All right. Good morning, everybody. Welcome to day one of the JPMorgan Healthcare Conference. I'm pleased to introduce our next company, Catalent. For those that want to ask questions, there's a submit question box on the website, so please feel free to do that, and with that, let me turn it over to John. Great. Thanks, Tycho. Good morning, everybody. I'm pleased to be with you in this virtual format to share Catalent's story. Before diving into the presentation, let me first draw your attention to slide numbers two and three, which note our forward-looking statements and also non-GAAP financials. I also encourage you to review our SEC filings to understand the risks and uncertainties that may bear on our operating results and financial condition. So let's turn to page four. For decades, Catalent has been the leading global provider of advanced dosage delivery technologies and drug development and manufacturing solutions. As a leading CDMO, we continue to differentiate ourselves through investing in innovative drug delivery technologies and manufacturing capability and capacity for small molecules, biologics, cell and gene therapies, vaccines, and novel modalities. Slide five describes how the depth and breadth of our capabilities and scale enable Catalent to power biotech, pharma, and consumer health customers across the drug development cycle, from preclinical through commercial manufacturing, across a wide range of modalities and therapeutic categories. We have 1,200 active drug development projects, which yielded more than 160 product launches last year. And every year, we reliably supply well over 70 billion doses across 7,000 products, or roughly one in every 20 doses taken globally. Diversification is a historical strength of Catalent and is highlighted here on slide six. No matter how you segment our revenues, we don't have any significant concentration of risk. From a geographic standpoint, roughly 43% of our revenues come from outside the U.S. and are aligned with the Western biopharma industry. By product type, we're diversified across branded, biologics, generics, and OTC VMS products. From a product standpoint, no single product drives our business. We manufacture over 7,000 products, with the largest contributing less than 3% of revenues, while the top 20 only make up about 18% of our revenues. By activity, our revenue streams are also diverse, with 56% of our 2020 revenue tied to commercial manufacturing, one-third recognized in high-value development solutions, which serve later as a pipeline for commercial manufacturing, and the remainder with our clinical supply services. Look, with more than 1,000 customers, our customer base is also very broad, partnering with nearly all the top pharma companies, biotechs, generic companies, and consumer health companies. Turning to page seven, Catalent is a leading player in a large, vibrant industry. We estimate total spending by biopharma companies in the broad markets in which we participate is roughly $160 billion, with approximately $60 billion outsourced to CDMOs, representing an outsourcing rate of 37%. Now, there are several industry trends driving increased outsourcing and the growth of the CDMO industry. First, small-cap biotechs have clearly become the innovation engine for big pharma, and these companies rely heavily on CDMOs as development partners and for manufacturing capacity. Next, the market is shifting to more complex modalities that are outsourced at much higher rates. For example, in cell and gene therapy, we estimate the outsourced rate is approximately two-thirds outsourced, with demand far exceeding both current and anticipated future supply. Finally, the R&D pipeline is robust, with growth driven by biologics, which is growing double digits and is expected to drive more than half of future pharma growth. Turning to slide eight, at Catalent, we differentiate ourselves in several ways, including through service and customer experience excellence, investing in the highest quality capacity aligned with geographical and therapeutic demand, and finally, as I'll review here on this slide, differentiating through science and technology, which has always been foundational in our 85+ year history. Today, Catalent has more than 20 R&D teams and 2,500 scientists that collaborate with early innovators and customers to accelerate the introduction of new disruptive technologies and be positioned to scale them. This collaboration is more important than ever as the pace of innovation is accelerating and is increasingly driven by a larger universe of small biotechs who need a robust open innovation engine and true manufacturing partnerships. To put the pace of change in context, 15 years ago, big pharma was working through three to four modalities. Today, it's eight modalities. We think five years from now, it may move to more than a dozen. Catalent is partnering, licensing, and investing to accelerate technology for small and large molecules, cell and gene therapies, as well as other novel modalities. Some illustrative areas of focus today include plasmid DNA, next-generation cell therapy, nucleic acid-based therapeutics, transformative monoclonal antibodies and vaccine delivery, drug development models that reduce cost and increase speed, and finally, manufacturing platforms for precision medicine. With the strength of our clients focused on scientific development innovation rather than manufacturing, these technology investments, combined with our expertise and capability, our broad range of platforms, increasingly make Catalent a CDMO partner of choice. Turning now to slide nine, at Catalent, our DNA is all about working with customers on