All right, great. Well, thanks, everyone, for joining us today. My name is Adam Hotchkiss. I cover the emerging software space here at Goldman. Really excited to have Jason Blessing, CEO of Model N, and John Ederer, CFO. Thanks a lot for being with us today. Thank you. Absolutely. Thanks for having us. Great. You know, I guess to start, Jason, you know, for those in the room who are less familiar with Model N, could you just give us a high-level understanding of what the company does, what you're trying to build? And I think related to that, you recently hosted your Rainmaker conference in Nashville and laid out what I think was a pretty well-received strategy by your customers on analytics. So would love it if you could also walk us through your vision as part of that. Yeah. Well, good morning, everyone. So, Model N, we're a vertical software company, and we focus on two verticals, life sciences, with an emphasis on, pharma companies and med tech providers, and then high tech, with an emphasis on component manufacturers and semiconductors. And so our portfolio of products includes software, first and foremost, a set of data and analytics, and some expert services that kind of wrap around our technology to provide a solution called revenue management. And so you're asking, well, what the heck is revenue management? Revenue management is a category of software that stores all of the complex, contracts and pricing, and especially the incentives that are used in these two industries. So it's very industry-specific in how the channels and the pricing works. And then, in particular, in life sciences, there's, as you know, if you, you know, pick up The Wall Street Journal or watch a news show, very complex, regulations that just keep getting more complex. In fact, I had an investor describe it to me as it's like the tax code. It never gets simpler, it gets more complex, almost every administration. So that's what we do, revenue management. It's the, the contracts and pricing and, and, all of the incentives through the channel, plus the regulatory component of it. Our value prop, we tend to, when we approach a new customer, we typically can save them 5%-7% off their top line, which ultimately drops to the bottom line. The reason why we're able to save them that amount of money is they just simply aren't operating with strong commercial compliance to the contracts, or they have regulatory issues and penalties associated with that. Customers that we keep company with are kind of the who's who of life sciences and high tech. J&J, Pfizer, Novartis, AbbVie, you know, top five pharma customers. And then on the high tech side, it's companies like AMD, Poly, Western Digital. And so, the genesis, getting to your question then about data and analytics, the genesis of our company was really a software company that provided a lot of the transactional systems to help with the issues that I just outlined. But a major growth area for us has been building purpose-built analytics that are often augmented with data solutions to help solve some of the really specific things that are relevant in this space. Things like 340B government pricing, things like formulary access, things you probably aren't that interested in, but they're very complex purchasing programs that typically are mandated by the government. And as we've gotten all of our customers current and on the cloud, we've been building new modules that sit on top of our cloud infrastructure and address, through both analytic and data applications, address some of these these specific needs. So I'll stop there. I could talk for an hour, as I did at Rainmaker about analytics, but at least that wets the whistle a little. No, we'll revisit that later, so don't worry about that. But, great. So Jason and John, you know, Model N is a 25-year-old company, and you've been in your roles for five and three years, respectively. You know, when you think about what made you excited to come to Model N, the opportunity, what would each of you say in terms of, you know, what would... What made you excited to join, and then, you know, how that's been going over the last couple of years? Yeah, my story is an interesting one. I actually knew one of our board members, and he said, "Jason, this is a really interesting company, and you really ought to take a look at it. The founder is ready to retire." So I did that, and there were a few things that I loved about the company. One, we sell mission-critical software that a pharma company, for example, can't live without, and there's tangible ROI, and we sell to two industries that, in long term, I think we'd all agree, have cyclical tailwinds to it. So, you know, I just loved that mix of solution and end market. I also thought I could make a difference coming here. I was hired to really marshal the company through a business model transition, moving from on-prem to the cloud. I'd spent most of my career at cloud companies, so... But hey, this is a super interesting challenge where I can actually help the company and our customers. And then the other thing that's maybe not talked about as often in these forums, but it's important to companies, is very strong culture, very strong sense of purpose, very strong core values, and ultimately, we view our mission as helping our customers get their life-changing products to the world. So I just liked being a part of a very mission-driven company as well. So five and a half years later, I still feel pretty strongly about it. Great. John? Yeah, absolutely. I would echo a lot of the things that Jason said. Certainly, the macro side of it and how well the company was positioned was important to me, and then the culture was also incredibly important, I would say, at the executive level as well as at the board level. Those were all positives. I'd say the third thing for me, as I looked at this business, was the transition. ... that we were undertaking to move all of the customers over to the cloud. I've been