All right, folks, thanks for joining us. Welcome to the Wells Fargo Healthcare Conference. I'm Brandon Couillard, cover life science tools and diagnostics, here at the firm now. Thrilled to have Repligen with us at the conference, this year. Joining us, to my left, newly appointed CEO as of Sunday? Yes, Sunday, exactly. Yeah. Okay. Olivier Loeillot. Perfect - and CFO Jason Garland. Thank you both for being here. Thank you. Olivier, would love to start with you. As I mentioned, you've been CEO for all of four days now, but been at the company for, you know, about a year. Mm-hmm. What did you learn over the past year that you've gotten to sort of, like, get to know the company? You are obviously in a kind of interesting part of the cycle in bioprocessing as well. What surprised you positively and negatively, and where do you kind of see the most exciting opportunities for Repligen at this point? Yeah. No, thanks for having us today, Brandon. Indeed, I've been with the company now for 11 months, and I've been in the industry for more than 27, 28 years. So before I joined, I mean, I was looking at Repligen like being the real innovation engine in the industry. Yeah, and I have to say, being with the company now for 10, 11 months, this has been totally confirmed. I mean, we are, like, really fast at developing breakthrough innovation, things that are really making a difference for our customers. So that was really something confirmed. What I did find out that I probably didn't expect to the extent I really found out after a few months is we have a really broad offering. You know, very often from the outside, Repligen is being seen like an ATF Opus company. In fact, we have a very broad portfolio of products, and we're gonna talk about it, I'm sure, later on. That's one of the reasons why having focused on the key account management program is very important for us, because we have a very broad offering for the market right now, so exciting times now. You know, would love to get your perspective on, you know, any changes, let's say, that you'd like to implement, be it in terms of, you know, how the company deploys capital, how you look at the portfolio. Obviously, there's been some, you know, headlines recently. You know, is Repligen open to, let's say, being more aggressive on the size and scope of capital deployment and the type of acquisitions you might look at to bring into the portfolio? Yeah. No, that's a really good question. I mean, I'd like to answer two things here. First of all, we are a bigger company today than we were five, 10 years ago. So where probably five, 10 years ago, small bits and pieces of acquisition could make sense and so on, we are now big enough that we can look at bigger fishes, if I might call it this way. But what I think is still very similar today than it was in the past and will be in the future, is we are looking at really breakthrough innovation. So we are not willing to just acquire businesses for the sake of acquiring businesses. We are always looking at companies that are gonna bring us something very unique. Yeah. I'll go even a little bit further than that, Brandon, which is, we are not only acquiring a company typically for what it has in its portfolio the day we acquire it, we're also acquiring company for what it may bring us, considering the rest of the portfolio we have in our hand. The best example is the last acquisition we made, on Metenova in Sweden, which is on the mixing side. I mean, great business. We like it a lot, but it's a stainless steel business. The reason why we acquired it is because we know with the knowledge we have on the single-use side, we're gonna be able to launch a single-use version of those mixers, but based on the Metenova technology, which is very unique. Yeah. So we're always looking at breakthrough innovation company that will be complementary to our portfolio and that will enable us to do stuff that maybe these guys themselves are not doing the day we acquire them. Maybe just at a high level, where are we in the bioprocess cycle? The recovery has been pushed out a couple of times. You look across the landscape, generally, you know, book-to-bills are moving in a similar direction, but that's not universal. Just unpack, you know, where, big picture, where you think we are and where we're headed, you know, near term. Yep. No, sure. I mean, I think everybody now is well aware about all of the different headwinds, the industry has been facing for the last two years. Starting obviously with COVID fading out, then continuing with definitely a very high level of inventory and then China headwind and so on. So the good news is some of this stuff now will be very much behind everybody's back by the end of this year. COVID, I mean, this year was very limited for most of the actors, particularly for us, for sure. And then destocking, we think, is probably mostly behind us. There are still a few pockets of inventory, probably on the component side for single use, but most of the destocking is behind us. And then the only one that I would say is still definitely a topic for us right now is China and for the industry in general. But we are all thinking and hoping that by the end of this year, probably China will have gone to the bottom of the curve, and that we might start to see at least a flat situation next year, if not the beginning of a rebound here. So you would say that most of the headwinds should be behind us by the end of this year. And then the only other piece I would add here is we all know, like, it's a different job today