Great! Well, good morning, everyone. I'm Craig Hettenbach, cover healthcare technology and providers, Morgan Stanley. Before we get started, for research disclosures, you can find them on the website www.morganstanley.com/researchdisclosures. So with that, very pleased to have with us Accolade this morning, CEO, Raj Singh, and CFO, Steve Barnes. So welcome. Thank you for having us, Craig. Morning, Craig. Great. So I thought we'd start bigger picture, just company overview. A lot has changed, not just for Accolade, for the whole digital health industry in the last few years, and for Accolade specifically in terms of strategy, how the business has evolved. And so can you just maybe set the stage there, and we'll go from there? Yes. Well, first, like, as I mentioned, so happy to be here. Thank you for having us, Craig. If you're to think about the evolution of our company. Well, let me do that, but first, let me start with the evolution of the category and the way the universe has evolved. Advocacy as a category, invented maybe ten years ago by companies like Accolade, was very much around helping people navigate through the healthcare system, leveraging data sets and individuals who really understood the capacity to manage your benefits, and your networks. The industry as a whole has evolved now to a universe where customers have an expectation of the capacity to bend trend and improve clinical outcomes while driving extraordinary satisfaction. Satisfaction being the driver ten years ago, in 2024, you have to bend trend, you have to drive extraordinary member satisfaction, and you have to reliably be able to change member outcomes or clinical outcomes, and so when you think about the evolution of our business, here we are, it's FY25 for us. Our fiscal runs from March through February. This is our first profitable year, and in that year, if you look at our business versus our business five years ago, we've added primary care to the advocacy capability, embedding primary care physicians into the center of every care team that services the employees and the families that we serve. We've added specialty care capabilities via our expert medical opinion solution, also embedded in what we do. And then wrap around that, Trusted Partner Ecosystem solutions, things for things like diabetes management or metabolic syndrome, musculoskeletal issues, gut health, women's reproductive health. All of those capabilities woven around the core advocacy solution. In so doing, we've dramatically diversified the revenue stream, we've created opportunities to incrementally add value from a clinical value perspective, and in turn, also creating the capacity to lower trend line. Got it. That, that's a great starting point. When I think about that diversification, and also you mentioned first profitable year, can you just talk about the importance there as you get the profitability here and beyond? Yeah, I think if you were to think about the evolution of our business, we went public in 2020, July of 2020. In that year, as we went public, we were about 12 months from being a profitable company at the time. But at the time, we also knew that we wanted to expand our capabilities by expanding into primary care, expanding into the expert medical opinion care categories. Doing both of those things, we knew would both diversify our revenue streams, improve our capacity to deliver clinical outcomes, and improve the differentiated value proposition to our customers. In so doing, we actually increased the investment we were making in the business, but knowing full well that it would be imperative that the company achieves self-sustainability in the near term. That's happening this year. We're really excited about it. We think it gives us an opportunity to continue to invest in the business and to recognize the opportunity in this category is not for a billion-dollar company, but for a company far bigger than that, to deliver value to 330 million people in the country who need help managing healthcare. Got it. Before we dig further into the segments, I do want to address just fiscal 2025 guidance. You kind of lowered revenue guidance a bit, you maintained EBITDA. I think as part of that, there was a decision to kind of pull back a little bit some investments in virtual primary care. So just talk about that in terms of this year and really what drove those decisions. Do you want to start that one, Steve? Yeah, glad to. So Craig, you're right. In our last earnings call, what we laid out is a continuing growth trajectory for the business that we believe to be very attractive. But as we look at this imperative in our minds to get the business to profitability, we think about the business in really two channels at its broadest level, B2B and then direct to consumer. On the direct to consumer side, which you'd know as PlushCare, this is the virtual primary care offering, that platform serves both direct to consumer and our enterprise business. On the direct to consumer side, there's a very tangible, visible view towards customer acquisition costs and the LTVs against those customer acquisition spend items that we're looking at very carefully. And maybe at the highest level, the most expensive accounts, we're pulling back to be as efficient as we can on that spend, as we also invest in the business in growing towards profitability. So that was one of the areas that we pulled back on, on spend at the highest, you know, the most marginal spend. We're also continuing to invest in that platform. And on the B2B side, you've seen continued growth in our annual recurring revenue bookings year- over- year, continued, as Raj was just pointing out, strong demand for an offering like ours that integrates all these different capabilities. And what we are hearing from us is it's very important that we drive to profitability this