Good morning. My name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to the RCM conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star, followed by the number one on your telephone keypad. If you would like to withdraw your question again, press star one. Thank you. I would now like to turn the conference over to Evan Smith, Head of Investor Relations. Evan, you may begin your conference. Thank you, operator. Good morning, everyone, and welcome to the R1 RCM's conference call to discuss our long-term revenue cycle partnership with Providence and agreement to acquire Acclara. Certain statements made during this call may be considered forward-looking statements pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. In particular, any statements about the expected timing, completion, effects, benefits, and synergies of the acquisition of Acclara, the agreement to provide RCM services to Providence and related transactions, our future growth plans and performance, including statements about our strategic initiatives, our liquidity position, our growth opportunities, and our future financial performance are forward-looking statements. These statements are often identified by the use of words such as anticipate, believe, estimate, intend, design, may, plan, project, would, should, and similar expressions or variations. Investors are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements made on today's call involve risks and uncertainties. While we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so, except to the extent required by applicable law. Our actual results and outcomes may differ materially from those included in these forward-looking statements as a result of various factors, including, but not limited to, the ability to, the parties to consummate the acquisition and related transactions in a timely matter or at all. Satisfaction of conditions precedent to the consummation of the acquisition and related transactions, including the receipt of required regulatory approvals, our ability to timely and successfully achieve the anticipated benefits and potential synergies of the acquisition and related transactions, the impact of the restatements of financial statements for certain non-reliance periods, and the listing deficiency notice from Nasdaq, which was completed. Reputational relationships with investors, suppliers, customers, employees, and other penalties and factors discussed under the heading Risk Factors in our annual report or Form 10-K/A. We will also be referencing non-GAAP metrics on this call. For a reconciliation of non-GAAP metrics to closely comparable GAAP metrics, please refer to our investor presentation. I will now turn the call to Lee to provide additional details regarding today's announcement. Lee? Thank you, Evan, and good morning, everyone. We are very happy to announce that R1 has been selected by Providence as its long-term revenue cycle management partner. This marks the first major end-to-end cross-sell into the legacy Cloudmed customer base. This partnership demonstrates the strength of Cloudmed's long-standing customer relationships and R1's ability to leverage those relationships over time to create new embedded growth opportunities. Providence is a top 10 integrated delivery network by NPR, a leader in the provider industry, serving the Western United States with 51 hospitals, more than 1,000 physician clinics, and over 120,000 caregivers. We are proud to be selected by an organization with a history of working hand in hand with clinical and operational teams to identify areas of innovation through the use of technology to positively impact their patients, clinicians, communities, and partners. This partnership includes the acquisition of Acclara, Providence's wholly owned revenue cycle operation and technology business, together with a 10-year exclusive agreement to be executed by Acclara prior to close to provide comprehensive revenue cycle services, representing NPR of approximately $14 billion. Post-close, the R1 teams plan to deliver integrated end-to-end services, leveraging R1's technology-enabled solution suite for both the acute and ambulatory care settings. Acclara, currently serving more than 50 customers, will further increase our customer diversification with new acute and physician customers and extend our service and technology capabilities in the R1 modular space. At maturity, this partnership is expected to yield more than $625 million of revenue and approximately $185 million of adjusted EBITDA. This adds significant momentum to our continued path of delivering long-term embedded EBITDA growth to our shareholders. As we have discussed in past calls, providers today need our solutions now more than ever. Continued financial and labor pressures on providers, regulatory changes that challenge their ability to keep up with reimbursement trends, and fragmented technologies within their systems all lead to an equation where providers are looking for a partner who can offer both in-source solutions, such as R1's tech-enabled modular suite of solutions that drive revenue yield through a data platform covering more than $900 billion of NPR, or a fully outsourced solution that leverages our technology investment and global scale. This partnership demonstrates the confidence of one of the nation's leading health systems in our capabilities, including our proven ability to leverage technology to enhance near and long-term performance. Adding Acclara's more than 50 acute and ambulatory customers to our current roster of more than 500 customers will further support the network effect created by R1's breadth of services and access to a large and growing set of structured and unstructured data, including additional insight into claims, codes, and reimbursement data. Continuing to leverage larger sets of data enhances our ability to deliver greater insights, more predictive analytics, and AI-driven tools for our customers, which we believe will drive improved yield, reduce costs, and enhance patient satisfaction. Combined with our global scale and broad solution suite, access to larger, diverse data sets will accelerate our innovation, strengthen our competitive position, and improve financial performance for our customers and shareholders. Now let me tell you about each portion of the transaction. On Slide 4, let me provide you with some key points on the strength of the 10-year exclusive partnership with Providence. Over the last several years, Providence has undertaken a competitive process to find both a long-term trusted RCM partner and to identify the right strategic fit for its Acclara revenue cycle operation and technology business. In R1, they found a partner with a complementary technology platform and solution suite that can enhance Acclara to deliver superior performance and deliver near and long-term