All right, great. Thank you, everybody, for joining us today. My name is Casey Woodring from the Life Science Tools and Diagnostics team here at JP Morgan. I'm pleased to introduce Syneos Health CEO, Michelle Keefe. Syneos will be giving a presentation followed by a Q&A session afterwards, where you'll have a chance to ask a question via raising your hand here or on the webcast. Without further ado, here's Michelle. Thanks, Casey. Good morning, everyone. I thought I'd just start out by reaffirming Syneos Health strategy and sharing a little bit about our unique differentiated model. When you think about the product development life cycle, and you think about the insights that you need to bring very complex therapies to market, having the full suite of product development services, being able to bring commercial insights early on into clinical development and med affairs insights early on to ensure that you have the evidence you need commercial success has been a real differentiator for Syneos Health, as well as the fact that our clinical business gives us deep therapeutic expertise and a deep understanding of the patients, sites, and HCPs that we're able to bring to commercial strategies. Again, being able to help our customers drive commercial success of their assets. When you think about the complexity of the market today, right? The market dynamics are evolving very quickly. The scientific and regulatory complexity is getting more and more significant, as well as the fact that, you know, market access and delivering valuable compounds to patients is really asking for, I would say, a more integrated approach and a more insights-driven approach. We're uniquely positioned to build these fit-for-purpose solutions for our customers. I thought I'd start there, and then I thought what I could do now is share with you a little bit about an update on our demand. We shared a lot of this in our Q3 earnings call. We talked a little bit about the demand in the marketplace then what is unique to Syneos versus what we see in the market, as well as talked a little bit about what we believe are our key long-term growth drivers. You've heard us say that we have a very strong strategy around increasing our penetration in large pharma in both clinical and commercial. Our traditional strength in SMID and how we wanna focus on returning to growth there. Let's just start from the left on the slide with large pharma. We had a 14% total Syneos trailing-12 month revenue growth through the 3Q of 2022. That's in both clinical and our commercial segments. We did win a new clinical top 10 preferred relationship in Q1 of 2022. We're very excited about that opportunity 'cause it's one of our larger commercial clients, and we're having more and more success in leveraging commercial relationships and commercial differentiation in large pharma to win clinical partnerships which provide enterprise value to our large pharma partners. We did win a new top 50 sole provider relationship for PVG services for pharmacovigilance. The reason that's important is, you know, as our customers are evaluating their partners, you know, any work that we're doing, even if it's in a sliver of the model, and when we deliver flawlessly for them, it gives us access to key decision-makers to expand the relationship within large pharma. When you go to the right, you can look at the commercial demand dynamics. The demand remains very healthy in commercial and large pharma, and our trailing-12 month RFP flow is up year-over-year. When you look at the clinical demand dynamics, they are a bit different. Our trailing-12 month RFP flow is down year-over-year in large pharma. As you've heard us share in the past, we have our strong existing relationships, but we do have slower near-term awards pipelines in these large pharma customers, and we do expect incremental awards contribution from our large pharma partners over the course of 2023. We are actively engaging in several new relationships within top 50 within large pharma, and both are customers, commercial customers. We're really leveraging our commercial expertise and relationships, as well as our clinical expertise and deep therapeutic insights to be competitive. We're pleased with the progress we're making so far with those discussions, and we expect decisions on those by the end of Q2. Turning to our SMID franchise. Again, our trailing-twelve-month Q3 2022 summary. 3% total Syneos trailing-twelve-month SMID revenue growth in Q3, and that resulted in revenue of more than $2.5 billion. You know, SMID has been a area of strength for this organization and it's more than half of our backlog. We also are focusing on our post-revenue clinical SMID. As you know, we shared in Q3 that we had lower win rates there, and we had decision delays in that population. A lot of our investments, as you're gonna hear me talk about next, are to address improving that particular segment, where we traditionally had a lot of relationships and strength. When you move over to commercial, the trailing-12 month RFP flow is down year-over-year, but we believe that's driven primarily by the macroeconomic environment. We're gonna talk to you a little bit later about a new partnership that we just announced in this segment. We do believe that that is very tied to the macro environment. Long term, we think it is still a very good