Speaker 1: In a decade of disruption for the business of sports,
Speaker 1: one game has seen a significant.
Speaker 2: Upsling During COVID, golf exploded on a.
Speaker 1: Course, at the driving range, at indoor simulators and entertainment venues.
Speaker 1: Record numbers of Americans played golf last year, and a
Speaker 1: growing portion of those were women. More than six million
Speaker 1: women and girls played the game on a US course
Speaker 1: in twenty twenty two, again of fourteen percent over twenty nineteen.
Speaker 2: You look at the number of women that want to
Speaker 2: learn the game, young girls that are joining on the tea.
Speaker 2: Really an exciting time for all of us to really
Speaker 2: capitalize on this moment.
Speaker 1: It's a moment of peak opportunity for the Ladies Professional
Speaker 1: Golf Association. Founded in nineteen fifty as a playing tour,
Speaker 1: the LPGA is now a nonprofit organization supporting women's golf
Speaker 1: at every level.
Speaker 3: I think that the LPGA's the land of opportunity. They
Speaker 3: were the originals. Like when you think about women's sport
Speaker 3: and the idea of women founding and building sports on
Speaker 3: their own, I think LPGA.
Speaker 1: LPGA tournaments featured the world's best players competing for millions
Speaker 1: of dollars, while LPGA programs build a grassroots involvement that
Speaker 1: creates a passionate audience for the product.
Speaker 4: Golf is one of those rare sports that adults actually
Speaker 4: love to watch, but then they can actually go play nice.
Speaker 1: Oh that's the best of the day.
Speaker 2: Holy cow.
Speaker 1: Molly Marcousseman was named LPGA Commissioner in twenty twenty one.
Speaker 1: That was amazing, bringing credentials as a college athletics administrator
Speaker 1: and a longtime sports facilities executive, smoothing her transition to
Speaker 1: this new challenge seasoned CFO Kathy Milthorp, who started her
Speaker 1: career at the LPGA over thirty years ago.
Speaker 4: Kathy's you know, wealth of knowledge for the golf industry
Speaker 4: was really really important for me to be able to
Speaker 4: learn the business.
Speaker 2: We're going to do a little finance one on one
Speaker 2: for the player for the new player director she was
Speaker 2: talking about.
Speaker 4: She's definitely not the CFO that sits in the office and.
Speaker 5: Crunches the numbers that we tell her to crunch.
Speaker 4: As we're talking about strategy, we can just ask her
Speaker 4: sitting in the room, Okay, what are the levers we.
Speaker 5: Can pull to to really implement that strategy in competition.
Speaker 1: Golf is the ultimate individual sport. But for the LPGA
Speaker 1: to sustain its momentum as a driving force for women's golf,
Speaker 1: it takes a team effort.
Speaker 5: She has this tremendous knowledge, but she also you know,
Speaker 5: she's committed to the business. She's passionate about it. She
Speaker 5: really doesn't just think this is what I'm told to do.
Speaker 4: She thinks about how we can actually grow the organization
Speaker 4: every day.
Speaker 5: So it's been a godsend to me.
Speaker 2: She loves the LPGA, loves the organization, and I think
Speaker 2: in that leadership role, you really have to have a
Speaker 2: passion for the mission. She's also got great business acumen.
Speaker 2: She's interesting because she really does like the numbers. So
Speaker 2: as a CFO, that's great for me.
Speaker 1: She's asking about the numbers all the time.
Speaker 2: She's asking about the numbers. She likes the numbers. I
Speaker 2: think if she dies and comes back, she's going to
Speaker 2: be an accountant one day.
Speaker 5: With our growth strategy, the idea is to get to yes.
Speaker 4: I mean, we're really investing in top line growth and
Speaker 4: so we want her to say yes as much as
Speaker 4: she can possibly say yes.
Speaker 2: You always often think of accountants as the no people
Speaker 2: or the people of why we've got to work within
Speaker 2: a structure or save money or cost control, and sure
Speaker 2: we do that. We try to make sure that we're
Speaker 2: good stewards of the association's resources. But I think where
Speaker 2: we've tried to be more effective is to make sure
Speaker 2: that we're helping our departments, our colleagues, our members drive success.
Speaker 2: And so that's finding the ways to a yes instead
Speaker 2: of finding the ways to a no.