the largest, most complex challenges to find solutions for their problems. When the pandemic hit last year, Catalent was well-positioned from a capability and capacity standpoint to become a go-to partner for COVID programs and vaccines. We're now working on more than 75 potential COVID-19 vaccines and therapies across all key technologies and business segments and are positioned to provide manufacturing capability and capacity for potentially billions of COVID-19 vaccine doses over the next few years. Finally, a special thanks to our more than 14,000 dedicated Catalent employees. Over the last 10 months, we've become an even more resilient company whose patient-first and customer dedication culture will continue to rise to whatever challenge we're needed for. Now, slide 10 speaks to the patient-first culture I just referred to. At Catalent, for all our critical decisions, we ask the simple question, "What would the impact of the patient be?" Remembering that behind every one of the 70 billion doses we provide is a patient. This past year, during the pandemic, our mission to develop, manufacture, and supply products that help people live better and healthier lives has never been more important. Our top priority has been to keep our employees safe and, in doing so, maintain business continuity. I'm very proud of our teams who continue their relentless focus on operational excellence, including rolling out virtual audit technology during the lockdowns to successfully navigate remote audits and inspections. To serve our customers and patients, our teams have literally worked around the clock through the holidays to deliver high-quality products and services for our customers and their patients around the world. Now, slide 11 illustrates our strong positioning across key end market segments and how each of our business units plays a specific role in the Catalent portfolio. The biologics segment, which includes our drug substance and drug product and cell and gene therapy offerings, has become our largest business segment. It's also our fastest-growing segment and is expected to be the primary driver of margin expansion for the company as the investments we've made to scale the business come online and their capacity utilization grows. Softgel and Oral Technologies has been the foundation of our stable base of long-cycle business, with the bulk of the 7,000 commercial products we produce. We've been a market leader in softgels for more than 80 years, and this segment provides stable cash flow that allows us to invest in the faster-growing, higher-margin businesses. The OSD segment provides advanced formulation development and manufacturing across a range of technologies, including technologies such as our proprietary Zydis platform, as well as respiratory and inhaled dose forms. Oral and specialty is currently our highest-margin segment and has a robust pipeline of about 200 molecules. Finally, our clinical supply services segment provides manufacturing, packaging, storage, distribution, inventory management for drugs and biologics in clinical trials. These are shorter-cycle services that touch the highest number of customers and offer substantial synergies for their development programs. Now, we introduced slide 12 at this conference last year. One of the most important Catalent highlights is that we've fundamentally transformed the company through significant organic and inorganic investments, totaling approximately $4 billion over the last year, over the last five years. These investments have given us access to a greater share of the R&D pipeline and a greater exposure to biologics, the fastest-growing part of the industry. When we launched our IPO in 2014, about 10% of our total revenue was tied to biologics. Over the last few years, we've made significant biologics and cell and gene therapy acquisitions to complement our organic investments, both yielding robust growth over last year. In the 12-month period ended September 30th, our biologics segment represented 37% of our portfolio, compared to 25% when we first introduced this slide a year ago. We expect our biologics segment to continue to grow significantly faster than the rest of the company and represent approximately 50% of our revenues, potentially even sooner than our original 2024 target. The combination of organic and inorganic investments we're making in biologics is already delivering both revenue growth and substantial benefits to our customers and their patients. Please now turn to slide 13. Over the last few years, as I've said, Catalent has made transformative investments that have shifted our technology portfolio to even more innovative areas of drug development and manufacturing. Between fiscal 2016 to fiscal 2020, we deployed approximately $4 billion, including approximately $2.8 billion for acquisitions, which have already shown strong returns and have created a platform for high ROIC organic CapEx investments. Now, during that five-year period, our capital expenditures were nearly $1.2 billion. And in fiscal 2021 alone, we expect to deploy well over $500 million in additional CapEx investments. These investments will continue to be overwhelmingly weighted towards more growth buildouts in our biologics segment, which will substantially add to our long-term value creation. A notable portion of the 2021 CapEx spend includes the acceleration of future planned capacity to meet the elevated demand environment we're seeing now in our biologics and cell and gene therapy offerings, in part driven by the demand related to COVID-19. Now, since my presentation at this conference a year ago, Catalent has substantially strengthened our financial