Good morning, everyone. Welcome to the J.P. Morgan Healthcare Conference. My name is Anne Samuel, and I cover healthcare technology and distribution here at J.P. Morgan. We're thrilled to have R1 RCM here with us today. With us are CEO Lee Rivas and CFO Jennifer Williams. They'll do a brief presentation, and then we will open it up for Q&A. If you have a question, raise your hand, and we'll be sure to get you a mic. With that, let me turn it over to Lee. Thank you, Annie. Thank you to the J.P. Morgan team for hosting today. I am very excited to talk to you about the company today, and I also appreciate being the first one to get your day started. I appreciate seeing a lot of familiar faces in the room. Let me start out with the what we do and cover a couple of themes that you'll hear through the next 20 minutes, and then hopefully we'll be comprehensive in Q&A and get all your questions answered. A couple of points here that will set the stage for the rest of the presentation. I can quickly go through the 15 or so slides we have. For those listening, I'll kinda give you the slide number. I'm on slide number 3. We are a leading technology platform serving the U.S. provider market. We solve a critical problem for providers. There's a slide on this, but just to give you the headline themes. Providers are under enormous pressure: financial pressure, cost pressure, availability of labor, access to technology. We solve a problem, if you see the right side of this slide, of reducing administrative costs in one of the largest cost areas in a hospital system or physician groups area, driving higher revenue yield with the combination, a unique combination of technology and service expertise. The other theme you see on the second bullet on the left is we have access to scale data sets. With the combination of R1 and Cloudmed just over a year ago, we have access to $900 billion of net patient revenue, 500 million+ patient interactions, and 500 customers. This gives us scale advantage on accessing data, seeing visibility throughout the revenue cycle, and you see on the right, driving higher revenue yield and reducing costs. The other point I'd make here that's a theme is, we help our customers with a flexible engagement model. We go to market with, on one extreme, what we have historically called an end-to-end engagement. That is us controlling and managing the revenue cycle on behalf of our customers. That's what you know R1 the best. We're evolving to meeting providers where they are in their revenue cycle needs, and on the other end is the old Cloudmed business. We solve a revenue integrity or revenue leakage problem for providers. So in a very frictionless, technology-led way, we drive incremental revenue for providers through miscoding, human error, lack of access to technology, lack of, you know, keeping up with evolving regulations. So the point is, we are leveraging technology and a global service model to serve providers in a time of need. Couple points here on slide four. I'll go left to right and just make a few, high-level points. The first is, we are one of the few large-scale platforms by revenue and size of customer base. We also have very strong profitability. You saw in our announcement, $611 midpoint EBITDA in 2023. Going from left to right, we have a large market. The demand environment is very strong. That market grows at a healthy rate. The third point I make is we have access to one of the largest data sets. This is through our customers being embedded in their customer workflow, and through the Cloudmed business, having access to the NPR and number of customers I mentioned. We have access to one of the largest clinical payment demographic data sets in the industry. The last point is, we have a very strong financial model. I have one slide I'll cover there, and you'll probably have questions for Jennifer, but you see strong visibility and very strong margins. Let me cover our strategy. The first theme is, we are very much meeting providers where they are in their revenue cycle journey. This is a subtle shift because the business today that is R1 is far more diversified and technology-enabled than it has been in the past few years. So we now have 4 large IDN customers, pending the Providence close. We have 500 customers. The modular business is a significant portion of our capabilities, our technology, and adjusted EBITDA. We are a provider platform of choice, and a central component of our strategy will be to continue to invest in technology. You'll hear me touch on a couple themes today: automation, that is automating repeatable processes that would otherwise be labor-intensive; leveraging data and analytics to predict payments, to, to work through queues to accelerate cash for providers. And you'll also hear me touch on an example that is a symbol of our right to win in unstructured data sets, leveraging AI and large language models. The third point is, we will continue to expand our global capabilities, that is our capabilities in India and the Philippines, to drive unit economics that we can then pass on to customers. These are longstanding employees that have expertise working in customers' host systems and driving revenue cycle activities. The last point is important to our customers. Our mission very much matches our customers' mission: to make healthcare work better for all and let them do what they do best, which is care for patients. I appreciate having a couple of customers in this room. It's hopefully this resonates with you all. Let me touch on the problem here. Jennifer and I, in our first year, have had, you know, if I counted 50+ meetings with CFOs, CEOs, mostly in person these days, but some are still on video, and the themes are almost exactly the same. You know, the long story short is, years ago, we hospital systems could count on some consistent volume number, let's call it mid-single, mid- or high-single digits. We could count on