Episode 10 – From San Francisco to San Antonio: Franklin Morris’s Tech and Marketing Journey

Pablo Calvo (00:00):

Welcome to The Boost. This is Pablo. And join us for an episode with Franklin Moore as VP of Marketing. Franklin, thank you for joining us on the Boost.

Franklin Moore (00:15):

Thank you for having me.

Pablo Calvo (00:16):

Tell us about a little bit about why you chose to come to San Antonio.

Franklin Moore (00:22):

That is a very long story. So I got my background as a writer. I have a bachelor’s and master’s in creative writing. Started my career in Austin where I actually worked for maybe 15 years or something like that for a lot of tech companies. We were in San Antonio for a very short stint, my wife and I, and then she went to law school in Austin. I moved to San Francisco where I worked at various startups, different sizes and Series B startups, A series B startup that was acquired by a bigger one, a series A startup where I am today. And covid happened. I had a kid began thinking like, okay, well maybe it doesn’t make sense to raise a kid in a lead painted closet in San Francisco or something. And so began looking at other places to go. And of course, as we think about moving back to Texas, the obvious choice that a lot of tech people make and made during the pandemic kind of exodus from the big cities was Austin.

(01:18):

And so we thought a lot about Austin, but for various reasons, San Antonio I think made a bit more sense. Austin, it is pretty saturated. The cost of living is a lot higher. I think the startup ecosystem is a bit different there than it is here. It feels a little bit earlier stage, and it just felt like San Antonio has a lot of potential, I think has a bunch of big universities. It has ecosystem like Geekdom and the talent pool in Austin is, it felt to me kind of like a little bit, I dunno, maybe oversaturated with Franklin’s, whereas San Antonio can, you

Pablo Calvo (02:09):

Can be the Franklin

Franklin Moore (02:09):

The primary Franklin.

Pablo Calvo (02:10):

The main Franklin.

Franklin Moore (02:12):

And so plus from a personal angle, San Antonio is very family friendly. It’s kid friendly city. Traffic doesn’t suck quite as bad as Austin, things like that. So I’m not trying to be the

Pablo Calvo (02:25):

San Antonio construction with the construction, we’re trying to keep up, trying to make it slow as possible, and especially in Midtown these days. But yes, I agree with you. No, the traffic up there is insane.

Franklin Moore (02:35):

So it kind of seemed like there’s a lot of building happening here. You know what I mean? From a company perspective. And one of the interesting things I think that’s happening in tech is every company now is kind of a tech company. It doesn’t matter if you sell insurance or if you sell, I don’t know, physical goods or something like that. You have to have tech talent and as part of your ecosystem. And so even though San Antonio may not have a lot of software companies or nearly as much as other markets in Texas, it feels to me like it does have a diverse pool of businesses here that all need tech talent and a lot of, a lot of really hungry, kind, hardworking founders and stuff like that, that I could work with.

Pablo Calvo (03:26):

That’s amazing. Yeah, no, you’re spot on. All those things. I mean, it’s exactly my thought. We’re not here to talk about me, but the Securus route of how I ended up here was just sort of inertia, the Rackspace kind of contingent. I was connected to that by proxy, and that just kind of pulled me in. And obviously Covid made the transition a little bit more difficult as it did for probably a lot of startups in town. But when you were here before the pandemic and then you came here after the pandemic,

Franklin Moore (04:01):

Right? Yeah, so Rackspace actually pulled me in as well. I started working at Rackspace in 2013, and at that point I was living very far north in Austin, practically in Round Rock and commuting in daily from Round Rock to San Antonio. And that lasted for maybe a week and a half or something like that. And then I told my wife, I’m like, we have to move to San Antonio. So we were here for a few years at that point and then got this job offer in San Francisco and I kind of couldn’t pass it up. Always wanted to see what it was being part of that ecosystem out there in tech. And so yeah, I made the jump.

Pablo Calvo (04:41):

Well, and we’re glad you did. I mean, now that you’re here at Geekdom, you’re a mentor, you’re offering your insights and many years of experience to the startups that you’re talking about, many that are right here in this building are part of this network. What kinds of challenges do you see that companies tend to face in your experience in those early stages that you tend to work with? What types of issues do you see that you address most? And it doesn’t have to just be marketing just in general.

