Perfect. Hello, everyone. Thank you for joining us. This is Casey Woodring from the Life Science Tools and Diagnostics team here at JPMorgan. I'm pleased to present Rainer Blair from the Danaher team. Today will be your normal session like the rest of the day, 40 minutes. The first 20 will be focused on the company presentation, followed by 20 minutes of Q&A. During Q&A, if you're joining us via webcast, feel free to submit your questions through that Q&A function online. For those of you in the room, if you have a question, please raise your hand. We have mic runners throughout the room. With that... Thank you. Thank you, Rachel, and thank you to JP Morgan for hosting us today. Hello to all of you. It's great to see so many of you again in person, and of course, also to those of you that were connected via the webcast. It's great to be here. Before we get started, please have a look at our forward-looking statements advisory. Please feel free to review that at your convenience. Before I get started, let me give you a quick overview about what I'll talk about. First, I'll give a quick current update on the fourth quarter, and then I'll talk about our separation of the environmental and applied solutions separation, where, you know, we see ourselves creating a great deal of shareholder value. Then, I'll talk about Danaher's positioning post the EAS separation in 2024 and beyond as a science and technology leader with a focus on human health. The fourth quarter exceeded our expectations. You may have seen our announcement from yesterday after the close of the markets. We highlighted our fourth quarter, that very strong finish to the fourth quarter in 2022, culminating in what was another tremendous year for Danaher. In the fourth quarter of 2022, our estimated core revenue growth was up high single digits, and that's versus a guide of flat to slightly negative. We had high single-digit base business core revenue growth, and that was as expected. Then we had better than expected respiratory testing revenue at Cepheid, with that coming in at over $1 billion for the fourth quarter. At the same time, we expect strong earnings and cash flow with adjusted operated profit margin exceeding our prior guidance. If we switch to EAS, our separation teams are in play, the work streams are progressing well, and we expect to separate EAS by the fourth quarter of this year, 2023. Just a great quarter and a great way to finish 2022 for Danaher. As we think about the EAS separation, keep in mind that for both Danaher and EAS, the separation allows both companies to reach their full potential as separate and public companies. We couldn't be more excited for the teams about the opportunity and under the leadership of Jennifer Honeycutt, will be the President and CEO of the new public entity. In fact, Jennifer has been with Danaher for over 20 years, is an exceptional DBS leader and highly experienced in M&A. The business she will be running is, as shown here on the left, it's an outstanding $5 billion lineup of the leading franchises in the most attractive areas of water quality and product identification. In fact, what you have here are razor blade business models with specting consumables supported by strong secular growth drivers, and in aggregate, a highly differentiated ESG positioning. On the right, you'll see our anticipated long-term performance of mid-single digit core revenue growth, recurring revenues of over 50% and adjusted EBITDA margins of 25% with very strong cash flow. Of course, now EAS will have the ability to deploy that capital with a bias towards M&A with meaningful cash deployments. At the same time, EAS, of course, will maintain at its foundation the Danaher Business System and a commitment to continuous improvement with the strong execution that we have seen for a decade + and the resulting market share gains. If you bring all this together, fantastic franchises, differentiated business models, fantastic ESG positioning, the ability to deploy cash to M&A, we see all of that driving tremendous shareholder value creation. If we fast-forward, post EAS separation to Danaher in 2024 and beyond, how are we positioned then? Well, let's start off with the fact that we're changing our segmentation of the business. We're extracting the biotechnology business from what is now then the legacy life science businesses, and you'll have 3 segments, rather than 2 and of course, EAS in this time period would already be a separate public company. What you see here is that over the last years, we have dialed our portfolio into the most attractive end markets in biotechnology and life sciences and of course, in diagnostics. Together, this has re-rated our growth higher to high single digits. That's so important. At the same time, you see that that growth is balanced across the three segments. Let's have a look at those. In biotechnology, you've got nearly a $9 billion franchise anchored by the bioprocessing business and growing at high single digits long term. If you look at the life sciences business line up here on the bottom with the logos, you can see those incredibly strong life science instrument companies. In addition to the very strong genomics businesses, $7 billion of revenue, once again, growing at high single digits. You look at our diagnostics businesses. Here you're talking about an $11 billion segment that just in 2019 was six and a half billion dollars. These businesses are aligned on the most important secular growth trends in diagnostics. Let me give you some examples. For instance, the under-penetration of molecular diagnostics at the point of care. Cepheid is the gold standard, with the largest installed base by