payer rate negotiations being neutral to positive, and we could count on inflationary cost pressures, administrative or clinical staff being in the low single digits. That equation, post-COVID, has changed. So if you go left to right, inflationary cost, especially with regard to labor, especially the further west you go in the U.S., are very high. Labor constraints, especially with regard to administrative staff, that is the people who handle the revenue cycle, is an issue, and more of an issue in certain states than others. The middle bucket is nuanced. Okay? So, I've gotten a lot of questions about what's happening with payers. If you ask, provider executives, they would say there is an increased pressure in some way, shape, or form. Okay? And, and the way to think about this is, on the insurance side, these companies are software and technology-enabled to maximize reimbursement. We help providers on the other side of that equation, either with our Cloudmed business that drives revenue yield or the end-to-end business to be able to spot trends, because back to the data point, we see data across the U.S., across all care settings, across all episodes of care. And the third point on the right is also nuanced. Regulations continue to change, payment models change, coding regulations change by CMS. We are helping providers keep up with this evolution. We are well positioned for a significant growth opportunity. So a couple simple points here. We have access to a large market opportunity. The number that has stayed consistent is the $115 billion market size, inclusive of a $30 billion modular market opportunity. This market continues to grow, actually more than 5% based on access to opportunities. We call it 8%-10% market growth, you'll see on another slide. We are uniquely positioned to capture this opportunity. I'm tracking to slide seven. If you see the access to... We have access to 500 customers that represent $900 billion. And what that means, and I'll give you an example with a customer, a new win example, it gives us commercial access to the executives at these companies to be able to expand our solutions across those customers. It also gives us data visibility to a better job managing revenue cycle for those customers. You've heard us say this before, we have 95 of the top 100 U.S. systems with at least one solution sold. That is a significant number, and we are one of the few companies that can cite that statistic. Then 70% of the market remains insourced. That speaks to the enormous opportunity for outsourced revenue cycle. This is a busy slide, but let me just touch on a few points here. We meet providers where they are in their revenue cycle journey. So the first point I'd make is, this is across all care settings. So we are very much focused not just on the IDN and acute setting market, but also on the physician market. We operate across all U.S. geographies. We have access to all U.S. payers. We are very much leaning in on any innovation and new payment models. So that's the first point I'd make. The second is, the history of R1 that you know has not changed, the go-forward strategy around focusing on the end-to-end market, and that's the piece at top, where you see the front, middle, and back. For the set of end-to-end customers, in some way, shape, or form, we handle a large part of that, those activities in an environment where employees are essentially rebadged, and we run the revenue cycle for those customers. Okay, so that's the first model you'll hear me talk about. The other model is we can be very flexible, and if you go to the other extreme, it's if you are a provider struggling with AR, a big problem in the industry, and you, you have a bolus of accounts that you need managed, you can literally hand that over to us, and with our technology and service capabilities through legacy Cloudmed, we can work down that AR. So that's one extreme, not giving up the control. You send us a data set, we send you the data back to be able to go maximize reimbursement to you. There's a middle model, which is nuanced, it's on the next slide, which is the combination of Cloudmed Managed Services. This is for a provider who may not be ready to make the full transition to an outsource model. This is essentially an insource model. You still control your revenue cycle. You leverage our technology and our service capabilities to help you drive revenue yield. Here's, you know, this is a lot of words on a page, page nine. The point I wanna make on the left side, I wanna reiterate, the end-to-end business is still a focal point of R1, but we are a far more diversified company now. Okay? So if you look at the history, we don't have the stats here, but I see a few customers in the room that were original customers. That in those days, there was heavy customer concentration. The largest two customers made up over 70% of revenue. Today with another large system we won two years ago, a pending win, just on the top four IDNs, we are far more diversified. When you add in 500 customers between Cloudmed and the physician business, you get a very different business, and a business that is far less reliant on one NPR win in any given year. On the far right, I don't wanna belabor the point, but the revenue integrity and legacy R1 modular business is a significant portion of our customer base and of our adjusted EBITDA and the value we can deliver to customers. You know, what we would love to do is talk about the totality of our business more going forward, and that includes the modular business. In the middle, I mentioned it's leveraging our scale technology in an insourced model, but leveraging our technology and scale to do what we would call managed services. I'm turning to slide 10 here. This is a technology slide that tries to simplify the value we add through technology. So just touch on a few points. The first point at the top is this is a purpose-built application, either