value to support Providence, Providence's revenue cycle requirements. Having worked with Cloudmed across multiple revenue integrity solutions, Providence knows firsthand the strength of our ability to drive execution through the deployment of advanced technology solutions. Strategically, their organization fits well with our cost optimization and revenue yield model as it expands our footprint in the Western U.S., where we already have deep knowledge of the regional operations and payers. Together, we expect to meet the growing demand across the revenue cycle for both Providence and our expanded customer base, demonstrating R1's ability to meet our customers anywhere they are on their revenue cycle journey, insourcing with tech-enabled modular solutions and having the flexibility to move to full outsourcing when it meets their evolving needs. Through this partnership with Providence, we will be servicing all acute and ambulatory settings, including both the hospital and existing physician business, demonstrating that R1 is a preferred partner of choice with the scale and breadth of technology and services to serve multiple care settings. We are confident the combination of leveraging the existing Providence relationship with Acclara and the solutions already installed with Cloudmed will streamline deployment of the acute and physician end-to-end partnership. We have no set phasing in this commercial agreement. Rather, we'll phase our deployment based on the needs of the customer and our joint readiness to deploy our solutions. This deployment model demonstrates both parties' commitment to embedding R1 across the revenue cycle to drive significant near and long-term value. We are proud to be a trusted long-term partner to Providence and to meaningfully expand our relationship. We are also excited to work collaboratively with the Acclara team to build even stronger relationships and enhance value across our combined customer base. Now turning to Slide 5. Acclara serves over 50 customers, generating approximately $300 million of revenue and $25 million of adjusted EBITDA, with significant synergy opportunities over the next several years. Employing approximately 2,600 revenue cycle caregivers, we expect Acclara to add complementary capabilities to the R1 modular offering. We also expect Acclara to enhance our capabilities and further diversify our customer base by adding another top 100 health system to our roster, bringing R1 to 96 of the top health systems in the U.S., as well as expanding the scale of our data footprint across care settings. Acclara derives the majority of its business from enterprise RCM solutions, such as physician business operations, mid-cycle coding, denials and AR management, as well as customer service operations, all of which are highly complementary to the current R1 solution suite. In mid-cycle coding, Acclara's solution deploys more than 250 in-house coders with knowledge across all payers in multiple states to ensure quality and assurance. This will bring additional scale to R1's outpatient coding operations, which is expected to be launched as a new modular solution offering in 2024. Additionally, Acclara brings strong physician business operations at key customers such as Penn, Northwestern, and University of Colorado, one of the remaining top 100 health systems not currently served by Cloudmed. This aligns well with our existing physician business and our growth strategy within the sector. Finally, we expect Acclara's workflow and predictive analytics solutions, as well as their technology and product teams, to fit well within our organization. Their analytic capabilities leverage data to improve the patient payments experience and identify root cause issues in areas such as denials management, enabling customers to prevent future delays or lost revenue. The technology and product teams have similar priorities and are expected to integrate well within our processes to continue enhancing our technology-enabled platform and innovative solution set. We are confident in the organization's complementary fit to drive value for our customers, as well as create additional value from improved performance, including an expected $50 million in cost synergies at maturity, with additional opportunities for revenue synergies as we move forward. Our track record for delivering synergies for Cloudmed gives us confidence in our ability to execute on this plan. Now I will turn the call over to Jennifer to discuss the transaction details. Thanks, Lee, and good morning, everyone. The total consideration for Acclara, including the 10-year exclusive partnership with Providence, consists of $675 million in cash and five-year warrants to acquire 12.2 million R1 shares with a three-year lockup. This partnership has three distinct components. Number 1, the base Acclara business. Acclara generated roughly $300 million of revenue and approximately $25 million of adjusted EBITDA in the last 12 months. Providence is Acclara's largest customer today, approximately 1/3 of the base revenue and services the Providence physician business. Number 2, cost synergies associated with the transaction. This transaction is complementary to our existing modular solutions. As a result, we expect significant cost synergies as we integrate the business. R1 expects to generate approximately $30 million of cost synergies by year three, and over $50 million at full run rate in year five. Number 3, new business associated with Providence to service their enterprise RCM operations. We expect the 10-year end-to-end agreement to begin onboarding in 2024, reaching steady state by year five. This represents NPR well above the $4 billion target that we expected this year. We will provide more details on the timing of onboarding post-close in conjunction with our 2024 outlook. In total, we expect the combined transaction for all three components to contribute approximately $625 million of revenue and approximately $185 million of adjusted EBITDA in year five. We plan on financing the transaction with a new committed Term Loan B, issued prior to closing, as well as using our existing revolver. In addition, we expect using free cash flow generated from the execution of the partnership and the expected free cash flow generation across our existing business to delever going forward. Our capital allocation strategy is to prioritize debt paydown and investments in technology and talent to ensure we deliver best-in-class solutions and services, while also driving strong customer satisfaction, retention, growth, and profitability. We believe this transaction is a good example of our capital deployment strategy at work. With Acclara, we expect to strengthen our strategic position as a trusted partner, enhance our customer offering and access to large datasets, as well as diversify our customer