a long shot, the deepest and widest menu in the world. When you think about the fact that we continue to invest every day in expanding that installed base and expanding the menu, that's just an outstanding positioning. I'm sure you've all heard about the trend of healthcare decentralizing and moving outside of the core treatment centers, while at the same time, the automation of workflows to address the skilled labor shortage. Well, all of our diagnostic operating companies cover these trends, but particularly Beckman Coulter Diagnostics. When you bring all this together, 2024, so post the EAS separation, what you have is a more focused, faster-growing, $26.5 billion science and technology powerhouse that's focused on human health. Now, also in 2024 and beyond, our businesses will be united by a common business model. These are razor razor blade business models in mission-critical applications with spec-ed in high-value consumables. If you look to the right here, you see in 2024 and beyond, 80% of the revenue is recurring, up significantly from years past and also significantly reducing our cyclicality. At the same time, the customer intimacy we have developed with these mission-critical applications and the frequency of the interactions associated with these more consumable-oriented businesses, this has allowed us to inform our innovation engine. This allows us then to deploy our proprietary solutions at higher margins, certainly, but also for share gain. When you bring this all together and you think about these attractive end markets, these leading franchises, the power of the Danaher Business System, you can see how we bring lasting leverage to our growth and earnings trajectory. I mentioned that I would talk a little bit more about the biotechnology business, specifically, bioprocessing, the anchor asset in that new segment. The reason I wanna do that is because, of course, the acquisition of Cytiva has done so much to differentiate our capabilities there. It's also just such a great example of how Danaher creates value through scaled capital deployment. This is a three phase process for us, this acquisition. I have to tell you, it starts with the team. I can't say enough about our Cytiva team. They are innovative, they are motivated, they are highly qualified, and they are totally dedicated to our customers and patients. It is with them and with that level of capability that we've been able to pull off this extraordinary acquisition. Let's start with phase I, which is the carve-out, where we exited over 200 transition service agreements. We hired, trained, and deployed to the point of impact, 3,000 associates. We launched a new brand, which is already in the top echelon in terms of brand recognition in our industry. When you move to phase II, which is, you know, stand up and operate. Phase I, carve out, phase II, stand up and operate. You can see that our Cytiva team embraced the Danaher Business System, ran over 400 manufacturing kaizens. Important, of course, to improve productivity, but also to increase our capacity during the critical time in the pandemic. At the same time, meaningfully improve the customer-facing metrics here with on-time delivery. In parallel, we continue to invest in the business over $1.5 billion in capacity expansions. I'll talk about that with more detail in just a second. By way of example, you can see here, we've more than doubled the capacity of our single-use technology business. You may know that that's one of the fastest-growing segments within bioprocessing, and that we're the largest player in single-use technologies as well. That's the standing up and operating part, but how are we doing financially? If you look to the right here, I think the financials speak for themselves. First of all, we have more than doubled the sales of the business since acquisition. Keep in mind, we closed this acquisition at the beginning of April of 2020. At the same time, we've been able to improve our competitive positioning, allowing us to re-rate our long-term growth expectations of the business from what was originally 6%-7% to now high single digits. I think the return on invested capital says a lot. This is double-digit return on invested capital in such a short period of time. Frankly, exceeded all of our expectations. Let's move on to phase III. What's that all about? Well, phase III is to bring together Cytiva and Pall into the biotechnology group. This is the premier bioprocessing business in the world. It's unmatched. It has the broadest portfolio and the deepest portfolio across the bioprocessing workflow. When I talk about broad, what does that mean? Well, it means that we can essentially provide you any individual product you might need to produce your biologic therapies, but we can also provide you the end-to-end solution. If you need us to build a plant with the clean rooms around it in the building and the IT infrastructure to run it properly, we can do that too. What do I mean when I say the deepest portfolio? Well, the deepest portfolio is all about the number of modalities that we can address to meet the here and now, but also to the needs of the future. For example, of course, we're leaders in protein therapeutics, so monoclonal antibody-drug conjugates, bispecifics, and the lot. Also in nucleic acid therapy. Gene, cell, mRNA, oligonucleotide, CRISPR-Cas9. We can provide the individual as well as the end-to-end solution to be able to develop at lab scale up for clinical trials, and ultimately produce at GMP quality levels for commercialization. That's unique. Now, we bring together what I consider the best and brightest and the best trained commercial and technical service