Good afternoon, everyone. My name is Vik Chopra. I am on the Medical Device Equity Research team here at Wells Fargo. I'm happy to announce management from Masimo for this session. Joining us for the company are Katie Szyman, CEO, and Micah Young, VP and CFO. Thank you both for being here. Thank you, Vik. Thank you. Katie, maybe starting off with you, a few big-picture questions. You've been CEO since the beginning of the year. I'd love to hear about your vision for the company over the next 5 to 10 years. Yeah, I mean, first of all, the vision for Masimo is that we want to be the world leader in patient monitoring, right? I think if you look at the patient monitoring space, there's still room for growth. Where I see the biggest growth opportunity is just to transform patient care by actually getting patients to be monitored from the minute they hit the curb of the hospital until the minute they leave. Right now, I think patients believe that they're safe the minute they actually come to the hospital, but really, they're only checked oftentimes every four hours. Our goal is to actually monitor patients all the time they're in the hospital and really lead in that. That involves wearables, it involves using artificial intelligence, and it involves really advancing monitoring to new levels. OK. You've also talked about the three waves of growth for the company. Can you provide a brief overview of what that means, what the strategy is around that, why did you feel this was necessary to implement now, and how long before investors start to see an impact? Yeah, great question. Thank you. The easiest way to remember the three waves of growth is EAI, like you know email, but EAI. Elevate commercial excellence is the first one, and that's really actually some of the stuff that we've done about commercial realignment with focusing our sales reps, our world-class pulse ox sales reps, and then having them actually have dedicated support for their regions to actually grow the other categories. That's kind of elevating commercial excellence. In that category, we're also worried about focusing on improving our quality, making sure that we have high-quality products and that they're at the right place at the right time. We've struggled in the past sometimes with backorders, and trying to solve all the backorder situations. That's kind of the elevate commercial excellence. The second one is to accelerate intelligent monitoring. That's taking a lot of the artificial intelligence algorithms that were already developed at Masimo during the focus on consumer that are cleared on watches, for example, and redeploying them back into the hospital. It's really getting artificial intelligence algorithms to be on our next-gen monitors inside the hospital. That's really accelerating intelligent monitoring. We think we see that wave of growth being in that 2026-2027 time frame, end of 2026-2027 time frame through 2028. The last one is really innovating wearables. Getting wearables to be used all across the hospitals all the time so patients are safe and monitored all the time, we see really great growth potential there, too. OK, great. You announced a number of new hires on your second-quarter earnings call. Talk about how these new roles and the expertise they bring directly support the three waves of growth strategy. Yeah, thanks for the question. On that, I would say, first of all, we wanted to consolidate our commercial organization under one leader. We hired Greg Meehan to come in. Greg has a history of working actually in the monitoring space and really delivering double-digit growth in his history. We brought him in, and we have all of the regions actually reporting to Greg. They're focused on making sure our sales processes, everything in sales is really consolidated and that he can advocate for the field sales teams. We also hired a guy named Kaman Wang, who is leading our Asia-Pacific region. Kaman is actually an anesthesiologist from Japan who has joined our team. He has 30 years of experience leading Asia-Pacific for Edwards Life sciences. He joined the team to really drive growth for us because we are underindexed in Asia-Pacific, and we think we could really double our growth rate there. The other leader we brought in was a guy named Tim Benner, who is our Chief Marketing and Strategy Officer. Between Tim, Kaman, and Greg, they're really focused on getting our commercial excellence as high as it can be. We also brought in a leader named Linnette Torres, who's focused on Quality and Regulatory. Trying to get our approvals to go faster, our clearances faster, and then to improve our quality so that is not a limitation and we're able to grow through that. One of the things that happens when you innovate very quickly and you have great innovations like Masimo has, sometimes you innovate so fast that then there's chronic quality problems and recalls. One of the things Lynette's focused on is trying to enable our sales teams by getting those quality issues addressed. Those are some of the big ones that will help us with commercial excellence. Intelligent monitoring and wearables, we have the best team at Masimo for innovation. We have just an amazing team. A guy named Omar Ahmed is actually now reporting to me as our Chief Technology and Innovation Officer. His team is phenomenal and continuing to execute our innovation around intelligent monitoring and wearables going forward. Great. You also announced a strategic realignment for your U.S. sales force. I'm just curious what the early feedback has been like on this specific realignment, and when do you expect us to start paying