concentration. We also expect to drive profitable, embedded growth, including capturing cost synergy opportunities. This positions us to create significant value for our shareholders. We expect to complete the transaction in early 2024, subject to customary closing conditions, including the receipt of regulatory approvals. We will provide 2024 guidance for the transaction following close. Now I will turn it back to Lee to talk in more depth about our strategic fit. Thank you, Jennifer. As I mentioned earlier, this partnership resulted from a multi-year competitive process to find both a long-term trusted RCM partner and to identify the right strategic fit for its Acclara revenue cycle operations and technology business. The decision process accelerated over the past 18 months following the R1 Cloudmed combination. A few key factors drove the partnership decision. First, our compelling financial and operational model will enable immediate and significant value creation for Providence by leveraging R1's global scale, full suite of tech-enabled solutions, and efficient cost structure. As with other large systems and physician groups, which are already part of our customer network, in simple terms, we believe we are distinctly equipped to deliver the greatest revenue yield at the lowest unit economic cost to Providence. Second, the application of technology and data to an otherwise labor-intensive revenue cycle process gave Providence confidence we would innovate alongside their organization. We believe Providence is a highly innovative system and physician organization that has demonstrated leadership in technology and data with their investment in Acclara, as well as other leadership initiatives across the broader provider and technology ecosystem. We were a natural fit for their own strategy, having invested at scale in data, technology, and more recently in AI with our partnership with Microsoft. Part of our value proposition to Providence was that R1 has access to one of the largest datasets of claims, medical records, and reimbursement data across geographies, payer types, and care settings that position us to deliver greater insights to systems that would otherwise see limited datasets within their own system. This alignment on technology objectives was a key reason for the partnership. Third, there's a competitive market for these types of large partnerships. A key part of Providence's decision was both customer reference ability and our existing track record with large systems. With several other large system and physician groups in our customer network, we were able to satisfy this key requirement. Last, while the provider market is large, our relationships with the market matter. We were privileged not only to leverage our relationships across the revenue cycle leadership team at Providence, but we were also able to develop trusted relationships with Providence's C-suite and believe this will be a key factor in driving long-term success. Turning to Slide 8. We believe this win demonstrates R1 as a strategic partner of choice for the industry. As the first large customer converted from the Cloudmed installed base, this transaction highlights the strength of Cloudmed's long-standing relationships and the embedded growth potential across more than 500 customers. Throughout a highly competitive process, our historical relationship, combined with our technology and service advantage, enabled us to win this significant opportunity. This is the first of what we believe will be many expanded partnerships and allow us to further penetrate an estimated $115 billion addressable market for outsource solutions. Expanding with a top 10 U.S. IDN demonstrates the strength of our flexible strategy to meet providers wherever they are in their revenue cycle journey. Through scaled access to an even greater data set, we expect the partnership will increase the network effect with our technology and automation platform. The increased depth and breadth of our ecosystem of customers and solutions across geographies will enable R1 to access an even larger set of structured and unstructured data, creating greater insights and predictive capabilities in areas like coding, AR, and reimbursement trending. We believe this will enable us to continue to improve cost, increase yield, and enhance patient satisfaction. Last, the increased diversification and embedded growth opportunity will reduce R1's revenue concentration. With the addition of Acclara, we will add more academic medical centers and physician group customers to our customer ecosystem, including, as I mentioned before, a new top 100 customer who does not currently buy Cloudmed solutions. Turning to the next slide, I would like to summarize what will be our winning playbook for success serving the provider industry. First, the flexibility of our model enables R1 to meet customers anywhere on their revenue cycle journey. Insourcing with expanded tech-enabled modular capabilities, all the way through complete outsourcing with our integrated suite of end-to-end solutions. This approach to partnering enables us to better leverage our global scale and gives us more ways to win with customers, creating a better runway for sustainable growth while reducing our reliance on a single point NPR target. Providence is the first of many opportunities we're seeing in our pipeline, current customer base, and across the market, which we are confident will facilitate long-term embedded growth and adjusted EBITDA potential to drive shareholder value. We will continue to invest and emphasize our technology advantage. Our tech-enabled platform leverages scaled data with our teams reviewing more than 500 million patient encounters annually and growing. This, in combination with our global services team, lowers cost, improves yield, and enhances the patient experience for our customers. We cover health systems which account for over $900 billion of NPR, further expanding the network benefits I discussed earlier. Lastly, diversification and scale matter. As we continue to grow both modular and end-to-end solutions, our customer base continues to diversify. We currently serve 95 of the top 100 health systems and over 500 total customers. Our combination of integrated technology and global services addresses an estimated $115 billion addressable market opportunity, which has an extended runway. We have further strengthened our position as a strategic partner of choice for providers, meeting each where they are in their revenue cycle journey to deliver long-term sustainable growth. In conclusion, this announcement is a testament to R1's ability to combine best-in-class technology and services to deliver improved outcomes at every stage of the revenue cycle workflow. We are excited to complete the acquisition of Acclara, begin our work with Providence, and