to digitize the patient experience, so that's our Entri solution, or to enable our operators. So in a full end-to-end model, the customer's handing over the revenue cycle to us, and our operators are managing that revenue cycle. This platform is built to help our operators prioritize queues, identify which accounts are more likely to pay, identify which ones are high dollar accounts, etc. And then on the right side at the top is Revenue Intelligence. We are deploying analytics directly to customers to identify sources of revenue leakage. The middle piece is this part about proprietary services with shared cloud-based scalable components. I won't touch on all of them, but a few examples. We deploy 14,000+ rules. These are essentially machine learning models that for any episode of care tied to any payer in any geography in any care setting, we can identify with a high degree of certainty where there are revenue leakage issues, where there are payment issues associated with that. We can model expected reimbursement with our machine learning models and accelerate cash collections. A few other examples, automation is a big piece of our business. So this is: think of this as an operator that is operating within a digital workflow of a customer. Let's just say it's a patient billing system. Our automation allows us to reduce the time to run manual tasks such as retrieving a medical record, identifying insurance eligibility at a payer website, etc. We also deploy analytic insights directly to customers to identify things such as, you know, what is happening with payer dynamics in their system, in their geography. This is a huge value add to CEOs and CFOs to identify time of payment by payer in their geographies. And then on the bottom, you see the data foundation. So this is one of the largest sets of clinical financial payment data, and the reason we have access to this is on the end-to-end business, we are embedded in our customer workflow. We see this data every day, and in our Cloudmed business, based on the breadth of customers, we also see large datasets. Going to slide 11. So this is a journey slide, with the headline is: We are accelerating the application of best-in-class technology across our business. On the left, you see what is still a major part of our value proposition and really the initial foundation of R1, scaled labor with deep revenue cycle expertise inside and outside of the United States that deliver best-in-class unit economics to our customers. Okay, so that's the first point. The second bucket, intelligent automation, is the example I gave on retrieving a medical record. This is applying RPA or bot automation to screenshots, to workflow. And then you get to the right, the Cloudmed acquisition accelerated the data and technology footprint across our business. Okay, so that's the big point there. And then on the right, I'll give you an example, but we are very excited about the combination of those first three things, the global captive, automation, and Cloudmed analytics, but increasingly, increasingly excited about our right to win with AI and large language models, given our access to large structured and unstructured datasets. And I'll give you an example here on this next slide. So just in the interest of time, I'll just touch on the right example. The example I want to share with you is a clinical appeal. So 10% of the time, as any customer in this room knows, you know, claims are denied, and oftentimes, those are highly complex clinical denials. That typically requires a clinician to review it, sometimes legal review, and for sure, auditing. That is an episode of care, a denial for that payer. We have probably seen, depending on the example, tens of thousands or hundreds of thousands of times. We can deploy a model to streamline the writing of that appeal and let those operators audit the appeal as opposed to writing it from scratch. That example can increase the productivity of an operator by 30%+. So to me, this is an example of the future of our business and the application of technology that drives higher revenue yield, reduces cost, and over time, will increase margins for our business. Last couple slides. I wanted to touch on a flagship pending win and just highlight the implications of this Providence win. The first point is this was a multiyear competitive process catalyzed by a Cloudmed relationship. I don't have time to go through that today, but the point here is, for this customer, we, the Cloudmed original team, were engaged with this customer for 7+ years, and that relationship led to an engagement that was obviously expanded immensely. The second point I'd make here on slide 13, in the middle bottom, is we have high confidence, based on the acute and physician engagement and the complementary assets of Acclara, of strong multi-year embedded revenue and EBITDA growth. And on the right, this is a joint, you know, our executive team to their executive team commitment to a comprehensive automation of a transaction environment with a customer who is very focused on technology innovation. Last two slides here. On the financials, it's the only slide we have. Just to show you the history on the left, this is slide 14. We have very strong multi-year growth, and this goes back to the demand environment and our unique position in that environment, our unique technology and service capabilities. The second point on the right is we also have strong EBITDA growth, and I think what you've heard Jennifer and I say in meetings over and over again is increased focus on EBITDA and cash flow generation. To conclude, I think I'm right about time, Anne. Investment takeaways: We are a leading provider of technology-enabled solutions. We have a scaled, flexible model that meets customers where they are in their journey. We have a track record of success, both with large IDN customers, with physician groups, and with any and all of the top 100 and more