If you have never sat in a session with Zach and listened to all the smartness, then you are in for a treat. Zach is an incredibly intelligent guy, but more importantly, he's super approachable and takes very technical concepts and makes them super approachable. So you're going to love hearing from him. We're talking about security here at HTTPS and you may think because you bought the cert that you're secure, but he's going to help you really get your stuff on lockdown. So would you welcome Zach with me? Thank you, Chris. You kind of did half my talk for me. So just remember what he said. I'll try to say the same thing, but I'm going to take about 10 minutes to say it. So thank you all for coming. I always am inspired by people showing up for a talk on HTTPS, something that may not be the most thrilling and exciting thing, but it's extremely important and we really need to make sure we get it right. So my goal today is to give you a better understanding of what HTTPS is and TLS, the protocol that really powers it.  Everyone's talking about it. Everyone says you've got to get your site moved over to HTTPS as fast as possible. And if we want to track where this comes from, I would probably say it starts with this quote. I've got some stuff you might be interested in. Does anyone know where this comes from? This is a Snowden quote. Yes. This is the first line that Snowden communicated to Glenn Greenwald when he was thinking about and eventually did release a treasure trove of documents from the NSA. This was in December 2012, right? What followed was some of the biggest revelations about mass surveillance in the U.S., Britain, all over the world. What people started to realize is that every move we make, everything we do is tracked to some degree. And this kind of invades our privacy. So the next really big statement that I thought was really important on this was one that came from the Internet Engineering Task Force. This is a standards body that tries to create standards around what they call anything internet related. They came out and they said that we should treat pervasive monitoring or surveillance as a technical attack. Monitoring isn't like going into someone's server and injecting some code and stealing credit cards, but it's just sort of monitoring everything, listening to everything. Not targeting one individual or two individuals or people that are involved with certain criminal activities, but just everybody. So what they said is that we should consider this as an attack. And when we are considering new protocols for internet related things, we need to think about this as a first class problem that we try to protect against. This was in 2014 that they came out with an RFC just around this concept. Just saying that pervasive monitoring is an attack. Another statement on this came about a year later, about a year ago now, was from Richard Barnes, who is a Firefox security lead. And what he said is that Firefox intends to deprecate non-secure HTTP in the Firefox browser. What that means is any fancy new APIs that Firefox will deliver in the future, you can only use it on sites that are over HTTPS. A great example of this is service workers, if people have heard about that. It's a fantastic new JavaScript API that allows your websites to take on a lot of app-like capabilities. So sending notifications, doing offline modes, those sorts of things. Only HTTPS. Recently Chrome 50 came out, they deprecated geolocation over HTTP. You now need to have HTTPS for geolocation API to work. So we see the trend, right? Browser vendors are saying, hey, if you're not over HTTPS, the cool new features, they actually call this in the standards language, powerful features, are not going to be supported, move to HTTPS. Now one of my favorite sort of stances on this was last year we got an update to HTTP, the protocol that powers the web. HTTP2 came out, and the big headline here is, HTTP2, everything's faster, right? We really want this, everyone likes to have fast website, makes it really faster. So through the standards process of HTTP2, it's very controversial. A lot of people were pushing, we should make HTTP2 only work over HTTPS. Unfortunately they didn't win, so in the standard itself, there's no mention of HTTPS. However, something amazing happened, like absolutely amazing. After that, all of the major browser vendors came out and agreed on something and did it. They all said, okay, we're going to support HTTP2, but it will only be over HTTPS. And seriously, like within the same timeframe, within the same year, all major browser vendors, probably about a seven month period, all of them had support for HTTP2 all over HTTPS. Seriously, and like Flexbox, we can't even get that standard across all browsers. Like this stuff doesn't happen, this is unheard of, but that's how important it is. All browser vendors are like, sure, we're going to do this. So the point here is that we're trending towards HTTPS. I have some data on this, some real science here. I put it in a graph. I also have a laser pointer which makes it more scientific. Can you see it here? We're right here right now, we have less HTTPS, dramatic walk across to emphasize going over time here. We're going to be up here, way up here. We're going to have more HTTPS over time. Point is, we need to understand HTTPS as a web developer. If you are doing work in the WordPress space, there will come a time where you have to implement HTTPS. This isn't going to be for e-commerce, this is just going to be for your standard website. You need to know how to do this. And I would argue that HTTPS knowledge is now essential. You need to understand this. If you see yourself maybe as someone who only wants to do some HTML, CSS, maybe do a little templating with some PHP, but you've had to set up WordPress before, maybe you've tweaked the HTTPS file. You never thought of yourself as a server admin, but you've had to do that to make WordPress work. I would argue that this is the same thing with HTTPS. You're going to have to understand this well enough so that you can make it work. There's a huge, huge problem here, though. We are really, really bad at HTTPS. As an industry, when we implement HTTPS, more often than not, we tend to screw it up. We just screw it up. One way or another, we can't help ourselves, we trip over our foot, we screw it up. There's a website that actually tracks this, SSL Pulse. It looks at the top 300,000 Alexa ranked websites on a monthly basis, waits their HTTPS implementation, and tries to decide how many are secure or how many are not secure. Current statistics from this month suggest that 58% of the top 300,000 Alexa websites that allow an HTTPS connection are, in fact, not secure. They rate this on an A through F scale. If you're not an A, then you are considered to be insecure. Their logic follows that if you don't have an A, you've messed up one key area of HTTPS implementation, meaning that you are vulnerable to a known attack, therefore you are not secure. These are the top 300,000 Alexa websites, right? Like, these are the big sites out there in the world. 58% of them are considered not secure right now. In an academic study by Croncha Beno, they looked at sites that were implementing some of the newer, cooler, like, even more secure features of HTTPS. And what they generally found is that people tried, like it was a nice college effort that you tried to get this right, but they screwed it up, and their conclusion was misconfiguration error. Just undermine the potential security. Echoing that, a study in 2014 by Wong et al that looked at, again, top Alexa websites, looked at how they implemented a key exchange, something we're going to talk about a little bit, and found that there was an industry-wide configuration problem with the deployment of DHE key exchange. Do you hear that refrain? We're just configuring it incorrectly. We just don't know how to do that correctly. And I would ask the question, why is this? Like, why are we getting this wrong? And I have, like, the stupidest explanation in the world. It's hard. It's just hard, right? Like, stuff's hard. This stuff is hard.  