Good afternoon. Thanks so much for being here. We'll save the best for last. We have the team from Fortive, and Fortive is going to be spinning off its Precision Technologies segment as Ralliant by the end of the second quarter. We have Tami Newcombe, the CEO-elect of Ralliant, the spin off here with us today. We have Jim Lico, Fortive CEO, and Mark Okerstrom, Fortive CFO. I think I have everybody. You do. Yeah. We are going to have, we're lucky to have both management teams on stage. I have a set of prepared questions. Thank you. First of all, thank you so much for making it here. Great to be here. We really, really appreciate it. Maybe, I sort of, the questions, you know, Ralliant questions and Fortive. However you want to do it. Yeah, I'm going to start with the Ralliant question to Tami. Sensors and safety makes up, what, 56% of revenue. Can you walk through what you are seeing in the key end market of sort of utilities and DE and broader industrial? Yeah, thanks. Thanks, Andy. In sensors and safety systems, there's a couple ways we think about the business. There's two really strong growth factors that we've seen, multi-year growth factors that we expect to extend for the coming years. The first being in the utility space, where there's two things going on. There's an expansion phase going on where there's more demands for electricity than the utilities are able to keep up with, and there's a refresh going on because it's aged infrastructure. Both of those are good signs for our business that is sensors on those critical assets, namely transformers in the electric grid. The second growth factor is around our defense technologies business. This is, for those that have followed, this would be our PacSci EMC business. They do electronics and energetic materials, and just a lot of replenishment going on around the globe of production programs that have been five, 10, 15 years in the business. This is a business that we've got a really nice backlog on and continues strong. The third piece, I think of our sensors that are very niche applications, harsh environments, regulated environments, and that business has been slow. We saw some signs of some resilience in Q1. So look, maybe digging down a bit on utilities, you sort of talked about, you know, Qualitrol is the brand. It's very strong there. How durable is the strong demand trend there? What are the customers telling you? Yeah, customers are telling, so we have two sets of customers. One is direct into the utilities. The other customer we have is the manufacturer of the transformer. In both cases, they're struggling to keep up with demands. Yes. In that space. We have not seen an end to that right now. Right. Demand is really strong. Where we're spending a lot of time right now is ensuring we've got the capacity in the supply chain to keep up with that. That was my next question, but do you think you'll be able to hold your own there? Yeah, we just, last week was a big week across Fortive. I'll boast a little bit about Ralliant. We had 42 different Kaizen teams. Several of them were in the Qualitrol facility figuring out how do we get more capacity and footprint that we have. Excellent. Maybe in test and measurement, 44% of revenue. Can you walk through what you're seeing in the two largest markets of communications and semiconductors? I think autos, is autos or electronics the third largest there? Yeah, so the largest end market for the test and measurement business is diversified electronics. Okay. If you get underneath diversified electronics, the three next biggest pieces inside diversified electronics are automotive. Yeah. industrials, and university and research. Yeah. You know, probably next would be medical consumer computer. Okay. In diversified electronics. That segment right now is down due to EV and battery energy storage being soft. Yes. In the semiconductor space, we continue to see strength in anything tied to the data center, whether, so anything, any computer chips, memory chips, things that are going into the data center are still quite strong. Yes. And then our communications business, communications is, so semiconductor's the smallest. Yes. The next is communications. For communications, it's predominantly mil- gov. Yes. In that space. The real, we saw softness in Europe. Yes. In Q1, very soft. Interesting. We still are expecting a decent season, buying season in Q3, which is typical for the test and measurement business. Communication softness in Europe was government related? Yeah. It is just timing of the contract. There are two things, two reasons for softness. Yeah. The surprise to us was the government business. Yeah. Being soft. What we weren't surprised about, we saw going into the year, was that our EA business had a really tough headwind because the prior year we'd shipped a bunch of backlog. Yes. Got you. And, then maybe, on the semi exposure, you know, we think you're broadly more R&D than production tests, but how should we think about the U.S. semi fabs and fabs coming back to the U.S.? What impact does it have on you? Yeah, two parts. If you were to go into any of the buildout of semi fabs, you'd certainly find equipment from Tektronix in the production phase, but it's from a revenue standpoint, it's a small piece of the revenue footprint for us. Yes. The coming back, there's still, it spurs more research and development here in the U.S.. Right. That's a very, that's a place where