to run a pharma company than it was ten years ago. I mean, 10 years ago, you were typically running a portfolio of small molecule on one side, and then those very nice recombinant protein, monoclonal antibody, with a lot of high volume on the other side. Now, when you run a pharma company, you have to deal with a huge diversity of modality, which makes it more challenging for some of our customers, and themselves, they have to adapt to the way to do innovation, R&D, and obviously, the bioprocessing company have to adapt also to those new needs coming from the new modalities here. CDMOs had been a laggard for Repligen. Started to see some positive, you know, green shoots, if you will, in the second quarter. I think you talked about orders being up 20% year -over- year, book-to-bill around 1.4. You specifically called out, I think, tier two- Mm-hmm. CDMOs. How has the complexion of that customer base evolved since the second quarter? And is that a function of increased activity at their level or just a normalization of kind of the inventory dynamic? Yeah. So we think like there was very little inventory buildup at small CDMOs, and the same, by the way, applies for small biotech companies. So the rebound we've seen, which was really very interesting for us, kind of showed us that the level of activity at those small CDMOs is starting indeed to pick up significantly, which is very interesting and also very, very positive from the point of view. We also saw a very nice rebound of business at small biotech at the same time in quarter two. So it would suggest, like, the huge improvement we've seen on funding of small biotech in the first quarter of 2024 started to have some effects at both small biotechs and small CDMOs in quarter two. As you probably all know, funding went down a little bit between quarter one and quarter two, but was still at a much higher level in quarter two of 2024 than it was in quarter two of 2023, yeah? So we hope, and we're gonna get confirmation in the next couple of quarters, that this is a sustainable rebound at both small-scale CDMO, but also at the small biotech side of the business. We're gonna switch to pharma. I mean, also, you know, positive trend, but a continuation, you know, let's say. I think, orders biopharma is up 40%. Mm-hmm. -year- over -year. Anything that you'd call out, in that customer base, large, small, geographically, pharma versus biotech? Yeah. No, I mean, so as I just mentioned- Mm-hmm. We had a good rebound of small biotech business as well in quarter two, particularly in Europe, quite significantly in US as well. Asia is still small enough that it's probably not so tangible yet, but really in Europe in particular, we've seen a huge rebound on the small biotech side, so again, probably much better funding across the board. For us, pharma has been really a good segment now for several quarters in a row, and we feel like, particularly on the CapEx spending side, the pharma companies are probably back to normal spending. It's still lagging a little bit on the CDMO side, for sure. You touched on China. You kind of alluded to maybe it bottoming out here. Maybe it's, you know, flat. Maybe it grows a little bit next year. Is there any structural that's changed in that market, you know, given the prolonged weakness and, you know. Is your outlook in terms of growth diminished relative to maybe where it was pre-downturn? Yeah, no, it's a great question, Brandon. I mean, I had the chance, the opportunity to go to China, like, probably more than 25, 30 times in my career. I spent a lot of time on that market. It's a fact that the market condition in China today are very different than they were before COVID, and I would say from at least two to three angle. The first one is, I mean, pharmaceutical company in China are having quite a bit of a hard time lately because reimbursement price of drugs is very low for.. And, and because indeed, the government has kind of changed its focus from being very biosimilar focused to kind of pushing those pharma company to move towards really true innovation. And, I mean, it's not the same job. I mean, it's not the same job to develop large biosimilars or to really have an R&D team that is capable to really generate brand-new innovative drugs to the market, so that's probably what I would call the first factor, which is the pharma industry itself in China is facing a quite a lot of challenges. The second big bucket obviously is like before COVID, I mean, most of the bioprocessing products, whether consumables or equipment, were coming from Europe or US, then came COVID, where there were a lot of shortages of supply, and then a lot of these pharma company in China just couldn't get the product they needed. When you combine that with the fact the Chinese government was really willing to push local manufacturing, it's a fact that there has been an emergence of a significant amount of local actors in China who have slowly but surely gained a lot of market share. Back to your question, it's yeah, I, I guess a very huge growth we've seen prior to COVID are probably not gonna come back immediately. The good news about the China market is, I mean, it's only a fraction of the population that get access to those life-saving drugs. You know that the market itself is gonna grow tremendously over the next 10-20 years. But for bioprocessing company, you will need to really adapt your offering. I think the winners are gonna be company who can bring innovation, because China is always gonna be very interested by innovative products. But if