Franklin Moore (05:12):

Yeah, so on the product side, I think the thing I encounter most is that it seems like a lot of products, and you see this actually all the way up until, I mean, you could be a a 10, 20 million company and still have this problem, but a lot of the companies are, they’re like solutions in search of a problem. They build something cool that doesn’t exist, and the expectation is that, oh, customers will of course want this and want to buy it right away, but it might not answer a pressing problem. It might not have an expensive problem for people. That’s what you want. You want to have a product that meets an expensive, painful need for somebody. If you do that, it’s not very difficult to market a product like that.

(06:11):

But oftentimes people build products and stuff without really having a lot of thought for how are people going to find out about this? How are they going to use it? How are they going to acquire it? Are they even going to use it? What behaviors need to change? What behaviors does somebody need to change to jump from what they’re doing today to your product or whatever? Because it’s hard to get people to change behaviors. Sometimes people will just do the same thing over and over, even if they don’t like the existing options because they hate change. So you have to be pretty compelling to get to pry people away from what they’re doing today to separate them from their money. And I think oftentimes people don’t think through how they’re going to acquire customers. I think they think through how they’re going to build a product and how do I actually build this thing and how do I make it look?

(07:06):

But it is never too early to think about it. You’re actually going to get in front of the right customer and get them to buy stuff that is going to impact your financials. It’s going to be one of the biggest line items in your budget. It’s going to determine whether or not you’re even a viable business, because if your cost of acquiring customers is too high and you end up having to sell your product for an amount that prices you out of your ideal market, then you’re screwed as a company. So I think those are kind of two things I see. It’s this idea of, I dunno, you’re kind of building from the inside out without really thinking about the customer. Then just really not thinking through enough about how you’re actually going to get in front of customers with your offering. Right.

Pablo Calvo (07:54):

Yeah, I mean, and it is interesting too from a marketing standpoint for sales and marketing. I think you and I probably have a similar experience in that when they don’t think through those fundamental questions, they come and expect sales and marketing to solve for those things, which don’t get me wrong, yes, sales and marketing does help, but it’s not the magic pill. You can’t just invent people’s interest in a problem that they particularly don’t care about. There has to be something, a hook that meets almost like their basic fundamental need.

Franklin Moore (08:40):

Those might be business model problems and not so much marketing problems. If there is not urgency to buy something, if people don’t feel a problem, you can’t market them. You can’t use marketing to them believe that they have a problem that they don’t have, right? Sure. So that’s one of the things I love the most is when I see a startup that has, it’s like problem market fit. The idea of this startup solving a problem for people that is very painful and very expensive, and you want to look at other things too. You want to look at the market landscape and stuff like that. But if you’re really solving a pressing need for people, it’s a great place to start

Pablo Calvo (09:25):

From as a product. It’s easy to sell, and it’s easy to market because now you’re just simply tapping into just fundamentals, right? Totally. You’re hitting the pain point, which is, it’s like, okay, that’s really sensitive for some people. If something that’s costing them a ton of time, or like you said, it’s an expensive concern, something that would save them a ton of money. I mean, product really in a lot of ways sells itself, which is a nice place to be when you’re kind of operating from that position. You were talking about Rackspace, I can only imagine what that was like when the market didn’t exist and you’re selling manage hosting, and people are like, well, what is that? You know what I mean? Totally. That’s a great problem to have. Like, Hey, I can save you money this way, and Oh, I didn’t even realize that industry existed. That’s also an ideal situation, but that doesn’t happen that often now. It feels like a lot of startups are different flavors of the same type of solutions.

Franklin Moore (10:21):

Totally. You’re seeing that a lot. I think what you’re seeing every category now just get sort of built out with more and more different permutations. I think about, I dunno, just by one way of example, email automation, software marketing automation type software. There used to be two games in town and now there’s a million of them. And you have companies like Apollo that have started up super well funded and are just kind of driving the pricing down to close to zero. I mean, you could get that for 99 bucks a month now, which changes the market dynamics and changes. Honestly, it changes the entire effectiveness of the category. The other thing too is all of these things are moving targets in marketing so much. So you have a situation just to take that one category. For example, marketing automation type of tools and software, email automation, whatever. You have one company that’s basically practically giving it away for free, which means you have more and more people than ever using it to send out email obliterating people’s inboxes. And now you have so much saturation happening in the category that in general, the whole tactic has become less effective. So now you have to think about, okay, what else can I do?