teams in the world. I'll talk about the scale of these efforts in just a second. The mission of this team is only one, to ensure that our customers have the best customer experience through the entire development cycle. From R&D all the way through to commercialization. Now, with the insights that we have in these mission-critical workflows, with the breadth that we now have in the portfolio, we are ultimately able to help our customers achieve that which they ultimately care about, which is the best quality. The drugs need to be safe. Quality is how that is characterized. The highest yields of the process. We want these drugs to find higher penetration and meet the patient's needs around the world. That means we need to have the highest yields so that we can also deliver the lowest cost of ownership. That's what our innovation is. That's what our teams are focusing on every day. If we look a little bit further down here, we're investing, of course, in capacity expansion. I mentioned that earlier. That, of course, is important to meet the needs of the day and of course, the needs of tomorrow. As important in this industry is supply security. We are able to now deliver that supply security in-region, for-region in all the major regions, including having redundancy from the supply chain, to ensure that we can address worst-case scenarios, some of which, you know, were arriving here during the pandemic in our industry as a whole. We have made those investments, we continue to, and we help to simplify our customer supply chains. We also, of course, continue to invest organically in the business. We've launched myriad innovations, as I've mentioned, to improve the productivity of the processes, to improve the titers through the cell lines and cell culture media formulations that we deliver, and any number of other examples. At the same time, we continue to invest inorganically in this business to round out our competitive capabilities and our offering to our customers. Just to give you a couple of examples here, we have acquired Precision NanoSystems. These are smaller companies with big technology that allows us to deliver lipid nanoparticle capability to our customers. All of you are familiar with lipid nanoparticles because that's what envelops nucleic acid vaccines such as mRNA. That's what allows you to absorb the mRNA into your body and ultimately your cell. aseptic fill finish capability with the acquisition of Vanrx. Important with the sensitivity of nucleic acid therapeutics to have that aseptic capability, fill finish capability in our organization. By way of my last example here, stable as well as transient cell line capabilities, so the cells that ultimately produce, for instance, a gene therapy, either transient, that's one type of technology, or stable. Critically important to the future of these nucleic acid medicines. Here you see what we mean by scale. Over 16,000 associates in over 40 countries around the world, jumping out of bed, if you will, every morning, looking to help our customers get those therapeutics to the patients in need around the world via 36 global manufacturing sites. This is what I mean about scale capability in-region for-region, manufacturing in order to shorten supply chains and lead times, simplifying them from a complexity perspective, and then ultimately providing unrivaled supply security. As importantly, over 20 R&D and innovation centers. Where we are working together on a daily basis with our customers, not just to meet the challenges of the day, of course, but also to understand the opportunities of tomorrow and the day after in innovating the next level of solutions. You look to the right, you see the investments and several, you know, like I said, $1.5 billion here in all the major product lines, certainly improving capacity, more than doubling capacity, but also slashing our lead times for competitive advantage, and once again, to be closer to our customers. At the heart of world-class execution at Danaher is the Danaher Business System. This is how we operate. This is how we execute across our businesses, all the operating companies. That will be the case for EAS in the future, as well as it is for Danaher. In blue, you see our core values and our shared purpose, helping realize life's potential, which is the basis for over the competitive advantage, sustainable and differentiated, that we have refined over decades. The Danaher Business System is not just a collection of tools, it's a culture. It's who we are, and it's how we do what we do. It's why we're different. Let me give you some proof points. I mentioned that I'd talk about the life science instrument businesses. On the right side, you see here from 2012 to 2016, those businesses were growing in the low to mid-single digits. We applied here the power of the Danaher Business System to a group of businesses in very attractive end markets to sustainably improve our innovation processes. On the left, you see examples of that, the Problem to Portfolio tool that SCIEX deployed to better understand the most material and critical pain points of our customers, resulting in the launch of the 7600 ZenoTOF. You're all aware of the importance of proteomic research. The 7600 ZenoTOF identifies and quantifies more proteins than any other platform in the world. The 7500 Triple Quad that was launched in parallel is the most sensitive mass spectrometer, allowing for far better bioanalysis in the ultimate development of drugs. This has resulted to 40% of SCIEX's growth attributed to new products, you can see a sustained improvement in growth from mid to high single digits on the right. You think about Beckman Coulter Life Sciences