we play really strong. It's just the buildout of Arizona ecosystem. You just generally holistically benefit from that. Yes, absolutely. Okay. Got you. What does product vitality stand at tech, the percent of revenue from products introduced in the last five years? If I think about the industry, the test and measurement industry, we've always said 25%-30% is really healthy in that industry. If I look at where tech is today, i t's light on that today. Okay. We had, if you go back to the supply chain disruption, we converted a lot of our engineers into ensuring revenue, which meant we had to qualify new suppliers in that business. What that's led to is, we've got a really nice lineup of new products coming out here in 2025. Okay. I'm not going to steal the thunder from Investor Day because that's. Yes. That's going to be fun for us to talk about at Investor Day, but that will start us back on the right path to get back to that vitality that we like. Excellent. And, you know, a key part of the thesis around the Elektro-Automatik acquisition was the ability to put these products in the Tektronix Salesforce's toolbox. So how much progress have you made on that cross-selling opportunity? Yeah, I think there's two places that we have made progress on EA. The first is just making it truly a part of Tektronix. November to December time, we did some restructuring, took about 30% of the headcount cost out of that, made it a product line for Tektronix so that as that market starts to come back, we'll get to see some of that operating leverage. The other piece about EA is getting it in the hands of our salespeople, and we're continuing to see funnel build there and probably buffered about 40% or so of the downturn that we saw in EV and battery. We've been able to buffer by the expansion back into the R&D labs and new sets of customers that EA never sold to. You can go down through the funnel and you can see where they are today, and it maps very closely to where our tech sales team is really strong. Got you. And, then, the last one for you for now, Ralliant is coming out with 22% pro forma EBITA margin, and that's including $45 million of standalone cost. Test and measurement segment is low teens margin, sensors and safety is high 20s. How would you frame the margin opportunity for both? Yeah, I think, if you look at the historical average for T&M, it's high teens, not low teens. So it's high teens. And, the opportunity, for both, as we in test and measurement, we talked about the market's a little soft right now in. Right. In Q1, but as you see that build back, it's, we get great flow through in that business. It's just volume leverage. We will get the leverage back, and we will get back to where we need to be. We made a conscious choice here at the start of the year, knowing we had a great lineup of products coming out in the second half that we wanted to be sure to continue that investment with the sales teams and the R&D that we needed to deliver in the second half here. Excellent. Now, Jim and Mark. Well done, Tami. That was very good. So, Very compelling. New Fortive had a pretty solid first quarter with 2% core growth, 80 basis points of year-over-year margin expansion. What people may not know is that software is about 20% of new Fortive. How were first quarter revenue trends different on that software-hardware split? Yeah, so I would say a couple things. One, you know, we sort of came, you know, new Fortive, if you will, came in right where we thought it would come in. Yeah. And, you know, we always knew we had a little bit of an impact of days and some other things. As you mentioned, the question, software was strong. Yeah. Mid-single digit growth. You know, and we really have two big software businesses: our healthcare software and then our facility and asset lifecycle software, those two. Our total software for the new Fortive will be about 25%. Yes. If we think about 50% recurring revenue in new Fortive, about half of that is going to be. Oh, wow. Software, and about half of that is mostly healthcare consumables. That makes up the recurring revenue. We had a good quarter. We certainly saw a number of really strong, our healthcare software was very strong. We continue to, I think, see the benefits of FBS, Fortive Business System, in accelerating growth and providing opportunities on the innovation front. I think just in general, the software comes in mid-single digit growth for all Fortive. ARR was high single digit growth. Again, I think bodes well for the year. Some headwinds, you know, I think we did see some customer uncertainty, some, particularly on the government side at Gordian as an example. We did see some places where there's a little bit, you know, a little bit of a change, but, you know, overall strong set of dynamics for the business for the year. You're the largest player in the facility asset lifecycle software space. What are the sort of, the ways in which you can leverage that position? I think we've been leveraging the position over the last few years. A couple things we've done is moved product lines around in terms of offerings. We moved some product lines over from Accruent to Gordian in order to sort of take advantage of the market presence that Gordian had in their particular customers. We've got a, you know, we really have a strong position. I think the opportunity here going forward is to continue to elevate our innovation, continue to build on