People Inc (PPLI) September 9, 2026 Conference Transcript

All right, I think we'll get started here. My pleasure of having People, Inc. this year at the conference, Neil Vogel, CEO.

Thank you for having us.

I have a brief bio. Hopefully I don't embarrass you too much, but Neil Vogel, the CEO of People, Inc., owner of People, America's largest publisher, holder of a significant minority stake in MGM Resorts, and Turo, a leading car rental marketplace. In addition to serving as CEO, Mr. Vogel continues to lead the strategic direction and day-to-day operations of the People, Inc. subsidiary, which, under his leadership, has grown from what was IEC's acquisition of About.com to the largest digital and print publisher in the U.S., featuring 40-plus iconic brands. So with that out of the way, it's great. I'm glad I got it right. Thanks for being part of the conference this year. I want to start. Big picture. Obviously, the company's been undergoing a pretty significant reorg over the last several months, but you've been part of it for a very long time. So for those investors that are getting reacquainted to the story, how would you frame People Inc.'s investment narrative and some of the reorgs that's been going on?

I'll say, I'll keep it simple because we'll probably get into more detail later. So we're really doing... Three things. We are focused on executing at a very high level at People, Inc., and I think we've done a pretty good job as of late, made 11 straight quarters of revenue growth, all kinds of things we'll talk about. The second thing we're doing is focusing on the assets that matter most to us and investing behind our assets, which is People, Inc., and which is MGM Grant, which we're very excited about, and obviously. There's a lot going on around there that we can maybe talk a little bit about, and the third thing we're doing is we're taking a look at the rest of our portfolio and trying to rationalize the rest of the things, turn some things into cash, continue the integration and some saving of some corporate costs. Um, and, and with all of it, we hopefully, once we're able to, we'll be buying back a bunch of shares too. So there should be, there's a real clear path to value creation. It's executing people link, investing in the two big businesses we believe in, getting liquidity out of the rest of the things we do, um, and, and just being opportunistic as we always have been.

Pretty significant shift away from the old IAC model, and so would you...

It is. I think it's definitely a little bit less of a holding company, but again, if you look at MGM and you look at PeopleLink, it continues the vision of what Barry likes. Exceptional businesses in markets that are big and growing and exciting, and in the case of what we're doing now with a real focus on brands and real-life experiences, things that are hard to disintermediate in a world where everything is trying to disintermediate you.

Yeah, that makes a lot of sense. I want to dig into some of those growth drivers. You mentioned people as a subsidiary has shown really impressive growth. What have been sort of the key drivers of that growth, and how would you sort of frame the opportunity to continue that?

The easiest way to understand people, Link, is you take a step back. And five years ago, we put together what was Dot Dash, which was our media business, with Meredith, which was a combination of Time Inc. and Meredith. And at the time, we were very, very good at sort of like in media, the print-to-digital transition. And this was a play on let's get ourselves these iconic brands that Meredith owned, people, food and wine, travel and leisure, southern living, all these things, and let's take the expertise we've learned on the internet and let's build great businesses and back Back then, all your traffic came from Google. We were very, very good at Google. And we kind of were good at the first phase of Internet media, which was print-to-digital transition. And then we very quickly, because we were very focused on Google, saw very early that Google was changing. And Google was beginning, even before AI, to send out less and less traffic. And we were like, well, this is going to be a problem. So what we did is we focused and we very quietly invested in... Our own emails, TikTok, Instagram, YouTube, and because we had these wonderful brands, we had the power to build audiences in all these other places. So a year or two later, when AI, really commercial AI comes around, and you're like, uh-oh, we actually saw Sam Altman present ChatGPT about a month before the commercial launch, and I walked out of there with my CFO, and we just looked at each other like the world going forth is going to be different. Let's analyze the problems and the opportunities. The problem is this is going to really accelerate this search disintermediation. It's a good thing we started doing these things, but we've got to hit the gas on doing these new things. Because search is going to be very challenged. And there's going to be opportunities that we can talk about of how to make our business better. So what we were able to do is build all these new businesses because our brands are great. So what we call, we went from sort of like the print era to the digital era. We're in what we now call the brand era. And the brand era is using the power of our brands and the ability that we have to do all of these things in all of these different places and arenas to grow a business. And that's what we've done. So, the zooming out, you know, five years ago, our business was primarily a web business. Seventy-plus percent of the audience came from Google. Now, more than 40-plus percent of 43% of our business is not based on sessions. Only 20% of our web audience comes from Google, and we've grown 11 straight quarters. So, we've really managed to make this transition, and in many ways, we're out the other side. The Google risk is out of the business. It's down to 20% of our just web audience, and we've built these. We have really diverse audiences and really diverse revenue streams across some of the best brands in the world, and we're a very strong and healthy business where we sit right now.