a part of those transitions before and seen what happens as you start to move through it, and the value that can be created from doing that. So I guess I, for one, wasn't scared about the transition. I was more excited about the opportunity that it presented. That's great to hear. Then let's shift gears into the business a bit more. As many in the audience probably know, and you both mentioned, Model N is nearing the end of a multi-year transformation from a licensed model to a SaaS model. Jason and John, you can chime in here as well. Could you just talk a little bit about why that's an important shift for the company and for customers? Then what's your current outlook on when you expect that transformation to be complete? Yeah, I'm happy to start- Yeah. And then, John, you can add on. So, you know, first and foremost, this has been important because it's been about survival. And this is a 25-year-old company, as you pointed out, Adam, and I don't know many on-prem software companies that survive or are surviving today. And so that was first and foremost, the mission my board brought me in to execute on. Because we have such important software, we serve two very important industries, and it was just untenable to think about Model N going poof and not existing anymore. So first and foremost, it's been important for our customers to continue to be a strong partner to them. The second thing, you know, getting a little bit more at the investor audience, you know, as we've gone through this transition, the transition itself has driven growth as we've been converting maintenance dollars to subscription dollars, and investors have been very excited about that. But what I'm actually excited about is the future and being able now that, you know, we're almost done with this, everyone on the same platform, and being able to co-innovate with our customers and drive future growth. We've just in the last year, as an example, co-innovated with a couple of our customers to bring new products to market. And so we're helping our customers as we've been able to redivert more and more resources to the cloud as we retire old legacy products. The other thing that I think, not to boast about the company, but the other thing I think we've done a remarkably good job of is driving profitability, even in the teeth of a transition. And we've continued to make progress each year on dropping some of the leverage we're getting from retiring old products and simplifying our business model. We've continued to drop some of that to the bottom line. So I think it's, you know, the transition has been an important part for our customers and our employees, frankly, as well. But I think we're also a company that's pretty consistently been driving profitable growth, and, you know, I think that should be attractive to investors as well. Great. And then how, how are we tracking versus your initial expectations? This has been a multi-year process, and so, you know, where, where are we today versus where you thought we'd be when we set out on this? Yeah. I was laughing as you were saying multi-year. Sometimes it seems multigenerational - when you're doing a SaaS transition in a public market environment, but, you know, we're gonna basically wrap it up on time. We set a goal three years ago to end of life, all of our on-premise products by December of 2023. And we talked at the beginning of the year, the beginning of our fiscal year, which was in November of last year, excuse me, of October of last year. We talked on our last earnings call in November of last year. We're roughly 70% of the way through, converting customers or, having customers in projects to get them to the cloud. We committed to updating again in this, this coming November on our earnings call, and I think you'll see we've made significant progress again this year. Then that, that December end of life is looming large with our customers. As you know, I was talking about earlier, we do compliance for our customers. Compliance that if you get it wrong, you get invited to Washington, D.C., you get to go testify in front of Congress. While that sounds really awesome, most pharma companies don't really like to do that stuff. And so staying current and staying compliant and staying ahead of the current regulations, I think, kinda ultimately is that final, I don't know if it's the carrot or the stick, getting whipped with the carrot, that I think will have the vast majority of our customers either converted or in a project to convert by the end of this calendar year. No, that's great to hear and super helpful. And then, you know, just John, on the financial impact of all these moving pieces, I think- Yeah ... you've had, it's been a challenge, probably a challenge for you as CFO, given there's the maintenance piece- Yeah ... there's the subscription and SaaS piece, then you have the services piece, and then you have the professional services piece. And so there's a lot going on in the model. And for investors who look at, you know, the quarterly numbers you've been able to put up, as well as the guidance, things like that, could you just give the lay of the land for us around how you think about those moving pieces? Yeah. No, it is a little bit of a challenge, I would say, especially from an external standpoint, so I feel for all of you in the room. You know, especially when you look at the subscription line in particular that we report, there are multiple items that roll through there. So there's the SaaS piece, which is the ongoing part of the business. We also have some subscription service offerings that we sell on a subscription basis, fully recurring revenue. And then the third piece of it is really the legacy piece, the maintenance and the term licenses that are from the on-premise world, that are largely going away and converting to SaaS. And so you have kind of three broad streams underneath that subscription line that are all doing something a little bit differently. On the