$TTWO Take Two Interactive Q4 2026 Earnings Conference Call

Thanks, Nicole. Good afternoon and thank you for joining us today. I'm pleased to report that we concluded fiscal year 2026 with excellent results, including fourth quarter net bookings of $1.58 billion, which was above the high end of our guidance range. Net bookings for the full fiscal year were $6.7 billion, which was approximately $750 million above the initial guidance we provided last May. NBA 2K delivered record net bookings and recurrent consumer spending. Zynga achieved its highest level of net bookings since we acquired the business in 2022. And the Grand Theft Auto series once again exceeded our expectations and continued to drive significant net bookings and deep engagement with its passionate community of players. Fiscal 2027 is poised to be a breakout year for Take-Two, led by the November 19th release of Grand Theft Auto 6, arguably the most anticipated entertainment property of all time. And we're excited that Rockstar Games will start their marketing campaign this summer. Our initial financial outlook for fiscal 2027 includes record net bookings of $8 to $8.2 billion. This reflects meaningful growth over last year led by the launch of Grand Theft Auto 6 along with successful execution across our entire portfolio. We expect to sustain this higher level of scale and generate strong cash flows well into the future as we release our robust long-term development pipeline and capitalize on new opportunities across our highly established multifaceted business.

Turning to highlights from the quarter, I'll begin with our fantastic mobile performance. Toon Blast grew approximately 25% year-over-year as Peak introduced new events and features, including Temple Guardians, Deep Quest, and refined level experiences. Match Factory continued to perform with players responding positively to its live service execution and a continuous pipeline of player-friendly features such as the collectible album. Empires and Puzzles outpaced our forecast and grew 5% over last year, driven by a robust slate of in-game events celebrating the title's 9th anniversary. Color Block Jam grew 15% year-over-year and remains the highest-grossing title in Rollic's history. Pop Slots delivered its strongest quarter ever after 16 years in market driven by superb performance of the Bundesliga and live operations innovation. 2K's mobile offerings posted another solid quarter with WWE SuperCard reaching nearly 39 million lifetime downloads. NBA 2K Mobile continuing to expand its audience. NBA 2K26 Arcade Edition maintaining its top five position on the Apple Arcade charts and NBA 2K All-Star in China growing to nearly 10 million registered users after just one year in market. Our direct-to-consumer channel continues to drive net bookings and margin growth as we integrate additional mobile titles from our portfolio and deepen our relationships with players by reducing payment friction and enhancing the end-to-end user experience which is generating improvements in conversion and customer loyalty. As the regulatory landscape continues to evolve, we're even more confident in the sustainability and growth profile of this platform.

The Grand Theft Auto series continues to outpace expectations significantly and demonstrate incredible momentum leading up to the launch of Grand Theft Auto 6 on November 19th. Recurrent consumer spending grew 5% year-over-year with strong engagement in GTA Online driven by a Safe House in the Hills, one of the best performing updates in its history. This content offering provided a wide range of community-requested features, including mansion properties, the return of Michael De Santa from Grand Theft Auto 5, all new missions, vehicles, exclusive GTA Plus benefits, and the powerful new Rockstar Mission Creator that allows content creators to make their own GTA experiences. Sales of Grand Theft Auto 5 advanced further with nearly 230 million units sold in to date. GTA Plus continues to see significant growth year-over-year, led by the holiday update and highly attractive monthly benefits, such as the inclusion of NBA 2K26 in its games library. In addition, Rockstar Games' Red Dead Redemption 2 achieved its highest level of annual unit sales since its launch year with over 85 million units sold in to date.

During the quarter, our sports offerings also performed well. NBA 2K26 continued to expand its audience. To date, the title has sold in over 10 million units, representing a 5% increase over NBA 2K25. Recurring consumer spending grew 10% as we benefited from higher daily active users and games played per user. In keeping with our strategic focus on innovation, Visual Concepts launched Season 5 for NBA 2K26, their first-ever college-themed offering featuring 16 iconic universities, which was welcomed by NBA 2K's vast community and provided a glimpse of what's to come in college basketball for next year and beyond. I'd like to thank our partners at the NBA and the NBA Players Association for their continued engagement and support in our collective mission. On March 13th, 2K and Visual Concepts launched WWE 2K26, which was well-received by critics and consumers alike. Engagement has been excellent with recurrent consumer spending up 20% year-over-year and more than 85 million matches played, an increase of 7% compared to WWE 2K25. 2K is supporting the title with multiple updates through its Ringside Pass. I'd like to thank Nick Khan and his team at TKO for their unwavering support and partnership as we continue to evolve this series further for fans of the game.