position, as shown here on slide 14. Our offensive balance sheet actions over this time have driven our net leverage ratio down from 4.4 times at the end of 2019 to 2.6 times at the end of our last reported quarter. During the year, we reduced our long-term net leverage target to three times from our previous target of 3.5 times and have operated below that for the last couple of quarters, so with a $1 billion cash position at the end of September, we're well-positioned to fund our internal growth initiatives. When you combine the large cash position with the fact that we're operating below our net leverage target of three times, we have a lot of firepower and flexibility should we need it for the right external target. I'll close my prepared remarks here on slide 15. Given our strong growth over the last year and continued robust organic growth expected for the remainder of our fiscal year, we're on track to meet or exceed the fiscal 2024 targets we first introduced at this conference a year ago. Those targets include $4.5 billion in revenue, half coming from our biologics segment, and 28% adjusted EBITDA, which is expected to be driven by an increased margin in the biologics segment once we move past the current capacity buildouts. Last year, we envisioned M&A playing a notable role in getting to $4.5 billion, and the subsequent moves we made on that front with the buildout of the Anagni facility that we had acquired late in the previous year and our entry into cell therapy through the acquisition of MaSTherCell, the acquisition of the Bone Therapeutics facility, have been and will be important contributors to hitting the 2024 targets. As a result of the robust organic growth we project for this fiscal year and the substantial capital projects already in the works, we believe that we can meet our 2024 goals without any substantial additional M&A. So any large M&A we may do in the near to midterm should be additive to these goals. Thank you. And Tycho, with that, we're happy to take any questions with the time remaining. Great. Thanks, John. I'll kick it off with a couple around just the near-term tailwinds. I mean, obviously, 2020 was a breakout year, spotlighting the vaccine vial filling and packaging opportunities in particular. As we think about the framework for 2021, you talked about minimal upside from COVID vaccines baked into the guidance, but you said 9%-11% from take-or-pay contributions. Can you just help us to mention the magnitude of the tailwinds you could see this year and in particular in the fiscal second quarter? Well, so first of all, certainly, we're benefiting from COVID-related vaccines and therapy work that we're doing. As we've said, with regards to the guidance that we've put out, we've already contemplated the take-or-pay that's within those contracts. If vaccines are approved and they're above the take-or-pay component, that could provide us some additional upside. I'd also say that we were seeing some headwinds from our SOT business in the first half of our fiscal year. We hope and we're starting to see some signs that that may abate in the second half of the year. As you know, the consumer health products saw a downturn as people just basically weren't getting sick with the social distancing and so forth, lack of travel. But we're starting to see some green shoots there that SOT may not have as challenging of a second half as it had in the overall in the first half. And then I would just say that the general pipeline and dynamics of our business just continue to be robust. So that's kind of COVID is kind of on top of that. And I'll see if Wetteny wants to provide any additional color. Yeah. The only other thing I would add, Tycho, is that keep in mind, given our fiscal year end in June, when you think about the calendar year 2021 volumes that clearly are just kicking off as the vaccines are getting approved, half of that calendar year volume is going to fall into our next fiscal year, which clearly will give guidance when we get to that point. But that's the only thing I'll just remind you of. And maybe on that note, what are you hearing about customers about durability as we think about 2022, 2023? I mean, are most thinking it's one and done on vaccine? Will there be a booster in three years? What's kind of the tenor of the customer discussions around the durability of the COVID vaccines over the next couple of years? You know, I think it's early days. There's not a lot of data. Sometimes there's conflicting data, right? We hear about someone who contracted COVID and then had the antibodies and got it again. We hear one-offs of that nature. So we don't yet really have the information to understand the durability. So as they continue to do the clinical trials through April and the rest of the year and then do the follow-on work, we'll have more information. What I would say is that clearly, with the number of people that need to get vaccinated, this is going to be an enduring effort. Certainly, I would say all the way through 2021 and likely into 2022. And then what could be additive to that is if this is a repetitive vaccine that needs to get year after year. So that remains to be seen. But what I do see in front of us, Tycho, is certainly work all the way through 2021 and likely spill over into 2022 as basically all of the companies out there with vaccines are going to be looking to vaccinate a larger part of the population. So we'll see what ends up happening. But 2021 into 2022, it's going to have some tailwind there. And then you highlighted in one of the slides a lot of the capacity additions, Bloomington, obviously, and then gene therapy at BWI and then in Belgium. Can