Hello and welcome to The Download. I'm your host, Dave Richardson. It’s always exciting to have our good friend Scott Lysakowski, Managing Director and Head of Canadian Equity at Phillips Hager & North. Scott, great to have you back, by the way.

Thanks, Dave. Good to see you. It's been a while. It's November, it's getting dark. Sometimes I feel like it gets dark just after lunch here, and the days of rain are piling up. Well, actually, today is a very important day because today is opening day at Whistler Blackomb. That's a good sign for me and my family that we can be dodging some of this darkness and heading up into the mountains and get some skiing in. So opening day.

You zipping up there today?

Not today. I think we're going to go next weekend. So the early season stuff is for the diehards. You got to use your rock skis. You don't have the full coverage just yet, so you don't want to use the good stuff in the early season. So we'll be using rock skis next weekend.

We were just talking about some food recommendations because Scott's going to Regina and Winnipeg this coming week. Beverage and coffee recommendations. So Winnipeg is good. Regina is a little tough. So we'd love for some of our fans in Regina to come on and give us some tips there because the coffee scene, since 33 1/3 went under, has been a little rough. But you need to stop with your family at Backcountry. Have you been there?

Big fan. Yeah, their main offering is beer. Big fan of the Widowmaker, Hazy.

Oh, yes. And you need to try the Maple Bay, which they brought out as an adjustment to the Widowmaker. And you'll love that. So we're not allowed to talk about that on this podcast, though, Scott. So we can talk about coffee, and then we can talk about other beverages. We are limited here on a corporate podcast.

And no free ads, unless we're getting benefits from it.

Well, I'm okay. We don't need benefits either. We love to support the business community in Canada. That's what we're here for, just like you, as a massive investor in Canadian businesses. So Scott, we got lots of stuff going on in markets right now. I'm sure we're going to have a really fascinating conversation, but you always show up with a few numbers and a few things that you're looking at and thinking about with respect to the Canadian market. And I know you always show up prepared. So what have you got this morning?

Well, as you mentioned, we're heading out on the road next week to do marketing for some of our newer strategies. So we're updating on markets. And given that it's November, we're almost through most of the year. So year to date, TSX has been very strong. I think year to date, we're up total return in the 23-24% range, which across all equity regions globally, that would be among the best. EM is just slightly ahead of Canada. So it's been a very strong year. A couple of things to note from that performance. Obviously, the big driver performance in Canada has been gold. It's contributed close to a third of the return for the sector. So gold, gold stocks, very strong. Gold stocks up close to 100% so far this year. So that's spectacular. And they actually had been strong coming into this year. So gold has been on a spectacular run. We could talk about that a little bit later in the conversation. But even if you back out that gold's contribution, the TSX x-gold is still slightly ahead of the S&P 500, which is interesting. So that relationship has changed a little bit this year. Typically, the TSX have been lagging the US. This year, ahead of the US. So that's something of note.

And Scott, we should note, too, that we've been talking about that for a couple of years now, the idea that we expected, and it's really about an 18-month out performance that the TSX has had relative to the S&P 500. And then particularly when you're talking about in Canadian dollar terms, although that's ended up being fairly even this year. But the previous six months, you'd had a little bit of a move in the Canadian dollar.

Well, yeah, that relationship that we've probably talked about, you talk about 18 months, and that relationship is really a long-duration relationship. The periods of relative performance are typically not measured in one or two years. They're actually measured in 10. And so, we know that Canada has underperformed the US, relatively speaking, for the last 10-plus years. I'd like to think that this 18-month strength and change in that relative relationship is a bit of foreshadowing for the years to come. But the one thing I was going to note is that, in the sector contribution of returns, typically in a market where Canada outperforms, it's usually those cyclical sectors that Canada has so much exposure to—energy, financial industrials, industrials, and materials. So materials are leading the way, but that's really the gold component of materials. So that's a less cyclical component of gold. And then, the other components. Financials are strong. Banks are ahead of the market, which is good. They've been lagging the market for the last one to two years and really have been very strong and really have been strong off that March, April low that we saw. But other sectors like energy and industrials have been lagging. We talked in our pre-comments about some interesting things happening—the energy stocks, we could talk about that—but industrials have been pretty weak, particularly the rails within Canada. They make up a big component of the industrial sector. So that tells me a couple of things that if we do get that more cyclical participation more broadly, thinking beyond financials and gold, even though it's not so much cyclical, but seeing some participation in the cyclical sectors beyond financials, seeing energy follow through with some of the recent strength we've seen, and getting industrials to finally participate more broadly, I think there's some more gas in the tank in terms of the relative performance of the TSX. That's something that's worth noting. Now, here's my stat.

