 So as I said, we're going to talk about cash sweep. So I'm going to talk generally about the concept Thing is about cash sweep is excess cash. There's a concept of excess cash Now is it possible for someone to have excess cash? Well, I don't think so everybody everybody Okay, so let's say it means take out an an excess cash from project and keep it in Suspense onto further notice. Okay Yeah, so that's kind of the idea to let you have excess cash But really what you want to do with the excess cash is Cash is the raw material of any business, right? You shouldn't let cash sit down there doing nothing cash should work for you And the way cash can work for you is cash can repay some very expensive debts that you're paying That you're paying interest on so if you have very expensive debt most companies have various cadres of debts You have senior debt junior debt senior senior senior debt you have overdraft They have all sorts of ways of financing your business In fact, there are only two ways of financing your business Which is you have your financial business with either equity or debt, but excess cash Where do you place it you use it to pay down the most expensive debt you have But in paying down the most expensive debt there are certain covenants some debts What we call senior debt now that senior debt may not be the most expensive debt But you you can't use that money to go and pay some other debt You have to you have first of all you have to meet your obligations for senior debt And then if you meet those obligations and you still have cash left Then you can use that cash to kind of pay down some other debt or pay down an overdraft or something like that That's what you use excess cash for and that's really what a cash sweep does so it just kind of Treasurer we decide on what you're going to sweep out of your financials your for your funding or restructuring your finance your funding Whatever funding you have for your business by using the cheapest possible financial Mechanism yeah, whether it's equity or debt so and then maybe what's left behind you can pay is as dividends Who knows so that's what cash sweeps do and you hear something like cash flow waterfall A cash flow waterfall just means think about it think about a bucket, right? There's a bucket and you're pouring water out of that bucket. So when you pour what let's say you have smaller buckets under When you pour what water from a big bucket into a small bucket, it's gonna overflow So once it overflows, let's assume it now overflows into a cup and then that cup now overflows into a Another tiny smaller cup So that process of cash coming from that big bucket pouring into a smaller bucket and that bucket overflowing and overflowing is a waterfall So just want you to think about a waterfall. That's what the cash flow waterfall is So you pour excess cash into one debt you finish that debt you pour to the next step pour to the next step Maybe the last that doesn't get any cash In that situation you probably need an overdraft you need to go borrow some Temporary money to meet those obligations. So that's what it is But in a model you have to do it dynamically you have to build it in a way that is very easy and your model automatically updates So when there's excess cash, it goes to pay off debt when there's no excess cash You need to look for funding and your model will check for funding Maybe you need to get another loan if it's possible or get an overdraft But if funding is not available and you have obligations you have to get equity You need to bring in some equity in there or else you go under So that's typically how cash sweeps work and and then the cash flow waterfall So kind of the same concept So as he says a cash sweep or debt sweep is the mandate mandatory use of excess free cash flow To pay down outstanding debt rather than Rather than distribute it to shareholders But it's not really mandatory in the sense that you can decide what you want to do So management may decide no, we're not going to do it. But really it's prudent It is prudent to use cash to pay off expensive debt instead of cash sitting there in your current account And you're still rolling debt. You should use it to pay off debt Right now if you can use the cash to do a better higher pay and return Why not you should use it in your business if your business The return on investing in your own business is like 50 percent And your debt is 20 percent. Please don't pay off the debt. Just keep on investing in your business Yeah, yeah, so you're settling debt ahead of the scheduled time. Thank you. I mean that's very true So if you're settling debt ahead of the scheduled time, you're using a cash sweep But there could be covenants The cash sweep could come with covenants So the bank could say you are not allowed to pay off this debt until after three years If you pay it early, you're going to have a penalty So that penalty you need to kind of add that rate into your interest rates and use that to compare or calculate and say, okay Should we still pay it off or not pay it off? Is this penalty too much? So that's the typical things you look at when you're talking about a cash sweep So look at this example for example, we have a cash sweep When the excess cash is less than the total debt. So Look at our excess cash. We have 250 let's say 250 million excess cash And look at our debt. We have hundred one debt is hundred that two is 80 that three is hundred So total debt we have is what? 280 So it doesn't make sense for your cash to be sitting there in your assets while your debt is 280 and paying interest So a good idea would be to sweep it right to just clean it out So by sweeping it what we've done is we've moved from a cash of 250 has been wiped out And our debt too has been wiped out up to only 30 30 million debt left. Yeah, so we wiped out most of our debt. So this is how cash sweeps work But the issue is you How are you going to wipe it out to me when you're wiping it out in your model? Of course, you want to wipe out maybe senior debt first junior debt But I think wipe out the most expensive debt first