Interpublic Group at Bank of America Conference: AI and Merger Insights

On Wednesday, 03 September 2025, Interpublic Group (NYSE:IPG) participated in the Bank of America 2025 Media, Communications & Entertainment Conference. The discussion, led by CEO Philippe Grokowski, highlighted both challenges and opportunities for the company, including a slight decline in organic sales and the promising integration of AI technologies. The anticipated merger with Omnicom was also a focal point, with Grokowski emphasizing strategic synergies.

Key Takeaways

• Interpublic Group maintains its guidance for a 1% to 2% decline in organic sales, despite a 3.5% drop in the first half of the year.
• AI integration is seen as a growth driver, not a revenue deflator, with new hybrid compensation models expected.
• The merger with Omnicom is on track, with no major hurdles anticipated.
• Strong performance in media, data, and healthcare sectors is offsetting client losses.
• The company is evolving towards a more seamless organization with standardized processes and embedded technology.

Financial Results

Interpublic Group reiterated its guidance for a 1% to 2% decline in organic sales growth for the year. The first half saw a 3.5% decline, attributed to previous client losses. However, solid client spending, particularly in media, data, and healthcare, provided a counterbalance.

Margins surprised positively last quarter, leading to a raised margin target for the year. Improvements were driven by a transformation program focused on embedding technology and standardizing processes, independent of merger synergies.

Operational Updates

Key client sectors showed varied performance:

• The Consumer Packaged Goods sector is buoyed by wins in food and beverage.
• The Automotive sector remains stable with competitors.
• Tech and Telco sectors are recovering strongly.
• The Financial Services sector is performing robustly.
• Healthcare continues to be a strong area, with significant scale in global health and pharmaceutical sectors.

AI has been integrated into media and data businesses for several years, driving insights and content versioning.

Future Outlook

Interpublic Group is working with AI companies like Perplexity and Anthropic to integrate their stories into broader public consciousness. The rise of AI-related searches is seen as an opportunity to help marketers connect with consumers in new ways, with expectations that these platforms will eventually support advertising.

Q&A Highlights

Staff attrition concerns are minimal, with employees enthusiastic about the merger’s strategic benefits. The company’s evolution from a collection of boutique agencies to a seamless organization is ongoing, with a focus on technology and AI investments. The potential disposal of Dentsu’s international business is not expected to significantly impact the industry.

Ad agency valuations remain low due to market misunderstandings of the tech-enabled service model and data assets. However, the merger is expected to change perceptions and enhance recruitment efforts.

Conclusion

For a detailed understanding of Interpublic Group’s strategies and insights from the conference, refer to the full transcript below.

Full transcript - Bank of America 2025 Media, Communications & Entertainment Conference:

Brian Fenske, TMT sector specialist, Bank of America: Everyone here, and it is my pleasure to welcome to the stage chief executive officer of Interpublic Group, Philippe Grokowski. Hi, Brian. I’m Brian Fenske, TMT sector specialist at Bank of America, subbing in for my esteemed colleague, Adrian. So welcome. Thank you for

Philippe Grokowski, Chief Executive Officer, Interpublic Group: Thank you.

Brian Fenske, TMT sector specialist, Bank of America: Thanks this again. We really appreciate it. So exciting time for your company and for you. So I have some questions here we’re gonna run through, but I would love for you to, you know, expand in a little bit as I’m deeply interested in AI, the intersection of tech and AI and agencies later.

Philippe Grokowski, Chief Executive Officer, Interpublic Group: Alright. So we’ve got minute one of the word AI that’s been used. Yeah.

Brian Fenske, TMT sector specialist, Bank of America: You don’t have to get it in. But so starting from the top. At the first half results, you reiterated your guidance for down one to 2% organic sales growth despite being down three and a half in the first half. So some stakeholders in the ecosystem have talked about reduced client spending, neither the auto or CPG categories. Are you observing that?

Is that factored into some of your thinking for the second half? Because I guess we’ve got some questions on that first half or second half dynamic.

Philippe Grokowski, Chief Executive Officer, Interpublic Group: Sure. That’s a lot to unpack. So I guess before I go to a client sector analysis, I’d just unpack, and obviously, you know, for folks who have been tuned into our story or who, you know, heard what we had to share when we took folks through the first half results, you know, that first half result reflects a number of large client losses that took place last year. And interestingly enough, you know, we think that the the big news around us, obviously, which is which is the acquisition and the combination acquisition by a combination into Omnicom is a function of or strategically really kind of addresses a number of those things. So the three and a half is the weight of those client losses, greater in the first half, still evident in the third quarter, and netted out by performance that was ahead of what we would have forecasted, particularly in a couple of areas of the business that are strong for us, which are the media business or the media and data business, and then the health care business.

