WEBVTT X-TIMESTAMP-MAP=LOCAL:00:00:00.000,MPEGTS:0 00:00.440 --> 00:01.640 Hello, partners. 00:01.640 --> 00:05.040 I'll begin with a thank you for all you're doing to take such great care 00:05.040 --> 00:09.720 of our people, our clients, our communities in what continues 00:09.720 --> 00:12.640 to be a very dynamic environment around the globe. 00:13.480 --> 00:16.200 The success you're driving is extraordinary, 00:16.760 --> 00:19.360 and sitting at the foundation of that success 00:19.840 --> 00:23.200 is our multidisciplinary private partnership model. 00:23.640 --> 00:27.480 Our choice to keep this incredible breadth of expertise 00:27.480 --> 00:31.160 and capabilities together under one Deloitte umbrella. 00:32.200 --> 00:34.400 This is a topic with a lot of visibility right now. 00:35.200 --> 00:39.000 One of the other Big 4 is talking about structurally separating 00:39.000 --> 00:40.600 their organization. 00:40.600 --> 00:43.640 The complexities surrounding that have been in the press recently 00:44.000 --> 00:47.240 and some of their senior leaders are out suggesting 00:47.600 --> 00:49.840 not only do they think this is a good idea for them, 00:50.320 --> 00:53.600 but that they think others in the Big 4 would want to do this also, 00:53.920 --> 00:58.120 and that their path is the ‘roadmap for reshaping the profession’. 00:58.120 --> 00:59.440 That is a direct quote. 01:01.040 --> 01:05.320 I've had conversations on this topic with so many partner groups around the world, 01:05.320 --> 01:08.960 and in light of all this public attention, I thought it was important 01:09.240 --> 01:12.480 and timely to synthesize all those discussions 01:12.760 --> 01:16.200 to make sure all of you have access to the complete picture 01:16.560 --> 01:21.240 with full transparency — the strength of conviction we have in our model, 01:21.760 --> 01:24.800 the depth of thinking and analysis we put into this, 01:25.440 --> 01:28.320 the alignment we have on this topic around the world, 01:28.880 --> 01:33.360 and some candid, detailed answers to the questions that come up most often. 01:34.080 --> 01:36.640 And being that we're in the business of trust and transparency, 01:37.200 --> 01:39.520 I'm going to put this very same video up on our website. 01:40.080 --> 01:44.280 We are exceptionally proud of the Deloitte we've all collectively built. 01:44.680 --> 01:48.160 We are confident it is serving our stakeholders well. 01:49.200 --> 01:51.240 For those who just want the short version, 01:51.240 --> 01:53.760 I will be unequivocal right up front. 01:54.880 --> 01:58.640 Our multidisciplinary model is allowing us to deliver 01:58.640 --> 02:02.440 incredible impact across so many different stakeholders. 02:03.240 --> 02:05.800 Our clients value the breadth of capabilities, 02:06.240 --> 02:09.360 our people value the diversity of career paths, 02:09.920 --> 02:14.960 the markets value the quality we deliver, and our communities value 02:14.960 --> 02:18.520 the impact that we make on so many big societal issues. 02:19.320 --> 02:23.680 This model is going to continue to be foundational to our strategy 02:23.680 --> 02:25.080 going forward. 02:25.160 --> 02:27.600 It has some complexities we have to manage. 02:27.600 --> 02:29.520 We invest a lot in doing that. 02:29.520 --> 02:32.400 I'm going to answer the questions that you've asked that get at those issues. 02:32.840 --> 02:36.880 But when you take a step back and you look at the power 02:37.080 --> 02:39.920 of our combined organization, 02:39.920 --> 02:42.400 the results speak for themselves. 02:42.400 --> 02:44.880 Last year, we grew almost 20%. 02:44.880 --> 02:49.800 We're growing rapidly again this year, significantly outpacing many of our peers. 02:50.240 --> 02:52.600 And that success is pervasive. 