Okay, great. Good afternoon, everyone. My name is Erin Wright, Healthcare Services Analyst at Morgan Stanley. We're happy to have with us today, Phibro Animal Health. With them, we have Glenn David, CFO, as well as Larry Miller, COO. We're happy to have both of you with us today, so thank you for coming, and thank you for joining. We're happy to hear what's next in terms of the Phibro story, and just four important disclosures, please see the Morgan Stanley Research Disclosure website at morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative, and with that, I will kick it off with Q&A, if that works for you, so can you speak a little bit about kind of the long-term vision and growth prospects at Phibro? Since you've been on board, Glenn, a lot has changed, but you know, you've led with initiatives across the production animal space. You've done a recent sizable transaction. You have some budding companion animal kind of efforts, but what does, you know, Phibro look like in three- five years, or even ten years down the road, and kind of what this long-term vision is? Yeah, no, thanks, Erin. It's great to be here, so we're really excited about the future of Phibro in the next, like you say, three, five, ten years. We think we have a lot of growth opportunities. A, just starting with our existing core business, particularly within animal health. Really a stable, growing business with our MFA portfolio, with our nutritional specialty products, and the strong growth that we've seen in our vaccine portfolio as well. We're also excited about the opportunities to enhance growth with our Phibro Forward initiative, which we talked a little bit about on our earnings call, which is really an income growth initiative, really designed to look for new areas of opportunity in terms of revenue growth, but also EBITDA growth and margin expansion. Then you also mentioned the sizable deal that we have pending in terms of our acquisition of the Zoetis MFA portfolio, which is really a sizable and nice complementary business to our current MFA portfolio, which we think will improve our overall EBITDA margin, expand our portfolio, and expand our offerings. You know, in three to five years, we see our business growing in scale and size and what we're able to offer our customers. We're also excited in you know, sort of the medium to longer term in some of the areas that we're investing in, in R&D from a companion animals perspective, and some of the opportunities we have there in terms of derm, pain, and some other areas that we've invested in as well. Okay, great. And then, can you provide us an update on kind of underlying demand trends across the various different species groups and geographies in your business, just to give us lay of the land from a fundamental perspective? Sure. Sure, I'll take that. Yeah. Pleasure to be here. Thanks for inviting us. As we look across, the short answer is that all the sectors of livestock are actually showing some profit now, with a couple caveats. What's the underlying factor that is driving all of those? You know, whether we're talking about poultry and broiler meat, we're talking about swine, we're talking about dairy or beef, is in all of those, in most of the key markets as well, we're seeing, number one, demand is strong. Number two, prices are strong. And number three, the cost of grain and diet inputs are at a low. That's creating some nice margin opportunities across our segments now. We project and people that, a ll the experts, I guess, that do projections are projecting that to continue through the rest of 2024 and continuing into 2025. The only two caveats, I guess, is, you know, the U.S. swine industry, and as long as they continue to have some gradual decline in the sow herd, and can keep supply in check with demand, they should continue to see profitability as well. Then, of course, the China dairy industry is continuing to be in a sort of a reset phase, where there's been a lot of overproduction of milk, low demand, low prices, and so we're seeing, you know, the industry, a lot of the smaller farms that are not profitable are gonna be probably exiting. And even within some of the very large operations there, they are culling a lot of the less productive cows, investing a lot in genetics and things like that to get higher productivity. So that's a summary of, you know, I guess, in summary, you know, it looks very good right now, I would say, for all of our protein sectors. Okay, that's great. And then let's go to the MFA transaction that you did with Zoetis. And I guess it's still pending, right, in the timeline there, but also rationale, implications. It's immediately accretive for you, year one, of over kind of $0.60. I guess, how does that align also with just the long-term strategy, which historically to grow in some of those faster-growing categories like vaccines and nutritional specialties, but this is now in the MFA category, but how does that build into that longer term? Yeah. So from a longer-term perspective, we think it builds very well, and we sort of see ourselves as a natural owner of that portfolio. And historically, as you said, the MFAs have grown a little slower, but we've actually seen really strong growth in our MFAs, particularly if you look at last year. In our fiscal year 2024, we were able to grow our medicated feed additive business by 9%, really outpacing the industry because we put a lot of strategic emphasis and focus on those products. When you look at the acquisition, you know, sort of last trailing twelve months revenue, a little over around $385 million. So really brings scale, additional