Good day, and thank you for standing by. Welcome to the Cer tara second quarter 202 1 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one on your telephone. If require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today, David Deuchler. Please go ahead. Good afternoon, everyone. Thank you all for participating in today's conference call. On the call from Certara, we have William Feehery, Chief Executive Officer, and Andrew Schemick, Chief Financial Officer. Earlier today, Certara released financial results for the quarter ended June 30th, 2021. Copy of the press release is available on the company's website. Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements with the meaning of federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events, results, or performance are forward-looking statements. Actual results may differ materially from those expressed herein found in the forward-looking statements due to a variety of factors. For a list and description of the risks and uncertainties associated with Certara's business, please refer to the risk factors section of our Form 10-K filed with the Securities and Exchange Commission on March 15th, 2021. We urge you to consider these factors, and you should be aware that the statements should be considered estimates only and are not a guarantee of future performance. Also, in the remarks or responses to questions, management may mention some non-GAAP financial measures. Reconciliations of adjusted EBITDA, adjusted net income, adjusted EPS, and certain other non-GAAP financial measures to the most directly comparable GAAP measures are available in the earnings release, which is available on the company's website. The conference call contains time-sensitive information and is accurate only as of live broadcast today, August 5th, 2021. Certara disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise. With that, I will turn the call over to William. Thank you, David. Good afternoon, everyone. Thank you for joining Certara's second quarter earnings call. Andrew and I will start with prepared remarks, and then we will take questions. I'm very pleased with how the Certara business performed in the second quarter of 2021 as we continue to successfully execute on our strategic and financial plans. In the quarter, we continued to grow our position as a global leader in biosimulation by delivering strong financial results. Revenue in the second quarter grew 15% compared with the second quarter of 2020 as we achieved another record quarter of revenue. adjusted EBITDA grew 1% compared with the second quarter of 2020. adjusted EBITDA growth was impacted by higher profitability in 2020 due to reduced SG&A spending during the height of the COVID pandemic, in addition to increased public company costs in 2021, which did not exist same time last year. Bookings growth in the quarter continued both in software and in services, with software bookings up 8% year-over-year and services bookings up 7% year-over-year. Because there are quarter-to-quarter fluctuations in our bookings, we believe looking at trailing 12-month bookings growth is a more accurate way to evaluate our business development activity. Total company trailing 12-month bookings is up 26% year-over-year. Overall, we are pleased with our year-to-date performance, which is ahead of the expectations earlier in the year. In keeping with our goal to expand the use cases of biosimulation and grow adoption of our end-to-end platform, earlier today, we were thrilled to announce the acquisition of Pinnacle 21, the largest acquisition in our history, for $310 million in cash in stock. Pinnacle 21 is a privately held company with industry-leading data standardization software for pharmaceutical clinical data. Their SaaS-based solutions are used for managing compliance to the CDISC standards and increasing preclinical and clinical data quality. CDISC, also known as the Clinical Data Interchange Standards Consortium, has developed a set of global data standards for regulatory submissions. Compliance to these standards is required for regulatory submissions to the U.S. FDA and Japan's Pharmaceuticals and Medical Devices Agency so that these agencies can efficiently make sense of the data they've received and evaluate it during the review process. The CDISC standards are also the preferred standards for electronic data submissions in China. Pinnacle software is used by the FDA and the PMDA to validate all incoming submissions data. This acquisition is an ideal fit for Certara on many levels. First, Pinnacle 21's proprietary validation software perfectly complements our biosimulation and regulatory software. Global regulatory submissions require consistent and compliant data sets to minimize costly delays. Additionally, data standardization advances scientific research as data is collected and combined from increasingly more and more diverse sources, and then organized and analyzed with biosimulation and other methods. Second, Certara's