So you need to have a dynamic model in a way that you can automatically wipe things out You decide what you want to wipe out am I wiping out debt a first or debt b first or debt c first or debt e first So that's how it's going to work But I would like us to let's discuss around the concept. So you understand the general concept of this cash sweep So we've swept Cash being 250 million in cash excess cash We use it to sweep 250 million in debt. So we're left with 30 because our debt was 280 So what about if your cash is not up to or let's say it's in excess of your sweep So you have 300 million in cash, obviously and you have debt of 280 million. Well It's simple maths. You just wipe out That cash and then you have 20 million in cash left. So you used you used the 280 million you had 300 million in excess cash. So you'll have 20 million cash left So that's that's just it. So so that's that's how you sweep financial modeling institute And for those just joining us as I said, I'm going to talk a little bit about cash sweeps I'll talk again about cash sweeps for the actual mechanics of a cash sweep or cash flow waterfall I'll record it in our studio and I'll send you guys the link So here I'm seeing about the competition the financial modeling Competition that we're going to do and we're going to announce the winner's next webinar Which is next next third Thursday of the month. What date is that third Thursday of next month is what let's see third Thursday of next month is 16th so announce the winner on the 16th of next month and Yeah, and to be able to participate you need to join the meetup group financial modeling meetup group so financial modeling institute is a new body and They are kind of like me making cfa, right? So cfa is chartered financial analyst and the people that use financial modeling are financial Analysts and accountants accountants and financial analysts. Those are the real two people that use financial modeling And I can tell you for a fact that the syllabus for cfa charter financial analyst syllabus really doesn't have much on modeling or even practical modeling. Yes, so even SSA chartered account and the only certification that I know has a little bit more modeling in it is sima So sima is chartered institute of management accounting But I can tell you for free modeling skills is one of the most needed skills in finance If you're a very good modeler, you will absolutely never ever ever be unemployed And one nice thing that someone told me is you can do what we call you can get some Private jobs that could probably pay a big chunk of your of your rent For you so you could get private jobs you do someone's doing a business plan You just do the model for them and charge some really good money. So Getting that skill is extremely valuable, especially if you like numbers And what I like about this institute is they have broken it down. It's very practical So level one for example, if I click on level one up here level one is called advanced financial modeler and what it needs is accounting skills Finance skills and microsoft excel skills. Those are the three main skills. It needs accounting finance and excel You don't need investment evaluation skills So you just need accounting finance and excel and you're going to build a model from scratch from beginning to end You're building a detailed model Financial model for a company for five years. So you need to know how to build a model. That's your exam That's your level one exam for hours. So once you go to this website, go to level one You should be able to see resources somewhere down here self-study see body of knowledge skill checklist exam sample exam Study guide approved training providers training courses So you'll be able to check that. I think training courses you should see our course there So our course is um, let me see the brown consultants here We are here advanced financial modeler course 10th to 14th of september But this is the one you will get free you get this free of charge if you Win the price right? So that's us. So we are one of the training providers for the financial modeling institute So that's level one level one Anyone that does level one, you should be pretty comfortable in your work with level one But level two level two goes a little deeper So level two goes a little deeper and you will need to have accounting skills finance skills investment skills valuation skills And microsoft excel skills You need to be an expert in excel and then maybe advance in everything else for that's level two So level two's body of knowledge Is i'll just show you what that is So the body of knowledge for level two. This is uh, it here you need to Well for level two exams revenue You need to really break revenue down far more detailed than you did in level one operating cost created detail cost structure With all sorts of um caveats Um, you need to do your depreciation calculations. Your calculations are just a bit like level one, but far more advanced Far more advanced and dynamic So you need to build a lot of dynamism into your calculations, right? So so that's your level one. You can download this full thing Later on your own Okay, let me even download this now. I could just say download. Oh boy See four and nine people. Yes Anyway, okay, so Let's see that so that's download excellent So now that's level two for me level two Is for people that are really deep into finance and want to do some valuations want to understand Appraisal of businesses and stuff you want to be a more advanced when you're doing level two Level three. I think is only for consultants. I don't think people that work in industry should do level three Level three is master financial modeler If people like myself and stuff that you'll be doing level three because it's it's a bit deeper deeper deeper and it's It's mostly for consultants because as someone working in an in the industry you will probably not need all those skills You wouldn't really use them You use them if you're the type that builds models every month or something and There are different kinds of models you need to