dividends? Yeah, so we actually had a great win on this, in fact, this week, right? We just got an email about it. What it is, is now we have really 12 regions across the U.S., and we have really the best pulse ox sales force in the industry. Our pulse ox team is still the same in their 12 regions dedicated to delivering on pulse ox. Now we've actually staffed up the other categories of capnography, hemodynamics, and brain monitoring. There's one specialty rep in each of those 12 regions. The big win we had this week, actually, is that we had a big account in a local market, call it the Florida market, where we had the capnography representative support the pulse ox rep, and they were able to get a big win for capnography. That's the vision that we have, that you'd be able to, by having them report into the region, before they were very small teams for the specialty categories, and they were only reporting to their national leader. There wasn't that integration into the regions. A couple of things that we've completed so far is we've fully staffed the positions. We are having everyone go through training. We believe you'll start to see really big dividends on that as you go into next year, as we go into next year. OK, great. I have a question on the recently announced Medtronic and Philips partnership. I'm sure you've gotten a ton of questions on that today and since your second-quarter call. Yeah. Talk about what this means for Masimo. How much time do you have remaining on your contract with Philips, and are you planning on renewing that contract? Yeah, thanks for that question. Around Philips, basically, Masimo and Philips had their original partnership established as a result of a settlement agreement back in 2016. There was litigation between the two companies. That part of the partnership is coming to an end. When I started six months ago, one of the first things I did was to directly engage with Philips and say, how do we change our relationship from being essentially a price exchange? We sell things to them, they sell things to us, to actually being an innovation partnership where we say, we're the market leader, they're the market leader, let's innovate together and get the innovations to market as fast as possible, and then actually be able to grow our position together more aggressively, right? The conversations that we've been having are really around an innovation partnership. Obviously, we still have the commercial partnership that we've had, but it's really trying to have specific technologies and specific projects that we will be launching together. I'll give you an example. If you have one of our artificial intelligence algorithms, like atrial fibrillation, and we launch it, we can launch it onto our monitors fairly quickly because we kind of own that software development. We need to partner with an outside company like Philips to be able to get that on their screens to reach the most patients. That's some of the innovation projects that we are working on with them. We anticipate announcing a new agreement with Philips by the end of this year, by no later than the end of this year. It's going to be very focused on specific innovations that we can work on together. Another big area of interest between the two companies is in wearables. We have great wearable solutions that are driven off of Bluetooth, and they have some of the screens in the rooms. Really working on some of those connections on Bluetooth and getting our wearables onto their screens is another thing that we're working on with them. OK. Can I ask how big this contract is for Masimo? I don't know if there's, like, it's hard to quantify. For example, if you think about pulse oximeters that actually sell through Philips, and you look at Philips as a global market leader in kind of the screens in the world, if you will, or in patient monitoring. For us, all of our SET that would go through there is kind of how you would calculate the value, right? Besides that, I think we are probably, because we didn't start as partners with them until 2016, we have maybe less market share with them than we do with other OEMs. Therefore, there's more room for us to grow in their installed base, if that makes sense. Yeah. Yeah. Looking forward to the announcement sooner rather than later. Micah, I want to switch gears, talk to you. Just what's the feedback you've received since the second quarter call? What are investors focused on? Yeah, I think we were very pleased, first of all, with our results for the second quarter. Very strong top to bottom, top line growth came in line with what we expected, strong earnings for the quarter. The only metric that was kind of picked on was our contracting. When we talk about contracting, that's winning new business, gaining share on contracts with customers. There's a focus on kind of looking at quarter over quarter, but you can't really look at it that way because of the timing of when some of the large contracts come up for bid. If you look at last year, we had a very large contract that's a shorter duration come in the first half of last year. It gives us to look at it year-over-year, but that's not how we look at it. We look at how are we tracking, what's the pipeline, how are we tracking throughout the year. If you look at what we delivered on new contracts and turned into gaining share and incremental revenue value on contracts, we were about 30, if you take and assume 38%, which is our historical average in the first half, that would put us at the high end of our expected range for the growth we need on contracts to support our overall growth rate, which is