opportunity for commercial solutions. When you move over to clinical and you look at the demand dynamics in clinical, the trailing-12 month RFP flow is down year-over-year. We have talked about the moderated trailing 12-month RFP flow and the deliberate decision-making we're seeing, that is continuing. We are seeing more deliberate decision-making in Q4. Our quarterly RFP flow, a green shoot here is that our quarterly RFP flow is continuing to improve sequentially, and for Q4 it's up year-over-year. I do wanna say that, you know, Q4 awards first look, obviously we haven't calculated everything yet, first look, it looks like the Q4 clinical awards remain challenging. We are excited about the green shoots that we're seeing in regards to the fact that our RFP flow is up. When we look at the conversations we are having with customers where we have those RFPs, we're getting some pretty good feedback about the new model. I shared with you that our repeat customer business was down. We have some nice Phase II to Phase III opportunities with existing customers, that is a good sign around the recovery. As well as the fact that we also have some rescues in the pipeline and some larger rescues in the pipeline, which again, it's RFP flow. We're in early stages of those conversations. Recovery is going to take time, but those are some of the, you know, metrics that we have to track early on as leading indicators to see if we're improving in the segment. Early signs are we are making some progress. With that, I'm going to move over to what are those investments, right? You've heard us talk about our investments and why we're doing the things we're doing. I thought I would reinforce some of those today. When I think about improving our award and win rate and ensuring that we are delighting our customers and delivering with quality, those are the areas that we're extremely focused on from an investment perspective. You've heard us talk about Clinical Reimagined. We really have investments in basically three areas: people, process, and technology. I really wanna make the point here that we're very focused on investing in our people. We've made a lot of investments in training. We've made investments in benefits. We've made sure we retained our high-performing PMs and CRAs, and we're getting lots of positive feedback from our clinical team. I think when you know, you say that's great, but what's the metric? The metric is our employee retention is at a two-year high. That tells me the investments that we're making in our people are resonating with our people, and that's exciting for me for, you know, people wanting to work with Syneos Health and work with our customers. We're a lot of transparency in using data and analytics and technology to give people real-time visibility, right? We now have dashboards that give people real-time updates on how they're performing against their projects. Our customers are getting real-time feedback, and so we really are excited about the improvement there. You've heard us talk about, and Michael talk about on the Q3 call that, you know, we're really focusing on streamlining our processes and getting our clinical leaders closer to the customers, as well as our BD team partnering with our project leaders and making sure that they're lockstep. That will improve repeat business as well. Those are the investments in Clinical Reimagined. When you move over to strategic business development, that's really a lot of reallocation of where we're spending our time. We're enhancing our leadership engagement with customers. We're here this week. You know, our head of strategic business development is here. Michael is here. I'm here, and the last two and a half days all I've done is meet with customers for the last two and a half days. We're very focused on meeting with our, both our large pharma and our SMID customers as a leadership team, partnering with our project delivery teams to ensure we're delivering flawlessly and really sharing the unique offering that Syneos has of really integrating insights to ensure you get better outcomes. I will also add that we have focused very regionally as well. I think that's been a nice addition to our approach to business development. Really making sure we have regional talent in each country that really understands the customers, as well as building out more hybrid people who understand more hybrid solutions, FSP expertise in the strategic business development group. Again, these investments, it's going to take time for the recovery, but again, we're seeing that these things are driving a different kind of conversations with our customers, and we're getting positive feedback that they like what they see. Enhancing commercial solutions, I would be remiss not to talk about our commercial solutions business. It is performing quite well. As we shared before, Syneos One is a growth driver for commercial. Our customer diversification, as you know, was also a goal for us in commercial, and we are increasing our digitalization of our services, which you've heard me talk about before. Through the end of Q3, our revenue growth was 13.7% year -to -date, and our ending backlog growth in deployment solutions was up 7%. We've done a really great job in diversifying the business, right? I remember early days of running commercial and concern around the volatility, specifically