Hello, and welcome to the Owens & Minor Special Acquisition Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Jackie Marcus, Investor Relations. Jackie, please go ahead Thank you, operator. Hello, everyone, and welcome to Owens & Minor's call to discuss our acquisition of Apria. I'd also like to call your attention to the supplemental slides related to the transaction posted on our website in the Investor Relations section. Please note that certain statements made on this call are forward-looking statements, which are subject to risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements made on this call today, other than statements of historical facts, are forward-looking statements and include statements regarding our anticipated financial and operational performance. Forward-looking statements made on this call represent management's current expectations and are based on information available at the time such statements are made. These statements include, but are not limited to, the statements in this release regarding the proposed transaction and opportunities related thereto and our expectations with respect to our financial performance. Forward-looking statements involve numerous known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from any results predicted, assumed, or implied by the forward-looking statements, including that the proposed transaction will not be completed on a timely basis or at all, and the risk that problems may arise in successfully integrating the businesses of the companies and the realization of synergies therefrom. The company has explained some of these risks and uncertainties in SEC filings, including the Risk Factors section of its Annual Report on the Form 10-K and the quarterly reports on Form 10-Q. Except as required by law or the listing rules of the New York Stock Exchange, the company expressly disclaims any intent or obligation to update any forward-looking statements. Additionally, in our discussion today, we will reference certain non-GAAP financial measures. Information about these measures and reconciliations to the most comparable GAAP financial measures are included in our Annual Report on Form 10-K. Today, we have prepared remarks from Ed Pesicka, our President and Chief Executive Officer, and Andy Long, our Executive Vice President and Chief Financial Officer. I would now like to turn the call over to Ed. Ed? Thank you, Jackie. Good morning, everyone, and thank you for joining us on the call. I'm very excited to be here today to discuss our acquisition of Apria. If you recall, during our Investor Day presentation a few months ago, we outlined our strategic objective to achieve long-term profitable growth. One of the key components of the strategy was to expand our portfolio of products and services. Since that time, we have continued to advance, grow, and improve our existing businesses while identifying new opportunities to help in achieving this objective. Today, I am thrilled to announce that we have executed a definitive agreement to acquire Apria, which significantly advances our Patient Direct business. This acquisition will expand our patient-direct capabilities to support additional chronic and acute conditions, as well as strengthen our total company value proposition, enabling us to better serve the entire patient journey through the hospital and into the home, ultimately furthering our mission of empowering our customers to advance healthcare. This acquisition will combine two strong patient-direct businesses, our Byram business and Apria. We believe the combination of these businesses will create a leading platform that allows for expansion in the fast-growing part of the healthcare market, the home. Let me now share a little more detail about this exciting transaction. As Jackie mentioned earlier, we have provided slides on our IR website and in our 8-K file this morning with the SEC. These slides, along with our comments, will provide an overview of Apria, the strategic rationale and value created by the combination of these two complementary businesses, as well as the financial highlights and the positive impacts of the deal. I will start with slides two and three. These slides provide you with a high-level summary of Apria. Apria is a leading patient-direct provider with a primary focus on respiratory conditions, obstructive sleep apnea, negative pressure wound therapy, and home medical equipment. It should be noted that Apria's product portfolio is complementary to the Byram product portfolio, and it doesn't overlap. This provides a great opportunity for us to capture additional revenue across chronic and acute conditions. Next, Apria's geographic footprint is extensive and enables high-touch service along with quick access and response to the patient. Apria's footprint and service model, along with Byram's footprint, will enable geographic expansion, resulting in an opportunity to capture additional revenue as well as delivery model optimization. Finally, Apria has broad payer relationships. These payer relationships, along with Byram's payer relationships, will enable our ability to reach more insured patients. Moving on to slide four, which outlines the strategic rationale and the value that will be created by the combination of these two businesses. At a high level, this transaction strengthens our Owens & Minor offering, enabling us to more broadly serve the entire patient journey. This acquisition will position Owens & Minor as a leader in the home healthcare space and build upon our strong capabilities in product manufacturing