All right, guys, I think we're all set. Good morning, Jon Block at Stifel, and welcome to the 2025 Stifel Jaws & Paws Conference. We really have a great day. It's fully loaded. We've got 15 total sessions. Overall, we have 23 companies, four physician panels, and animal health industry discussion across our two-day conference, and I will largely be your emcee for most of that. Importantly, we're going to open up the conference with Align Technology. We have their CEO, Joe Hogan, their CFO, John Morici, and thanks again, guys. Thank you. They're pretty constant for participating in the conference this year. Thanks, Jon. I'm going to get into it. Guys, if you have questions, throw up your hand or shout out if I have my head down. Joe, I want to start with the business, and I'll start off by circling back to the recent Investor Day. You guys provided a 2026 to 2028 LRP, which at the midpoint implies a decent revenue acceleration and op margin expansion from your 2025 or the 2025 estimate. Joe, just touch on how you see the business right now and what allows Align to accomplish those goals. You know, John, we talked about a marketplace that we felt relatively good about in the first quarter. We talked about double-digit growth overall we saw in Asia. We also saw in Europe. North America, you know, was relatively flat in that sense. We feel good about the momentum we've seen in the business overall, especially overseas, and we feel good about our strategy when we look at, from a distribution standpoint, in North America going forward. We feel we have, with IPE, MAOB, some of the products that you know you keep up with too, gives us good momentum in the marketplace. It opens up segments that we really haven't participated in, particularly in that teen segment that we talk about a lot that gives us more confidence. We just, we felt pretty good about the foundation of the company, what we're seeing distribution-wise right now, and at least North America being stable and we're, you know, and with our new products. John, what about from a margin standpoint? Yeah, and from a margin standpoint, we have a lot of, as we know, a lot of initiatives underway to try to take costs out productivity-wise, even on treatment planning, a lot of the, you know, automated ClinCheck and other things to be able to drive productivity. We feel like we have, as Joe said, that revenue or that volume in a good place, but then also the productivity that we could drive to be able to show, and even for this year to be able to offset some of that relatively minor tariff impact, but we have productivity to be able to offset that. Okay, and then hopefully that plan on getting more into gross margin in a little bit. I want to maybe go a little bit more near-term oriented. I remember, I think it was in some of our conversations back in the February-March timeframe, hey, where should investors' heads be at when you look at some of these different metrics that are scrutinized? You have, you know, Google Trends that gets a lot of eyeballs. On the flip side, you've got consumer confidence, and those have diverged more recently than in the past. When we look at those metrics, you know, which one is more prevalent for your business, Joe, in your view? I think, you know, first of all, when you talk about consumer confidence indices, they are mostly associated with the United States or North America, and you have to keep that in mind. Google is more global, right, in general. I'd say I wouldn't overly focus on either of the two. I'd kind of take them in conjunction. Google shows that interest. You know, some of it could be driven by us and our advertising or, you know, whatever we're doing around the world. It just, you know, those kinds of trends show you the interest, you know, overall that patients have. It doesn't necessarily mean they're going to convert. It means that they're interested. There are certain paths along the way that might trip a switch that they'll decide to take treatment in some way. It's a good indicator that people are interested in a product line and that kind of growth available. On the consumer confidence industry in the States, I just think it's become a little more political maybe in the past, the way they're, you know, the way they're doing the surveys now, not versus phone, but web-based or whatever. I think there's just, you know, there's some continuity there that you have to be careful with. I do, I think you look at them both and you just kind of triangulate around them. Okay. You mentioned the interest being there. Anything that you guys can do, you know, on the conversion rates, right? Obviously, the interest does look like it's going up or, you know, a favorable trend line on a worldwide basis. You guys have had certain conversion tools. You've got some more rolling out. Do you want to briefly touch on some of those and how you think that may help conversion rates in coming quarters? Yeah, I think, you know, specifically is once we have someone in a dental chair or an orthodontic chair or whatever, we know that the closure rates can be much higher if you can actually see a simulation or, you know, we have a video now that actually, you know, shows really good response that way. This is an emotional purchase often, okay? It's not one that someone might have to take, but they want to take in some way. Actually seeing themselves in a video or seeing themselves in real time makes a difference. The way we've changed that programming recently is our new IOSIM PRO is rather than just showing someone kind of a simulated look at what their teeth would look like if they're straight, we