This is great. I definitely want to touch on some of those non-session revenue streams and those opportunities going forward, but real quick on search and the distribution landscape, how that's evolved. What have been some of the key channels for you outside of Google and outside of search that have been impactful for you?

So we look at our business in two ways, if you follow our earnings. There's sessions-based revenue and non-sessions-based revenue. Let's do the sessions first. It's easy. That is, people come to the website and we sell ads or do some commerce or do something. That was 70% Google. Now it's 20% Google. That business, in terms of volume in the last quarter, was down 20 plus percent year over year, but revenue is flat because our brands are great. Our ad execution is great. We're really good at that. That was going to be the stable part of our business. The other part of our business is non-sessions-based revenue, the new things that you talked about that we refer to. That's growing 15% to 20% a quarter, and that is events. That is all the things we're doing on social media across TikTok, Instagram, YouTube. That is online video. We have now 47 episodic shows that we run across different platforms, including something called The Intern and some of the biggest shows on the Internet we've created and we own and we're monetizing. Decipher, some of the ad tech that allows us to use our incredible data to target ads around the web. And licensing, which for us is a three-pronged thing. Which, for us, it's content licensing, like Apple News and giving our content to other people. Our content is exceptional. AI licensing, which I'm sure we'll talk about, which is OpenAI and Microsoft and Meta. As well as, like, real product licensing, like Better Homes and Gardens is one of, if not the biggest licensees inside of Walmart. And Southern Living is a very big licensee inside of Dillard's. This business is taking advantage of the power of our brands to touch people in new ways, whether it's an event, whether it's watching something on YouTube, it could be any number of things, but that business has real energy in it, and it is just new ways for our brands to connect to their audiences. And I think the interesting thing is, a lot of people, this is not new to us. We've been doing this very quietly for a while, so when the world changed... We were ready. We've done a lot of things wrong, but this is probably the thing we've done most right.

That's great. Maybe touch on a little bit more detail, some of those revenue opportunities on the non-session side and non-advertising side. So you've talked about consumer-facing subscriptions in the past, obviously live events and things like that.

Yeah, so events are a big deal for us. We'll run 50 events. That's in that bucket where 50 events are crossed. All of our brands that we're really excited about. You just mentioned one other thing.

Oh, subscriptions.

We have launched two, and we're launching a third major subscription effort. So subscriptions aren't new to us. We still have print magazines. We still have 11 million print subscribers. It's a smaller part of the business, but important. We've launched a subscription recipe product around something called My Recipes, a 5 million member recipe locker business that we launched on the web. So we launched a value-added app that people can pay for. We're about to launch something called People VIP, a way to get more out of your relationship with people and get content early and get all kinds of stuff. And a super fan club for fans of Southern Living with big recipe lockers and all kinds of things. Southern Living has this incredibly loyal, active audience. So between events, between what we're doing on social, between what we're doing with video, between what we're doing with subscriptions, With what we can do with Decipher, the opportunities are really, really broad, and it's a really big focus for us. If you've followed us on earnings, And Barry calls these things inversion projects, taking the typical brand relationship we've had with people and inverting it. Like, why can't we launch a sweet tea at Southern Living, which we're actually going to launch? Because we've been making it in our test kitchen for 50 years, and it's so good, we now want to sell it to people. And we're doing all of these things because if you look at marketing, and we spend a lot of time looking at marketing, there are three things you need to do to market something. You have to have a list. You have to have an offer, and you have to have some creatives. The offer and the creative you can make, the lists are incredibly hard to find. That's what people have to buy in media. But we have the lists. That's what we do. We have millions. We send out three or four billion emails a month just to people who want emails from us, and that's just the tip of the iceberg. So our ability to market these things, we're really excited about.

That's great. What are some of the gating factors to launching some of those things, and what are the investment areas? Is it go-to-market and awareness? Is it more on the development side?