and healthcare services. In addition, it enables the acceleration of our support for our hospital customers seeking to expand into home healthcare delivery. Now let me dive in a little more detail. The combination of Byram and Apria will do several things. One, it will expand our Patient Direct platform by bringing together two leading organizations with access to over 90% of insured healthcare customers in the United States. Two, it will broaden our Patient Direct product portfolio by combining Byram's strength in diabetes, ostomy, incontinence and wound care with Apria's product portfolio strengths in obstructive sleep apnea, home respiratory, and negative pressure wound therapy. These product portfolios are complementary and connected, as many of these products are needed to treat patients with the same and multiple chronic and acute conditions. Next, the combination of these businesses is also expected to increase our attractiveness to payers, providers, and patients due to the broad product portfolio combined with our scale, our geographic footprint, and the delivery model. Fourth, it will create a platform for future growth within this highly fragmented marketplace. Finally, it will position Owens & Minor as a leader in the home healthcare markets. In addition to the expected value that will be created by combining these two great Patient Direct businesses, this transaction will serve to diversify our total company revenue stream by expanding our presence in the higher growth, higher margin home healthcare market. It will also enable us to offer a seamless transition for patients from the acute space to their homes. Finally, it will provide accretion for our financial metrics and enhance free cash flow generation. In a few minutes, I will hand the call over to Andy for a deeper discussion of the financials around this transaction. First, let me provide you with a few highlights which are summarized on slide five. Our purchase price for Apria equity is $1.45 billion. As we noted in our press release this morning, we will finance this transaction using our available cash on hand and debt. The transaction is expected to close in the first half of 2022 and is subject to standard closing conditions and customary approvals required under the Hart-Scott-Rodino Act, as well as the approval of Apria stockholders. I will now turn the call over to our Chief Financial Officer, Andy Long, to do a deeper dive on the financials, after which I will discuss our plan for the integration of Apria and how we see 2022 and beyond with the addition of this exciting acquisition. Andy? Thank you, Ed, and good morning, everyone. I believe this transaction is a fantastic opportunity for Owens & Minor to expand in the home healthcare space by acquiring a business that highly complements our existing product offering within our Byram business, providing us with the opportunity to accelerate growth in a very attractive market. Starting with slide six, I'd like to take a few minutes to expand on Ed's high-level review of the transaction. On an annualized basis, we expect Apria to add approximately $1.2 billion to our total revenue. In addition, we expect an incremental adjusted EBITDA in excess of $230 million, which meaningfully improves our consolidated profit profile. We're also anticipating incremental annual CapEx requirements of about $100 million with free cash flow generation of at least $80 million. These figures do not include any deal-related synergies, which are primarily driven by accelerating revenue growth and eliminating redundant public company costs. In terms of financing this deal, we're using a combination of cash on hand and debt. The transaction will include a committed term loan which we intend to replace with financing, reflecting a strong and well-balanced capital structure prior to closing. Initially, we expect our net leverage ratio to increase up to about 4 x EBITDA on a trailing 12 month basis. I said during my Investor Day presentation that we'd be willing to temporarily exceed our target leverage for the right opportunity. I believe Apria is the right opportunity, not only because of its clear strategic alignment, but it's also attractive because of the strong free cash flow that the business is able to generate, allowing us to quickly pay down this debt. Given this, I expect that we'll be able to return to our target leverage range of 2x-3x in less than 24 months. In addition, I don't believe this transaction will have a material impact on our current credit ratings. With respect to our capital allocation priorities, our focus will be on de-leveraging the balance sheet while continuing on our established path to reinvest organically in the broader business to drive profitable top-line growth as well as bottom-line efficiencies. Beginning with our 10-Q for the first quarter of 2022, we'll report our company in two new segments, which will be consistent with the way we go to market. The first segment, Patient Direct, will consist of a combination of our existing Byram and newly acquired Apria businesses. Following the completion of this transaction, the segment is expected to report annualized revenue of greater than $2 billion, and annualized adjusted EBITDA in excess of $310 million. The second segment, Products and Healthcare Services, will be the combination of our legacy global products, medical distribution, and service businesses. This new segment reflects the growth opportunities that exist by aligning these businesses to function together as we work to fulfill our mission of empowering our