continue to work to drive value for our customers, shareholders, and team members. With that, we will open the call for your questions. Thank you. As a reminder, if you would like to ask a question, please press star followed by the number one on your telephone keypad. We ask that you limit yourself to one question and one follow-up. Your first question comes from the line of Charles Rhyee from TD Cowen. Please go ahead. Yeah, thanks, guys, for kicking the questions. You know, maybe just to clarify a little bit on this, on the transaction here, you talk about both closing of the Acclara deal as well as the 10-year agreement with Providence. Is the start of the Providence deal contingent on the closing of the Acclara deal, or can they run in sort of parallel? Charles, this is Lee. We expect to close both at the same time and start both the integration and addition of Acclara, as well as starting to execute the long-term 10-year partnership on both the acute and physician business upon closing. Okay, that's helpful. And then, you know, maybe a little bit more on Acclara. You talked about having 50 clients. Obviously, you're getting into more academic medical centers. You know, what is the growth rate of Acclara been on a standalone basis? I know you've given kind of combined revenue, you know, sort of today, what the revenue contribution is, plus, I'm sorry, the year five contribution, but if we strip out Acclara, like, what has the growth rate of that business been? And then, is that factored into this, you know, the five-year number here? Yes, the Acclara business and. Jennifer. Yeah. The Acclara business and forward-looking growth is embedded in the $625 million of revenue and the $185 million of adjusted EBITDA on a go-forward basis in year five. The Acclara business is low single digit growth, and that's what we have assumed in the projection. This business is highly complementary to our existing modular solutions and we will integrate that business in with our existing business. So we believe we've assumed very conservative growth rates for that business. While they do have other customers in addition to Providence today, we've modeled a very conservative growth rate there. Okay, thank you. I'll stop there. Thanks. Your next question comes from the line of Elizabeth Anderson from Evercore ISI. Please go ahead. Hi, thanks so much for the question, guys. It looks like, I mean, if you look at Providence's annual report, it shows that they have NPR of about $20 billion. Is there something that's sort of excluded from the Providence arrangement? Is that brings it down to $14 billion, or is that not the right way to think about it? And then secondarily, could you talk to sort of the current size of your relationship with Providence and any of the other customers that are embedded in there? Thank you. Sure. Hi, Elizabeth, this is Lee. So the way to get to the $14 billion is Providence, not including Swedish. Okay. So that's the $14 billion. So still the most substantial part of Providence, that is estimated $14 billion. In terms of what we already do for Providence, Elizabeth, let me just make sure I'm answering your question. I'll touch on Cloudmed for sure, and then maybe touch on overlap with some of Acclara's customer base. So on the Providence side, one of the important points that led to this, and the point I mentioned about a strong relationship with their revenue cycle operation, is we were already very well known to Providence. So they are one of the early customers of our Cloudmed business, and use several of our solutions, including our DRG coding solution, our underpayments optimization solution, and some of our denials and AR management solutions. So already an existing client, that we will continue to grow with on the Cloudmed side. Acclara, of the top several customers, we do have existing relationships with them, specifically also on the Cloudmed side. So the ones I mentioned, Penn is an existing customer, a few others. The only one that isn't, which is just, you know, by coincidence, one of the five that we haven't developed a relationship with in the top 100 is University of Colorado. We're very excited to welcome them to the family of Cloudmed solutions over time. Got it. So think of that $625 million number as a gross number, but I still, I take your point that there's obviously tons of, incremental revenue opportunity, right? But that's a gross number. That's right, Elizabeth. Okay, perfect. Thank you. Your next question comes from the line of Jailendra Singh from Truist Securities. Please go ahead. Hi, this is Jay on for Jailendra. So, thanks for taking my question. I understand there's no phasing in this contract, but do you expect the revenue and margin ramp on this contract to be similar to the other operating partner contracts, or does having Acclara and Cloudmed partnerships make a difference here? So a couple of things, Jennifer, if you want to add anything else. You know, the numbers we're giving you at full maturity are over five years. However, what we want to do going forward is not have any set piece timing on phasing. Now, that said, what we did here was we have their end-to-end business, right? With a 10-year agreement. We expect to start onboarding, start transitioning in 2024. And I want to leave us flexibility whether this takes, you know, three years, similar to some of our other onboarding or extends a little past that, but I expect it to look not that dissimilar from some of our other large system onboardings. I think the clarification that I, that I would make there is that, as I mentioned in my prepared remarks, there's three components of this transaction. The first is the base Acclara business, which is a run rate of roughly $300 million of revenue. So that will start immediately post-close. You will see that run rate of revenue. The second is synergies, and those synergies will ramp as we realize the opportunities, and we gave some points there on year three and year five of being $30 million, roughly in year three, $50 million in year five. And then the third piece is the end-to-end contract, and that's the part that Lee was talking about as far as phasing and ramping that revenue over time. Thank you. My follow-up is, is there any, like, capacity enhancement costs that you would need to incur in either 2024 or beyond to prepare for this? Yeah. So with any new end-to-end contract, we make an investment up front. So this, the end-to-end piece of it, will be similar to how a new contract would look, because this is a new contract and a new deployment of revenue that's not being serviced today. So we will have upfront investment associated with the new business part of that, and it will look similar to our other contracts. Thank you. Your next question comes from the line of Daniel Grosslight from Citi. Please go