I think it's like anything, new things are hard, and we're at a... One of the things our organization has done is we've navigated change really well. We are an entirely different company than we were two years ago and a different company than we were two years before that. And I think we do one thing in particular that really anchors people and helps us do these things. And new things are hard, and expanding old things is hard, and new events are hard. With everything changing around us, we really focus people on our brands. Like the promise of People Magazine is the promise of People Magazine, however it's delivered. And if you look at People and you look at the woman who runs the editorial, Charlotte Trigg, she's amazing. People is ordinary people doing extraordinary things, extraordinary people doing ordinary things, focus on royal celebrity gossip, beauty style, whatever, whatever. Her job is to figure out how that manifests itself across TikTok, Instagram, events, red carpets, you name it, the 15 things that we do. But the trick is the brand is constant. And when people are anchored in the brand, it makes it feel less stressful to do these new things because you always have this thing to fall back on. So we're always saying to ourselves, make it nice. Like, make it nice. If you're doing a new thing, It's impossible to know if something's going to work or not, but make something you want to use. Throw an event you want to go to. Make an app that you're willing to pay for. If you can do that, we're halfway home, and we have the privilege of having these incredible brands to work with, and that's, like, really fun. So it's got to be fun. It's got to be fun. It's got to be brand-based, and you have to have people that embrace this stuff, and then you can solve these problems. Now, every business I outlined before has opportunities and has problems, and we can get Super micro, but that'd be very boring. So I'll just keep it at the level where we were now.

I would think in a world of increasing AI and low-quality content and things like that, the brand value and especially live events as well would increase.

So the unexpected thing of what is going on in the world, and we could talk a lot about AI, is... The incredible expansion of crappy content and mediocre things created by and around AI has helped us immensely. So people, if you're cooking dinner for your family on a holiday, you want a food and wine or a whole recipe. If you're like redecorating your bathroom, you want that article on. Maybe Southern Living is your Southern, or maybe on Better Homes and Gardens. The brand promise of our brands has shined through, and you can see it in things like our ad rates. One of the things is, we notice if you go back to our revenue, our simple, our session-based revenue, we're down more than 20% in sessions, but revenue is flat. That's simply because of ad rates, because the content is great, people are paying a premium for brands because they know it's real, brands like it, and humans like it. So there's been... A true flight to quality in the market, and we've seen a lot of it, and it's benefited us remarkably. And it's also, going back to your last question, It's the thread that runs through everything we're doing. We make more content than anybody in our space by magnitudes. It is all made by people. Now, we use AI to help processes, but like this human-created, when we make a recipe, you can watch the video, you can see the thing, you can read the comments, you can get all those. It's an incredible advantage we have. And we don't have an advantage in everything, but we have to lean in where we have advantages, and the humanity of what we do is a huge advantage. Yeah, that's great.

I definitely want to touch on the advertising side of things, but just on that point. How do you balance the halo effect around the brands and increasing those consumer touchpoints and not extracting value, but monetizing those touchpoints with maintaining that level of brand quality, especially as you go into data licensing and content licensing partnerships?

We actually think that's a false trade. The thing that makes us appealing... For things like content licensing, the fact that our content is so good, the world doesn't need any more mediocre stuff. So let's talk about content licensing, right? And we do a lot of content licensing, like we'll put content, we're a huge partner of Apple News and all these other, you know, like AOL and whoever, you name it. But let's talk about in the context of AI, which is what everybody wants to talk about, is Our content is in great demand. Because we grew up with search, what we have content on is the most commercial stuff that people need. It's accurate. It's created. It's super high quality. And we know from crawling rates that we are among the most crawled websites in the world. We are a top crawled by Google, by you name how it works. So the content's good. Now, what we've been able to do is turn that into value. And part of how you turn that into value is you make it scarce. And we now have the ability to block this content for almost everyone. And what that does is that it's brought people to the table who are willing to pay for our content. If you're making an AI model, call it just like a foundational model, you need three things. You need power, you need engineers in a model, and you need inputs. We're the inputs. We are incredibly important inputs to people because we are factually correct. We're great for grounding. We're great for rag. We make more new content every day than any other publisher. And whether it's what Kim Kardashian did or the latest diabetes thing that just came out yesterday or all these trending avocado recipes, we are what people need. So we've been able to get deals done with the foundational models, which are very much sort of like all-you-can-eat deals. And increasingly, there's a lot of interest on pay-as-you-go models, like we have a deal with Microsoft and a couple of other smaller guys who are trying to put this together.