of the deployment solutions business. We've done a great job, first of all, of diversifying the backlog between large pharma and SMID customers, but also really diversifying the services, right? The teams are smaller, they're more integrated, they're hybrid, they have digital capabilities. Even in our largest large pharma customers, we're working on multiple projects. We have multiple teams. They're smaller size, and they're much more integrated with digital capabilities. That leads to the importance of us continuing to invest in digital. You saw that we acquired Boco Digital, which is a tailored learning solutions digital solution. We're using that for ourselves. We're using that for our customers. We're using it to educate sites on the clinical side, as well as our sales teams and nurse educator teams and field reimbursement teams on the commercial side. We continue to invest in Kinetic Digital Amplifier. We've now acquired more and more data that says using Digital Amplifier along with having a person call on a customer, either in person or using telephony or a video platform, adding on that digital amplification. We now have across six different disease states as well as multiple HCP types, proof that when you add Digital Amplifier onto your omnichannel strategy, you get better prescription lifts for those customers. As you know, as the complexity of the disease states and the complexity of medicine continues, patient services and hub services are becoming more important, and we have partnered with Phil, Inc. We have a partnership with them, and we've rolled out an integrated hub offering in our deployment solutions group, and we're getting, we have some new customers, and we're getting some really great early feedback there as that becomes a, I think, an increasingly important piece of the puzzle for pharma. You saw us announce this morning, we have a new Syneos One partnership. We did merge Syneos One and Full-Service Commercial over the summer to be one offering. I think the partnership we announced this morning with Fosun USA, it's a Chinese company commercializing in the U.S. They have an anti-PD-1 antibody that they're launching here in the U.S. We will be providing medical affairs and commercial services for that launch. Syneos One continues to resonate, and Full-Service Commercial continues to resonate even in the macro environment that we're operating in. This is, as you know, we give an update every year at JPM on our Syneos One pipeline. We have the 24 assets under our leadership. The majority of them still are in clinical. It's contributed $705 million of trailing twelve-month gross awards, and we have a total remaining value, and most of that is commercial value of $1.9 billion, with the caveat that all those assets may not make it through clinical development. They may be licensed. The ones that make it through and we get to commercialize, a percentage of that will continue to flow into our commercial awards over time. Also wanna share that medical affairs continues to be a focus area for us. High single-digit, low double-digit, we believe, growth in that market. It's an under-penetrated outsourced market, and we believe we're uniquely positioned to take advantage of this space with our capabilities across real-world evidence, HEOR, medical communications, as well as our ability to deploy MSLs on either the clinical or the commercial side. We believe that we are going to be building a leading brand in a high-growth market, and we believe that is one of our long-term growth opportunities. Moving into transforming our organization to drive long-term profitability. Talked to you already about some of the investments that we're making in strategic business development as well as in Clinical Reimagined, but we are making other investments to make ourselves more efficient, drive better customer engagement, create more visibility into our offerings. As you know, we had always targeted 30-50 bps of annual adjusted EBITDA margin expansion. We did accomplish that in 2020 and 2021. I think the average was 0.45. We have taken that off the table for 2023 with some of our challenges that we've had in 2022, but we are committing to long-term margin expansion in 2024 and beyond. It's critically important to drive profitability for our shareholders, but it's also critically important for us to be able to continue to invest in the model. Therefore, we're putting some of these transformation investments in place to make sure that we can do that. All these investments are around ensuring that we're more streamlined in our operations, taking advantage of technology to take low-value processes off of people and use technology and automation to drive insights, which is gonna simplify all our processes. You know, we've always talked about ForwardBound. There's more opportunity with ForwardBoun d to continue to offshore to low-cost locations. We are, as you know, unifying technologies under a new cloud-based ERP. We believe this will give us more visibility, be able to give more leading indicators on our performance, and have most importantly, have better insights for our customers so that we can adjust our strategies to meet our customers' needs. Just to shift real quickly to our progress in ESG and DE&I. This is an area we're very proud of, we're very focused on. We're very aligned in our