It really is. However, I'm not going to leave you hanging with stuff as hard. There's something that's actually really easy, and it's called copying and pasting. This is something that computer science has devoted a lot of time to studying. They've solved the problem. This one's free. This one's on the house. If you want to copy and paste, it's Apple C, Apple V. Windows users have got you covered. It's Control C. You've got to use the pinky, Control V, right? It's easy. It's really easy to do that. So what happens? We want to implement HTTPS. We, you know, Google some fancy terms. You find a configuration, copy and paste that sucker. The problem is that maybe we kind of made it work, but we don't know what we're doing, and that's really the hard part. We don't know what we're doing. So that was a long introduction to what I want to talk about here today. I want you to know what you're doing when you're implementing HTTPS. So today I'm not going to give you a walkthrough of this is how you implement HTTPS. We're going to focus on what you're actually doing when you put HTTPS on your website. Why it's so important that we're doing this. Eric Kidder is going to have a talk tomorrow where he's going to focus, I believe, on the implementation pieces, right? Yes, good. Okay. If he said no, sorry. Didn't know what to tell you at that point. So let's start off by talking about TLS. So basics of TLS. TLS stands for Transport Layer Security. You might know it as its other name, SSL or Secure Socket Slayer. So to kind of give you an idea of where this comes from, in 1995 Netscape Navigator introduced SSL. This is the term that most people will call this. The term changed its name in 1999 to TLS, yet we still call it SSL. Go figure, right? That's what we do. So the whole issue there was that in the late 90s there was the big browser wars, Netscape, Internet Explorer, Internet Explorer wanted to get in on this secure connection and they also wanted to push it towards a standards, to a standards track, but they didn't like the idea of the standard being Netscape's product called SSL. So instead it went through a name change which made it much better, but for all intents and purposes, TLS version one was essentially SSL version four. It was the next line, the next product in the line of this protocol. So TLS is a sort of security layer that sits in between TCP and HTTP. So when you take your web browser and you type in a URL to connect to a server, you first establish a TCP connection. A TCP connection can be thought of as like when you pick up your phone to call someone, you type in the number and it starts ringing. You're establishing a connection with that person so then you can start passing messages back and forth on that connection. That's the TCP part of this. You establish a connection between the browser and the server so you can transmit data back and forth between the two. Then you would normally just start sending the messages which are HTTP. When you are doing HTTPS, you have an extra part of this and that is TLS, the transport layer security.  So then HTTPS, it's HTTP over a TLS connection. Does that make sense? Okay. Now the four things that HTTPS gives you, and this is what I really want you to focus in on today, it gives you authentication, encryption, integrity, and key exchange. So we're going to break all four of those subjects down but I really want you to focus on those. That explains to you what the security benefits of HTTPS really are. So the first is authentication. When we think of HTTPS, authentication is one of the things I think a lot of people just sort of naturally grasp and authentication is concerned with is the server that we're connecting to the server we intended to connect to? So when I go on my browser and I type in Google.com I really hope that the data I'm getting back and the site that I'm passing data to is actually Google.com and it's not like some forgery website that's run by a malicious attacker that's trying to steal information from me. What I really hope is that I'm connecting to the website that is owned and operated by a tech giant located just north of here, right? So I want that to be the case. So HTTPS can give us guarantees around that using SSL certificates through a whole transferring of chain of trust. We know that when we connect to that website our browser will only allow us to connect to it if a number of validations have occurred that authenticate that server as belonging to Google.com. That's really important with HTTPS. If you want to ensure that when people are talking to that specific site that it's actually that site. Someone hasn't performed a man in the middle attack and directed you to another site that's actually a forgery. HTTPS can give you that guarantee. Properly configured HTTPS that is. We also get an integrity guarantee with HTTPS. An integrity is concerned with is the message that was received actually the message that was sent? When the server passes information back to the browser sends that HTML. Has that HTML been tampered with in one way or another? If it is it could change the meaning of that content. All sorts of problems it could be used to trick someone into some behavior that could cause them to give up more information they wanted to. We want to ensure that that data that is being transferred has not been altered tampered with, not played with at all. We want to make sure it's the actual data that's been sent. HTTPS that is properly configured gives us guarantees around integrity of data. That's really, really important. The third thing probably the one that everyone kind of grasps naturally because this is in the news daily now is encryption. HTTPS gives us encrypted data transfer. And this is really concerned with taking some intelligible plain text and converting it into unintelligible cipher text. So you garble up all that content so that if someone gets their hands on that content it's no good to them. For instance like with pervasive monitoring where people are listening in on this content that's being transferred all the time. If it's encrypted and it can't be decrypted then that data is essentially useless to people. So let's talk a little bit about encryption. I've encrypted a word here extremely securely. Can anyone guess what this word might be? Wordpress? Yeah, you think so, huh? Okay, yeah, you're right. Okay, good. So that was not a very good encryption scheme but it should hopefully get the point across. Does anyone know what encryption scheme I was using? A Caesarshift. I rarely hear that but that is absolutely right. Anyone know another name for it? Rule 13, yeah, all the same thing or a substitution cipher. All we're doing is we're taking a letter, we move a certain number of letters down the alphabet and we get a new letter. So we take a plain text letter and we change it into a cipher letter. The important thing here and the reason I like to show this one is because the algorithm is extremely easy to grasp. We just take a letter, we shift the X number of letters down the alphabet and then we have a new letter. I have 13 highlighted there because that stands for the key. I'm just going to skip this slide since you have a very well informed audience that already knows what this thing is called. It's a substitution cipher, a Caesar cipher. And in this case, our key is 13, right? We have an algorithm, a known algorithm, really good cryptography, relies on the algorithms being really well known. It's the same kind of concept of open source software sometimes can be a lot more secure than proprietary software because it's out there in the world, everyone's studying it, attackers are studying it, all of the security vulnerabilities tend to bubble up to the top whereas if you have proprietary software, fewer people see it, less vulnerabilities are discovered. That doesn't mean they're not there, just they're not discovered. The cryptography community has valued those same principles. We want where they want, I'm not part of that community, they want really, really good algorithms that have been studied. Mathematicians have tried to break them so we all know the algorithm but what we don't know when we're engaging in encrypting and decrypting content is the key. The key needs to be extremely secretive. The idea is if we have a good strong algorithm and a good key, we can have good encryption. So people who have the key are able to take plain text, apply it to an algorithm with a key, and get cipher text. And if someone else has that same key, they can reverse that, they can take the cipher text, apply the algorithm and the key to it, and get plain text. So both parties that exchange this information must have the key. And this leads us to the last part of HTTPS and that is key exchange. So we just established that if two parties have the same key and they're using the same algorithm, they're able to encrypt content that the other person can decrypt. And then both of them can encrypt, both of them can decrypt. But how do we get to this point where both parties have the same key? We have to get to some sort of point where I have the same key that you have so that I can encrypt data that you can decrypt. And isn't the whole point of this that we're trying to do this so that we can encrypt data to send it back and forth? But before we can encrypt data to send it back and forth, how do we send a key to each other before we have encryption? Like this is a problem. How in the world do we do this? And this has been a problem for a long, long time. Back in World War II, German soldiers used an enigma machine to be able to encrypt data at the time it was thought to be completely unbreakable. To be able to do this, they had keys. And keys in this case essentially specified the settings for these little cords here. There were some rotors that they had to change. These keys dialed in exactly what all those settings would be. If you have those settings exactly right, you can encrypt content just by typing it in. And then the other person with the same settings would be able to type that in and be able to change the ciphertext back into plaintext. But to be able to do that, you had to agree on those different keys. So what did they do? They actually had books that had all the keys for like a month worth of keys, and they would distribute them all throughout Europe.  