Just before you give your stat of the day, we'll pause—we'll do a tease on the stat of the day—but I think the other thing we should think about because there's a lot of talk about AI and AI bubble, and you're seeing some volatility, particularly in the tech sector in the US. And one of the things about the Canadian market, and we've talked about this in the past, is you don't have that massive exposure to tech here. So if we are actually going through a rotation out of tech—and it's a little premature to suggest that that's exactly what's happening to put a nail in the coffin on this AI frenzy and the relative strength of tech—Canada is underweight in technology.

Yes, relatively speaking to the US, it would not have the same level of exposure, of course, or at least direct exposure. There are a couple names that are participating very directly in the heart of the AI CapEx boom that we're experiencing today. Then there's some other bigger technology companies that would be more of a beneficiary from AI as a user of it in their platform. So, of course, we think about that AI trade and the sentiment around it because it is driving markets globally. We don't need to dwell on the concentration. That's more of a US equity comment. But the concentration and even just thinking about the amount of the S&P 500—whether it's the earnings pool or the valuation or just the sentiment in the S&P 500 that's driven or attached to this AI thematic—it’s becoming quite large. I'm definitely not a bubble guy. I think it's something that people like to talk about. It's very interesting for conversation, but that's too hard for me. So I will sit that discussion out, but we're very aware of the implications that it has. I was even commenting to some of my teammates that we were watching the NVIDIA earnings very closely, and NVIDIA is not even a stock that's in our benchmark or in our portfolios, at least our Canadian portfolio. So I thought that was a very interesting observation of the behavior of markets, all eyes glued on this one company's earnings report, even though we don't have a lot of direct exposure to it. So that's something to know.

As I always say, when everyone's talking about a bubble, you're usually not in one. Bubbles usually sneak up on you, and you don't really notice. And we should also note that similar to the Internet, when the Internet stocks got ahead of themselves, even though it was going to be life-changing—just as AI is going to change the way we do business—the stocks can get ahead and pull back. But from a Canadian standpoint, the one thing we know about AI is that it needs endless supply of energy. And here in Canada, we're really good with that.

Yeah, we can talk about that. The one stat I was going to share with you…

Oh okay, stat of the day!

Stat of the day! When I talked about gold making a large contribution to the return of the TSX, that's true. It's a big driver of the returns. But we are seeing breadth across the TSX. I think breadth is something we've talked about in the past. I was mindful that my mom listens to this podcast, and she had no idea what I mean by breadth. But breadth means seeing strength in an overall index or an overall market, and it's not driven by a small number of stocks. We're actually seeing participation with a wide number of stocks. And one of the ways that we measure breadth is the percentage of stocks above their 200-day moving average. And so that's more of a technical term, but it is just a measure of the health, the overall health of a market. And the TSX is one of the strongest markets in terms of breadth. Close to 80% of stocks in the TSX are above their 200-day moving average. So that strength is not just in gold. We've seen strength in a number of places. Now, the distance that they're above their 200-day moving average could cause a little bit of concern, if we do see a little bit of a pullback consolidation, correction, the distance they have to travel to get to the 200-day could be quite high. And that's true within the gold space. And as we sit today, we've had a bit of a correction in the broader US market, but Canada has been consolidating and then staying fairly resilient through this. And as I sit here today, I look at the TSX trading just at or maybe even slightly above the 50-day moving average. So again, getting in deeper into technical terms, this is more of a shorter-term moving average. This has been a very strong level of support, whether you're looking at the TSX or even some of these other more AI-sensitive or higher momentum names—the S&P 500 has bounced off its 200 days several times—and the TSX sits, like I said, just above it. We're over 140 days—we might be even close to 150 days of the TSX above its 50-day moving average. And what's interesting about that is that's the third largest period of time above its 50-day moving average in history. So that's this idea that we're seeing strength in the Canadian market. We're seeing strength across a number of stocks and sectors, and we're actually seeing that resiliency of that strength and that persistence of that strength being shown by staying above its 50-day moving average as well. That's another strong point. If you think about the US—and I'll use the Russell 1,000 just to get a more broader capture of the US market—only 55% of the stocks in the Russell 1,000 are above their 50-day moving average. A lot of talk about the US market has become so concentrated in a very small number of names, the weight, the performance, the earnings contribution. The valuation is driven by a very small number of names, and that has implications on its own. But for Canada, we're seeing some of that breadth despite gold being a large contributor. It's something that's really important, I think, to note to the listeners that the TSX has been strong, gold has been strong, but it's not just gold driving the returns for the TSX.