But one of the most

surprising things for us was... When AI started, in quotes, everyone was saying, oh, content's worthless, content's worthless, all of the content in the world has been crawled, and it has made our content incredibly valuable. Because the new stuff we make that is on these super commercial topics that is very accurate is incredibly valuable for both RAG and training, and in a consumer way, at least. AI is going to be search replacement. We're in the exact right spot. We're the answer. And so it's been a really interesting time for us to be focused, exactly what you said, like, make it nice. Everything's got to be nice. The world doesn't need mediocre. We're not mediocre. Our brands are premium. What we do is premium, and we're getting premium pricing. Now, we have a different issue with Google because they use OneCrawler for search and for all their AI. Search AI, and we can't block them, so we don't have any leverage with them, but that's going to resolve itself in some way.

Yeah, I was going to say, there might be some updates on the regulatory front.

Yeah, there's, I mean, for those of you who don't know, Google uses one crawler for search and for AI, and if you opt out of it, you will lose search, and we're 20% of our... Web traffic is still from Google, so we can't really opt out of it yet. But there will come a point we can, but I don't want to get that way. I want to get to an economic deal with them or whether it's... Well, on the run, it's because something forced them to. We'd like to get that solved.

I think you bring up a really interesting point. There's been this realization of where the value is in terms of these content licensing partnerships, whether it's for the back-end backlog for training purposes, but really most of the value going for that inference, that new type of content.

It's a really interesting thing. In the pre-AI era, our most valuable content is not what our most valuable content is now. Now, it is in some cases. In health content, it was incredibly valuable then, and it's incredibly valuable now. But things like longer-tail finance content was very... It was worth a lot prior. It isn't worth much now. And where that Kim Kardashian, what you did last night article, probably didn't have that much worth in a prior world, that's now incredibly valuable. And doing these things at scale on topics that humans are interested in is very valuable. And doing it at high quality and doing it like we do where we make thousands of pieces of content a day, it can be a very valuable thing.

We'll see. Yeah, that's great. I want to touch on the advertising industry and health of the advertising ecosystem. I think in your last call, you framed it as sort of a 6 out of 10, right? And that's really just driven by you're very diversified in terms of the industries that you touch. So maybe just frame for us the health of the advertising ecosystem and the outlook.

I mean, that wasn't that long ago. I think we're still a 6 out of 10, and I think from a macro sense, it's... Okay, good, not great. Good enough for us to do our job. Good enough for us to hit the goals we'd like to hit. It's very category by category, and that can be very week by week. The political environment is very unsettled. That's been bad for anything. Inflation-related, gas price-related, CPG, consumer, all the stuff in the supermarket is bad. Travel is bad for obvious reasons because of what's going on in whole parts of the world no one is going to or coming from. But there's other things that are super strong for us, like health is super strong. So it's a very mixed bag. Having diverse sources of revenue for us is really helpful. I don't, I wish... I've been giving the same answer now on this for two years. Advertising hates uncertainty, and we live in nothing but uncertainty.

I think people are getting increasingly comfortable in uncertainty, and then something gets even more uncertain. So we'll see what happens.

But I think heading into the back half of the year, I think as of right now, we're fine. Can you talk to us?

Fair enough. Can you talk a little bit about what's inside of your control, right? Some of the improvements you've been making to the underlying ad tech stack, the targeting and measurement improvements?

Yeah, it's a good frame. We frame a lot of what is in our control and what is out of our control. I'll give the biggest in our control is how we use AI and new things to make our org better. And, like, the easiest thing I could say that's in our control is... We make 50% more content, which includes a whole more types of content than we did two years ago at the same aggregate cost of two years ago. And it's arguably a better quality. That is entirely us internalizing and using. We have AI-type advancements to help our people, to give them tools to make things. And the easiest example of what's in your control is we make a lot of recipes. We have, whatever, 40 or 50 test kitchens in Birmingham, Alabama, and we have recipe developers who make a new recipe for food and wine or for serious eats or for whatever it's for. They used to take them a week to research, get the ingredients, test, make the recipe, shoot it. We can now do two or three in a week. And when you can do that, you're like, whoa, that's a major improvement. And what we've done is we have not used that to... Well, then we only need three. Same number.