scale to our livestock business as well. And you mentioned a little bit about the EBITDA margins and the accretion that we expect to get. If you look at overall for Phibro, you know, our EBITDA margin fiscal year 2024 was about 11% or so. When we look at the Zoetis MFA acquisition, we expect the margins to be in the low twenties, so really bringing up our overall EBITDA margin as a company, and it is also immediately accretive. We mentioned in the first 12 months of ownership, we expect to add at least $0.60 of EPS... and we expect that to grow over time. So a really strategic acquisition, complementary to our portfolio, also helps expand in some areas that we weren't strong in, in the past. Expands our presence in Eastern Europe, expands our presence in China, and expands our presence in U.S. beef cattle. So really excited about the acquisition, and looking forward to closing on it in Q4 of this calendar year. Okay, great. And, and you issued new guidance as well, most recently in the most recent quarter, I guess. Can you talk about some of the key headwinds and tailwinds that you're thinking of over the course of the next year, and, and, and what are some of those? I guess, can you discuss some of the macroeconomic headwinds that are baked in, but also kind of what's playing out according to kind of your expectations on that front? Yeah. So when we look at our guidance for twenty twenty-five, excited about the fact that there are actually more tailwinds than headwinds when we look at some of the dynamics in our business. As Larry mentioned, overall, the dynamics in animal health are positive for many of the species. And also, when you look at our business, in particular, in fiscal year twenty twenty-four, particularly in the first half of the fiscal year, we had some challenges in our mineral nutrition and performance products businesses in terms of how they were performing. We saw a strong recovery in the second half of fiscal year twenty twenty-four, and we expect that to carry over into fiscal year twenty twenty-five. So a lot of positive- Will be out of service for the next five minutes. Thank you for your understanding. Apologies for that. No worries at all. A lot of positive momentum moving forward into fiscal year 2025. In terms of, you know, any challenges to growth, you know, we had a really strong year in our vaccine portfolio in fiscal year 2024 with, you know, 21% growth. We wouldn't expect quite as strong growth as we move into fiscal year 2025, but still positive growth in our vaccine portfolio. Okay. Okay, great. And when will you be updating? I guess you'll update guidance with the close of the transaction. Yes, we will update guidance with the close of the transaction once the timing becomes a little more firm in terms of which month in the fourth quarter we expect to close. Okay. Okay. Is there any, like, regulatory dynamics, I guess, in terms of that you're concerned with from an antitrust perspective, or is it going according to plan? Yeah, no, it's going according to plan. We received regulatory clearance within the U.S., obviously, which is the largest market. There's one additional market that we are expecting, you know, final approval from shortly. Yeah. Okay. And then let's speak about Phibro Forward, because that was new to us in the most recent quarter, and I thought it was interesting, but not a ton of detail, so I would love to hear some more about it. What can you quantify, I guess, cost savings opportunities, you know, what ultimately drops to the bottom line? What's reinvested in the business? You know, what does it broadly entail? We're still very early in the process, but we're excited about it. Yes, there's going to be some efficiencies and cost efficiencies, but a lot of it is focused on profitable revenue growth as well. We're really looking at opportunities through analytics and a lot of the tools and focus that we've given it so far, looking at opportunities for increasing our share of wallet, market share, and looking at, you know, really driving profitable growth, some geographic expansion, et cetera. From an efficiency standpoint, we are looking at some analytics that will help us to do more in-depth analysis of pricing and our value equation. We're looking at some procurement, global procurement opportunities to think more globally. And so those are some of the things, you know, that we're seeing. And I think building, you know, bringing fresh approach to new ideas and, you know, really looking at things differently, is... are some of the key takeaways that we have got so far in our initial phases. So- And what was the impetus for it? Was it just, you know, to take a greater look at kind of, you know, where you could extract kind of synergies or latent synergy opportunities or, you know, efficiencies across the business? I guess, what led to this, and is this a buildup of what of other initiatives that were already ongoing, or what's truly incremental, or is it all incremental? Yeah, it's probably a little bit of both. It's a great question. You know, I think, you know, we started this some months ago, and we were looking at some ongoing things that we had, but they needed focus, they needed global resource and focus, I would say. So something became of that. Others, we just wanted to, you know, to, I guess, force a new way of thinking, right? And it's really allowed us to engage a lot of people throughout our organization, throughout our countries, several layers through the organization that are involved in leading some of the initiatives. So it's really activated a lot of things. It's now coming at a very interesting