Then, you know, at a macro level, we’re not seeing something that says that kind of clients writ large are not very committed to marketing, are not continuing to invest, and are not in essence performing as we anticipated that they would. And then if I get into the kind of client sector areas, CPG, I think for us, you’re going to have some strength based on some wins we had in in food and beverage, one not insignificant loss on kind of consumer goods. Automotive, not seeing the concern that you mentioned, and I think from across our competitors, this is pretty consistent. You know, we have one competitor who’s probably an outlier who seems to see more reticence on the part of clients. And then other segments, you know, quite strong, tech and telco, which a couple years ago was challenged, really, really, you know, bouncing back.

And I think a lot of the innovation we’re seeing in that space has to go out and be introduced to consumers and financial services, a couple of other segments. So, you know, to the way that, you know, from where we sit, the the the client climate is is pretty solid. It’s sound.

Brian Fenske, TMT sector specialist, Bank of America: That’s good to hear. And how about health care? It’s been it’s been a dramatic story in the last two years with GLP ones and Trump administration and RFK. I would just love to hear a little color.

Philippe Grokowski, Chief Executive Officer, Interpublic Group: So a big one of our strongest capability areas, I guess I’d call it. So, you know, we would we would say that we feel very good about what we are able to do with clients in that space. We also bring we also bring some scale in that space. And, again, there, other than one offs that are really specific projects tied to very specific policy news, we’re so scale global clients in the health and pharmaceutical sector, still quite a bit of activity in terms of new business and very strong performance in our portfolio as we look at at, you know, 25.

Brian Fenske, TMT sector specialist, Bank of America: That’s great. Good to hear. So getting to this the next magical topic of AI, but investors are obviously preoccupied with AI, and the potential of how it could shape or impact advertising and marketing industry, creative industries. One of the concerns is that it could deflate the revenue pool, particularly on creative, and the creative services that advertising agencies have long provided. How far advanced are you in terms of changing either the compensation model away from cost plus into outcomes output?

That’s one question. But do you think additional acquisitions might be required to complete the skill set in that area? We’ve seen AI tuck in acquisitions in other parts of tech starting to really manifest. And just, you know, how are you preventing from the potential that some of your customers just in source or in house, some of these AI related creative capabilities and others?

Philippe Grokowski, Chief Executive Officer, Interpublic Group: Look, mean, don’t think that we’re immune as an industry. Right? Everybody is answering the question around, you know, to what extent is this technology something that you’re prepared for, something that could potentially be disruptive, something that could potentially be additive or or represent opportunity. Like, the the first place that I would refer to is the parts of the business where we’re already five, six plus years in to incorporating AI, data at scale, and the ability to use those to drive better decisioning and and more accountability, more clarity around the impact of of the activity that we engage in with clients. So in the in the media and the data parts of the business, that has been a net positive because it’s allowed us to actually move upstream with clients.

So to then get to the to the question that you’re asking, I think that it requires that we connect those capability sets into the platform part of the business and into the data stack. And and when we do, so when you take more quote unquote traditional capabilities like production or like consumer advertising, and they’re part of these integrated end to end solutions, I think what we’ll see is we’ll see a shift in you know, some of our talent will upscale, which is what we’ve seen, you know, like I said, in some of the more tech enabled parts of the business. I think that what we’ll be able to do is to evolve the compensation models. And I think initially, it’ll be kind of a hybrid of where we are now in cost plus with incremental, say, you know, asset based compensation, which where we are seeing that with a number of of our clients in that space. Outcome based compensation where we have done that, as I said, in the more precision, and data informed parts of the business.

So we’re fairly far along in thinking through what the impacts are. We’ve got a tech platform inside of our business that allows folks in these, quote, more traditional areas of the business to access data and to use AI, whether it’s to drive insights, whether it’s to ideate faster. You know, there’s a huge need on the part of clients for just the amount of content that’s required. The the fact that you need to version, the fact that you need to iterate. So there’s there’s demand coming at us, which I think we’re gonna be well positioned to meet.