year, and so at the margin, we're looking to do whatever we can on the spend side to ensure that profitability this year and beyond. Craig, if you look at the increment in profitability over the course of the last three years, the leverage in the business model and the unit economics of the business model have really emerged. If you think about where we were two years ago, to where we were last year, to where we'll be this year, incrementally, the gross margin per incremental dollar coming through in the business is starting to demonstrate what we're really excited about, a very profitable business with great growth trajectory. Got it. And then so on the long-term guidance, you also kind of tweaked from 20% growth to 15%. I, I think most investors viewed that as the right direction in terms of how to think about a sustainable growth rate. But how do you think about that? What are gonna be the key things for the, for the company to drive that 15% growth that you're targeting? Yeah. First of all, I appreciate the feedback, Craig. I think here's the way we think about it, and I'll break it out exactly as Steve just did. You've got a direct-to-consumer business, and you've got a B2B business. That is tangibly different than where we were when we took the company public back in 2020. And with that diversification comes a little bit more complexity, but also more stability as it relates to how the business will grow and the variability in that business. And so what we tried to do in aligning our guidance moving forward was give ourselves the room to make smart business decisions as it relates to growth, because we believe fundamentally the business has strong growth opportunities moving forward, while biasing towards profitability. In the context of that, if you think about our B2B business, think about it in terms of incremental new ARR. That's annual recurring revenues, 12 times the monthly value of new contracts that we sign. If you go back three years, that was $54 million; two years ago, $72 million; last year, $86 million. We expect that to continue to grow because the market demand is exceptionally strong. The second metric you want to think about when you think about our B2B business is what we call platform-connected revenues. Revenues manifest by primary care visits, expert medical opinion cases, or Trusted Partner Ecosystem enrollments, all driven by the engagement that our advocacy platform delivers. Those revenues have more than doubled each year for the last three years, up to about $28 million last year. If you were to think about those two metrics and the trajectory of those two metrics, we have a very strong B2B business that we're excited about. The D2C business is fundamentally about customer acquisition costs and the lifetime value of customers. What we found in that primary care, PlushC are business, is that customers are drawn towards, one, the exceptional primary care we deliver, NPS scores, nines north of ninety, and the capacity to keep your primary care physician and build a longitudinal relationship. Those two things are driving north of 20% growth on a year-over-year basis in that business. Those are the metrics, the three metrics you should be looking at when you think about Accolade and the growth rate of the business on the long term. Got it. And on a positive note, you kept the 15%-20% long-term EBITDA margin. So, Steve, can you touch on that? Raj already mentioned kind of you've seen strong operating leverage in the model. What gets you there over the next number of years? Yeah, and I'll take a step back for a minute to Raj's point earlier. We've been on this very continuously trajectory on the profitability side. You know, we've reduced the loss consistently. This year, you'll see a 3%-4% bottom line adjusted EBITDA margin. We expect it would grow that 300-400 basis points per year. So you're looking at a doubling of or so of adjusted EBITDA next year, you know, in our fiscal 2026. Where is that coming from? Of course, it starts with growth, as Raj was just talking about. There's a continuing large market to grow. We've expanded our gross margins consistently over the really since we've come public, through a few different things. One is certainly the cross-sell opportunity that has emerged. We've sold more offerings into our customer base than ever before last year. In fact, 80%-90% of our new B2B customers took one or more of expert medical opinion, virtual primary care, our partners in the ecosystem. All those create more clinical value and also more margin leverage, so it's on the gross margin line. Secondly, we continue to drive productivity, or excuse me, technology-driven productivity enhancements. AI is certainly, you know, where everybody wants to go right now. In fact, we've been investing in AI and related technologies for the past several years, driving things like more self-service for members, which, by the way, creates a more satisfying interaction for the member. It's also more efficient for us. And doing things like call summation notes to reduce the amount of time that an agent needs to spend either online or servicing a message. Things like that all relate to gross margin expansion. Similarly, as we approach a $500 million company here, there's operating leverage around things like product and technology enhancements, investments we've made over the years. We continue to grow that line, but we're getting lots of leverage there from the investments we've made historically. G&A, we're going into our G&A spend as a public company, and then finally, sales and marketing spend, which is one that will always toggle around return on sales spend investment. So those levers and dials are all the things that we're tuning as we think about growing the B2B and the D2C business in a very healthy, diversified way towards growth and continuing