02:52.600 --> 02:56.040 Every one of our practices is thriving through a financial lens, 02:56.360 --> 02:59.640 through a brand lens, through a quality lens. 03:00.120 --> 03:02.200 And we're just getting started. 03:02.200 --> 03:04.720 We have so much more room to optimize 03:04.720 --> 03:09.720 what we have to take full advantage of this incredible array 03:09.720 --> 03:13.840 of capabilities in a world that just keeps getting more complicated. 03:14.200 --> 03:17.040 Where the premium on interdisciplinary thinking 03:17.040 --> 03:20.080 and diversity of thought is skyrocketing. 03:20.880 --> 03:22.080 We were built for this. 03:23.400 --> 03:24.360 We have looked at 03:24.360 --> 03:27.400 all aspects of the separation topic in depth 03:27.400 --> 03:30.480 — rigorous fact based analysis, 03:31.320 --> 03:34.280 weighing all the tradeoffs with one objective — 03:34.280 --> 03:38.120 what's in our collective long term interests, 03:38.120 --> 03:40.400 a broad stewardship lens. 03:41.400 --> 03:45.320 And we have total alignment — across our management team, 03:45.320 --> 03:49.240 the leaders of our large geographies around the world, our global board — 03:49.760 --> 03:53.200 unanimous alignment around our commitment 03:53.520 --> 03:56.480 to the multidisciplinary private partnership model. 03:56.880 --> 03:59.200 And it's not even a close call. 03:59.200 --> 04:02.280 We're not going to go looking for a solution in search of a problem here. 04:02.920 --> 04:07.240 There should not be any illusion around what's involved in the separation. 04:07.600 --> 04:08.840 Some of us have been around a while. 04:08.840 --> 04:10.840 We've seen this movie before. 04:10.840 --> 04:16.280 History is littered with multiple examples of grand aspirations around these types 04:16.280 --> 04:20.080 of transactions that I'm sure sounded great in pretty slide decks. 04:20.400 --> 04:22.160 Lots of big promises. 04:22.160 --> 04:24.400 Easy to get swept up in deal fever. 04:24.800 --> 04:28.640 But this has actually never once played out as intended. 04:29.360 --> 04:32.360 We have seen one IPO of a consultancy 04:32.360 --> 04:34.560 that culminated with the BearingPoint bankruptcy. 04:35.080 --> 04:38.640 We have seen two large trade sales of consultancies 04:38.640 --> 04:42.120 that generally are not looked back upon positively. 04:42.800 --> 04:47.840 And then, of course, Andersen, where the separated consultancy went on to success 04:48.320 --> 04:52.080 and the RemainCo accounting firm ceased to exist a few years later. 04:53.040 --> 04:56.680 Not even one example in our peer set, 04:56.680 --> 05:00.320 where both partner groups went on to thrive after a separation. 05:00.920 --> 05:03.840 It just reinforces the level of humility 05:04.480 --> 05:06.840 that one needs to have an approaching this topic. 05:07.440 --> 05:10.080 Real people, real careers. 05:11.480 --> 05:13.640 We've looked at how we'd go about a separation 05:13.640 --> 05:16.160 if we were ever compelled to go down that path. 05:16.600 --> 05:18.360 You'd expect us to have done that. 05:18.360 --> 05:21.120 We will always maintain absolute agility. 05:21.720 --> 05:26.040 We will always make certain all parts of Deloitte are positioned to thrive. 05:26.760 --> 05:30.120 But going through a separation is something we would only do 05:30.120 --> 05:32.160 if it was absolutely necessary. 05:32.600 --> 05:34.720 And we're in the opposite position. 05:34.720 --> 05:38.880 Not only is it not absolutely necessary — we love what we have. 05:39.560 --> 05:42.520 I see that pride consistently around the world 05:42.760 --> 05:45.000 for the Deloitte we've all built together. 05:45.840 --> 05:48.480 And if another organization thinks the grass is greener 05:48.480 --> 05:51.120 under a different model, well, that's the beauty of the free market. 