Everybody had keys, and then they can engage in that kind of communication. So the other day, I ordered something on Amazon. I was over an HTTPS connection. I gave them my credit card. I felt that it was safe, but never did I have Jeff Bezos come to my house, give me a key to use to encrypt my credit card. That didn't happen. This happens automatically over a good HTTPS connection using something that is known as the Diffie-Helman-Merkel Key Exchange. All right? So rather than go through all the math of this, we're just going to do this live. How does that sound? Okay, great. So let's do a demo. Demo time, everyone. So I need two volunteers. I need an Alice, and I need a Bob. Come on up. Way in the back. That never happens. That's awesome. Alice or Bob? That was not a yes or no question. Bob, okay, we got a Bob. We need an Alice. Alice, right there. Come on up. All right, Bob, I'm going to give you this, and you can just stand right there. Alice, how are you doing? Thank you for volunteering. I'm just going to give you this. Hold on for a second. Okay, so before we get started, we want to make sure that we can all see this, and we all know this data. So can you all read with me what's up there? P equals 23, G equals 5. We all see that. We all hear all that information is available to everybody. Can we agree on that? Okay, good, because if we couldn't, then I would just have to walk off the stage here. That would be weird. Okay, so Alice and Bob, what I need you to do, I want you guys to both complete step one on your sheets. Actually, step one and two. Can you have any questions? Let me know.  Much respect to them. Yep, so you can still read it. Perfect.  Bob, be listening, and you'll do steps four and five. Yep, and I'm going to have you say it out loud. Two. We heard Alice say two. Did everyone hear Alice say two? Perfect. Bob, I'm going to have you do step number three. Alice, you're going to do four and five. 16. 16, Bob said. 16. I really have. I want to do bingo right now. Okay, perfect. Alice and Bob, can you please complete steps six and seven at this time? Okay, does anyone know the key that the two of them arrived at? No one knows. Alice and Bob, can you show your numbers, please? We have a three and we have a three. This has been successful. Thank you, Alice and Bob. Thank you so much. All right, so what we missed, what we witnessed right now was not magic. I don't feel like it, but it was just a key exchange.  And in doing so, they were able to arrive at the same number. So I want to show you how this math works out. And let me get the numbers that they picked. Please don't look ahead. That's cheating. Find the mouse. There we go, okay, perfect. All right, so what happened was that we had these two numbers public. We had P equals 23 and G equals 5. What I asked Alice and Bob to do was pick a number and keep it secret to themselves. We had Alice pick two and Bob picked eight. The numbers that you heard weren't these numbers. They picked two numbers and they kept them to themselves. The only people in the room that knew them were Alice and Bob. They then broadcast a couple different numbers. Alice said two. Bob said 16. The way this works is they apply their secret number to a formula. G raised to A, mod P and Alice got two. It just happens to work out that the number Alice put in was the number Alice got out there. In real crypto, it doesn't work out that way. We just have to use small, easy numbers for the demo. Bob put in A and got 16. Now here's what's really interesting. We broadcast those numbers out. We all heard them and then they could arrive at the same number three. So all you would do is that Alice sorry, Bob here would take the number that Alice said out loud, raise it to the secret number that Bob had, mod P and would get three. What's so fascinating about this is that Alice would do the same thing. Take the number that Bob read out loud, raise it to her secret number A, mod P and get three. The math behind this is pretty complicated. I honestly don't understand it myself a whole lot, but the whole point is we all heard four different numbers out loud. An attacker would hear those numbers when a TLS connection is being established but unless they have those secret numbers, they can also arrive at the secret key. So this is an important principle of us being able to do any type of encryption between two unknown parties that don't have a shared key. This is exactly how it works. And if I can figure out how to do this, I will start my slideshow again. There's a big play button there, wasn't there? I was going for the higher degree of difficulty here, just to get some props from you all. As a good engineer, I was prepared for failure here. I was going to make a hilarious look about the Wi-Fi being bad if we didn't arrive at the same number. Everyone was going to laugh, it was going to be awesome. But I'm glad we didn't have to do that. So the important thing here is that any of these four systems, the authentication mechanism, the integrity mechanism, encryption, key exchange, if any four of those is flawed, your communications are not private. They are susceptible to some sort of attack that can compromise the whole entire system. So you have to get all four of them absolutely correct. So I'm going to go through this last part a little bit quickly because we're running short on time. The way that you configure this, and I'll actually go back to the last slide, is through a thing called cipher suites. Now when you go to configure HTTPS, you have to confront cipher suites. I apologize but you're going to have to deal with this term. Now this is really intimidating. It's very, very scary. But if you understand those four concepts that we just talked about, which those are too scary, right? Those are pretty easy to understand. Cipher suites will make a lot more sense because cipher suites are just a combination of algorithms for authentication, integrity, encryption, and key exchange. We know what those four things are now, right? So we can configure them. We can do that. Well, a HTTPS configuration in Nginx might look something like this. See that big chunk in the middle that says cipher suites? Like that kind of makes your eyes cross and you're like, what am I doing now? It's not that bad. Let's break it down a little bit. An individual cipher suite might look something like this. All these blocks mean, or sorry, all these blocks apply to one of these four key areas. It's just configuring the algorithms that you're going to use for one of those areas. So we start off with ECDHE, which stands for an ephemeral elliptic curve, Diffie-Hellman key exchange. That's all that's configuring is the key exchange, that demo we just did. There's different types of key exchange. This is a really good one. This is what we want to do. RSA, in this case, is an algorithm for certificate signing. This relates to authentication. That's all this means here. RSA, algorithm for certificate signing. We then have AES 128GCM. This is our encryption. We're not using a cipher here. We're not using rot13. We're using AES, which is a good, strong standard. That's all we're saying is that, okay, we want to use this level of encryption for this communication.  That was really fast, explaining all those individual algorithms is like a whole day's worth of work in and of itself. The point is a cipher suite will just specify those four different areas that we covered before.  