the strong capability we have, to start to think about more data offerings as well. Given the magnitude of real estate that we see and facilities we see and equipment and assets we see, the opportunity then to, you know, take that data that, and analysis that comes from that and convert that into solutions is still an untapped opportunity for sure in the business. and, you know, what keeps you up at night around advanced healthcare solutions, it would seem, you know, less tariff risk, less economically sensitive, etc.? Yeah. Great segment. You know, we'll certainly give a, I think when we get to Investor Day, we'll unpack that a little bit, which will be exciting. Yeah. But I would say this, Andrew, you know, when we, you know, we think about our healthcare business as industrial healthcare. It's really helping the back of the hospital become safer and more productive. We think about the long-term trends, the secular drivers that have been in that business around the thesis of our, the whole time of getting into the business was really around a couple things. One is that the developed world with more, you know, people getting older, they require more healthcare. On the developing world, they want higher, better access to high-quality healthcare. Those long-term market secular drivers are very much there. Yes. We feel really good about it. I think it may be the nature of your question. A little bit of noise in the first quarter around days and consumables, but we think the business can be good, profitability strong. You know, we said we've got a great equipment and consumables business at ASP. We've got several good software companies. We've got a good portfolio in which to go forward. You know, what keeps you up at night? You know, we've got VA as a customer, right? Right. We've got, you know, the short-term dynamics of, you know, what's going to happen with Medicare and Medicaid reimbursements. Right. They certainly are some headwinds that we'll look through or look at to see what happens. I think the strength of the market positions we have in the business and the ability to sort of take things forward, in terms of combining what we do at Censis and ASP as an example, those are really strong opportunities for the business going forward. Maybe you sort of, you talked about Provation, but, you know, a question on Provation. How much did, upgrade to Apex, the SaaS version contribute to 2024 growth or planned 2025 growth? Because, I mean, our understanding that there's like a very multiple. Yeah. Sort of over-revenue uplift. Yeah. In Apex. Yeah. We, you know, when we bought the company, we always said the majority of the growth would come from that SaaS migration. Right. Because our installed base is so large. Yes. Hospital customers would really want to move to SaaS solutions. Mm-hmm. I think we always said we weren't going to necessarily drive that adoption of SaaS. The hospital would be making that cloud decision on a broader set of their network infrastructure. As they did, our strong presence and the SaaS offering we have would be a perfect fit to their next level of technology. That is what we've seen. We have seen really good growth on the SaaS front. It really gets back to the original thesis of the deal, which was SaaS conversion would really be a growth driver, and that is what we've been seeing. SaaS growth has been very strong. Can you quantify the contribution to Provation growth? It's all their growth. Okay. It's really all their growth. Okay. Yeah, it's really, I mean, we really think about that. That's really, it was the original thesis, and that's really where we're getting, you know, the majority of the growth. There's a little bit of new logo, but we have such a strong market presence that the real opportunity there is around converting current customers. Once again, I'm sure you're going to say that it's going to be at the analyst date, but how excited should we be about the start of the innovation flywheel at ASP? You know, the steam biological indicator that launched last year, for example. What could that add to ASP's growth rate? Yeah, I probably will punt it a little bit, in part because the team's going to be there, and I want them to share their successes. As we said, a number of FDA five, FDA approval projects consummated in the back half of the year. And Andrew, you've known us for a long time, so you know, we knew it was going to take a little while to get the innovation flywheel started. Right. I think the set of compelling solutions, the presence we have, we're just in the very early days of thinking through that. Yeah. I think it's, at this point, I wouldn't necessarily say it's going to be the biggest growth driver at ASP, but certainly over, if you take a two to three-year timeframe, that acceleration's going to continue. Obviously, a lot of these things are in consumables, so the consumable stream is just going to take, it's a lot like SaaS revenue. It just takes to, once you get that flywheel moving though, then the flywheel, you know, just continues to accelerate. I think that's really what you're starting to see at the start of the capability of ASP. A question for Mark, so. Let me in, coach. You've been in the seat now for a month. Just a little over a month. Yeah. Yeah. Yeah. So what are the maybe, one or two opportunities that you're looking at? Yeah. There is a few. I think first of all, just to recap for those who did not hear