you only come with me-too products, it might be a bit more of a challenging market, I would imagine, yeah. So mainly, did you benefit at all from stimulus in 2022, and do you expect that to be anything material for the company next year? I'll tell you honestly, I mean, we've not seen much happening on the stimulus side yet. I mean, I think, the government itself is still trying to figuring out where to exactly put the money, for what type of company. Is it more into the pharma arena? Is it more into the supply arena, and so on? But at least we've not seen much yet on our side. We know they have got big plans, and they have to do something for sure, but we've not seen much anything yet. Love to dig into the segments. Filtration seems to be the strongest of your franchises. I think orders year-to-date may be up 20%. Is that a Repligen-specific story or an industry one? Kind of unpack the drivers of, you know, that relative strength. Yeah. It's a bit of both, Brandon, because I'm gonna pick up two of the product line we have in filtration. The first one, which is very unique to Repligen, is the ATF product line, which is really that process intensification technology that we are really leading the pack in the industry. And I mean, that's very specific to Repligen. I mean, we bought that technology several years ago, and it's picking up very nicely. I mean, you remember probably in quarter one, we mentioned that we managed to get design wins into nine late-phase products, and that was like a really great surprise. We got more in between. That's very specific to Repligen. Talking about biosimilars, when you are working on biosimilars, you need better economics, and you need process intensification. So this piece, I would say, is very specific to Repligen. Then you look at another part of the portfolio, which is our flat sheet cassette business, where what we call TangenX, which is definitely more of a market indicator because that's a market where it's more of a commodity filtration market, where there are different competitors. I think everybody's certainly enjoying growth on that side right now. In chromatography, I think the business overall was maybe down in the quarter, but Opus was actually up, I think, high single digits year- over -year. So with Opus being, I think by far the biggest component of chrom, can you just help us square that? And, you know, what areas of the portfolio are still underperforming? Any reason why chrom shouldn't get directionally better overall? Yeah. No, absolutely. So where the answer on filtration is very easy, on chromatography, I need to start just explaining like the numbers you're seeing or you're hearing are a little bit sometimes misleading from the point of view. We used to sell a lot of resin alongside our Opus columns, meaning like, when a customer was coming to us for a prepacked column business, we would typically procure the resin ourselves and then charge the resin back. We realized, like, this was not the core of our business, because not only it was diluting our margin, but on top of it, we thought it was much better to have our customers dealing with procuring the resin themselves. So one of the reasons why you might not see a lot of growth now for the last two years on that segment specifically is because the percentage of resin sales within that chromatography portfolio has dropped, like, very, very significantly. But if you would look at it really more from a number of columns point of view, I mean, the number of columns we have been delivering to the market keeps on increasing. And which is why really overall, the Opus performance, we are extremely happy about this year, and we've got really good line of sight of growth for the future here. And then the last piece I would add is, it's not only Opus, as you mentioned rightly, Brandon. I mean, we will also have a couple of other businesses. We've got some systems that are being sold for chromatography as well, and we've got some ELISA kits as well, which are not very big, but which are also part of the chromatography portfolio here. Switching gears, maybe over to fluid management. Fairly newer segment. I think it was $50 million, maybe in 2022. You've put out, you know, a target of maybe $200 million by 2027. A number of acquisitions have gone into that business. Are you fully past destocking? How's the business performing? What are the, you know, key growth drivers, you know, we should think about for that segment? Yeah, no, sure, yeah. If I would have to pick up among the different portfolio, we have one where the overall market environment has really changed the most over the last few years. It's really on the fluid management side. And I mean, if you just look back before COVID, this single-use market was, like, already growing very high double digits for probably about five years before COVID hit. Then COVID came, and then it just accelerated everything even further, where the growth were already very high, and then growth became just totally, crazily high, yeah. So now, if you look from a supply point of view, there was a shortage of products before COVID, so COVID made the situation even worse. So obviously, as you can imagine, everybody said, "Hey, we need to add capacity. We need to make sure we're gonna be capable to manage that huge market growth. And then COVID disappeared, so suddenly demand drops a lot. And not only because there was no more COVID demand related, but also because people really overstocked, particularly on the single-use side, because they were struggling to find any