So I think it’s awfully early to to sort of suggest that it’s de facto going to be deflationary to to revenue in that part of the business. I think what it’ll actually likely be is some of that client investment will shift to new, more tech informed activity, and then there’ll be the opportunity to work with clients on these new compensation models that align, you know, what we need to achieve together and their business results to to the services that we provide. But, you know, it makes for a better headline to just say, you know, the world is

Brian Fenske, TMT sector specialist, Bank of America: No. I I I think you is falling. I think you bring up a great defense or point, which is to say that, one, the agencies have been sophisticated and more sophisticated than people appreciate. And two, you’re also looking out for the brand and for the for the client, which, as we know, the world of LLMs can be a bit of

Philippe Grokowski, Chief Executive Officer, Interpublic Group: the Wild West. Well, as we have found in, what, the last week and a half or two, that there’s definitely meaningful social risk inherent in some of what’s going on there. And I think having, you know, a partner that has expertise in the areas that we do and can help you, you know, bring your brand into that world, but do so in a way that doesn’t necessarily, you know, that doesn’t expose you to some of that risk is Yeah. Is important. Exactly.

Brian Fenske, TMT sector specialist, Bank of America: At Canneso, which blends creative, production, and media all in one place for customers. Have you been able to roll it out yet with some core clients, and does that drive a potential revenue uplift or better retention?

Philippe Grokowski, Chief Executive Officer, Interpublic Group: Yeah. All of the above. So that and and it’s interesting because it then also kind of dovetails with with direction of travel for us, again, as part of, you know, kind of the new family that we are that we’ll be joining. But that platform offering, which was originally incubated and built, as I said, in kind of our media and precision business, now has breadth so that it’s got sort of modules that you can implement when you’re engaged in any kind of marketing activity, so accessing the data to generate insights. If you’re in a creative agency or a public relations agency working on a client’s, you know, kind of earned and owned assignments, connecting that through to how we produce the asset, whereas before it was how we activated the asset in, you know, in the media ecosystem.

So we’re we’re using that with a number of our sort of larger clients. We we bring it to bear on a pretty consistent basis in in any net new, you know, business opportunities. And then to your point, it both creates a pathway for these new compensation models, but then also does make us, you know, kind of more core or fundamental to the way in which clients go to market and and from a from a retention you know, in some in some of our businesses, whether it’s in media where there’s a sizable performance or outcome based piece to how we are remunerated to data where they’re they’re long term clients I mean, term contracts. They’re multi year contracts. So I think I think it it you know, that offering which you which you referenced, which we showcased then but have been building for a while, you know, does all of the things you’re talking about.

It it opens the door to different kinds of relationships, and it it gives us the ability to plug more of what we do into this more attributable model where we can prove the value of what we do.

Brian Fenske, TMT sector specialist, Bank of America: Excellent. So I think in your roster of clients, you now have some of these AI companies like Perplexity and I believe Anthropic.

Philippe Grokowski, Chief Executive Officer, Interpublic Group: Mhmm.

Brian Fenske, TMT sector specialist, Bank of America: Can you see these companies, obviously we know their valuations, we know the heat and the sizzle around them, but do you expect them to be significant clients over time, users of marketing and advertising services? Do they behave differently so far than other categories of customers?

Philippe Grokowski, Chief Executive Officer, Interpublic Group: Yeah. I mean, I think we’ve seen it in past cycles when you saw a lot of innovation happening in the tech space. Right? And so I’ve been doing this for a long time, and so one tended to want a certain kind of client. And in the early days of innovation in tech when that meant Microsoft and Apple, there was a sense of are those clients who are gonna behave like these other clients?

Is there a long term future with those clients? That worked out pretty well. Second wave of that, you know, would have been when, you know, Google and Meta were becoming meaningful users of the kinds of services that we provide. Similarly, Amazon, important client and a valued client. And then now you have these organizations.

And so I think what’ll happen is that they do need to take their stories out into culture and kind of broad public consciousness. They need to mean something to consumers. I think like with any business where there’s a lot of innovation, you know, there’ll probably be a bunch that make it and some that don’t necessarily come through, but we’re not seeing them behave in a way that’s you know, they’re they’re sophisticated about the things you’d expect them to be sophisticated about, which is good from where we sit because they understand tech and they understand data, and they’re they’re interested in almost jumping to the the newest model of how we engage with clients right out of the gate. But other than that, no. Nothing nothing too different.