Speaker 1: To understand Kathy Milthorpe's rule. As CFO, it's essential to
Speaker 1: understand the LPGA's business model.
Speaker 3: The best CFOs and not for profits and sports are
Speaker 3: great at growth, great innovation, great at scale, and then
Speaker 3: really excellent as strategic thinkers about where should we be spending.
Speaker 2: Our focus is on mission and so that's really taking
Speaker 2: the revenues that we generate and redriving that back into
Speaker 2: providing member opportunities. So as a finance team, you know,
Speaker 2: our goal is to really help shepherd those resources to
Speaker 2: make sure that we're driving and fueling growth.
Speaker 1: Before COVID, the lpg's annual revenue fluctuated within a consistent range.
Speaker 1: The last two years have seen those numbers jump.
Speaker 5: We've experienced tremendous growth.
Speaker 4: You know, from pre pandemic to now, I think in
Speaker 4: every one of our major revenue categories we're up over
Speaker 4: fifty percent, which is which is tremendous.
Speaker 1: What are the metrics that matter the most to you
Speaker 1: right now?
Speaker 2: Prize money for the players, that's the way they make
Speaker 2: a living. The ability to be able to compete at
Speaker 2: the highest level and earn purses that are commensurate with
Speaker 2: their male counterparts is a mission that we're driving towards
Speaker 2: every day.
Speaker 1: The annual prize money pool in LPGA tournaments has grown
Speaker 1: fifty percent since twenty nineteen. In twenty twenty three, it
Speaker 1: topped one hundred million dollars, but the prize fund still
Speaker 1: likes far behind what men compete for on the PGA Tour.
Speaker 1: The inequality hits hardest at the lower end of the
Speaker 1: money list.
Speaker 4: Clearly, we want the top players to continue to make
Speaker 4: a great living playing.
Speaker 5: These are the very best in the world. But we
Speaker 5: also then dig in and.
Speaker 4: Say, Okay, what's the fiftieth best player in the world making,
Speaker 4: and what did you make last year? What did the
Speaker 4: one hundred best player in the world make, and what
Speaker 4: did you make the year before? I've asked Kathy to
Speaker 4: run numbers many times to say, Okay, tell me where
Speaker 4: we are exactly during the middle of the season.
Speaker 2: At the end of the season, that one hundredth player,
Speaker 2: our goal would be to obviously have that player make
Speaker 2: considerable amount of prize winnings, and we're going to work
Speaker 2: really hard to do that. Having said that, we do
Speaker 2: need to continue to focus on ways to provide opportunities
Speaker 2: so that one hundred best player can cover those costs
Speaker 2: that it takes for them to be out here on
Speaker 2: the golf course. That's hiring a caddy, that's travel, that
Speaker 2: strength coaches. We're helping to provide stipends for health insurance
Speaker 2: or create a tour wide health insurance program ability, to
Speaker 2: create more discounts for travel, you know, for hotel and
Speaker 2: car and all those things that really cost them a lot.
Speaker 1: To meet these objectives, LPGA leadership collaborates creatively with sponsors.
Speaker 4: We've worked with some of our corporate partners to say,
Speaker 4: help us solve a problem. You help us create a
Speaker 4: fund that will allow our players to get to the
Speaker 4: first team ready to reach peak performance.
Speaker 1: And more partners are stepping up. According to Intelligence platform
Speaker 1: sponsor United sponsorships in women's sports leagues grew twenty percent.
Speaker 1: In twenty twenty two, the LPGA led the way, with
Speaker 1: brand deals increasing thirty percent versus twenty twenty one. Underpinning
Speaker 1: the boom a shift in thinking.
Speaker 3: It was only a few years ago we were saying, oh,
Speaker 3: you should for women's sports because it's nice. We don't
Speaker 3: have to say anymore.
Speaker 6: Brands are understanding that it's not a pity party anymore.
Speaker 6: They're not investing in women's sports because it's the right
Speaker 6: thing to do, but they are seeing actual great ROI.
Speaker 2: When you look at women who are making most of
Speaker 2: the purchasing decisions in households, whether that's cars, or that
Speaker 2: is home or financial services, and who are going to
Speaker 2: drive the wealth of the future, it's women.
Speaker 4: If you talk to our top sponsors, they'll say, listen,
Speaker 4: this is a double value. We get the value of
Speaker 4: the commercial, you know, sort of just exposure that we
Speaker 4: get in the brand building, but we also get to
Speaker 4: talk to our clients, to our employees and really show
Speaker 4: the commitment that we have to women.