drug development consultancy and regulatory sciences teams will be able to expand our data standardization and CDISC compliance service offerings, powered by Pinnacle 21 software, as we are already collaborating with our clients on gathering, integrating, analyzing, and preparing data. Last, but certainly not least, the culture fit is remarkable as we are both passionate about driving innovation and efficiencies throughout the drug development life cycle using technology. Working together, we will integrate and expand features and tools to accelerate life-saving therapies to patients. Pinnacle 21 has achieved incredible milestones with a top-notch team of software developers and CDISC experts that has built user-friendly software to help biopharmaceutical companies deal with complex data standards. Their Pinnacle 21 Community open-source software is used by more than 1,000 organizations and helps remove barriers to entry and promote innovation, especially among smaller biopharma companies and startups, while adhering to the complex data standards that can be daunting and consume significant time and resources. This broad user base also creates a robust community of engaged data scientists and biostatisticians who provide feedback that fuels the development of new features. As companies become familiar with the significant benefits that Pinnacle 21's tools deliver, many find it valuable to upgrade to the Enterprise version so that they get the most value from their data, ensure compliance to the standards, and minimize the risk of regulatory delays. Pinnacle 21 has more than 130 enterprise customers, including 22 of the top 25 biopharmaceutical companies by R&D spend, as well as the FDA and the PMDA. They have rapidly grown the number of customers with annual customer value in excess of $100,000 from 19 customers in 2018 to 44 in 2020. When we close, Pinnacle 21 will be immediately accretive to Certara's revenue, growth, and adjusted EBITDA. We expect the acquisition to close in early fourth quarter. As we've discussed in the past, we continually seek the right technology, people, and capabilities to increase the depth and breadth of our end-to-end platform, which is what we believe Pinnacle 21 will do. Andrew will discuss the financial details and the implications of Pinnacle 21 in a few minutes. Turning back to Certara's overall business, our proven track record of innovation continued in the second quarter as we announced the launch of our new versions of our Immunogenicity Simulator and Immuno-oncology Simulator. These software platforms help address challenges in the discovery and development of biologics and combination cancer therapies. Immunogenicity is a key challenge for developing biologics, which now comprise almost 40% of the global biopharmaceutical R&D pipeline. Researchers use our Immunogenicity Simulator to understand immunogenicity, which is the ability of a therapeutic to trigger an unwanted immune response. The Immunogenicity Simulator uses in vitro data, drug data, and clinical data, if there's any available, to extrapolate into virtual patient populations and predict outcomes. At a June FDA workshop on immunogenicity, thought leaders at Certara and our customers presented case examples of our simulator in action, including how it helped to advance COVID vaccine development. Regarding COVID vaccines, we were proud that our Vaccine Simulator accurately predicted that eight weeks was the optimal timing between first and second doses of COVID-19 vaccines. The PITCH study, conducted at Oxford University in the U.K., confirmed Certara's Vaccine Simulator prediction, which was released six months ago, back in February. This further validates the predictive power of our biosimulation software to address critical questions, including predicting which dosing regimens potentially work best before heading into clinical trials. In immuno-oncology, the sheer number of possible therapy combinations requires a robust quantitative framework to integrate the complex and dynamic factors that influence efficacy. Challenges around this complexity have led to the selection of sub-optimal combinations. Our Immuno-oncology Simulator uses virtual patients to test many different therapy combinations to determine the optimal regimen of therapies and dosing. Version 3.0 of the Immuno-oncology Simulator vastly expands the number of targets and cell types, and also tests combinations of chemotherapy and radiotherapy. The Immuno-oncology Simulator has correctly predicted therapeutic outcomes with the use of drugs in various cancer types, including solid tumors and blood cancers. Turning to services, our technology-enabled services business continues to grow well in excess of our stated long-term goal, driven by the expansion of our work with existing customers and the growth of partnerships with new biotechnology customers. Our services offerings, powered by our proprietary technologies, are highly differentiated and profitable. We are