For your mom, that's a great explanation of breadth. We love Canadian breadth. We also like Bread, another Canadian band your mom probably liked back in the day. But I got some stats for you on this. I wanted to focus on the makeup of the Canadian market because it is distinctly different from that of the US in terms of the composition that makes up the Canadian stock market. We're sometimes making that direct comparison, Canada-US, and we think of Canada and the US right beside each other, big trading partners. But what makes up the bulk of the Canadian equity market is very different from the way the US is allocated. And you need to remember that at times when different parts of the market are leading or falling back.

One of the things that we highlight in some of the presentations to advisors on the road is that we talk about the strength of the TSX, and we talk about the breadth of that performance coming from a number of different sectors, not just gold, and then we talk about the underlying earnings growth story in the TSX, which I think sometimes is lost when people think about US markets. You point to the earnings growth and you talk about AI and these Magnificent Seven or the top 10 companies in the S&P 500. The earnings growth is spectacular coming from these companies. I always say, they don't call them the Mediocre Seven. They call them the Magnificent Seven for a reason. And so we have to explain the earnings story in Canada. One thing to note is we've just wrapped up third-quarter earnings for the TSX with close to about 90% of the companies have reported. The year-over-year earnings growth in the third quarter as reported is up 17% for the TSX as a whole. That's a pretty big number. The quarterly earnings number in aggregate for Q3 actually just eclipsed the record that we saw in Q2. So we're at record earnings levels and showing strong earnings growth for the TSX. So the thing we need to focus on is the composition of the earnings growth. So if you say analysts are forecasting 12 to 13% earnings growth for next year, that can be a bit of a surprise given the uncertain outlook for the overall economy. But the thing we have to remember is that the earnings composition for the TSX is very different than the overall economy. I have a chart that I've been using in a presentation that breaks down the GDP components across all the different sectors, and then compares that to the TSX weighting. One of the things that stands out the most is that the real estate composition or contribution to GDP in Canada is probably one of the highest sectors. It's just under 15%. And the real estate composition of the TSX earnings is about 2%, something like this. And so manufacturing, health care, these are all big drivers of the overall economy, but they're not big drivers of the earnings pool in Canada. Of course, we know the earnings pool in Canada is dominated by the big sectors: energy, financials, mining. And so those things can be in a very different cadence of growth in terms of the earnings pool relative to GDP. The one thing I would note is that one of the biggest contributions to the TSX earnings pool is coming from financials and coming from banks. So we have to be mindful that the banks are really a function of all the rest of the sectors of the GDP. So if we do see a period of economic weakness or if we see this slowdown that we've seen over maybe the last couple of quarters continue on or get worse, that will start to impact bank earnings. But there's lots of ways that TSX earnings can go up, even in the face of a slightly uncertain economic outlook for Canada.

Yeah. And Stu Kedwell and Eric Lascelles both talked about the trade negotiations that are going on right now and the potential that we get, at the very least, a better-than-expected outcome in the trade negotiations. And that would help the Canadian economy and certainly help policy in terms of driving spending and policy towards economic growth, which again then ultimately spills out. And you say there's not that direct connection between earnings and the overall economy, but a better economy, a better economic backdrop is going to be better for earnings in general. So that's one reason, as you talk about the banks and financial services, and ultimately materials as well, that economic growth is a wind behind the sails as opposed to a wind against you.