Right.

Brian Fenske, TMT sector specialist, Bank of America: So last quarter you surprised market to the upside in margins. So margins were better, raised your margin target for the year. Now what are the drivers of this margin upside? How are you able to do this? And is any of this pulling forward potential margin upside or synergies that you might have realized post Omnicom merger or totally unrelated?

Just thinking about that.

Philippe Grokowski, Chief Executive Officer, Interpublic Group: No. I think they’re unrelated. They’re parallel paths. Right? And so you’ve heard, you know, John and the Omnicom management team speak to what the merger synergies are and what all the buckets that will add up to that number are.

And, you know, broadly speaking, I think you can characterize those as you take two scaled public entities and you make them into one. You look for a lot of redundancy in what, you know, you you could refer to as sort of the the supporting infrastructure or the back office of this of this entity is. What accounts for what, you know, we called out in the second quarter there and what we’ve been doing is our transformation program, which we announced as we went into this year, which if you think about us as a standalone with the challenges that we were facing on the top line due to these, you know, losses last year that had to do with, you know, I think some structural things in the business because we’d come off of a number of years of of outgrowing the sector. But what we’ve done is really think about ways of working, embedding technology, centralizing a lot of functional areas, standardizing a lot of ways of working, and then in some of the delivery areas also thinking about the benefits of kind of a platform approach across the enterprise. So that makes us, I think, a healthier company as we come into the new company, but it’s it’s largely, you know, whatever the word that we’re going to use to say that what you have are these two these two parallel activities where the overlap is is minimal.

Right.

Brian Fenske, TMT sector specialist, Bank of America: And while we’re on the merger, can you provide any update on either the timeline or any major hurdles there?

Philippe Grokowski, Chief Executive Officer, Interpublic Group: We don’t we don’t see major hurdles, which then means that we’re still on the timeline we called out at the very beginning, which is it’s a very sizable combination. It’s got a lot you know, there are two companies that are global in nature. And so we’ve said all along that we’d have, you know, 18 jurisdictions to clear. We’re 15 of the 18 in, but nothing in the conversations has led us to change the conviction we’ve got that it’s back half of the year closed, and we’re now in September. So, you know, that would that would indicate that we’re relatively close at this point to Absolutely.

Success.

Brian Fenske, TMT sector specialist, Bank of America: So in the midst of this, as we approach the merger, how is how is IAPG preventing staff attrition of some of the most critical talent at the firm?

Philippe Grokowski, Chief Executive Officer, Interpublic Group: Well, mean, goes back to what I called out earlier, which is I mean, I think that we’re clear that if you’ve got these two large entities, they’re both public, these fairly federated companies, and you’re going to find meaningful synergies. And some will be the purchasing power that the entity brings into market. Some will be, you know, how you consolidate, you know, some sizable spend areas like real estate, but some will clearly be around around the people. And so on corporate functional areas, that’s definitely not as straightforward. In terms of the the talent question, which, you know, has been interesting because you’ve seen it called out a lot in industry press.

You’ve definitely, you know, seen it whispered hopefully by some of our clients who are like, hey. It’s gotta be bad for them in some way. But because there are a lot of benefits to to our coming together. But the the people who serve clients and the people who generate revenue see the strategic upside to this and are excited that they get more to bring to bear to solve client problems. They get more to go to clients with in the way of solutions or tools.

And so, like, nine plus months into this thing, all of those headlines around TalentFlight TalentFlight really haven’t materialized. And I think it’s because there’s a lot of enthusiasm for what it’s gonna mean to be a part of a company that has, you know, really strong commerce capabilities, a really remarkable data asset, sort of resources at a global level in terms of where we’re complementary to each other in terms of our our geographic strength. So that just feels like it was overblown from the beginning. And, you know, we spend a lot of time in the field with our clients. We spend time with our people.

So it’s not that we’re not making sure that people are okay and that they’re on board. But what we’re finding is that they’re very leaned in and they’re eager for it. So

Brian Fenske, TMT sector specialist, Bank of America: Yeah. Yeah. An opportunity Yeah. For for for the for the talent, if you will. So on this topic a second, because there may be some listeners who are not super up to date on the ad agencies and your company.

