Speaker 1: Thank you Andy so much for coming down. It's really
Speaker 1: wonderful to have you here in person. It's my pleasure
Speaker 1: to be here. Thanks you. Has found out we actually
Speaker 1: lived in the same dorm in college, just a few
Speaker 1: years apart. So it's been almost a year since you
Speaker 1: took over from Jeff as CEO of Amazon, and it's
Speaker 1: been a year of first the first stock split since
Speaker 1: the dot com boom, the first vote to unionize an
Speaker 1: Amazon warehouse, your first Bloomberg Technology conference. Thank you. I
Speaker 1: want to start with a quick report card. I'm Emii Chang,
Speaker 1: and welcome to this edition of the Bloomberg Studio One
Speaker 1: point oh podcast. In February one, Jeff Bezo shocked the
Speaker 1: world by announcing plans to step down as Amazon CEO.
Speaker 1: A few months later, he passed the reins to Andy Jase,
Speaker 1: his longtime top lieutenant, the architect of one of the
Speaker 1: company's biggest profit engines, Amazon Web Services, Bezos has stayed
Speaker 1: on as executive chair, leaving Jazz to navigate a critical
Speaker 1: inflection point in Amazon's history. How does the company manage
Speaker 1: market turmoil, rising inflation and regulatory scrutiny, and a push
Speaker 1: by some warehouse workers to unionize, all while keeping customers
Speaker 1: coming back joining me on this edition of Bloomberg Studio.
Speaker 1: At one point, oh, Amazon second CEO Andy Jassey, he
Speaker 1: joined us from our flagship Bloomberg Technology Summit in San Francisco.
Speaker 1: I'd like you to grade your view of Amazon's performance,
Speaker 1: and we've got time later to to really dig in.
Speaker 1: But quickly, how would you grade Amazon's performance over the
Speaker 1: last year with customers. Well, I think we've you know,
Speaker 1: I'm not sure I'm the right person to grade myself
Speaker 1: during the year or not, but I'll give you my take.
Speaker 1: You know, I think with respect to customers, I think
Speaker 1: we've done a lot of good, you know. And I
Speaker 1: think if you look at during the pandemic, which really
Speaker 1: has extended until the early part of this year, you know,
Speaker 1: so much as a ppe and food and central items
Speaker 1: and people equipping their home offices were bought from Amazon,
Speaker 1: and you know, to scale the way we needed to. Remember,
Speaker 1: in two thousand twenty, we grew thirty nine percent year
Speaker 1: over year on a two billion dollar revenue run rate.
Speaker 1: I mean, it's very it's unprecedented, it's never happened before.
Speaker 1: But it was really hard to do that, and we
Speaker 1: had to take the really big footprint of fulfillment center
Speaker 1: footprint we built the first twenty five years of Amazon
Speaker 1: and double it in twenty four months. We built out
Speaker 1: that transportation network in just a couple of years. You know,
Speaker 1: we nearly doubled the size of our workforce during that time.
Speaker 1: And I think you saw it in other businesses. You know,
Speaker 1: a WS is a really big part of helping companies
Speaker 1: and governments have business continuity during the pandemic, and so
Speaker 1: many companies and organizations in the last year made the
Speaker 1: strategic decision that they were going to stop running their
Speaker 1: own infrastructure technology and disproportionately chose AWS to help them
Speaker 1: move to the cloud. And we spent a lot of
Speaker 1: time helping them make that transformation. So what about investors,
Speaker 1: I mean, the stock is down significantly from a peak
Speaker 1: last year. Obviously there's broader market term WEIL. Yeah, I think,
Speaker 1: you know, for investors and financially, I'd say it's mixed.