SaaS piece, which is now, you know, 70%+ of the total subscription revenue number, that piece, we've been targeting 20% growth. We've actually been doing a little bit better than that recently. That's the real driver of the business going forward. In the subscription service offerings, those are growing at a slower pace, although I would say high value add in terms of interaction with the customer and kind of the overall stickiness that we have with the customer base. And then the maintenance and the term licenses are pieces that we just need to manage and convert. It's hard when you roll all that up because you have some pieces that are growing very rapidly, some pieces that are declining. That net number is what we talked about in terms of our guidance for next year. But as we roll through time, that SaaS piece becomes the ultimate driver of the business. Yeah, no, that's a great point. And then just on that, how do you get comfortable once we are post these transitions and post sort of the honeymoon period of, of a lot of these folks now being on SaaS? How do you get comfortable with maintaining strong growth in the SaaS business and continued expansion? Is that cohort math? Is that, you know, just, just broader experience with the company? How do you think about that? Yeah. So, there's a few factors that drive that. So first, on the retention side of things, we've enjoyed very high gross retention rates, you know, in the low to mid-nineties on the SaaS piece of our business. And so that sets us up well for cross-sell and upsell activity. And our net retention numbers have been extraordinarily high recently. They've been within a couple of points of growth, of our overall SaaS growth. I would say in the future state, if we're at that 20% SaaS target, I would estimate and expect about 115% coming from net retention. So 15 points of growth coming from the existing customers and another five points of growth coming from new logos. We've set up our sales team to go after those efforts. So we've actually done quite a bit of work internally to evaluate what we call our white space opportunities. We've taken our full customer list, look at what they have today, look at the products and services that they could own in the future, and put those all in the hands of our, of our salespeople to go after. We've done a similar exercise on the new logo side and really concentrated our efforts on top 100 accounts in a few different categories. So I think that that focus is what will ultimately drive us in that new world, that kind of steady state world, if you will. No, that, that's great. And then on that, sort of Business Services line that sits within subscription, you know, I think we look at your initial outlook for next year. For us, it seemed like there was a little bit of cautiousness in the way you thought about that within the guidance. Could you just walk people through, you know, what drives that line and how you think about the cautious outlook for this year and upside and downside cases? Yeah. I would say in that part of the business, that's where we felt a little bit more of the macro impact, general macro environment. And it kind of came in two flavors. One, I think just a little bit more scrutiny in terms of selling cycles, a little bit lengthier selling cycles. And then it also had a piece of it was also on the financing side of things. And so if you look at what Business Services enables us to do, it helps us to go down market. It helps us to get into the mid-size, even into smaller or ultimately even into pre-commercial customers, and more of those you find on the biotech side of the world. And so kind of a combination of macro funding environment impacting that piece of the overall market for us, I think put a little bit of pressure on that side of the business. And so the other, the other piece of that is that it's, it's a little, I'll say, just slower moving. And so, whereas a SaaS contract, you make the sale, you start recognizing revenue immediately, with business services, there's a ramp-up period. And so there's probably a three to six-month window that you need to really start ramping the revenue side of that business back up. Got it. No, that's really helpful color. Thanks for that. And then, you know, just digging in a bit more on the particular product offerings and moving off the quarter and guidance and things like that, Jason, would just love for you to walk people through in life sciences and high tech, you know, what does the typical customer journey look like? You know, there are a lot of complex products and services you provide. Is there predictability or commonality in the way that you think about how things look from land to maturation? Yeah. And I should have mentioned this earlier about the value of moving to a SaaS business. Now that we have rearchitected our products and our business model to a SaaS business, we actually can land and expand now versus the older way of selling. And the way we typically land in a life sciences account, typically a big pharma account, is with what we call our provider module. And the easiest way to think about provider is it is that module that stores, you know, I'll use a customer as an example, Pfizer's 500-page contract with CVS for all of the products that CVS buys from Pfizer, all of the different pricing and all of the different incentives to get that Pfizer product into a customer who comes into a CVS pharmacy. Everyone starts with that. And that module also allows drug companies to sell into the private healthcare sector. So if you have private insurance through your employer, this product has all the rules about your healthcare provider and, and what the pricing is that your company has negotiated. That's how we land with virtually all of our customers. We then have a couple of other expansion plays that we can run on top of that. Almost all large pharma companies sell to U.S. federal, state, and local government healthcare