Yeah, thanks. You know, traveling around and looking at the good work done by the operations team, across the different parts of the world. We have seen, at least I have seen, good pockets of less vertical integration when it comes to our performance and delivery. And these are opportunities that I think we are looking to accelerate across a more broader part of the portfolio. And yes, I wouldn't say we would go to an asset-light model, but can we reduce our CapEx intensity And can we increase our flexibility to fluctuations in demand using a bit more aggressive vertical integration model versus what we have today? That's the area where we are focused. It'll take us some time. It's not going to happen overnight. But it's an area where we see opportunities based on at least what the team has done and what we've seen in terms of results.

Feb 5, 2025 / receipt, needs a key / Tarek, CEO | earnings call 2025-02-05 | transcript a2ffbf70-cb38-4cf6-a9ca-01d99b118293 | chars 48177-49024 | segment 49

In the travels, it became more and more clear, and I mentioned it also, we need to become more customer-centric. We are a very product-focused company. We need to become more customer-centric, specifically in the travels in the United States, China, and India.

Feb 5, 2025 / receipt, needs a key / Tarek, CEO | earnings call 2025-02-05 | transcript a2ffbf70-cb38-4cf6-a9ca-01d99b118293 | chars 33969-34229 | segment 34

But, you know, when you look sequentially from the second quarter, when we exclude, you know, the special items, we were roughly flat on a dollars basis, you know, running in that close to 14% of revenue. That's kind of what we ran last year. I think we'll run in that range for the full year this year, which sort of says ASG&A did increase, but kind of in line with revenue and coming out of COVID, people traveling more and getting back to more normal activities. It was more or less in line with our expectations.

Oct 26, 2022 / receipt, needs a key / Phil, other | earnings call 2022-10-26 | transcript 6f98521a-0b92-4206-8942-fb7cafbba7d3 | chars 25078-25595 | segment 25

And then probably the last element would be just higher spending to support the sales levels. And, you know, we do expect as we move through the year, I would maybe call it a gradual start to return to a more normal level of spending as we start to travel again more regularly and that sort of thing.

Feb 3, 2022 / receipt, needs a key / Phil, other | earnings call 2022-02-03 | transcript b5c08034-697a-4f02-b9b2-af651a8700fd | chars 40277-40577 | segment 41

Well, certainly travel remains significantly down from where it was. It's certainly come up a little bit, but a lot of the dollars there tend to be in international travel, and that's still well below 50% of what it used to be. And again, I don't know that I would expect it to go to 100, but I do believe certainly there will be some needed increases in that as you look forward.

Nov 1, 2021 / receipt, needs a key / Rich, other | earnings call 2021-11-01 | transcript 551dafba-2eaf-4884-9bb4-6fcec344c577 | chars 28361-28741 | segment 29