launched over 30 products since 2018. That's an order of magnitude more than the equivalent prior period through using the Accelerated Product Development tool. Lastly, this is one I'm super excited about. Of course, I'm excited about all of them, but super excited about the improvement here at Leica Microsystems. When you launch a breakthrough in life sciences, a critical factor is how quickly will it be adopted. Scientists, understandably, are very conservative, it's so critical to be able to, after launch, have, you know, a high adoption rate to accelerate your growth. We developed a product, Launch Excellence tool here, Leica Microsystems launched a product called Mica, and it's a microscope that combines wide field microscopy with confocal microscopy in a form factor and price that allows principal investigators to do high-resolution live cell experiments in their own lab, as opposed to having to send those cells to the core lab with all the trouble you can imagine that's associated with that. We've had an extraordinary uptake of this amazing breakthrough. It's of course increased the size of the market by now bringing these solutions to principal investigators versus the fewer core labs. You can see an increase in revenue of over 40% in new products the last 3 years. You can see the power of the Danaher Business System to sustainably improve processes and growth in this example in the life science instrument group. It's one of the reasons why this business has been growing so strongly here, including the fourth quarter here of 2022. Let's switch gears and talk about sustainability. It's so important. It's getting more important every day. As a result of that, it's of course also a priority for Danaher. We define our sustainability activities along 3 categories: team, innovation, and environment. You can see that down the middle. As you likely saw, one of our core values is the best team wins. For us, building the best team means building a diverse team. More resilient, more innovative, and more motivated. As such, 75% of our recent hires are diverse. If we look at innovation, of course, innovation, as I just spoke about, is central to our business. It's what we do to help improve lives. We also wanna help improve the planet here. What we've done is we've integrated sustainable design practices in our R&D processes. We've upped our R&D investment by 30% to have an outsized impact here as well. Lastly, if we think about the environment, we've signed up for over 50% reduction in greenhouse gas emissions, not by 2050. By 2032, concrete steps to deliver real progress in greenhouse gas emissions by Danaher. If you're interested in hearing more about our sustainability journey and the progress that we're making, we've just published our Sustainability Report 2.2 in the fourth quarter, and you can download that from our website. Let's bring it all together. What does all this mean? Once again, post the EAS spin in Danaher, 2024 and beyond, we are re-rating both our growth as well as our margin profile higher. Our growth from mid-single digits + to high single digits. If we look underneath the hood, how is that? Well, here you see it, the scale leading franchise in bioprocessing, $8.8 billion, the combination of Cytiva and Pall growing at high single-digits. The gold standard at the point of care for molecular testing, which will represent more than 10% of Danaher, growing low double-digits. You have our excellent genomic franchises growing well into the double-digits and are very strong, and I just talked about those life science instrument clinical diagnostics businesses growing at mid-single-digits +. You bring all that together, that's your high single-digit growth rate, and we've re-rated our fall-through from 30%-35% to now 35%-40%. You couple that with our very strong free cash flow conversion, you channel that to capital allocation with a bias to M&A, you see why we're so confident in our double-digit + EPS growth trajectory and the power of the compounding returns that that implies. To wrap up once more, just the key takeaways. Post the EAS separation, think 2024 and beyond, we have differentiated positions in the most attractive areas of biotechnology, life sciences, and diagnostics. We're enhancing our growth trajectory and long-term competitive advantage every day through investments in innovation, in capacity where appropriate, and M&A. Lastly, we have re-rated both our long-term growth and margin profiles higher, driven by the power of the Danaher Business System. With that, thank you. I think we have some time for Q&A. Yes. Over to you, Casey Woodring. Perfect. Thank you. As a reminder, if anyone does have a question, feel free to raise your hand, and we will have a mic runner come to you. First off, congratulations on the pre-announcement. High single digits core and then high single digits base business, well above expectations. A lot of that was driven by respiratory season and the outpace growth at Cepheid. Just wondering if you could walk us through, were there any other businesses that grew, you know, above your expectations internally? Bioprocessing is obviously an area of interest for most of us in the room. Can you walk us through what were some of the trends you saw in bioprocessing? Sure. I mean, we're just closing the books now as you can imagine. I think I can give you some color here. First of all, I would tell you that bioprocessing grew as expected. We closed the year at high single digits growth, which is something that I've been communicating as our expectation, and that's where we are. We think about our life science instrument group, it grew in the high single digits with some of