Pablo Calvo (11:36):

What other way can I, yeah, that makes a lot of sense. Well, you mentioned Apollo, and I think in general, if you’re buying companies to drive the cost down, where does the innovation go? R and d is one of the first things that ends up getting hit because you don’t have the funding to continue developing new and inventive ways, because at the end of the day, you’re like, oh, well, let’s just change the color on this and then put it out as a new product, which I completely agree with you. One thing that we haven’t covered is just your background. Overall, how did you end up in marketing specifically? Is this an area of study? Is this something that you ended up with starting somewhere else? I mean, what’s your story?

Franklin Moore (12:17):

Yeah, so like I mentioned earlier, I got my bachelor’s and master’s in creative writing, and I envisioned that I would probably have one of two jobs, which would be either novelist sitting on a Caribbean island on a typewriter or something, or I was certain that I would end up being the editor of Rolling Stone or something like that. It turns out not super easy to break into either one of those jobs. And so I got my start as a copywriter just doing advertising copywriting and mostly for tech companies, but then worked my way up to a creative director at an advertising agency here in San Antonio called Pace Communications. Still a big agency, although I don’t think they have as much of a presence here anymore. And then from there kind of made the jump to startups and at startups, because they’re smaller, oftentimes the remit of a marketer is larger.

(13:08):

So it started off first, okay, well, not just managing content, but now I’m managing content and design and thinking about the distribution channels and how do you distribute content to people and actually get it in front of them in a way that makes an impact. And then, okay, well, as part of that, now you’re managing the big paid media budget and figuring out what’s the return on investment for that. And then eventually now, the scope has expanded to be all of marketing. So everything from events to pr, and the truth is social media, it all plays together. And especially as a startup, one of the biggest challenges you have is not just what to do, but it’s what not to do, what to de-emphasize, because everything in marketing works to some degree. It’s all a question of the ROI and the opportunity cost of where you put your limited time and money.

(14:02):

So yeah, that’s kind of my scope today. Now, for the last a little while, it’s been very kind of focused on just running the entire marketing stack and that I think everybody, because marketing is so multivariate, you have so many different functions in marketing, different leaders kind of lean into that role differently. For me, it’s always been rooted in content, providing high value content and advertising and stuff like that to customers, really trying to, I tend to believe that the companies that build the strongest brands are those that build audiences and build trust with that audience. And the way you generally do that, whether you’re in business to business or B2C even is by just producing content that your customers find interesting, entertaining that educates them.

Pablo Calvo (15:03):

That absolutely couldn’t be more. Education for me is that’s the foundation. If I can’t teach somebody something with the content, I know people won’t tune in. At least from my standpoint. I think a lot of times that conversation with clients is like, okay, what are you teaching your audience? And sometimes clients will look at me, what do you mean? I’m not trying to teach them anything? Sure you are. You’re trying to teach them why your product is superior. You’re trying to teach them why they should care. You know what I mean? Because a lot of times those things aren’t obvious to people. You were talking about earlier, what’s the use case for this? I have no idea. Well educate them. Maybe they’ll kind of hang onto to that little message, and that will help you open up further pathways for communication with that audience. Right?

(15:56):

Totally. You’ve been doing this work for quite some time and working with different industries, working with different companies. If you’re working with a startup that obviously has every need that you could possibly think of, because a lot of people think that a startup has fewer needs or less complicated needs than a big mega corporation. And that’s not true. It’s different scale, but the needs are all the same, right? So I mean, as far as budgets are concerned, I mean, it sounds like from your standpoint, all of these different channels, you have to pick and choose and select the right mix because it really is just a question of dialing down and dialing up depending on what channels make the most sense for that particular engagement or that industry. So it sounds like strategy and what you’re bringing to the table really matters more than just simply like, okay, let’s just check the boxes and throw money out at the market and expect it to work.

