Did Donald Trump Just Save Filmmaking in America?

It is Wednesday, September 2nd. For years, if not decades, Hollywood studios and producers have wished for some kind of a federal tax incentive to make movies and TV shows in America. Despite little benefits here and there, it always seemed like a pipe dream, even as a hundred countries around the world now have them. In Canada and Bulgaria and lately the UK have aggressively courted productions, effectively kneecapping the US of one of its signature industries and making everyone in town fly all over the world just to work. When Trump appointed his so-called ambassadors to Hollywood, John Void, Sylvester Stallone, Mel Gibson, many laughed, including myself. And then Trump started talking about tariffs on foreign-made movies, which just confused the issue. But then on Monday, all of that changed. After months and months of lobbying by John Void and tons of other industry advocates who aren't John Void, the Trump post finally appeared on True Social. "Congress should approve immediately a federal production incentive to create entertainment jobs in America. It can be done quickly, accurately, efficiently, and importantly, will benefit all of America." But all of America is key here and the Trump endorsement now clears the path for Republicans to support the legislation, which appears to be called the Motion Picture Television and Entertainment Revitalization Act. So where does that leave us? What will this bill actually look like and how big will the incentive be? Today, I've got two of the key figures behind the incentive push here to discuss. Tony Armour and Katie Pryor are the heads of FilmUSA, which is the National Film Commission that's relatively new, and they advocate for film productions across the country, not just in one state or city. They've been in the middle of all this push, and they're going to explain what's going on and most importantly, what's next. Today, it's the long-awaited federal tax incentive. Is it really happening? From The Ringer and Puck, I'm Matt Bellany, and this is The Town. Okay, we are here with Tony Armour and Katie Pryor of FilmUSA, and I want to first welcome you guys to the show. Thanks, good to be here. Yeah, thanks for having us. And I want to get right into this because I will admit, the Trump post surprised me. I did not think this was going to come to this. I thought it was a long shot to get him on board. I laughed at the tariff stuff. I was like, is John Void really going to be the guy who gets this done? And the reality of this situation, is there have been dozens and dozens of people behind the scenes lobbying for this for a long time? Am I right? You're 100% right. And it's funny. I think a lot of people were surprised, but for those of us that have been living in this space for over a year, well, many years now, we were all very hopeful this would come. So we're related and didn't have quite the shock everybody else did, but it's been really fun to watch the surprise on a particular stage. So let's get into how this happened. And then we'll get into what this bill and this law might potentially look like. So how did this happen? Explain, let's start with Trump decides that he's going to have these ambassadors to Hollywood. Where did it go from there? And how did you guys mobilize to get this done? All right. I think that's a perfect place to start. Obviously, anybody listening knows what the industry has been through and where we were. So Trump gets in and announces his three ambassadors. The first time you've really seen any forward-facing presence from the Oval Office helping this industry. And then from that, obviously, the first thing that we need to stay competitive globally is a federal film incentive. And Ambassador Voit was the first to make recommendations to the president. Ambassador Voit. I love it. Yeah. Yeah. I really hope he got some sort of pendant or plaque or something that he can hang on his office wall. At least attached to something. Yeah. That's a great idea. We'll get him a sash. No. He's been incredible. And every time he meets with the president or meets with the coalition or the group, it always goes in the right direction, which is hence this, hence yesterday. So he starts advocating, meanwhile, you have all of these groups that typically advocate for the future of film in the country. And recognizing there was a federal need, groups like ours, other groups. We all joined together in one large coalition. So that's the unions, that's the MPA. That's everybody. Anybody with a stake in the federal production tax credit? All the initial people. Yeah. Anyone with initials? Iatzi, Sag, everybody. And just to be clear, this is advocating for a federal incentive, which the states could then stack on top of, and they could compete amongst themselves. But what it would do is it would head off this competition from places like the UK, Bulgaria, Canada, that are offering these 20, 30, 40% incentives that the individual states can't really keep up with. It would create essentially a new floor for incentives that the states could then compete amongst themselves to lure productions. You have got this 100% right. Yes. Absolutely. This is stackable. It gives us the opportunity to be just globally competitive. For so long, the US was the birthplace and then the leader of this industry. And now we're past even proactive states. We're totally reactionary now trying to fix it. And this is the first step in making it happen. There are how many other countries, 81 in the world that have federal film level incentives. And now it could