PGA Tour 2K25 enjoyed a fantastic resurgence. 2K captured an influx of new players and drove strong organic interest by aligning Season 5 with the start of the PGA Tour season in January and including the title in PlayStation Plus. During the quarter, our consumers played 60 million rounds of golf, representing a 110% increase over the third quarter. 2K will support the franchise throughout the year with several more content updates. In closing, we're incredibly excited by the promise of our future, for our players, our organization, and our shareholders. This year has the opportunity to be a major inflection point for our company, defined by groundbreaking entertainment experiences, creative and operational excellence, and record net bookings. With our flexible balance sheet, our strong cash position, and our expectation that we'll generate over $1 billion in operating cash flow this fiscal year, we believe that we're extraordinarily well positioned to take measured creative risks, to pursue creative M&A, and to invest in technology that will unlock greater creative capabilities and operational efficiencies across our organization. I'm immensely proud of our teams and exceedingly optimistic that we'll continue to drive greater success and shareholder value for the long term. I'll now turn the call over to Karl.

Thanks, Lainie and Karl. On behalf of our entire management team, I'd like to thank our colleagues around the world for their commitment to excellence and to our strategy of being the most creative, the most innovative, and the most efficient company in the entertainment industry. To our shareholders, I want to express our appreciation for your continued support. We'll now take your questions. Operator?

Rockstar will provide more details on the GTA series when they're ready to talk about that. I think you're asking though, what do we expect will happen with recurrent consumer spending regarding GTA Online? And look, I think to say that everyone has been pleased by the ongoing trajectory of GTA Online, Red Dead Online, the sales of GTA 5, the sales of Red Dead would be a great understatement. These titles have proven to be vastly more resilient than anyone expected. And I think it's a reflection of the quality of the work that Rockstar has done. Despite the fact that Grand Theft Auto 5 is now has been in market for three console generations, continues to sell. It's now up to 230 million units. Red Dead is up to 85 million units. So, you know, we're so extraordinarily pleased with how Rockstar's titles have performed. It's difficult to know exactly how Grand Theft Auto Online will do after the release of Grand Theft Auto 6, but certainly it will stay in market and certainly there are many, many consumers who love the title.

So, you know, this will sound boringly consistent with our answer to this question. It's the same as it has been for as long as we've been in the position of having positive cash flow and positive cash balances. There are three uses of our capital here. First, to support organic growth. This company's story has largely been an organic growth story and we certainly have expectations for organic growth in fiscal 27 and we believe that fiscal 27 is setting a new benchmark, a new standard for this company going forward. That's all organic. But as you can see from our numbers we have to invest to be in a position where we can grow in that way. And our balance sheet and our P&L allows us to do just that. Well, that will continue. The second use of our capital is very selectively when it makes strategic sense and let me emphasize this when it's a creative, we are willing to engage in inorganic opportunities. The most recent meaningful one was of course the acquisition of Zynga in 2022 for $9.7 billion in cash and stock and then more recently the acquisition of Gearbox. And so, you know, I'm proud to say that all of our acquisitions have turned out to be creative and successful over, you know, nearly two decade period. That's pretty breathtaking for corporations, not generally the case. And I think that's because we're immensely disciplined. You're not going to see us doing deals hand over fist. But assuming our balance sheet continues to improve, I think you could imagine more inorganic growth in the future as well. And we've already said in this release today that we expect to be in a net cash position by the end of the fiscal year. And finally, we return capital to the shareholders when it makes sense. So far, we've done that through share buybacks. And they are opportunistic and we believe that share buybacks make sense for our shareholders when they are executed at deep value. Our last buyback was done at $158 a share. We'll see how the stock opens tomorrow, but I think no matter what that was pretty good planning on our side. So look, like all stocks, they move around different price points. Our stock traded down as low as I think $195 in the last six weeks and there is an opportunity to return capital to the shareholders when it makes sense.

Sorry, what would the relationship be from your point of view?