Speaker 1: You know, I think we have some businesses that are
Speaker 1: growing really strongly. If you look at AWS, you know,
Speaker 1: grew year every year. You know, it's not a seventy
Speaker 1: four billion dollar revenue run right business. It's pretty unusual growth,
Speaker 1: and we grew fifty percent year every year in our
Speaker 1: advertising business. You know, it's the thirty two billion dollar
Speaker 1: revenue run right business. So some business has grown really strongly,
Speaker 1: and you know, we've continued to grow in our retail
Speaker 1: business despite pretty crazy comparables during I think the real
Speaker 1: challenge for us there is on the cost side, and
Speaker 1: there have been several things that have happened, um, some
Speaker 1: of which are more controllable than others, you know. I
Speaker 1: think the part that's less controllable is really around inflation.
Speaker 1: And I think we thought that inflation would start to
Speaker 1: attenuate in two and with the war in Ukraine, it
Speaker 1: just went the other way and it's significantly accelerated. So
Speaker 1: the cost to trucking and line hall and ocean and
Speaker 1: air and fuel has just substantially gone up, and I
Speaker 1: think that will tenuate at some point. No one knows
Speaker 1: how long that will take. I think the more controllable
Speaker 1: areas for us are really around fulfillment center capacity and productivity.
Speaker 1: It was taking about twenty four months to build new
Speaker 1: filming centers during the pandemic, and so we had to
Speaker 1: make decisions, you know, in mid two thousand, twenty in
Speaker 1: early one on how much demand we're going to plan for,
Speaker 1: and so you know, we we end up with more
Speaker 1: capacity and we need right now. And there's a number
Speaker 1: of things that we're working on. We when we've stopped
Speaker 1: building on properties where we don't need it yet, and
Speaker 1: we've let a number of leases lapse and not a
Speaker 1: small number, you know, of both those things. We've had
Speaker 1: a lot of occasions in our history where we've worked
Speaker 1: on productivity and made improvements, and we have a lot
Speaker 1: of clearly defined niches and I'm confident we'renn get back
Speaker 1: to the right level of profitability. You are going to
Speaker 1: sub lease thirty million square feet of space? Is there
Speaker 1: a mistake and the execution there because of the overball Again,
Speaker 1: because you have to make these decisions, it is two
Speaker 1: years in advance. And again, if you put yourself back
Speaker 1: in where we were growing thirty nine percent year over
Speaker 1: a year on a two billion dollar revenue run rate,
Speaker 1: it's very hard to know what's the right amount to
Speaker 1: build and you have to make a decision. And we
Speaker 1: made the decision to air on the side of our
Speaker 1: consumers and sellers. Now, how would you grade Amazon's performance
Speaker 1: with employees, your colleagues. There has been some high profile Yeah,
Speaker 1: I think that, um. And when I started in this gig,
Speaker 1: we had just created a new leadership principle to strive
Speaker 1: to be Earth's best employer, and I think we're you know,
Speaker 1: we spent a lot of time trying to think through
Speaker 1: what that really means is broad and I think we've
Speaker 1: made a fair bit of progress, but it's still early
Speaker 1: in my opinion, But I still think there are many
Speaker 1: areas that we can keep improving, you know, And I think, um,
Speaker 1: you know, the first one I had mentioned is safety.
Speaker 1: You know, I think that, um, you know, in our
Speaker 1: fulfillment centers, that is the top priority. And you know,
Speaker 1: when you get into the details and then bors an
Speaker 1: outside of all the spin of it all, you know,
Speaker 1: we're about average there. But we're not trying to be average,
Speaker 1: you know. We want to be the best in the
Speaker 1: industry and the best in the world at it. And
Speaker 1: that's a high priority in an area that I'm passionate
Speaker 1: about and the team is passionate about. And I think
Speaker 1: we have a lot of work we can do to
Speaker 1: make our employees everyday lives easier, and we have We've
Speaker 1: identified kind of a top hundred list of of areas
Speaker 1: that we can be better at that we're just metronomically
Speaker 1: stepping through, and so we've made a lot of progress,
Speaker 1: but we have a lot of work to just still.