incredibly proud of our team of scientists and experts who are well-known in the industry as thought leaders at the forefront of biosimulation, regulatory science, and market access. Certara also continues to add to our expert team worldwide with more than 975 employees currently, growing 5% year-to-date. Our turnover remains low relative to the industry, and we are generally viewed as an employer of choice within the biosimulation industry. More than 60% of our new hires in the second quarter were scientists and subject matter experts. Over the past few months, Certara's Board of Directors welcomed three new members, Dr. Carol Gallagher, Nancy Killefer, and Cynthia Collins. Each of these new Board members brings a wealth of knowledge and extensive corporate Board and leadership experience that will be invaluable to Certara as we expand our business. In addition, as we announced last week, Mubadala Investment Company invested approximately $250 million in Certara through a direct purchase on August 2nd of more than 9.61 million shares from existing institutional shareholders of Certara, including a stakeholder affiliated with EQT. EQT remains a significant and important shareholder in Certara. We are excited to welcome Mubadala and recognize its investment as a vote of confidence in our people, strategy, and financial performance. Looking forward to the second half of the year, we will host a Business Overview Day for the analyst and investor community, where we will dive deeper into the business and Certara's end markets. Please mark your calendars for the afternoon of December 15th in New York City for this event. In summary, Certara had a strong second quarter. We announced a strategic acquisition today, and we are focused on continuing to deliver against our strategic and financial objectives. I will now turn it over to our CFO, Andrew, to discuss the financial details of our acquisition and the financial results for the second quarter. Thank you, William. Hello, everyone. Before getting into the second quarter, I would like to touch on the financial highlights of our acquisition of Pinnacle 21. As William highlighted, we are excited to start work with Pinnacle 21 and integrate them into Certara. The company is a strong financial fit and subject to close. The deal is expected to be immediately accretive to Certara's revenue, growth, and adjusted EBITDA. We expect Pinnacle 21 to contribute $30 million-$31 million of revenue in 2022, growing at approximately 30%, not including the effects of purchase accounting. To Certara's results. Total revenue for the three months ending June 30, 2021, was $70.1 million, representing year-over-year growth of 15%. Software revenue was $20.1 million, which increased 12% over the prior year period as a result of solid second quarter bookings, the early renewals in Q1, and expansions on renewals. Software bookings were $19.4 million, which increased 8% from the prior year period, and the aggregate renewal rate was 90%. Year-to-date software bookings grew 15%. The growth in the quarter and year to date was driven by our biosimulation software, Simcyp and Phoenix. Services revenue was $50 million, which increased 16% over the prior year period. The growth in services revenue was driven by growth in the biosimulation offerings. Services bookings were $55.7 million, which increased 7% from the prior year period. Year to date, services bookings grew 21%. Total cost of revenue for the second quarter of 2021 was $27.5 million, an increase from $20.6 million in the second quarter of 2020, primarily due to increases in employee-related costs resulting from headcount growth and stock-based compensation. Total operating expenses for the second quarter of 2021 were $37.3 million, an increase from $26.9 million in the second quarter of 2020. The components of operating expenses are as follows. Sales and marketing expenses were $4.6 million, compared to $2.7 million for the second quarter of 2020, due to a $1.1 million increase in employee-related costs resulting from headcount growth and $0.6 million in stock-based compensation. R&D expenses were $4.6 million, compared to $3 million for the second quarter of 2020. The increase in R&D expenses was primarily due to a $1.3 million increase in employee-related costs resulting from headcount growth and $0.5 million increase in stock-based compensation, both of which were partially offset by smaller reductions in other line items. G&A expenses were $18 million, compared to $11.2 million for the second quarter of 2020. The increase was primarily due to a $4.4 million increase in stock-based compensation, $0.7 million increase in insurance expenses, and $0.6 million increase in acquisition costs. Also contributing to the increase were public company costs. Intangible asset amortization was $9.5 million, and depreciation and amortization expense was $0.6 million for the second quarter. There were no significant changes in either line item. Continuing down the P&L, interest