05:51.480 --> 05:54.240 Others will do what they believe is good for themselves. 05:54.560 --> 05:58.400 The last thing we're going to do is comment on what's right for anyone else. 05:58.400 --> 06:02.360 But for us — never has there been a more exciting 06:02.400 --> 06:06.120 time to be part of Deloitte with such a bright future ahead of us. 06:07.440 --> 06:09.880 I want to get to the questions that you've asked me most often. 06:10.400 --> 06:13.240 Regulator views, client views, 06:13.880 --> 06:16.240 windfalls, conflicts. 06:16.800 --> 06:18.520 Could we change our mind? 06:21.720 --> 06:23.560 I'm going to start with the question about regulators. 06:24.080 --> 06:27.840 Are regulators heading down a path to make us separate? 06:27.840 --> 06:30.360 Should we get ahead of it? 06:30.360 --> 06:32.280 I speak to a lot of regulators. 06:32.280 --> 06:36.400 Not one has ever suggested to me or encouraged me 06:36.400 --> 06:40.200 in any way that we go down a path of structural separation. 06:41.120 --> 06:44.000 Some color here around how regulators think through this issue. 06:44.520 --> 06:47.680 Regulators are charged with safeguarding the public interest, 06:48.080 --> 06:52.120 ensuring well-functioning capital markets, protecting investors, 06:52.160 --> 06:56.120 and they look at all the trade offs of this model through that lens. 06:56.120 --> 07:00.200 Access to leading skills that are so important to delivering 07:00.200 --> 07:05.280 with quality, financial resilience of firms, implications 07:05.280 --> 07:07.920 for market concentration and choice, 07:08.520 --> 07:11.120 the ability to manage conflicts. 07:11.120 --> 07:13.480 There's a lot that goes into regulators views, 07:13.480 --> 07:17.360 and some regulators around the world have done formal studies 07:17.360 --> 07:21.160 to assess all that within the past several years, and we've done 07:21.160 --> 07:24.960 some contingency planning work in case they went down a separation path. 07:25.440 --> 07:28.520 But in each instance, they concluded 07:28.520 --> 07:31.280 to not go down that path of structural separation. 07:31.720 --> 07:33.000 Says a lot. 07:33.120 --> 07:36.520 Those who are charged with overseeing the securities markets 07:36.760 --> 07:38.880 and upholding the public interest. 07:39.640 --> 07:44.280 Now, can you find a few individuals in the regulatory community around the world 07:44.600 --> 07:49.080 who at times are favorable to the idea of structural separation? 07:49.280 --> 07:52.480 I'm sure the answer to that is yes, but we are seeing 07:52.480 --> 07:56.160 absolutely no regulatory momentum around that. 07:56.520 --> 08:00.400 And in fact, I have received quite a few questions from regulators 08:00.400 --> 08:04.480 recently with their concerns about how a separation transaction 08:04.480 --> 08:09.200 would work, what the true motivations for a transaction like that would be. 08:10.200 --> 08:12.400 Now, we have a role to play here. 08:12.400 --> 08:16.040 We have to continue to demonstrate that we operate our organization 08:16.040 --> 08:19.760 to the benefit of the markets, that we adhere to the highest standards, 08:20.440 --> 08:22.680 that we comply with the regulatory regimes 08:22.680 --> 08:25.680 around the world to reinforce through our own actions 08:25.680 --> 08:30.600 how valuable our model is to delivering on our public interest responsibilities. 08:31.120 --> 08:33.120 That is core to who we are. 08:33.120 --> 08:36.160 And we will continue to do exactly that. 08:39.440 --> 08:41.160 The next question I often get — 08:41.160 --> 08:45.080 even if regulators don't make us do this, would it be lucrative? 08:45.360 --> 08:49.040 Some of the newspaper headlines suggesting windfalls to partners 08:49.400 --> 08:51.920 coming out of a separation transaction. 