Franklin Moore (16:58):

If a big company wastes 25 grand or something like that on an ad campaign or a channel that doesn’t work, it’s like a bump in the road. But if a startup wastes 25 grand on marketing and they don’t acquire customers for it, it can be fatal, right? Yes. Yeah. So it absolutely, I think makes a huge difference. There’s also the fact that oftentimes these companies have no budget. And so this guys work a lot in the SEO space too. Companies with no budget tend to kind of lean into the same type of tactics, the things that appear to be kind of free, which are, you write content, you put out a bunch of social media stuff, you send out emails, but the challenge, whether you’re a startup or a big company, is that you and your competitors are all kind of doing the same thing. If you’re in the B2B space, you are all pulling down the same lists of leads, emailing them with similar messages, using the same type of software and tactics, running ads on the same platforms that say roughly the same thing. So the strategy is not only what channels you choose, but what message are you putting out there and how are you differentiated? Because especially if you’re in a space with a lot of bigger competitors or something, they’re going to be able to 10 x the amount of times anything

Pablo Calvo (18:21):

You do.

Franklin Moore (18:21):

Yeah, anything you do. So your message has to be, it has to hit, it has to cut through that noise, and having a message and content that’s entertaining, it’s high value and teaches people things that is memorable and builds that kind of affinity, that is, that’s going to be your hook. It has to be your hook. Can’t just, and talking about your product, it ain’t it, because I know I get just how many times a week I get how many times a day I get a LinkedIn invite from somebody and some cold LinkedIn invite from somebody I’ve never seen, and I’m like, sure, I’ll accept it. I accept it. And then 10 seconds later, I get a, they’re

Pablo Calvo (19:08):

Asking for something.

Franklin Moore (19:09):

Yes, I get something about their product asking for a meeting. I think one of the models today of marketing that works really well is to just sort of give something away. What can you give away a value of your expertise that’ll make your prospects life a little better, that’ll make their day a little easier, that’ll solve a problem for them before you make an ask of

Pablo Calvo (19:39):

Somebody. Yeah. You’re establishing trust, right? Yes. Help somebody for, and yeah, I mean, it’s funny because in a very transactional sort of model where you’re always selling, always selling, always selling, one of the ways of differentiation is don’t always be selling. Yeah, totally. I mean, just simply get to know what ails them because it’s possible that they might have a very particular pain point that’s slightly different than the masses. The way they apply your product or your service or anything along those lines may not be the way that you expect. And that use case that very distinct. I mean, granted, you can’t be doing custom implementations for everyone, but getting to know who you’re actually talking to, and when people say, Hey, know your audience. Sometimes that audience is just one person that might be that completely overworked director of sales or CEO or whatever, and they’re trying to solve X, y, Z problems, and they’re thinking, how can you help me? Yeah,

Franklin Moore (20:52):

Exactly. So one of the funny things about marketing and starting early companies is it’s amazing how little people actually know about how customers use their product. Even big companies, I think sometimes you make assumptions about how somebody uses the product or when what kind of trigger happens that leads them to buy, but you oftentimes really don’t know because there can be such a disconnect, even at small companies between the user and the marketer, the person who’s creating content about it, the product team that’s actually building the content. I remember it reminds me of Clayton Christensen, who he wrote the Innovator’s Dilemma, and he was a professor, I think at Harvard Business School, but he talked about in one of his books, this case study they did with McDonald’s milkshakes, and it was a situation where McDonald’s was trying to figure out how to sell more milkshakes.

(21:50):

And so they looked really hard at when people bought milkshakes and the circumstances under which they did it. And the assumption was always that people bought them for their kids on a weekend on the way to the playground or something like that. But what they actually found is the majority of the milkshakes they sold were in the mornings. People would buy them on the way to work. I think this is before everybody started thinking about heart health all the time and stuff. And so they would buy them on the way to work as they were sitting in traffic, and they would kind of treat them breakfast. They would be a thing to keep them company on the way that they could have slowly during their morning commute. And so you can imagine how that would change the way you would market a product, how you would advertise a product, that sort of knowledge of how somebody uses something as simple as a milkshake. Now, imagine something as crazy as a data product or something like that. It gets infinitely more complex. And so I think being tuned into how people actually use it, watching them, it can change the entire course of your marketing.

Pablo Calvo (22:50):

It’s funny that you mentioned the milkshake, because how many times is the milkshake machine broken? We know it’s not broken. McDonald’s,

Franklin Moore (23:00):

How many times have I been to the drive through? And it’s like, we’re out of chicken. You’re out of chicken.

Pablo Calvo (23:05):

Who’d heard of such a thing? You know what I mean? Exactly. The thing that we haven’t talked about so far is your company that you’re with now, alloy ai. Could you tell us about, maybe, maybe without giving away any trade secrets, but what are the different types of challenges that you’re managing for the marketplace there?