Speaker 1: Elon Musk just came out saying he has a super
Speaker 1: bad feeling about the economy Tesla laying off ten percent
Speaker 1: of his staff. Jamie Diamond says he's preparing for an
Speaker 1: economic hurricane. The World Bank just slashed its forecast for
Speaker 1: global growth. How do you feel about the economic climate. Well,
Speaker 1: it wasn't planning on giving any guidance to please, but
Speaker 1: super bad or super super bad, I think, uh, there's
Speaker 1: some things that relates to Amazon that are useful to remember,
Speaker 1: you know. I think the first pieces remember that five
Speaker 1: of the of the worldwide retail market segment share is offline.
Speaker 1: And if you believe that that equation is going to
Speaker 1: flip at some point, which we do, I think it
Speaker 1: will will flip over a long period of time. If
Speaker 1: you look at different down turns um you know, should
Speaker 1: we have one at some point and we've been through
Speaker 1: a few obviously in the twenty five years that I've
Speaker 1: been at Amazon, customers changed their habits and so you know,
Speaker 1: I also think there's you know, those two reasons. Those
Speaker 1: two factors give me some optimism that even if we
Speaker 1: have a downturn, that we have the potential to still grow.
Speaker 1: But we have a road map that's you know, probably
Speaker 1: three to five years long, and we're going to continue
Speaker 1: to invent, We're going to continue to be insurgent, and
Speaker 1: we have a lot of work to do to get
Speaker 1: to where we think we ultimately can get for customers. Now,
Speaker 1: when it comes to the stock, as I mentioned, it
Speaker 1: has fallen significantly. Do you think investor are missing something
Speaker 1: or has tech just been overvalued? And this also of
Speaker 1: course matters to employees who are significantly paid in stock. Well,
Speaker 1: you know, look, I haven't been at Amazon for twenty
Speaker 1: five years. I arrived at the company three weeks before
Speaker 1: we went public. I have never tried to predict what
Speaker 1: the stock is going to do, and any time I've
Speaker 1: tried to a little bit, I've been wrong. So, you know,
Speaker 1: I think it's I think it's pretty hard to um uh,
Speaker 1: pretty hard to predict what it's going to be in
Speaker 1: any short period of time. I do really believe that Benjamin,
Speaker 1: that Benjamin Graham maximum that um in the short term,
Speaker 1: the stock market tends to be a voting machine. In
Speaker 1: the long term, it tends to be weighing machine. And
Speaker 1: I think if you you know, we've been through a
Speaker 1: lot of points in twenty five years at Amazon where
Speaker 1: the macro factors are off and UM stocks are down.
Speaker 1: Our stock is down, but you can't really control that,
Speaker 1: you know. We have a concept. We talked about a
Speaker 1: lot of Amazon inputs and outputs, you know, and the
Speaker 1: ultimate output for a company as share price, you know,
Speaker 1: and then other big outputs are free cash flow or
Speaker 1: profit or revenue. You can't really manage the outputs. You
Speaker 1: have to manage at the input level, and that's where
Speaker 1: we spend all our time. And so if you do
Speaker 1: the right things for the business, long term, things tend
Speaker 1: to work out. I think we've had very good returns
Speaker 1: for investors and I expect that to be true. Again,
Speaker 1: what are the moon shots at Amazon that are capturing
Speaker 1: most of your time and attention? What is going to
Speaker 1: define the next era of Amazon? I mean, is it
Speaker 1: is it astro the home robot, or is it something else? Well,
Speaker 1: you know, we have a unique way that we look
Speaker 1: at big new investments and I'm not sure it's right
Speaker 1: or wrong, it just happens to be our way. And
Speaker 1: we ask ourselves when we're considering something four questions. We ask, uh,
Speaker 1: if it's successful, can to be big and move the
Speaker 1: needle in Amazon? Is it being well served today? Do
Speaker 1: we have a differentiated approach? And do we have competence there?