It's basically like who's encryption to configure your encryption. It just looks like complete nonsense. But again, it's just we have one cipher suite. This is one combination of those four key areas. And then they're separated. Different combinations are separated by a colon. Think of it as like progressive enhancement for like doing CSS or JavaScript. What you want to do is you want to configure different sets of cipher suites so different browsers can be able to connect to your server. Different browsers have different abilities. We can also do things like never let us use RC4, which is a terrible form of encryption. If you see a website that has the green icon like in Chrome, you can click that icon and you're going to get some information about it. So if we zoom in a little bit, you'll see something along these lines. I think this actually just recently changed though. But hopefully this makes a little bit more sense to you now. You know, say that the site is encrypted with modern cryptography. You're using TLS version 1.2. The connection is encrypted and authenticated using AES128 GCM. So this has to do with the encryption piece. It uses the ECDHE RSA as the key exchange mechanism. I think the wording here is a little confusing, but the whole point here is that this relates to those cipher suites and those four main concepts, authentication, integrity, encryption and key exchange. That's what it's telling you about. So what have we talked about today? What have we actually done? This is really confusing stuff. It's really heavy. If you understood authentication, encryption, integrity and key exchange, you're well on your way to understanding and evaluating whether you have a sufficient HTTPS setup or not. So now we're going to fall back on the easy stuff, copying and pasting. I'm going to refer you to this website if you're going to copy and paste because this is a good website to copy and paste from. Mozilla maintains a list of cipher suites that you absolutely want to use when configuring your website. One of the things I really like about them is that they break it down into three different configurations. One is like here is the best TLS configuration you can get. Yeah, you're only going to be able to serve your site to Chrome and Firefox, but if you want really good encryption, there you go. The next one is like compatible. So like reasonably modern browsers will be able to handle it. I think IE down to IE 10 will be able to work. And then it has like super compatibility mode. If you need IE 6 and HTTPS, here you go. It's really insecure, but there you go. So it's a really great guide. I would highly recommend it. So last thing I want to leave you with, if you're interested in this subject, I have sort of a reading list for you and this is an order of kind of your gateway drugs down into like the really hardcore stuff here. So starting at the top you have the code book. The code book is just a really fantastic sort of story about the history of encryption not written towards like academics or anything like that, but it's really a great story starting with the Caesar Cyper explaining how that was used, how that was cracked, and then that led to other advancements in encryption. Really, really good stuff, highly recommend it. Next one is by Ilya Grigorek, high performance browser network. This is my subversive way to get you to read this book. They have a great section on TLS, but this is like probably the number one book that I recommend. Anybody doing anything with the web reads just explains how browsers work essentially, how your CSS becomes pixels on a screen. Really important. Next one is Bulletproof SSL and TLS. This is where things are going to get a little heavy. This is kind of the modern go-to book for TLS and SSL. It's constantly updated via the e-book. This is by Ivan Ristik who runs SSL Labs which has become the gold standard for evaluating your TLS connections. And then finally, SSL and TLS and Oli Bakudi, Eric Rescorla who is part of the team who put together the TLS standard wrote a very dense textbook like an academic textbook on this. So if you're interested, read from top to bottom. Very, very good stuff. So that's all I have for now. Here's my link to my slides. You can get everything on those slides. So yeah, anybody have any questions? I think I have a few minutes for it. What are my thoughts on Let's Encrypt? Let's Encrypt is awesome. So Let's Encrypt is a new certificate authority. Certificate authority is an authority that can issue certificates. Let's Encrypt came out, it just came out of beta and technically people were able to get certificates end of November last year. It gives free certificates to everyone. So one of the big hurdles for HTTPS, a lot of people would say, well, it costs money. So what am I going to be able to do? It was just a lame excuse to not do this because it really was like 10 bucks a year. It's not that much. But now, if that was a problem for you, you have Let's Encrypt. Even better than free certificates worked with the IETF to come up with a new standard, a protocol for certificate management called ACME, which is Automated Certificate Management Environment. There we go. So the ACME protocol, it's basically a protocol around a RESTful API interface for being able to issue certificates. The beauty of this is that any system that wants to could develop an integration with Let's Encrypt so you can automatically integrate certificates into things. So there's new servers. One fun one written in Go is called Caddy server. And it's... Well, when you start up the server, it automatically issues a certificate for your site. You can run WordPress with it. I have never done it myself, but those sorts of integrations are possible. So what's my thoughts on Let's Encrypt? Let's Encrypt. Are there questions? Yes, sir? The question was, is there any way to test a site to see if everything's running right? There absolutely is. If I was doing more of an implementation talk, we would go over that. The site is called ssllabs.com. It looks a little weird because there's two L's, but it's ssllabs.com. This is the gold standard. So you configure your site for HTTPS. You go run it through there. If it's not at an A, go fix it. No excuses. I don't want to hear them. Go fix it. It's really good, really well tuned. It's the product that sslpulse uses to assess security. The author of the third book there is the one who built this. They have a lot of details about how you can fix things. If you are hosting with somebody else and they provide the HTTPS for you, run your site through that. If it is not perfect, talk to them. It needs to be an A. You can only get an A plus if you do something extra. Don't worry about that too much. If it's not an A, talk to your host and don't accept no for an answer. They need to do better. If you need someone to help with the technical things about explain, email me. I will help fight that battle for you because there's no excuse for them not doing that well. Absolutely no excuse. Do I have any recommendations for plugins that relate to TLS and HTTPS in WordPress? So there's a lot of work going on in WordPress core to make these HTTPS transitions easier so automatically updating links from HTTP to HTTPS. We didn't go into this but when you are serving your site via HTTPS you need to make sure that all the assets that you serve with your site are also HTTPS otherwise you're going to get mixed content errors. There's a lot of work going on in WordPress right now to fix that. There's a few plugins that work with that. I don't actually know the names of them offhand because I usually do this work manually through a lot of search and replace or filters on the content to be able to switch HTTPS to HTTPS. I have a plugin myself that helps raise those mixed content errors. It's called HTTPS mixed content detector. Very good SEO on that one. Yes. That's all. One last question. One last question. What's the difference between a $10 SSL certificate and $100 certificate or $0. $10 and $100 and $0. That really is the difference. If it's from a good CA and a good CA is basically one that you just have to sort of trust that they're good, that they haven't had any sort of break-ins that people are able to issue a certificate as you from that certificate authority really what it comes down to quite honestly is marketing. There's a lot of kind of fun around this trying to scare people into thinking you need, if you buy the $150 certificate it's going to be $150 better. Let's Encrypt is here. It's going to make it really hard to sell those tickets so we get over that cost barrier. It's okay though like if a host is trying to charge you some money to implement it initially that's a different thing. There's labor, there's work there, but the certificate itself should be free at this point. That's it.