type of product, whether bags, whether a component like clamps, tubing, and you call it. So if there is one business that has been particularly suffering since COVID ended up, that is really the fluid management side. And I think that's probably the last one that will really fully recover back to the pockets of inventory that still exists. We know, like, on the component side, there are still some areas where people bought for probably like five to 10 years worth of components. So this might still last for a little while on that side, for sure. Something that I think you in particular have been focused on, and has been a theme, over the past year, has been your Repligen's key account strategy. Mm-hmm. Could you talk about the evolution of that, you know, how material it is today? And kind of the coverage and scope of customers, and do you think it'll be a material growth driver in terms of cross-selling the whole portfolio, more so in 2025 than kind of Repligen has been successful at in the past? No, I mean, it's. We are just really excited about the successes we're seeing on that side, Brandon. I mean, I think it's beyond our expectation to tell you the entire story here. I mean, Tony was very sharp back now, probably two years ago, to kick that off, bringing further leader for the team and then, hiring the first three key accounts. We started to see results already when I joined a year ago, and then we say we need just to double or more than double, the breadth of the team we had. So when I joined, we only had three key accounts. Now we've got up to seven. We are covering each of these key accounts. Managers are covering three accounts, so we are covering 21 account right now, 17 pharma company, four CDMOs. I mean, my ambition is to keep on growing that organization because the results we are seeing are absolutely great. I won't share numbers yet because it's still too young, and I want to make sure we've got enough data to really start communicating on that, but we are very happy about it, and the reason is simple, Brandon. I mean, that's what I was alluding to at the beginning of the session today, is that we have a really broader portfolio of products than people think we do for. When that's the case, you need to be able to articulate that broad offering to higher level people, not only the tactical procurement people, but more of the strategic process development head, manufacturing head, because they understand that slowly but surely you become a company that's really gonna be able to help them across their entire workflow. That's actually one of the reasons. The other reason why we are convinced it was critical and we are successful with it is especially when you are an innovation engine. I mean, innovation is not something pharma are always willing to take risk with. Very often, decision has to be taken at a higher level, and again, C-suite level decision-making is critical, and we've been having so many of these very high-level meetings now in the 12 months, that we know this is gonna help us a lot. Your mix of clinical and commercials actually flipped compared to, whereas the most peers, so like two thirds clinical- Mm-hmm. One third commercial. Given that dynamic, I would just love to get your perspective on what's happening in that clinical piece. Have we gone through, from your perspective, the portfolio reset? And, you know, any color you can share with us on just that end of the pipeline? Yeah. No, I mean, obviously, that. Well, first of all, I'd start by saying it's not abnormal that a company of the age of Repligen, particularly in bioprocessing, which is about 10 years now in bioprocessing, is still having the majority of its sales in clinical trial versus commercial. I mean, when I joined what was GE Healthcare Life Sciences in 2010, it was exactly the same situation. And then now, 10, 12 years later, the business is almost 10 times bigger, which is why slowly but surely, you're moving towards more commercial. So first of all, the speed is absolutely normal. Now, to answer your question more specifically on what do we see in terms of clinical trial, I mean, first of all, funding of small biotech is obviously very important because these guys are at the beginning of the chain. I mean, we all know, like, a lot of the innovation comes from the small biotech, and then one day, when the product moves towards phase II or whatever, the product is being acquired by a pharma company, and then all of this is going into CDMOs, small scale CDMOs for the early phase, larger scale CDMOs. So it's very important. So the funding improvement this year is gonna be helping the entire industry a lot, and that's why it's very important. Everybody's tracking it to make sure it's gonna be sustainable for the next few quarters. Yes, the other piece I would just mention on the clinical side is the diversity of the pipeline now is, like, huge. I mean, and we like that ourselves because, I know that for some actors in bioprocessing, they might look at new modalities as a risk because particularly when you are designing into a very large-scale monoclonal antibody and you see one of these new modality coming, you feel like, "Ah, what am I gonna do with my big mAbs, where I have a bunch of consumables designed in that disappears tomorrow?" For us, it's all upside because, for the reason I mentioned, we were not like that designed into the early generation of monoclonal antibody. Now, in the new modality, we can get designing anywhere, and it's all upside for us. It's all about really, for bioprocessing