Speaker 1: And if not, can we acquire quickly? If we like
Speaker 1: the answer to as questions, we'll go pursue it with
Speaker 1: a single thread of team that isn't distracted by the
Speaker 1: rest of the business. And sometimes that leads to innovation
Speaker 1: investments that seemed pretty obvious, Like you know, when I
Speaker 1: got to the company, was the books only retailer, and
Speaker 1: then we expanded to music and video and electronics and choice.
Speaker 1: It seems obvious to people. Other times that process does
Speaker 1: not lead to investments that seem obvious to people. I mean,
Speaker 1: AWS was something that people externally and internally thought was
Speaker 1: a little bit nutty at the time. But just imagine
Speaker 1: what Amazon would be today without AWS. And and I
Speaker 1: think that you see the same thing here. You know
Speaker 1: that there are so many significant investments from making that
Speaker 1: I'm excited about. I'm gonna have to constrain myself to
Speaker 1: a few. But you know, I'm really excited about what
Speaker 1: we're doing in the prime video space. I think we're
Speaker 1: clearly on the right track there and building a significant business.
Speaker 1: That's interesting because Netflix also just announced some layoffs, first
Speaker 1: subscriber loss in a decade, Disney cutting back on costs.
Speaker 1: Do you see Amazon strategy as fundamentally different from Netflix
Speaker 1: and Disney? And if so, how well, you know, we're
Speaker 1: very bullish on it. And remember we all the all
Speaker 1: the models are a little bit different. But for Prime Video,
Speaker 1: we have twounior million plus Prime subscribers, who are you know,
Speaker 1: get that entertainment for free by being part of Prime
Speaker 1: and so we have a little bit different pricing model
Speaker 1: than some of the others. But I'm incredibly encouraged by
Speaker 1: what we have coming. If you if you look at me.
Speaker 1: We launched this show Reacher earlier in the year. It
Speaker 1: was a huge hit. We you know, we have a
Speaker 1: new Masal season. We we just launched the New Boys season,
Speaker 1: which is a I am a big it's very good.
Speaker 1: Of course, we have glad of the Rings coming up,
Speaker 1: you know in September and Thursday and football, so I'm
Speaker 1: very bullish about it. Um. We also, you know, we're
Speaker 1: excited about what we've done with MGM uh. You know,
Speaker 1: I think some of the assets there will go very
Speaker 1: well with the rest of what we're doing entertainment wise.
Speaker 1: So if you look at Warner Brothers, Discovery and Paramountains,
Speaker 1: Stars and Global, they're building really significant subscription businesses. So
Speaker 1: I'm very bullish about that business. I'm I'm optimistic that
Speaker 1: we have a chance to build a significant grocery business,
Speaker 1: which is you know, early stages for us. I am
Speaker 1: excited about uh Kuyper, which is our low earth orbit
Speaker 1: satellite that we're building. You gotta remember there three hundred
Speaker 1: to four hundred million people in the world who have
Speaker 1: limited to no Internet connectivity. I mean, just think about
Speaker 1: how different the world is when you don't have that
Speaker 1: type of connectivity. And so I think that's a really
Speaker 1: significant opportunity that has some aws characteristics to it. I
Speaker 1: continue to be very optimistic about Alexa, you know, building
Speaker 1: the world's best personal assistant. We have a you know,
Speaker 1: two hundred million endpoints already that are using Alexa. Were
Speaker 1: clearly onto something there. And and then you know, our
Speaker 1: autonomous driving ride hailing service and zoos that were building,
Speaker 1: you know, here in the Bay Area. I just think
Speaker 1: with the way auto consumption is evolving, I think that
Speaker 1: also is a chance to be really signific in the business. Now.