Speaker 3: The beautiful thing is brands are not realizing there's huge
Speaker 3: demand for women's sports, but even more importantly, women's sports
Speaker 3: fans are fiercely loyal they'll spend.
Speaker 2: Not playing if it releases.
Speaker 1: The LPGA's TV viewership also rows in twenty twenty two,
Speaker 1: another promising sign for its financial future.
Speaker 2: Media rights is really probably the single largest driver. In
Speaker 2: addition to corporate partners that drive the association's revenues.
Speaker 1: The LPGA and the PGA Tour have a joint agreement
Speaker 1: for domestic media rights that runs through twenty thirty. In
Speaker 1: the rest of the world, the LPGA controls its own
Speaker 1: media rights. Its content can be seen in over five
Speaker 1: hundred million households in one hundred and seventy five countries
Speaker 1: around the world.
Speaker 2: Twenty five years ago, was primarily a US based organization.
Speaker 2: Now more than forty percent of our revenues come from
Speaker 2: outside the US.
Speaker 1: Media rights deals outside the US are a driver of
Speaker 1: revenue growth, but building a global media brand takes time
Speaker 1: and money on side.
Speaker 2: For je Chin, someone sitting in Soeul, Korea has a
Speaker 2: very different perspective than maybe someone that's sitting in Toledo, Ohio,
Speaker 2: and so the ability to really create a global telecast
Speaker 2: is something that we've got to continue to invest in.
Speaker 1: Developing and upgrading technology has been a key priority for
Speaker 1: the LPGA and will be for years to come.
Speaker 2: Technology is going to drive the future.
Speaker 1: One seven shot continued.
Speaker 5: Sports are all about data these days.
Speaker 4: People want to know how well are women performing at
Speaker 4: various parts of the game, and also it helps with
Speaker 4: the equity conversation. By having more advanced stats and more data,
Speaker 4: we can tell the stories of the very best players
Speaker 4: in the world and how they compare to other women
Speaker 4: on the tour, but also how they compare to men.
Speaker 5: Shot level data for betting is also important.
Speaker 4: We know that betting really gets people connected to the game.
Speaker 4: If you have a stake in what people are doing,
Speaker 4: you get to know the players more, you get you
Speaker 4: follow them more closely or more connected as a fan.
Speaker 4: Our website and having two way communication with our fan
Speaker 4: fans is critical.
Speaker 6: I think that data is very important to any league
Speaker 6: that is looking to connect with their fans on a
Speaker 6: deeper level, because women's sports is an opt in experience
Speaker 6: where you actually are seeking out where can I watch
Speaker 6: this match? Where can I watch this game? How can
Speaker 6: I watch this tournament. The more that that league or
Speaker 6: team can talk to their fans, I think that's.
Speaker 1: Really tremendous. What does your investment spend on technology look
Speaker 1: like right now.
Speaker 2: We're trying to figure that out, and I will tell
Speaker 2: you we're going to need partners to be able to
Speaker 2: do that, because I'm sure you know tech is not cheap.
Speaker 2: We're in the process of kind of outlining our roadmap.
Speaker 2: We're also looking at how we can create operational efficiencies
Speaker 2: molding all the various databases and various solutions that we
Speaker 2: have Internally. We probably have thirty plus different solutions that
Speaker 2: we work with today. Currently, our thirty four tournaments operate
Speaker 2: really like independent, independent businesses, and so what we're working
Speaker 2: on in the next couple of years is to build,
Speaker 2: for instance, a tour wide ticketing solution. We'll also start
Speaker 2: building rebuilding our website in the next probably three to
Speaker 2: six months, and then you know, in two or three
Speaker 2: years you start all over again with tech. What is
Speaker 2: popular today will be probably quite different in the not
Speaker 2: too distant future.
Speaker 1: The year that Kathy Milthorpe came to work for the
Speaker 1: LPGA Hall of Femer, Pat Bradley was the tour's top
Speaker 1: money winner. She earned just under five hundred thousand dollars.
Speaker 1: That was in nineteen eighty six.