actually can run the algorithms immediately during the scan, and we can tell that patient exactly how many aligners it will take and what the cost of that would be rather than, okay, I'm interested, now I want to do a treatment plan that will take two weeks to go back and forth to try to figure it out. The immediacy of that, I think, helps with that, you know, urgency of people wanting to make a decision here or there. Okay, so the thought is, you know, get the sales force, push it out, get the adoption, notably in the GP channel where it's adult, it's discretionary. Exactly. It's more emotional to them. That's right. Okay. And just sticking, you know, more in the near term for a moment on for the 2025 guidance on the 1Q pred, you guys decided to raise revenue and flush through the favorable FX rates, John, relative to the beginning of the year, despite the volatility. It was sort of just post-Liberation Day that was occurring, notably in the U.S. Can you talk to us on what you're seeing out there that gives you the confidence to do that despite the variability? Is that confidence more driven, call it U.S. or international markets? Yeah, I think when we looked at the total year, we looked at what we saw at first quarter, and the volume was consistent to our mid-single digits for the year. We felt good about that. The new products and other initiatives that Joe talked about, those continue. We feel good about the underlying business in terms of being able to achieve that mid-single digit. We did not change that from a volume standpoint. Like you said, FX for us, the dollar got weaker, and we just let that favorability come through. A couple points more of foreign exchange put us above mid-single digits for revenue as well. The IPE's that we did and really showed that we could offset is there was some impact from tariffs. It's about a million dollars or so a month, mostly coming from our flow of scanner from Israel to the U.S. We were able to offset that and be able to hold that 22.5%. It was just a reflection of Q1 was as expected. We let that volume through. It makes the numbers for the total year, and then we just adjusted for FX. Okay, and one last one, and Joe, maybe this is for you, but there's, you know, there's the markets and then there's business, right? You had the tariffs, you had Liberation Day, the markets go into a tailspin. Did you see that run through the business in the month of April and then things sort of smooth out or get more predictable, or was that just, you know, again, more isolated to a Wall Street issue? I don't think you can just call it a Wall Street issue. I think it permeates and flows through the business or whatever. I'd say there's been a lot of turmoil in this marketplace, even pre-Liberation Day and post-Liberation Day. I'm just looking at a straight line of turbulence, Jon, in general, okay, that we're going to navigate through. Okay, fair enough. APAC and EMEA, I'll sort of go down some of the markets by region. At the Analyst Day, the company conveyed confidence on double-digit growth in APAC and EMEA. I actually think the double digit's really critical, right? Because it's 50% of the biz. I think people are questioning the midpoint of the LRP. Yeah. If 50% of the business is low double-digit, call it, it implies very modest growth in North America to get to that 10% bogey. You know, why the confidence in the double digit? If you could break it apart, Joe, maybe start with APAC, if you don't mind, and then take us to EMEA. Are there certain things that you would flag that's geography-specific? Yeah, John, I mean, let's start with APAC. You know, obviously APAC's a lot of different economies, but in general, you know, they didn't necessarily devastate their economies during COVID, right? So most of them are in pretty good fiscal shape. And we've seen patient, you know, patient closing and patient interest in our business really good. I take Australia out of that discussion because Australia has been kind of burdened from a consumer standpoint. The rest of them, Japan, China, we've been, as we reported in the quarter, this is a good quarter, has been growing well too. The Southeast Asian countries have shown a good positive growth also. Look, our portfolio of products, we're just moving IPE over to that area now. That's going to help too. We got approval in China. We have to ramp up production in China to make that happen. MAOB, we'll start to move that into that in the second half of this year too. And so from a product portfolio standpoint and from a consumer acceptance standpoint, we feel good about Asia and what we've seen. Europe, actually the same thing. We see, look, there's, you know, Europe's never Europe. You know what Henry Kissinger say? Who do I call when I call Europe, right? It's just there's no phone number. But Spain and Italy have been pretty good for the Latino side. You know, Germany's been tough. U.K.'s come back pretty well. And, you know, our UAE business has been extremely strong and very helpful. So these, so what I would say, what gives us confidence, they're not single points of growth, okay? We have growth and expansion of the portfolio. We have growth in different countries and different around the area. We do not expect those to all collapse at one point in time. We expect some continuity through that. It seems like, you know, you called it the double-digit growth that you're currently experiencing. Then on top of that, you may layer in new products, right? I mean, everything sort of started in North America. So DSP's going over there. IPE's going over there. MAOB will go over there. That