Academic Vocabulary List 1 For the following items, choose the word which most closely matches the definition. For example, a place where people live. The correct answer is house. Complete commercial control. Monopoly. Get closer. Defeat. Overcome. Develop slowly. Evolve. Fall down. Resident. Inhabitant. Very valuable. Priceless. Terrible hunger. Starvation. Huge. Immense. Cruel. Harsh. Severe. Expansion. Fighter. Top of the mountain. Highest point. Large building for storage. Warehouse. Simple farmer. Wild, unsettled area. Wilderness. Unbelievable. Incredible. Person who is not brave. Bookshifts.


Dear students, let us study today funds flow statement. We will have a brief recap of funds flow and then we will go into more detail analysis of financial statements. Last few sessions we have been studying cash flow and funds flow statement. Do you remember now what is meant by cash flow statement? This is the statement which makes a summary of cash inflows and outflows which have been categorized specifically as operating flows, investing flows and financing flows. Same way, we have also seen what is the fund flow statement. Fund flow statement is in a way developed prior to cash flow statements. Here, we give a list of from where the funds have come and from where the funds have gone. But, we do not specifically categorize the items into investing or financing. They are simply listed as inflows on one side and outflows on other side. In fund flow statement, there is one important item funds from operations which shows the profit which is realized and which gives inflow to the business. And usually there is an item on application or use side that is increase in the working capital because as the funds are generated from business, some fund gets locked in working capital. That is what is shown in fund flow statement. Let us have a look at PPT for few moments and then we will solve the problem which we are solving in the last session. So, we have seen what is the fund flow statement. Let us have a look at it once again. This is what is a calculation of funds from operation. Here, we calculate the net profit, add non-cash expenses, depreciation, adjust for non-operating item and the figure which we get is funds from operations. To this, we adjust for, we also calculate the changes in working capital and this is the format of the final statement where we show inflows on one side. You can see what are the inflows. One of the most important inflows is as I have just now told you is funds from operations. Then, there are inflows by selling fixed assets, there are inflows by selling investments or by issue of shares or debentures and so on. Same way, outflows are listed. Here, major outflow is increase in the working capital. Sometimes, if there is a loss, that will be an outflow and then there will be purchases of assets. There could be redemption of shares, dividend paid. All these are outflows. We had seen the concepts of fund flow statement. If you remember, last time, we were solving a problem on calculation of fund flow for reliance industries. Have a look at it. I had told you that, try to solve it yourself. So, this is where we had started. We were given the balance sheet for two years and some extract of P and L account also for two years. From this, we were to make fund flow statement. So, how do you start? How will you make fund flow statement from this much of info? You are right. First, what we have to do is, find the difference between the figures, because that is something which tells you the flow. So, any increase or decrease in the assets and liabilities indirectly shows or hints that there is some flow. So, we calculate the difference. Then, we identify those differences as inflows or outflows and from that, we try to make the final statement. Before making the final statement of fund flow, we have to calculate funds from operations and we also have to calculate the changes in the working capital. Let us see what we had done in the last session. So, we were here, if you remember. First, we calculated the difference in this column. So, all the figures were simply subtracted, I mean 10 figures were subtracted 9 and 10. So, you get the difference. Then, we have identified the difference as inflow or outflow. So, let us have a brief recap at it. So, equity share capital, you can see there is an increase in the equity capital that represents inflow. Why does it represent inflow? Anyone can tell. So, what happens is the capital has increased. So, probably it has come by issue of shares for cash. So, it is an inflow. Of course, there is a possibility that it might have also been because of bonus shares. In that case, it is not an inflow, but right now no such information is provided to us. So, we will take it as an inflow. Next is reserves. Reserves, you can see there is a decrease in the reserve. This is FFO. So, it has come. We have taken it as fund from operations because it represents the changes. Then we have gone into secured loan. There is an increase in the secured loan. It is an inflow. Decrease, it is an outflow. On asset side or on application side, if you see there is a gross block, there is an increase in the gross block that represents the purchase of fixed assets. So, it is an outflow. Accumulated depreciation, this is charged or adjusted from profit and loss account. So, it represents, it is an item of fund flow, FFO, sorry fund from operations. So, we have marked it as FFO and so on. The items which were not to be considered have been marked as XX. For example, net block. Then some items like inventories, debtors, cash, they are marked as W cap because they represent the changes in working capital. So, if you remember for all the items, we have marked them as inflows, outflows, working capital, FFO and so on. In case of profit and loss account items, the difference has no relevance. We have to only look at the current year figures. In our case, March 10 is the latest figures. So, we will look at those figures and identify whether they will have any impact on the fund flow statement. So, you can see first item is sale turnover. It is not to be considered for fund flow statement. So, we marked it as XX, then XI is duty XX, net sales XS. Other income is marked as I because it represents an inflow and it will also have to be adjusted in FFO. Same way, all expenses are marked XX except interest which is an outflow and it will also need to be adjusted in FFO. So, this is where we were. Do you remember? Now, from this let us try to go to the next level and try to prepare fund flow statement. So, I will try to make a copy of the sheet and now let us work on it. So, what will be the first step? We need to make two working nodes, one for calculation of FFO, other for calculation of working capital. So, let us make those nodes first. Once they are ready, we will go for final statement or the fund flow statement. So, let us make a working node first which is on calculation of working capital. I am requesting that you also try to solve with me, so that you really understand exactly what I am doing. So, first we will make it for FFO, full form is funds from operations. So, here we are trying to start with profit and make relevant adjustments to know what was the money coming in from operations. Here you can see the change in the reserve, we take it as a proxy for profit. So, the amount which is given here is in negative. So, same amount we will take as changes in the reserves. Now, look for FFO items as we have marked. So, first one this one we have already taken care now. The next is accumulated depreciation, will it be added or deducted to reserves? Answer is it will be added, why it is added anyone is able to remember? We have discussed it at the time of making cash flow and also at the time of making fund flow. What happens is depreciation is charged as an expense, but there is no outflow for it. So, when we are calculating the fund from operations or cash from operations it needs to be added. So, 13319 that is 13319 represents the amount of depreciation provided. So, we have accounted for this also. Now, the next one you look for all the FFO items, next item you can see here other income. Now, other income this is something which is added to for calculation of profit, but it comes from it is a separately to be shown as a inflow item. So, we should not include it in FFO that is why we will reduce it the amount for the current year is 3088. So, I will try to adjust that amount. So, other income now in this case it should be deducted and not added. So, I will specifically say less other income.  