customers to advance healthcare. This segment is expected to report annualized revenue of greater than $8 billion and annualized adjusted EBITDA in excess of $325 million. I also want to reiterate our previously communicated 2022 guidance for adjusted EPS to be in a range of $3-$3.50, and adjusted EBITDA in the range of $400 million-$450 million for the existing business excluding Apria. I'll say that again. This is for the existing business excluding Apria. We believe this transaction will be accretive to EPS in 2022, assuming the transaction closes in the first half of the year. We'll provide an update during our 2021 full-year earnings call next month. Before I turn the call back to Ed, I'll close by saying that I'm very excited regarding the potential that this acquisition has to strengthen our platform in the home healthcare space, creating a significant opportunity to accelerate our growth in a very attractive market, while allowing us to continue to invest organically in other areas of the business, enabling us to drive a diversified revenue growth strategy. Now I'll turn the call back to Ed. Ed? Thank you, Andy. Now let's move to slide seven. In looking at the industry, this space is growing at attractive rates based on demographics, healthcare statistics, and increased prevalence of home healthcare. As stated earlier, this acquisition will allow us to expand our offering more efficiently across chronic and acute conditions, broaden our geographic footprint to better reach patients, expand payer relationships, and bring greater efficiencies to the home healthcare market. We are also excited about this combination of the Byram and Apria businesses due to their historical performance and strong management teams. For example, Byram has experienced significant growth since we acquired it in 2017. This business has grown from approximately $450 million in annual revenue to a current annual revenue of approximately $1 billion. This consistent success gives us confidence and excites us about the prospect of pairing Byram with another well-managed market leader in Apria. The Apria management team has delivered an impressive track record of profitable growth with annual revenue in excess of $1 billion, as well as successfully taking Apria public less than a year ago. In addition to the many financial and operational benefits of this acquisition, culturally, both companies are consistent in that we share values fueled by the commitment to customers, patients, teammates, and the communities we serve. I look forward to welcoming Apria's teammates into Owens & Minor upon close. Let me move to slide eight, where I will wrap up with some key takeaways and reiterate why we are so excited about the transaction and the opportunity it creates. Here's why. It strengthens our total company value proposition, enabling us to better serve the entire patient journey through the hospital and into the home, ultimately furthering our mission of empowering our customers to advance healthcare. It diversifies our revenue stream and increases exposure to the rapidly expanding home healthcare market. It immediately creates a leader in the highly fragmented home health space positioned for further consolidation. It's a great fit with our Byram business, with complementary product portfolio expansion, geographic footprint expansion, payer access expansion, all of which provide revenue growth opportunities. It is led by a strong management team. It is expected to provide accretion on key financial metrics. It is consistent with our strategy of diversifying into higher growth, higher margin markets. Finally, it demonstrates our disciplined approach to allocating capital to the most attractive strategic opportunities. For these reasons, I am excited about the accretive acquisition and the future of Owens & Minor. With that, I'd be happy to take your questions. Operator? Thank you. We're now conducting a question-and-answer session. If you'd like to be placed in the question queue, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing star one. One moment, please, while we poll for questions. Our first question today is coming from Michael Cherny from Bank of America. Your line is now live. Good morning, and thank you so much for taking the questions. Maybe just I wanna make sure I didn't miss anything. Andy, did you give a synergy target that's baked into your estimates? I didn't see anything in the slide deck. I just wanna make sure I didn't miss anything that you had laid out. Yeah. Good morning, Mike. Regarding synergies, we did not specifically call out, quantify any synergies, but I do wanna stress that we believe the deal is accretive without synergies, and that's accretive to 2022, assuming the deal closes in the first half of the year. While we haven't quantified synergies, you know, I think this is really, you know, the way we look at this is that this is really a deal that we'll focus on revenue synergies, really top line growth, as Ed described, on how these two businesses come together, their portfolios come together nicely to serve the $50+ billion market. That's really where we're looking to drive synergies is on that top line growth. Got it. I know this is much more of a deal question, but especially given a lot of the moving pieces this morning, I just wanna make sure, relative to the reiterated 2022 guidance, one of your peers, competitors noted they were seeing incremental supply chain pressure and took down some of their own guidance. I'm not asking you to comment on their commentary, but relative to the confidence you have