time, though, because, you know, as we look forward to bringing on the acquisition of the Zoetis products, you know, it's a great time for us to be planning for the future of that business and what our reshaped business will look like with a combined portfolio. So it's a little bit of both, I guess. It's really at a great time, and we're super excited about, you know, looking at things differently, doing things differently, because we'll be a different company, you know, than we were prior to the acquisition, so. Yeah. The only other thing I'd add, Erin, is, you know, when you look at the last number of years, I think Phibro's done a really good job of growing revenue in their business, but the EBITDA growth hasn't necessarily followed. And I think that's been for good reason, as the company's invested in a number of areas of R&D, you know, particularly in the companion animal space. But I think with the Phibro Forward initiative, it will allow us to continue to make those important investments, but drive the EBITDA and income growth as well. I think if you look at this fiscal year guidance for 2025, if you look at the midpoint, got about 5% revenue growth, but about 10% income growth, really driving that leverage in the P&L. I think Phibro Forward will help us continue to do that as we move forward, even at a more accelerated pace. Does the MFA deal and, like, new focus on kind of efficiency initiatives, does that change your focus or strategy around companion animal at all? I know like some of this probably is looking at taking a hard look at kind of R&D productivity and what you're doing there, but does that change any of your strategy on that front? No, I don't think it does at all. I think, if anything, it provides additional cash generation to perhaps fund things as they are able to progress through the pipeline. I think we've been very prudent in some of the investments in companion animal, that a lot of that has been external and a lot of the costs associated with that. Some of them are ours internal, where we're managing the programs, but a lot of the programs are actually external, which are being funded more via milestones and future royalty payments on revenue. So really balancing the risk that we're taking with a lot of the products that are in development. Okay. And then pricing, I guess, can you speak to your ability to pass on kind of price to customers at this point? And has there been any meaningful changes across kind of the pricing environment, just broadly speaking, particularly in the animal health segment as well? Yeah, so- Obviously, mineral nutrition can get- Yes. Yeah. More complicated. So yeah, within the animal health livestock business, we always obviously try and provide value to our customers and get that value mix, pricing versus value that it provides to our customers right. So we've always looked at that. I think through Phibro Forward, it gives us new opportunities, though, different analytics to look more specifically on a country-by-country basis and seeing opportunities to meet that value proposition. So it's something that will continue to be very important as we strive to drive profitable growth. As you think about Phibro Forward, the MFA deal, the companion animal initiatives, like, how do you think about then the long-term growth algorithm across the business? So when you look at the long-term growth algorithm, I think if you look at the animal health livestock market, you expect that to grow sort of low- to mid-single digits. And I think with our broad portfolio across livestock, we should be able to grow, you know, pretty much in line with that. You know, to the extent that we are successful in bringing forward new products in sort of the medium to long term, particularly in companion animal, but also in the vaccine space, that would hopefully help accelerate us above that growth. But in general, you know, we do expect to be able to grow within the overall growth of the livestock market. Okay, great. And then in terms of how you're thinking about... You mentioned China, I did want to dig into that a little bit because you mentioned kind of the dairy market, but there was, you know, another kind of MFA business there for you. Like, where does that stand now? Or what's the strategy in terms of China, what you're seeing in terms of underlying demand and what are- Yeah. So as you mentioned, years ago, we had a business that was largely based in MFAs there, particularly for monogastrics, for swine and poultry, and there were some regulatory changes. And so at that point, a few years back, we refocused and shifted our focus in China to more dairy. And so we've been deploying our team to create demand at the large dairies for the last two to three years there. We'll continue in that. Again, the Zoetis brings us a great opportunity. The MFA portfolio brings us a great opportunity because we're bringing on a monogastric business there, so in swine and in poultry, with products that are well established there. And that is the one geography where we're bringing across, as part of the acquisition, a sales and commercial team on the ground. So it's gonna be nice because it's gonna give us some balance in being able to participate in both the dairy and the monogastric segments, and to have a team that is already established and been operating at a high level there for a number of years. So we're excited about having a more diversified business there. Speaking of diversified and then also, you know, what the MFA deal brings to you, like, where was there elements of overlap as well across your businesses? Yeah, so when we look at