08:52.480 --> 08:55.560 I shared upfront we have spent a lot of time 08:55.560 --> 08:58.960 looking at this topic in a very balanced, fact based manner. 08:59.400 --> 09:02.040 We've done contingency planning work, as I think 09:02.040 --> 09:05.000 you would expect, modeled all the implications. 09:05.440 --> 09:09.400 There is really nothing surprising in what's been in the press reports. 09:09.400 --> 09:11.360 This isn't some new idea. 09:11.360 --> 09:15.240 The basic contours of that type of transaction are all very consistent. 09:15.840 --> 09:19.000 I'm going to share some of what goes into the hypothetical model. 09:20.640 --> 09:22.680 For those who would go to a 09:22.680 --> 09:26.440 consulting focused entity and access outside capital, 09:26.440 --> 09:31.440 you take the partner's cash compensation and cut it way back, generally down 09:31.440 --> 09:35.800 40 to 50%, to free up an earnings stream that can be valued in the markets. 09:36.880 --> 09:39.680 You go raise equity and debt in the markets 09:39.680 --> 09:43.920 and become highly leveraged, and then you distribute stock in the new entity 09:43.920 --> 09:47.400 with lock ups, with vesting schedules and of course, stock can go up, 09:48.000 --> 09:49.520 stock can go down. 09:49.520 --> 09:51.960 There is upside if it plays out well, 09:52.360 --> 09:54.440 there is downside if it doesn't. 09:55.240 --> 09:59.200 But the most important dimension of all of this is actually none of those things. 09:59.840 --> 10:02.160 It’s the human side of all this. 10:02.160 --> 10:04.160 This is not spreadsheets we're talking about. 10:04.200 --> 10:06.760 This is real people. This is careers. 10:07.360 --> 10:10.640 You get into what kind of enterprise do people want to work for? 10:10.720 --> 10:14.600 A private partnership construct is obviously very different from a public 10:14.600 --> 10:15.280 company model, 10:16.240 --> 10:17.320 and you get into 10:17.320 --> 10:21.080 what type of economic construct does one want to be a part of — 10:21.080 --> 10:25.880 in terms of variability of cash flows, in terms of financial risks. 10:26.600 --> 10:30.400 I still have fresh in my mind how many of you reached out 10:30.440 --> 10:34.160 in the depths of the pandemic with what it meant to you, 10:34.200 --> 10:37.280 to work for an organization with such a diversified set 10:37.280 --> 10:40.600 of income streams, with a bedrock balance sheet, 10:41.040 --> 10:45.360 very little debt as opposed to a highly leveraged entity. 10:45.600 --> 10:47.280 The emails you sent me about 10:47.280 --> 10:50.120 how being part of Deloitte allowed you to sleep at night. 10:50.840 --> 10:54.040 Everyone can have their own views as to how you weigh all that. 10:54.440 --> 10:58.320 Then, for those who would stay in an audit focused partnership entity, 10:58.560 --> 11:01.920 you model out what an upfront payment could look like. 11:02.560 --> 11:06.120 Is that payment fair for relinquishing cross ownership, 11:06.120 --> 11:10.000 as where one previously would have participated in the long term 11:10.000 --> 11:13.200 economics of the entire organization, that gets truncated? 11:13.920 --> 11:16.920 What are the differential growth rates of different markets? 11:17.240 --> 11:21.040 We're obviously sitting here in the early stages of a global boom 11:21.240 --> 11:23.160 in spending on digital transformation. 11:23.160 --> 11:27.040 So you model whether any upfront consideration fairly captures 11:27.040 --> 11:28.920 all those dynamics. 11:28.920 --> 11:32.640 And you can imagine different partner cohorts would have very different 11:32.640 --> 11:36.360 viewpoints around all that, not to mention the debates over 11:36.360 --> 11:40.200 what pieces go where as you try to carve up all these practices. 