kind of between the $350 million to $400 million for the year. If you extrapolate the $157 million in the first half, that would get you at the high end of the range or maybe even above. We're tracking very well. Our unrecognized contract revenue, which is kind of a contract backlog metric of future revenue we'll deliver from contracts, is up 7% year-over-year. If you look at the next one year of revenue that's going to roll out, because these are five to seven-year contracts, that contract backlog that's going to roll out and generate revenue in the next year is about $490 million. That's up about 18% over last year. We're seeing some larger contracts come into play, shorter duration, and it's contributing to our growth. We see it as a very positive trend right now in contracting. OK. The unrecognized contract revenue, you said it was up 7% year-over-year. It was down sequentially in the second quarter of the year. Just talk about that sequential decline and what that implies for your ability to consistently add significant new contract value in subsequent quarters. Yeah, yeah, so the contract backlog or unrecognized contract revenue ebbs and flows because it depends on what you ship out in the quarter versus new contracts coming in. Again, we're tracking very well on new contracting. It was down sequentially because we shipped under that large OUS contract that came in last year, and it started to ship out. Every quarter, we're delivering revenue, and that's reducing the backlog. We expect that to kind of ebb and flow, but year-over-year, we're continuing to grow that metric. Again, we're seeing very strong contracting so far this year. We have a very good pipeline in the back half. Yeah, in summary, I think you'd say we're on track for contracting. It's just sort of the timing, first half to second half, that got investors concerned, right? I think Micah's done a great job of trying to explain mathematically that it's all fine. It's just that people got a little bit confused by the first half, second half because of the last year dynamic. Right, OK. You have your guidance range out there for the full year. I'm just curious, what gives you confidence in being able to achieve this guidance range, and what gets you to the low end versus the high end of that range? Yeah, I mean, a lot of our business, because it's recurring revenue, call it 85% to 90% of our business is recurring. It's dependent on sensor volumes, and sensor volumes are generally tracked in line with how strong censuses in hospitals, the inpatient admission growth in hospitals. We assume kind of a range of 1% to 3% contribution there in kind of the implied guidance. Q1 tracked very well. Q2 is up against a tough comp this past quarter because last year, inpatient admission growth by the public that was announced or reported by the public hospitals was about 5% growth last year, 1% growth in the second quarter this year. Over two years, it's very solid two-year growth, but it is up against a tougher comp. It's tracking very in line with our guidance range right now, and we're feeling good about the full year. Yeah, we also have the extra week. I don't know if you want to talk about that. We do have an extra week in the fourth quarter to consider as well. OK. I'll get to that in one second, but I just have a question before that. Do you feel like you need to reinvest in the business to sustain your current growth levels, and does that pressure the operating margin story for the company? Yeah, so I would say that, first of all, the big step up that we've had in operating margin this year was really the result of the restructuring that was done in the back half of last year. For me, coming in as the new CEO, I really want to take a look at, do we have enough R&D expense? Do we have enough SG&A expense to sustain that future growth? I can say, actually, the R&D that we've laid out and these new next-gen monitors and next-gen sensors that we plan to bring out in the next one to two years, I'm very confident that with our R&D spend that we can actually sustain that. That's really, I think, at a very solid level. On SG&A, I think the same thing. We've really got a right-sized sales organization at this point. We'll make some additional investment as we grow. As we grow, that will fund more expansion of sales. We'll always want to be expanding on a systematic basis. Right now, we're right-sized for the size that we are today. I feel really good about that part. I think for us, the opportunity for margin expansion is going to be around trying to get the margins back to the way they were, in a sense, back in those kind of mid-60s, 66%, 67%, kind of pre-COVID time. If we can get back to that, I think that's when you're going to see some potential to expand in the future. Right now, I feel like our spending indexes are fine. OK. You talked about the extra week in the fourth quarter of this year. I think that's contributing about 1% of growth to you. Looking to 2026, I think the Street's sort of modeling 8% top line growth. Does the Street need to adjust 2026 for that extra week of growth this year, or do you think the estimates are generally in a good place? I mean, I'll state what we have out there, which is we have that long-range growth of high single-digit, double-digit growth. Call it 7% to 10%. Call it a midpoint of 8.5%. This year, we're getting a 1% contribution for the extra week this year of revenue. Next year, we'll go back to instead of 53 weeks this year, 52 weeks next year. There will be a 1% headwind next year. It's just kind of contemplating that growth rate range that we put out there and