expansion of profitability. Got it. Raj, can we maybe spend a few minutes just on the macro backdrop today? What are you hearing from employers? What's really resonating in the market? First and foremost, I think we all know if you're living in the healthcare universe today, costs are going up. Continuing supply issues, demand is high. Employers are expecting, and I think this is something that will vary by market segment, so the size of employer, but largely, people are looking at 8-10% trend line on a year-over-year basis. That's an extraordinary number when you contemplate people are spending $11,000 or $12,000 per employee already on healthcare costs. In that context, employers are searching for solutions that can reliably or provably drive trend down. That's good news for us because that is fundamentally the value proposition we deliver. The two categories that I think are significantly troubling for employers today, that I hear consistently when I'm in front of customers, and I'm in front of three or four big customers per quarter in their account reviews, and so this data is pretty fresh. People are looking at cancer costs, specifically as it relates to incremental costs associated with specialty drugs that are coming to market in that category. And people are looking at the weight loss medications and metabolic syndrome, basically full stop. That category of spend is pretty tangible right now, and companies are looking for solutions that can help drive that. In both of those areas, Craig, I think it's worth pointing out that because we offer an open platform where we can actually plug in third-party solutions, we have partner solutions that are specifically targeted at addressing those needs. In the metabolic category, you'd be thinking about companies like Virta or Noom, who we partner with, focused around management there, along with our own primary care service. In the cancer and cancer care categories, you'd think about Centers of Excellence, companies like Carrum and Employer Direct Health, where we have offerings that can targeted focus on those areas where our customers are most concerned or need. Got it. And as we get into the midst of the selling season, kinda what are you watching for? What are some things investors should be thinking about here? Here's the good news about selling season for us, for the last five years or four years, every year the pipeline has grown, and the reality is the pipeline grew again this year. We look at pipeline as companies that are actively evaluating solutions in our category and have put budget dollars to in the corner to say, "We're gonna spend on attacking or addressing the healthcare trend line issue for our business." In that. So we're in the midst of our selling season right now, but if you were to think about what customers are talking about, it's the things I just mentioned in the answer to your last question. And we're in a very solid position, as we always are, to win more than our fair share of that business based on the differentiation we offer. You know, we'll jump into that, I think, a little bit later. Great. Could we just touch on the competitive landscape? Maybe we can start with advocacy in terms of how you're positioned, what you're seeing from others in the marketplace. Yeah. It's a, it's a perfect build off of the last question, Craig. I think the... When you think about what we do and why we're unique, the first is we offer a comprehensive engagement solution, where we're engaging with 60%-70% of the population, and we do that via outbound and inbound engagement. The second part of that story is our advocacy care teams include a primary care physician on every team. Our capacity to deliver longitudinal care for every member in that population makes us fundamentally different than any of the carrier solutions. By the way, we compete with carriers in almost every one of the deals we actually participate in, or from those of our primary competition. And then finally, if you were to think about our Trusted Partner Ecosystem, we've built a technology stack from scratch over the last eight years that allows us to plug in third-party solutions, actually deliver closed-loop reporting, embedded care teams with our partners, all of which allows us to actually drive engagement in a way for those solutions that otherwise doesn't exist with any of our competition. Those three fundamental areas are why companies choose to buy our solution, along with the proven results that we've delivered over ten years in the category. Got it. I do want to touch on Included Health got a lot of attention, the win with CalPERS and the greater percentage of fees at risk, and just, you know, context, not specifically just for Included, but for the industry here in terms of do you see that as maybe more of a one-off, as directionally where we're going? What are clients wanting to see these days? I think it's a great question, Craig. I think, first of all, anytime you're looking at a client like, or a prospect like CalPERS, you're talking about 400,000 employees or thereabout. Companies at that size are, are gonna have a capacity from a one-off perspective to. I think I'd categorize it very much as a one-off, to dictate their terms in terms of what they're after. I think it's imperative for businesses like Accolade to then just determine what's the right balance of risk as it relates to the amount of risk you want to take to acquire a large customer versus the corporate strategy. What are we trying to do from a profitability and growth perspective? And as we looked at the guidance we'd provided and the way we want to run our business, we thought we've got clear line of sight to the growth trajectory that we wanted to build for our business, and we have a clear line of sight to that profitability number. All in, now answering the