Good morning, everyone. Thanks for joining us at the 22nd Annual Needham Healthcare Conference. My name is David Saxon. I'm one of the analysts on the med tech equity research team here at Needham and Company. Pleased to have with me today, Azenta's CEO, Steve Schwartz, and CFO, Lindon Robertson. They'll be opening with an introductory presentation, and then we'll follow up with a Q&A session. If you have any questions that you'd like to ask, you can submit them electronically through the Needham Conference website, or you can feel free to email them to me at dsaxon@needhamco.com, and I'll do my best to fit them in. With that, Steve and Lindon, I'll turn it over to you. Thank you, David. Really pleased to be here at the Needham Virtual Healthcare Conference. We appreciate the invitation and the chance to speak with everyone today. Lindon Robertson and I will split time here on a brief introduction or reintroduction to the company, and then we do look forward to the questions and a good day with a lot of the attendees today. All right. Before I begin, I just call everyone's attention to Safe Harbor statement which you'll find at www.azenta.com, as we indeed we will be making forward-looking statements. Just a quick introduction of Azenta. We've been a company growing in the life sciences space both by acquisition and by organic investment serving the community that does drug discovery and development. We provide a tremendous service in the management of samples and the interrogation of those samples and we focus on helping companies bring life-saving therapies to market faster. We've been a relatively fast grower. We're in a period now in 2023 digesting some of the acquisitions and the capability and the reintroduction of the company. Growth, is in our forecast, and it's been in our past, and we're in the process now of redirecting all the activities around retaining the opportunity to grow into double digits. Lindon will address that in some of his remarks in a moment. We're about 3,500 employees around the world. We have an extremely strong cash position as a result of the sale of our semiconductor operations, which closed just over one year ago. We're in the process of significant cash return to shareholders in the form of share buyback. After all of this, we anticipate still having close to $1 billion for continued future growth, for acquisitions that continue to add capabilities to our strong portfolio. We think we're extremely well-positioned as a company now growing past the half billion mark on our way toward $1 billion of opportunity here in the next few years. I'll give a little bit of history here from our company. We started with core technologies that enabled us to apply cryogenics in an automated fashion to serve the sample management business. When the genome was sequenced approximately the year 2000, people began to make enormous collections of biological samples. Those were in the tens of millions of samples originally. Now we're into the billions of samples that are stored cold around the world. We have the world's leading franchise in automated cold storage systems that serve now a capacity of almost a half billion samples worldwide. In 2011, we made our first acquisition in the sample management business, automated sample storage. We own four of the eight companies that were in the market at the time. We've since made organic investments to develop very advanced platforms for the management of samples in a cold environment and automated systems. In doing so, by the time we were in 2014, all of the top 20 pharma companies had our automated cold stores. At the same time, as we looked at the workflow opportunities that existed with samples that are used by biotech and pharmaceutical companies we understood that beyond a certain time zone, the companies would save these samples but not necessarily store them in an automated system or store them on-site. They would outsource them and put them into a biorepository. We saw this as a tremendous opportunity in the workflow management of samples, and we acquired a company, BioStorage Technologies, in 2014, and that became the foundation for us to manage samples on-site at customers with our automated storage systems and off-site in biorepositories, so we could help with the entire life cycle of sample management. In 2018, we saw an opportunity to expand this offering to customers by the acquisition of GENEWIZ. We acquired a world-class genomic services company so that we could not only help customers to manage their samples, but we could also perform genomic analysis on these samples providing a tremendous service, not just to hold and manage their sample but it's also to interrogate them with a very strong bioinformatics platform to have fast turn, highly responsive, high-quality measurement of the samples under our care. This is a work in process and something we've begun to expand, albeit slowly, the ability to manage a customer's samples and to interrogate them, literally to take critical capabilities that are non-core for these discovery companies and make that completely core to our business and provide a tremendous valuable service. In the process of building out this portfolio, we now have sample management. We have the ability to acquire samples on behalf of the customer, to interrogate those samples, to store them for long-term use, and as the customer wants to be able to make genomic measurements on these samples. It's a tremendously valuable portfolio, and it's positioned primarily in an area that's growing. Irrespective of the type of research that's being done, samples are at the foundation of all the activity. As the research moves from different technologies the samples are always at the core. We believe we're in a tremendous position to serve the life sciences industry