Speaker 2: I worked for Price water House Coopers at the time
Speaker 2: Cooper's and librand when I went into public accounting and
Speaker 2: they were a client. The LPGA tournament was a client
Speaker 2: of mine, got recruited and came to work for the
Speaker 2: association when we were based in Texas, and then helped
Speaker 2: as part of the relocation when the business moved to Florida.
Speaker 1: She's had three separate tours of duty at the LPGA,
Speaker 1: stepping away twice to pursue other opportunities in sports. What
Speaker 1: did you bring back to the LPGA from those experiences?
Speaker 2: While it was challenging to leave, it was probably the
Speaker 2: best thing I could have ever done for my career
Speaker 2: because I got a chance to see one, for instance,
Speaker 2: on the golf side, really what it takes to put
Speaker 2: a golf tourent on. On the public affairs side, really
Speaker 2: seeing what it takes to secure sponsors, to build marketing plans,
Speaker 2: to look at new ways of financing. And I think
Speaker 2: that has served me well to allow me to look
Speaker 2: at things in a different light than just crunching numbers.
Speaker 1: Kathy Milthorpe's range of experience helps her see the big
Speaker 1: picture and also master the details. Both capabilities come into
Speaker 1: play as she oversees the LPGA's primary revenue source the tour.
Speaker 2: Every week we play in different markets around the country,
Speaker 2: and it's somewhere between a five to fifteen million dollar
Speaker 2: operation that's taking place. We're bringing in staff, vendors, caterers,
Speaker 2: building really a little city within a tournament infrastructure.
Speaker 1: In twenty twenty three, the LPGA will hold tournaments across
Speaker 1: Asia and Europe and in eleven US states. Geography is
Speaker 1: just one measure of its complexity.
Speaker 4: When we go to a tournament site, that's like a
Speaker 4: upper business also, and each tournament that we work with
Speaker 4: has a different financial model.
Speaker 2: We'll operate about four of our thirty plus tournaments this year,
Speaker 2: and then the rest of them are operated by other individuals,
Speaker 2: other promoters, other operating companies that help bring what we
Speaker 2: call the traveling circus to town each week.
Speaker 1: Across all the different venues and operational conditions, Milthorpe and
Speaker 1: her colleagues have to make sure that the customer experience
Speaker 1: consistently achieves a high standard.
Speaker 2: I think the fan when they come to a sporting
Speaker 2: event today. While the competition is certainly the key, they
Speaker 2: want an experience. So they want great food, they want
Speaker 2: something where their family, whether maybe they're not a patron
Speaker 2: of the sport, or their kids can do something they want,
Speaker 2: really an outdoor experience and also be able to watch
Speaker 2: great athletes compete.
Speaker 1: Fans also attend tournaments to interact with their heroes on
Speaker 1: a more personal level. For an organization with a mission
Speaker 1: to promote the sport and build engagement, every event is
Speaker 1: an opportunity to create bonds between the women who play
Speaker 1: and the audience that supports them.
Speaker 3: The tournaments are a great foundation. The stars of the
Speaker 3: show are those athletes, and I do think there's an
Speaker 3: opportunity right now to better connect the LPJ superstars with
Speaker 3: the growing fandom of women's sports, especially if we look
Speaker 3: ahead and we look at gen Z. It's a generation
Speaker 3: that cares about purpose, They care about connection.
Speaker 1: How close can they get, how much engagement is there?
Speaker 1: Interaction is there between the fans and the players themselves.
Speaker 2: You know, golf is probably one of the few sports
Speaker 2: where the fan can really get up and close and
Speaker 2: personal with the athlete. But the great thing about the
Speaker 2: players are is they'll stop during the competition, they'll sign autographs,
Speaker 2: they'll you know, welcome fans. Every Wednesday or Thursday, there's
Speaker 2: a pro am setting where individuals actually compete with the
Speaker 2: athletes who would do that in sports, but here and
Speaker 2: then we'll offer clinics, So players might do a special
Speaker 2: appear grants, they might do a junior clinic where they
Speaker 2: give some tips, they might give tips to new golfers.
Speaker 2: And our players.
Speaker 5: Really get it.
Speaker 2: They recognize at the end of the day that the
Speaker 2: fans are what make the difference.
Speaker 1: As CFO, of course, your job is to maximize revenue,
Speaker 1: to bring in revenue, So how do you determine the
Speaker 1: value of that level of fan player engagement?