you maybe just I think you alluded to acceleration of future capacity expansion in that slide? So can you maybe just talk about the priorities and where are the incremental investments going to be going over the next year? Yeah. So first of all, I'll remind you and everyone on the call here that the reason that Catalent really is in the pole position we are right now as a go-to company for COVID vaccines and therapies is that we made strategic moves and decisions over the last three and four years to put additional capacity in place. So when the pandemic hit, we had coveted assets, whether it was the acquisition of Anagni, whether it was the planned capacity expansion in Bloomington, the planned capacity expansion in Madison. However, when COVID hit, we actually had to pull in those capacity expansions. The line that we're going to be using for J&J in Bloomington was planned to come online at the end of 2021 when we were going to basically be dovetailed, being at max capacity for our existing pipeline. So we pulled that in by literally almost a full year. In addition to that, once that line got allocated for that work, we still needed another line. So we have invested another $50 million for yet another line in Bloomington that will come online in April. And then we're going to continue to build out in our Anagni facility with some additional CapEx there. So all told, I'd say we have significant CapEx that's going to continue to go into drug product and drug substance. Let's also remember that we had a significant expansion already going on in gene therapy where we had 10 suites coming online from previously announced CapEx there. We just announced another five suites that will be putting in. I would say biologics across drug substance, drug product, gene therapy, and cell therapy are really where the bulk of our capacity expansions are happening. A lot of those in the drug product and drug substance are the ones that we had to pull in. The final comment, and I know I'm getting a little long-winded here, but the final comment that I'll make is that that was capacity we already needed for pipeline that we had. What we're doing in COVID, we're kind of threading the needle a little bit here between capacity for our existing customers and the capacity for COVID customers. But as COVID wanes in the future at some point, that's capacity we need for that for existing pipeline for the growth that we see. And in terms of managing the non-COVID work, I mean, there was a press release from Horizon, and we had a number of questions around that. Was that kind of a one-off, or have there been other cases of customers kind of pushing it back to you and having to kind of go bring it in-house? Well, so we're in a certain situation in Bloomington where we do have products there that are given government-rated orders. So they're given priority as part of the Defense Production Act and so forth. So it has been a challenge for more than one customer as we juggle allocating that capacity for the rated orders versus the work that we have there. But as I stated, we also have additional capacity coming on in April. So we're talking really about a three-to-four-month period where we're going to have to really juggle a little bit with capacity in Bloomington and then see our way clear, I think, with the new capacity coming on in April to abate that capacity gap. Got it. How about adding new capabilities? People have asked us beyond viral vector and cell and gene, would you look at plasmids? Would you look at RNA? How How easy would it be to kind of add these capabilities? Well, so look, when we bought Paragon, literally one of the first strategic decisions we made was to, we have the capability to do plasmids. We're going to do plasmids. So we're executing along a strategic plan there. Certainly, there are large suppliers to the plasmid industry, but they're all at their capacity limits. It's been a problem getting plasmids and gene therapy. So if alone we could just supply our customers with plasmids for the gene therapy work we're going to do there, that would be terrific. We're looking at other areas like, obviously, with two products being approved from an mRNA platform, we see nucleic acid-based therapeutics also being an extremely interesting area that, again, Catalent already has, I would say, mRNA 1.0 in our capabilities. It's just, where is that going to go from a 2.0, 3.0 standpoint? Catalent is really, I would say, compared to 10 years ago, now the level of partnering, licensing, and IP work that we do to bring in new novel technologies and modalities is substantial. And there's significant growth areas in these novel new modalities that Catalent is going to participate in. As I said in my presentation, if you go back 15 years ago, Big Pharma was working with three to four different modalities, if you will, technology platforms for their drugs. We sit here today, there's about eight. We think there could be more than a dozen going out five years from now. So one of the things that's really driving the growth of the CDMO industry, as I've also mentioned, is that these new novel modalities, they have a higher level of complexity. A lot of it is being driven by the small biotechs. And that's why it's coming to the CDMOs, because they're wanting to partner with us both from a technology standpoint and a manufacturing capacity standpoint. And there are more modalities like gene therapy where it's outsourced at 67%, right? And it's probably going to go to 75%. So I think the push into a lot of these more new novel modalities really bodes well for continued expansion in outsourcing for CDMOs. I would say the other things to