ahead. Hi, guys. Thanks for taking the question. Jennifer, I think you mentioned that Providence contributes around 1/3 of that $300 million revenue base of Acclara. Can you give a similar contribution number for the LTM adjusted EBITDA? And then as we think about that combined five-year target of $625 million revenue and $185 million adjusted EBITDA, and perhaps we can back into this given the low single-digit growth of Acclara. But can you just maybe put a finer point on what percent of that will come from Providence? Yeah. So it is about 1/3 of the existing Acclara revenue today. We didn't disclose the EBITDA contribution associated with it, but it is about 1/3. And that revenue that Acclara generates from Providence is their physician business. So this was an important point as we had negotiations and were going through the process of this transaction and this partnership discussion, is that Providence wanted one provider, one strategic provider, that could service both their physician business that was already with Acclara and expand to their broader RCM services and service those as well. So that was part of why R1 was selected as part of a provider for the total business. As far as the end state of the $625 million of revenue and how much of that will be Providence, obviously, all the end-to-end contract and the growth of that will be Providence. And then we would expect the Providence business within Acclara to still grow at that kind of low single digits, just in line with overall healthcare growth. Yeah. Yes, Yes, makes sense. And, you know, you and Lee both mentioned a few times during the call, the complementary solution set. If I just look at, you know, Slide 5, you know, a lot of these AR management mid-cycle coding, it seems like Cloudmed does quite well. So I'm just curious if it's more of complementary in that you're going, you know, more from a customer base, meaning physicians and academic centers. Or is there something really unique about their specific solutions that Cloudmed or legacy modular solutions, you know, just did not have that this transaction gives you access to? Yeah. So let me start, just emphasize what Jennifer said. This was very much about a journey with Providence, where it was a combination of both the end-to-end deal and, maybe just add a little color, you know, a revenue cycle business that they started to build through acquisition, through organic investment over the last, if you look at the history, over the last five plus years. In some ways, mirroring the early R1 strategy. And over time, what they realized, and obviously I had a lot of direct contact with their operational and executive team, what they realized was, you know, it would be better strategically to find a partner that could service the acute portion of their business, so the broader end-to-end business, given that Acclara is, you know, largely focused on the, on the physician side, and other parts of the business. But also could take on the kind of early innings, if you will, of their Acclara business that had both services, both Providence as well as has some commercialized over time. So that said, the way we looked at the Acclara business was, you know, does it strategically fit what we do? And the answer there was absolutely yes. They have very complementary modular capabilities. Second, you know, do we have, y ou know, how confident are we in the synergy? And this gets directly to your point. If you look at each of their solutions, mid-cycle coding, there's some incremental capabilities because of their position in the physician space relative to R1, but on the acute side, pretty similar. Denials and AR, to your point, very similar to the Cloudmed services and technology, therefore, highly complementary and overlapping. Physician business office, as you know from R1 module historical, we have a physician office group, but this adds more capabilities, more customers, to your point. The two things that are incremental are both our patient payments business. So specifically, you know, we have the VisitPay business. They have a self-pay early out business, which is an added incremental capability. They also acquired an automation business similar to the automation business that Cloudmed acquired years ago, but have additional predictive and analytic capabilities they've applied to their acute and physician business. Which brings me back to my last point, which is part of this ends up streamlining our deployment, right? So think about, you know, the existing Acclara today serves Providence, both acute and physician. That is their revenue cycle vendor for the most part. Now, we've got the entire end-to-end deal where we have optionality to either continue the Acclara services, but more likely start to deploy the broader scale of R1 modular and end-to-end capabilities to Providence. So that's a bit of a long answer, but I wanted to offer some color behind some of the things I mentioned before. Makes sense. Thank you. Your next question comes from the line of Glen Santangelo from Jefferies. Please go ahead. Oh, yeah. Thanks for taking my questions. Lee and Jennifer, I just wanted to, I appreciate that you want to get away from all the onboarding and phasing conversations, but just sort of given there's a lot of controversy around sort of 2024 numbers for the company, I'm just kind of curious. You know, Jennifer, based on your comments that, you know, there's going to be an upfront investment, I'm trying to weigh that against, you know, the $25 million current EBITDA run rate, in addition to the fact that it probably looks like you're gonna incur about $35 million of interest expense, around the revolver. So I'm just trying to think about this deal in isolation as it relates to 2024. All other things being equal on your EBITDA and net income, it seems like you're gonna go down before you head up in the year two to five ramp. Am I thinking about that correctly? Thanks, Glen. We'll provide more details on 2024 guidance once the transaction closes, but roughly, that's the right way to think about it on the kind of the base business and the run rate, is that it will be a short-term impact on cash in the first year. As we realize synergies and ramp the business in year two, it becomes cash flow positive and accretive. Part of that is our normal investment as well, that we're making on the new business front, which is similar to any end-to-end new contract that we're making that investment on. All right. That, that's helpful. Lee, maybe if I could just ask you a quick follow-up. You know, I know all year you've been talking about adding this $4 billion of new NPR, and I think it's, you know, it sounds like you want to get away from talking about, you know, additional NPR contracts. But I'm just kind of curious, you know, this deal is significantly bigger than that $4 billion. I'm