in your business, has anything changed versus the 3Q commentary that you made in terms of supply chain, in terms of any incremental pressures, incremental manufacturing expansion that you've had to be able to offset whatever pressures might be coming across the market? Yeah, Mike. What I can say is, you know, we look forward to sharing our Q4 results with you in a couple of weeks, but what I can say is that we're reiterating our guidance for 2021. I can also say we're reiterating our guidance for 2022, and this is again for the existing business excluding Apria. This is the core business. Just to reemphasize that, upon closing the deal with Apria, we do expect that to be accretive in 2022. Michael, this is Ed, and I'll add, you know, from a supply chain standpoint, I think the one thing that we've talked about, you know, extensively is really what makes us different. You know, we are a manufacturer of the bulk of our products. You know, look at our PPE, we're making the fabric in North Carolina, we're finishing that fabric into products in the U.S., North Carolina, Texas, and then also, you know, diversification in Mexico and Honduras with it. You know, we haven't seen that same level of impact, that, you know, maybe others have 'cause we're doing that entire process. You know, in addition to that, you know, I have to compliment our team. You know, in our Owens & Minor business system, we've done a tremendous job continuing to improve the efficiencies of our operations. We've done a tremendous job of continuing to improve what we can provide in service to the customers. It's really been, you know, a great success internally as well, you know, for everything we've done on that. On the global supply chain, there are issues. You know, we do have, you know, supplier partners that are struggling to get product in, into the marketplace, in a broad sense, and we're doing everything we can, you know, to help offset that with our customers by finding them alternative products through other locations. You know, that's where we are, and as Andy said, reiterating those numbers with confidence. Great. Thanks so much. Congratulations again. Thank you. Next question today is coming from Kevin Caliendo from UBS. Your line is now live. Good morning. Thanks for taking my call. Can you guys talk a little bit about how the two businesses would sort of overlap when you think about operationally the selling of Byram products, and then also sort of attaching Owens & Minor to existing Byram hospital relationships. I mean, it's not necessarily selling into the same person, right? These aren't purchasing managers and CSOs that are doing all this. Can you just talk about the sort of operational aspects of this deal and how the two businesses would combine? Yeah. I'll take that. Definitely we're excited about this. You know, Andy, we talked a little about synergies. We really believe the opportunity is primarily in revenue growth. Let me explain why we think that is from a long-term standpoint, and even in the current term. First of all, it's the portfolio. It's that portfolio expansion we have that we see as a great fit. It fits together. It does not overlap. What I mean by it fits together is you look at where Byram is strong in diabetes, ostomy, incontinence, and traditional wound care, whereas Apria is stronger and very strong in home respiratory, obstructive sleep apnea, and negative pressure wound, as well as home medical equipment. You know, that actually creates the opportunity to expand what I'll call the commercial bag in for cross-selling. You know, and to tie to the whole company, it's not just limited to cross-selling the brands and the products that Byram's carrying and what Apria is carrying. It's actually the ability to expand into our own proprietary brands. As we talked during Investor Day, we expect to continue to expand our proprietary brand portfolio. Let me give you maybe an example on from a more practical standpoint. You think about, you know, diabetes and you think about sleep apnea. You know, those are overlapping chronic conditions and it has the ability to service it. Some data that's out there is nearly 50% of people with Type 2 diabetes also have sleep apnea. Now you have the ability with that high touch setup to additionally make sure and provide them the opportunity to, for the diabetes or the continuous glucose monitoring products through our Byram business. You take that a step further, you take obese people with Type 2 diabetes, that increases to well over 80% of people that have both of those conditions. That's a great example, I think, of you know, mutual conditions that can be put together that we can service them better with our product portfolio. You know, the other side of it too is really the payer panels. You know, they're continuing to look to drive efficiency, consolidate suppliers. Really this broader portfolio, not just the broad portfolio, but a broad portfolio with scale to it, is appealing to those payer panels. You know, you think about capitation. It creates opportunities for us to capitate a broader set of services, you know, as I just talked about. You know, value-based care, same things with that broader sense of service. You know, and lastly, it expands our ability to service insured Americans by moving that to close to 90%. You know, and I'll close with this on that consolidation. You know, you gotta also look at the market. The space we're in, the addressable market is a $50 billion DME HME market that's highly fragmented, you know. That's the other opportunity for us to continue