be affordable to film in the US and people can stay home and film, which would be fantastic. All right. So the acronym groups I'll get together and what does this mean? What does the actual process look like and lobbying for this? Well, there's a lot that goes on behind the scenes and so a lot of these groups are making their own individual trips to DC and talking with senators and legislators and letting everybody know, hey, this is something that the country needs for those reasons that Katie explained. And then individually in our individual states, Katie's in Louisiana, in Florida. We have other commissioners, 120 of them scattered all throughout the 50 states. And so each of us and our members across the states, you know, advocating and letting not just the state politicians know, but our federal politicians, hey, this is something important. And so that process starts, you know, well over a year ago. It was right before CAND 2025 when Trump first did that post about tariffs. And so that's when the conversation really got started. So now you're looking at a year and a half later that these groups have been working together and kind of trying to push this ball forward behind the scenes. Well, no one else really really knows what's happening. And I imagine the messaging, especially outside of the core blue states is this is for everybody. The worst thing that this could have as a label on it would be this is a Hollywood production credit because that's been, yes, that's going to go nowhere. I almost wanted like when Adam Schiff put out a statement saying he agreed with Donald Trump, I was like, just, just stay quiet, don't say anything, just like let this happen. Yeah. You know, the Hollywood Reporter variety, all of the Penske media publications need to stop saying word Hollywood, you know, if we can start talking about this is a national incentive. This is going to benefit Florida, North Dakota and Colorado, Louisiana and, you know, every state across the country, that's the message that we want out there. We want people to stop talking about New York and LA. Everyone knows that production happens in New York and LA. What can we do to increase, you know, production everywhere else in the country? Yeah. Well, they're going to benefit too. I mean, don't get me wrong. If this passes, then you essentially have the Hollywood studios are turned into farmers because they are going to have the federal government subsidizing their product, which will be great for these companies that are, for the most part, still at least based in California. But the messaging on this from the beginning has been, this is going to benefit Georgia. This will benefit Louisiana, New Jersey, Florida, New Mexico, Arizona. These places that want to be players and are either red or purple states. This is going to benefit everybody. And it's not, you know, yes, the messaging is important and how we talk about it and that's because people have different levels of interest in the tensions fan and what we're doing. But at the end of the day, it's messaging because that is the message. This is beneficial for everyone. Whether you're an incentive state or you're not an incentive state. If you're not an incentive state, then this gives you entry point. And if you are, this is stackable to keeps you, keeps it even better for what you have. You know, in Louisiana, we have an incredible program. We are the first state to have a program. And this would be an amazing compliment. And then you have other states that don't have an incentive and then now you've got an option for month. You know, they work hard in the film industry and now they have an incentive. So what put it over the top? What caused Trump to post? Can anyone predict that? I don't know. I mean, was there a meeting last week with John Voight? Did Larry Ellison make a call? Yes. Yes, it was a debrief from Ambassador Voight. So he was there last week and he was there. He met with him. He's been his team. He has an incredible team. He has been very active with the whole coalition and have heard it from everybody, every stakeholder, know what's going on. And he was able to be that messenger to go to the president and say, this is what's going on. It benefits the country on the whole, not to mention the cultural value of the export of entertainment and every other reason that we need to support the industry. So he had, he had his ear and he was able to make the compelling case and stop talking about tariffs, basically. I don't know what was said behind closed doors. You don't you didn't give him a cheat sheet. Oh, no, no, he wrote his own cheat sheet. Yeah, I did it and we have to give a lot of credit to the mpa Joshua are gonna have Rigby who are the VPs based in DC. They are really, you know kind of leading the charge and wrangling all of us Cats, you know with all the letter letter companies to work together on this and so really a lot of credit goes to the mpa and they're supportive independent film You know, obviously they you know work a lot for the studios, but it's really the independent producers who are going to benefit a lot from this as well And you know, that's part of the very much a part of the conversation Yeah, to echo that the the mpa really has supported the entire ecosystem in this effort They have seen the benefit of every branch of the industry being supported here and they have led that Okay, so we have the contours of a bill coming together Let's talk about how this is going to play out because Trump posted on true social that it's going to be called the motion picture Television and entertainment