11:41.720 --> 11:44.040 Is all of that a windfall for partners? 11:44.920 --> 11:47.160 You can make your own conclusion. 11:47.160 --> 11:50.360 Windfall to me makes it sound like something for nothing. 11:50.880 --> 11:54.480 There is no free pot of gold, just trade offs that people can debate. 11:55.160 --> 11:58.000 But it's a pretty high bar to go down a path like that 11:58.320 --> 12:02.200 when we already have such a lucrative model, when we already have 12:02.200 --> 12:06.360 plenty of addressable market for all of our practices to thrive, 12:06.880 --> 12:10.440 when we already have an organization that’s serving our stakeholders 12:10.440 --> 12:14.040 so well with such a bright future sitting here ahead of us. 12:14.480 --> 12:17.240 That's the macro view, not a close call. 12:18.360 --> 12:19.560 You can get some pretty interesting 12:19.560 --> 12:23.440 results, though, when you bifurcate this among different cohorts. 12:23.440 --> 12:27.000 A few of you who are closer to retirement have observed to me 12:27.680 --> 12:30.160 quite astutely that if one 12:30.160 --> 12:32.680 were nearing the end of their career, this could look pretty good 12:33.400 --> 12:36.960 because if it all worked out well, you'd realize the upside, 12:37.560 --> 12:40.240 and if it didn't, you wouldn't really incur 12:40.240 --> 12:43.400 much of the downside risk because you were going to retire anyways. 12:43.400 --> 12:45.960 You already enjoyed a full career of partnership earnings. 12:47.280 --> 12:48.800 I don't disagree with any of that, 12:48.800 --> 12:51.760 but we make decisions based on the best interests 12:52.000 --> 12:56.520 of the entire organization, across all cohorts, 12:57.000 --> 13:01.480 through a long term stewardship lens, not based on what might benefit 13:01.480 --> 13:04.680 any narrow cohort at a particular point in time. 13:07.800 --> 13:11.280 One other question I get in this area is whether we use 13:11.280 --> 13:14.520 outside advisors to inform our thinking on all these issues. 13:15.360 --> 13:18.680 We absolutely access the very best outside expertise. 13:18.680 --> 13:21.760 If anyone knows the value of professional expertise, it's us. 13:22.080 --> 13:24.120 You would expect us to do that on your behalf. 13:24.120 --> 13:26.760 That's what leading organizations do. 13:26.760 --> 13:30.360 We've been doing that for the past several years, accessing banking 13:30.360 --> 13:33.240 expertise, accessing legal expertise, 13:33.600 --> 13:35.800 and we will continue to do that. 13:39.160 --> 13:42.560 I get questions about whether conflicts are holding back growth. 13:43.720 --> 13:45.240 It is absolutely the 13:45.240 --> 13:49.120 case that under the regulatory regimes around the world, for the companies 13:49.120 --> 13:52.520 we audit, we have to stick primarily to accountancy work. 13:53.160 --> 13:56.280 And that's created a level of market segmentation. 13:56.560 --> 13:58.800 Directionally, we audit around a quarter of the market. 13:59.280 --> 14:02.160 That leaves the other three quarters of the market to perform 14:02.160 --> 14:04.760 a broad range of consultancy services. 14:05.560 --> 14:07.200 This isn't unique. 14:07.200 --> 14:10.160 All professional services firms have to manage conflicts. 14:10.680 --> 14:14.880 Big investment banks and law firms can't serve both sides of a transaction. 14:15.360 --> 14:16.680 It's a big market. 14:16.680 --> 14:19.640 There is more than enough work for multiple firms. 14:20.160 --> 14:22.960 We don't need to be everything to everyone, 14:22.960 --> 14:26.040 and this clearly has not constrained the ability 14:26.040 --> 14:29.400 to grow all of our practices at extraordinary rates. 