Speaker 2: Yeah, I mean, certainly driving ticket sales is important to
Speaker 2: the overall bottom line for an event. Each week, it's
Speaker 2: essential that we create something that's profitable, so either we
Speaker 2: can reinvest back into the prize money or provide money
Speaker 2: for charity in the local community, which is also equally
Speaker 2: an important component to what we're doing.
Speaker 1: Some of the headwinds facing all global businesses continue to
Speaker 1: weigh on the LPGA Tour. A tournament in Shanghai early
Speaker 1: in twenty twenty three was canceled due to COVID complications.
Speaker 1: Inflation has driven up travel and hospitality costs, among other
Speaker 1: expenses that vary dramatically from continent to continent. What do
Speaker 1: the financials of a tournament that's held an Asia look
Speaker 1: like versus the tournament that's held in the US.
Speaker 2: It's interesting when you play overseas, it's a lot more
Speaker 2: expensive to conduct an event for a couple of reasons. One,
Speaker 2: you don't have the large volunteer base in typically in Asia,
Speaker 2: most of those support individuals are paid. Also, just infrastructures
Speaker 2: more expensive in some of those In some of those areas,
Speaker 2: we might play in more remote areas where there's not
Speaker 2: a lot of competition, so building the infrastructure skyboxes, tents
Speaker 2: and all that can be quite expensive. It's not an
Speaker 2: inexpensive proposition to run an event overseas, but it actually
Speaker 2: is one of the more profitable ones for us. In
Speaker 2: any tournament where we've been in a long time, we'll
Speaker 2: easily have one hundred thousand fans for the week.
Speaker 1: There's also geopolitics to consider. One sensitive issue that's playing
Speaker 1: out across the golf world centers on Saudi Arabia. The
Speaker 1: Kingdom's Sovereign Wealth Fund finances the men's Live Tour, which
Speaker 1: competes directly with the PGA. On the women's side, The
Speaker 1: Kingdom's oil company, Saudi Ramcop sponsors a series of tournaments
Speaker 1: that attract the world's top players with substantial prize money.
Speaker 1: The LPGA's approach to Saudi investment in women's golf accentuates
Speaker 1: the positives.
Speaker 4: They're providing additional playing opportunities for the women on the Ladies'
Speaker 4: European Tour, which you know, they're much needed opportunities. As
Speaker 4: far as the LPGA is concerned, I mean, I think,
Speaker 4: as you know, we're really bullish on our growth and
Speaker 4: so we're really focused on the growth that we're sort
Speaker 4: of a trying to achieve, and you know, it's our
Speaker 4: responsibility to always listen to and to see other people
Speaker 4: coming into the game and to see what.
Speaker 5: Opportunities could be.
Speaker 4: Our job again is to focus on you know, elevator,
Speaker 4: elevating our brand and elevating our footprint, and that's really
Speaker 4: what we're doing. And I think as we've seen the
Speaker 4: opportunity is there.
Speaker 1: In twenty twenty three and beyond, the LPGA is poised
Speaker 1: to capitalize on two very favorable trends. An increase in
Speaker 1: the number of women who play golf and a surge
Speaker 1: of support for women's sports from corporate sponsors and partners.
Speaker 1: The organization has a expanded its global employee headcount by
Speaker 1: ten percent since twenty twenty one and plans to continue
Speaker 1: staffing up.
Speaker 4: Mostly, I would think we're investing in our sales team
Speaker 4: because we think the market is really big and it's
Speaker 4: ready for us. So we're also investing in some partnerships
Speaker 4: with some third party partners that can go out and
Speaker 4: help us, you know, kind of canvass the world more.
Speaker 4: We need more people to be out there talking to
Speaker 4: those brands across the globe that we're interested in helping
Speaker 4: us grow.
Speaker 1: How critical is Kathy going to be in looking through
Speaker 1: those opportunities.
Speaker 4: Well, I mean again, she has to first let us
Speaker 4: know how much money we have to invest in that
Speaker 4: top line growth. So we need to go to her
Speaker 4: and say, listen, we need to we need to build
Speaker 4: people that can manage our current partnerships, and we need
Speaker 4: to build the staff that can go out and find
Speaker 4: new partnerships. Again, she's right right next to me on
Speaker 4: this to say it's time to bet on ourselves and
Speaker 4: to be able to really scale more quickly.
Speaker 1: Scaling up its infrastructure is one task ahead for the LPGA.