values with our customers around this area, right? Just to give you some highlights. We did sign the Climate Pledge. We're committed to net zero carbon emissions by 2040. We have made, I think, a lot of great progress in trial diversity, optimizing processes to increase trial diversity. Some of the targeting tools you've heard us talk about with Kinetic. We now have an ability to really target HCPs that treat a diverse population so that we're able to really understand where those patients are. More importantly, using our insights around behavioral science to really understand how do you engage that patient to be part of the clinical trial and stay with the clinical trial, as well as manage some of the barriers that prevents them from being part of a clinical trial. We really feel like that's a big differentiator for Syneos Health. We have our Patient Voice Consortium to make sure that we're putting the patient and their perspectives in the forefront of everything we do. Under governance, we have increased our board diversity, and we are phasing out our classified board. Overall, we feel like we're making progress here. We're committed to these initiatives, and we'll continue to increase our transparency and reporting on a annual basis. To close out, I wanted to just reinforce a couple of key points that I've made here this morning. Our main areas of focus today and right in front of us is our customer engagement and our profitable growth. Right? Those are the two things we're laser focused on. First, we're gonna be investing in Clinical Reimagined and strategic business development to improve our operating model and our go-to-market model, specifically in the SMID cohort. We're expanding our large pharma portfolio. It is our largest organic growth opportunity, large pharma, while reinvigorating our SMID franchise. We are going to be driving those transformational initiatives that I just talked about to improve visibility and expand long-term profitability. Our model is resonating with our customers. I've spent the last 2.5 days talking to customers, many SMID customers. Michael and I have had a lot of meetings together and separately, and Christian and I have had a lot of meetings together and separately. They're pleased with the progress we're making. They like the changes we're making. They appreciate the integrated commercial solutions and the insights into clinical development. You know, we're super confident that, you know, we're on the right track, we have the right strategy, and we're gonna continue focusing on our recovery. I wanna thank our shareholders, our employees and our customers. With that, Casey, I think we can move on. Thank you. Great. Thank you for that overview, Michelle. As a reminder, if anybody would like to ask a question, please raise your hand or submit via the webcast. I guess to start, you reiterated 2022 revenue guidance the other day, but notably didn't reiterate the EPS guide for the year. Can you just maybe touch on how margins trended into the fourth quarter? You know, back to the revenue side, you mentioned now 4Q awards on first blush were challenged again. Just any sort of early indication of what book-to-bill could look like for fourth quarter? Sure. We're not gonna be sharing any specifics for 2023 outside of the demand dynamics that we're seeing. However, you know, I do want to reiterate a couple of key things, right? We are confident in the investments that we're making. We know that they are resonating with our customers. We're getting positive feedback. We do see that the demand environment is still challenging in clinical in Q4. We also, as I said, I shared the green shoots that we feel good about, what the pipeline looks like. As we said, our SMID pipeline in Q4 is up year-over-year. We feel really good about that. I look forward though, however, to sharing more insights, you know, at our Q4 earnings call. We did give you revenue guidance because we had good visibility into that, and it's early in the quarterly close. We'll be able to give you that clarity on EPS at the earnings call. Got it. That's helpful. Following up on some of the new updates from the presentation there. On the 30 to 50 basis points EBITDA margin expansion targeted from 2024 onward, what does that imply in terms of operating leverage from revenue growth? Just thinking about the Project Velocity. Mm-hmm. You know, efficiency programs that you have in place. You know, how much upside to that 30-50 basis points expansion would you see just if clinical sees a rebound in growth? It is early. It's early for us to have good visibility into that. As I shared, we're not giving 2023 guidance at this time. However, we are confident in some of the things that we're doing to create that long-term growth. Just to give you a little insight, Project Velocity is now encompassing, frankly, all our transformation initiatives, right? Around technology investments, as well as taking kind of ForwardBound to the next level. Taking advantage of a partnership that really will allow us to leverage the investments they've already made, right? 