We make more.

And that allows us to really have advantages over everybody else making content in that we just have so much good, high-quality content that in a very good way we can flood the zone on things. And so far it's working. And we are punching way above our weight, or maybe punching at our weight now, of where our content can go and what it can do. Whether it's episodic shows on... TikTok and Instagram, whether it's things on YouTube or whether it's just having the nth recipe that somebody really wants, it all really matters. That's a very... In control thing in a world where like AI feels out of control. And when you combine that with like, we have brands, we're getting better, we're getting more efficient, then you have room to make some mistakes. And then you got a puncher's chance to come out the other side in a way that is very productive. That's great.

What are some of the investments that you are making to help facilitate that? Is it licensing of third party models to be able to facilitate that as a more internal investment?

A little bit, I think. At this point, we're not like a bleeding edge technology company. I think for us, it's more cultural than anything. We can buy all the tokens we want from the model. But we made a decision that we weren't going to have a central. AI czar. We have a team that helps facilitate and teach people things, but everybody in every group is responsible for AI in their world. And even if you're not using it for work, like I'm burning up tokens because I made for my son this trading card. Storage, grading, propose a trade, should we do it for all of his basketball and football cards that we vibe-coded, and it's amazing and really fun because we need people to get comfortable with this and in their day jobs. The things we were producing by people you would have never thought would produce this stuff is incredible. And nothing revolutionized the business, but every single one of those things moves you one inch down the field and one inch down the field. And it makes people not fear the future when they understand the future, and that's a very big part of what we're doing.

That's great. Going back a little bit to the advertising business, you talked a little bit about Decipher, but what did that do for you and what's that outlook?

So Decipher is a product, for those of you who don't know. It's an ad product we developed. We did it. The best products are products you develop for yourself. Decipher was how we targeted across our own sites, which is... Very simply, if somebody lands on a page on real simple, what color do I paint my kids' bedroom, we know from where they go next pretty much everything about them.

We know they just have a kid.

We know that obviously correlates to buying kid things like formula, but you very likely need a new car, a new house, new credit card, all the things that come with having a new family. So what that allows you to do is when Fidelity is an advertiser, you can put Fidelity on that piece of contextual content, and it performs incredibly well. This is the crux and the underpinning of how we built our on-site ad business. What we learned was we can go around the open web. We can look at all the other URLs. We can say, well, what URL does that match to on our site? Oh, the performance there is going to look like the performance. It's not going to be as good because it's not branded, but it will be really good. Can we use our data to help people buy the rest of the web? And that's what we did. And we launched this product called Decipher. It's a little bit more complex, but you basically get the idea. And what we do is we'll go out to a third-party site, and we can buy their ad for a dollar, and then we can resell it to somebody with our data on top for like $5, where it would cost $9 if they bought a like thing on our site. And it performs in a way that's interesting. It's not branded, but it really, really works. We're a couple years into this, and we're really learning the use cases for this. This is very strong for political advertising. We don't take political ads on our own sites, but what those guys need to spend a lot of money in a short period of time against very tight profiles, we can really do that. It's very good for CTV. It's very good for health and pharma, and we're learning, and it's growing, and it's a very exciting thing for us to do. It opens up the TAM of the web. The one headwind in that is, as we've talked about, the open web. It's not growing like it once was. It may not even be growing at all, but the sentiment around the open web isn't great. So that's a bit of a headwind. But what we're finding is we're finding these veins of people where this is a real capability that can really help them. And we're very excited about it. It's a big piece of our growth going forward. It's a big piece of what we're doing. And very importantly, the org, we built a real piece of ad tech that really works, and it proved to a lot of people that we can do new things, and that was really important for us.

And how much of it is based on contextual advertising versus more first-party data, and especially as you increase the touch points with your end?

So what we say is our contextual data is first-party data. It's just not data on a person. Like, our data is we 100% know. How that page performs and who is going there based on first-party data, we just don't need to know who it is. So that's actually helpful for certain advertisers like pharma that can't target individuals and do things like that. But it has been a big unlock for what we think is a pool of really incredible data. That's great.

I have to ask and maybe touch the third rail, but around MGM, I know you're somewhat limited in what you can say there,

but you've

outlined a potential to increase your investment there, but maybe just talk about what the outlook is.