revitalization act the MPT ERA What's going to be in this? What are you guys hearing so that's a great question. I think you know at the beginning stages There's a lot that that's going to be discussed, but generally you're hearing 20% stackable incentive on labor and There are upticks that are being considered as most programs do have We don't know what those will be yet some of the traditional uptakes are usually in Specific towards like a content like independent film or a root or you know expanding out of normal Productions own regions and things like that, but I think you're gonna not have to wait long for those answers I think you're gonna see some of that movement really quickly So who's gonna sponsor this because Laura Friedman the congresswoman from Burbank She's on the Democrat side. She's been talking a lot about this. Don't know if she'll be the sponsor But on the Republican side, there's been a lot of outreach going on to different Republicans Do we have any idea yet? Who's gonna step up and be the sponsor? No, I don't think so But it's you know we're the prettiest girl at prom right now I think people are ready to jump onto this and yeah now that Trump's for it Why wouldn't you want to be the one that delivered Trump something he wants? Not to mention something he wants that really does benefit the country at an extreme level in this industry And it really is bipartisan. I mean you can ask any of the groups that are up on the Hill regularly Advocating for this. It's positive reception on both sides truly. Yeah, I was just gonna say you guys have done surveys So like what what kind of support do you think is this is this gonna pass for sure? I mean obviously depends on the contours of the bill, but you think this is gonna pass Yeah, I think Katie and I can both agree and everyone in the coalition I think can agree as well that we wouldn't have spent a year and a half working on this and be so excited to talk to you and Everybody else about this right now if we didn't think that this set of a very good chance of passing Okay, so 20% would be the goal that you guys want I mean sure that we could go higher, but yeah Yeah, I mean essentially the way to do this There was a coalition of groups that said last year that they wanted an Extension of the tax code that would essentially provide the deductions for Manufacturing in some cases to film and TV production and then an extension of deductions under what was section 181 which was a previous effort to get some tax incentives that was pretty moderate But that expired. Yeah 181. They're still talking about and they're still talking about extending that or Re-extending it, you know, it's expired and been extended in the past and but that's not a true You know film tax incentive like you have at the state level. Okay, so that would be separated not something that would be part of this new thing Okay, correct. Yeah, correct the conversation is you know Transferrable tax credit thing that everyone understands from a typical state level and making it mirror that So that you know if you if you've done this at the state level before you're going to be able to do the same thing at a National level where you can sell that tax credit utilize it or whatever that might be and so that's the conversation That's what we expect we'll we'll go into we'll go into a bill. Okay, and deductions for past expect expenditures as well. We don't know yet. We can't say I don't know I mean we have no idea, but I doubt that but that but is that what you guys are gonna advocate for? I think the goal is only you know from the time it's you know enacted in the law moving forward and there won't be anything retroactive I don't believe but again that's above our pay grade But you know from our understanding and I assume there will be some opposition to this some you know tax reform groups and Maybe some conservative Republicans. I was always skeptical of this because I thought at their core Republicans would not want this incentive to benefit Hollywood liberals but Make the case for why this is Necessary. I mean, I really think the numbers speak for themselves and it's kind of a outdated argument to be like Okay, everyone in this industry is is Exactly who I don't want to support, you know, this is an industry that is now a 50 state Industry this has hundreds of thousands of jobs. This has billions of dollars This has puts us in a global standing culturally this there's a value here that you could at nauseam discuss and I think they the idea That's one of the reasons we want to stay away from the word Hollywood I love California nothing against it at all and it is a great place for the industry But Hollywood now is a term for moviemaking in the US and you see that when you travel abroad and people talk about Hollywood here They don't just mean a city in California anymore. It's the industry as a whole So I I I hear the argument and every film commissioner has had this discussion at the state level as well But the the numbers I think are if you really understand the economics of it. I think The argument makes itself. Yeah, I mean Charlie Riskin who who's the MPAA had and he Presents the studios even in his statement. He said a federal incentive would be a landmark step toward bringing more production to local communities in all 50 states That's not an accident that that's what he said you don't have to look any farther than what Taylor Sheridan does in the state, Texas and Ask people ask people in Whether for Texas, you know how it's working out for him or in Waxahatchi where they film the chosen TV series