through the management and measurement of biological samples providing us with a tremendous growth opportunity. In 2022, as I mentioned, we became a standalone life sciences company. This shows just the life sciences revenue for the business. We were simultaneously running a semiconductor-related business in automation and vacuum creation using cryogenics. We sold that business in 2022 and this is the profile of the standalone life sciences company, which we renamed and rebranded Azenta one year ago. As I mentioned, the portfolio is a key enabler across all that's done in the life sciences space from sourcing samples, formatting them into storable, measurable workflow product capabilities through consumables and instruments business. For us, it's the formatting of these into cryogenic tubes and vials, so they can be easily stored in an automated fashion. We store them on-site for a customer or off-site, we provide value-added services to help them. Sometimes even on their premises, we'll be the company that manages their samples, manage these valuable assets on-site. Finally, at the request of a customer and with a value-added service that we provide directly to the customer, not from our biorepositories, but directly from their laboratories, we have the ability to do genomic analysis and services for these customers with a fast turn, high-quality response capability, ultimately delivering them actionable data from a very strong bioinformatics platform. An end-to-end capability, sourcing samples to providing data, and we continue to build this portfolio not just at various parts of the life sciences stage but also on a geographic platform. In every place in the world where research is being done, you'll find Azenta serving these customers around the globe. As I mentioned, we believe we're strategically positioned for what we believe is tremendous market growth. There's a enormous movement to the outsourcing of capabilities like this. We believe they'll be doubling in the next five years of the outsourcing management of samples and the interrogation so R&D trends continue toward outsourcing, which is exactly where we're positioned to be in front of the needs of the market, to receive these capabilities and deliver as if the customer had them on-premise and on-site. We provide a tremendous opportunity for them to outsource this critical R&D, and we believe that we are best in class at the things that we do. There's an enormous growth opportunity that continues to exist in the cell and gene therapy market. Although with some fits and starts from time to time we believe in the long-term trend opportunity that exists here. With more than 2,000 cell and gene therapy trials underway today, we continue to see a strong advances here as an opportunity. We provide unique capabilities around the measurement and the handling of samples that are critical in cell and gene therapy, which require much more complicated storage, much deeper cold chain of condition, and the need for automation in this space, as well as the ability to do very complicated genomic analysis on samples as it relates to cell and gene therapy. We've expanded our portfolio recently to include the needs of cold chain solutions which include ultimately the thawing of these biological samples in a controlled environment for delivery to patients. We acquired a company, Barkey, the world leader in controlled rate thawing ultimately for the treatment of patients who receive cell and gene therapy treatments. We continue to see this as a tremendous expansion opportunity for the company. As I mentioned, we have a tremendous growth opportunity because of the geographic footprint that we have. I'll mention the, in a moment, an expansion that added almost 40% of the world's population to our servable market. As I mentioned, cell and gene therapy needs continue to evolve. The technologies that are required here really rely on things that we bring as Azenta. From a sample management standpoint, when we're talking about cells that are stored, the temperatures now need to drop more than 50 degrees from conventional storage. We handle samples in automated systems that we construct that are done between minus 20 degrees Celsius all the way down to minus 190 degrees Celsius. This is a very complicated engineering feat which we've mastered, and we have a world-leading capability in automated storage for cell and gene therapy applications. In the genomic side of the platform, we have AAV sequencing, again, to read a very complicated area of the genome, particularly in plasmids. The AAV-ITR Sanger Sequencing is an offering that we have uniquely to serve this marketplace, and it's a rapidly growing area for us. Finally, the cryopreservation of samples is a place where we are out in front of the market, and we believe that the technologies and capabilities we have are already five years in advance of what the industry will need, but we'll continue to deliver these solutions to customers. As the need arises, we'll be present and ready. We have a very strong R&D platform related to the kinds of needs that are gonna exist in the cell and gene therapy market. Finally, we serve a tremendous spectrum on the life sciences space. We have tremendous presence to help the leading researchers in the world to do things that are unique to discovery. We have scientific capability in the GENEWIZ team. In our genomics business, we have more than 400 advanced degree scientists who continue to help to lead new science in the development of cures and therapies. We're cited in numerous journals. One in three molecular biologists use us, and we have this capability to serve customers all the way through the delivery of their vaccines and drugs. From the spectrum, people know the Azenta capabilities from research all the way through