expense during the second quarter was $6.3 million, compared to $7 million for the second quarter of 2021. The year-over-year reduction in interest expense is due to the repayment of our HoldCo loan, offset by a non-cash interest expense reclass from other comprehensive income due to hedge ineffectiveness. Income tax expense was $1.5 million due to the tax effect of U.S. pre-tax income, non-deductible items, the effect of tax elections made on U.K. earnings, and the relative mix of domestic and international earnings and discrete tax items. Net loss for the second quarter of 2021 was $2.9 million compared to a net income of $2.8 million in the second quarter of 2020, due primarily to the increase in stock-based compensation expense. Diluted loss per share for the second quarter of 2021 was $0.02 as compared to earnings per share of $0.02 in the second quarter of 2020. adjusted EBITDA for the second quarter of 2021 was $25.5 million compared to $25.3 million for the second quarter of 2020, representing 1% growth. William discussed some of the dynamics impacting the comparison to last year, such as lower SG&A, public company costs, and we had some high-margin projects completed in the second quarter of last year. We are performing well against our plan and have some upward adjustments to guidance based on the first half performance. Adjusted net income for the second quarter of 2021 was $5.6 million compared to $3.8 million for the second quarter of 2020. Adjusted diluted earnings per share for the second quarter of 2021 was $0.03 compared to $0.02 for the second quarter of 2020. Moving to the balance sheet. We ended the quarter with $267.8 million of cash and cash equivalents. Our total debt outstanding was $295.6 million, net of deferred financing fees of $6.4 million as of June 30th, 2021. We restated and amended our credit agreement in the quarter, increasing the size of our revolver to $100 million and extending the maturity date on the term loans to 2026. Regarding financial outlook, we are increasing our previously reported guidance for the full year 2021 for revenue, adjusted EBITDA, and adjusted EPS. For Certara, without the effects of the acquisition of Pinnacle 21, revenue will be in the range of $283 million-$289 million. Adjusted EBITDA to be in the range of $101 million-$103 million. Adjusted earnings per share to be in the range of $0.21-$0.25/ share. We will update our guidance for the effects of Pinnacle 21 when the transaction closes, which we assume will occur in the fourth quarter. Thank you. Now I'll turn it back to our CEO, William Feehery. Thank you, Andrew. In summary, Certara had a strong second quarter and announced a very exciting acquisition in Pinnacle 21. Our Certara team continues to focus on our commitments to customers and deliver strong growth for our shareholders. We believe that our end-to-end platform is well-positioned to continue benefiting from solid market trends. We expect to capture a larger share of overall biopharmaceutical R&D spend as we continue to innovate, acquire, and add new solutions to our end-to-end platform. At this point, we will open up the call for questions. Operator, can you please open up the line? As a remainder to ask a question you need to press star one on your telephone. To withdraw your question press pound key. Please standby while we compile the Q&A roster. Our first question comes from the line of Dave Windley from Jefferies. You may begin. Hi. Good afternoon, gentlemen. Thanks for taking my question. I wanted to ask about your staffing labor environment. I think you talked about a 5-ish% increase in labor, but I'm wondering how your hiring activities are progressing. What kind of competition for labor in the markets that you need to add, perhaps both functionally as well as geographically. Thanks. Thank you, David. Appreciate the question. I think any CEO in a business like ours would always have to say that you wake up thinking about getting good people in the business, and we do. We are basically on our plan for hiring for the year. I would say that we're competing well and we're doing well. I think Certara is viewed as a good place to go for careers. Every day we're out there trying to find more of the software and drug development experts and I think as we go forward, we'll continue to compete well. Are there differences between, for example, your competitor talked about some difficulty in hiring in the regulatory area? Are you seeing that and are there differences in relative tightness of the market between your biosimulation versus reg and market access? I won't comment on what the competitor said, but in general, as the activity in the pharmaceutical industry has picked up, there. Has been a greater demand for people like regulatory writers and a few skills like that. Certara, we're not a huge fraction of the industry by head count. The top quality people that we want to attract here, we've still been very fortunate to be able to do that. We haven't seen