systems. ... That's completely different from private. We're the only country in the world that has this kind of two-track healthcare system, and so we have an entire suite of products that help with selling to U.S. government sector. So that's the second area that we expand. I would say for a pharma company that's doing business in the U.S., that's almost a bundle we sell, 'cause almost every pharma company is selling to government, 'cause that's the biggest market in the world. We then have a set of products that deal with how pharmaceuticals are bought in the rest of world, which is through centralized healthcare ministries and basically tender sites, or think of it as an auction. And so we have a set of products that help our customers decide which tenders they wanna pursue, how they're gonna price them, what their expected win-loss probability is. So on the life sciences side, that's kind of the natural maturation of a customer. And then increasingly, as I was talking about, we have different analytic products that really solve specific problems that sit on top of that application infrastructure. And there's a growing portfolio of those products, but kind of simply put, that's how a life sciences customer starts. It's a little simpler on the high-tech side, but generally speaking, every customer starts with a product called Channel Data Management. And Channel Data Management, again, has price lists. Almost everything in high-tech is volume-based pricing, and then there's often complex incentives on how an AMD chip gets through two or three tiers of a channel to actually end up in your automobile. And so each one of those tiers in the channel has specific incentives to move that chip through the supply chain and ultimately end up in your auto. And so Channel Data Management is really the lead offering on the high-tech side. We have some add-on products, market development funds, giving customers better visibility into how those incentive funds are spent with partners to co-market. We have some analytics. We have a product that's integrated with a partner that helps pay those incentives on time as sales are made. So hopefully, that's helpful, shed a little bit of light on the customer journey. Yeah, that, that was fantastic. Thanks for that. And then, John, you know, how does this look from a financial perspective when we, when we think about ACVs, where a customer lands, how big they can get? How should we think about that journey financially? Yeah. So, it does vary quite a bit. And so if you look at the landing spot, and a landing could be either a new customer or even a SaaS conversion, right? In some ways, those are just very large new customers getting into the cloud. It does kind of run the gamut. So, you know, at the small end, you might be $200,000. At the large end, you're $1 million plus. And, you know, the two key variables are, one, how large is the customer? And for us, we use revenue as a proxy for that. So we tend to think of pricing in terms of revenue under management. The second factor is how many products or modules do they buy at the onset? Those two things are what determine if it's, you know, on the smaller end of the spectrum or at the larger end of the spectrum. The follow-on activity, I would say, is very similar. If it's, you know, if it's one product to, let's say, a mid-sized company, maybe it's at the lower end of that range. If it's a couple of products to somebody at the higher end of the spectrum, you know, that could be a seven-figure deal as well. There is some variability, but there's definitely that land and expand motion that we've seen, both with SaaS conversions coming over and then buying more, as well as new logos doing the same pattern. No, that's, that's great. And then, you know, we touched on it tangentially quite a bit. Jason, you mentioned it in your opening remarks, but would love to address the regulatory environment a little more head-on. And this was something that we heard a lot from folks at Rainmaker as well, seemed to be the topic of interest that everybody was talking about. And so, you know, how you think about what the regulatory catalysts are in today's environment, how that drives ARR expansion, and then is there anything on the horizon that is particularly interesting to you? Yeah, it's interesting. I never thought I would say these words, but I love regulation. That is a tailwind for Model N. And as I said earlier, the analogy of the tax code, I think, holds true. It never really gets simplified. Each administration kind of comes in and puts their, you know, their rock on top of the pile. And so it's really interesting as I look at the catalysts from a regulatory perspective that are driving our business today. There's a trifecta of three things. One is the 340B Drug Pricing Program. This was actually a part of Obamacare, the Affordable Care Act. It was a purchasing program that has very noble intentions, and that it's designed to get therapies into disadvantaged neighborhoods. But what we've realized over time is that healthcare systems are using a clinic in a disadvantaged neighborhood to get product for free, and then they're selling it at their high-end hospitals or clinics, whatever, in the suburbs or neighborhoods that are not disadvantaged. And so we've built an analytic application that that ferrets that out and allows our customers, the drug manufacturers, to more effectively enforce 340B eligibility. The second one that's interesting, and we talked about this a little bit earlier, is State Price Transparency Management. So, Trump and the administrations prior to him had have decided not to set price transparency rules at a federal level. And so, of course, state governments were more than happy to step in and enforce state regulations, because if the failure to comply means penalties, it means extra revenue for the states.... And so we're now at a point where over the course of, I think it was three or four years, maybe a little bit