14:30.920 --> 14:34.040 There are a few areas of the market to create added complexities 14:34.040 --> 14:37.920 and situations come up from time to time where there's 14:37.920 --> 14:42.160 a particular challenge in not being able to serve a company in multiple capacities. 14:42.880 --> 14:45.200 We navigate those with professionalism. 14:45.200 --> 14:48.560 We will continue to enhance our global processes 14:48.560 --> 14:50.880 to optimize how we manage all of this. 14:51.520 --> 14:54.360 But those situations continue to be the exception. 14:54.880 --> 14:57.160 We have plenty of addressable market. 14:57.160 --> 15:00.840 We're not seeing anything pervasive that would warrant 15:00.840 --> 15:05.240 ripping apart a thriving 60 plus billion dollar organization. 15:06.960 --> 15:09.800 There's another conflict dimension that some of you have said 15:09.800 --> 15:13.200 you've heard that one of the other Big 4 has been suggesting 15:13.440 --> 15:17.240 they have a particular challenge in managing conflicts because they audit 15:17.560 --> 15:20.160 a disproportionate share of technology companies 15:20.560 --> 15:23.880 and that prevents them from entering into a large number 15:23.880 --> 15:25.920 of alliances to serve the broader market. 15:27.120 --> 15:28.480 Not for me to comment upon. 15:28.480 --> 15:30.720 Again, we know what's right for us. 15:30.720 --> 15:34.000 Other organizations will assess what they think they ought to do. 15:37.280 --> 15:38.720 Let's move on to clients. 15:38.720 --> 15:40.200 Their views. 15:40.200 --> 15:43.440 The best part of this role is the privilege to interact with 15:43.440 --> 15:47.440 so many of our clients around the world, to hear directly from them 15:47.800 --> 15:50.760 how much they value, what we're able to deliver. 15:50.760 --> 15:53.040 In the audit space, this topic has come up 15:53.040 --> 15:55.560 quite a bit recently with all the chatter out there in the press. 15:56.040 --> 15:58.680 I've had quite a few audit committees ask me 15:59.160 --> 16:02.720 how would an organization focused primarily on audits 16:03.040 --> 16:05.760 be attractive to people with the types of skill sets 16:05.760 --> 16:07.800 that are needed to do a high quality audit? 16:08.560 --> 16:12.240 Professionals at the cutting edge of cloud, ERP, 16:12.560 --> 16:17.240 global taxation, cyber, complex financial instruments. 16:17.880 --> 16:21.480 Our clients know how essential those capabilities are to delivering 16:21.480 --> 16:25.880 a high quality audit, to delivering on our responsibility to the markets. 16:26.440 --> 16:30.040 And it's an untested question as to whether professionals 16:30.240 --> 16:34.240 with some of those capabilities would want to be at a much more narrow 16:34.240 --> 16:38.000 organization that isn't at the heart of the digital ecosystem. 16:38.760 --> 16:41.680 Our clients are not clamoring for us to go experiment with that. 16:43.200 --> 16:46.280 In my discussion with clients where we have a consultative relationship, 16:46.320 --> 16:48.320 this has not been a particularly hot topic. 16:48.600 --> 16:51.200 They are generally happy with the consultants they have. 16:51.720 --> 16:55.080 I don't hear them clamoring for some new consultant, 16:55.080 --> 17:00.080 but what I do see over and over is how much our clients value 17:00.080 --> 17:03.280 the breadth of capabilities we bring to help 17:03.280 --> 17:05.400 tackle their most complex issues. 17:06.280 --> 17:08.520 Just to bring this to life, take the finance 17:08.520 --> 17:10.760 transformation market, which continues to boom. 17:11.800 --> 17:14.520 Our ability to take leading tech 17:14.520 --> 17:17.320 expertise in ERP, in cloud, 17:17.600 --> 17:23.840 and combine that with all the other capabilities it takes to bring the technology to life — 17:23.840 --> 17:28.680 industry expertise, deep financial accounting and controls expertise, 17:28.920 --> 17:33.320 regulatory expertise, tax expertise — to be able 17:33.320 --> 17:37.200 to integrate all of that across all those functional domains. 