Speaker 1: I don't know if I don't know if all of
Speaker 1: them are going to be successful, but if any one
Speaker 1: of them becomes the fourth pillar for us on top
Speaker 1: of Marketplace and Prime in AWS were completely different companies,
Speaker 1: just like we were when AWS became successful. So I
Speaker 1: think they're very worthwhile investments and bets, and I'm optimistic
Speaker 1: about We didn't mention astro obviously though, powered, but I
Speaker 1: mean our home robot is going to be where I
Speaker 1: don't yet where is it? It's not really widely available
Speaker 1: for sale. What's the status? Okay? Um, thank you. Everyone's
Speaker 1: very curious about Jeff's role these days. What kind of
Speaker 1: executive chair he really is. He said when he left
Speaker 1: that he'd focus his attention and energies on initiatives that
Speaker 1: he really cares about as at Amazon. But from the outside,
Speaker 1: it looks like he's really focusing on philanthropy, he's focusing
Speaker 1: on space. What kind of an executive chairman is he? Well?
Speaker 1: He you know, Jeff is always going to be um
Speaker 1: involved and um he has. You know, I'm I feel
Speaker 1: very lucky to have been Amazon for twenty five years.
Speaker 1: I feel very lucky to have worked directly for Jeff
Speaker 1: for twenty of them. And we have a really close
Speaker 1: relationship and half for a long time, and I think
Speaker 1: we share a lot of the same values about customers
Speaker 1: and um, how important is to optimize for customers and
Speaker 1: how high standards they need to be. Um, you know,
Speaker 1: given how easy it is for people to switch, and
Speaker 1: the importance of invention and speed and so, you know,
Speaker 1: I just feel very lucky to have had the chance
Speaker 1: to work so closely with him. So is your relation
Speaker 1: I mean, he was your only boss for twenty five years, right,
Speaker 1: is your relationship fundamentally different than it was when you
Speaker 1: were the head of of course, you know, every every
Speaker 1: single job you have, the relationships different. You know. Remember
Speaker 1: the first couple of years I worked for Jeff, I
Speaker 1: worked is what we call the shadow then, which is
Speaker 1: really like a chief of staff. And that was different
Speaker 1: than when I was starting AWS, which was different from
Speaker 1: when we got AWS going, and it was you know,
Speaker 1: a business that was starting to do well. And and
Speaker 1: it's different when I'm in the CEO role. But you know,
Speaker 1: the constant has always been that we have a great
Speaker 1: relationship and we collaborate really well. Amazon is poised to
Speaker 1: become the biggest private sector employer in the world, second
Speaker 1: only right now Walmart is in that spot, but Amazon
Speaker 1: will probably soon surpass it. First vote to unionize at
Speaker 1: an Amazon warehouse, I know you've been spending a lot
Speaker 1: of time at warehouses. When you look at someone like
Speaker 1: Chris Small's who I think some people look at as
Speaker 1: this modern day hero who got fired pulled off this
Speaker 1: union vote, what's your message to someone like him, Your
Speaker 1: message to the folks who think maybe we should join
Speaker 1: a union, Well, I know, I think that the first
Speaker 1: thing to be clear about is that employees get to
Speaker 1: make that choice whether they want to have a union
Speaker 1: or not. They always have had that choice and it
Speaker 1: continues to be their choice. And you know, we happen
Speaker 1: to think they're better off without a union for a
Speaker 1: number of reasons, including the fact that you know it's
Speaker 1: it's much harder when you have a union to have
Speaker 1: a direct relationship with your man manager and to get
Speaker 1: things done quickly. So if you see something on the
Speaker 1: line that you think could be better for your your
Speaker 1: team or you or your or customers. You can't just
Speaker 1: go to your manager and say let's change this. You know,
Speaker 1: there's a whole process in bureaucracy that you have to
Speaker 1: go through to be able to do that. You know,
Speaker 1: and and we get you know, when there's a union,
Speaker 1: we're going to get the feedback filtered by what the
Speaker 1: union decides is worth bringing up. And we'd much rather
Speaker 1: hear from every employee whatever is on their mind. And so,
Speaker 1: you know, I think if you want to continue to
Speaker 1: have the structure that we've had for all this time,
Speaker 1: you have to have really competitive benefits. And then I
Speaker 1: think if you look at Amazon's, they're very unusual in
Speaker 1: this space. We champion the fifteen dollar minimum wage several
Speaker 1: years ago. The starting salaries now over eighteen dollars an hour,
Speaker 1: which you know is more than double the federal minimum wage.