the operating companies that you just saw well into the teens. The fleet average in the high single digits also as expected, very strong growth. We move to diagnostics briefly. Here we saw, of course, Cepheid crushing it with the BEAT. Also we saw our Leica Biosystems and Radiometer or businesses growing into the high single, low double digits. Lastly, Beckman Coulter Diagnostics. There we did see the impact of the China reopening with an impact on patient volumes, but really at the margin. In aggregate life or diagnostics, of course, together with Cepheid, outperforming our expectations. Great to hear. A A really strong performance- Sure. Across the board there. Maybe just to get into some of this bioprocessing dynamic. Specifically, you laid out recently a range of outcomes for that non-COVID bioprocessing heading into next year. You said it could either be in that high single-digit to low double-digit range, which is that longer-term growth profile that you historically pointed to, or it could grow, you know, mid-teens in line with the 3-year CAGR that we've seen just off the robust growth we've had in recent years. You know, first off, can you give us an update on what you're seeing from the destocking dynamic at some of those COVID customers that had bet big on COVID and that market just hadn't come to fruition? You know, how are those conversations translating into where you're thinking bioprocessing will shake up on 2023? Regarding the stocking dynamic in bioprocessing, I think we've talked about the fact that we actually didn't see broad-based inventory builds, you know, across the breadth of the bioprocessing market. Where we have seen them, it was related to larger players with larger COVID-related, so think vaccines or therapeutics, programs that ultimately either didn't come to fruition or the update, as you can imagine, with some of the vaccine uptake that we've seen relatively low, simply didn't generate the volumes. What we're seeing there is that these customers with whom we are in a dialogue with regularly, are starting to burn down, those inventories because they are applicable to other programs that we have. That is going as expected, and we've talked about that taking a couple quarters, and I think that's our view there as well. As we think about the non-COVID business, just back to the fourth quarter, we saw that growing 20%+ as well in the fourth quarter. What we're doing right now, and this is that time of year for us, so it's not unusual. We're in a dialogue with our customers, nailing down with them their production plans for 2023. Those roll-ups are in process. The team is working it as we speak. Actually, I'll be updating all of you here during our earnings call on January 24th. Just a couple of weeks away here on where all that shakes out for 2023. Great. Maybe just spending a moment here on COVID vaccines and therapeutics since we're kind of touching on it already. Can you just talk to us about were you able to hit that $800 million in COVID revenues for vaccines and therapeutics this year? How does that translate into your confidence for that $500 million lapse or for the upcoming year? Obviously, that's been a bit of a dynamic market. What gives you confidence that you're able to reach that $500 million next year? First, we did hit the $800 million, slightly more, in the COVID business and bioprocessing for 2022. We today are talking about the $500 million number for next year. We are, as I suggested a minute ago, in dialogue with our customers today regarding their production plans in order then to come to a final perspective on 2023. We'll share that here in a couple of weeks. Perfect. There's been some questions on this pharma and biotech pipeline, just given funding concerns, you know, mAbs, biosimilars as well. You flagged during your Analyst Day this fall that you expect mAbs to grow double-digit CAGR the next five years, then for biosimilars to increase 20% from 2022 through 2027. You know, can you talk through some of the data points and what gives you confidence that long-term funnel that you're gonna be able to support long term? Sure. I mean, if we start with the funnel and let's say, monoclonal antibodies, the number of projects in that funnel has increased by 50% here, in the last, you know, 5 years. This is a product class which is now, you know, in its 25th to 30th year, efficacy and the understanding of these molecules has increased so much over the years that we continue to expect that pipeline to progress through the various clinical phases ultimately be commercialized. Monoclonal antibodies are here to stay for the long term, are a real growth driver. Of course, they're by far the largest segment or modality in the drug development pipeline, that's what gives us the confidence to do that. Of course, some of the investments I shared with you today are essentially catalyzed by our confidence in that funnel. If you think about the, you know, next generation drugs, gene and cell therapy, mRNA, and of course, you know, gene editing with CRISPR-Cas9 and so forth, those are in their early stages. It's a relatively small market. We see that the development funnel has increased by an order of magnitude, so 10x, in the last five years. We see these projects progressing through the drug development phases and sometimes at an accelerated rate. Hopefully in the next year here, we'll also hear about additional approvals in those drug classes. Those also, not only inspire us in terms of what's possible in terms of curing patients, but also in terms of the health of this business as the critical mass of those therapies picks up here over time. Helpful. you know, maybe shifting over