Speaker 1: Another pillar of the organization. A strategic plan is scaling
Speaker 1: up societal impact by increasing diversity. One of the goals
Speaker 1: that Molly has made a priority is to change the
Speaker 1: face of the game, bringing more diversity into the sport
Speaker 1: at all levels. As CFO, I'm wondering, what can you
Speaker 1: do to move the needle on that. Is there something
Speaker 1: you can do well?
Speaker 2: I think there is, because we've dedicated resources to do that.
Speaker 2: We've actually staffed up, you know, the LPGA Foundation, which
Speaker 2: was really primarily operating the girl's golf program. I think
Speaker 2: probably ten years ago we had less than four employees.
Speaker 2: Now we have probably close to twenty. So they're focused
Speaker 2: on programming, they're focused on fundraising, leadership academies, bringing golf
Speaker 2: to underserved populations. If you look at twenty years ago
Speaker 2: and particularly persons of color, it was less than one
Speaker 2: out of seventeen individuals we're playing the game now, that's
Speaker 2: moved to one in three. Secondly, is really moving the
Speaker 2: needle on young girls? Twenty years ago, about fifteen percent
Speaker 2: of the new golfers of junior golfers were women. Now
Speaker 2: that's more than a third of those golfers are women,
Speaker 2: our young girls. But maybe we can insert in them
Speaker 2: as well the partners.
Speaker 1: And as CFO of the LPGA, Kathy Mildorp makes sure
Speaker 1: that resources go where they can do the most good
Speaker 1: for women's golf, whether it's empowering beginners through grassroots programs
Speaker 1: or increasing earning power and pay equity for professionals. I
Speaker 1: wanted to know what she sees when she looks into
Speaker 1: the future. What is the opportunity for the LPGA in
Speaker 1: the next five years that really gets the most excited.
Speaker 5: It's still those athletes.
Speaker 2: The talent, the energy they bring, the extraordinary performance both
Speaker 2: on and off the golf course is what makes it special.
Speaker 2: And I think that we're just at this moment in
Speaker 2: time where the world is really going to see how
Speaker 2: incredible these athletes are and that's super exciting to be
Speaker 2: a part of.
Speaker 1: On the flip side, what's the challenge that keeps you
Speaker 1: up at night that you see as something really kind
Speaker 1: of hanging over over the next five years.
Speaker 2: You know, I probably it's navigating through all the opportunity.
Speaker 5: There's a lot.
Speaker 2: We're in a very competitive sports landscape. We're really competing
Speaker 2: not only in sports, but in entertainment, and what do
Speaker 2: we spend our time on how do we do things well.
Speaker 2: I'm a big believer on doing things, you know, two
Speaker 2: or three things really well instead of one hundred things. Okay,
Speaker 2: So I think making sure that we stay laser focused
Speaker 2: on the things that are going to move the needle
Speaker 2: for our members and provide that next generation of golfer
Speaker 2: that's behind them is something that's really important.
Speaker 1: What is the skill set or area of knowledge that
Speaker 1: you think is going to be most useful to you
Speaker 1: as CFO in five years time.
Speaker 2: I still think you have to be very strategic. It's
Speaker 2: not just the numbers, but it's how do you make
Speaker 2: the numbers get to the yes and what you're trying
Speaker 2: to accomplish. And I think thinking strategically about what makes
Speaker 2: the business move and what will be meaningful for our
Speaker 2: membership is something that's going to be that we're laser
Speaker 2: focused on. That I'm laser focused on.
Speaker 1: Let's just say you get a call from a friend
Speaker 1: who says, hey, guess what I was named CFO. What's
Speaker 1: one piece of advice you would give to someone who
Speaker 1: is about to become a CFO.
Speaker 2: It's an interesting question because I think about my own
Speaker 2: career journey and it is probably my answer would be
Speaker 2: is it's not about how to say no. It's about
Speaker 2: how to say yes, how to figure out how to
Speaker 2: support the business around you to get them to the
Speaker 2: place where they need to be sure. You know you
Speaker 2: want to deliver results and you want to create processes,
Speaker 2: but don't let processes keep you away from achieving results.
Speaker 2: And so I'd say, have fun with it. This is
Speaker 2: This has been a ball for me and I'm looking
Speaker 2: forward to the next five years.
Speaker 1: I'm Scarlet Foo. This is Bloomberg.