could, in my words, maybe further augment what you're currently experiencing. What about in North America? Is there anything that you guys can do to help thaw what's largely been a pretty stagnant market of late? Yeah. I think our, you know, we try to take advantage of as much demand. I think our relationship with Heartland, when you look at Heartland overall, our relationship there has been good. Being able to tap into consumer demand, work together to help to drive that, and be able to leverage those types of relationships has been good. You've seen our uptick from a teen standpoint. I think IPE helps with that again. MAOB helps with that. It helps to drive in Invisalign First also. Where we see a difficult demand pattern, we do have relationships that I think are good that can help us move forward. Heartland being a really good example. Secondly, our product portfolio is much broader in the sense of what we can appeal to. Pretty much those phase one customers for teens or kids that I'm sure we'll get into really helps to drive it too. I think, you know, in this business too, we know the market in North America is static. We've seen that overall from a dental standpoint, orthodontic standpoint. Our job's to be able to leverage different areas where we know we have an opportunity, whether it's, you know, our partners out there or whether it's through our portfolio to drive as much growth as we possibly can until that market actually seeks a new balance here. Or through a geographic perspective as well. That's right. Okay. You sort of teed me up and I'll go into teen and then maybe I'll try to wrap it back to the LRP if possible. If you can talk to the uptake of IPE and, you know, is it time or when is it time where you start to lean in from a DTC perspective? I think you want to give it, you know, some time out in the market for the uptake for orthos to increase. Can we see the company lean in from a DTC perspective shortly? I mean, advertising to consumers is a big part, you know, of our strategy. And so that product line is easy to advertise to consumers because if anyone's had a child and you've had a palate expander and ESSIX device and you had to slam a wrench in their mouth and turn it, right? We all know the anxiety associated with that. We want to make sure though that with our orthodontic partners too, that we have that product, that it's understood before we really go out with it. We think most patients understand this. We don't necessarily have to show the graphics of turning the screw, but most patients know the difference between the two. We think as well just enhance, hey, this device is available out there. You know, talk to your orthodontist or, you know, talk to, you know, a local dentist or anyone who might administer that. We feel there'll be good uptake on that. You know, right now demand's not necessarily our problem with that product line. It's not a problem at all. We're just ramping up production or ramping up efficiency of it. I feel good based on our strategy for this year with IPE. We're tracking pretty well. You say demand's not an issue with IPE. I remember doing some of the early work on that product, but still, when I'm running the numbers and then you slap on the roughly $500 ASP versus what you get on the aligner side of things and you do it over a $4 billion base, right? That's, you know, sort of a good problem to have. The contribution to growth is somewhat muted. It's incremental, but it's somewhat muted. Can you talk to us, Joe, what you're experiencing? I always thought, hey, it's sort of a double whammy. One, are you going to get the revenue for IPE and then do you see the flow through and a higher attachment rate, call it, on a teen because you've proven to the parent, hey, this kid's actually more compliant than you might think. You know, they can wear these things and swap them out. Are you seeing the pull-through because now we're a good 12 months+ with that product in North America that I think you'd have a good database to evaluate that? Yeah. We see the pull-through with Invisalign First too. You know, it's interesting with Invisalign First and with IPE, you're moving bone, a lot of bone. Now, with Invisalign First, you're moving teeth and bone, but when you're on IPE, you're basically moving bone in that sense. There is kind of a time sequence of when an individual would be in either of them. Also, when you want to move your lower arch, you know, while you're doing IPE, we have many docs now starting to move with Invisalign First to do the lower one to keep those things in sequence too. There is a pull-through there. I feel MAOB has a thing. MAOB timeframe is 11-13 years old depending on, you know, kids and their growth cycles. Those things all come together under that phase I kind of thing that we talk about. Remember, there are certain doctors out there, orthodontists that practice phase I. Some do not, but we focus obviously on the phase I docs that want to use that technology. Okay. And then one more on teen. And then, John, maybe I'll try to wrap it up and go back to the LRP and pull you back in. But, you know, the 1Q 2025 double-digit teen volume growth was a solid number as one of the more solid results in teen in some time. You're just going into the international markets with IPE. You have MAOB in your back pocket. You're talking about this attach rate. Obviously, a little bit of a leading question, but like, how do you see this unfolding in terms of teen durability with that double-digit attached to it? It certainly supports it, John. I mean, it really helps it. I think, you know, for years we've