kind of curious, is this the deal you were talking about all year, or are there sort of other conversations you're having, and this is just one that sort of fell out of the funnel sooner rather than later? Look, I can obviously now be more clear and transparent about what I've been talking about, just to tie back to some of the comments I made on the last couple of earnings calls. A couple of things. We have several deals that are in the range I've mentioned, in that sweet spot of, you know, kind of $3 billion-$4 billion or more in our pipeline. The reason I emphasize that is, you know, strategically, we want to be continue across all care settings. You know, there is a size component to complexity. In other words, you know, the larger the system, the more likely they are to be on one host system, one medical record, one billing system and so on, more likely they are to have centralized their revenue cycle. And even though it's large and complex, and we're one of the few companies in the industry that can serve their needs, sometimes are actually less complicated than a $1 billion NPR, very fragmented, you know, technology, customer in the physician or, or acute space. So I've, I've kind of harped on this point, saying we have several four billion-ish systems in our pipeline, and that, that remains true. Now, the hard part to predict, and the reason we keep saying, you know, let's not box ourselves in on an annual NPR target, is all of these move at a different pace. Okay? As an example, this one is years in the making. So my, my predecessor team has engaged with them in formal or informal RFPs years ago. You know, I came into this business, you know, more than a year ago, saw this in the pipeline early stage. It happened to have accelerated pretty quickly in the last, call it six to nine months. We got an intro, this is back to the Cloudmed relationship. It just happens that the head of revenue cycle and multiple members of that team are very, very well known to me and the Cloudmed team, like, really one of our long-standing, most trusted partners. That started to accelerate the conversation. And then what I couldn't say to you all is, you know, contracting is very complicated, and they have a very experienced, sophisticated executive team. I've spent time with every one of the CEO, CFO, COO, head of business development, head of strategy, and so on. And this, this was a several months process of our teams being, literally, our operational teams being on the ground, them kicking our tires, us kicking their tires to make sure we could service them over time, them developing confidence over time. You know, a highly tense period where this was very, very competitive, before we got downselected to, you know, for, for some period of time, a very short period of time. So what I'd say is, this is one of them. I, you know, I'm not gonna commit to anything in 2024, but we do have other deals that are in the pipeline that are progressing very well. Great. Appreciate all the details. Thanks, Glen. Your next question comes from the line of Craig Hettenbach from Morgan Stanley. Please go ahead. Yes, thank you. Just a question on take rate. I mean, on the numbers you're throwing out for a five-year basis, it looks like kind of sub three, but I know there's puts and takes in terms of how things ramp up. So Lee, how do you think about that, kind of over this ramping period and longer term on a steady state? Yeah, so this again goes to, Craig, a little bit how we want to evolve the way we think about our business. And this goes back to one point I'm making that is maybe nuanced and new, which is insource versus outsource. So, you know, the insource version of our business is Cloudmed plus modular solutions. That's a substantial part of our EBITDA, like, trending to be, you know, very, very significant part of the company that we tend not to talk about nearly as much as we should, but adds enormous value to the company from a data, technology, and commercial perspective. The end-to-end side, you know, where I want to go with customers is, I'll use an example, then I'll come back to Providence. If I, if a customer were to say to me, you know, "Lee and team, we just want you to do the back end of coding and AR management and use your managed services. We control it." I would be happy to continue down that path. Now, if they said that, "We want you to control it," right? "We want you to manage the back-end AR reimbursement, but you control it," that historically, R1 would have not said it's end-to-end. But what I'll tell you is, that is meeting customers where they are. If they want to us to handle the back end, we would be happy to outsource the back end to us, and by definition, that's not the entire revenue cycle. That is nowhere near 3% hypothetically for any customer, okay? So in this case, what you have is a scoping. It's a question of scoping. So we are doing, for various reasons, we can discuss closer to closing, the mid-cycle coding for Providence, so all mid for acute and physician and all back end. What we're not doing for them is front-end registration, and there's lots of nuances and reasons, for that. But for us, this is exactly what Providence needed. This was, a, a long-standing, you know, a, a long period of scoping, the non-Swedish part of Providence, mid-cycle back end for both acute and physician. So that's why the math that you're backing into, Craig, is, is, is roughly right. Got it. This is a helpful color. And Lee, can you just touch on how this might tie into longer term? You made a point on just kind of having more access to data. I know that's a big part of the strategy, partnership with Azure. Like, how are you thinking about this on more of a multi-year basis and how it all ties together? Yeah. So a couple things. I'm glad you're asking the question. The first thing I'd say is, the unlock of value in the industry over time will be technology, okay? So, you know, the early innings of the industry was very much labor, lower labor unit economics from having a like for like employee that can deliver equal or greater revenue yield, that happened to not be in the U.S. We, R1, developed our global capabilities, our captive global footprint. That was kind of, you know, the first inning of the industry. The second inning was starting to apply automation. So this is, you know, what sounds simple, but basic RPA automation. Automation, which allows a bot, if you will, to accomplish a task like retrieving a record, accessing a payer system, a public payer system, or so on. The next inning has a lot to do with Cloudmed and has a lot to do with AI, and for us, starts to unlock a revenue cycle that is way less labor intensive, that is way more technology enabled. The advantage we have at R1 is we are embedded in our customer's workflow. We are accessing their host