Look, when we look at pricing I would not say we look at it in the context of the install base. We absolutely look at pricing in the context of the property itself. And so, what we want to do in every situation, whether that's console, mobile, PC, frontline, or catalog, is deliver to the consumer vastly more entertainment value than what we charge. We want the consumer to have a great experience. And we think a consumer experience is the intersection of what you get and what you pay for it. And probably a great example of that is Mafia: The Old Country, which is a terrific title. But it's not, you know, it's not a 100-hour experience. Not a 50-hour experience. And so we priced the title at $50 and consumers were thrilled and we had a massive hit on our hands. Now I suspect we could have priced at a higher level. We wanted to make sure that consumers loved it and part of loving something is feeling good about what you pay for it.

So, it's a very fair question. We had a great year at Zynga and I think it's more the way you characterized it, which is we're not prepared to guide to, you know, continually beating expectations materially at any business unit. So, we do guide as we see it, you know, and this is how we see it. However, as you said, it is a reflection of the fact that some titles that were newer last year are older this year. Now, all that said, you know, Toon Blast was up 25% and it's a very old title. So, we do have opportunities to exceed our expectations now and then. But, you know, this is our best estimate sitting here today. As far as our expectations around new launches, you know, we in the mobile side particularly, we never anticipate huge numbers because it's just impossible to do so. Hit ratios are just too low. So our guidance would typically reflect our expectations around the marketing spend in the year. Because we don't, we would never guide around doing something silly. You know, in the mobile business, if you're getting bad immediate results from a marketing expense, you stop doing it. And our dev costs are pretty manageable in the mobile world. So I would say unlike say console where you know you have a big release go, I'm not going to give you the example you want. So we have basketball coming up like you know we know how many units it sold so far 10 million units sold in to date we know the prior year the year before that we have a sense of the market like we can estimate that pretty well within a band but with mobile we just don't have the ability to do that so I think it is, you've correctly intuited that our mobile numbers would not include an expectation for some massive new release hit.

We remain enormously optimistic. You know, technology helped build this company. Video games are created largely inside computers and always have been. When I started in the video game business in 1993, we were making 32-bit games. And they certainly look anything like they do today. And that's all driven by tech. I think the sort of confusion surrounds a belief that somehow more efficient asset creation puts us at some disadvantage or creates a competitive advantage for someone else. And I just don't believe that's the case. To the extent that technology allows anyone to do a better job in asset creation, naturally we'll avail ourselves of the same technology. If you take a look at the tech in market that is currently licensed for the creation of video games, it's licensed broadly. No one exclusively licenses technology for video games. So if a competitor has access to AI and that allows someone to do something better, quicker, cheaper, then we would have access to the same thing. The second point that I've made that I would stand behind is that asset creation is not the same as hit creation. So, you know, the entire story around the Gemini release was, 'Wow, you can create assets that look like video games more easily than you could before.' I hope that's true because that'll benefit us naturally. You know, we have a three-part strategy. Be the most creative, be the most innovative, be the most efficient, seems to me that even if it doesn't help with creativity, it certainly should help with efficiency and innovation. So, that could be thrilling, but we do have to remind ourselves asset creation is not the same as hit creation. And the best example of that is, you know, there are thousands of new mobile releases a year, but there's a handful of new mobile hits a year and we make some of them. Despite the fact that everyone has access to the same tech because everyone licenses exactly the same underlying technology for the creation of mobile titles as we do. So I remain highly optimistic. Now, I'll give you a real-world example. I was visiting one of our studios and they showed me some advertisements that they were putting together to advertise their games and these were live-action ads and they were funny and cute 15 to 30-second ad units that you've seen a zillion times and they were all created with AI, licensed AI, legal AI, and the script was done in-house for free by, you know, people, colleagues who work at the company already. And the software was used, AI software was used, the entire cost of making the spot was zero. And previously, we hired third-party companies to actually create those with human beings. And those spots could cost $25,000, $50,000, $100,000. Now, please note, we, you know, not only were we not interested in reducing our headcount to make this happen, we didn't have the opportunity to reduce our headcount to make this happen. The entire marketing team at this particular studio is two people. They're doing a great job. But what AI has allowed them to do is be more efficient, make great stuff, and do it cheaper. And, you know, this is all a benefit to our company.