longer, we've got almost half of the states now with unique per state price transparency rules. And, this has become so successful that companies are actually beefing up policing of it and enforcement of this new set of rules. And so, we co-innovated with Pfizer over the last year and built a new product that we brought to market, that addresses this issue and helps customers maintain compliance and avoid fines, and frankly, just bad PR. And then the third part of the trifecta is the Inflation Reduction Act, which of course, everyone remembers last year, was a Biden administration, a bit of legislation that was very wide-ranging, designed to mitigate the effects of inflation in a variety of different areas. But one of the areas they went after was prescription drugs, specifically prescription drugs sold through Medicare. And so it was announced in July of last year. We've been working with the industry and our customers to navigate how this gets implemented, but it's gonna result in some pretty major enhancements to our product, and it's also fairly complex. So if you don't have a product like Model N, it's a major concern for drug manufacturers. So yeah, 340B, State Price Transparency, and the Inflation Reduction Act are kind of the ones on the plate today. And it's interesting, you know, over a year ago, we hadn't even conceived of the Inflation Reduction Act yet. So it also shows how quickly new legislation can come into being, and our customers look to us to help them simplify that, so they can get their life-changing products to the world, 'cause that's ultimately what they care about. Yeah, and I think that's a good segue to the next question here, but how nimble are you as an organization, whether that's through your headcount, the different operational teams, in being able to address a piece of regulation that you never could have conceived? How quickly can you come to market? Well, I'll tell you what, we've gotten a lot better at it. You know, you think back- I think back when I started, you know, we had somewhere 70 or 80 versions of Model N in the wild, that we were supporting through our R&D organization. And I think we're down somewhere in the 20s now. So when you think about that significant retirement of tech debt and old versions, that has allowed us to redirect a disproportionate amount of our R&D towards innovation, without, you know, making huge investments. And so I think about State Price Transparency Management, and that was a product that, as I said, we collaborated with Pfizer on and got to market in under a year. We announced a couple of products at our Rainmaker conference. One is called Formulary Compliance, as an example, and we're partnering with Amgen to build that product and expecting it in our spring release next year. So the capacity's been rediverted, and then just that mentality of more quickly building products, innovating in the cloud, and deploying those products, and having those products have relatively low attach rate for implementation dollars, you know, we're starting to really see that virtuous cycle spin up. That's great to hear. And, you know, I guess taking a step back out, you look at the broader macro environment, and you hear, I feel like we hear different things from different software companies every week. And so when you think about where Model N fits, John, you mentioned the high relative gross retention rates, given the value out of the product, sort of agnostic of the macro, how do you think about your positioning in the current environment? Is that a John or Jay? I'll leave it to either of you. I'll take a whack at that one. 85% of our revenue comes from life sciences, and the vast majority of that comes from large pharma companies, top 100 pharma companies. That segment of the market, generally speaking, is doing well and continues to invest, invest in innovation and getting new products to market to address things like COVID, RSV, you know, new gene therapy treatments. So they continue to innovate and invest, and the mentality of a, of a pharma executive is investing over 10- to 15-year periods. I will tell you, they pay attention during periods like this, but they, generally speaking, continue to invest. As John was outlining, I think the one area where we've seen a little bit of selective investing is on the Business Services side, which really does service that emerging pharma market. The emerging pharma companies, they have struggled a bit over the last couple of years as the IPO window has closed and as debt markets have become pretty challenging. Those emerging companies usually use IPOs or debt financing to fund their products to get them to market. When that doesn't happen, they have less need for a solution like Model N. Smaller part of our business, but nevertheless, that is one area in life sciences where we've had some exposure. I do feel as we've gotten into this year, though, it's stabilized. It hasn't gotten worse. And then on the high-tech side, you know, we've talked publicly about this on a number of calls. High-tech was disproportionately conservative during the pandemic, because you just didn't know what was gonna happen to demand. Well, lo and behold, demand went through the roof, and there are shortages of everything. Now, as we come out of the pandemic, we've got rising interest rates and, you know, potentially a recession, and so there's this concern about demand. And because of the rising interest rates in a capital-intensive business, it's just a more difficult operating environment for tech companies. I will say this, though: I feel like this year we've started to settle into an equilibrium where both of those factors are starting to equal out. We've got all this pent-up demand, we've got kind of an uncertain operating environment, and high-tech companies are finally saying, "Hey, it's time to invest after taking a couple of years off." You know, there's a recovery around the corner, you know, in the next year or