by NPR. We are positioned to win, and we believe have a right to win with the application of technology tools, and we have strong visibility into adjusted EBITDA and cash flow. Thank you. Great. Now we can open up for questions. If you have a question, please raise your hand. We'll be sure to get you a mic, but, you know, I'll kick it off with the first couple. You know, Lee, when we sat here last year, you were kind of new in the role, and you said your initial goal as CEO was execution. Can you detail for us, you know, what were the positive developments and execution, you know, that you achieved in 2023, and what are you turning your attention to in the new year? Yeah. So if you reflect, a year ago this time, the priorities I stated were: stabilize the customer base coming off of a challenging 2022; build the pipeline of both modular and end-to-end solutions; advance the technology platform; accelerate our adoption of both automation and new technologies to drive revenue yield and cash; and then hit or exceed our synergy targets associated with the, you know, the all acquisitions and integrations that can be complex in many ways. And overall, we feel very good about what we've done. We are working very closely with our customers, working with them in a time of need to make sure that metrics are stabilized. This is an interesting time in the market. I'm looking at customers in the room where there's a lot of pressure, right, on them. What we need to do, and there's, you know, areas where I know strategically and operationally we can do better, is work with them to create visibility into what we believe about their cash generation and what it should be going forward, and help them in a way that they would not otherwise be able to do on their own. On the second point, technology, we've made a ton of progress. Just an example, with the more, you know, innovative latest technologies, we have a partnership with Microsoft around large language models to build into our system, and we've done a lot of good work advancing AI and automation into our customers' workflow. Synergies very strong, so we've hit or exceeded our synergy targets. The pipeline, this is one that's nuanced, Anne. If, you know, if you asked me back in January, I had articulated a $4 billion target back half of the year. We had a strong pipeline then, and we continue to have a very strong both end-to-end and modular pipeline. I would not have projected then that we would have closed a deal later than expected, but I honestly would not have also projected we would have closed a deal 3 times the NPR target, right? So the learning for me is, you know, we, as we think about our business, you know, I would like us not just to be dependent on one NPR deal a year. We have a healthy pipeline, and I, you know, expect us to win our fair share. I also want us to talk even more about our managed services and modular capabilities because we are winning. And just to give you a sense, I should have mentioned this, you know, our chief commercial officer is in the room. We had a very good year in the modular business on our primary ARR metric bookings. Like, you saw that in the press release, a very strong year, and that's another thing we're very proud of. Great. You know, maybe to that point, you know, you touched on this, but providers, you know, continue to find themselves financially constrained. You know, it doesn't seem to be going away. Can you talk about what you're seeing from a macro perspective, and, you know, are you seeing this accelerate your pipeline? Yeah. So, this is a, you know, a nuanced answer to that question. For current customers, it's, it's our job to help them accelerate cash, but it's also our job to educate them on macro dynamics that are affecting them, as well as where we can do better. So, you know, our customers will naturally put pressure on us to keep doing better, and it's our job to do better. So that's a little bit of a nuance of when there's pressure on the industry, our customers put pressure on us, and that is a good thing. We are uniquely equipped to help them. What it does is create a lot of opportunity in our new business pipeline. So on the modular side, this is something we don't talk about a lot. When days of AR are rising, the opportunity comes to us in spades in our AR and denials management business. Because we have the resources and technology to help them with a large AR placement for a system. We have a lot of those wins. So one of the fastest growing parts of our business is our denials management AR business. On the end-to-end side, look, it's still lumpy, right? If you look in the industry, it's not as if us or any of our competitors are winning multiple deals in any given year. These are sophisticated, long sales cycles that require me and the team accessing the C-suite, the board, lots of dynamics. So I would expect us to win our fair share over time with continued pressure on providers. That's helpful. You know, you've got some very large integrations coming, and that's a result of your, you know, recent success. So, you know, maybe starting with Providence, you can discuss, you know, maybe how that contract has a little bit more flexibility, you know, than your traditional end-to-end contracts? And, you know, how you're thinking about... You touched on it a little bit in the presentation, how you're thinking about that kind of flexibility going forward. No, it's a great question, Annie. So first of all, I would love to be in a situation, you know, over time, where we talk less about any specific customer because our business has diversified over time. But I get this is a flagship win for us, for sure, worth talking about, as, you know, potentially others. What I would highlight here, a couple things. One, this was a long sales cycle, as I mentioned on stage, that started with the introduction of Cloudmed many years ago. It was originally scoped, let's call it