worked on this portfolio to be more relevant in the teen segment. That phase one is, you know, on average 20%-25% of the procedures that are out there are phase I. If I'm answering your question, there's a certain amount of continuity in that market utilization or penetration that we're pushing through with those product lines that help. Obviously that positions us well if we can pick up the teens on phase I. If there is a phase II sequence, they're used to our system. They're used to that product line. We feel that flows well with it too. You know, I've been covering you guys long enough to go back to mandibular advancement. You launched mandibular advancement with Wingtips and Invisalign First out of the gate. I remember getting a ton of emails coming in from clients like, none of these kids are going to wear it. Meanwhile, Invisalign First ended up being a huge product. You know, pardon me, I think Wingtips struggled a little bit sometimes with the durability. Specific to MA, when we look out two or three years, is it mostly the MAOB? How do you see the split between MAOB and Wingtips? Is it 90-10? Is it 50-50? Just briefly address that if you do not mind. It's a guess, John, but with, and you can effectively in a class two, you can move the mandible forward well with the Wingtips. There is a collapsing issue. There's a fit issue with those product lines. It works really well with certain dentition, the certain way the molars are positioned. My guess, and you got to take this from a non-clinical person, 75% will be MAOB, 25% will be wings. You're going to need both product lines to hit that market. Okay. You're pricing MAOB at a premium. That's right. Okay. John, so, you know, let's take everything that we just kicked around for 15 minutes and go back to the initial question on the LRP. Is the thought there, hey, you see a line of sight to durable double-digit APAC, durable double-digit EMEA? I know I'm double counting in here, but there's a teen that's got momentum of double-digit and it implies a very modest ask in North America, even if we try to do that build to the midpoint-ish of the LRP? That's the right way to think of the regions. You know, like we said, we would expect faster growth in APAC and Europe, maybe not as much in North America. That's kind of the market that we're in. You supplement it with additional products that we have that we're talking about, IPE and MAOB and so on. Also, some of the go-to-market opportunities that we have with some of the doctor subscription program and other products that really are just launching in many of those other places. You take that all together, that's the framework when we think about that 5-15%. If we can accelerate some of those with some of the new products and some of the ways that we're selling on a go-to-market basis, we can be, you know, within that range and maybe on the high-end range if that takes off. Okay. I might go back and address ASP in more detail later, but within that range, just think about a 200 basis point spread approximately of volume to revenue by some ongoing price or ASP degradation because it makes another issues and apply that to what, John, the 2025 ASP where we're all landing? Does that make sense? Yeah, that's a good starting point to apply it to 2025. We're still going to have, and we've talked a lot about this from an ASP standpoint. Look, as you're selling to more doctors, we sold to the most doctors that we ever sold to in the first quarter. Many of those new doctors, they don't necessarily do the most comprehensive cases to start. Many times they'll just do some type of touch-up case or some type of low-stage case. Those are at lower list prices that contribute to the mix that we talk about. I think if you start with that ASP kind of from this year and you add in some of the mix that you have in products as well as also regional mix, we talk about some of these areas that are growing tremendously for us in Turkey and India and other places. Those are just lower list price products that we have to be able to sell there. It does not mean that it is a lower gross margin and we can get into whatever gross margin you want to get into. We have talked about that difference where some of those lower list price products, they might contribute to lower ASPs. That is a reality that we have. They also give us better gross margin rates because the cost to serve is less. It is kind of a one and done. There is not additional follow-up or other work that we have to do to support those products. Okay, Graham, I'm going to try to hit on three important topics and I'll roll through them pretty quickly. Systems and services, Joe, you had a big product cycle with Lumina. You had mid-teen revenue growth in 2024. You're guiding to systems and services to be above CA growth in 2025. Maybe call it mid-single digit plus. My concern is, hey, when we look out to 2026, here we are year three of our product cycle. IOS just continues to experience a lot of pricing pressure. Can you guys continue to sort of fend that off and have durable growth into 2026 in that third year and why? Yeah. You know, John, when you look at what Lumina is, it's not a continuation of our confocal imaging we had before with like 5D plus and 5D, right? It's a brand new platform that's never been introduced in IOS scanning before. As you look, you saw our portfolio from a confocal kind of span five, six, seven years, right? As we maximize on that technology, there are several areas of the new Lumina technology. Remember, I don't want to be, you know, too physics-based here, but when you look at what we were constrained to