Franklin Moore (23:27):

Yeah, so Alloy is a really interesting company. We are a startup venture funded. The company has grown to be about 50 ish people or so. We have offices now in San Francisco, Vancouver, Berlin, and just opened one in Denver a couple of weeks ago, and I’m the lone here

Pablo Calvo (23:45):

In San Antonio. You’re skiing, I guess you’re going to have to figure out a way to get skiing.

Franklin Moore (23:50):

So the company solves a couple of, I think, really interesting and tough problems for primarily exclusively for consumer goods companies. So if you make a physical good and you sell it to people, this is the stuff you buy every day, whether it’s food or electronics or housewares or something like that. That is that. To take an example, if you are Sony,

(24:15):

You sell through hundreds of retailers. Each one of those retailers has probably thousands of locations. This is just in the US alone. Every one of those reports data in different ways at different frequency. You’re in different formats entirely. And so if you are Sony, you need to find a way to go to a hundred different portals and download everything manually and then reconcile hundreds of different spreadsheets at different times and stuff. And so we’ve created a data platform that goes out to all of the different retailer and partner portals, to your distributors, to your e-commerce partners and supply chain partners, grabs all of the data, normalizes all of it manually, so you don’t have to do any of the data management or anything. It then gives you consumer goods specific insights on top of it that you would need. You can see things easily, like your sales in real time down to the store level, down to the skew level.

(25:11):

You can see your marketing promotions and how they’re going inventory levels, various places so you can make decisions about your business. But then it also layers on top of that, the ability to do things that you can’t see in any of those tools. So it’s like using that information we can kind of derive and putting a layer of AI on top of it. We can derive different things. We can run simulations to tell you where you’re likely to be out of stock next week based on sales downstream from that. So we can do things like prevent out of stocks. We can tell you if there’s thefts happening at a store because of the fact that, Hey, you should have more sales there, but you don’t. And so companies are using that just to kind of run everything from their supply chain to their sales to make decisions about how much stuff to manufacture to inform their planning and stuff like that. So yeah, it’s an interesting product. We have a lot of really great customers. I think about Valvoline’s a customer, Melissa and Doug, if you have kids, you know who that is. We

Pablo Calvo (26:07):

Do

Franklin Moore (26:08):

Crayola and B and kind of a lot of big consumer brands that people use in most of the consumer brand categories.

Pablo Calvo (26:16):

Well, one of the exciting things about what you’re saying is also the tools that are now leveraging AI to be able to not only gather the data, analyze the data, I mean from a marketer standpoint, having that much data at your fingertips that you don’t have to figure out or have to unwind a ball of yarn. That’s exciting because now you can make real decisions based on data that if you’re running any type of organization, I mean, that’s really the key, right? Yeah. How many times have you said, oh, we have Google Analytics. That’s one facet of data for a company that in a very limited one at that, what’s going on? If you’re doing store sales and you’re going down to the store level, that’s foot traffic, that’s actual sales happening on location. Sorry, Google Analytics still doesn’t have that information.

Franklin Moore (27:11):

Yeah, it’s interesting. The problem tends not to be, I find in most of these industries, not enough data. It’s like too much data and not enough insights, not enough actionable insights. So you have data from a million different things, but what is the relevant data? What is something, especially if you’re a complex business and you’re selling hundreds or thousands even of different products in thousands of locations at the same time in your one person, what is the thing you need to take action on? And so it’s a platform that helps surface that so that people can just figure that out without having to pour over spreadsheets and things like that, or worse, which is what I think most companies are even still doing today, which is guesswork. It’s kind of like you just, okay, well, we sold this much

Pablo Calvo (28:00):

To the wind,

Franklin Moore (28:01):

Or we sold this much last year. I bet we’re going to sell 10% more this year or something. Right? Exactly. And so yeah, we actually allow those decisions to be based kind of in data and then let people respond in real time when the market kind of veers away from that.

Pablo Calvo (28:15):

That’s really important because there’s so much information coming in at the, I don’t care how good of an analyst team you have, you could have an army of analysts. They’re still people. I mean, I think that’s where the value, for me anyway, AI in terms of managing data for proper decision making. It’s about pouring over so much information and being able to come up with those little nuggets of actionable insights that will help you, or at the very least, give you something to make a proper decision with. a lot of times people just look at one small data set and then they’re making full blown business decisions on the direction of their whole company and their budgets based off of minor information at the end of the day. And really that’s no better than, oh, it was an informed decision, but on how much information.