Now, interest is a outflow specifically to be shown, but it also appears in P and L that is why we will reduce it from P and L sorry we will add it. So, we will say add interest this represents interest paid amount is 2000. So, if I try to calculate now fund from operations you can see here I will add the depreciation minus other income plus interest paid. So, 4259 represents the funds from operations as we have calculated. Now, next calculation we have to do is for changes in working capital. Now, naturally you will look for items which are marked as W cap. So, take a look at the items which have been marked as working capital waiter movement first let us mark this FFO. So, amongst the working capital items you will see starting from inventory we have inventory debtors and cash these 3 items there is a change in the working capital. So, let us take these 3 items this represents the change then again there is a item loans and advances which is one of the current assets. Please do not confuse it with the loan received that is a source these loans and advances are working capital item they represent short term advances given. So, it is a working capital item now we have 2 items on liabilities also current liabilities and provisions. So, total changes in the current assets. So, you will realize that there is no increase there is a decrease of current asset by 6 7 6 6 and there is a increase in the liability by 5 9 0 8 change in the working capital I am trying to find. So, it will be increase in the working capital minus increase in the sorry increase in the current asset minus increase in the current liability. So, I get a figure of minus 12000 because it is minus 6 minus 5. So, this is the overall you can see is a decrease in working capital for more clarity I am specifically writing that since the figure is in negative it represents the decrease in the working capital. So, now we can mark all these W cap items because we have recorded them fine take a look there is no other item left now. Now, we have to go to the main statement where in we will record all the inflows and outflows as given and we will also take the items which are taken from working note that is funds from operations and decrease in the working capital. So, now, let us try to make the final statement that is the statement of fund flow keep in mind that these statements are for a particular year in this case it is for March 0 10. So, it is for year ended 31 0 3 2 0 1 0 now we will list out all the inflows first. So, take a look at the statement there are number of items where inflows are given. So, we will take those items first. So, first inflow is share capital. So, equity share capital has increased by 1696. Now, this increase 1697 this is an inflow because probably there is an issue of share it is also possible that there is some bonus share, but since information is not available to us right now we will just go for recording it as an inflow. Now, the next item take a look at again the main sheet you will realize that the secured loans have gone up. So, that is an inflow to us. So, we will record secured loans. So, it is 972 next is. So, we have considered 2 inflows so far this outflow we will take later next inflow you can see is investment in case of investment what has happened is investments are actually gone down. Take a look at figure from 20000 they have reduced to 19000. So, there is a sale of investment. So, I would like to specifically state that there is a sale of investment in equity shares also you may specify that it is equity shares issued and secured loans taken because new loans were taken in the year. Then there is a sale of investment which is to the tune of 1013 next inflow you can see. So, all the inflows in the main statement are over I think I hope you are getting it clearly there is one item other income we have marked it as IFFO that is to show that inflow. So, there is a inflow to the tune of 3088 that is because of other income. Can you imagine what does this other income likely to include it is likely to include dividend received income or interest received from investments. So, it is not a inflow from operations it is a separate item that is why it is shown separately under the inflows as other income 3088. Now, apart from this fund from operations 4259 this is also one of the important inflows. So, 4259 is an inflow which we call as FFO or fund from operations. Then there is a decrease in working capital this also represents an inflow. Most of the cases we observe that as business increases the working capital requirement tends to increase, but in case of this company in case of reliance you can see that for March 0 10 there was a decrease in working capital. So, it releases the funds for day to day operations that is why we have marked it as inflow. So, it is 12685 we have calculated it we got the figure as minus 12000. So, we concluded that it is a decrease and we have shown it as an inflow. So, total inflows we have calculated. Now, let us try to calculate the total outflows. Now, for outflows you again go back to the main statement take a look at various items as are given. So, first one you can see unsecured loan. So, there is a decrease of unsecured loan from 63 to 50. So, company must have paid for repayment of unsecured loan. So, I will take it as an outflow. So, you can say unsecured loan repaid for more clarity. Next item of outflow is gross block as we have already discussed there is a increase in the gross block which shows purchase of fixed assets for the company. So, I will mark it as purchase of fixed assets. Now, next if you see now there is no item left directly from a P and L account the last item which you can see is interest. This represents the interest paid. So, it is an outflow the amount we will take the current year figure which is 2000. So, we have marked 3 items now take total and verify is it matching. So, you can see it is matching there is a minor difference that is because of error in rounding off. So, we will ignore it, but total of inflows and outflows comes to 23715. Is it clear to everyone please have a look at balance sheet again. So, this is we were we were given only the data for 2 years we have first calculated differences then we have identified the items as inflows outflows and then we have made 2 working notes. One was on fund from operation second was change in working capital and then we have made the final statement or statement of fund flow. I hope it is clear to everyone keep in mind that whenever you are doing profit and loss items actually there are 2 adjustments required and in case of balance sheet item it has only one effect. So, we will stop here for this particular topic now we are moving to the next topic that is on analysis of financial statement. So, what we have done so far is we have covered a topic on balance sheet. So, that you understand the basic figures then we have gone into profit and loss account next level we have also seen the recording part as to how the profit and loss account or balance sheet is prepared. So, before that you need to know how the entries are recorded in the transactions that we have seen. Next we have also seen how do you make cash flow and fund flow statement. Now, we will try to go into interpretation of financial statements before going into that first let us see how to interpret a cash flow statement or fund flow statement.  