17:37.560 --> 17:40.960 Clients continue to tell us they find enormous value in that, 17:40.960 --> 17:43.440 and it's why we win so much. 17:43.440 --> 17:48.040 And that's the same story across so many areas — M&A, supply chain. 17:48.680 --> 17:52.440 We're now seeing this in emerging areas like climate and sustainability, 17:52.440 --> 17:56.320 where we're combining the tech and industry dimensions of the issue 17:56.600 --> 18:01.600 with tax expertise as governments provide green incentives through their tax codes. 18:01.960 --> 18:05.840 And then you layer on the measurement capabilities, new metrics 18:05.840 --> 18:09.640 and disclosure obligations being put forward by securities regulators. 18:10.160 --> 18:14.160 That's core to what we've done in the audit space for over 175 years. 18:15.120 --> 18:19.800 I do have a good time talking about all the ways that our capabilities 18:19.800 --> 18:23.320 intersect to serve clients in some pretty special ways. 18:23.320 --> 18:25.680 And we're still just scratching the surface. 18:25.840 --> 18:27.440 We have a lot more work to do. 18:27.440 --> 18:29.080 We don't always get this right. 18:29.080 --> 18:34.080 Truly bringing together the breadth of the entire organization, 18:34.800 --> 18:37.560 we have so much more opportunity ahead of us 18:37.880 --> 18:41.720 to deliver on the full promise of our interdisciplinary approach 18:42.120 --> 18:45.480 at a time when the market values that more than ever. 18:49.200 --> 18:50.400 Before I wrap up here, 18:50.400 --> 18:52.480 I want to take one more question that comes up. 18:53.520 --> 18:55.560 We love the Deloitte we have. 18:55.560 --> 18:57.960 It's driving all this impact and success. 18:58.840 --> 19:00.280 But what if? 19:00.600 --> 19:05.400 Could things change that would make us change our mind on keeping this together? 19:06.760 --> 19:08.520 We live in a dynamic world. 19:08.520 --> 19:10.920 We are constantly evaluating the landscape. 19:10.920 --> 19:12.280 You'd expect us to do that. 19:12.280 --> 19:14.360 We will continue to do that. 19:14.360 --> 19:19.920 If regulators in key geographies reversed course or if the market evolved 19:19.920 --> 19:23.440 where our clients buying preferences fundamentally changed. 19:24.120 --> 19:27.120 We don't expect those things to happen, but if they did, 19:27.240 --> 19:29.960 we'd be having a different conversation as a partner group 19:30.240 --> 19:33.960 and we would be well prepared to adapt whether we had to operate 19:33.960 --> 19:36.880 as one organization or two or three or five. 19:37.200 --> 19:41.320 We will always do what makes the most sense to serve our stakeholders well. 19:41.560 --> 19:46.200 We will always retain unlimited strategic flexibility, 19:46.200 --> 19:48.720 but with the impactful organization we have, 19:49.320 --> 19:53.440 the success we're driving the incredible outlook ahead of us. 19:53.760 --> 19:56.040 Let me be clear on our roadmap. 19:56.040 --> 20:00.720 We're going to spend our hours every day continuing to take full advantage 20:00.720 --> 20:03.720 of this beautiful market leading organization, 20:03.960 --> 20:08.400 keep nurturing it, keep growing it, not tearing it apart. 20:09.240 --> 20:11.320 It is a great time to be at Deloitte. 20:11.840 --> 20:14.240 Our very best days are still ahead of us. 20:14.240 --> 20:17.600 Please keep reaching out to me with your thoughts and advice. 20:17.880 --> 20:21.400 That is another special aspect of our partnership model. 20:21.920 --> 20:23.880 Thank you, partners.