CalPERS question, do I think other deals are gonna end up pricing at 75% of fees at risk with guaranteed trend line? No. Most customers aren't in that position, nor are most customers looking for that type of an offering with guaranteed staffing ratios, et cetera. Where we're really focused is customers who are looking for bending trend, but also understand that they want to give their employees optionality as it relates to their network, optionality as it relates to the solutions that they're choosing, and in understanding that the vendor on the other side of that has got a proven history of delivering it. Got it. And more broadly, any anecdotes you can share just in terms of win rates for Accolade in the advocacy business? Win rates have continued to be very strong. So in terms of deals that we're participating in, deals where customers are evaluating us against the competition, we continue to win more than 50% of those opportunities. ... Got it. I wanna dig a little bit more into virtual primary care, and as you mentioned, kind of have the DTC, which you're evaluating closely in terms of how you wanna invest there. But just, you know, what does this mean for the business on a longer term basis? Where does this fit into the overall growth algorithm of that 15%? Do you wanna start with that, Steve? Sure, absolutely. So the important point here for us, Craig, remember, the thesis of the acquisition is there's a direct-to-consumer business that has been built there that's attractive. We continue to invest in it in a very disciplined way. But the real, the strategic underpinning of that is there's a dearth of primary care in the United States. I think we all have probably experienced, it takes twenty-eight or twenty-nine days to get an appointment with a primary care doc. That underspend on preventative care is absolutely one of the reasons why we spend so much more on healthcare in the United States and have lower outcomes. So our thesis is: bring that into every corporate customer that we can via the advocacy, the synergistic relationship we have with the advocacy chassis, and then drive utilization of that. So it's very much a part of when we walk into a customer. We're selling them on a comprehensive basis, as part of that overall package. As far as what it means to the growth trajectory, that connection has continued to grow attractively on the direct-to-consumer side, but really, we're now in our... just really the beginning of our third year of selling that on the corporate enterprise side, and the growth rate has been very strong, albeit off of lower, you know, lower base as we get going here. But it's really been heartening to us to see the number of customers that are interested in understanding how we can leverage this chassis to drive more utilization there. So it's very important in that respect. And, from a long-term growth and profitability perspective, it's embedded into our models, as a key component. Got it. And on the enterprise side, you mentioned earlier just the multi-products, 80-90%, which is great to build off of. What are some things the organization is doing to continue to drive that attach rate, so to speak, on enterprise? You know, I think if when you think about the value proposition we're putting in front of customers today, so we're in the B2B selling season, selling cycle, sitting in front of customers, and we're really presenting a full suite of solutions. In that or in the way that we present that, we're essentially saying, "It's imperative that you think about primary care," and Steve captured the hypothesis perfectly. We're underspending in this country on primary care. When you add primary care to the equation, you have an opportunity to improve outcomes and lower costs. When you lay that out, hypothesis out for most prospects and customers, they fundamentally agree in the first meeting. Every single customer is experiencing that lack of availability or lack of access to primary care. Because of that, 80%-90% of our customers don't only just buy our advocacy solution, they buy our primary care solution. Incrementally, the ROI associated with our expert medical opinion solution is provable on a case-by-case basis, and therefore, engagement rates on that expert medical opinion solution are extraordinary. Because of that, again, 80%-90% of our customers will purchase advocacy and expert medical opinion at the same time. Ultimately, Craig, what I think is imperative for investors to understand is our advocacy platform enables downstream opportunities, not only for our primary care business, but also for our expert medical opinion business, and also for all of our partner solutions. That platform-connected revenues line, that's more than doubled on a year-over-year basis, is a view to the future of our opportunity to drive the right kind of healthcare engagement in a way that improves outcomes, lowers costs for employers, and increases revenue for the business. Got it. Maybe just building off that, you've referenced it a few times, is the trusted partnership, the ecosystem. How do you see that evolving over time? You have a number of great relationships and partners. What's the room to kind of continue to expand that? What's working? What are some things you wanna see there? Here's what's working. First, building real technology integration. Look, there's a universe of partnerships that exist in the healthcare ecosystem that are press release partnerships without real technology integration. That's just not a philosophy we subscribe to. So with every one of the partners who are signed up to the Trusted Partner Ecosystem, obviously we have things like single sign-on. You can go from our mobile application directly to signing up with one of those partners. But beyond that, we actually do closed-loop reporting. I can not only tell our customers how