the earnings call around the reasons why I joined Fortive, and good to see a few of you from the old Expedia days. You know, really for me, there was multi-parts to it. I mean, first of all, just from a learning perspective, I had learned a lot about the Danaher business system and seeing a lot of what that could do. I was super curious about what that looked like from the inside. I wanted to learn that. At the same time, I saw there a real opportunity here for not only the standalone business, great secular tailwinds behind healthcare and industrial occupied by leading brands who have strong market positions and great moats. I also saw the personal opportunity to step in and drive shareholder value actually from the inside. You know, last year and a half or so, I've been working with Advent, Bain, really just around investments and doing diligence on deals, coming up with deal thesis. I saw this to be really compelling. Three areas of value creation that I felt like I could really move the needle on. All of them important, some of them easier to get than others, and on different time horizons. First of all was just the opportunity to drive organic growth. If you look at these businesses, there is so much opportunity because of their market-leading positions, because of their pricing power to maybe invest a little bit more in new product development, which may hurt a quarter. If we can invest $10 million this quarter and get $40 million in the fourth quarter or in Q1 of the next year, we should totally do that. I think that's where Lumen Day's head's at. You know, Jim and I have been talking a lot about this. I know this is Tami, you know, you've been thinking about that as well. I mean, that is goal number one. We see a lot of opportunity there. That was a lot of what we did, you know, at Expedia, you know, during the huge growth spurt. Second one, I think will be easier. I don't know for sure, but it's really just about earning and keeping trust with all of you and making sure that we are setting reasonable expectations, that we are delivering on what we say. At the end of the day, we want to create a huge amount of shareholder value. You should judge us on what we do. The best thing we can do is tell you what we're going to do and then deliver it. That may mean that in some cases, we're giving more narrow guidance, a little less granular guidance. We're going to work that out between now and Investor Day. What we want to do is give you enough to be able to understand where we're going, when we have to change course, why. At the end of the day, we want you to look back, you know, two, three years from now and say, "Wow, that was an incredible investment." That's number two. Third, extremely important, it's starting now. It started actually a while ago at Fortive, and this is all around capital allocation. You know, we really have an opportunity with new Fortive where, you know, it's spitting off $1 billion of free cash flow a year. If you look at where Fortive stock is trading right now, you're like, "Hey, that looks like a pretty good return area." That may not always be the case. We also have these incredible businesses that can act as platform businesses in two pretty big pond areas of industrial, you know, productivity and safety, software and hardware. The same thing in healthcare where there must be opportunities for us to do great deals, great deals that are good standalone businesses where we feel like we can integrate them and make them more valuable under our control than it would be someone else's, where we can pay fair prices and we could integrate them in kind of an affordable way, which is, you know, incredible discipline. I think there's going to be a lot of opportunity there, and we'll look at those opportunities really on a relative basis of what's the best use of capital at the moment. I think that's just another sort of kicker on top of the story here. Fabulous. Then another question maybe to Mark. You know, Fortive acted quickly to right-size the corporate overhead after the Altra deal and the Vontier spin. Any view on magnitude and timeline for the stranded costs? Yeah. Do you want me to take that? Yeah. Go ahead. Yeah. I think Fortive acted pretty quickly. I mean, the spin is not a surprise for them. Right. They took a lot of actions in Q4 of last year. That continued in Q1 of this year. Part of the job was almost easy because there is a lot of Fortive employees that wanted to go to Ralliant and work on the front. 75%. 75% of the roles we created actually were Fortive employees. So that makes your job a little bit easier. Yes. I won't say there's not more to come because, you know, I don't know if it's number one on my agenda, but it's a top three is really understand the cost structure of this business and look for opportunities for us to be more lean to reallocate capital from somewhere in G&A to sales and marketing or product development. We will be looking at that on a go forward basis. Excellent. Maybe we have a couple of conference-wide questions that we're told to ask. Probably tariff-related. Tariffs? No. No? Yes. Do you expect to shift incrementally more of your own production or supply chain to the U.S.? And do you expect your customers to source more from the U.S.? Number one, I think in all of our tariff mitigation strategies, fundamentally there's a kind of a threefold set of strategies, right? One is dual sourcing. Right. Amongst