How do I say this? Look, it's never easy to get good people, but we're competing well, and we're hitting the size of the workforce that we expected to have at this point in the year. Got it. Great. That's great. Thank you for the answer. In terms of the CDISC data validation and streamlining, can you perhaps paint a little picture for us in terms of how this dovetails with the projects that you're called in to do? Is this a really tight cross-sell? Is it predominantly applied to clinical trial data, or is there even some standardization for analysis of real world data that would go into that as well? I'm just trying to understand a little better how it fits. Yeah, that's a great question. We have known about Pinnacle 21 and certainly about CDISC for a long time. We participate. We're platinum members of the CDISC organization. We've been there for a long time, and, obviously, because we help our clients submit their data and the regulatory filings to the FDA, we're part of the industry effort to get everything compliant with that. What we see in this is an opportunity for further data standardization that will help Certara as a whole. The FDA basically was one of the big proponents of the CDISC, and my view of that is when you standardize data, you make it a whole lot easier to do the types of analysis that you want to do to ask questions about that data. The FDA would like, obviously, to ask questions about the data that's being submitted, and when they get it in a format that's recognizable, it makes it a whole lot easier. We see an opportunity as we go even farther, to think about if we can standardize more of the data that's coming in the clinical phase and the pre-clinical phase. As you also pointed out, even in the market access phase, then the whole industry benefits. It makes it easier to adopt tools like biosimulation if the data we get is in a standard format. We think that this is a best-in-class solution that enables a bigger trend that we think is going to play out in pharma over quite a long time. Very interesting. Thanks for the answer. I'll yield to the floor. Thank you. Thank you, David. Our next question comes line of Michael Ryskin from Bank of America. You may begin. Thanks for taking the question. I want to pick up exactly where Dave left off on the Pinnacle 21 offering and how it fits in with your old business. Curious if we could talk a little bit in terms of customer overlap. You talked about how software tools are being used by them, by the 22, I believe, of the top 25 pharma customers. Could you just talk a little more about the tail there? Do you see a lot of cross-sell opportunities? Are there any revenue synergies you're accounting for? Just help us bridge the math between your comments on being accretive to the adjusted EBITDA margin. Yeah, I can start and then Andrew can comment a little bit about the margins. They obviously, since they have 22 of the top 25, and we have many of those same customers, there is a significant customer overlap. There's also a lot of opportunity for cross-selling and also combining with our products. There's an opportunity for us to consider adding to our tech-enabled services by doing services with the Pinnacle 21 software. There's an opportunity to combine it with some of the software we have. There's a product we have called Integral, that's a clinical data repository that's compliant with 22 CFR Part 11. Combining a compliant data repository with validation software makes a lot of sense. We think that there's a lot of opportunity as we add our sales and marketing capabilities, which we're investing in as we go along in the year, to Pinnacle 21 to continue to expand its adoption and reach through the global pharmaceutical industry. Okay. Oh, go ahead. Sorry. No, go ahead. No, please go ahead. It's fine. I think we covered it. My other question was going to be on the- Sure. fiscal year guide raise. 2Q result came in just nominally ahead of our expectation, I think, of broad consensus. Yet, you had a nice little second bump to the fiscal year outlook. I'm just wondering, what's giving you confidence in that? Is it the trailing 12-month net bookings you're talking about or something you're seeing in the markets? Just give us a little bit of flavor on what brought about the guide change. It's a combination of the--. We still see a positive market environment for the products that we're offering. The TTM bookings, but also, if you narrow it down to the year-to-date bookings, put us in a position to raise the guidance with high level of confidence. There's a slight shift in terms of seasonality from the first half to the second half, and we discussed a little last time that we had strong commercial performance on the regulatory side, but we're going to have a stronger second half in terms of revenue conversion there. It's going to give us the uplift, and we have visibility into that. Okay, thanks. I'll get back in the queue as well. Our next question comes from the line of