Yeah, I think we have been concerned. One of the things I am worried about, I agree with your point that all of this trade headlines and rhetoric and uncertainty, it's been a lot of noise, and it's been a lot of noise that will hopefully lead to a resolution that's certainly not as bad as what people once thought. That plus the fact that it's been a nice stiff reminder, a good kick in the pants for our new Canadian government to get out there and reestablish some trading relationships outside of the US. Diversify our portfolio, as they say. If you've got great stocks in your portfolio, that's great, but you need to have some other stocks in your portfolio as well. And we are seeing that. That's happening every week. There are headlines not only about establishing better trade relationships with other countries but also doing more investment inside of Canada. There's been a number of energy infrastructure or more broad infrastructure projects being announced that will go through a fast-track process. Those are all great things, and those will benefit us in the long term. What I worry about is the potential for, I'll call it an air pocket of businesses that have been a little bit on hold. And we're approaching a year since the election. So businesses have been on hold with this uncertainty in terms of capital investment, major hiring decisions, things like this. And that's going to start showing up, and it perhaps is already starting to show up in some of the economic data. So my concern is that while the right things are being done for the long-term benefit of our economy, which is probably more important, the stock market will probably look towards that. But I do worry about in the near term, there has been this pocket of uncertainty which has held everything on hold, which may show up in some slightly weaker economic data. But that would be more of a shorter-term effect that might get the market a little bit rattled in the near term, but we do think that over the long term, the market will gravitate towards those more positive tailwinds as you highlighted.

Yeah. I know you spend time out, as you've already mentioned, traveling across the country. I'm out all the time. When I'm talking to business owners or businesspeople, period, who are working in businesses where trade is an important part of what they do and their operations relative to the US, that's just been a cloud hanging over everyone's head. It's had an impact. Uncertainty creates paralysis in some ways when I don't know what to do because I don't have a definitive answer or definitive information around how to make that decision. Clearing that up is going to help. But as you say, a whole year of that uncertainty—it's hard to believe the years move fast—but it has been a year since the election and that cloud over everyone's head. So it'll be nice to remove it one way or the other, hopefully positive, and then we move forward. But I do think to some extent, the TSX is reflecting that it's going to be much better than the worst of what we thought back in January, February, March of this year.

Certainly. And I think about those days that we spent out on the road through February, March, April. The headlines were coming out as fast and furious. And to be able to get up in front of audiences and say that there is some underlying strength in the Canadian market, I think was hopefully helpful. And I think our clients benefited from that. Going back to the earnings as drivers of the TSX, the two big pools are energy and financial. So we could talk about gold a little bit—perhaps some puts and takes there—but energy and financials are the big drivers. I talked about earnings wrapping up for most of the companies in the last couple of weeks. The banks, they're going to be set to report their Q4 and year-end numbers in the coming weeks. As for the expectations, banks have been strong, but most of the strength in banks is going to come from those March, April lows. They had been weak heading into that, and they actually had been weak over the last two years. We've seen a lot of strength, a lot of recovery, the valuations have improved. I think the market is bringing forward some of this potential strength in the face of a recovery. I think credit is still a concern for people looking at banks. The measurement for credit health is the provision for credit losses, PCLs. PCLs are expected to be peaking in these quarters. We saw a little bit of improvement in PCLs, at least they didn't get worse last quarter. And the expectations for bank management teams, CEOs, analysts following the banks, and I think investors where they're trading at today is that the credit conditions will continue to improve as we head into next year. And that will be helpful. And if you think about the rest of the earnings drivers of the banks, they are very strong. Capital markets activities have been strong. Actually, we've seen a pickup in capital markets activities even in the last couple of months with M&A, with the deal flow, some equity deals coming to market. So there's an expectation that capital markets activity has picked up and will actually start to continue as we head into next year. The wealth business, as we know, has been quite strong with markets just being generally higher and seeing some of that cash from the sidelines coming into investment portfolios. And so that's good for the wealth business. And then the other thing—you and I work for a bank—there's been a big focus on cost cutting over the last number of years. Just like any business, when you are able to keep your cost structure down or have you focused on reducing your cost structure, and now you're adding incremental revenue on top of that. That's something we call positive operating leverage, which has really been helpful driver for earnings growth. So you have this scenario where you have rising revenues on a more efficient cost structure, which is going to be helpful for earnings. It's going to be helpful for return on equity, which is a big driver of bank valuations. You do have this risk around credit. I think I've talked about this before, we're refinancing two-thirds of the bank's mortgage book this year, next year, and the following year. And some of these mortgages were underwritten five years ago in a very low-interest rate environment, and interest rates have gone up. They're not as high as they were—Bank of Canada has been very supportive—and so mortgage rates are lower than they were, say, two or three years ago, but they're still much higher than where they were five years ago. For the Canadian consumer, your monthly mortgage payment going up 10 to 15, maybe 20%, that's your biggest single monthly expense for most Canadian households. Having your biggest monthly expense going up by 15-20%, you're going to have to make some choices with where that's going to come from. And then the most important thing to note on that front is the employment situation. We were just a snick under 7% unemployment, which is a high number, and hopefully it doesn't get much higher. But if things were to deteriorate, that would be a risk. Now, the offset to that within banks is that the banks are very well capitalized. I think every bank except for one is buying back stock. We could see, as banks report their fourth quarter, an update on how they're returning some of this excess capital shareholders through share buybacks and dividend increases. It's not a perfect situation in terms of the visibility of earnings growth for banks with this concern around credit and the economic sensitivity. But the offset to that would be, they’re very well capitalized. And then in the meantime, the other drivers of bank earnings have been very, very strong. So valuations have started to reflect that, but I would expect to see some earnings follow through as we head into next year.