then factoring in the 1% headwind for next year. OK, yeah. Any other potential headwinds or tailwinds to call out for 2026? No, I think if we look at in the next year, I mean, some of the things that we're driving is we aspire to drive strong growth. We're also going to get after some of these things that Katie mentioned on commercial excellence. We want to see, we want to accelerate growth in some of those advanced parameter categories. That's something that we're really going to push hard. Hopefully, that'll put us up toward the upper end. We'll see how things play out. Yeah, I mean, as we've talked about, you kind of think of the growth in like three categories, I think of it. One is like the market grows. The pulse ox market grows, call it about 3% per year. Then you have, we've been consistently gaining between 1% to 2% points of market share. 2% points of market share gain is around 3% points of overall growth for us. Call it 1/3 market growth, 1/3 market share gain, and then the last third is really that pull-through of those other categories where we have sub-20% market share with our sales force realignment. If we can pull that up, we think that'll be kind of that third leg of growth for us. If you say, where would there be upside? It's going to be if that initiative pulls through more growth in the adjacent categories. The second thing is if we can accelerate the launch of the next-gen monitors, the next-gen sensors into some part of next year, you may see some benefit toward the back half of the year as those launch. OK, great. How do you think about gross margins trending over the next few years? I know you've been moving production to Malaysia, but just sort of high level, how should we think about that over the next, the progression of that over the next few years? Yeah, I mean, I'm going to set tariffs aside for a second. This year, without tariffs, we're up about, call it 70, 80 basis points is kind of how we're tracking so far this year, above last year. Good tailwind from Malaysia in our shift there, moving more manufacturing out of Mexico into Malaysia. We now have a much more broad global footprint that we can be more flexible and continue to drive efficiencies through. I think as we look out, we've kind of maintained a cadence of at least 50 basis points of improvement per year as we're trying to get back up to the margins that Katie mentioned, where we were kind of back pre-COVID. That's what we're trying to get to. In terms of tariffs, we do, and I think the Street's already estimating this into the gross margins for next year, is this year, we've got about 110, 120 basis points of headwind from tariffs. That's a partial or half year. If you look at next year, we're annualized. We put that out there in our investor deck. It's about 230 basis points at the midpoint. It looks like the Street's modeling in that 230 basis points next year. We've already done a lot of short-term mitigation that's cut that down in half, down to 230 basis points. We plan to continue to drive mitigation efforts kind of medium term. That'll take some time because we're adjusting supply chain manufacturing. Hopefully, that'll improve that as well. As we get beyond 2026, that's going to be a goal is to start to really mitigate that tariff impact. OK. Anything running through a P&L, such as shares, tax, interest expenses you could talk about for next year? Anything that you think the Street's not modeling correctly? No, I think as far as taxes, I mean, we've seen that our tax rate down this year. It's hovering around 24%. It looks like that's somewhere in the zone of where they're modeling next year. Share count, we typically have about an increase of about, call it 2% of shares each year. It does look like they're modeling in some share buyback there, but it's hard to really parse that out. We'll have some benefits, too, once we get the cash proceeds from Sound United and be able to repurchase shares. Hopefully, we'll dial into those numbers. OK. Just talking about Sound United, nice transition for me. Do you think the price you received was in line with what you were expecting? Do you still think that share buybacks make more sense at this point with the proceeds? Yeah, with where we're at current levels, with where we're at today, we look at our ability to drive both top line and bottom line earnings growth. We believe it's more accretive at current levels to buy back shares with the proceeds from Sound United, the sale of Sound United. In terms of going forward, I think it'll be a blend of share repurchases as well as debt paydown. We really want to get back to we've had good success over the years with tuck-in acquisitions over the last 10 years. Some of those technologies today are contributing meaningfully to our revenue growth, and that's in the advanced parameter category. We want to get back to tuck-in acquisitions. Katie and I have a lot of experience with acquisitions in our prior companies. Corporate development is coming under me now. I'm excited to focus on that and make sure that we're really driving good returns on that kind of capital deployment. We're looking for tuck-in technologies we can layer right into our sales force, all in the hospital. We're not looking to deviate anything outside the hospital and really focus on the core business. What are you seeing in terms of valuations for these small tuck-in acquisitions? Are they sort of reasonable now, or? They seem to be much more reasonable now. We're looking at filling out the portfolio. Where there's a gap, can we do it in-house? If we can't, if we can go faster and find better technology that