drug discovery, and we believe this is a capability that we'll continue to be able to build upon as our customer base now is getting close to 10,000 different customers. For a small company that you can understand that's particularly strong and powerful capability to be in this type of company. Obviously, we provide a tremendous value-added services. I want to reintroduce you to B Medical Systems, a company that we acquired in October of 2022. This is a cold chain company that really expands the opportunity for us that will evolve here over the coming years. They have a platform that's been used historically, a company that's 40 years old, for the delivery of vaccines in a cold chain environment to some of the remotest parts of the world. To simplify this, the products that the company's developed, there are more than 50,000 solar-powered vaccine delivery boxes. If you imagine the blue box that you see here in the photograph to be solar powered, and it can sustain for 10 years at a minimum. That's a minimum guarantee that we have, where we can monitor the temperature that's inside the box, outside the box, if the lid is open or closed. This is a remote site where this box can operate by itself. A vehicle will come occasionally and deliver vaccines to this box. A health worker will show up at this box, retrieve vaccines and cold packs, go into a village, inoculate children, and provide life-saving vaccines. This has been the purpose and mission of this company for, as I mentioned, for 40 years. The ability, we believe, to utilize this cold chain from a delivery standpoint can also be utilized to retrieve biological samples. When a child is being inoculated, if there's a blood sample that can be drawn at the same time, put into this cold pack, and then moved back to this box. We believe that this two-way use of the vaccine cold chain boxes can be used for the collection of biological samples both from a surveillance standpoint in some of the remotest parts of Africa or South America, and ultimately put into a biorepository in country where genomic analysis can also be performed so that the research on populations can be done by populations, for populations, utilizing this tremendous global footprint from B Medical. This will take some time to build out b ut there seems to be tremendous reception for this as an opportunity. We believe the hardest part of the cold chain in remote environments has been done by this incredible installed base of B Medical and utilizing that to expand Azenta's capabilities for human health in region, not just for the vaccine deliveries, but for human health we think is a critical and really interesting opportunity for us here over the coming years. I take a look here now finally at the portfolio. This is a diverse and differentiated service to this cold chain of condition. We go from sample sourcing to the formatting to storage of different biological samples in our products a nd then from a services side, to be able to do next-gen sequencing, Sanger sequencing, and a very considerable amount of gene synthesis. We believe that these are the capabilities that are at the foundation for future life sciences needs and for drug discovery. The position that we've established as market leaders in this space, it's really incumbent upon us now to continue to drive growth opportunities as we expand the knowledge in our customer base of the things that we're able to do for them, and to take some of these capabilities that they currently do in-house and have those outsourced to Azenta. It's a diverse and differentiated portfolio that we're particularly proud of. In each and every area here, which contributes meaningful revenue to the company, we believe we serve uniquely with the best-in-class capabilities. With that, I'd like to turn the presentation now over to Lindon for him to talk a little bit about the next steps from a strategic standpoint and also the position we have from a financial perspective. Yeah. I would like to highlight, this is the strategy that's not just the strategy going forward, but it's what's guided us over the last decade as we built out the strength of the semi business, which yielded a price of $3 billion. We generated a tremendous amount of growth and value there, and it guided our portfolio management. Now, during that decade, we built up the standalone life sciences business that's already reached in excess of a half a billion dollars of revenue and growing. These are the principles that has guided us. One, we always look for establishing leadership and extending that leadership in our core markets in everything we do. We're not looking to be a follower but a leader. Those in life sciences, we find ourselves often setting the benchmark for the cold chain of custody, standards and expectations that our industry has come to expect. As we invest for growth, it's both in the organic makeup of our business for continued growth as well as the strategic M&A opportunity. As we highlighted at the very beginning, we have very strong balance sheet, unusually so. Given the divesture of the semi company, it's allowed us both to return cash to shareholders via repurchase of shares, but also to make significant investments in M&A already done behind us, but a strong balance sheet ahead of us as well. We always do this with an eye for margin expansion, and I think as you think about the last bullet here, utilizing capital with an ROIC focus is a natural for margin expansion. What you're looking for is continued growth and margin expansion to lift to the ROIC expectations of the business. Let's reflect on the growth tracks that we've performed, and this is just the life sciences business as we're defining today. You can see we've delivered 35% growth over the last seven years, and that's contributed on two growth