high performance and reliable our platform is, and that restaurant brands can not make a decision between do I buy it or do I build? But say I'm

going to buy the OLO platform and build. I'm going to build and do the differentiated stuff for my brand that makes me stand out and win the hearts and minds of the guests to me. But I'm going to use the engine that is OLO to power all the undifferentiated heavy lifting and to bring about things like borderless and like to dispatch and like ol pay that are really platform level innovation that no individual brand could do themselves.

But at the scale of four thousand restaurants across six hundred brands, Olo can do for the industry as kind of a common good. So how do these feed into your total growth algorithm moving forward. So we think about new brands and new location growth as a four x growth opportunity. We think about our ability to grow revenue on a per location basis as the r PO opportunity, and that's a twenty five x opportunity. So that's a much bigger lever but together it's a hundred x opportunity

for OLO. Staying focused as we have been for nearly eighteen years now on enterprise restaurants in the US, now we've had a little bit of expansion beyond just enterprise restaurants. We've also in the last couple of quarters started working with se stores that have fresh food programs that can use the same platform to let a guess order a sandwich or a pizza or that sort of thing customized made to order and come and collect it or get

it delivered just in time. So that's a little bit of an expansion beyond the three hundred thousand enterprise restaurants that we had considered our tam um. But we think, you know, between the two thousand fresh food program see stores, so three D fifty five thousand to do the math on our eight four thousand into that three five that's

what gets you to the four x location growth opportunity. Cool. So, you've been public for almost two years, has been difficult to maintain your culture while while also playcating Wall Street. I don't think so. I mean, what's nice about our culture and the people that it attracts and the people that it retains and grows over time. Everybody, to a person within OLO has a lot of talent and can work in many different industries, can work in a horizontal

technology company. They choose to work at OLO because fundamentally they love restaurants. That is the common variable. We all love the problem space that we work in. We love that we can bring together solutions for restaurants that make it better for restaurant guests and better for restaurant operators and let the restaurant business be a better business because we exist. And I find that that is really this

source of meaning and purpose. You hear a lot of companies like wondering about how are we going to become purpose driven and retain people because they care about, you know, what we're doing, not just a paycheck. That's inherent in a company like oh Loo. Like we all love restaurants. We want to make restaurants better. We live through COVID where we saw restaurants saying you know, you are our lifeline.

If you don't exist, we don't exist. And you enabled us to stay in business, to keep our customers fed, to keep our employees employed. That's stuck with us, That like hardened that sense of meaning and purpose. And um, truly, I feel like, you know, this is the work that I was put on this earth to you, and I feel like incredibly lucky to be doing it at this moment in time because there's only one time in history when the restaurant industry, this massive trillion dollar industry, will

go through a digital transformation. That's right now, and this is the platform where it's happening. So I'm incredibly grateful and at the same time, I'm incredibly unsatisfied because there's so much more for us to do. And that's why I think I'm gonna be doing this for the rest of my career. Yeah. I love hearing how passionate you are about the industry and how you're employees are passionate. And I think it's helped. It's got to be helped by, uh,

the great people in the hospitality industry. Man, I've covered about half a dozen different sectors, and uh, they're just different in the best way. You know. Um, it's amazing how much collaboration, how sharing of ideas, UM, how open and just you know, down to earth people in the restaurant. And it is a really fun community. And it is a community that's based on attracting people that you know, want to make everybody feel like they're part of the community.

And that's kind of the essence of hospitality. Our role in that is being the engine and sort of hard coding into a software platform that can enhance that hospitality. All the things that we've learned along the way from great folks like Danny Meyer, who has been a board member at OLO since two thousand fourteen and who kind of wrote the the Bible as far as I'm concerned,

and setting the table that enlightened hospitality. So the big challenge for me is how do I take some of these principles and how do I put that into a platform that can really lift all ships. Very cool? So, is there anything important to the story that we missed or that you'd like to reiterate for potential investors? I think the biggest thing that people miss is just how big the restaurant industry is and how early it is

in this digital transformation journey. I mean, you have different extremes. You people who focus on delivery only and think, oh, it's so digital, it's so penetrated, but they miss that digital delivery is just six percent of total industry sales. There's another ninety four percent out there, and although we're going after the hundred percent, we believe that every transaction, every service model can be made better through the digital transformation.

And we believe that that doesn't mean a cold heartless experience for the guests. That in fact, a digital transformation, a digital order experience and the data that throws off can really raise the bar on hospitality and make it an even more kind of human experience, which is surprising to people when they hear me talk about it in

that way. Yeah, for sure. I was. When I was down at I c R. I had I had some time to go to lunch, and I went to Bar Taco and it's a it's a digital experience, right, and uh, it freed up so much time for the food runners and the manager and the bartender to come over and have a conversation and the experience was was phenomenal. So digital can play a huge role in enhancing the experience,

exactly right. That's a that's a great example, and um, I think many many more restaurant brands are taking a page out of the Bar Taco playbook and seeing ways for digital to impact not just take out and delivery, but also on premise and also drive through. It's really about every service model and providing that heightened guest experience and also the data that comes out of that experience, using that as a feedback loop to make it even better next time around. Cole, I think that's a perfect

place to wrap it up. Where's the potential customers and investors go to find more about Easy? It's Olo dot com or on Twitter. It's just Olo. Is the is the handle all right? Nice? And easy? Well, thanks again for doing this note, and I look forward to continuing to follow the story uh and and following the the additional you know, breakthroughs that that UH you and your team at Alo make and for the restaurant. Thank you very much. It's great to be here.