to grow this. Okay, that's really helpful. Just a quick follow-up. One of the things that we follow within covering Apria in the industry is the potential for competitive bidding. How do you guys think about that coming back to that industry? Have you contemplated it as you think about the long term that it could come back, or do you not expect that to happen? Yeah. Kevin, good morning. This is Andy. Maybe I'll take that one. So you know, we've worked extensively with the team, the management team at Apria, as well as our own external advisors to look at that very topic. You know, I think that we've factored in our expectations on that into our go forward, you know, models, our valuation. The one that stands out for me is, I know we discussed non-invasive ventilation, NIV, and, you know, I believe that there's the potential for that to come up for competitive bidding. I'm going from memory, but I wanna say 2023, maybe it's 2024. You know, just to give you that feel that we had these discussions, we believe that we've appropriately factored in competitive bidding into our valuation. Great. That's really helpful. Congratulations on getting this transaction done. Thank you. Thank you. Our next question today is coming from Eric Coldwell from Baird. Your line is now live. Thank you. Good morning. I was curious if you could talk about the leadership of the segments post-merger. You obviously have some moving pieces with products and acute distribution coming together and now this new segment, but could we get a little bit of a foreshadow on the expected leadership plan ahead? Thank you. Sure. You know, let me just first cover a little bit on the segments, and I'll talk about that. New segment, Patient Direct, the combination of Apria and the combination of Byram, bringing those two great businesses together, and Dan Starck will be leading that segment. Going forward upon closing, Dan Starck will lead that segment. Think about the other segment, Products & Healthcare Services, the second new segment. You know, that segment makes sense to come together because both of these segments are how we go to market. We've talked about this a lot over the last several years, that we really don't differentiate internal global products from our medical distribution business. When we bring those two different things together, it makes sense because that's the way we're serving the customer every day. We probably would have done this earlier had it not been for the last two years of pandemic and us trying to make sure we could get everything out to service our customers. You know, we really started this about a year ago by putting together a commercial team that's gonna continue to evolve, you know, that can really seamlessly serve the customer. You know, we're lucky to be able to have that be led by Jeff Jochims, our Chief Operating Officer. If I think about those two leaders, we have Dan, who is the CEO of Apria, gonna step in and lead the Patient Direct business. We got Jeff, who's been with Owens & Minor for the last three years and has been a critical part of the turnaround, you know, in the advancement of our Owens & Minor business system as well as our business blueprint to have him lead it. We've got two great, strong leaders leading these two segments. You can tell in my voice I'm pretty excited for the two of them and pretty excited to go forward with that group. Hey, Ed, if I could jump in with another one or two here. Apria has been, I think, fairly recognized for conservatism, profitable growth, higher margin, but lower growth. You with Byram, you know, some more details coming clear today with the pro forma numbers. Size-wise, you know, as bigger than I think most expected. Margin-wise, looks like it's a little lower than I think some expected. So you've got a high growth asset, slightly lower margin. They have a slower growth asset, higher margin. When you pull these together, what does the long term look like? What is the combined entity in terms of a growth and margin profile? Let me start on a couple different parts of that. If you look at the Byram business, the product portfolio, as we said, that's why we like it, 'cause it intertwines, it fits, it doesn't overlap. It's different. It has a different selling margin profile and a different delivery margin. The two product portfolios have different delivery margin profile. You know, I just talked earlier about the revenue synergies. You know, what we see this going together is our ability to grow in that space in the mid-single digits when you look at it all combined together. That's the market growth rate, I should say. You know, the market growth rate combined of that is the mid-single digits. I t's our expectation that we're gonna grow above that mid-single-digit range of where we think the market's gonna grow over the long term. You know, I think it's gonna be the ability to look at, you know, the ability to cross-sell, which is gonna drive that improved growth every single day. You know, on the overall margin standpoint, obviously, there's gonna be some costs as part of this that we will be able to look at. You know, there really are some of the obvious ones. You got duplicate, you know, public company costs. You got the typical corporate overhead. You got sourcing and procurement. You know, so what we expect is the combined businesses to grow at a faster pace than they were growing today if you look at them pro forma, and then that continued expansion of margin. If I could just get one quick last one. You're funding the deal with. It's a cash deal, but you're