Wes Cummins

And then you'll start to see them flow through the income statement.

Right.

So there's a lag of when we sign the contract, when we take the debt to build it.

And then, you know, 18 months later, you start to see the impact on the on the income statement.

So if we went to a steady state, you'll see us at about six and a half times on a debt load, which is really comfortable for any company, but especially for a company that has the kind of revenue visibility and guaranteed contracted revenue and cash flows that we have in the future.

Now, our cash flow is going to run negative and you should want it to run negative because that means growth.

and then eventually when we get large enough it's going to flip the other way but you know you you want to see us spending a lot of money every quarter on capital expenditures because that's how we build the buildings that's how we grow and so you you should expect that to continue or hopefully it continues the way that stops is if we just sign no new contracts and we finish building and then we get to run a no growth business it'll be a really big no growth business but

We want to keep signing new contracts and keep building these buildings.

But we're in a capital deployment and a yield.

This is an asset yield business.

So we build the asset and then we get paid and we're a landlord, just like if you were a real estate investor.

And so, you know, everyone that will watch this, if you if you buy a house, what do you you put 10 or 20 percent down?

You take debt and then you pay for that over time.

Right.

That's how everyone does it.

Same with any kind of commercial real estate, which is what this is.

except our customer, we're landlord, they're tenant, and then we use their cash flows to pay the debt down.

But these are the largest companies in the world that we're contracted with for 15 years.

But we'll manage the debt.

It gets a little lopsided at the start, again, because we take on the debt to build the building, and then the cash flow starts 18 months later.