I obviously can't say a whole lot. We vary, and we believe MGM is... We're undervalued, as we've said. We believe that more control on our part can help unlock value. We're very optimistic, and as Barry said on our earnings call, maybe we get above 51. In the event we don't, we're going to get there. It's going to be more slowly. We're going to buy it more slowly, but we're big fans of MGM. It's a core investment for us. It's along with the thesis of people. These are real-world things. Real brands and real fans and our real assets, and it fits the profile of what we do and what we're good at. Barry looks at, and we all look at, we want great businesses in vibrant, scaled industries that have real moats. Vegas and MGM, they have that with their brands and their properties. We think we have it with our brands, too, and that's where we are, and we'll see.

Great. Similar with Turo. Oh, I did a good job with the third world. That was great. Didn't mean to frame it as a third world, more just limiting what you can say, so I recognize that, not to put you on the spot. Similar with Turo, you have that minority stake as well. What's your path to realized value?

I started out, before I got to the shop, as a very happy Toro customer. Toro, a couple of really good quarters in a row, double-digit growth. Free cash flow, NPS scores, people really like using it. I think Toro's challenge now is they just got to get more people to use it. We've said, and Barry has said publicly, we'd love it to go public as a way of getting liquid. We're obviously not in a control position. We can't force that, but we would encourage that. But we're very happy with Toro. And I'd say the same thing about some of the other assets you have, Vivian Deliby, they're performing. I think those two in particular would probably be better in another home, but everything is performing right now, and we're not in any rush to do anything that's not optimal, but we have said, and we've been very clear, that we'd like to monetize the balance of this portfolio and free up the cash and the capital.

How do you think about, as you take a step back and look at the portfolio of assets that you have, and maybe what might fit into your broader sort of thesis around live events and premium users and things like that, is there anything out there that might fit that bill, not from a specific name standpoint, but more about industries or use cases that you think about?

I'll start with PeopleLink and then we can talk about the whole thing. I mean, I believe we've done... A couple of very small acquisitions that are a little bit of a head nod to where we're going. And one is we bought a food influencer network at the end of last year called Feed Feed, which is strategically important, not big. And earlier this year, we bought something called Hot Luck, a Gen Z barbecue event. And these are real life, real branded things that can accentuate things we're already doing. I think going forward, our deals would be a bit bigger. We're going to try and move the needle. We're not a small business.

In terms of...

So PPLI overall, we're going to continue to invest behind People, Inc. We're going to continue to invest one way or another. Behind MGM, we're going to try and unlock value in these other assets. We've got a whole bunch of corporate savings that are going to run through in the next year, and we're going to hopefully shrink the shareholder base over time while we can. Now, we can't now with MGM going on, and we think there is a ton of value creation ahead for us.

How would you frame those sort of, you know, investment priorities and the balancing of, you know, leaning into making some of those investments to drive growth versus, you know, maybe realizing some of those corporate overhead, you know, things?

Well, the corporate overhead is going to come from the consolidation of the changes we made where we went from IEC to PPLI. I think we're just going to be opportunistic like we always have, and we're going to deploy capital in the way that we think is the best value. If buying back shares is the best value, great. If doing something for People, Inc., the publisher, is the best value, great. If it's MGM, great. And there's a very good chance we do all three.

That's great. Only a minute or two left. Maybe bring it all home. Hopefully, you'll be part of the conference next year. So if we're sitting here in 12 months from now, what do you see as the biggest opportunity to execute on the next 12 months? And then as you look out more broadly, what are you most excited about the business?

Again, I'll do People, Inc., the publisher first, I'll do the whole thing second. We are incredibly excited at the publishing business with the power of our brands, and we talk about planting seeds and growing trees. We have planted so many seeds. We should see a lot of these things start to sprout next year, whether it's some of the subscription things we talked about, whether it's our events growing, whether it's our content business, whether it's more AI licensing deals, whatever it is. I think we feel really good and optimistic about where we're going for the larger entity, PPLI. I think we're just going to be really disciplined on our plan of value creation, and it's People, Inc., MGM, buyback shares, monetized stakes. All of a sudden, there's a lot of very obvious value to people that can close. What is some of the parts discount to the market value that we see now?

That's great. Very compelling. Well, thank you so much.

Thank you. This was really fun.

Please join me in thanking people for being part of the conference this year. Thank you.