a number of places. That's not necessarily in any one country. It's just having sources in a couple of places. Same in true manufacturing and having that same capability. You know, we've essentially changed our supply chain by about 70% since 2018. So really doing that capability. And then the third piece is continuing to look where there might be new opportunities for locations as an example. That's the broad set of strategies. I would say from a customer perspective, I think our ability to see what's going on and the movement over kind of is in a number of places. The thing where we're going to benefit the most is once those facilities are up and running and then they need software to run the facility, then they need Fluke equipment, then they need, you know, that's going to be, and, you know, I think we're still very early days in seeing people actually those facilities begin to run. You think it's actually going to happen? I think without a doubt there'll be some that will happen. Yeah. I think it's whether or not it's to the extent that, you know, there's a, as you know. Yeah. A wide range of beliefs in that regard. Yes. I would probably be more in the, it's probably going to be some. Okay. For sure. I mean, we are, you know, we're moving some of our manufacturing. You are. Some of it. Yeah. Okay. Like what would be an area that would lend itself to? I would tend to think where we see opportunity where either the, we don't, you know, where we have a product that probably has a little bit more low volume. Got you. And where the demand cycle is a little bit more varied. Yes. Where being closer to the market. Yes. Is a little bit more helpful. Excellent. I would just add to that. Sorry, Jim. That's okay. To cut you off, but you know, we're actually seeing a little bit of everything in the portfolio. People wanting to move to the U.S., people wanting to move outside of the U.S.. You know, like Charlie Munger has this great concept of Lollapalooza, which is when you change too many things all at once, you get unintended consequences. You saw this force happen with these tariffs. We've got a great company based in Pittsburgh who is supplying products all over the world. They're like, "We might have to move this to Edmonton." Yeah. You know, and they're a big employer in Pittsburgh. We see that. I think any place where you've got businesses that have access to the U.S. market who are producing some goods, I think you're going to see stuff. No, no. We had a company up here and they, you know, big U.S. manufacturer export to China. And they're like, "We should probably not be making this stuff in the U.S.." Yeah. Yeah. Yeah. I think one of the things you've seen. Even regardless of what happens, they're like, "We better be safe than sorry." I think the other thing is one of the things we didn't do is we didn't move to Mexico. Mm-hmm. When you look at the Fortive footprint, and this includes Ralliant, we never really had a big move to Mexico. Right. When those first tariffs on Mexico came out, that was sort of a non-issue for us because we did not really worry about it. Right. because of lean and because of FBS. Right. We've been able to maintain a U.S. footprint. Right. Pretty strongly. Right. The reality is the tariff impact that is hitting us from U.S. into China. Right. Is less than, is about 1% of our sales. Yeah. It's a really small number. Got you. It's when you tack on 125% to that. Yes. That it obviously starts to become a bigger number relative to EBITDA. From an exposure perspective. Right. It's only 1% of our sales. Got you. And does Mexico look any more attractive or? Per supply to some extent. We have suppliers in Mexico today. There might be some opportunity. I think, again, we've, our team has done such a good job since 2018, right? That we've done. Yeah. We feel really good about what they'll do from here. Then the tax bill is expected formatted to include, you know, bonus appreciation, domestic manufacturing incentives. Will any of these be important? Will any of these be important to you? Will any of these change your behavior? I'm not sure getting tax breaks is important. W henever something comes out that's a legitimate long-term decision, we'll build that into our decision. Okay. We've got a great tax team. They're on it. Thank you. So we did cost, we actually did talk about China. Maybe, let's talk about orders in the remaining time. We recently got the government import stats and, you know, first quarter 2025, industrial imports were up 13% year over year. Those pre-buy somewhere in industrial land, but no publicly, well, actually it's not true. We've had a couple at this show, at this event sort of say that they have seen it. But most publicly traded company have not seen it. If there was some pre-buy at Fortive, where's the most likely place it would've been? I think two things. One is I would on balance say we did n't see much. Yes. You know, we might see a little bit of, price, you know, what I'll call tariff avoidance, you know, price increase avoidance, a little bit of that. That's going to tend to be in your channel businesses, maybe a little bit with the order of magnitude. Somebody who's maybe at a higher end purchase price. Yes. That's been working on a longer cycle project. They're not necessarily going to go do three years' worth of projects in six weeks in order to, you know, get the advantage. I would say it's pretty light and, you