in confocal image from WAN size, actually picture size, everything, we're kind of trying to eliminate noise and have more signal. What we did with Lumina was actually, you know, we had, what, five, six cameras and five LEDs on that thing. Huge signal. You can scan the whole mouth. Even John and I can actually scan with a Lumina, right? It's that simple to do. What we're going to do with that product line is we're going to do several iterations to make that better. Inherently, that's a less expensive platform. We spent a lot of money and software to get to where it is. From a hardware standpoint, it's a less expensive platform. We'll be able to utilize that going forward too. I really think that Lumina sets a new standard of IOS capability in the marketplace, and we're going to work that platform to take advantage of it. Okay. In the background, we certainly have seen the systems and services gross margin, John, improve, right? That goes to Joe's point of lower cost, 50% still recurring. The mix there is right. I mean, the cost base for those new products is better for us. That's great. Higher ASP. Like you said, for the overall business, it's 40%-50% recurring business and high-margin software. One more on the systems and services, and it's more of like a strategic question. I love, you know, staring at a computer screen and then coming up with these strategy questions because it's that easy to run a business. I still get the surveys that come in with like the anger and the angst of these guys, I can't submit for Invisalign, right? They have a prime scanner. They've got something. I read those too. Okay. Why don't you give us some names sometimes? We can't disclose it. But, you know, when you think about IOS, tremendous product cycle for dentistry, we hear different numbers, but maybe 20%-25% penetration. We could probably debate that. You know, you get to the flattening of the S curve. So does the growth of the market slow? You came out with a huge product, Lumina, that's entering year three, which I'm sure you wanted to capitalize on that. And you've got the killer app, right? You can only, you know, you can send for Invisalign. When we look out a couple of years, Joe, do you ever think about completely opening up the platform, taking the scans from competing IOS systems in an effort to further accelerate your Invisalign business? You know, I mean, obviously that's, you know, we hear that from customers. We understand that backlash or whatever. When you look at, that's the front end of our system. When you talk about our digital platform and how we work, you start with iTero. iTero is a workhorse in the sense of once you scan, whether you want to do a simulation, what do you want to do with the next bracket, it is, it's also a diagnostic to a certain extent that allows that. As we talk about, you know, touchless clean check, all those algorithms we write are based on the signals that we have on Lumina and 5D plus, right? If I have to take a, let's say, a 3Shape scanner and run it through that kind of thing, it's a completely, right now I don't want to take a bunch of software resources and put it on that. We have to really reflect that kind of productivity through our own automation and capability. So the signatures of those machines are really different, John, right? If you're just taking a picture and you're reflecting it back to someone on a screen somewhere, they're going to walk through it. That's one part, right? If you're going to, and even DDT, so when you scan, what happens is you have to make, you have to verify that that scan is a scan, right? One of the sequences where it would come back to someone, and for a minute or two minutes, three minutes, they'll look up on a screen and say, you know, John had corn for lunch, so we got to pull that out of his teeth, you know, with the algorithms we write today, it's like we extract that, you know, from that distraction from your tooth at that point in time and then run the algorithms through our pieces. It's very strategic for us to, and if we wanted to open that up from a scan standpoint, we can't offer the same experience to doctors that we have. The quality of that scan from Lumina opens up a whole bunch of other options. Yeah, exactly. The speed and everything else. Okay. Let's stick with technology and I'll go to direct fabrication. John, I do want to kick something off on direct fab because I thought there was a little bit of confusion coming out of the analyst day. You had the slides, and I always see this when companies give, like, you know, interim metrics and then long term. Then 2026 to 2028, I think you had direct fab dilutive, and people were going, "Oh man, this thing's not going to be accretive till 2029." I think you did have a slight delay. The way I read it is direct fab dilutive in 2025, dilutive in 2026, but you still believe accretive in 2027. Can you address that? It really comes down to what you have with direct fab. When you think about our overall costs that we have to produce, let's just say it's split across, you know, the four buckets that we have: material, labor, overhead, and then freight for our products. This direct fab really addresses the material piece of this where, you know, our traditional manufacturing we have now, we have to make the negative, make the mold, and it's a significant amount of material for that. Then you vacuum form the plastic on top of it and kind of throw away or do not use that negative in terms of your product. Whereas when you direct fab, you make the product. You do not need to make a negative and so on. It is a tremendous savings from a