2023 is a startup year. There will be some investments. There will be some benefit to those investments in 2023, but 2024 is where we really see it having the ability to help us drive more profitable growth. We believe it's about customer innovation as well as around efficiencies in our model. It's about both. Got it. On Syneos One in the slides, the asset launches are expected to go from four in 2022 to two in 2023, and won't get back to above last year's level until 2025. Can you just walk us through the progression there? Would there have been delays or cancellations in that pipeline due to the biotech funding? Is it simply quality of asset? Then maybe can you just touch on the new partnership you announced this morning. Sure. What the pipeline looks like for similar partnerships this year? Syneos One, you know, it was very heavily focused on getting in early with clinical development and with assets that we're developing. We're still developing those 24 assets. That hasn't changed. As they're going through the pipeline, some of them are early stage, right? There might be some small commercial work around consulting or providing some insights early on, but the full commercialization package, we have not had many of those assets yet make it there, like the two that we have on the market right now. We still consider this a huge differentiator for us. Combining Syneos One and integrated Full-Service Commercial, I think is really the next step in the evolution of the model, of the integrated model. We still see Syneos One as a important part of our clinical awards in the future, as well as feeding commercial. We don't see anything significant in the marketplace right now that's, material that's impacting that channel. Got it. That's helpful. I'll pause here if anybody has any questions from the audience. Nope. Guess we can keep going. Okay. Just going back to clinical, during 3Q, you noted a number of headwinds there that contributed to the book-to-bill, namely pushouts, lower strike rates in post-revenue SMID, large pharma, FSP delays, and general softness in pre-revenue biotech. I guess, just which area was the largest contributor to the soft quarter and which are still persisting in terms of challenges? Then I guess, which are easiest to address in the near term? I'll just kind of reiterate what you said. In Q3, if you remember, we said that there was a couple of things that were going on, right? First was, net awards and backlog conversion contributed to some of that. We had FX headwinds. We had a delay with a FSP customer as well. The Q4 2022 guide also contemplated the fact that some of our shorter term businesses, right, our more project-based businesses, were slowing down a bit, which is also what contributed to the longer 2022 revised guide of Q4. Those were the buckets that were in there. You know, again, our investments, I think, are where we really wanna focus because we believe those things are gonna improve all those things. Obviously, it can't improve FX headwinds, but it can improve all the other things that we discussed. We're really confident that the investments in Clinical Reimagined and our operating model will help address and help us win, you know, in that category. Just had one come in via email. Sure. On the Fosun agreement. Sure. How confident are you to market their drug in the U.S. as there are a number of PD1 and PDL1 drugs approved-? Sure In this market already. I think one of the things I should share is when we do these assessments of assets, right? We talk with, whether it's a customer overseas that's planning to launch in the U.S. and wants to take advantage of our infrastructure with Syneos One and Full-Service Commercial, we always do an assessment of the asset and how well we think the asset can do based on the competitive environment that it's operating in, right? We have a lot of. We were excited about this asset, and we think they have some nice differentiation in extended stage, small cell lung cancer. We're, we're really excited about what we're gonna be able to do to market that asset. We're even more excited about the fact that we're having a broader conversation with them around as they think about other assets that they'll bring to the U.S. or even other assets they might develop themselves on the clinical side that we'll have the opportunity to have conversations with them about expanding that partnership. Maybe just going back to clinical. On the lower strike rates and post-revenue SMID that you'd flagged, what do you think drove this dynamic? You noted on the 3Q call that there may have been some operational inefficiencies on Syneos end in engaging those customers, but I'm curious to hear whether there could be a larger competitive share shift happening. You know, just what do you see from the market there on SMID? As we shared on Q3, right, it was a surprise, the reduction in win rate with the post-revenue SMID repeat customers. We also had more new customers in that pipeline, too, right? That led to some of more decision delays, pushouts, right? Those were the two key things that were occurring in the SMID pipeline. We do think some of this is Syneos specific, and that is why we've made the investments that we're making in improving our operating model, as well as our approach to business development and our SMID customers. Again, you know, we know that the recovery will take time, that the investments we make will help us improve that performance, but we feel like we've addressed the things that need to be addressed. I have tons of confidence in the operational and strategic business development leadership