John Kreger from William Blair. You may begin. Thanks very much. Bill, can you just talk a little bit about activity levels that you're seeing and just kind of reflect on the wins that you had in the quarter? I'm curious if you're seeing any shift in mix across either client type or the type of services that they're trying to access. No. Well, I'd say that the trends that we talked about earlier in the year are continuing. We're seeing sort of mid-teens growth in our pharmaceutical customers and somewhat higher growth in our biotech customers. That's a trend that's been going on not just this quarter, but for some time. It's a result of the fact, I think we're a little bit, as I think we talked about earlier, we're probably a little bit less penetrated in the overall biotech market. There are a lot of biotechs out there. The overall market's growing pretty well. I think there's a lot of activity in the pharmaceutical industry. Not just Certara, but you can see across the industry, there's a lot of trials going on and certainly R&D activity is quite healthy and there's a lot of investment capital going in to new biotechs as well. Great. Thanks. Then. Can I help? I'm sorry. Didn't mean to cut you off. Are you still going? No, please go ahead. Okay. 2nd question related to COVID work. Should we assume that COVID is still contributing to your top line at all? As we think about the 2nd half of the year, will that kind of skew the comparisons at all? I think that was a little bit of a contributor last year in the 2nd half. I'll take the first part, and then I'll ask Andrew to comment a little bit about the cost. Certainly, as we were in second quarter last year, our costs, like travel costs, went quite low, as they did, and some of them have slowly come back. On the other hand, we've also gained efficiencies, so I think we're intending to offset most of that as we go forward in the year. Andrew, you want to comment on that? Yeah. We saw the benefit of the SG&A costs really in the second quarter last year. We shifted investment in the latter quarters. I think you can see that in the adjusted EBITDA margin trends for last year. This year, we factored in a resumption of travel expenses into our plan. It's all incorporated into our expectations for the year. Okay, thanks. One last one, Pinnacle 21. When that closes, can you hit the ground immediately with cross-selling and sort of plugging it into your broader platform, or should we assume there's a period of time where you've got to do the software integration before you can really get the full benefit? I think that there is a significant opportunity immediately to add to the sales and marketing capability of Pinnacle 21 using Certara's capability, which is larger and we just have a very broad customer base. Over time, we'll do what you talk about. We'll obviously take a look for the time to do software integration. We think there's both short and longer-term opportunities here with this company. Okay, great. Thanks. Thanks. Our next question comes from the line of Vikram Purohit from Morgan Stanley. You may begin. Great. Thanks for taking my question. I just had a quick one on geographic expansion. You previously discussed interesting opportunity in China, I just wanted to see if you could update us on how that's progressing and what some of the next milestones are there to grow your presence in that part of the world. Also, I wanted to see if the broader emergence of the Delta variant, has that any impact to your plans to expand in China or anywhere ex-U.S. that you may have previously found interesting? Yeah. We're continuing to hire in China. We think long-term, it's a good opportunity for us. Andrew can comment on what we're reporting by region. We're expanding our business there, although it's still a relatively small base. To your question, though, about COVID, it's certainly difficult to expand as fast as we want to, given the difficulties of travel in and out of China. If I have to handicap us and say we're doing pretty well, but we probably would be ahead of this if it was open a little bit more. There's still a lot of activity there. There's a lot of demand, it just makes it just that little bit harder since you can't send people back and forth quite as easily as we used to. I think that's a little bit of color on your question. Andrew, do you want to comment on our growth in China or? No, I would just add that we continue to see strong growth in China, and that's reflected in our geographic split in Asia-Pac. We saw a 50% growth rate. Got it. As a quick follow-up, is there any sort of internal goal or internal bogey you have for how you would like to see the U.S. versus ex-U.S. mix of revenue shift over the coming years? Or do you expect it to be pretty consistent with what it is now? I think we have north of, let's say, roughly 70% of our business in the U.S. I think that as some of our investments in China and Europe pick up, we will see a little bit of a shift in terms of the