or you know A lot of these rural communities that are really benefiting from things like that and you know Texas is right as it gets. That's true, but but this would help Hollywood in and in the Los Angeles California sense because So many of the bigger Movies that typically would have filmed on sound stages at the studios have been shipped to London London is where the big blockpusters are all made and it doesn't matter what California has done They have a $750 million incentive for each year now. It doesn't matter They now there's a new bill before the governor right now for a $10 million post-production incentive that governor Newsom should one hundred percent sign. I don't know why he would waver on that, but It doesn't matter because of these foreign subsidies. They're just too big Yeah, the states programs were never built to compete with other nations That's why I say it's outdated argument. That's what what as a Association of Film Commissioners the first question We get is don't you all hate each other aren't you're all competitions like no rising tide lifts all ships like we get this We understand and we have not been Participating in the global market because we can't we have been competitive we our state programs aren't enough to to do all this And so I it even the playing fields for all the states and yes It will benefit California and New York, but it will also benefit Montana and Rhode Island and everywhere else It's so it is all 50, you know, and I I think there's I think there's magic in that you know a lot of the argument that we see a lot of times from You know, I'll use Florida as an example a lot of the film crew in Florida You know move to Georgia move to Louisiana and there's kind of become nomads a little bit And they're like I just wish I could work at home, but it's not feasible. You've got a lot of region I mean I've got dads on my kids little league team who can't go to the games because they're in Louisiana or Portland or You know overseas it's it's definitely it's a culture thing. We've talked about this on the show many times This episode is brought to you by SAP waiting. It's one thing mid-size businesses can't afford to do when your biggest ideas are ready to launch You need technology that's ready to SAP grow comes pre-configured to your industry standards with AI embedded at its core so you can hit the ground running Bring it with SAP grow AI cloud ERP for any size business. I want to get to the logistics here and How this can happen. What is next? Who needs to push this over the finish line? So two ways to do this. You've got all these groups that are advocating top right? We're going all the got all the people on the federal level and then we need everybody everybody to start talking up to that level as well So everybody except Adam Schiff Adam sisters stay quiet So we're doing a letter writing campaign Film USA is working with the MPA and and other groups to make sure that we can activate the voices of the crew And this is a jobs act, right? Like this is about the jobs This is not about the movie stars that want to make movies and saving this I just painted idea of what we've just decided Hollywood is this is People working these are the people. I'm in Louisiana. These are my friends that that are set deaf that haven't worked in two years So are you going to do that? Are you going to start are we going to see those ads where it's like a guy with his shovel standing on a production studio in Atlanta talking about great it is we've started we've started So the letter writing campaign, there are 15 states where we've already got this going. Florida, Louisiana, Georgia, and several others. And so we're already collecting signatures on behalf of the MPA per on a state-by-state basis. And like I said, Katie's leading Louisiana, I'm leading Florida. We have all their quarterbacks in over states. And so we're already underway. And this has very much been through our outreach through a lot of the different groups and individuals and the unions and stuff that we know on a state-by-state basis. Because then those names and those signatures are going to go to the representatives in each individual state, urging them to support this on a federal level. Maybe you could promise Donald Trump a photo op with Tom Cruise or Sidney Sweeney or someone like that if he signs it. Although I guess he's not the problem now. He'll sign it. It's these other. Maybe you asked, you know, the legislatures in border districts that may be wavering, they could get a photo op with Tom Cruise. We will host the ball. Everybody, every celebrity can dance with every politician if they'd like, whatever sues. And to me, we're in a good spot because we have the Oval Office Expressing Support. We have years of advocacy work behind it. And at the end of the day, I think now the gap is just time and further education. So advocacy for us is really just getting people the numbers. The data speaks for itself. The job market, you can see what we had, what we lost. And I think it's kind of a-- I mean, I don't really love the word no-brainer, but it is a no-brainer at this level. But have you seen this become an issue in some of the political campaigns this season? Because we are in the middle of a midterm election. And like, for instance, in Georgia, that's a hotly contested senator contest. Have the candidates weighed in on this? I haven't seen anyone really weighing in on this yet. I mean, I think no one's really talking about it until last night, until that post comes out. And now-- Your job is to make them talk about it in a positive