engines. As I highlighted, we invest in our continuous growth of our existing business on an organic basis, as well as generate significant transformative growth through the acquisitions that we pick up. I draw your attention, in 2016, we added the BioStorage Technologies business. That's what we commonly refer to now as our Sample Repository Solutions in which we have gained strength and partnerships with the largest of customers and facilitate sometimes the entire infrastructure service for smaller customers. In that, in these instances, we're a critical part of the research environment where all of the research is foundational in the samples themselves, and we're maintaining that asset database physically and often in the information side of things as well. That business has grown tremendously. When we acquired we had approximately 20 million samples, a little bit less than 20 million samples and we've shared recently we have more than 50 million samples these days, that we store globally on behalf of our customers. 2019, you see the transformative step of GENEWIZ. Steve did excellent job of just highlighting the strength of the sequencing and the synthesis a s well as the proprietary capabilities of that business. That has been a strong grower over this last period of time. We expect it to continue. This is an exciting part of the analytical interrogation of the samples, providing more and more insights for customers. As the cost of the platforms come down we see the services increasing in terms of the delivery capability to be reachable to everyone across the industry. We see higher demands ahead of us in this business as well. I'll go to the next page and just highlight that as we put this portfolio together many transactions have helped to build the business as well as the organic investment. As we focus in on transactions that are additive to the business through acquisitions, I know investors are keen on understanding what's our criteria? Our primary criteria are really these two bullets. One, does it strategically fit our business to add value? You won't see us go too far off the left field. You'll see us usually complement the cold chain of custody or be a close adjacency. I think you could see both of those examples in the BioStorage business and GENEWIZ, but certainly all of these names that you see in this graphic here would either be complementing the cold chain of custody or in preparing the samples for further analysis and which is a close adjacency to handling millions of samples. The ROIC is really the ultimate guide point for us. We look for the ROIC to exceed our WACC in about five y ears, and we've given ourselves latitude to seven y ears, but thus far, everything has been expected to hit that within five years. This really does require high growth and profit leverage, and it's a natural intuitive constraint on a review of an acquisition that if you're paying too high a price for it, you've got to achieve higher growth or higher leverage. If you're paying a fair price then that growth and leverage can come down a bit. That's what balances and what has guided the value that we built, not, as I said, not just in this life science business, but over the last decade that yielded the value out of the semi company as well. With that applied, we do have further disciplines to capital deployment, and I share a little bit of historical perspective here. We generally have provided 6%-9% of our revenue plows back into operational CapEx. We've had a couple of years where we stood up a building in China to replace some leased buildings that exceeded this amount. On the operational side, excluding that real estate strategy, we generally are between 6% -9% of CapEx to grow our business. Organically. Then in the R&D side, we do invest in R&D. We're developing and furthering our cold chain capabilities along our product side. We develop those proprietary technologies inside the genomics business. As a general rule, we've seen about 4%-6% of our revenue goes back into the R&D spend of the company. We highlighted the strength of the balance sheet as well as the return through the share repurchase program. I'll highlight that, you know, we started as we separated from the semi business with two and a half billion of cash on the balance sheet, and we used approximately half a billion of that through the acquisitions of Barkey as well as B Medical. Then, we committed about $1 billion. Well, we committed a full $1 billion of per repurchase through from November of last year to the end of this calendar year. We did that in two fashions. At, in November, we took half a billion dollars and initiated an accelerated share repurchase, and then we committed as that finishes, which we projected would finish in the June quarter that this would then turn over to an open market purchase for the balance of the year. Shareholders understand that we will have taken that remaining $2 billion down to approximately $1 billion, or, as you can see, about $900 million that we would highlight is still available for investment. We still have authorization. In 2024, we can consider further buyback up to another half a billion that the board has authorized, but we can also consider these investment opportunities for M&A to apply these this cash forward. A lot of opportunity and flexibility for a company our size, a remarkable growth opportunity for the business, but in particular a very strong balance sheet to expand and to grow the business. As you think about the proposition here for Ziath, it really is remarkable to see a business that at our current run rate exceeds $700 million and with high growt but also margin expansion opportunity. Does the balance sheet as I just highlighted isn't just there as a possibility, but with a proven track record of being able to apply it