so. Fingers crossed if you're a high-tech exec. And so I do see green shoots in high tech, and we've seen some interesting deals enter our pipeline there. Great. No, that's really helpful. Then, John, just quickly, you know, what's your view on the hiring environment into 2024, and how do you think about the demand and productivity signals you need to see to accelerate hiring? And maybe if you could just quickly touch on the international headcount you have as well. That's been a core strategy of yours, with, I think, 50% of your headcount internationally. How does that play into it? Yeah. So, we'll start there and work backwards, but, yeah, from a global standpoint, about 50% of our folks are in India today. And so, over the years, I think we've done a nice job of getting good balance there from both a product standpoint, so our R&D investment, as well as our services. And so we've gotten good leverage out of balancing those two markets. In terms of the, you know, headcount and hiring more generally, I do think things have gotten a little bit easier. And so, we've been a, I would say, a bit of an anomaly in the last year or so, where we've seen a lot of layoffs in tech and across software, and we've been doing the opposite. We've actually been hiring, and we've been investing quite a bit in sales. We invested quite a bit in sales capacity, as well as continuing to invest in product and solutions delivery. And so for us, it's gotten a little bit more favorable. You know, if I look out to 2024, we'll continue our same mantra. So we're, you know, we kind of opened with this notion of profitable growth, and that's how we run the business each year. We are certainly looking at areas and opportunities for growth and investing behind those opportunities, but we also wanna make sure that we're balanced in our approach, and we're dropping incremental profit to the bottom line. That's great. That's good to hear. Any questions from the audience? I think we just have time for one or two. Yeah, I just had one. I think, you just sized down of the TAM at about a $4 billion opportunity. Could you just talk about how you built that up? Sure. Yeah, I think you've sized the TAM at about a $4 billion opportunity. I was curious just how you've built that up, and then if we think about Model N today, it's about a $250 million revenue business. Who, who's kind of filling the rest of that gap today? Kind of who are you competing against for that TAM? Yeah. Great question on the TAM, $4 billion sizing. So the way we get there is actually bottoms up and tops down. We stripe companies by revenue band from one through seven, and then we tend to lop off the bottom, two layers, six and seven, because those are small companies that are probably pre-revenue, maybe have 1 therapy, maybe not selling globally, maybe not selling to the government, so they don't have the complexity, that we solve for them. And so we then go by band, one through six, the remaining... or one through five, the remaining bands, and apply our pricing to the number of companies in each one of those bands. So, you know, I know a lot of CEOs kind of do a finger in the air, you know, sizing on the TAM. Ours is very different, very granular, very specific, based on publicly available data. And then in terms of who, who we compete against, kind of interesting, I guess I would categorize it in, in a few different ways. I think about a couple of big customers that we've, we've signed. One, we've talked about publicly, Baxter, Medtech company in Chicago. They were running a custom solution that they'd built on their JD Edwards AS/400 solution, and they got a new management team in, modernizing the company and modernizing all their systems. So in big companies, interestingly enough, we often see a lot of custom systems that have been built off the ERP. We also see this in SAP land as well. We do see some point providers that tend to be more services firms that can come in and advise on specific programs like 340B. They're 340B experts, but they tend to be people-oriented solutions versus software oriented solutions. And then, you know, I'd be remiss if I didn't say we compete against Excel as well. I mean, it's the most popular enterprise software app, but those are kind of the three categories. Great. I think we have time for maybe a half a question. One brief one, if possible. A couple related, but can keep it short. The first would be, you know, taking a step back, it seems like a lot of revenue-focused solutions are very vertical specific, so maybe thinking longer term, do you see room for consolidation across verticals, or would you expect that to remain very vertical specific? And then, you know, maybe within life sciences, I think everyone's been talking about platforms a lot at this conference. Do you think it'd be complementary to offer revenue solutions alongside other solutions for these customers? Yeah, it's interesting. When I joined the company, the prior administration was trying to spread out and do revenue management in a bunch of different, verticals. And what we found as we were doing that entrepreneurial experiment is that life science in and of itself is a huge market, a complex market, and as we started to get into other markets, we were really diluting our focus from life sciences. So a big part of my time at the company has been about focus and focusing on these two industries, and even more specifically, focusing on life sciences, just because it is such a big, broad market. So, you know, anything we do today, whether it's new products that we're building, M&A that we might contemplate in the future, would really be designed to broaden our footprint in one of the two industry verticals we're in, and go deeper in those verticals versus spreading out and potentially diluting ourselves again. Great. Jason, John, thanks so much for being here. Thank you. Great. Thank you, Adam. Appreciate it. Thanks, Adam. Great session, guys. Yeah, thanks so much.