the acquisition, it really is very complementary. We're not seeing much overlap in the business, so we didn't really have to model much cannibalization at all. It really is a very complementary business to our overall business, and as I mentioned, enhances our presence in some other areas, so you know, we're very happy about the fit of the business. Okay. And can you speak to kind of, you know, initially, I think right after the IPO, we saw some of the regulatory dynamics at play in the MFA category. Where does that stand now? I guess, what's the latest on that front? I would say it's been relatively quiet. Has there been anything new or anything that you're paying attention to from a regulatory standpoint in MFAs? So I guess, first of all, when we talk about MFAs, we have to remind ourselves that, you know, within that, you've got various product segments. So you do have antimicrobials, you do have ionophores, you have ruminants and anticoccidials, as well as other types of products. So you're referring to, you know, some of the more regulated the products in there, the antibiotics. It's been relatively stable, I think, since, you know, since we saw guidance in the United States. With the acquisition and the addition of the Zoetis products, it's going to bring a lot of, you know, as Glenn said, products that are complementary, but also many of their products are not, you know, on WHO's medical importance list. So for instance, the ionophores are not used in human medicine. Anticoccidials are not used in human medicine, and even products like bacitracin are not considered medically important. So it helps, again, diversify our business, but also bring more options to, in the case of poultry, to producers that might have a non-use in human- Yeah Policy or a non-antibiotic use, that type of thing. So it really does bring some nice opportunities. So what's your split now? I think I want to say it was like half, you know, ionophores, like anticoccidial, and then the rest was, like, medically important antibiotics, and then post MFA deal, what would that split be within your MFA category? Yes, so we haven't broken it out specifically. I mean, we have one major product that would probably be considered medically- virginiamycin. Yes, exactly. And, you know, as part of the overall portfolio, it's, call it, less than 10% of the overall portfolio, right? And it becomes even less when you add in the Zoetis acquisition as well. So it's a relatively small percentage of our total sales. Okay. Yes, thought I'd ask. Okay. And then just on that subject, too, from a regulatory standpoint, Mecadox, where does that stand in terms of, yeah, the regulatory dynamic there? Yeah. So no major updates on Mecadox, probably since the last time we spoke. You know, we do have details in our 10-K on the status. You know, we have requested a hearing. We're waiting to hear back on that. So timing on that is always pending. You know, we remain very confident in the product and its efficacy and its safety, and we're committed to the product and to rigorously defend it. The other thing I'll point out, you know, in our guidance for fiscal year 2025, we have included Mecadox sales as well. So, you know, that process is still ongoing. Okay. Okay. And then, can we talk a little bit about, you know, and our companion animal. Let's take a step back and talk about overall innovation. How much of your R&D focus is on livestock versus companion at this point, and where are there areas on the livestock side? Right. So if we start with the livestock, and most of the livestock innovation that we're doing in the animal health products is in-house. So again, we take those by product class. Medicated feed additives, it's primarily about supporting the products and supporting the registrations, existing registrations that we have today. In some cases, some geographic expansion of those, and in other cases, some expanded use. So in some cases, the combination approvals, those types of things. So we'll continue to support the MFA products. Next is the nutrition specialty, the branded nutrition specialty products. So again, that's an internal effort that we do. It's about bringing different parts of compounds in, non-medical, non-EPA-regulated, you know, by FDA, for instance. So a lot of that is lifecycle management, where we may be bringing in other entities. Some of that involves our direct-fed microbials products and technology into those, and it's about, again, finding new uses, targeted uses, and geographic expansion of those products. And then finally, vaccines, where we do basic benchtop development of our global vaccines, primarily poultry vaccines, that are sold internationally. And so that is, you know, that plus the nutrition specialties are our fastest-growing segments and our fastest areas of investment or our largest area of investment for animal health. So we continue there, looking at bringing either different antigens or the antigen expression to our vaccines, and/or delivery systems, et cetera. Again, trying to look for unmet needs, in that case, particularly in poultry. Some of the external development that we're doing, and this would be largely the companion animal, where we find, and our model has been to find partners that have unique technologies, again, finding needs that maybe the market is not currently has some gaps in it today. And so a lot of that is done with external, you know, contract research companies and/or partners that we have in each of those different product candidates. So that will continue to grow as those development pipelines move forward with companion animal. Okay. And