we can bring inside, that's where we're going to be looking at. The areas of hemodynamic monitoring, some of the advanced algorithms, some of the AI capabilities that are out there to bring in and help layer that into our sensors or some of our monitoring platforms. Third is wearable, wearable form factors, because that's kind of that third wave of growth for us. There's a lot of good form factors out there to evaluate as well. OK, that's helpful. What do you think about, if we think about your M&A criteria, if you think about ROIC, what are the metrics that you evaluate when you're looking at a deal? Yeah, I would say, I'll let you, you want to hit it first? Go ahead. I just think you want them to be, first of all, we're looking for strategic acquisitions, right? They're going to fill out our portfolio. To the extent that you can fold them right into your sales organization, it ends up being accretive kind of immediately, to be honest. That's the types of acquisitions that we'll be looking for. The technology development ones, it's really to supplement key areas of tech development for us going forward. We don't have specific numbers. I know Micah has some that he has in mind. Obviously, you have to weigh the strategic benefit versus some of the financial metrics. We won't be acquiring anything in the consumer space with their margins, anything like that. We're going to try to stay away from that. Right, makes sense. I think we have some, honestly, at Masimo, there's been a list of things that would have been a great fit that we weren't able to do these last several years. We're excited to kind of get back in that zone again. There's some really great things that would fit with us. OK, great. I want to double-click on tariffs. Talk about some of the mitigation strategies that you have in place or are implementing that you think have the most significant potential to create durable supply availability in the long run. Yeah, first of all, I mean, we're trying to take advantage and optimize our supply chain manufacturing over the long term, right? We are getting benefits today by moving to Malaysia with lower labor costs there, and we're seeing very good efficiencies there. We're doing everything we can to optimize in those locations. That's the key. There are going to be some things we can take and have some adjustments to our supply chain manufacturing that will give us some benefits and hopefully mitigate some of the tariff impact. We're working through those now. One example is for patient cables that we source out of China. We would like to move those out of China and get it to another source, source some of the raw materials in different locations. You've got to go through validation processes, make sure you're setting up those vendors, and it takes time. We're looking at that. Of course, we have a semiconductor plant in New Hampshire where we manufacture our own semiconductors. That's been a great source of manufacturing for us over the past few decades. Being able to leverage that capability, see if we can vertically integrate some of those things and maybe qualify more of our products as possibly made in the U.S. Those are some of the things we're looking at right now, we're evaluating, and then we've got to implement. Yeah, we've already mitigated quite a bit of the tariff impact since the beginning of the year. These are some of the things that might take a little bit longer, but we're still on a really good path to really mitigate a lot of the tariffs. OK, how do you think about the tariff impact for 2026 versus 2025? Up, down, flat? Yeah, I mean, we've put out there that it's going to be about an annualized impact of anywhere between 200, 260 basis points. Call it 230 at the midpoint. This year, it's about 110, 120 basis points headwind. There will be an additional headwind year-over-year for 2026 until we can start to. Can go back down. Get those to come back down. Yeah, some of those are a little bit longer term. Yeah. Do you think the tariffs have impacted your long-term operating margin goals, or do you sort of strip it out and look at it on an underlying basis? Yeah, I think, I mean, excluding tariffs, we're tracking very well. This year, I think the midpoint of our guidance is around 20.5%. Excluding tariffs, and we've got, like I said, over 100 basis points of headwinds this year. We're tracking very well to that 30% kind of that's been our long-term operating margin target. That's on track. Of course, separately, we're trying to mitigate tariffs. Hopefully, we'll get that improved and in the meantime continue to improve underlying gross margins and ultimately get there. It's just with tariffs, it's hard to give you a endpoint yet. Yeah, the team has done just a phenomenal job, right? We're now like really up in the 90th percentile or something in terms of margin for companies in our space. We're really on a really nice path right now. We're feeling really good about that. Great. You said you're launching a new hemodynamic monitoring platform in 2026. You've also said you're piloting your LiDCO technology using a smart cable. Can you talk about the sizing of this opportunity? How large is this? What are your plans to take share in this market? Yeah, so in hemodynamic monitoring, you'll hear kind of the competition talk about how today hemodynamic monitoring is only done on probably 20% to 30% of total potential patients. They're really in the very high acuity space. They're really in the cardiac ICU and the very high-intensity ICU categories, right? The OR and the ICU. What we see in terms of hemodynamic monitoring with the LiDCO technology