Yeah, steepening yield curve. And I mean, hopefully as well, if you look at the Canadian economy—you're in Vancouver, I'm in Toronto—and those have been relatively weak housing markets, particularly in some specific areas like small condominiums. Any improvement there is going to help and then if you get the housing market moving in the right direction again, that helps the banks. Banks, financial services, a big part of the Canadian market. Why don't we shift over to energy. I think the snapshot or the quick look that people would take on the energy sector is that oil has been floating right around $60—actually below $60 a barrel at different points in time—but there's actually some positive news out of the energy stocks?

Yeah. So a few things going in the energy sector. Oil has been weak, and it has been weak for most of this year. I think it's down 15 to 20% year to date. And it's basically been declining for the last couple of years. We had that big spike up with Russia, Ukraine. We spiked up north of $100, and we've just been steadily grinding lower, which has been a headwind when we talk about those earnings forecasts. As the oil price comes down, the estimates come down for the energy stocks. And so they've been fighting that negative headwind where some of the other sectors have had a positive tailwind. So it is the one part of the market where the earnings forecasts have been coming down, and that's a big driver of the TSX earnings pool. In terms of the oil price, I don't have a strong view. I think every time I get on here, and we talk commodities, the one thing I say is that they're really hard to predict, and it's really hard to forecast, but we have to be mindful of it. The one thing I would notice is the narrative and the sentiment towards oil is very weak. We're not in a very robust bullish environment for the oil price. But meanwhile, the stocks themselves, the oil and gas stocks, particularly the large cap Canadian names, oil producers, they’ve not been as weak. If you looked at the oil price and if you read some of the headlines around oil and demand for oil, you would think that these stocks have got to be in a lot of pain. Then you look at the charts, and you say, well, actually, they're acting okay. I suspect there's a couple of reasons for that. One is, especially the large Canadian energy companies, the large cap oil and gas producers, they have been working so hard, fighting declining oil price and they've been working on their cost structure. They've been very disciplined with their capital. They've been forced into this, but their business models are very resilient to weakening commodity prices. Let's not kid ourselves. If the oil price went down another $10 from here, these stocks will be under pressure. But their balance sheets are in much better shape. Their cost structure is in much better shape. Their free cash flow generation is much better today in a period of weakening or declining commodity prices than it has been, say, in the previous decade. The business models are much more resilient and sustainable in a period of declining or low oil prices. That's really important for us. We're long-term investors who understand that they cannot predict the oil price. I need to feel comfortable that if the oil price, if the commodity situation weakens further, that the company's balance sheets are in good shape, that they're going to survive. They have strong balance sheets. Their cost structure is low enough so that they can keep generating cash flow in a weaker commodity price environment. The way that they allocate capital—less towards growth, more towards maintaining the current level of production—that will hopefully allow them to continue to generate not only just positive cash flow, but positive free cash flows. The business is sustainable. The balance sheet is in good shape. Companies are still focused on returning some of this excess free cash flow to shareholders. Dividend share buybacks are still on the table for these companies. Balance sheets are in really good shape. When we talk about energy stocks, we think about scenarios. I don't necessarily think about the high case scenario. If oil went back to $80 or $90, these stocks will be fine. The stocks will go up. They'll be in great shape. But we got to think about the downside scenario, and they certainly wouldn't be pricing in a significantly worse oil price than what we're seeing today. But the good news is that they're very resilient to that weakening. And in the commodity picture, the other thing that's interesting—and we talked about earnings growth, and we haven't talked about estimate revisions as much—but estimate revisions have inflected positively in Canada. And that's something that's happened over the last number of years. But really at the midpoint of this year, we saw this uptick to estimate revisions. And that's really important because that's what the market is what you're thinking about. It's not so much what are the earnings and what's the earnings growth? It's where is the earnings growth going? And what's interesting is that the oil stocks, not a lot has to happen for the estimate revisions to be positive. You could actually have a flat commodity price, but you'd still get the earnings to be positive because the estimates stop going down. That's maybe something that's a little harder for people to wrap their heads around, but the rate of change is the way I'd like to think about it. The oil price has gone from 80 to 60. That's been a negative headwind for earnings. But if the oil price goes from 60 to 58, there still could be positive estimate revisions because of the oil company's cost structure share count reduction. They could actually generate positive earnings growth or even positive year-over-year earnings growth, even if the commodity price is flat. That's something that's important to note in terms of the driver of the earnings forecast for the TSX as a whole, in particular for the energy stocks.