So, what do you see from it how do you interpret it. So, as you can clearly see during the year company has the biggest amount the available with the company was from decrease of working capital. So, company has taken a decision to reduce its day to day assets especially its cash balance has been significantly reduced you can look at the figures in the working capital you can see the cash balance. So, reliance was flush with money lot of cash was available. So, they have reduced their cash balance substantially and that is why there is a decrease in working capital of 12000. There was also some money received from operations and money received from investment to the tune of 4000 and 3000 that gives us explanation as to from where the funds came. Now, look at the outflows the biggest outflow was repayment of unsecured loan which is to the tune of 12000. So, perhaps companies try to reduce its interest burden by repaying the unsecured loan. Secondly, company is also improving its financial position because it is debt equity ratio will improve the loans totally taken by the company have gone down. We are going to look at the ratios today, but I am just explaining as to what will be the impact of this repayment of 12000 on the financial position of the company. You will also see that 9000 crores was used for purchase of fixed assets which is required investment for expansion and also for maintaining the current machinery conditions maintaining not in a sense of repair, but lot of old machines would have been worn out. So, company has to replace them and also add few more items in plant and machinery or other current assets. So, that is 9000 and interest paid is of course, 2000. So, this is how you can understand how the fund flow statement is made. I think let us make one more fund flow statement which will make the things more clear to you. So, please look at the balance sheet of general motors as you know one of the biggest corporates in the world one of the largest company in US. So, I have tried to show you the balance sheet for two quarters March 31st and June 30th of 2011. Then we have also calculated the difference between the two. Using this data now we have to calculate or prepare fund flow statement. Now, how to proceed? Just give me a hint as to what is a way now for us to go ahead with this. Anyone is able to recollect how shall we go ahead? You are right these are the figures in dollars. First what we have to do is we have to identify the items into inflows, outflows, working capital FFO and so on. Once they are identified we will try to prepare next statements. So, you can also see the format as per the US gap which is much different than the format of as per the Indian gap. So, here under current assets the first item shown is cash and cash equivalence. You can see there is a difference of 504. We have been asked to make a fund flow statement. So, how to go ahead? What will be the first step? You make a fund flow statement. Look at cash and cash equivalent. There is a decrease minus 504. We are comparing June quarter with the March quarter. So, this is a working capital item. So, I will mark it as W cap. Next is short term investment. Short term investment you can see there is a major increase from 8000. It has become 12000. So, there is a increase of 36000. Again it is an item of working capital. Net receivables, there is a decrease in net receivables. Again it is an item of working capital. Net receivables or debtors represents the money which is recoverable from the customers. Next item given is inventories. You can see there is a small change in inventory, small increase in the inventory, but it is a working capital item. Other current assets again a working capital item. So, total current assets is given. We will not consider this item. Next is long term investment. Now, long term investment you can see there is a increase in the long term investment. Under what head we will put it? It is not a working capital item. It is not going to be an inflow. It represents the outflow because company must have invested some money in the securities or in some other markets. That is why long term investment has increased. Next is property, plant and investment. Again you can see there is a increase. So, we will mark it as outflow. Next item is good will. Now, this is a very important item. You can see there is a small increase in the good will. Again it is an outflow. As per US gap good will is shown as a separate item. When we saw the balance sheet of reliance it was not shown as a separate item. In this case it is a separate item and there is a outflow. So, we will mark it. There is a increase. So, we have marked it as an outflow. Next is intangible assets. You will see there is a decrease in the intangible assets. So, how should I put it? Inflow, outflow, where will it come? This is slightly a tricky item. You may feel that decrease means it is an inflow. We might have sold the assets. It could have been true if it would have been tangible assets. In this case what has happened is intangible assets represents items like software, patents which are essentially written off. So, decrease in the intangible assets is due to writing off of those assets not because of sale or any other way. So, writing off is going to affect the fund from operations. So, we have to mark it as FFO. Next you can see other assets. Again there is a small increase. Increase is because of purchase. So, we will mark it as outflow. Then total assets we will ignore.  We have finished asset side. Maybe you can have a look at asset side once again.  Liability again it starts with current liabilities. The first item is accounts payable. So, how will you mark it as? For us it is simple. It is a working capital item. So, we will mark it as working capital. Next is short or current long term liabilities. Again it is a working capital item because either they are short term liabilities or even if they are long term liabilities only the current portion of long term liabilities. So, it is a working capital item. There are no other current liabilities. Total we will just mark it as XX. Next is long term debt. You can see there is a marginal increase in the long term debt. So, it should be marked as inflow or outflow. There is an increase in the loan. So, company has taken new loans. So, it is an inflow for the company. Other liabilities again they are long term in nature because we are under other liabilities not under the current liabilities. So, there is a decrease in the liability which represents an outflow. Why it is an outflow? Company must have paid cash to decrease its liabilities. So, it is an outflow. So, total we have to ignore. So, now we have tried to mark all items from balance sheet. Now, let us go down and balance sheetness assets and liabilities. Now, we are looking at stockholders equity. Again note that in case of US gap balance sheets, it is given separately. In Indian balance sheet, we only show assets and liabilities. Here they are showing assets liabilities and equity separately. First item prefers stock or preference shares. There is no change. Common stock or equity shares again there is no change. Retain earnings. You can see there is a significant increase in the retained earnings. It represents inflow or outflow. Actually, none of them it represents the profit earned and accumulated. So, we are going to mark it as FFO. Next, you can see is capital surplus. Now, you will note that the capital surplus has increased. Now, we are not given exactly the reason why capital surplus has increased. It could be because of sale of assets and the profit earned or it could be because of shares issued at premium. In this case, you can see that there is no issue of shares. So, capital surplus is probably the reason it has happened because of sale of assets. You have to also look at asset side whether there was any sale. We do not see any major sale of asset. In fact, the properties have increased. So, there is a purchase of asset. So, we assume that it has because of transfer of money from revenue or day to day surpluses to capital surpluses. So, we will mark it as FFO. Of course, this is because of our assumption. Next is other stockholder equity. Again, there is a small increase. It represents inflows because money should have come from something. So, we will mark it as inflow. Then, total we can just mark it as XX net intangible assets also are not important for making fund flow statement. So, we are marking it as XS. Now, let us go to revenue statement or PNL items. The first item is total revenue. How will we mark it? Total revenue. Is it an inflow or outflow? It is neither inflow nor outflow because we are going to separately consider the profits. So, we will not consider revenues. Next is cost of revenue. Again, not to be considered. Gross profit. Again, we have to ignore gross profit. R and D costs are anyway not given. Selling and general expenses, you will find that there is a decrease, but decrease is not important. In fact, we are not going to consider this item at all. They have also mentioned some non-recurring expenses. We will not consider total operating expenses. We need not consider