to build out value. The business that we have already built has provided a global platform that supports vital customer needs with terrific capabilities that the customers have come to count on and are more and more embracing and subscribing to. We've highlighted over the past year or past two years that we've had significant large pharma customers subscribe as for Azenta to be their global sample management partner. As we do that, I think it just continues to strengthen the excitement of what else we can bring into this business to support those customers as well with the strength of the balance sheet. With that, I believe, we have used up the presentation time D avid, and I'll turn it over to you and Steve. Maybe we can bring down the charts and just go to the Q&A session. Thank you. Great. Well, thanks so much for that, Steve and Lyndon. I guess for Q&A, we'll try to get through each of the three segments, maybe starting with products, and specifically focusing on kind of the core before we talk about B Medical. You're seeing some really strong demand in large automated stores. That's part of the product portfolio. I think you're near a record backlog, if not at a record backlog, with, you know, some pretty solid booking trends. This is a lot better than what we've heard from some of your peers. I just wanted to ask, you know, what's driving that demand you're seeing specifically versus, you know, some of the commentary we've heard from some of your peers. David, thanks. The large automated sort of backlog is indeed at record levels. I will say for two reasons. One, historically, the incremental storage of biological samples that relate to research. There are disease studies particular population studies that have historically demanded millions of samples of storage, often in automated stores. The other thing that's happened over the past years is because the, of biological samples now being the drugs that are delivered, manufacturers are beginning now to use automated stores in their manufacturing process. We have another vector of growth here from an automated storage standpoint to help people manage their inventory and ultimately shipment to customers. The historical biorepository for research business continues apace b ut what we're finding is that different manufacturers of antibodies, for example, or synthesized products, need to store these samples in large automated stores as part of their manufacturing process. It's given a new vector i f you will t o the business, and we think this ought to sustain. We think this is a trend that's coming where the stores will be multipurpose. We're really pleased with that kind of capability. Now it's a matter of being able to keep up and get this staged and deliver on, you know, pretty significant backlog, as you mentioned, but historical still strength in biom but a new vector that's come along that's helping to support what we think will be more sustained growth. Okay. Yeah, that's helpful. I think on your most recent call, you kind of broke out cell and gene therapy, I guess the customer group and kind of how it falls through across the three businesses. It's about 30% in products. I wanted to ask, is that everything you have in products, or does it skew towards C&I, or is it more around automated stores? Yeah. Lyndon, do you wanna take? Yeah. Yeah. The components of the cell and gene therapy primarily are in the automated cryo business. What we've seen is tremendous adoption and uptake in that really very beginning stages of cell and gene therapy markets today. It's the highest sensitivity to the erosion of the cell sample. In other words, as you're doing R&D or developing a product in a gene, in a cell therapy application, you'll be very, very careful not to let that erode, and you'll keep that in minus 190 temperatures. The large infrastructure that we just spoke about, where the largest backlog is, that's for minus 20 and minus 80. In the cell and gene therapy, where you'll typically walk into a lab and find a manual dewar tank in a liquid nitrogen phase, this manual environment just doesn't provide the integrity, the repeatability, the controls for the vital nature of cell and gene therapy. The automated cryo system is the primary space in the products business, David. It's a very exciting space for us because that market is a leading growth area. Certainly it has some ups and I'll say not downs, but wavering elements of what's being approved and what's developing. We see this as a high growth area for a long time in the future, and something that's gonna change lives. Okay. Yeah, that makes sense. Then on the C&I side of products, maybe start at a high level, kind of tell us what's really in there. Then you've made a couple smaller acquisitions over the last 12 months or so. You know, maybe talk about how those fit into kind of the rest of the products business. Let me start, and I'll highlight that C&Is are consumables which is generally plastic tubes and sometimes other formatting aspects. Generally, the highest volume is plastic tubes. On the instruments, it's the lab bench automation of handling samples on the bench, often outside the store as they're going in or out, but also in the lab environment as people are working with cold samples. Automation is key as you're handling samples because you're trying to improve the entire cold chain of custody, so you do not want to stumble or to slow down in the handling of the samples on the lab bench. In terms of, one aspect to understand is during the COVID environment, we had significant COVID demands on the consumables and instruments space. In this, in the second fiscal quarter, which was our March quarter, which we'll be reporting on in a few weeks, it's the final quarter of wraparound and compares to the COVID demands of 1 year ago. They