Franklin Moore (29:04):

Yeah, I know. Seriously, and I mean at least in marketing too, step away from consumer goods stuff. I was talking to somebody the other day and somebody made a comment about how data doesn’t lie, and I’m like, I can lie with the data. I’m sorry, but marketers know how to lie with data. It sucks to say, but it’s true. There are so many different metrics. There’s so many different things to measure that you can find a metric that looks good. Is it a vanity metric? Is it the one that matters? Right? And so being able to, I don’t know, to surface not only just random kind of insights or vanity metrics, but the things that are most important, that’s why you still need humans to interact with a tool. It doesn’t replace them. It allows these analysts to analyze better. It gives them kind of a list of different things to drill into a little bit more to understand the use cases or root causes behind things.

Pablo Calvo (29:57):

Very true. Absolutely true. No, that’s what excites me more about AI in general is just the fact that it is another tool. It’s a very precise, in some cases tool, but sometimes very imprecise. You have to be able to determine is it value? Is it something that you can use for your day-to-day operations. I mean, from our standpoint in the marketing space, we’re looking for any and every single tool that’s out there that can help. But that’s the other part of it is going through it, reviewing what’s to keep and what’s to be tossed out because it’s not any good. I mean, part of it is using it as well. I think the value for any startup that’s adopting ai, I mean in your industry, I mean, you’re probably not working with smaller companies. You’re working with much larger established companies for alloy, but the use case is no different even for smaller businesses. How do you adopt artificial intelligence in a way to help you grow your business? Now, that’s a broad question, but you provide guidance with experience, right? There’s a difference between just simply adopting something for the sake of, oh, this is cool and shiny, versus this is legitimately helping me grow my business and operate it better.

Franklin Moore (31:15):

So there are some smaller companies that do work with us. I think the important point is that AI is like it’s a means to an end, and you kind of hinted at that. You don’t just want AI for the sake of ai. You want to try to think about what problems AI can solve for you, because sometimes you just need long division or simple kind of arithmetic to solve a problem. You actually don’t need super crazy deep AI stuff. But then there are some problems that AI really does benefit. And so understanding, I think what the problem is you want to solve and what the best way to solve it is. I think that that’s kind of the place companies need to start when they’re exploring ai. And then the other thing too is that you kind of have to get your data and stuff in order first, because AI is only as good as the data you train it on.

(32:12):

That’s right. Very true. And so if you trained it on a bunch of crappy data, you’re just going to get crappy insights at scale, which doesn’t do anybody any good. Then you’re just, again, back to making poor decisions. And so there’s, I feel like a bit of a life cycle of AI adoption. Companies need to, it depends on the use case and purpose, but you can imagine if you’re, because I know you guys use AI in marketing stuff. Absolutely, yeah. And if you train it on a bunch of crappy junk and stuff, you’re going to end up with really crappy results. So I think companies need to think about, I dunno, a bit of a crawl, walk, run approach to AI adoption. They absolutely need to be thinking about it because there’s so much it can do to reduce or to increase your impact, but it’s not just going to be a total panacea for everything.

Pablo Calvo (33:06):

And it’s actually an interesting dynamic too in working with companies. You have leaders that are all on the AI train, and then you have those that are like, oh, no, I’ll never touch it. It’s snake oil. And I think the answer is somewhere in between. I mean, it certainly can be snake oil if it’s junk data like you’re talking about. But yeah, that training, I mean, that’s investment. That’s significant amount of time and in some cases, money that you have to invest into building out those LLMs for reuse, not session-based platforms to just like, okay, every time I sit down and put in a new prompt, it’s not going to be something based off of something I wrote previously or fed it before. It’s going to be like, oh, who are you and what do you need me before? As opposed to a business brain, for lack of a better term. Anyway, well, thank you so much for joining us on the Boost, the amazing insights, and certainly look forward to seeing you around Geekdom and continuing to work in growing the startup ecosystem here. Yeah,

Franklin Moore (34:17):

Thank you for having me. I appreciate it.

Pablo Calvo (34:19):

Thank you, Frank.