funding with the term, I think you said a term loan. Could you m y gut is that the majority of the financing will be term loan. I was hoping you could speak to that, and then as well, expected rates and, any thoughts on the credit agencies and how they might look at this. Yeah. Eric, good morning. It's Andy. In terms of the debt structure, you're right. We have in place a fully committed term loan that will get us, you know, through the process. I just wanna stress that that loan really doesn't have any limitations or covenants preventing us from getting to close. I think that's important. You know, I think the rates that we have negotiated for this are, I would say, typical of market pricing. You know, as we look to refinance that current structure into a more long-term capital structure, and we're seeking a debt portfolio that'll effectively stagger our maturities over the next couple of years, we'll be looking at a combination of both private and public markets. While we do not need any, you know. We can do this deal and finance it long term with 100% debt. I think that's important to us, that that structure is available to us. Really, Eric, as we've stressed is that the important thing here is that we continue to drive the strong cash flow, pay down that debt, and get back into our target leverage range of 2x-3x EBITDA in under the next 24 months. Sounds good. Thanks, guys. Appreciate it. Thank you. Next question today is coming from Jailendra Singh from Credit Suisse. Your line is now live. Thank you, and congratulations, to you guys. I actually wanted to follow up on your comments earlier on capitated arrangements. Can you provide some details on how much of Apria's revenue and EBITDA is tied to those arrangements? Maybe flesh out a little bit on how we should think about any acceleration in those kind of arrangements post acquisition closure. Yeah. To that level, we'll have to get that disclosure, you know, directly from Apria. Maybe I would talk about, like, how you think about combining the companies can accelerate those kind of arrangements in future. Maybe talk about that. Yeah. Yeah. That aspect absolutely we can talk about versus, you know, the previous. You know, from that standpoint, it's really looks at taking a look at bringing together the different portfolios and the ability to service the customer. When I say the customer, the patient at a broader level. You know, that's really how we think about that thing, that aspect of it, you know. The examples I used earlier were really, I think a great example about that is, you know, you think about diabetes, and you think about CPAP, or you think about leveraging our broader set of services that that's just creating. You know, that's really where the opportunity exists in that, is taking the broader set of services and being able to, you know, put those together as well as the products to better cover conditions and what I would call co-conditions. Okay. A quick follow-up. I mean, just wondering if you can talk about the impact of COVID, if any, Apria has seen positive or negative over the past, you know, 12-18 months? Yeah, Jailendra, good morning. It's Andy. So, you know, I'll give you some you know just some I think talking points and you know really this is coming from the remarks that the Apria management team has given during their earnings calls over the past. What I've gleaned from that is that you know overall I think oxygen therapy has benefited overall from COVID seeing you know just an increase due to that. Again you know the rest of their business has had some headwinds right? Because you know with restricted access to sleep labs you know new patients coming into sleep and CPAP have been down. I would say, I believe they've made comments to the extent that the existing supplies have remained somewhat stable. I also believe that COVID has had somewhat of a headwind on negative pressure wound therapy because again, if you're not going in and you know, seeing your doctor, if elective procedures are down, there's just less opportunity to treat that indication. I think those are some of the things that we're thinking about. You know, obviously, we've factored that into our guidance or our valuation of the business going forward. Great. Thanks. Congrats again. Thank you. As a reminder, that's star one to be placed into question queue. Our next question today is coming from Daniel Grosslight from Citi. Your line is now live. Hi, guys. Thanks for taking the question, and congrats on the deal. As you've talked about, Owens and Apria have a pretty complementary product portfolio, but can you walk us through the rationale to buy versus build here? The decision to buy one of the biggest distributors in the respiratory CPAP space versus the myriad smaller home health distributors in the market. As you mentioned, it is a very fragmented market. Thanks. Yeah. It really comes down to a comment I made earlier, which is around the platform that it creates, you know. It was the difference in the product portfolio that our Byram business had compared to what our, you know, the Apria business has. To build that platform would have taken an extensive period of time, and then to, you know, continue to consolidate, you know, the 4,000 players out there in the $50 billion market. That was one aspect of it. We got complementary products that fit well together, that created this broad platform so we could better serve the home and build quicker. You know, the other reason it came down to this is, you know, we're purchasing a great company in Apria, and it's