Look, we're trying to meet players where they are and to the extent that people want to have a hand in creation, there are numerous opportunities for them to do so. So, you know, I just think it's incredibly exciting and our company embraces these advances. So, you know, we're not precious about what we do here. We're open-minded. An example, another example of that is the 5M business. You know, where this started as sort of a business that was outside of our four walls and, you know, and now it's a business that's inside our four walls and we're thrilled that it is.

Well, look, we're not economists, although we certainly have a point of view about where the economy is going, and that is one of the factors we consider when we build guides.

It reminds me of my SATs. It's box D, all of the above.

Well, actually very different. So Toon Blast has been around for a really long time. Match Factory is relatively new. So Match Factory last year was still in growth mode. And we projected that it would moderate. We'll see what actually happens. Toon Blast is a legacy title. And with regard to Toon Blast, what you're seeing is a title where the consumers who are involved are getting more and more involved. And that's a reflection of the content that Peak is putting into the game and offers that are made to consumers. So basically with regard to a legacy title where you may not have a sharp growth curve on DAUs, you will have an effort to actually serve the consumers we have much more effectively. And I think that's what you're seeing in Toon Blast. Match Factory is still in pretty steep early growth. It's not that old a title. So very different. We need to be muscular in both areas. We need to be able to run our live services businesses really well for a long, long time. And Zynga does a phenomenal job at that. But by the way, so does Rockstar, right? GTA Online is a live services business. It's 13 years old. Red Dead Online is a legacy live services business. NBA 2K Online is a live services business and we have to do everything well here. It's what makes this place an exciting place to work.

You know, we've got a pipeline of frontline titles. We got to turn them into hits. We don't always succeed, but we have to try. We have a live services business that I just mentioned. We have to optimize those across both mobile, console, and PC. And then of course we have a catalog. And when you add it all up and we do a good job across the board, you get the kind of year that we got last year and we now expect to make a meaningful step up. Obviously driven largely by the launch of GTA 6, but also driven by performance of the rest of the business. And then we expect to set that as a new base from which to grow and that's a reflection of firing on all cylinders. Undoubtedly, we'll have some lapses along the way. We don't know where the lapses will be, but if history is any guide, we'll also have some titles that will meaningfully beat expectations going forward. And part of our three-part strategy of being the most creative, the most innovative, and the most efficient is indeed to be the most innovative. And if you look at the history of the company, we've been a leader in innovations, whether that's cross-development or marketing. And I have no doubt in the coming years we'll be able to innovate further. And I don't know exactly what form that will take. But I would just note that this company doesn't look anything like it did 19 years ago, despite still being in the interactive entertainment business. Lots of what we do here didn't even exist back then. And this industry, never mind the company, is still on a sharp growth curve in terms of its cohort of engaged consumers and the opportunities to do new things and bring those new things to people in new ways.

So with regard to the titles you mentioned, as it happened, they all performed better than we had expected, but we've had plenty of other titles that disappointed candidly. Thankfully, not of late. And they tend to be few and far between. But it would not be accurate to say that our expectations are always exceeded, not accurate in the least. And that's why, you know, we are, I think, appropriately humble around here. This is the entertainment business. It is unforgiving. We try our hardest. We do not always succeed.

So actually it's the contrary. When entertainment properties are aimed at children, you know, I don't know if you have children but right around the age of like 10 or 11 they do not want to be children anymore they want to be teenagers. And so one of the issues, and this is not by way of being critical of anyone else in the industry, but one of the issues with children's programming whether that's linear entertainment or interactive entertainment is that children reach a certain point they don't want to be engaged with kids programming anymore, even if it's appealing to them. So it's not that a certain kind of kids oriented interactive entertainment is necessarily a feeder to what we do in certain parts of this company. Remember, we also do make plenty of entertainment that's available for all audiences. But with regard to our M-rated titles, it's not necessarily the case that something else is a feeder to it. It's a different business, but it is a business that is only available if you're 17 or above. And I think if you engage with interactive entertainment and you're 17 or above, it's very difficult for me to imagine that you wouldn't be incredibly interested in M-rated titles, specifically one that is coming up.