then you disclosed a derm product, for instance, in dogs. You disclosed kind of an oral care product as well, with significant market opportunities. I guess, can you provide some more detail on sort of the timeline of those products? Yes, Erin, those products are probably more mid to late in terms of when they'll come to market, so more longer-term product opportunities for us. But excited about the fact that they are in some larger categories. As you mentioned, derm, a $1 billion-plus market, the oral care, over $2 billion. So, you know, we do have products in development in those areas that we're excited about. For competitive reasons, we don't, you know, specifically go over the timelines. But, you know, similar to others, we are seeing some challenges in terms of finding naive patients, but also in terms of the clinics being, you know, overwhelmed as well and, you know, progressing some of the programs through to development. Okay. And then Rejuvenate Bio was another partnership that you had. I guess, how is that tracking relative to your expectations, and are there important milestones there to think about? Yeah. So that is tracking according to our expectations, and that's related to, you know, MVD, mitral valve disease. So that continues to progress according to our expectations. Okay. And when you think about, and you know the companion animal space well, Glenn, like, as you think about launching new products in there, how do you align yourself with kind of the right partners? Is it just leveraging distribution? Like, it is a newer area and category. You can't kind of leverage- Yeah Your existing relationships there as much, and you do have Relevium in the market- Yes ... for instance, now. I guess, how have you navigated that so far, and how, how do these other products kind of fit into that? Yeah, no, it's a great question, Erin, and like you say, you have to balance that in terms of building your own field force, but also leveraging distribution as well, where it has a broader reach and scale. You mentioned that we do have Relevium, which is a smaller, you know, product for pain, and we do have some of our own dedicated field force for that. Very small, and we also then leverage distribution. So as new additional products come in, you know, we think we'll be able to leverage the field force that we started to build to support... Thank you. May I have your attention please? The fire life safety director, the testing of the fire alarm system has been concluded. We apologize for any inconvenience. Thank you. Okay. Okay. All right, so, you know, we are able to leverage the field force that we started to build for Relevium, as well as the relationships that we've started to establish with many of the distributors in the U.S., and that's a model that we will bring forward as we bring other products to the market as well. Okay. And then, capital deployment, and as we think about where you go from here, you will come out of this somewhat more levered. What's your confidence in bringing that leverage down? I assume that that's the number one priority, kind of, coming out of this deal, is to pay down debt. Yeah, no, it's definitely a priority coming out of the deal. So when you look at our net leverage ratio as of the end of fiscal year 2024, we're at about 3.4x. Obviously, we expect to be higher once we close the deal and do our delayed draw loan of $350 million to support the deal. But as we mentioned, the deal is going to be immediately accretive. It's going to come with immediate cash generation, and that will allow us to pay down our debt rapidly over time. We have said that, you know, we expect by fiscal year 2027, that we'll be below a net leverage ratio of below 3x, and we feel very confident in our ability to do that. And as you mentioned, it is a priority of ours. And what about divestitures? Like, I know that there's a whole bunch of stuff essentially in that performance products business, that it's hard to kind of, you know, think about that in one package. But, you know, what's your commitment, I guess, to that particular segment? Yeah. Well, first I'd say, you know, we have a lot of important initiatives going on in Phibro right now, right? Between growing our core business, the Phibro Forward initiative, and then obviously a lot of our attention and focus is on the Zoetis MFA acquisition and making sure that we integrate that effectively. Related to the performance products business, we are excited about the fact that we do expect that business to perform well in fiscal year 2025, and our focus there is really on making that business as profitable as possible, and it is a legacy business as well, so, you know, we do remain supportive of that business and look to maximize it in our hands right now. Okay. And as we think about the different subsegments, in terms of growth expectations into 2025, I guess how would you break down kind of the key drivers across, like, mineral nutrition and performance products? And then I'll ask you about animal health, too. Okay. All right. So, well, I'll start with animal health then. Okay. Yeah. Yeah. So within animal health, you know, we expect to see a continued strong performance in animal health. As Larry mentioned, the dynamics are strong. Probably a little less growth in vaccines, as we mentioned, because they had a very strong year in fiscal year 2024. We expect a recovery in nutritional specialties and for that area to return to growth, and then growth in our MFA portfolio as well. We also do expect growth in both mineral nutrition and performance products in fiscal year 2025 as well. And as I mentioned, I