But if you rewind the clock fifteen, twenty years ago, they were holdcos and that owned a bunch of boutique agencies that were little fiefdoms, and little had their own CEOs, their own CFOs. And probably not as much back office synergy as they could have had. But then over the years, a lot of that’s been changed. Can you sort of, like, fast forward to how IPG as it stands now has is really a more seamless organization and not a bunch of disparate agencies as they once were? Because I feel like that is probably underappreciated by some investors who aren’t up to date.

Philippe Grokowski, Chief Executive Officer, Interpublic Group: Sure. I mean, you know, to your point, I think that across all of the large holdcoes, you know, how they were built and the degree to which they were still somewhat federated is more a thing of the past than not. Right? Now that isn’t to say that you couldn’t do better. I mean, I think we’re demonstrating just with the progress that, you know, kind of we’re making around thinking about, like, just ways of working.

The pace of change is significant. So you’re kind of going, there’s got to be ways in which you can embed tech and you can embed platforms so that you can standardize ways of working, which isn’t the silos piece that you were talking about and isn’t some of the kind of messy rearview mirror stuff. Right? And then the more you connect all the pieces, the better the product is because from a client point of view they get seamless delivery of a set of services and it’s connected to something that gives you accountability and clarity around kind of the value that’s being generated or, like I said, whether it’s, you know, outcomes, precision around audience definitions, you know, some of the benefits you get from how you show up in the market when it comes to, you know, media owners or or other players in a now pretty complex ecosystem because there’s MarTech and AdTech and and so on and so forth. So I think that, you know, we left that very decentralized cottage industry phase behind a while ago, but there’s still a lot of opportunity and and need now.

And one of the things that that, you know, you’ve heard from both John and I is the investments we make in tech and, you know, the word that you mentioned two seconds into the conversation, the need to kind of invest in AI and ensure that you’ve got you’re provisioning people with the best tools and resources. You know, all of that we can make now in a much more centralized way at a level of investment that means that we are a really credible player, and then everybody gets the benefit of that. Right? And so you’re right that the the perception of the industry and the reality are probably, you know, there’s a little

Brian Fenske, TMT sector specialist, Bank of America: bit of a a little bit gap. I agree with you. The opportunity is is immense to to not just on the synergy side, but the scale and the efficiency you can provide to clients is just gonna be different. I’m just gonna resonate in this market. Can you one one data point was Dentsu was said to be looking at potentially disposing of their international business.

Would that change the industry in any way? Or any thoughts?

Philippe Grokowski, Chief Executive Officer, Interpublic Group: Not not dramatically. Not that I mean, I think it’s a it’s a modest sized asset at this point, and I don’t know that it has anything that sits inside of it that is that is particularly differentiated. So there’s obviously some noise around it because they seem to have confirmed that it’s a process that’s begun on their side, but I’m sure we’ll hear any number you know, we’ll hear a lot of speculation about where it might end up. But my sense is that it’s it’s not in and of itself something that that changes the math a lot.

Brian Fenske, TMT sector specialist, Bank of America: Right. Okay. Now one topic that’s come up lately in the world of marketing search and AI is the idea that AI related searches, whether you do it on ChatGPT or Google, are giving you the answer, and not giving you 10 blue links, and not sending you around the Internet. So it’s making customer acquisition potentially harder, and making traffic harder to come by. We had a few tech companies, maybe it was HubSpot, Monday brought brought this up.

And, you know, we can make too much of it or too little of it. But I would love to just hear your if if you have observed that, if there’s any thoughts on is business discovery changing and traffic direction changing. Is that an opportunity for you?

Philippe Grokowski, Chief Executive Officer, Interpublic Group: Well, look. I think I think consumer behavior changes based on what technology gives you is a way you know, in the way of tools to navigate this incredibly overwhelming amount of information that we all deal with on any given day. Right? I think consumers are smart though, and so there’s a point at which they go, okay, am I outsourcing this? Am I missing something by outsourcing this in a certain way?

Right? So am I missing choice? Am I missing do I do I try it this way, and do I like the results and the recommendations that come back to me? Is it as interesting? So I think it’s it’s sort of TBD whether or not it will be it’ll de facto become, quote, the new avenue for discovery.

So that’s one piece of it. The next piece is that when things change and when things get a bit more complicated and when marketers need somebody to help them figure out how are we going to solve for this and how are we going to then find ways to intersect with the consumer, identify the audiences that we should be talking to in order to unlock growth, that is an opportunity for us. And then I guess the last piece I’d call out is I’m not I’m not sure that there’s ever been a medium that hasn’t hit a wall and discovered that it likely needs to be ad supported.