a year ago. And how we thought about it was: meet this customer where they had the largest need. And in this case, the need was, you know, not the entire $20 billion of NPR, including Swedish. It was the $14 billion Providence system. It was, you know, largely middle coding and back-end AR denials management. Parts of the front end, there's a little misnomer. People associate, you know, only patient registration with the front end. We do authorization. We help with authorization, financial clearance, insurance eligibility. That technically is part of the front end and where we help. So for this one, it was comprehensive engagement on the acute side and comprehensive on the physician side, and so that was our thinking on scope. In terms of how we navigated, you know, a complex negotiation, we wanted to be fulsome in our approach, so there was no phasing, and the phasing was up to us and the customer. So what you hear us having articulated to you is a ten-year agreement that is comprehensive and allows us to pace things with our customers. And, you know, when in our guidance, we'll give you some views pending close on, like, how we're thinking about, you know, pacing and associated revenue and EBITDA. So that's the point I would make. The other point I want to make is, and this is kind of tangential to your question, Anne, but over time, we have evolved with our large customers, okay? So in the history of R1, for customer number one, we started with an acute engagement, middle and back, and eventually evolved onto the patient side and into the front end. The next customer, something similar, nuanced, but we evolved over time. I expect that to happen over time, and we want to structure flexible contracts that allow that to happen at the pace customers want that to happen. So that's another nuanced point. That's really helpful. Then I feel like I would be remiss if I didn't ask about the release that you put out yesterday. You know, you, your EBITDA looked exactly kind of in line with where you had been expecting it to come in, but maybe revenue was a little bit below. Can you just help us understand maybe what differed versus your, you know, initial expectations? Sure. There are a couple of things that we tried to highlight in the announcement to provide some clarity, and it's really around delayed implementations and then transitions. And those are actually two different pieces that have different impacts to EBITDA. So let me just touch on each one of those. On the delayed implementations, just think about that as timing. In our physician business and in our modular business, we had some deals, some bookings with customers that we expected to be live early in the quarter, and it took us longer with data back and forth, mainly driven by the customer. And therefore, while we have them live and they'll be generating revenue in Q1, we didn't achieve the revenue that we expected in Q4 for those customers. So it's just a shift in revenue, and the go-lives for those contracts by approximately one quarter, and that was both in the physician, a couple of physician contracts, and then in our modular business. And then the other piece on some of the transitions is when we do end-to-end contracts, many cases, we transition employees over, and we also transition vendor contracts. And as Lee mentioned, we've been very focused on EBITDA and on cash generation. And on some of the transitions with vendor contracts, they come over with really no impact to EBITDA. When we bring those over and repaper them as part of the contract shift and integration and transition, we bring those over, and we will start recognizing revenue associated with that piece of the base fee, but we also have costs associated with those vendor contracts at the same time, which generates really no impact to EBITDA. And so we made the decision to also delay some of those vendor shifts as well, because there was really, you know, no impact to our overall profitability, and so we didn't prioritize that as a focus in Q4. And so, you know, that's really just a revenue driver, but no, again, no impact to EBITDA. It actually helps our margin from a margin percentage perspective. From an EBITDA perspective, we're very confident in our progress that we're making there. As Lee mentioned, the cost synergies for the Cloudmed transaction are going very well. We're very pleased with the integration progress to date there and our cost discipline across the business. One more point that I wanna make is on the cash generation, and I mentioned that that's been a big focus for us. And in the announcement yesterday, we also said that we paid down the remaining outstanding revolver, which was ahead of our expectations. So cash generation in the second half of the year has been stronger than what we had assumed as part of our original forecast, and as a result, we were able to pay down the remaining balance that was outstanding on the revolver, and we're very pleased with that progress as we gain momentum going into 2024. That's great. You know, maybe just 'cause you, you know, brought up the margins, you know, automation has really been a key driver of margin expansion for you. You guys have done a really, really nice job with that. You know, are there still further opportunities to drive margin expansion through automation, and, and can you touch on maybe where some of those are? Yeah, this speaks to that slide I highlighted around the evolution of our business. And you know, the short answer is absolutely. I think there's more opportunity. You know, that slide didn't give you a timeline per se. I still believe we're in the early innings of applying technology at scale to our business. We have deep expertise in our India and Philippines facilities that naturally, by virtue of our cost basis, drive great unit economics we can then pass on to our customers. We absolutely have invested, we believe, ahead of our market, ahead of our