company, being able to have the right products for the right segment in the new modalities, and then you're gonna be very successful for sure, yeah. I do want to touch on new modalities. So the real bright spot, I think orders were up 40% or so in the second quarter. Is that driven by one or two or a handful of individual programs, or is it more broad-based? You know, what I'm getting at is, like, the Sarepta approval, you know- Yeah. Account for all of that or not? And are there any, you know, milestones or approvals on the horizon that you'd point to or you're excited about? No, what we're very happy about, particularly for our new modality business, is we've got more than 20, almost 25 accounts that are above $1 million of sales per year. So that's great because obviously, anytime there is news like the Sarepta extended approval, everybody's very happy about it. I won't comment whether we are designing into Sarepta because we never comment on a molecule-by-molecule basis, but it's great news for the industry in general. But for us, what we really like is we have a really broad portfolio of customer in the new modalities. So, you know, like some of them are gonna be successful, and that's gonna drive your sales much higher in the future, for sure. Equipment's a relatively small piece of your portfolio, but it has been a laggard. Just curious, have you seen any improvement in equipment appetite, and you know, maybe touch on more broadly, Repligen's equipment strategy and ARTeSYN and some of the things you're trying to put together. Yeah, no, sure. I mean, we had a tough quarter one, like probably most of the actors in the industry. We had a really nice rebound in quarter two, partly for the ARTeSYN portfolio, and we think the reason is because we've got a very unique offering on that side. You probably all remember we launched a product called RS 10 around April of this year. That's a great example of our Repligen strategy. This is a brand new segment. There was no small-scale GMP TFF offering on the market, and we realized, like, partly for new modalities, people had to build their own system in their own plant because there was no offering. So we said, "Hey, you know what? We're gonna bridge that gap by having an offering, and this is some one of the areas where we had, like, very good traction, the best being still to come, obviously. And, and really for us, the strategy on hardware is we want something differentiating. I mean, we don't want to just come with me-too products, and one of the big differentiator for us is gonna be enabling our system to have PAT. So all of these technologies that enable to try to grab the information, like protein concentration, potentially protein aggregation, and making sure, like, all of our equipment are gonna be enabled with PAT features. So that, like, when you bought an iPhone ten years ago and you, you didn't know why you would buy a camera on an iPhone, now you would never think about not having a camera on your iPhone. We think we, we are gonna do the same, like, people are gonna realize they have to have this PAT tool in every single equipment they buy, because they cannot live without being able to track certain parameters in their manufacturing. So that's really how we want to differentiate ourselves in terms of hardware, yeah. Yeah, innovation's been, you know, part and parcel of kind of Repligen's growth strategy and your ability to outperform the market. You know, one of the products we've always thought, you know, has been found interesting is TFDF. You said that, you know, how that's doing. You've mentioned the RS 10 Mm-hmm. I think. Yeah system. You've been pretty excited about, you know, uptake of that. What, in the pipeline, that's coming or recently announced, you know, you think is most material that investors should focus on over the next 12 months? Yeah, no, absolutely. I mean, what I love is we've got innovation across the entire portfolio. So we typically launch anywhere between six and 10 new products every year. So you would think, like, if you look franchise by franchise, there is at least one, if not two, new product launches every year. If I would pick up maybe one topic, knowing we don't have that much time, maybe I would just mention about the recent acquisition we made, the latest one on Tantti, yeah. So Tantti is a big company, so a Taiwanese company, we just acquired in Asia, which is gonna complement the Avitide acquisition that we made about four years ago, three to four years ago. From the point of view, ligand is half of the component of a resin. The other half is that base metrics that Tantti acquisition is gonna bring us. Combining the two together will now give us the opportunity to really develop and launch resin for those new modalities, where we know there is a huge demand because the product existing on the market today are not the right one. So we are gonna have a first launch coming very soon, and then we see, like, there is a lot of excitement from the market already, and we're gonna have certainly a lot of products being launched over the next two to three years here. I do want to touch on proteins briefly. Sure. That segment's absorbing a $32 million headwind from Cytiva this year, plus Purolite destocking and some issues with Millipore. Just to make sure, Cytiva is zeroed out beyond this year. What's the outlook for this business going forward? Is it a double-digit grower? You mentioned Tantti. Yeah. Um- Absolutely, I mean, we are. So Purolite is gonna come back to us by the end of this year with their