Brian Fenske, TMT sector specialist, Bank of America: So I was just gonna bring that up.

Philippe Grokowski, Chief Executive Officer, Interpublic Group: Yeah. Right. Yeah. And so the fact that in

Brian Fenske, TMT sector specialist, Bank of America: Uber, DoorDash Right. You name it, Netflix, Spotify.

Philippe Grokowski, Chief Executive Officer, Interpublic Group: Yeah. The streamers, like and so in, like, you know, top of the first inning, four pitches into the first batter, everybody’s, like, assuming they can now tell the rest of the, like, the story of how this game’s gonna play out. And I’m not I’m not sure that I would draw that conclusion as yet.

Brian Fenske, TMT sector specialist, Bank of America: Right. Yeah. My observation would be when you find a big tech growth industry that’s deeply subsidizing some user experience Eventually. And giving away content or like giving away a free ride, advertising usually not far around the corner.

Philippe Grokowski, Chief Executive Officer, Interpublic Group: And again, that then becomes an opportunity Yeah. Where we

Brian Fenske, TMT sector specialist, Bank of America: Yeah. I absolutely agree. So just again, like high level ad agencies are trading ad agency stocks are trading at pretty depressed valuations, not quite financial crisis levels, but pretty cheap. I mean, eight, nine times earnings. What you know the business better than any of us.

What do you think is most misunderstood about the businesses? I was looking, and I was actually saying the earnings revisions have been way more durable than a lot of stocks that have, you know, that I cover, even though as we’ve talked about revenue slowed. But what do you think the market might be misunderstanding about your industry in general? Well, mean, I think it’s

Philippe Grokowski, Chief Executive Officer, Interpublic Group: been it’s been the case for a couple years. Because look, mean, that that’s not a multiple, you know, if if you if you dialed back thirty six months, that would have been a a meaningfully different multiple. Right? And even at that multiple, I think that what was missed is that there’s a great deal of tech in the model that, you know, whether it’s what Omnicom has with Flywheel in the commerce space, what we’ve got with with Acxiom, that we have pretty powerful data assets. And so I think both of those are are misunderstood and then likely not reflected.

And and then I think the, you know, fact that the AI sky is falling part of the story seems to have, you know, landed in some areas to a greater extent than in others, and that I think we’re going to do well notwithstanding some of those concerns. Those are probably the three, you know, the three thematic elements that, you know, if people understood them better, you know, this idea of it’s it’s a tech enabled service. It has the capacity to build out both outcome based and SaaS compensation models, and it’s and it sort of sits on top of a powerful data combination of data assets and and the capacity to innovate and and incorporate these changes in a way that are gonna actually not just benefit us, quote, unquote, in terms of that we’re more efficient, but that that it’ll it’ll help us unlock growth. I think I think those are the ones.

Brian Fenske, TMT sector specialist, Bank of America: And, you know, in this industry, this merger, transformative merger for any of us who followed the industry for a long time, and and congratulates congratulations on the merger. I think I think it’s very exciting. Yeah. It’s But is this gonna be like a rallying cry for your company, for this merged company to help with recruitment, to help with, you know, changing your perception that this is, you know, kind of legacy media industry and that it’s not to bring forward some of those, you know, elements?

Philippe Grokowski, Chief Executive Officer, Interpublic Group: Well, mean, I think I think that it it’s exciting and interesting to our folks who work with clients, and as I said, the the people who are delivering value to clients and who are generating revenue. It’s it’s been something that we’ve gotten very, very positive feedback on from clients. So I think marketers see that there’s a meaningful benefit to them. So I think in those ways, it will definitely be very, very it’ll be powerful and well received. Whether it’s a rallying cry that helps us get people to understand the evolution of the industry, the complexity, and and I don’t know that that in and of itself it leads to rerating other than over a period of say twenty four months.

I don’t think that in like, I don’t think on day one it gets us that. Yep. But I think it does give us a platform from which we can we can prove that case.

Brian Fenske, TMT sector specialist, Bank of America: Yeah. No. I think I think there’s a lot to like about it. So we’re about out of time. Thank you.

It. Yeah. I wanted to thank you, and and again, congratulations on the merger, and wish you well. And thanks, everyone. Thanks a lot.

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