think you started to see some really strong and improved performance in the second half of fiscal year 2024, and that momentum, I think, will carry over into fiscal year 2025. We are looking at a year where we do expect growth across all the businesses in animal health, in mineral nutrition and performance products, and growth of both revenue and EBITDA. Did nutritional specialty grow double digits? So we haven't specified, you know, specifically each category, but we do expect stronger growth than we've seen. What about the competitive landscape there? How has that evolved in nutritional specialties? You would like to... So, you know, I think that over the last several years, we've seen some of the competitors and, you know, companies have been bought by larger companies, in some cases, even some of the feed companies. So it is a more dynamic segment. You got a lot more people playing in that, a lot of smaller companies as well. So we see it as a dynamic segment. They are branded products, and I guess the way that we view this business is that they're natural fits with the type of animal health solutions that we bring to our customers. Our customers are concerned with control. You know, maximizing the health of their animals and avoiding and controlling diseases. So we think that they play a very important part in combination with vaccines to prevent disease, nutrition, specialty products to maintain the health, in many cases, the gut integrity of the animal, so that it can be thrifty and it can perform, and then the medicated feed additives to be used when you have bacterial infections, to control and treat bacterial infections. So we see it as a key piece of ours. It is a more dynamic market segment, but we have basic technology in that. And I mentioned the direct-fed microbials before, is just one of those technologies that's really important to that, so. And vaccines, like, the competitive landscape there, like, how do you gain share? Like, what's the go-to-market strategy when you think about the vaccine business? And there's been some kind of, like, dynamics at play in terms of how we think about the growth profile, but yeah, what's the go-to-market strategy? Yeah. So when we talk about our vaccine business, we have the biggest part of our business is the international poultry vaccine. So those are conventional products that we sell into almost every continent and almost every other country outside of the United States. The United States has different regulatory systems, processes, and requirements. So we sell those, and as I mentioned, we do basic research in those. As diseases evolve in certain countries, you see opportunities to bring either a new or, in many cases, an existing product, get you know, registration in a new country as soon as they recognize the disease, and you start marketing it there. We also have a portion of our vaccines in the U.S., and now in Brazil, called autogenous. We actually work with veterinarians, and we isolate bacteria, viruses, or bacteria from their operations. We bring those in, we clean them, we characterize them, and we develop a custom vaccine for them to use in their farm against the strains that they're seeing. That is a really dynamic piece of our vaccine business as well, and one that really fits in our DNA of providing unique solutions to meet our customers' challenges. Okay. And then on mineral nutrition, are you adding any other, new products to that segment? Like, I know, like, one year it was like lysine, and then it can cause volatility. But is there anything embedded in your guidance that's abnormal that we should be aware of, I guess? In our mineral nutrition, we do custom premixes, which are using, you know, again, ingredients, whether they're mineral or metal-based ingredients into custom premixes for our customers according to their specifications, and then we do some straights, so we bring in, again, these ingredients, and we may sell those through to feed manufacturers, et cetera. Again, it's a pretty custom, what does the customer need, and how do we solve that? Don't really see a lot of new ingredients are coming in. You have your basic nutritional needs for animals, and so we don't see a lot of new molecules. We've been in that space for many decades now, though, and we do make sure that we have qualified sources, various sources for each of the key molecules or the key ingredients to make sure that we have, number one, quality, number two, consistency, and number three, consistent supply of product. Growth there is largely dictated by, like, commodity pricing. Is that correct? Yeah. Can you talk a little bit about how that fits in to... Sorry, we only have a couple minutes, but talk about how mineral nutrition then overlaps into your animal health business, because there's, you know, presumably some sort of synergy there between them. Yeah. At the end of the day, whether it's a nutrition and a nutrition specialty product, an MFA or a mineral nutrition product, they all end up in the same ton of feed somewhere along the line, and so I guess the way we look at this is that, you know, we have our eye on our partnership with our key customers, livestock producers, so this is one of the key things that they need to formulate their diets, is the mineral nutrition products, so we're a partner for them then, and obviously then we bring the animal health products for managing certain disease and health issues. Okay. Okay. All right. Well, thank you so much for the time. I really appreciate it, and hope you have a great conference. Thank you very much. Yeah. Thank you. Thank you. Good luck traveling.