build. So that's for level three So level three the exams haven't started yet. It's a new certification So level one that has started level two is starting. You think october That's this october coming level two exams are starting So, please go ahead and try and register for this. Let me get back to our slides It's very very useful. It's something that you would really really gain from Okay, so the website, let me just add the website to your link right now so you can see it yeah so Just just make sure you join our meetup group so that you can participate in the You can participate in the draw All right So and then again, let me show you what else you can do For those interested as well, please go and get some free training here. We have some Free training in the pre-work. Let me give you some good tips. You can get a free training So this is the course you're going to do To become your advanced financial modeler. You're going to do this detailed course And we have the online version of this course coming out soon Well, this is a pre when you do the when you win the prize You're going to get this whole online course plus five days of classroom plus a mock exam plus the exam itself So you can see free free free. So there's some free videos here So I think let me send you guys a link. You don't need to pay a whole what $2,000 You can get some for free. Let me give you A link. I'm giving you a link to this online pre-course So go and do at least the free ones go and watch the free videos So you could learn a few things for free Yeah, go learn the mastering lookup functions Building kpex time value of money calculations and stuff like that integrity checking and the likes for financial modeling All right So the cash sweep when the excess cash is more than the total debt So debt for cash sweep repayments. I have your written earnings. So if I go next, let's say Return earnings cash sweep when the excess cash is more than the total debt. Oh, well Well, the excess cash kind of goes into paying dividends. So your dividends your shareholders get more dividend There's a school of thought right that cash is not owned by the business Cash is owned by the shareholders Because if you think about cash Cash to me how you use cash and excess cash is a strategic decision And those strategic decisions are the end of the day If you have excess cash and you don't know what to do with it You really need to give it back to your shareholders. Your shareholders will find you find what to do with that money So I think it's a little bit irresponsible for companies to just have cash sitting down doing nothing You're either using it to reduce cost by reducing interest interest payments Or if you can't do anything with it give it back to your shareholders. So For apple, for example, apple has market loads of money sitting there as cash And some people think well, if you're just having cash sitting there I mean Yes, you are making a lot of profit and if you're not going to convert that cash into maybe growing Maybe you've already outgrown yourself then give us back the cash But it's like a cushion So I think and they can invest in other businesses Okay. Um, so I may not ask some questions. I don't know question. What was the question? How would how would we pain for an external benefit? What how would So justing I don't understand your question. You said how would Me pain for an exam benefit me. Oh, how would me pain for an exam benefit me? Oh, so so justin The problem like I'm an employer right the problem we have as employers is this We have a role and the role requires financial modeling skills And then somebody sends a CV and says I have modeling skills And we do the interview and we're like, oh, you have modeling skills If the interviewer has time, they will give you a modeling test and of course you fail the test So you fail the test and they've just wasted their time Now to confirm that you have modeling skills if you have a certificate Which is like the AFM certificate level one that says you are an advanced financial modeler I don't need to ask you or confirm whether you have modeling skills You absolutely have modeling skills because the certificate is valid The certificate is a confirmation of your skills. So that's really why we go to school. That's why we do University and stuff is a confirmation of your skills Okay, so it's a confirmation of your skills. Yeah, so I think that advanced financial modeler level one Is the confirmation of your skills to give you traction and it's something that we will build up later people start knowing about it Because when it comes to deals and in an organization any strategic position in an organization requires a very good modular So let me see another question from tolia. Hi, david employed Hi, david employed for life. Happy to hear this. Yeah, however My fear is that a software could be created to do all these things a few years and modelers could seem Redondant what's your take on this? Excellent. Thank you for that question. So yes, a software could be created That could do all and I can tell you right now Yes disruption is going to happen They're going to be tools and stuff that will automate the modeling process But the thing about software is you should think about it as an add-on You should learn that software You should learn that software and enhance how you currently build your models It's just going to mean that your models are going to be far more How not complex they may do the the the basic stuff But then you will probably Understand the predictive analytic power of machine learning for example And you're modeling that and you're bringing that predictive power machine learning into your own financial modeling So let's assume all the regression and stuff and you bring that in because the hard work of calculations is being done by the the software but that that high level thinking That that you your brain has more than any software currently You do that higher level thinking and bring all sorts of scenarios to bear and explain those projections to your boss or to your bosses So you be a financial