Well, we certainly try to do that. You know, we work with AppLovin and we are trying to optimize of course our return on ad spend. And sometimes things are going really well in the market and other times we're frustrated in the market depending on what's going on. There have been moments, for example, when we really couldn't get out there and spend because we could not find inventory at a price that made sense. There are other times when we can do that. That changes. It's our job to make sure that we understand the payback period on what we're spending and we have very tight guidelines about that. But you have to be on top of it all the time because when you spend money in mobile as you know you're spending it based on an expectation that you'll earn it back over a period of time. That expectation is based on prior history but prior history isn't always dispositive with regard to what happens in the future. So we are constantly on a daily basis tuning up our models that will inform how we spend money on user acquisition. As I said, sometimes it's greater, sometimes it's lower. We also have this weird anomaly which I'm sure you're aware of which is if we're out of the UA business for a period of time because we don't like it, of course we make more money because there's no UA that's spent that comes back the same day in its entirety. Sometimes we get a really quick payback period. We have had experiences where the payback period has been as quick as 90 days and I don't think we talk publicly about our expectations around the payback period in general. But let's just say I think we're more conservative than most. To answer your question, are there new opportunities to be more efficient in this area? Yes, I believe so. And of course, it's not lost on anyone that after Apple changed their attribution characteristics, the entire industry was challenged. But you can see from our own results with Zynga last year that we have surmounted those challenges and we feel pretty good about how the business operates now.

Well, look, I've been saying for a long time that I thought both sort of the competitive landscape and the regulatory landscape would be favorable with regard to our overall distribution costing and taking as part of our overall distribution cost our DTC cost which is materially lower than third party cost but multiplied by the share of market related to DTC and we have said that that share has been growing. We have not talked about what percent it is or where it's going. What we want to make sure though is two things. Number one, we want to be where the consumer is. The goal of this company is not to control distribution. The goal of this company is to make hits and bring them to consumers wherever they are, however they want them. And of course to do so on economic terms. We value our third party retailers greatly. We especially value them when they provide marketing opportunities for us. And we understand that there's a value in the marketing that third-party retailers can provide. And that would intersect with how much they charge us for access to their consumers. So the more value a third party retailer provides to us from a marketing point of view, the more comfortable we are working with them. At the same time, there is a role for direct to consumer opportunities. For us, it's all of the above.

Well, look, thanks for the question. You know, I'm obviously not going to go into detail. What we've said about marketing GTA 6 is that marketing will start this summer. And as you know, any information around releases and marketing comes from our labels and that shouldn't be news to you. That said, do we see in any release, no matter how highly anticipated it is, both the need to market the title and the opportunity in marketing the title? We do. And I was asked about this earlier and because I absolutely refuse to use a title of ours as an example, I used someone else's and I said so there's a new release of Mission Impossible and it's starring Tom Cruise. Like we all know what that looks like and I for one am going to see that movie. But Paramount still spends a whole lot of money to market that to make sure that people know it's out and it's great and it's worth seeing. And I think that's the story of the entertainment business. So I don't think there's any situation where one can expect to have a massive hit and not engage heavily in the marketing and I think that will be true for this company across the board and I think again across the board actually I think this company does spectacular marketing and whatever we did last year we got to do better this year and whatever we do this year we got to do better next year. We demand it of ourselves and frankly the market demands it of us.

I think that everyone has bought into the possibilities of new technology and I think there are times when some of my colleagues think I'm too conservative on the topic. I've actually never been accused internally of like going too fast or doing crazy stuff. I think I probably err on the side of being a little more conservative. Think about it. The people who are on the front lines of developing here are absolute experts in software, in art, and in video games. And the way they got the job to work at a company like this is because they were on the front lines and because they were innovating and they were highly creative and because they were efficient. So, you have to assume that they're going to be the first people to embrace new technology that allows them to do a better job. That said, we're known for making these beautiful handcrafted titles around here and any technology that we use, I think, will be in the hands of immensely creative people and will take the form of handcrafting. Our art is created in computers. It always has been. But our art is created by human beings using computers and I believe that will continue to be the case.

Yeah, as you know, look, the PC market's a great market and it's growing for console type titles and it's a market we serve avidly. And virtually all of our hit titles end up on all platforms over time. That said, Rockstar Games has announced GTA 6 for console only so far and we're excited about our November 19th release.

So obviously we've had a lot of great success in the Turkish market from a development perspective. Some of our biggest and best titles or studios are in Turkey. We have a fantastic relationship with our developers there and we love being in that environment. In terms of sort of the government opportunities, to the extent that there are opportunities available in any jurisdiction where we operate we would take advantage of those as much as we possibly can. Local jurisdictions are very important business partners to us. And it's something that we take very seriously because it's an opportunity. It's not only good for us but it's also good for the local markets.