is the ability to do what Masimo does best, which is kind of come to the market second, bring fantastic technology, and then create an ease of use so that it can be used on many, many more patients, right? We don't really envision taking share because you have installed base factors, all these things. What we envision is actually using our monitors to go into other areas, the lower mid to low acuity areas, and just expand the market and treat more patients with the technology. The monitor itself is going to be our next-gen root monitor. It will be focused on the things that are used in the OR and the ICU, for example, brain monitoring and also then hemodynamics and combining those onto one new next-gen monitor that's used in that space. Very easy to use, very accessible, and at a price point that's more attractive to hospitals to treat more patients with it, right? Do you think you'll face barriers to adoption given that you're entering the market later than your competitors? Yeah, for sure. I think part of the challenge is for anesthesiologists, do they understand hemodynamics? If you're trying to measure cardiac output, you're trying to measure stroke volume, how do they understand the value they're getting for those additional parameters versus just standard blood pressure? Most of them totally understand blood pressure, but they don't understand some of the advanced parameters. For us, we've got to kind of change how we sell side by side with them, help them understand the value, and then get the adoption. That's probably the difference. I don't think the challenge is to compete head to head with our competition. It's really, again, trying to get those lower acuity, mid-acuity settings to adopt the technology. OK, great. Looking forward to hearing more about that. Yeah. I want to talk about litigation, which I know is important for investors. What's the status of the Apple patent infringement cases? Is there an update you can provide? Since Micah's been here for the entire Apple journey, go ahead, Micah. This is a deposition. Yeah. If you look at it, it's multifaceted. The first was the International Trade Commission where there was an import ban on the watch. I'll touch on that a little bit more. We believe that even the Apple redesign that they just started talking about still infringes on our patents. That's our belief. We also believe it violates the ITC's order on importing that product. We're grateful that the court is listening to our arguments and that they're paying attention to this matter. The next step is we plan to pitch our case to the ITC, and we believe that we're committed to protecting our intellectual property. We believe that the ban will be reinstated. We'll ultimately win this. In terms of the next phase of the litigation, it's the trade secret case. The trade secret case was tried late last year. We're still awaiting the judge's decision. This was a bench trial, hoping to hear any day. The last two big cases for us are the two patent infringement cases, one in California in November. That'll be a jury trial. Hopefully, we will know before the end of the year kind of where we stand with that. That's going to be a big one for us because that's probably one of the two most important in terms of those two patent infringement cases, in terms of the IP we have in those, how we're protecting those. Those are typically more subject to damages. All these cases kind of build up on each other, and that's part of our overall legal strategy. OK, so the California case for November, you think you'll get an answer on that by the end of the year? Yeah, that's yes, jury trial. OK, got it. You have an upcoming investor day in December. What can you preview for us? Yeah, so what we're going to be doing at investor day is really showcasing the new technologies that are going to come out in the next one to two years. You'll be able to see the prototypes, touch them, feel them, get to know them. We're also going to have a physician panel where they'll be talking about the new technologies and how they see adoption applying in their spaces. We're going to be giving guidance for the next year and really showcasing kind of the look and feel of how Masimo feels today. I think you'll notice a change in the feel of the culture, the feel of the place from maybe the last investor day, which was a couple of years ago during the proxy battle. Right, OK. We've got a couple of minutes left. I want to end with a high-level question for you, Katie. Maybe talk about the top three growth drivers for the company for the next three years, and what does success look like for you in 12 months? Yeah, I think in 12 months, it's going to be to just have a fantastic year, right, in terms of hitting all the financial metrics, but then also just really setting the company on a course for accelerating growth over time, right? That's what we want to do. It's really coming back to the basics, right? It's elevating our commercial excellence. It's getting the intelligent monitoring or the AI onto our next-gen monitors, next-gen sensors, getting those launched, and then finally getting into wearables in a meaningful way. If all patients could be monitored in the hospital when only 30% are monitored today, that could be a huge market expansion opportunity for everyone in patient monitoring. I think if that happens, then we will be the ones that win. For me, it's just advancing our strategy and really kind of building the culture and really keeping this amazing team that's in place. Great. Thank you very much for being here. Thank you. Thank you. Thanks a lot, Vik. All right, thank you.