model predictive analytic experts Using those same models, but at a higher skill set So maybe whatever it is you're currently doing yes it to be automated But it just means there's going to be more complex work to do and you need to go learn that go and learn Especially interpretation. How do you visualize what it is you've projected? So you need to just learn more I don't think it will completely replace it to replace some things But you just need to keep on being ahead ahead ahead ahead ahead Which is why you need to read and read and read more and continue practicing more Yes, things are going to be disrupted no doubt, but just be ahead of that curve So that's totally that's okay. I have more questions. The exam doesn't give you materials for texts to help you study Oh, yeah, the exam doesn't give you stuff to help you study You need to have you need to go to one of their providers and learn You need to go to one of their providers and so like us for example, you need to go and learn But then you can buy books. So check out the books section There's some recommended books. So let me go to modeling books So if you don't want to go to any provider, just go and read books Some people can learn with books. So if you look at the link guys, I have the link for you For the books if you click on that link, they have the recommended books. They have let me see Let me just share the screen with you again. So you can see that. Thanks for that question that makes sense Share So, uh, so you have financial modeling books I think we have all these books, but the thing about books is Yeah, the each of these books probably I found our pages. Which one would you read, right? There's so much knowledge out there And if you can get someone to curate or to reduce that into a course and then guide you in what is required That's fine. Some people are very good at reading on their own Some are not Like people here, how many of you can take a book read on your own and go pass an exam? How many of us have that ability here? I think I do I kind of like that. So me I'll say yes I can read I can just get the books sit down read everything and then go write the exam I won't say I always pass but But that's that's what's good for me. So some people are readers. Some are writers some Some it depends. It really depends Yeah, so Justin says what kind of company will require fmi skills? So what kind of company will require financial modeling skills? I can say company. Well, it's not more like company every company needs to look at the future every company needs to plan So most of the time you hear them say hey budgeting. We're budgeting What is budgeting a budget is a model a budget is a forecast Most likely a forecast for most people do three year rolling budgets So that forecast is financial modeling and what do you end up seeing? Let me tell you the scenario I see in most companies worldwide They're doing a budget Then everybody has this budget meeting the head and everybody are they are sitting at this budget meeting They agree some kind of assumptions and then some analysts now goes and builds a model or a budget They come for that meeting again, and then they say, oh, no, what about this? What about that? What about the meeting is filled with what about what about what about? Then they now close the meeting they come for another meeting They check the next assumption they come for like five meetings If you have a very good modeler, it's just one meeting you require one meeting All the what if what if what if you'll be done in the meeting you change this assumption change that assumption change this assumption And they see the effect right there So it's someone that really has those modeling skills that will be able to do that Unfortunately people have excel skills not really modeling skills You need accounting skills finance skills excel skills investment skills valuation skills All the skill sets into one and then you now have excel where you build a model with all the skills It's very difficult to have one person with all the skills Which is why it's very difficult to find very good financial modulus So every company needs it especially on the strategic side So the strategy senior management heads of the company. That's where the skill set is needed So you'll be in board meetings. You'll be answering Questions about your data because you are the modeler and when they have come to make certain very critical decisions They want to invest in a new pipeline. They want to invest in a new venture They want to stop a business or or restart a business You are the one that would advise with all the numbers coming from accounts Accounts gives you all those numbers. So, yeah, it's what kind of company will require fmi skills Every company in the strategic level higher level companies so let me see Which other question so this has turned to a q&a session guys. I hope you don't mind Um, the exam doesn't give you materials for text to help your study. It does actually It gives oh well the text. Okay. That's what I answered with these books. So these are the books That they recommend so you could go to amazon.com to buy them Um, let me see which one would I recommend here if you don't know accounting get this book This is the only one you need you don't need any other accounting book. This one is a huge book if I give out my Camera on I should Let me just check the book I'm just going to go look at I have it in my shelf right now. See how many pages it is. It's huge Okay All right I have that book in my hand right now I have not opened it one bit to read because I am I'm supposed to be a fellow of the institute So I think I know accounting pretty well, but it has geez a thousand It has a thousand three hundred pages so It's very very heavy Has one thousand three hundred pages. So yeah, this is all the only accounting book you will need for modeling books Which one would I recommend? I think this book by Um Danielle she's in based in Australia. I think She it's really really good that is using excel for business analysis And then I also recommend this one building