to some of this instrument strength that we've been seeing across the sector. Can you just give us an update on how you're thinking about that instrument market? The acceleration that we saw this year, was a lot of that just underlying market growth? Was some of that share shift? Then how do you see that translating into 2023 as the comps get, you know, much more difficult? Sure. As we think about 2022 as a starter, it has been a strong funding environment. There's no question that the market overall is very healthy. We, in particular, have been able to benefit from this. I just talked through some of the innovations that we were able to launch. Together with this healthy funding environment, our very strong growth and we think share gain is based on the new product development cycle on top of that. As we get into 2023, as you can imagine, I'll talk to you more about that here in a couple of weeks, right? You know, we continue to believe that we're in an advantaged position there. Maybe shifting over to China. You mentioned during your earlier comments about Beckman having a little bit of a headwind there. Can you just talk to us about what you're seeing in the China market as a whole? You were able to really grow in 2Q despite lockdowns. Yeah. A bit of a different scenario with some of the outbreaks that we're seeing, especially on the personnel side. Can you walk through what that means from patient volume perspective, and just your ability to be, you know, successful and grow in China in the near term here? Sure. Sure. First of all, as difficult as this situation is in China for the people in China, one has to, you know, really feel for what's going on there. you know, ultimately, this is going to result in a more robust growth outlook for China, which we continue to be very positive on. We do view this as a phenomenon which may take a quarter or two quarters in order to shake out. What we have seen, and even into the fourth quarter, for instance, our life science instruments business continues to be very strong. Stepping back from what is a turbulent but we hope brief time here in China, we expect the markets perhaps even to release pent-up demand in the second half of 2023, that's unclear at this stage. In the long term, we remain bullish on China. The needs of the Chinese population from a healthcare perspective, we're just scratching the surface there. We expect China to be a growth market for the long term. Helpful. In terms of your long-term guide, obviously this portfolio has gone under a significant transformation in the last decade here, with Fortive and then with Envista, you know, acquiring Aldevron, Cytiva, and then better position diagnostics franchise coming out of the pandemic as well. You guided to high single digits long term. That's post-spin EAS. Some of your peers have also guided to high single digits, but that's inclusive of some of these lower growing businesses. Can you kind of talk through the dynamics there, and then what would it take to really push Danaher into a double-digit growth scenario over the next few years? Well, first of all, you know, we believe really when we talk about long term, we're not talking about 3 months, 6 months, 12 months, right? We're talking about 3, 5, 7 years. We think that high single-digit growth at the scale of the businesses that we're talking about is the sweet spot in terms of how to think about that long term. Can we imagine years that might be stronger? We can, absolutely. Will there be years perhaps when the step is taken back? That could be too. We do believe in the long term that a high single digit growth rate for a $26 and a half billion franchise, is a significant vote of confidence in the strength of the portfolio, the differentiation of those businesses and the power of the Danaher Business System. Great. Kind of going off of that, obviously this is not your first time spinning out a business. Can you just talk about what did you and the rest of the management team really learn from spinning off Envista and Fortive? How will those learnings really impact the EAS spin? Well, there's been a myriad of learnings, as you can imagine. We have developed quite a bit of capability here in terms of the standard work. So if you will, the standard operating procedures that you go through in order to efficiently and appropriately be able to separate a business like this. And I'll tell you, the biggest equation, as you can imagine, besides tax and behind, you know, besides all these other important details, is the talent, right? So we have really learned how to ensure that our talent sees the opportunity of the separation. You can imagine some meet this kind of news initially with some trepidation after having been long-term Danaher associates. When they recognize that the future, where they are now positioned really as a differentiated business with such a strong ESG profile, an attractive set of franchises, and the ability to deploy the cash flow that they generate, not to life sciences or diagnostics, but to their own businesses, is an incredibly attractive proposition to them. If I had to summarize the biggest learnings and underline it three times, it's make sure that you communicate well to the talent, the opportunity, not just for the business, but for them as individuals. Then you see the great leadership that we've appointed there to be the President and CEO with Jennifer Honeycutt. That's what we've done in each one of these separations, and that has been, you know, incredibly important. Perfect. That, we are out of time. Rainer, thank you so much for joining us today. Really appreciate it. Thank you, Rachel. Thanks, everybody. Good to see you.