Speaker 1: You get full health insurance in four oh one K
Speaker 1: and twenty weeks up to twenty weeks of parental leave.
Speaker 1: And if you want to get a college education haven't
Speaker 1: had one. We have a career choice program that lets
Speaker 1: our Fulfillment Center associates to be able to do so
Speaker 1: that is a very unusual and compelling set of benefits
Speaker 1: and those were all accomplished without a union. So, you know,
Speaker 1: I think that we realize that we you know, we
Speaker 1: have to continue to work on the relationship with our
Speaker 1: our employees, and we need to continue to provide the
Speaker 1: right benefits, and you know, we need to continue to
Speaker 1: work on safety, and that's our intention. The FTC has
Speaker 1: revamped its antitrust inquiry into Amazon and by some accounts,
Speaker 1: is accelerating it. Are you preparing for an antitrust lawsuit
Speaker 1: from the FTC? If you are a large company that's
Speaker 1: growing to a significant extent like we have, you have
Speaker 1: to be prepared to be scrutinized. And we have known
Speaker 1: this for some time, you know, many years, and we
Speaker 1: have tried to run the company with that in mind
Speaker 1: and knowing that if if somebody look that we would
Speaker 1: stand up to that scrutiny. And I you know, I
Speaker 1: think that's what we've tried to do and running the business.
Speaker 1: We can't control what, you know, whether organizations bring different
Speaker 1: suits against us. But I think if you look at
Speaker 1: our business, if you actually look at the fact, if
Speaker 1: you take out of you know, take out of the equation,
Speaker 1: that there there may not be the most objective you know,
Speaker 1: leadership when it comes to Amazon in that organization. If
Speaker 1: you look at the facts, you know, in our retail business,
Speaker 1: we're about one percent of the worldwide retail market segment share,
Speaker 1: and remember is still offline. And if you look in
Speaker 1: our AWS business, we you know about depending on you
Speaker 1: measure at of the worldwide global I T span is
Speaker 1: on premises, you know, and then we have a cloud business,
Speaker 1: and then we have a portion of that. You know,
Speaker 1: we're leading market segment share in the cloud part of this,
Speaker 1: but we operate you know, who we compete with in
Speaker 1: AWS is really on premises UM I T in addition
Speaker 1: to the cloud. So you know, these are relatively small
Speaker 1: percentages of the entire party. And you can kind of
Speaker 1: step through all the businesses and I think simply because
Speaker 1: you've been success us full in a few different businesses
Speaker 1: doesn't somehow mean that you have a natural market power.
Speaker 1: It just means you've been successful in a couple of
Speaker 1: different customer experiences. But we still have a relatively small
Speaker 1: amount of market segment share in those areas. What about
Speaker 1: the sec you're being sued by them over third party
Speaker 1: data and how you've used it do you think in
Speaker 1: the past Amazon main mistakes with letting employees internally see
Speaker 1: how those third party selling sellers were doing. We have
Speaker 1: we have pretty good control. I mean, you know, we
Speaker 1: of course disagree with the premise of that, but I
Speaker 1: would say that we have, um, very good controls with
Speaker 1: respect to the data that the different employees sets are
Speaker 1: able to see. And by the way, I think that
Speaker 1: we can be better for sellers, you know, I think that, um,
Speaker 1: you know, we can have better tools from to get started,
Speaker 1: we can have better tools from the manage what they're
Speaker 1: doing across their their different Amazon units. I think we
Speaker 1: can communicate better. There's a whole bunch of things we
Speaker 1: can do better. Um. And we agonize over every single
Speaker 1: email or communication we get from sellers, and we do
Speaker 1: very regularly robust surveying. And a lot more sellers are
Speaker 1: happy with Amazon than unhappy with Amazon. And I think
Speaker 1: if you look at what what they're able to do is,
Speaker 1: you know, as a business, by virtual selling on Amazon
Speaker 1: versus not, it completely changes what's possible. Sellers don't really
Speaker 1: long for e commerce software that exists in lots of places,
Speaker 1: and uh, and it's not very expensive. What they love
Speaker 1: about selling on Amazon is that they get access to
Speaker 1: our hundreds of millions of customers and that completely changes
Speaker 1: what their prospects can be in terms of the businesses
Speaker 1: they're building. So we have a lot of work to
Speaker 1: do there like we do in a lot of other places.