financial models to the top left. So this book and this book. Yeah Uh, I think that's it for the rest You can get it online really So that's that's that any other questions guys anyone just type out any questions Okay Okay Okay, so what kind of company would okay, that's it. All right. So guys you finish asking questions. That's excellent. Um as I said If you don't have any more questions I will Need to let me see Budgeting accounts So cash sweeps unfortunately, I can't open excel. So as I said about cash sweeps we We can just finish the slides of the cash sweeps and I'm going to record this content I promise to record the contents and send you guys a link So you would see something very cool on On what's it called on our youtube channel? Yes So the effects of cash sweeps so the effects of cash sweep means you save a lot of money By using money to save money you're paying off very expensive debt And uh you save money by interest rates or reduced interest Payments. So that's why you use cash sweeps. Okay, so your recent interest payments cash sweep methods There are various methods for cash sweeps. So when we do when I show you the demo The main thing you need to understand is the two most important functions for calculating cash sweeps, right? The two most important functions are max and min So max function And your min function Then for those that know modeling You need to learn I would like calling masks something called masks and then there's something called flags There's a mask some flags So a mask in in excel when you say true when you you say hey has this condition been met? And you do a formula that results to a true true in excel is one and false in excel is zero So you do all those conditions true false true false and that's how you calculate it Okay, so the books take you through the basics of accounting For excel modeling. No, the books don't do anything about excel. They just take you through accounting in general and if you guys are patient in a couple of months, we're going to have an accounting course that Breaks down accounting in a completely different way and makes it so so easy for you to understand accounting For those that have attended our course, you will notice this statement We used to say that if money enters your pocket debit your pocket That's all you need to know about double entry accounting when money enters your pocket you debit your pocket Because accounting is important But you don't need to be a chartered accountant to do become a very good financial modeler You just need to understand the general general idea behind Analyzing the financial statements Understanding financial statements. You don't need to go deep into double entry. You should understand That your p&l has revenue and expense your balance sheet has assets and liabilities So of course owners equity is like a liability to the business So that's all revenue and expense asset and liability Your revenue is a credit balance. Your liability is a credit balance. Your expense is a debit balance Your assets the debit balance and what the accountants do with IFRS or international financial reporting standards Is decide whether something is an asset or an expense and decide whether something is revenue or a liability That's typically it and then for the liability side That's where your funding comes from your funding comes from long-term and short-term liabilities Which is like debts loan equity and current liabilities And your uses of funds are your assets So your assets are your fixed assets and your current assets as the accountants We call it non-current assets what I just still call it fixed assets Yeah fixed assets and current assets is your uses of funds use cash to buy Assets right and where does the cash come from where does funding come from from debts equity and short-term liabilities like payables Accounts payable if someone if you owe someone money and you don't pay him It's like the person has given you a loan. So that's all about the accounting you need Then you need some more Advanced accounting like okay deferred tax. How do we handle deferred tax? How do we handle minority interests those smaller intricate things that you will need to know the Calculations of and how you enter them into your model So accounting is key, but you don't need to know everything just what you need just a little of what you need So yeah, so your cash sweep methods just a method. So that was the demo fmi advanced modeler exams. Okay, october is the exams Okay, and then they were talking about that. So did you get the name of the second book? Hmm, didn't get the name of the second book. Okay, the books I was recommending where Okay, let me go back to this share screen Okay, in fact, I would actually recommend this accounting fundamentals by Mary Moore Accounting fundamentals Then I would recommend Using excel for business analysis a guide to financial modeling fundamentals. I would recommend this Then that's using excel for business analysis. Then I recommend this Well, if you know accounting, right, don't waste your money if you don't know accounting Yes, buy this big book If you know accounting, please just go and go and do some small revision You don't need to buy an accounting book if you know accounting, right? If you don't know accounting, definitely you need I think this one to the right. It's quite a huge book So I recommend this big book called financial and managerial accounting And then I would recommend using excel for business analysis I would also recommend building financial models second edition this one But there's a third edition now actually building financial models Then I would recommend this accounting fundamentals It's a small book on accounting fundamentals by Mary Moore. So those are the books I would recommend But I'll also recommend that you attend a course So if you can attend our own course on modeling, we'll teach you how to model from scratch from a blank spreadsheet For a detailed model up to your detailed the P&L balance sheet cash flow projections even a small valuation as well So you'd learn thorough thorough modeling