light. Exactly. Our opportunity is to give them the numbers that leaves them with no other way to talk about it, but positively. Yeah. Well, there's a lot of empty sound stages in Georgia as well. Maybe not as many as L.A., but they have really suffered a lot of losses there as those productions have kind of landed. We have in Louisiana, do you have it? I mean, a lot of places are empty. And I think that's another thing. No one's hiding from the bad news. We all know where we stand. And so nothing unites like a common problem. One of the questions that people have is this is great, this is moving forward. We're all hopeful that it passes. Fingers crossed, and we'll do all the work to make that happens. But then what? So let's say it does pass. Well, who's running the program? How does that work? What happens on the next level? What's the manage of it? And those are the questions that remain to be answered. They're just as important as having the incentive because then how do people access it? Who's answering those questions for people on a film commission or level? This is what Katie and I have done for many years on a stage. Maybe you guys should run it. We'll let you advocate for us while we advocate for the industry. No, but I know, you don't want it to be a boondoggle and you don't want it to be run poorly because then that wouldn't help. It's going to be authorized for a certain time period and you want it to be renewed after that. We need this to work. And one of the things that we stress to people is this is a beginning, the first one that comes out. This is not going to fix everything in the industry. This is a great starting point. This is also opening the door to the federal government. Supporting this industry for the first time in the US. You know, when our organization started, a lot of our work was to advocate for the creation of a federal film office because we don't have one. And then we always thought that it would be so easy from that point to show the economic value of an incentive. And then when the ambassadors were announced and the Oval Office showed support for a change at the federal level in this industry, it flipped. And it became incentive conversation first. But to Tony's point, it's very important to recognize the infrastructure that has to follow. And that's one of the reasons film USA is a seat at the table. We are 120 plus members across the 36 states and we all do this. This is what film commissioners do. So we want to be part of the conversation. Like, hey, look out for this. Don't forget this. Let's tweak this. So we'll be as helpful and as active as we can and shepherding this in a way that it is sustainable for this country. And how quickly could it take effect? That's a great question. We are an unprecedented time of speed and movement in government. So I think it could be-- I would love to see this passed before the end of the year and in effect shortly after. Yeah, if it could happen by the end of the year with January 1st, start date, or whatever that would be, that's the perfect world. Politics are unpredictable. I can certainly never predict, but that is certainly the hope. And the states would then start free for all campaigning for all of those productions that were formally going to London and Vancouver. You're going to see a huge change for the states. And some states are going to change and adjust their program to respond to this. And some states are going to be really well-poised to immediately act on this. I wonder if some states will eliminate because they're like, oh, you're already getting 20% from the federal government. They could be a possibility. I would think that most would probably wait and see how it went at first. And then adjust accordingly. But yeah, why don't I know? For states like Florida that don't have a state film incentive, which Florida used to be the third biggest production center in the country behind California and New York many years ago, this gives Florida permission now to get a state incentive again, essentially. As Republican runners, the state has been for many years. And the current front runner, Byron Donalds, who was supported by Trump, why wouldn't you now say, all right, all of these other states are in the game, Georgia's right next to us here. We've got this at a federal level. Florida then steps up and has state incentive. It gives, again, it gives the state and other locations permission to add those incentive programs. Maybe they haven't had in the past. Well, then Larry Ellison and Jeff Bezos can bring productions to Florida so they can go and look at their studio productions from their giant mansions that they are escaping taxes in. [LAUGHTER] No comment from the Florida person. All right, well, we welcome all money that's going to flow into Florida and help our jobs in industry here. Yes, absolutely. All right, well, Tony and Katie, thank you for coming on the show. Congratulations, and good luck with the whole process. Thank you, appreciate it. Thank you, we appreciate it. We're back with the call sheet. Craig, it really is the drags of Labor Day weekend. I thought when Dizzy opened Shang-Chi over Labor Day during the COVID era, I thought maybe Labor Day will be back and the studios would start programming big movies there, but no. We're back to the dumping ground of dumping grounds Labor Day weekend. You don't consider Mark Wahlberg movies to be using those are dumping ground? Well, that's what's interesting this weekend, because in addition to a movie called Fall to Dead Point, which is a sequel to a movie called Fall that I didn't know exists, and