overall percentage. It won't be enormous because the way I think about it is I want Certara's revenue, if we're doing a good job, should kind of match the R&D footprint of the pharmaceutical industry as a whole. I think we'll come down a little bit in the U.S. as an overall percentage, but still that's likely to be our biggest base as we go forward. Okay. Got it. Thank you. Our next question comes from Vikram Kesavabhotla from R.W. Baird. You may begin. Yeah, thank you for taking the question. I guess just first now on the back of the Pinnacle acquisition, curious if you can give us some updated thoughts on your approach to capital deployment through the balance of this year and into 2022, if there's any other particular areas or capabilities that you're looking to add to the platform. Yeah, I think, as we were coming out of the IPO, I was asked a lot about this. What we said was that you should expect us to do, we have a history of doing little bolt-on acquisitions, which we've done a little bit, very small ones when we see good opportunities to add to our talent base at a good price or something like that. Occasionally there might be something that looks strategic, which I think certainly Pinnacle 21 falls into. Going forward, I kind of think the same way. We'll do little bolt-on acquisitions where they look attractive. I think our number one goal right now is to make sure that we integrate Pinnacle 21 and we do a really good job growing that business in Certara and welcoming those people and growing the organization. That's going to be our main focus. I don't feel the need to go out and do another acquisition right away or anything like that. At the same time, we're in a growing, very interesting industry, and if something important and strategic became available, we would certainly take a look at it. There's no plans right now, and frankly, just no real need to, as we do this integration. Kind of the same plan that we talked about as we were coming out after the IPO. Okay, great. Maybe just as a follow-up, I'm curious, just based on the mix of software and services that you're seeing in your bookings right now, just any updated thoughts on how we should think about the growth of each of those lines going forward. Thanks. Yeah. We've talked about low to mid-teens growth for software, mid to high teens growth for services. Clearly, the addition of Pinnacle 21, which I mentioned in the prepared remarks, is expected to grow at a rate of around 30%. It's going to be additive to the overall growth rate of Certara by approximately 100 basis points, and will shift the mix of software to services by about 400-500 basis points. We'll see a little bit higher growth in the software relative to what I had previously stated, low to mid-teen. Okay, great. Thank you. Thank you. Once again, that's star one for any questions, star one. We have a question from Katie Tryhane from Credit Suisse. You may begin. Hi. Thanks for taking my question. Last quarter you highlighted a couple of new product launches or expansions, including the version 20 Simcyp Simulator and the Secondary Intelligence software offering. What has the reception been for those offerings to date, and how have they been performing relative to your expectations? More broadly, how should we think about innovation and new product launches or expansions adding to growth going forward? Thanks. Yeah, thanks for the question. To answer the questions to talk about the products you talked about, so Simcyp Simulator version 20 is driving a lot of our current Simcyp revenues right now. Customers have adopted that quite strongly, and it's opened up new opportunities to serve new customers, particularly in the biotech area. Our Secondary Intelligence is still an early-stage product. We are currently launching, I guess, would you call sort of the next version of it, which is expanded to the number of targets that it can cover, and we're actively marketing that. We think this is a unique product, so we've got some introductory marketing work to do to the industry, but I think we'll see some significant interest there. More broadly, your question, we're spending a fair amount of money in Certara on R&D. There are many opportunities, I think, to expand our product base to hit more therapeutic areas and to take into account different technologies and ideas that are out there. What we've been trying to do this year is just kind of highlight just how many product launches and product additions we've been focused on. Some of those will take a year or two as they kind of get introduced to this industry and they take off. Overall, I think they're kind of indicative of what we've been doing with the company a long time and how we've gotten the growth rate we've got. We're continuing to invest in our future. Okay, great. Thanks. Thank you. Thank you. I'm not showing any further questions in the queue. This concludes today's conference call. Thank you for participating. You may now disconnect. Thank you.