competitors in automation, and with the acquisition of Cloudmed in a large data set. But I believe we can do more along those dimensions, and I also believe that, you know, there's a lot of talk about AI and large language models, but I gave you one example, clinical appeals. I could give you a bunch more. You know, autonomous coding is a huge opportunity. It's simple things like AR follow-up, account receivable follow-up, so any system executive would know what I'm talking about. These are 10s or 20s of digital pages that an operator would have to look at to identify what is the fastest way to reimbursement in this account. We can use our large language models to summarize the account for a user. We happen to have thousands of operators that do that are focused on this task. Imagine a world where we have way less reliance on people and can streamline the productivity of those users, and over time, help our customers drive faster cash. So, you know, we have, you know, been a bit ambiguous on anything above 30%, but I think you hear Jennifer and I saying we're very confident, not just in the 30, but potentially more. That's great. And I think it's underappreciated. You know, everyone's been talking about AI for the last year. You know, it's something that you've been using for a long time in your business, but maybe, you know, people are just kind of recognizing that a little bit more now. So, that's, that's really interesting. You know, a big component of, you know, the industry growth that you see is, you know, just the shift from, you know, in-house revenue cycle solutions to, to outsourced. And I was hoping maybe you could spend a little bit of time describing, you know, the dynamics, that happen when trying to convert in-house to, to an RCM solution. You know, what are the points of pushback, and, you know, where do you feel like you really have an edge in terms of being able to convince them to make that switch? Yeah. So, the main point of pushback is giving up control. I'm hoping the customers in this room agree with me. You know, you're asking a system, the executives, to give up control of the cash-generating arm of their business to a third party. So there has to be a high level of trust. That company has to have a track record of success. I point back to the pending Providence win. That C-suite is very sophisticated, did a lot of diligence, is a very educated buyer of services and technology. So that's really the biggest thing. And look, there's a community dynamics for systems that operate in certain states, that may, you know, may not wanna think about jobs leaving the state. The reality is, there's so much pressure on systems that I think what, what you will see, what you've seen this year with our win, I think you'll see in the industry some moves of large systems making moves to figure out how to better manage their revenue cycle. We will win our fair share, right, over time, of, of end-to-end deals. I believe those deals will probably be more in the kinda mid-range of NPR, kind of the, you know, $2-4 billion NPR. Think of a three-hospital system in one state. That would be a, you know, depending on the size of the hospital, a $4 billion-ish NPR type deal. Our advantage is that, in a lot of those situations, by definition, 95 to the top 100, we have access to the revenue cycle leaders at a minimum, and probably can get access to the C-suite. That is a good entry point for us to navigate an otherwise complex negotiation. So, mm-hmm. Mike. Hey, Mike. Mike? Yeah, could I ask about electronic funds transfer fees to providers, physicians? I understand they're controversial. Physicians don't like them. To what extent is R1 involved in that? Do they get clipped before monies hit R1? I'm just vague on the whole, where those monies come out of the system before they get to providers. You know, that is a nuanced question. I'm looking at my heads of commercial, and I don't have an answer to that. I'd have to get back to you on that. I know we—look, we process any and all claims through software, hardware, and payments to patients, payments to physicians. But I'm looking at experts in the front row, and I don't have a specific answer to that question. One point, though, that when we do cash collections for our providers, the cash is going directly to the provider. Yeah. So we are generating a base fee. We're doing the work to enable the cash collections but the cash is actually going directly between the payer- Yeah And so it's not flowing through us with a reimbursement back to the provider. So I think that was to your question. Thanks, Jennifer. She nailed it. We have, you know, two minutes left. Lee, you know, in our last couple minutes, what are you most excited for in 2024? Yeah. I believe that a couple points. Technology will continue to be a bigger part of our agenda. I think that the more—I'm gonna rattle off a few things. The more integrated the Cloudmed business into our business, the more opportunities we have to expand both the modular and end-to-end business. I also think, you know, we as to our shareholders, you know, we need to reduce the noise, right? And focus on delivering EBITDA, delivering more predictable cash. So I'm excited about, you know, kind of what we will deliver to shareholders. And then, look, I'm excited about engaging with customers. I'm excited about the Providence onboarding. Most of our large customers had some changes in their C-suite, so getting to know the new CFOs, the new CEOs, is very important. And then the team. Look, we're. You know, I didn't put this in the presentation, but we were recognized in India and the U.S. as one of the best places to work, top 100 places to work in the industry. So I'm excited about keeping the team focused on the mission and continuing to grow the team. Terrific. Well, thank you so much for joining us today, and thank you all for joining us. Thank you, Annie. Thanks, everyone. Thank you.