another movie called On Slot with Adria Arhona from Andor. It's an 824 movie. Yeah, that's an 824 movie that they're both not expected to do much business. There is also a Paramount movie starring Mark Wahlberg. And to me, this is fascinating. It's called By Any Means. And it's an indication to me of what happens when you do seven, eight years of streaming movies, and then try to come back in theaters. And it just doesn't work. Have we done the Mark Wahlberg uvra over the past few years? Have we done that on the show? I feel like you and I have discussed this, but have we actually gone through it on the show? I think we have, but it's worth doing again. Forget it, we're doing it again. All right, so Mark Wahlberg, oh, since 2022, balls up the family plan to play dirty, flight risk, the union are through the king, the first family plan, me time, and father stew. This is Oscar nominee Mark Wahlberg. Yeah, is there an equivalent to somebody who is among the highest paid actors in Hollywood? What he doesn't make movies for theaters? And he only makes streaming movies for dads. Like what is like the '90s or '80s equivalent of what Mark Wahlberg is right now? Well, he's doing the direct to DVD business, except he's getting paid extraordinary amounts of money to do it for streaming. Yes, like there's no, that's never really happened, right? That doesn't really make sense to have somebody who's not a theatrical star anymore, but is still uber famous and gets paid like a theatrical star. Yeah, I mean, I guess Tyler Perry has been doing a version of that for Netflix. They're the Netflix stars, the streaming stars now. Kevin Hart, a good example. Like Kevin Hart will pull out a theatrical movie, but I think the streaming stuff has really hurt him. And the tracking for this movie, by any means, is only about seven or eight million for this weekend. Now it's not a huge budget movie. And Yaya Abdul-Mateen, the second, is also co-starring. It's based on a real life story. It's kind of an action thriller. And I'm going to take, oh, God. Am I really going to take the under on the-- That's a tracking. Oh, eight million. The tracking, let's say eight. NRG has it at seven. I've seen higher. So let's say eight million. This is for the four day of a holiday weekend. Take the over. I'm gonna take the over yeah, I believe in Mark Wahlberg. I just do it's sad for these people. They know they're getting dumped on Labor Day yet they still have to do the press tour and they're out there plugging their movie. I felt bad for the people in the Ridley Scott movie. When you know Disney is dumping dog stars in late August, even though Disney did do a real campaign for that movie, I shouldn't say completely dumb because they did do a real marketing campaign for that movie. And the stars are just out there doing the Lord's work in late August when they know the movie's not gonna open and then that movie opened to $7.7 million. And nearly got beat by Buddy, the children's TV horror movie that nobody bought at Sundance and was released pretty much for free by Roadside Attractions. But that's a different story. What are you taking on by any means? - If the number is eight, I'll take the eight over the four day. That's incredibly low. I will say I had to do a double take. When I saw the trailer for this movie pop up, I didn't really know if it was real or not. I was like, "Oh, Mark, while we're doing a serious theatrical movie, "and I had to look it up." And I was like, "Oh, this is a real serious movie, okay." - Yeah, the director, Elegan Spratton, I had not heard of before, but man, if you look at the credits on this movie, there are 38 executive producers on this movie. - So what does that signal to you? - It signals put together with spit and bubble gum. Meaning there were many different sources of financing on this movie, many different cooks in the kitchen. There are seven actual PGA credited producers on the movie. So 45 producers and EPs, lots of different companies involved in this and Paramount pulled the trigger and made it amazing. Like we got to do an episode on how so many EP credits end up on a movie. - I would love to do that. That's a great idea. We got to do that because this is not the most I've ever seen. - It's a real question. - There was a Lee Daniels movie I think about a decade ago that had 50-something EPs on it. - I mean, we were talking about this 72 hours comedy, the Kevin Hart movie on Netflix. There was like 20 producers on that movie. - Yeah, it's amazing 'cause whoever touches it, gets a credit and sometimes it'll be the representatives for the writer. The managers of the writer have it in the writer deal that if the movie's ever greenlit, they get two executive producing or producing credits on the movie for the manager producers at the company that reps the writer. So what do they do, unclear maybe? Maybe they add to the script or bring some value, but it would be fun to go through each of the EP credits and be like, okay, so what do this person actually do? What do this person do? All right, so we're both taking the over on 8 million or by any means. - Yeah, this is a soft bet on Mark Wahlberg. - Yeah, yeah. We are essentially doubling down on Mark Wahlberg, even though we know he has completely tanked his theatrical brand by caching in on these streaming movies for the past eight years. So we'll see. All right, that's the show for the day. I want to thank my guest, Tony Armour and Katie Pryor, producer Greg Horbeck, artist, Jesse Lopez, and Stefano Sanchez. And I want to thank you. We will see you one more time this week. (upbeat music)