You mentioned the banks that are buying back stocks and in the energy sector, the larger energy companies are still quite active in terms of share buybacks, no?

Yeah. A lot of them have really tried to show some improved discipline around capital allocation. We talked about this. In the previous decade, oil prices were strong. They were growing production. This time around, oil prices are not strong, but they're focused on, and they put a systematic framework in place to show to the investment community, to show to shareholders that, hey, we are being disciplined about this. They are going to take some component of their free cash flow, and they're going to allocate that to debt paydown. When they get their debt paid down to a certain level, all excess remaining free cash flow will go towards dividend and share buyback. The market has received that welcomely. That shows the discipline. It's just a construct, a scorecard to measure them by, and companies are staying quite focused on that. We are seeing some M&A within the sector, which is an interesting thing to note because that shows that these companies are feeling good about their businesses, that they're willing to combine and merge with other companies. In order to do that, you're going to have to issue shares and take on a little bit more debt, but a belief in the combined entity that it's going to be greater value to shareholders going forward. That's an interesting sign that we're seeing, some M&A and some consolidation within the industry. Again, that's going to drive even more efficiency on the cost structure and help drive earnings without the need for significantly higher commodity prices.

Yeah. And we've got lots of new listeners, and please share the podcast with your friends and family, subscribe anywhere you get podcasts, and also give us some likes on YouTube, because Scott's looking pretty sharp today—that's worth a like on its own. But we should mention that M&A is mergers and acquisitions. And so when you see that activity, that means even the firms are seeing some value in the share prices, which is nice. And then the big thing about share buybacks, we should make this point, is you take the actual earnings of a company that might stay flat year over year, but if they bought back shares, then fewer shares means your earnings per share would go up, which is really what drives your valuation. The math works better when companies are buying back shares. And that's why you often like and you think of where companies generate shareholder value, it's in dividends—that's cash that they're paying out directly to you—or share buybacks because, again, that's cash reducing the number of shares and making your shares, on a relative basis, technically worth more. So these are good things that are happening. So Scott, we always run a little bit long, which is fantastic. It just says we need to get you back more often. I did want to talk about gold. We're going to get you back very shortly and do a special edition on gold and mining, because if you rearrange the letters in Scott G. Lysakowski, it's «I know gold». Take a piece of paper, you can work that out. Scott, always great to catch up with you. Enjoy the skiing. Glad to hear that that's up and running. I know that as it's raining and dim and dismal in BC every day, it's good people can drive up the mountain and get some physical activity in and brighten up your day. But thanks. By the way, I think, for the first time since 1952, the polar vortex is going to come down into Regina and Winnipeg area and produce an incredible cold front. So you'll enjoy that. That'll wake you up if you can't find good coffee there.

I'll pack the parka. That's a good tip. I'm looking forward to it, being out in the road and seeing some of our advisors and clients. But, yeah, thanks, Dave. And yes, the prospect for ski season is what gets me through these dark and dreary days. If it's raining in Vancouver, I'm just hoping it's snowing up in the mountains. So that's going to get me going.

Excellent. So again, travel safe, and we'll talk to you soon.

Thanks, Dave.