to get that done. Just had another one come in via email. Can you walk us through how you recognized your backlog upon notice of a win once contract is signed? Do you recognize 100% of that win at once or in pieces? Is this for a clinical question? Yes. Right. Okay. Is it Full-Service or FSP? We do treat those differently. Yes. Okay. Do both. All right. You know, we will move things into backlog. Well, let's start with our policy of how we recognize awards. We will take co-confirmation in writing from a customer that we're going to be, you know, performing the work, right? We also have done a lot of work up front around, do they have the funding? You know, all the things that you wanna make sure that the award is actually going to be able to be executed against, right? That's how we do it. That's really important. And then we take it into backlog once we have the, you know, once we start the work and we start executing the work. Now FSP is a little different, right? We tend to take FSP on an annualized basis. Got it. Can you talk about clinical pre-revenue trends, just given decision delays and broader biotech funding, is that a risk for 2023 that will kind of continue on or? Our pre-revenue biotech and obviously emerging biotech became. It's about a little less than 15% of our, of our business in clinical. Obviously, we acquired some of that through the acquisition of Synteract, and we've integrated that into our model. You know, we do think it's gonna behave similarly to the macroeconomic environment for sure. You know, majority of that business came from Synteract, and even though it's less than 15%, it's actually less. It's single digits in regards to relying on the macro environment for funding because we do have some assets that are owned by private companies, et cetera. It's a small percentage. I do think it's gonna move in alignment with the macro environment for sure. Maybe just on large pharma delays, have you seen any improvement there? Are these customers maybe closer to finalizing their plans? You also noted that you, in the past, you were able to leverage your large pharma relationships. Mm-hmm. In commercial. Just curious how that works. Are those- Oh, sure. Call points? Yeah. We knew that, the back half of 2022, we had good line of sight to what awards we were gonna get from large pharma, right? I think we shared at the Q3 earnings call that we expected large pharma awards to be incremental throughout 2023, right? That was a 2023 phenomena, and that's where we saw that improvement in large pharma. Commercial. I think I've shared this with audiences in the past. The commercial leadership team, I think because, right, you're investing in your assets to get your revenue, right? You now take this amazing asset with this great clinical profile, and you're bringing it to make sure patients can get it. You have significant investments in commercial. Commercial leadership tends to get very high up on the food chain in regards to decision makers in both biotechs and in large pharma. When we do a great job for our commercial customers, which we do, especially, you know, specifically in this large pharma category that we're talking about, it allows us to gain access to clinical leaders to talk about the value of working in a model where you can get integrated insights. It does create economies of scale and economic benefit to large pharma when they're able to contract with us across the full portfolio of services we have. That's those, I think, are the two reasons why it matters and why it's helped us with our win rate in large pharma on the clinical side, converting it over. Gotcha. That's helpful. Just wanted to touch on a few on the models. Interest expense. Sure. Is that still tracking to grow 50% in 2023? Okay. Any update there on how? Sure. You're thinking about variable debt, variable debt flipping? Sure. Through Q4, we've seen the forward curve increase, right? I think we had been sharing we thought that our interest expense would go up around 50%. Looks more like 70%-80% because we do have the swaps that are expiring at the end of March of 2023. Obviously, we're looking at is there any way to mitigate that, right? We are looking at that and any updates on that we will share at our Q4 earnings call. Got it. Maybe just talking about commercial. Is there a lag between clinical and commercial trends? You know, what percentage of commercial initially flows through clinical? Should we see a partial slowdown in the commercial trend just based off of what's happening in clinical? Yeah. As we shared our large pharma RFP flow in commercial is up year-over-year. Our SMid RFP flow is moderating in commercial. We do think that's in alignment with the macro environment, obviously we're keeping an eye on that because we obviously have a great offering in Syneos One and Full-Service Commercial. I think the announcement of the of our partnership with Fosun today, I think demonstrates that there's still a nice appetite for our model in the SMid franchise. Then maybe just going back to the customer profile of your SMID customers. What's the average liquidity, sort of like cash on hand? You know, what's the environment look like there for SMID customers? Are those comparable to, you know, how other CROs can translate, between SMIDs? Yeah. What I can share is that we, as I said, we're very diligent