significantly dropped off following the March quarter last year. By the time we got through the June quarter of last year, we were reporting very little COVID. The second half of this year will be showing growth without COVID, very similar to those things with COVID. In other words, very modest adjustments, very nominal. Okay. Yeah. That's helpful. Maybe one on B Medical before we move on. It's mostly a vaccine cold chain business, but it also has some exposure to medical refrigeration and blood management. I was wondering if you could just talk about those two parts of the business and kind of the opportunity you see there. You know, is blood management and medical refrigeration a meaningful opportunity for Azenta over time? On the medical refrigeration, it's an opportunity, but it's small. We believe the industry's moving to automated systems, that's really the thrust for the company. That said, there's a capability that the B Medical team has built into highly reliable, high capacity freezers. They have a tremendous operations set up where they can deliver high quality units from a very efficient factory. We'll continue to support that business, but we believe the market for the storage of biological samples e ven ultra-cold temperatures, ultimately moves to automated systems. There'll be an opportunity there. We didn't have a tremendous growth path for that business, but it's a very capable product line. We don't see that as driving tremendous growth for the company. As the market continues to expand, we believe we'll gain share with that product line. On the blood management, that's a different story. We have, as you can imagine, the Barkey capabilities, these controlled rate thawing. Barkey started as a plasma-thawing company. The installed base of tens of thousands of these Barkey units really relate to the thawing of plasma, and recently has moved toward cell and gene therapy treatment. This is a broad-based capability. We do believe that there are technologies associated with the means by which the blood management systems freeze blood and plasma that provides a unique benefit for the end product, and we'll continue to pursue that. That's one of those opportunities where the market will likely value some of this blood management capability in the future because it is, indeed, a new technology that allows a more efficient distribution, if we will, of the blood products, a more efficient means by which they can be reliably frozen and ultimately stored. We think there's a good opportunity there. Again, small part of the business, but one that we'll be persistent in because we think now with a footprint to hospitals and clinics and blood centers with the Barkey products, we think it's a good match both from a technology standpoint and from a distribution standpoint to be able to sell blood management products to the same customer base. Got it. Okay. Then I did get a question emailed in on GENEWIZ just about, you know, who your main competitors are and the barriers to entry in that business. First of all, there are a number of small competitors, people who do Sanger sequencing, who do next-generation sequencing. By and large, the competition we have is with core laboratories for the customers who have those capabilities themselves. Where we excel, for example, on next-generation sequencing, is in the design of the experiment, the sample preparation, the extraction of DNA, and ultimately, the management of the specific discovery that the customer is trying to do. When I mentioned the 400 advanced degree scientists, we really apply them as an arm, if you will, to the researchers who are looking to divine information by interrogating these samples. That's a really huge scientific component to what we provide to them. Ultimately, when it gets to the sequencer, all the sequencers will perform the same, and we use sequencers of all types. It's the preparation and consultation that gets us to the point where we believe we're highly differentiated. Competitors there mostly are in the core laboratories. On the Sanger sequencing, this for the most part is an overnight turn. Someone will submit a sample for Sanger. Our vans will go around in the evening and pick these samples up, take it to a local laboratory or FedEx it to one of our laboratories where we will process it. When the researcher comes in the next day, they'll have the results on their computer screen. In this high turn business, we compete with a number of smaller and larger laboratories, again, we believe we're the leader c ertainly in North America i n Sanger sequencing. The way this business continues to build is it's a steady low double-digit grower, we believe. As core labs get out of a technology that is older but still critical, they're willing and actually they often demand that they outsource that capability. Sometimes they will take out these tools that are 20 or 30 years old. We're glad to retrieve those tools, refurbish them and add capacity to our laboratory, we can provide this tremendous service to customers. This, we believe, is a high-value service. On the synthesis side we have a capability that we provide and I will name a couple competitors, GenScript, GeneArt, as competitors in the gene synthesis space. There are capabilities that all of us can provide. We focus on high quality, fast turn as our highly differentiated offering, and we'll do complex things for customers that they can't get easily or dependably from other sources necessarily. We really focus on the turnaround time and the high quality as a differentiator for us in the synthesis space. We do complicated things, and we do them very well. Yeah. Okay. All right. Well, with that, we're a little over time, so I think we'll wrap there. Steve, Lindon thanks so much for joining us this morning. Thank you, David.