got a strong management team with a strong track record. You know, the outlook is positive for them. You know, they have a great brand. It goes back to that complementary product portfolio I talked about. You know, we love their geographic footprint, which is a different service model than what our Byram business has. They have 275 locations to be able to put high touch service, you know, to serve people as they're coming out of the hospital or into the home. Really, it's a cultural fit. You know, we have a very similar culture in the two big businesses. You know, we constantly talk about how do we continue to drive efficiencies. We do it with our Owens & Minor business system. They have Project Simplify. There's a lot of things that fit together and make sense. You know, when we looked at it's accretive, it has tremendous growth opportunities. For all of those reasons are why it made sense to put together quickly a strong platform that has a broad scale, has scale and broad product portfolio to better serve the customers that have multiple chronic or acute conditions or overlapping chronic and acute conditions. Those are the reasons why, you know, we elected to do this. Got it. Makes sense. Then just following up on Kevin's question on competitive bidding. I see in the presentation, Apria has around 20% of their revenue in Medicare. Is there a way to dimensionalize what that pro forma Medicare exposure will be in 2022? To put a little bit of a finer point on what% of the pro forma revenue will be subject to competitive bidding if it does come back? Thanks. Yeah, Daniel, it's Andy. I think that's, you know, good question. I think that is something that, you know, we're gonna have to follow up with you on in future calls at this point. Understood. Thanks and congrats again. Thank you. Next question today is coming from Michael Minchak from JP Morgan. Your line is now live. Great. Thanks for taking the questions. Most of my questions have been answered at this point, but just had one follow-up to a previous question. Just wondering if you could provide, you know, just some color in terms of the longer term revenue and EBITDA growth profile of the business that you're acquiring. Yeah. Yeah, Michael, it's Andy. Again, you know, for the reasons Ed mentioned, we really like this deal from a top line revenue synergy standpoint. As Ed said, the overlapping product, as I said, the complementary product portfolio that when you put it together allows us to attack the $50 billion market, you know, mid-single digits market growth rate. We can, as Ed said, expect to be growing in excess of that because of the value that we can bring to patients and to providers and payers. I think that's the top line growth story, they're growing faster than market. You know, the profit profile on the bottom line. As we look at the business and you know, I'd refer you to page six as a starting point. Again, this is you know, where we expect post-closing to be in terms of EBITDA and EBITDA margins on a pro forma basis. On the bottom line, I think we can drive costs out with, as I talked about, just driving out public company costs, looking at opportunities to get synergies between procurement opportunities. I'll mention too, that I think each of the businesses has very strong programs to manage margins, right? We've talked a lot about Owens & Minor's business system, and Apria's had the Project Simplify. I think you know, both of those programs you know, will support Project Simplify. Quite frankly, I think there's an opportunity for us to learn from Project Simplify and do a lot of sharing of best practices between the business driving bottom line growth. You know, I'll add this on long term. If you recall back to Investor Day, we gave 2026 guidance of $650 million of EBITDA, approximately $12 billion of revenue, and $6 of adjusted EPS. You look at the varying components. You take the $650 million of EBITDA, you look at the combined businesses today, it's gonna be roughly $650 million of EBITDA. You know, that's one where what I'm getting at here is the 2026 targets, you know, will be going up, because you look at EBITDAs there. $12 billion of revenue. You look at these combined businesses right now, you add this in, you know, we're gonna be pushing that close to that also. You know, obviously, you know, we stated it's gonna be accretive excluding synergies, you know. You know, adjusted EPS is a little bit different than EBITDA because of the interest on the debt, and going forward. You know, I would say that all of these metrics for 2026 as we get into Investor Day this year, will be going up, and the velocity of each one of them will be different, but we see tremendous opportunity to increase the velocity in all of these. Got it. Appreciate the color. Thanks. Thank you. We've reached the end of our question and answer session. I'd like to turn the floor back over to management for any further or closing comments. Thank you, operator, and thank you to everyone who joined this morning. You know, this is an important milestone for Owens & Minor, you know, and we are so very excited about the opportunities for combining these two leading businesses. We strongly believe this deal will help us rapidly expand our Patient Direct business while also being accretive across key metrics, as well as strengthening our total company value proposition. We look forward to sharing more details with you on the fourth quarter and our full-year 2021 earnings call next month. Thank you, and have a great day. Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.