keep in mind, in addition to the newer modalities, are on the protein and nucleic acid side, our drug substance capabilities and capacity are solely in the U.S. And so we would look at potentially European footprint in that arena as well. And then non-biologic assets where we are also deploying capital. For example, Zydis Ultra, which is one of our, I would say, premier franchises within our OSD business. We're in the midst of an expansion there as well that will tap into bigger drug loading into that platform. John, you mentioned the 67% outsourcing for cell and gene therapy. How do you feel about capacity in that market? We've heard about private equity trying to retrofit old pharma facilities and upgrade. I mean, do we run the risk that you're going to see a lot of capacity come online in the next couple of years, and that could change the dynamics? Look, I think capacity will continue to come online. But we've done some, I would say, novel work in this area, understanding the capacity requirements for gene therapy. And without getting into all of the data that we've gone through and the work that we did with an external consultant, if you can take a look at the 2027 timeframe and just have modest assumptions about gene therapy approvals, there's just not going to be enough capacity, no way, no how. So I think when we're a very disciplined company as it relates to M&A and CapEx, and when we put substantial dollars to work for CapEx, we've done our homework. And so even when you take a look at our most recent announcement, which was five additional suites, we were planning something much more substantial. And they still do that. But with the work that we did, we were able to actually get something done sooner with less risk, lower cost than the bigger thing that we were looking at. So I think you'll always see Catalent putting in the right capacity at the right time ahead of the demand. But you're not going to see us. There's a lot of announcements that were even coming out last week from folks literally spending $1 billion on drug substance capacity. You're not going to see that from Catalent. We're going to continue to provide what we do in the areas that we want to play. But I'm not concerned that from a gene therapy standpoint or a biologic standpoint, we're ever going to get in a situation where our capacity is underutilized or not needed. I mean, in drug substance, when we complete all of our drug substance CapEx expansions, we're going to have somewhere between 25 and 30 thousand liters of drug substance manufacturing capability. I mean, that is a very, very small amount in an industry where we have competitors that have 250 building up to 450,000 liters of drug substance capacity. So there will always be a need for Catalent's drug substance manufacturing. And there's a certain niche area, the sub 5,000-liter products that we go after. Got it. I have one that came in over email, which was just back to the discussion around Horizon and some of your customers being impacted by diverting manufacturing away. When do you expect those supply constraints to be fully resolved? Look, we're dealing with it on a regular basis. As I said, we have another line coming on in April in our Bloomington facility that should have a significant impact. The other problem, obviously, is in our Madison facility where we also have a rated order there. That one will be a little bit more challenging, and we'll probably have to work a little bit, hopefully, with OWS and our customers to kind of manage that in the interim. Got it, and then I'm sorry to hop around, but back to cell and gene therapy. How should we think about the capacity additions being at risk, or are customers willing to subsidize some of that? Are they paying a premium to lock in capacity now? How do we think about kind of the dynamics, given how early we are in the market? Yeah. So sure. So I would tell you on the cell and gene therapy front, we're not at the same state as we were from a gene therapy standpoint. It's a lot earlier in the cycle. So you're not having people jumping at your capacity. But what I can tell you, again, back to Catalent, is that we know the pipeline that we have. We have probability weighting on that. And based upon that pipeline and the business that we've done over the last year since acquiring it, we absolutely need the manufacturing facility that we're building out in Gosselies for commercial. It's the reason that we bought the Bone facility. It's the reason that we built out the Houston facility. So those are done without capacity reservation. As I said, we're earlier in the cycle. But I will tell you that those are built with very strong understanding of the pipeline and customers that we have that will be using that capacity. So as we always said when we acquired MaSTherCell, that we acquired this earlier in the cycle, that we didn't expect to have meaningful revenue and EBITDA for the first several years. But we'll see that accelerating kind of as we get into year four and five. I think just a reminder, one of the core, I would say, principles of our business model is we tend to be highly diversified products. And we don't tend to deploy capital that's hinging on a binary event for a single program. If there is a product that's in our pipeline that's anticipated to need significant capacity, we tend to enter into different terms with our customers where they are essentially having a take-or-pay type arrangement with respect to that so that we're not deploying capital that's tied to a binary event. And I think that's an element you continue to see in Catalent, whether it's on the newer modality areas or in the traditional