systems, we're working within their processes, and we see a ton of structured and unstructured data, okay? The other advantage, and I'll come back to just an example of why that matters. The other advantage we have is because we are leveraging the Cloudmed data footprint, we are seeing claims data, reimbursement data, and codes across the country, across all care settings, across all states, that allow us to drive more predictive analytics to a customer. So let me just give you two examples, one on the first front, on the AI front, and the other on the data and analytics front. On the AI front, because we see so much unstructured data, let's just use an example in a denial, right? So we have Cloudmed, which is the market leader in denials and AR management. One of the many steps, and the reason that this is important is, in order to reply to a denial, you need to submit a claims letter, an appeal letter. That appeal letter is unstructured text that is very clinical. We see hundreds or thousands or tens of thousands of similar appeals. We can automate that through a large language model and reduce the amount of labor that gets applied to that step. That logic, that large language model application, applies to coding. It applies to basic things like AR management or account summaries, and over time, reduces our reliance on labor, which gives me the confidence we can deliver faster revenue to customers. Also gives me high confidence on achieving our 30% EBITDA margin targets. The second example I would give you, and why Cloudmed is so important, and why, you know, I want us to continue talking about this, is because we see these data sets, we can help our providers, especially in what is still, you know, I would say, an evolving payer dynamic. Where I can now go to a CEO or CFO and show them what's happening in their geographies, payer by payer, on timelines of payment that relate directly back to their AR days. I can show them rates of denials by payer, and the only reason I can do that is because we have access to 95 of the top 100 systems across the country of claims data. And so to me, that's like, t hat is the biggest unlock is technology. The other two or three we've already talked about. It's access to 95 of the top 100 systems through Cloudmed and being able to replicate what we just did with Cloudmed. And the third thing is kind of a nuance of what we talked about, is being able to pace ourselves, right? Thinking about NPR longer term, not annually. I still firmly believe we have the unique capability to grow above market growth rates over time, but also not box ourselves in on any annual basis on achieving one annual growth target. This will be very much about three over the long run, three years plus. Got it. Thank you. Your next question comes from the line of Jack Wallace from Guggenheim Securities. Please go ahead. Hey, congrats on the, on the big win here, and, thanks for answering all of our questions today. You know, thinking about the Acclara asset, it sounds like it mostly services the, physician, group of, Providence. You called out a couple of the incremental capabilities, and, you know, so just, you know, thinking about the broader pipeline, the physician group, your cohort had been in an area I believe you'd call that as being a healthy component of that. Does this deal, you know, help you, you know, pull more of that, demand out of the pipeline? And I ask about the physician groups in particular because there, you'd had some issue with the cohort in your existing customer base over the last year or so, and wasn't sure if you're still viewing that segment of the market as being, you know, yeah, as being a good opportunity for the company? Yeah, a couple of things I'd say. Jennifer, if you want to add anything else. Look, we strategically believe we should serve the industry across care settings, and that includes physician groups. Now, you know, we want to be thoughtful about how we think about our new customer segmentation. The advantage here is, Acclara, a big portion of their business is the existing physician group of Providence. That is right within our sweet spot of a target market that is similar to all three of our, you know, previously largest customers, right? Which you know well. So that is right within the strategy of that of how we think about our customer and prospect segmentation. The other portion of the business is, there are three other large clients, two of which are already existing Cloudmed customers, which we know very well, just gives us more capabilities to serve that client and broadens our relationship. And then there's the additional new. The other part of the business is smaller, but we're very happy to take on the other non-Providence physician groups of Acclara, and believe that our capabilities at R1, our existing modular capabilities, physician business office, our outsource coding, and some of our Cloudmed capabilities will serve those customers well. Maybe if I can just add an additional point there. As far as, you know, our existing pipeline, we don't think that the Acclara business will cannibalize any of our pipeline or the growth of the existing R1 business as we move forward. But the Acclara assets are highly complementary to our existing modular solutions, and the Acclara is made up of a series of acquisitions and investments that Providence has made over the last several years. So as we think about integrating this into our business, this is a playbook that we know how to execute. Cloudmed made a number of acquisitions historically and was able to integrate them into the business. And we have a great track record, as evidenced by the synergy realization that we're seeing with the Cloudmed transaction this year, where we're ahead of our cost synergy realization. So we feel like this is a very good opportunity for us and something we know how to execute well, as far as bringing the Acclara business into the R1 solutions. Thanks. That's helpful. And then is there a, you know, any incremental Cloudmed upselling contemplated as part of this deal? And then you mentioned that the Acclara is still kind of in the early innings of a build-out, similar to the earlier stages of Cloudmed. Are there, y ou know, is there an incremental CapEx you should be thinking about as you support the growth of that asset? Thank you. No, no significant CapEx requirements necessary for this integration. There will be some one-time costs in 2024 as we integrate the business, the normal investments that we make to cut over systems and as we, you know, transition employees over, et cetera, but nothing significant out of the ordinary. Your next question comes from the line of Vikram Kesavabhotla from Baird. Please go ahead. Yeah, thanks for taking the question. I just wanted to follow up on some of the comments regarding the pipeline. It sounds