many times did I refer to the Virta solution, I can show them how many times those referrals led to actual enrollments, and how many times those enrollments actually led to people graduating from the program and getting the results that they require. Beyond that, we've actually embedded our capacity to do member engagement. So our member marketing strategies are not just advocacy related, but they're also related to the way our trusted partners work with those customers. Those three things are fundamentally differentiated from the way other companies are approaching their partnerships in the category. That's working really well. The reality is, the opportunity for us moving forward is, there's an extraordinary amount of spend that happens in the regional healthcare systems across the country, and our opportunity to more deeply embed with those regional health systems, to find opportunities to drive better service for our members, better outcomes, higher availability to the highest quality physicians in those networks, that's a huge opportunity for our business moving forward. Great. On the expert medical opinion business, and you touched on that briefly, but just maybe building on that, you know, what are you seeing from an industry trend perspective in that segment? Here's what we're most excited about there, is that the ROI on a case-by-case basis is so extraordinary that the customer retention rates, customer satisfaction rates, and the value customers are receiving continues to be exceptional. It's an important part of our business, in part, because we see health plan partners embracing the solution and wanting to take it to market. Companies like Optum, UnitedHealthcare, Aetna, a number of different Blues, using that solution as a driver of enterprise value or trend line reduction from a value proposition perspective. Our capacity to continue to expand those relationships and expand our health plan relationships as a driver of growth in our business, beyond the expert medical opinion business, into advocacy, into primary care, is starting to manifest. You saw that with Arkansas, with Blue Shield, Blue Cross Blue Shield of Arkansas. We've seen it with Blue Shield of California. Our capacity to start with expert medical opinion and then grow into other parts of the relationship is a core growth driver for the business. Great. Going back to AI and technology, and Steve, you touched on this in terms of some of the operating leverage in the model. Can you just give us an update, kind of what you've invested, like, where you're at today? Is there incremental investments from here? How do you think about the ROI for some of the tech investments that you're making that ultimately are gonna drive operating leverage in the business? Think about the operating leverage from AI in. Actually, let me take a one giant step back. We deliver services to customers who are leveraging all of the different carriers that might exist in the healthcare landscape in the United States. Because of that, we have a lot of complexity in terms of what we deliver. We might be working with a client that has UnitedHealthcare, and at the same time, working with a client that has Aetna or any number of the Blues, or one client might have any number of those solutions. Our capacity to simplify that via the automation of tasks from an AI perspective is enormous, and it's something we've been investing in for years, and it's something that we're continuing to invest in. That investment will both automate back office tasks: how do we access claims? How do we find physicians? How do we determine if physicians are accepting new patients? We'll both automate tasks, improve the service delivery, our capacity to rapidly respond to customers or members with the right answer, and dramatically improve our capacity from a gross margins or a unit economics perspective. So we'd expect that these investments, both from an automation perspective and from the perspective of improving our clinical models and our capacity to understand who we're outreaching and the way we're outreaching, are things that will improve both gross margins and some of our downstream operating costs. Got it. Raj, you touched on just bending the cost curve in healthcare inflation, which is a big issue. I want to talk specifically of GLP-1s and kind of what you're seeing in that, how you're helping your customers on this issue. So I think everyone's aware, GLP-1, you know, we're talking about what some have described as a miracle drug, and clearly, the demand or the requirements for access to those medications are something that employees or members of our customers are asking for every single day. Every customer has a somewhat different strategy around how they're approaching it. Some are gonna reimburse, some are gonna reimburse only in the case of members with diabetes, others are gonna take some sort of a hybrid approach. Our view is actually consistent, whether you're talking about our primary care business in the consumer space or in our primary care business in the enterprise space. First, we offer our customers clinical rigor. We're gonna ensure that members who have access to the drug have been tested, understand the requirements of how the medication works, and abide by or adhere to the clinical standards that the company is driving. The second part of that story is, we're also offering downstream assistance as it relates to helping members who, once they've actually leveraged the medication, find their way off the medication. So we're doing that with partnerships with companies like Noom or with companies like Virta. All in the idea of, you know, look, these are expensive medications, oftentimes in the neighborhood of, you know, $1,000 a month. The capacity to drive value from that incredible investment that employers are making in