material standpoint that we have in our overall. When we think of the direct fabrication and how we're trying to scale this up, you know, you've got scaling efforts that you have on the resin itself. It's a brand new resin. You've got to get the right quantities and so on to be able to get this on a per-cost, per-unit basis to be reasonable from a costing standpoint. You also have to scale up the manufacturing, the Cubicure printers that we have. That combination needs utilization. You need to be able to get new products through there. We'll have a series of new products that come in, you know, this year into next year, and you really start to scale those up. Now you've achieved a throughput that is going to lend itself to productivity because then you're going to capitalize on that material savings that we have in that direct fab. It really comes down to we know that we know what the technology is. We know how to produce these. It'll just come down to how much throughput we have. That's where we think by 2027, you'd have enough throughput coming through that process to be able to start seeing those savings. Hey John, I think what's tough to digest sometimes is what John said is it's resin and it's process, right? The process, we understand this process, we'll work it out. The resin piece, this isn't like, okay, it's a new polyester, okay? We're going to use a different reactor or something like that. This is a completely different resin that's really ever been commercialized. That sequence too is we're going to go through it. We can see how to get there. It's just important that we focus as much on that resin scale up and to get those costs down as it is on the cost down on the process too. Joe, you know, to try to ask a tough question down the direct fab, the pushback that I get is like, "Hey Jon, this seems like it's transformational," right? I think they've got a better line of sight and they're going to get there. But they're probably going to get there in a bigger way in 2027, 2028 with, you know, the accretion to GMs and new products. If I'm an investor here in May of 2025, how do I get paid over the next 12 months on direct fab? If I pose that question to you, your answer is. You know, I think we still run our current business. Like John said, I mean, we see accretion in 2027, right? In the meantime, I mean, we're still taking cost out of our vacuum form line. We are still making investments in those areas with different kinds of machinery. Treatment planning is also up. Yep, treatment planning piece is big. I mean, we have how many thousand people in treatment planning right now, John? There's thousands of people doing treatment planning that every month we have less and less that we need to manually do something and more of that. It's $200 million roughly of your COGS in treatment planning? Yeah, about that. As you go from 20% touchless to 80% touchless, clearly you think that can come down significantly. You're certainly going to get productivity there. You're also going to get resources now that we have to help new doctors do treatment planning and really provide this treatment planning services to be able to help those doctors be able to do some more complicated cases. They can help with the clinical efficiency as well. It's working on the current platform, drive as much volume and revenue as we can there and be as productive as possible. On the direct fabrication, we're going to start selling products to be able to help us from a volume and revenue standpoint. As that scales, that's where you start to see that productivity. A couple of minutes left. I want to hit on competition. You know, Joe, how do you see this unfolding where you have a handful of lab-based players? Let's put Angel aside for a moment. The other guys where growth has slowed for the industry and some of these platforms still are not profitable and they're part of a bigger dental entity. I think a lot of people, you know, if you look at some of these competitors' LRPs, everyone thought the clear aligner market was going to grow 15%-20%. The thought was like, well, I'll eventually scale into it, right? Because industry grows 15%-20%, I'll grow 20+, I'll take some share. Now industry is growing 3%-5% and they're growing 5%-7%. Have you seen like a better behavior from a pricing perspective amongst, again, let's do ex-Angel first? Yeah. ex-Angel, situationally we have, you know, some respectful nature in a sense of pricing in some areas. I wouldn't say it's across the board for sure. I'd say more maybe continuity in a strategy from some of our, I don't want to point them out specifically. I think there's just a realization it costs a lot of money to scale this business. We're talking about treatment planning. We're talking about what, you know, when you have, you know, we do what, 1.5 million aligners a day now. They don't have to scale to that extent, but that takes a lot of money to scale that. I think there's a realization of our competitors in the sense of what it takes to get from A to B. You have to be respectful of price to really make that jump. Angel will continue to try to subsidize through their China ops and they've got backing as well. The thought is that they'll probably remain a little bit more price focused in the near term. I think that's our strategy. There's no question. I got to conclude, but I'll end with a speed dating one. I'm just curious if I've got it right. HMRC's got till June 19th to appeal. Have they appealed as of yet? They have not. Nothing. Okay. And if they don't hear, it's. This presentation has now finished. Please check back shortly for the archive.