I think what I was trying to get at was on real terms, video games have become a better and better deal for consumers over a period of time and that's a good thing. So, I don't think the comments are in conflict. In other words, if you can give people something really great and you can offer it on really favorable economic terms, that's a win-win. So, I was really trying to make the point that even though I think the value has grown materially, certainly a video game released today is vastly more exciting, compelling, intriguing, and longer-lasting entertainment than it was when I was at Crystal Dynamics in 1993. But in real terms, frontline prices have declined. I was using that as a backdrop to point out that we think that the most important thing is to deliver the best entertainment on earth and then the second most important thing is to do it on really favorable economic terms but I didn't mean to guide in any way how you should think about our upcoming unannounced price on any release. That will become clear to the market in the fullness of time. Whatever it is though, we want it to represent enormous value to the consumer.

I think of course not having announced any online version for GTA 6, it certainly would be premature to talk about an upcoming business model for something that we haven't talked about. But I think conceptually what we pride ourselves on here is being thoughtful and open-minded, and trying to meet consumers where they are and trying to optimize the entertainment experience for those consumers. And that's what we've been talking about a lot on this call. You know, when it really comes down to it, what does this company think about? 24/7, what do I think about? I think about making sure that this is an enterprise that more so than any other entertainment enterprise on Earth focuses on making hit properties that excite and engage consumers. That's what we all think about. Right now I'm in a room with our staff. We don't, in this room, we're staff executives. I'm with the IR team and the finance team, the operations team, legal team. But our job, we don't make the titles here, we don't market them not in this room, not the room that's talking to you today, but our mission is to make great entertainment properties and if we get that right as an organization, all 14,000 people, full-time colleagues and contractors associated with Take-Two and our affiliates focus on making the best entertainment on earth. Then everything else will take care of itself.

Naturally, we have to be the most thoughtful people, the most aggressive people with regard to marketing and distribution. Oh, by the way, legal activities, finance activities, accounting activities, tax activities as well. That's our job. But the mission of the organization is to make great entertainment. And having spent a long time in every entertainment business there is, I can tell you one thing. Hits cure all ills. Make great hits over and over and over again, you're going to have a great enterprise. And we're so proud of everything this company does. And we're so proud of the culture in which we do it. But if we don't get up every day and make hits, none of that matters. So that's our job. That's what we focus on. And frankly, the results that we're talking about today and the guidance that we gave you for tomorrow, all of that is based on having made hits, having delivered hits, and an expectation that we are going to bless you and an expectation that we're going to continue doing just that at a higher and higher level.

Look, the cannibalization doesn't really apply to the entertainment business. In the entertainment business, you compete against everything. You compete against your competitors. You compete against yourselves. You compete against nothing, you know, it's the choice to do nothing. So, if you're in the grocery business, like everyone needs to eat, so you're competing with the grocery store next door. But with regard to entertainment, if there's something that you want in the market and then there's something else that you want, you'll try to buy both. And if there's nothing that you want, you won't buy either. So there's no real cannibalization. And in fact, history shows that when there's a big hit in the market, you know what it does? It energizes consumers around the entertainment market and they consume more. So, I actually think if we're fortunate enough to have the kind of year that we expect, maybe we'll even do a little better than we expect. That's not just going to be good for Take-Two and our labels, it's going to be good for the industry as a whole.

I've spoken an awful lot today and as you pointed out, I've been at a bunch of conferences lately too, so maybe no one needs to hear any more from me. No more from me. I would like to say this though. We delivered great results that we talked about today and we set a guidance that reflects great results going forward. All of that comes from our colleagues around the world. So I want to take a minute to express this management team's enormous gratitude and my personal gratitude to our creative teams, our marketing teams, and our distribution teams and our finance teams and our operations teams all over the world and more than 100 offices around the world if I'm not mistaken. Who work incredibly hard and an incredibly dedicated way to support our collective mission. All of this is because of their work. I just get to organize the victory lap. So thank you to our team. And then I'd like to take a moment also to thank our shareholders and everyone who supports us and the people who attended this call. It's always nice to have a good news call and we're really happy to share with you all.