their employees' health, to ensure that the weight actually stays off, to improve metabolic health, is something that we think is imperative. For our customers, what we're offering is the clinical rigor that they need or that they desire, checkpoints in the solution to ensure that the spend is effective, and then value downstream with those partnerships. Got it. I do want to touch on just capital allocation and how you're thinking about the balance sheet. You have a convert that's due in a bit. Yeah, absolutely, Craig. So last quarter, we reported we've got $231 million in cash. As mentioned, we break through here to profitability this year, so we expect to generate cash from here. The notes, which are due in April of 2026, are a little over $200 million. So we're in a strong net cash position, and the fact is, given the capital environment and all of those factors, we're considering all the optionality around it, but we think we're in a very strong position, and we would expect to refinance and/or pay down a portion of those notes and to be in a strong position coming out of this. But, and the fact is, we feel like where the balance sheet position is very strong for the business, and we're very focused on execution and getting to profitability here this year. Got it. And you have used M&A to diversify the business, to add more capabilities, for your customers. What is the criteria as you evaluate that on a longer term basis? You know, on a longer term basis, you know, as the market evolves and as our equity value evolves, et cetera, I think you'd see us, Craig, being really, being very disciplined about the way we think about M&A. We'll be very disciplined about M&A that's accretive, both to our value proposition and to our P&L. And really focusing on any sort of increment from a capabilities perspective that's really focused on our existing customer base, the existing markets that we serve, and the capacity to expand our value inside those customers. But I think the key word of accretive to value or accretive to profitability is imperative across all those vectors. Got it. And I do wanna touch on, there were some headlines a few weeks ago that Accolade might be considering strategic alternatives. And not just for Accolade here, but I'm thinking bigger picture for the industry- Mm-hmm Right, in terms of some of the turmoil. We've seen slower growth. Companies are trying to manage revenue growth and profitability. You made it very clear you see the path in terms of scaling this business- Yes And you can do it standalone, but how do you think about it in terms of Accolade's value today and, and where you wanna take the company here? Yeah. I think the standard answer to that question is, we don't comment on rumors, but let me skip the standard answer and just go to where I believe we are. As Steve mentioned earlier, we're breaking through to profitability this year. We'll deliver 3%-4% operating margins or in that neighborhood this year. We're gonna double that next year. And as we do that, one, we think we have extraordinary visibility to actually achieving that. Two, we know that the equity value of the company will improve dramatically as investors have a line of sight to seeing that EBITDA growth at the same time as we're delivering double-digit or teens growth on the top line. And so do we believe we're fairly valued today? No, we don't. We believe over time, as investors see the same things we do, the growth and profitability on a year-over-year basis, that the equity value will improve, and that's what we're focused on. But for investors, we're focused on delivering that value, and for the business, we see an extraordinary future here, and we're pretty excited to go execute on it. Got it. And, and you touched on some of it in terms of things you wanna deliver, but maybe just a finer point. Next twelve months, I mean, you have fiscal 2025 guidance that you- it seems like you feel good in terms of ability to execute. Mm-hmm. What's gonna be the most important thing for investors to monitor the next twelve months in terms of your progress, going forward? Yeah. Well, let me answer that question. Before I do, let me go back. I missed a part of your question previously, Craig. Like, how do I think that the overall sort of view of the industry? I think the industry as a whole went through a period of extraordinary growth in 2020, 2019, 2021. Focus on profitability, delivering free cash flow, and growing the top line responsibly with that profitability is imperative for companies that wanna exist on a long-term basis in the category. That's the way we're running our business, and we think that's good advice for other companies in the category as well, or beyond this category, but in healthcare writ large. In terms of what to look for for us, the metrics and what we tried to do in our last several earnings calls is simplify the way everyone should think about our business. There's a B2B business. You should look at new ARR, and you should look at platform-connected revenues. Both of those things are growing well. As they continue to grow, you're gonna like our business. And you should think about our D2C business, and as you think about our D2C business, think about the growth rate of that business with a responsible ratio of lifetime value of a new member acquired and the customer acquisition cost. We're gonna be exceptionally disciplined about those things, and we're gonna talk about that value every time we talk about our business. If you know those three things about our business, you'll have a very clear sense, both the top line growth rate and to the responsible growth of the bottom line. Okay, I think we're at time, so I think that's a good way to end the conversation this morning. So Raj and Steve, thank you so much. Always good to see you, sir. Thanks, Craig. Thank you.