interest expense. Now, this we need to consider because interest is regarded as separately as an outflow and it also has an impact on profits. So, we will mark it as O and FFO. All revenue statement PNL items are going to have two effects in the fund flow statement. So, we are marked as O and also as FFO. So, take a look now. We have marked all the items. I hope it is clear to you why we have marked those items like that. Now, using this data, we have to make fund flow statement. Before that, we need to make two working nodes. Which are those two working nodes? First working node is for preparation of changes in working capital, calculation of changes in working capital. Next is related to calculation of FFO. Now, let us look at changes, statement of changes in working capital. So, all the items which are marked as W cap, they will go into this statement. We will start first with current assets. So, this is the information as is given. So, you can see that cash has we will just shift this side. Cash has actually gone down. Short term loans have increased etc. So, you see that there is a net position of we will just take the total. So, this is a total increase in the current assets. Now, take a look at current liabilities. So, in case of current liabilities also there is a increase. So, you can see here once again that all the current both the current liabilities have actually gone up. So, there is a increase of current assets to the tune of 3035000 and there is a increase in the current liabilities as well. So, we will calculate the increase in working capital. So, this is a increase in C A minus increase in C L. So, net increase is this amount. Now, we will try to calculate the second working node that is on calculation of F F O or funds from operations. Now, again go back to the balance sheet look at the items which were marked as F F O. Before that let us specifically mark the current assets item as done. Current assets and current liabilities. Now, working capital you will see that sorry F F O you will see that the first item is on intangible assets.  If you go down you will see one item on retained earnings that represents the profits on. So, let us take that first. So, increase in retained earnings is one item which we have taken then there is a increase in the capital surpluses. Let us take that as well.  Now, should this item be added or deducted intangible assets have been written off I will specifically write that. Try to guess add or less you are right this should be added because it is like depreciation which is a non cash expense it is for writing off of intangible assets. So, they will be added. Next F F O item you can see you can have a look at the whole balance sheet. Now, any F F O item has remaining you can see in the end there is a item interest expense you need not see old figures. Now, there is nothing like a difference you will just look at the current item of current interest in this case will it be added or deducted interest expense you are right it is also added. So, interest as and when paid has to must have been reduced from profits. Now, we are adding it back because we are going to separately show interest expense. So, we will mark interest also as recorded. So, for funds from operations there is a increase in return earnings increase in capital surplus intangible assets written off and interest expense all of them will be added. So, this is a total F F O which is an inflow. Now, based on this information let us try to make the main statement or the statement of fund flow. Keep in mind this was a statement for a quarter these are not fund flow and cash flow are not for not a statement like balance sheet as on a date their statements for a particular quarter. So, we will record them for quarter ended 362012. Now, we need to record the inflows and outflows. So, one of the important inflows is funds from operations. So, let us record it first. Now, look at the balance items which are given in the balance sheet and which are still unrecorded. So, we see all these outflow outflow outflow there is one item long term debt there is a inflow. So, what has happened is new long term debt is taken that is why company has received money I have marked it that way. You can look at the item for more clarity long term debt has increased from 93 to 9 to 95 7 1. So, there is a inflow same way there is a inflow in others stockholder equity. So, might be there is some small issue of share or there might have been conversion of ESOPs. So, they also represent inflows. Now, you will see all inflows are over. Now, try to look at the outflows mainly outflows are from assets because of purchase of new assets. So, let us all record them together I hope you are with me. We have calculated we have already marked these items as outflow. Now, we are transferring it to the main statement. So, I will mark it here as well.  So, that cost some outflow, but this is not a negative item. So, this outflow also we have considered other liabilities. Now, if you see all the balance sheet items are accounted, but we should also account for interest expense because it is also interest paid only the current year figure is relevant that is 155. So, we have recorded almost all the items. Now, let us take the total. So, you will see that total inflows are more than outflows. So, you must have excluded some of the items take a look at balance sheet once again what have we excluded just try to guess. Actually, we have not considered working capital we have included all other items we have not considered working capital. So, where will it go we have calculated the statement of working capital there is a increase in working capital that also we are aware. So, where should it go increase when happens it represents an outflow. So, it should be considered as a outflow. So, I will record it as a outflow. So, now you can see it is exactly matching keep in mind that increase in the working capital is one of the important outflows and FFO or fund from operation is one of the important inflows. So, here the statement is ready now try to look at the statement carefully. I hope you understood the process of making. So, now you will realize that out of 3722 main amount 3403 is fund from operations and as far as the outflows are considered the biggest is new purchase of plant and also to an extent increase in the working capital they have also paid off some old liabilities. This is how fund flow statement gives you an idea as to inflows and outflows. So, we stop here and in the next session we will look at more details of the analysis of statements in this session we have covered mainly preparation of fund flow statement. Where in what we do is we find the difference mark the items as inflow outflow, mark the items as working capital, mark the items as FFO. Then we make two working notes for working capital and for fronts from operations and then all the inflows outflows and these two items need to be taken in the main statement ensure that the total of inflows match with total of outflow then you have considered all the effects correctly. Thank you so much we will meet in the next session.


stream next week because we're going to be at the bank for the AMC championship. We don't know we're going to be at the bank right there, man, for the AMC championship. Oh, the Ravens got it, man. They done got it, man. They got it. I love this so much, man. Hey, we'll see y'all next week. At the crib, man. Oh, this is great, man. This is great. This is great. We will see you up next week in Baltimore. Straight from the crib, man. Get away. Yes, Leo. Yes. Yes. Yes. Yes, man. Hey, we in there, baby. I love y'all. Was that the game? Left my hand bleeding from cold. Oh my goodness. Your hand was bleeding. Hey, it's special, man. Team keeping clean.  But y'all come through on Bleacher Report because we got to go do a live stream over there for about 20, 30 minutes. So y'all come through on Bleacher Report. Right now, I will see y'all very, very soon because again, sorry, we got to cut the party short, but we got business to take care of. Y'all on Bleacher Report in just a couple of minutes. Really, really soon. I love y'all. I appreciate y'all. See y'all in a little bit. We'll party more tomorrow. I'm sorry we got to cut it short, but we'll see you on Bleacher Report very, very soon. We out, y'all.


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