like you've had other conversations with potential customers throughout this year, but given the size of Providence and your current onboarding capacity, should this announcement restrict your other commercial activity in the near term, or do you think you can continue signing other end-to-end deals in fiscal 2024 to the extent that there is customer interest? I'll leave it there. Thanks. You know, let me, let me touch on this, and Jennifer, you want to add anything. You know, one point that may be obvious, but I want to make is there. If you really look at the top 20 IDNs by NPR, there's not that many that haven't already insourced in some way with their own solution, or, you know, perhaps they're an academic medical center, which tend, you know, not to trend this way. There are a few, okay? So I'll say there are a handful. Those take a lot of time and are very just, just like Providence, are very sophisticated executive teams, processes, and are long cycles. So what I'd say is the likely deals, you know, outstanding are in the, you know, s ingle digit, call it low single-digit billion of NPR variety. And we absolutely have the capacity. And just by definition of this one, right, we can pace it. Because if you really think about our model, we can go to a customer and say, "We'll deploy our Cloudmed capabilities. We'll start with some of our managed service capabilities, or maybe you already have them." We can pace the onboarding. This is about transitioning your employees, and over time, with natural attrition, we can redeploy to our global scale model. Over time, we'll apply our technology, replace, you know, whatever technology or add whatever technologies into your ecosystem, and we can pace this as needed, right? So there is an element of, you know, if we were to win something at some sooner than later, then we probably would pace it, right? We probably would elongate the timeline, even though we have the capacity to serve that net new business. So it's nuanced. I know I'm not giving you a specific answer. The short answer is yes, we can, but I'm adding within reason, depending on the size of the system. Okay, thank you. Your next question comes from the line of George Hill from Deutsche Bank. Please go ahead. Hey, guys, thanks for adding me in here. I guess, Lee, first, as it relates to the business that you guys are bringing on from Providence, you talked about the Swedish carve-out. Kinda, are there any other meaningful exclusions or opportunities for cross-sale? And then my follow-up would be, could you talk about, like, in the Acclara business, the mix of technology sales versus services sales, and kind of how should we think about technology duplication in that business? Yeah. So, the first to answer your question is yes, but look, we're being purposely conservative as we think about revenue synergies here, right? Where our reliance as we think about value here is more on the cost side with Acclara and executing the contract for the acute and physician business. So I would say, you know, are there additional Cloudmed capabilities? Sure. But this is a fulsome deal with Providence on the 10-year agreement on both the acute and physician side. You know, second question, it's similar to the early days of R1. This is a combination of technology and services, and is complementary. I would say they're earlier in their journey than maybe we are today in R1, which is the reason this deal was consummated, right? The combination of, you know, a more scalable, more technology model to serve their entire acute and physician contracts. The ones I point out that are more tech-enabled than others are the patient payments business and the automation business I mentioned earlier. Your next question comes from the line of Richard Close from Canaccord Genuity. Please go ahead. Yeah, thanks for the questions, and congratulations. Just since Acclara, you mentioned, is in the early innings, I'm curious, as part of Providence, if maybe their go-to-market may not have been as aggressive, so the single-digit growth that you talked about could, you know, potentially, accelerate under R1 stewardship? Yeah, Richard, it's a great point. Look, we're purposely conservative on the Acclara assumptions we made, which, you know, we'll go into more detail later. But this, you know, the parallel would be, if you wanna draw the parallel, R1 modular services before Cloudmed. You know, before Cloudmed, there were, you know, a handful of end-to-end customers, and then modular customers they had, you know, acquired or built up over time. That was very much accelerated with the acquisition of Cloudmed, where we have access to so many more customers who buy at least one solution and, you know, broad geographic commercial capability that allows us to start winning at a higher rate with solutions like our Entri Pay solution, for example. So ideally, this follows the same reasoning, where we plug that, those modular capabilities from Acclara into the commercial model that we have existing. But I would say we're early days. Look, you know, we need to focus, just like we did with Cloudmed in the first year, on making sure we nail integration. We really focus on pleasing our customers, especially for any net new customers, making sure they feel the high touch from our modular business, from the team. So I wanna focus on that first. Thank you. Thanks, Richard. We have no further questions in our queue at this time. I will now turn the call back over to Lee Rivas for closing remarks. Thank you. First of all, our team is very excited about this long-term partnership. I wanna thank the Providence executive and operations team, who obviously we and I, you know, I personally have worked with for the last several months. This is a highly innovative group of leaders by virtue of some of the work they've done in the industry. Very, very focused on their caregivers, their clinicians, and just a highly professional group that, you know, we're at the beginning of a longer journey working with them, so I wanna thank that team. But in closing, I wanna make three points. The agreement with Providence, a top 10 integrated delivery network, is a testament to the scale and flexibility of our business model, with the ability to meet customers wherever they are on their revenue cycle journey. The second point I wanna make is this very much demonstrates the strength of Cloudmed's relationships and the significant potential opportunity in the more than 500 current customers. Third, with embedded revenue of more than $625 million in revenue and $185 million in adjusted EBITDA, this agreement diversifies our revenue base and will support our long-term growth objectives. Thank you, everyone, for your continued interest in R1. This concludes today's conference call. Thank you for your participation, and you may now disconnect.