forecast for next year, so that's a piece of information we don't have yet. But what we know indeed is the Avitide-Tantti combination for us will generate a lot of growth opportunities for the next few years, for sure. So yeah, I think the number you mentioned is definitely very realistic. From what point of view or what point of time will it start double digit growth? I'm hoping next year already, but if not next year, certainly the year after on the protein side, yeah. You're, you know, Repligen is absorbing a number of headwinds. Mm-hmm. This year, Cytiva being one of them. You've got China, protein destocking. You know, your guidance, I think, is down 2%. That includes, you know, three points of M&A. So if we kind of back out all those, you know, one-timers, I think you get something like up high single digits. Is that kind of the ballpark we should think about, in terms of, you know, 2025? I think the base business in the second half is actually up, you know, low doubles. Just unpack, like, you know, I guess, as the industry seems to be coming out of this down period, on a core basis, you're actually kind of already in that high single, low double-digit range. Market improves maybe next year. It's kind of that low double-digit range is kind of a fair base case for Repligen in 2025? Yeah, no, I like the way you phrase it, Brandon, because we have a lot of goodness in the business this year. I mean, it's unfortunate we had all of those headwinds because, yeah, exactly what you mentioned. I mean, we're gonna be already double digit growth in the second half of this year, in low double digits, but double digit growth. So yeah, absolutely. I mean, we feel like for all of these reasons, thinking like indeed most of the headwinds will be behind us next year, there is no reason to start being more optimistic for the future. Absolutely. Jason, flip over to you. The EBITDA margins, the company pre-COVID were in the twenties. You've added a ton of capacity. That's been a drag on the P&L for sure. Can you just touch on, like, what the pathway, you know, is back to kind of that 20%-30% range? And what's, like, a right level of incremental margins that we should think about, assuming a top-line scenario like that, that the company can drop in 2025? Yeah, no, great question. And I want to be clear, we see a path to get our EBITDA margin rates back to pre-COVID. And it'll be a combination of the volume leverage, right? So getting that growth on the base that we've got, managing our operating expenses, driving manufacturing productivity and efficiencies in our factory, and then price as well will always be a lift as that gets back to more normal levels. And you've got to offset, obviously, the inflation that you see every year and the salary increases that you're offsetting. You know, we've shared that at the gross margin level, we see probably an average of a 100 - 200 basis points of lift each year over the next several years, right, on average. You know, I think we get back to the mid-fifties, maybe not as high as that 59, 60 peak pre-COVID. I think that's just the nature of the business mix we have. But then when you go down to that EBITDA margin line, we're going to get on top of that 100- 200 basis points additional leverage, just as we really manage our operating expenses. I mean, in the math, it's simple, right? You grow your operating expense at a rate lower than your sales, and that falls through. So that really becomes the equation that we're using to get back to those better EBITDA margins. Yeah, even if you get back to, let's call it 30% Yeah Okay? There are public peers that are still 10 points above that sort of adjusted EBITDA margin. So is there something different about your portfolio that structurally precludes you from, you know, being closer to 40% over time? You know, I think, obviously, the scale is a big differential, right? With some of the other peers that you might be referencing. You know, I need to really get a bigger, a better view of kind of the line-by-line P&L view of where things are. EBITDA add-backs are different, right, in every, so you know, kind of normalizing that through and getting a view, but I think scale is in the product mix as well of the business become the two biggest drivers, and so I think for us, it's just if we continue to grow year- after- year, that will set up a rhythm and a process, and whether we get to that forty or not, I think still remains to be seen, but a lot of good strength coming. Almost out of time, Olivier, just would love to just get your update on the M&A pipeline. Should we continue to expect kind of tuck-in deals at Repligen that has been so good at historically? And how are you finding, you know, the size of assets and relative valuations right now? Yeah. So I mean, we are looking at a lot of different assets like we've always done in the past. And, yes, you're right. I mean, we've been particularly successful on that side, and, we were going to keep on doing exactly what we've been doing in the past, which is looking at smaller type of deal with very breakthrough technology. That is a Tantti example, but also now looking maybe at potential bigger assets as well, because we're a bigger company ourselves today. So it, it has to be like bringing something that we don't have today. We're not going to just tuck in something that is not bringing us something totally unique. Yeah. Super. Unfortunately, we're out of time, so I'll have to leave it there. Olivier, Jason, thanks so much for being here. You all have a great day. Thank you. Thanks.