ensuring things like that they have good liquidity, they have cash on hand to invest in the asset that they're partnering with us on. I think we do a good job upfront of ensuring that we have good line of sight. It can't be 100%, Casey. We're never gonna be 100%. I do think we do some good diligence upfront there and we'll continue to do that. Got it. Maybe just a housekeeping thing. Sure. When will you resume investor communications? Sure. What was the justification for halting all investor-? Yes. Communications in 3 Q? Then, you know, was there a reason for declassifying the board? Sure. Okay. I'll start with the investors. We did take a conservative approach to, only speaking in public forums like this, you know, because of the volatility of trading, right? We just felt we needed to take a more conservative approach. We are resuming, and we are planning on resuming our normal cadence of communicating with investors and one-on-ones at the Q4 earnings call. We are planning on doing that. That answers, hopefully that answers that question. You asked me a second question. I'm sorry, Casey, the back end of that. Just the rationale for declassifying the board. Sure. Well, you know, we always try to look at recommendations from ISS and Glass Lewis. Frankly, we do a great job of interviewing our actual investors about what they're looking for, you know, from the board. Therefore, we made that decision. Got it. Looks like we have a few minutes left here. If anybody has any questions, please feel free to raise your hand. Nope. Guess we'll keep going. Just as a follow-up to the interest expense, do you have to make cash payments when the swaps are terminated on those? I'll have to get back to you on that, Casey. I don't have that answer at my fingertips. I can tell you that I think it's really important that we're focused on two things, right? The organic investments that we believe will drive the performance of the organization, and focused on paying down our debt. Got it. Those are our two priorities. Got it. Maybe just going back to SMID. You know, when you assess a project, you know, what is the minimum requirement for financing? In other words, would you wanna make sure that the SMID customer has 100% financing for the project before you book the work? Are there any stats you can share around that? I'll also have to get back to you on that. I can tell you that it is a very rigorous process up front. You know, many times we'll take payments up front, you know, to ensure they have it. I think it does vary by, you know, it varies by approach, whether they're privately held, whether they're relying on the capital markets, how much cash on hand they have. You know, we try to really balance all of that to make the best decision to ensure that, you know, that we have the full ability to complete the study and that they have the ability to continue to pay us to complete that particular piece of work. Got it. maybe just bigger picture. In light of ongoing consolidation in the space, how is Syneos positioned in the market in clinical right now? Mm-hmm. What is your competitive advantage? yeah, just any thoughts around that? It's a great question. You know, I think our advantage in clinical is our deep therapeutic expertise. It's always been something that customers have relied on from, again, whether it's CNS or oncology expertise. As you know, we have really experienced project teams as well, and, I think those experienced project teams matter to customers when they're making decisions around giving you their asset to develop. I also think our commercial and medical affairs insights earlier into the clinical development process to ensure you have the evidence needs that you need to be able to be successful in commercializing your asset is also something that resonates well with our customer base. Got it. Maybe just one on Jason's resignation. Okay. Do you have any comment on that, and what's the timeline to fill that position? Sure. As you know, we announced in the 8-K that Jason is transitioning out of his role on March thirty-first, and he will continue as a consultant with the organization through year's end to ensure that we have a, you know, a seamless transition to the new CFO. I'm very appreciative of that. We'll have Jason available to us for anything that we need. We have launched a search. We are looking for our next CFO, someone that can, you know, really help us take the business to the next level, has experience in transformation, has experience in, you know, has experience in working with this great leadership team that I have. Our goal is to take the time we need to find the best person. Got it. Looks like we have about 30 seconds left here. Any closing remarks or things we missed? First of all, Casey, I just appreciate, I appreciate the opportunity to be here today. We are excited about the investments we're making and the turnaround of our clinical business that we're focused on. We do believe our integrated solutions across Syneos One and Commercial are making a difference with our customers. I do wanna just thank our shareholders for their support and their focus, with Syneos Health and their interests. Thank you. Great. Well, we'll leave it at that then. Thank you again, Michelle. Thanks, Casey. Thank you, everybody for joining us. Thank you very much. Thank you for the conference.