But guess what guys go on to this platform And learn if we go to the advanced financial modeler and go learn Go watch some of the free videos. This is the pre-work. So this is not even a course This is the work course you would do before you come for the classroom for five days And eventually this would become a full-fledged course for the full financial modeling level one So take modeling seriously, especially you guys here that I think are accountants and financial analysts. I think it's an excellent certification For you to take is an excellent skill for you to have to become a modeler to say, yes Yeah, a modeler You'll be able to both do extremely well for your business for your office for your company As well as personally building models for all sorts of deals And there are so many people online that require models you can in the evenings. You can be building models and making money No, there's no problem with making extra money, right? Can machine learning be compared to financial modeling? Not really machine learning Is what's machine learning? Let me Machine learning looks for patterns. Okay. So patterns In the sense that let's assume you have a list of transactions daily daily daily sales for the last five years So those daily sales for the last five years and then let's assume you also have data on people's Maybe you've combined that with data on how people I don't interact on facebook. Maybe your ads on facebook or something like that We just need two sets of data And one set of data is explaining another set of data So what machine learning does is where you hear big data is just taking lots of data from different places in Places and seeing if there are patterns within those data Is there a pattern between if this thing goes up by 10% does that thing go up by 5%? What's happening here and it looks for patterns And once it finds patterns then it starts doing ai starts doing artificial intelligence comes in where it starts advising As per okay, if somebody tweets at around two o'clock in the morning This person is unreliable because the correlation between you Defaulting on your loan and tweeting at 2 a.m. In the morning is very high. So that could mean that this person I don't know If it sounds funny, but some companies actually use that right now They check your social media profile And they use machine learning to learn to see people with these kind of patterns of social media behavior Uh reliable or not reliable when it comes to paying off loans So that's not really modeling. That's machine learning. That's Using machines to learn patterns and behavior patterns in actions And then yes, you can now model it you could take part of that thing there and and build a model out of it But that is really a model machine learning model But financial model in the sense is where we're just projecting based on Assumptions we've made sometimes use Monte Carlo simulation If you like that you can go to a youtube channel to check What I mean by Monte Carlo simulation So you're simulating. Okay. These are the trends in revenue for the last or sales for the last 10 years And the trend shows that We have maybe a normal distribution. If you know what that means a normal distribution And we think that sales or total transactions would be between 200 and 250 is safe to assume that 80 percent of the time Our transactions would be between 200 and 250 and using that Analysis or analytics you can build your financial model because you now have a demand a kind of An estimate of demand Yeah, and you use to regression analysis to do it Which is the same tools our machine learning uses uses regression and all of that to come up with predictions Okay, what previous question did you have justin? Well, okay, you go question. This is my last question. How can I make money for myself with financial modeling? If I don't want to work for a company. So how do you make money for yourself? Let me give you guys an excellent website So if you want to make money for yourself, right you go online to a website First of all, have your skills Be an excellent modular Then let me give you a website to make money people that want to make money It's the last thing i'm going to tell you guys before I leave Go to this website you go and register on this website as a vendor And all you tell you the website is here financial modeling expert and then go look for jobs on financial modeling When you go look for jobs on financial modeling Then you now apply for those jobs, which is not a it's not a job that you work in you just work online So somebody in pakistan that needs financial modeling. So you go there say, yes, I can do this model for you I'll finish it in two weeks and it's going to cost you $500, right? So you do the model you send it to him. He pays upwork.com And then you now Once he pays upwork.com. Yeah, he's happy with the job Upwork pays you And that's how you work and that's how you can sit down in your house and make money from financial modeling Use upwork.com excellent tool not just for financial modeling nearly any job you do any skill you have You can sell it on this website. Yeah Right, so thanks for that question justing. I didn't see your previous question I don't know what it was. What was your previous question? He said what kind of company would require fm skills. I already answered that I said that every company especially the strategic unit or whatever strategy whoever works on strategy needs financial modeling people financial modeling skills It's a huge skill set that's needed and if you check their website, let me show you they show you The companies that require it right up here. Yeah, see the companies Companies in accounting, actuarial asset management, budget and forecasting credits Those are where candidates come from Candidates come from all these companies. Yeah So if you read this section it will tell you exactly what kind of companies and what kind of roles requires financial modeling skills These are all the roles loads and loads and loads of roles And I can tell you not many models are out there. So yeah, excellent company