Speaker 1: But I think we have a very strong partnership with sellers.
Speaker 1: What's the view of the supply chain right now and
Speaker 1: how much pain there is going to continue to be
Speaker 1: and for how long? Well, you know, I think that, um,
Speaker 1: there's a lot of challenges in the supply chain still.
Speaker 1: I mean it's it's gotten better than it was, but um,
Speaker 1: there are all sorts of challenges. You know, nonperishable goods, electronics,
Speaker 1: chips is still a really you know, significant issue for
Speaker 1: all sorts of businesses. We have worked really hard to
Speaker 1: open a lot more, um points of presence and ports
Speaker 1: and increase our capacity and getting products in, but I
Speaker 1: think it's going to be something that companies battle with
Speaker 1: for some time. You made a huge mark on Amazon
Speaker 1: with aws obviously, what is the mark that you want
Speaker 1: to make still on Amazon? I mean, in this new role,
Speaker 1: what's going to define the anti jazz era? Well, I
Speaker 1: don't I don't really think of it that way, Emily,
Speaker 1: I mean, I, um, I don't think it's really about
Speaker 1: any anti jazz Era or any one person, you know.
Speaker 1: And uh and by the way, AWS was not about
Speaker 1: any one person that you know. If you spend any
Speaker 1: time on AWS, that is an unbelievable team. Um, not
Speaker 1: just an incredible leadership team, which it is, but just
Speaker 1: top to bottom and then the number of inventors and
Speaker 1: people care about customers and operate you know, uh, something
Speaker 1: where it has to work almost like a doubt and
Speaker 1: it's it's always teams. And so I look at every
Speaker 1: single one of our businesses and you know, take our
Speaker 1: retail business or a consumer business, which is the oldest
Speaker 1: of our businesses of it still lives offline. Like I
Speaker 1: think we have a lot of upside and a lot
Speaker 1: of growth. And I think as much invention as we've
Speaker 1: seen the last twenty five years, you know, the time
Speaker 1: I've been there, I think that's it's gonna look small
Speaker 1: compared to the next twenty five years. There is a
Speaker 1: lot for us to invent on behalf for customers. And
Speaker 1: so you know, I'm excited to be part of the
Speaker 1: team that makes that happen. You know, we are continuing
Speaker 1: to you know, to increase the amount that we give
Speaker 1: back to the communities in which we have big presence,
Speaker 1: and that really matters to me. I think we have
Speaker 1: a responsibility to do that. And um, so you know,
Speaker 1: it's it's it's a long journey that we're working on,
Speaker 1: but I'm excited to be part of it, and uh,
Speaker 1: you know, I hope to started for a long time. Well,
Speaker 1: thank you for joining us and telling us about the
Speaker 1: way the journey is going so far. Jack, Thanks bloom
Speaker 1: Brook Studio. One Poino was produced and edited by Lauren
Speaker 1: Ellis and Brian Carter Gainor. I'm Emily Chang, your host
Speaker 1: and executive producer. Thanks for listening.