know, if it happens, it's going to happen in our channel businesses, like a Fluke, as an example. Right. But again, I would say it's small impact and to this extent we saw a little bit of it in the first, but I would say at the end of the day, nothing of an order of magnitude. Got you. And then maybe, on Europe, sort of Eurozone manufacturing PMIs, you know, I think PMIs have been improving. Industrial production actually turning up here every year for the first time since mid 2023. Are you seeing any green shoots in Europe? I would say it's still too early to tell. Yes. You know, we've seen healthcare has been pretty good in Europe, across the rest of our businesses. I'll say Fortive and Ralliant, still too early to tell. What are your expectations? You know, there was a lot of excitement about what's happening in Germany and I was attending an industrial event in Europe last week and people were just sort of more pessimistic about just how long it's going to take. Yeah. Given that Europe is not known for being very fast, what's your expectation? You know, when will, if Germany does turn up, right? When do we see that? Is it a, are we going to see it in 2025 or you need to wait until 2026? you know, we don't have a huge exposure in Germany as well. Germany being also the firewall. Yeah. I would say, well, I mean, we could talk a little bit about the two businesses independently here a little but my own view of that is that feels like a later 2025, 2026 story. Yes. For a bunch of reasons. We certainly think, you know, defense probably ramps up to some extent, right? Yes. That'll have some downstream effects to tier two and tier three suppliers of that industry. Yeah. That just feels like a longer time than anything near term. Okay. I would just say, I mean, Germany, we can pooh-pooh it, but in all European nations, they're industrious, they're efficient, they've actually been pretty innovative. If you think what they've done in Berlin, for example. If I was going to put money on a country to like power Europe ahead, it's probably not Greece or Italy. It's probably Germany. Okay. Yeah. And then, maybe a couple of sort of, modeling questions. Q uestion number one, did you guys do, and maybe a separate question for Fortive and Ralliant, did you guys mostly do price increases or surcharges for tariffs? About, I think we said about 2/3 s of our total tariff mitigation was price. Yes. But that's got price and surcharges in it. Oh, okay. I would say 2/3 s price, 1/3 surcharge sound like a good number. 2/3s price and surcharge, 1/3 cost. Yeah. Yeah. We did not give the split between surcharge and price. Right. Yeah. It's pretty, you know, we try to do price whenever we can. Right. That is the question. We, you know, I think we calculated tariffs to like six pennies of a drag in 2025. Just as you keep the pricing, does it actually become a bit of a tailwind in late 2025, 2026, or just having one more quarter of tariff cost just upset some of this? I would say two things. One, $0.10 on the full year, $0.06 in the quarter, second quarter. Yes. And that's, most of that impact is really the timing. Remember, half the quarter is already done. Yes. There's no retro tariff. Right. We paid it last week. We paid it. Yes. So, unfortunately. Yeah. And then you get into the sort of thought process, you know, how do we, now we go back and renegotiate with customers and all that. I think the $0.06 and $0.10 is a good number for now. Yeah. We're 48 hours into this and, quite frankly, I think that, you know, not knowing what, if what it will change or will, you know, what if in the third quarter as well, 90 days from now, I think the hypothesis we have is to be really good at mitigation, work super fast, be done by the end of the year, have mitigated things so that our launch point into 2026 is strong. That's what we said on our earnings call. I think that's the right way to think about it. Yeah. I think it was really good. The only thing I would add from, if you're talking about it from a modeling perspective, is that what we saw from, or what we will see from an operating income perspective in terms of the net cost of these tariffs was really driven by the delay between when the tariffs hit and costs hit from suppliers and when we were able to implement pricing. Yes. By the time we hit Q4, we're going to be, our expectation is we're going to be run rate operating income neutral. Yes. What that means for 2026 is we're going to be neutral. We're not going to have that hole. Right. That we created in Q2 and part of the way Q2. So that's a tip. Just last question. We have 15 seconds. Is there any demand destruction baked into your guidance? From the tariffs? Yeah. I would say a little bit in the U.S. to China. Oh, okay. We, you know, we did think a little bit of, hey, there might be a little bit of demand destruction in China. Yeah. Yeah, a little bit and maybe a little bit elsewhere. Certainly as we think about, you know, there, we have certain product lines and certain businesses that can, that do have price capability in China and can get price increases. In other places, you know, there might not be and that might mean they choose another supplier. I would imagine some of your products would be exempt from tariffs. We get a little bit of exemption, but it's not a big number. Okay. We are right on time. All right. So much. Great. Great. Thanks. Good to see everyone. Thank you. Yeah. Thank you.