areas where we operate across the network. And then maybe one more comment with respect to capacity. As John already mentioned, what we're doing with respect to Bloomington, Madison, but also across Anagni, we have capacity expansions in the molecule, virtually every facility across our biologics business. So as we have very short-term, I would say, tight supply only with vials, quite frankly, with respect to our biologics business, we, of course, look at the lens of patient-first to minimize any disruption, whether it's a clinical program or commercial program. And then we work with our customers to minimize that. And as John said, we have capacity that's already in flight to be coming online very soon. Great. I want to hit on just a couple of other business areas. Oral specialty drug delivery, you had a great 2020, up 14%. It took a bit of a step back in the first quarter of 2021. You talked about pandemic-related disruption. How do we think about kind of the gives and takes for that business going forward? Yeah. John mentioned already that in our SOT business, we see a weak first half with some rebound in the second half. But that business will be below its long-term growth rate for the current year, following a very, very strong year where the business delivered organic growth that was more than double what we expect the business to do in the long term. So very confident around the pipeline there. As we are with OSD, which you mentioned, in OSD, we see actually the back half having a fairly strong and difficult comp to last year, the back half where we saw a significant launch in the prior year. But our confidence in that business, again, given 200-plus development programs, I mentioned Zydis and Zydis Ultra, where we are deploying capital to increase the drug loading in that franchise, etc. We're very confident in the business's ability to grow within the long-term growth expectations that we have for OSD as well. And then to round it out on CSS, you had a strong start to the year there as well, up 8%. Obviously, a lot going on in manufacturing, packaging services, and storage and distribution. Can you just talk about how you see that business trending? And are you making any investments there on kind of the storage and distribution front around the vaccine rollouts? Yeah. So I'll take this and see if John wants to add anything on CSS. Clearly, CSS is a business that has high growth rates for us. We enjoyed. We really appreciate that even through the pandemic, new business wins have remained at relatively high levels. While there were some disruption related to the pandemic in terms of clinicals' distribution activity, we continue to see strong manufacturing and packaging activity, and certainly storage as well. CSS is participating in some of the pandemic-related clinical trial activity as well, and lastly, as you mentioned, in terms of investments, you may have seen that we announced an addition to the business with respect to Japan in that market to tap into that more. It's a very robust market there, as well as in fact the entire Asia-Pacific region, including in China, where we've made investments in the last three to five years. We continue to see really good, strong growth in that region as well for us, so very pleased with the CSS business. It is the smallest of our four segments, but we really like what we're seeing in the business across the long term. Maybe, John, you touched on capital deployment. That was leveraged. I think it was 2.6 turns at the end of the fiscal first quarter. Talk about your appetite to do bigger deals. It sounds like you could maybe be looking at something more material. How do you think about the capital deployment framework? Well, I want to just make a couple of points here. One is I wanted to stress that with our 2024 guidance, if you will, of $4.5 billion and 28% margin, with the growth of the business and the acquisitions that we had done through MaSTherCell, Anagni, and the buildouts, we don't see the need for significant M&A to get to that $4.5 billion target. So anything that we do is going to be additive to that goal. That's number one. Two, I would say that certainly we've got firepower now, right? So we've got a long-term target for our leverage ratio at 3. Certainly, we would stretch up a little bit from that. And we're currently sitting at 2.6. And we have a lot of cash on the balance sheet. But I can tell you that right now, our organic investments through CapEx are the best game in town from an ROIC standpoint. And then from an M&A standpoint, we have a pretty robust deal funnel. But there are smaller deals that are going to be additive to our capability and our capacity that, again, once we bring them in, like a Paragon, like a Bloomington, like a MaSTherCell, we get to scale them up. So that's really where we like to focus, which is our strategy, getting the right assets that we can then scale up. We're not a synergy buyer, right? We're a growth buyer. So we buy stuff. We scale it up. And you saw what we've done with Bloomington, with Paragon. We're going to do it with MaSTherCell. We're doing it with Anagni. I mean, Anagni might end up being one of the best ROICs that we've ever best NPVs we've ever had, and certainly best IRRs. So we'll continue to do deals. It's in our DNA, but it's to fill out our strategy. But it's not. We're not in the hunt for something big. We don't need it. And we get great returns from deploying our own cash into CapEx for things that we buy. Great. I think we're going to leave it at that. We're out of time. I appreciate you doing the presentation today. Excellent. Good to see you, Tycho. See you later this evening. Yep.