Still morning a little bit, but welcome to the UBS Healthcare Conference, Day One, and happy to introduce Treace Medical with us here today. We have John Treace, CEO, and Mark Hair, CFO. I'm Priya Sachdeva, one of the medtech analysts here at UBS, and looking forward to a great conversation with you guys. Sounds great. Thanks, Priya. Great to be here in this beautiful location. We love your meetings. They're always in great spots. Nice spots, and not too far for you guys, at least. But yeah, maybe just to kick off, we can give a little bit of an overview of Treace and, you know, your guys' product offering. Sure. Treace Medical was founded, and developed the Lapiplasty Bunion Correction System. We've been advancing that technology for the past 10 years. We've achieved over $200 million in annual revenue based largely on that platform technology, and now we're in a transformative phase where we're developing new solutions for different types of bunion indications, and we can talk a little bit more about that. Yeah. Maybe a good segue from there is just talking about current portfolio and some of your new innovations and offering and, and how that's filling the gap for, for surgeons versus products on the market today? Sure. And we, over the past several years, started looking at bunions and looking at the sort of four different categories of bunions and diving deep into those with our surgeon design team and our engineers in developing solutions that could put more focus on those four different areas. If you think about Lapiplasty's position in the market, it was this broadly versatile technology that could apply to a wide range of bunion deformities. And what we found over time was many surgeons would adopt that technology for the vast majority of their bunions. Others would adopt it for a partial or a portion of their bunions. And if you look at our 3,100 surgeon customers, the average user uses Lapiplasty on about 25% of their bunions, we estimate. So that means there's 75% of bunions we're not getting to with our current solutions. So the four categories of bunions that we looked at, we've got the mild to moderate bunions. We've got the moderate or more severe bunions. We have bunions that have a midfoot deformity component to them. And then we have bunions with great toe joint arthritis. So the goal was, how do we get after faster penetration into those four distinct market areas? We knew Lapiplasty could serve the broad group, but most surgeons kind of decided to put Lapiplasty more towards the severe side of bunions. And so we said, "Let's get after the more mild to moderate bunions more aggressively." So to do that, we designed two minimally invasive osteotomy solutions. These are best-in-class instrumented systems that can be quickly adopted in the surgeon's practice. And it solves a big challenge with current minimally invasive osteotomy solutions. Osteotomies are 70% of the procedure market today. And so it's the largest volume segment that we're not diving deep into. So surgeons struggle with minimally invasive osteotomies today. We developed two great solutions for this market. Then there's the part of the market that's the big toe fusion market. The big toe fusion market represents about 20% of overall bunions, we estimate. We've had no product solution for that category. Now we do with our Speed MTP bunion, great toe fusion system. So as we take a step back, now we're well equipped to go after all four categories with targeted specialized solutions and dive deeper into the 75% of cases that we're not getting to today. Yeah. I want to jump in and kind of talk about how we drive that penetration higher and, you know, how these products are bringing a new offering and all the innovations. But I think before we get there, you guys did report earnings last week. I would love to just maybe level set kind of the dynamics you saw in the quarter that, you know, prompted the guidance lower and things like that. Just help us parse through all those dynamics and, you know, where to from here? Sure. You know, we were a little surprised as we got into the quarter, seeing continued softness in demand for Lapiplasty and really the driver. That's just more interest around these minimally invasive osteotomy solutions. So as we went through the quarter, we saw that shifting. And we also had an underlying softness in the relative patient demand market. So when you cast that forward, we saw it through the summer. We saw it through September. We saw it into October. And by October, we had to decide, "We're just not tracking at the same rate." So we had to make an adjustment and take down our number for Q4. Yeah. I mean, I know it's hard to kind of take out that crystal ball and think about, you know, market sentiment and where to from here. But if you could maybe compare to historical periods of, you know, some type of market weakness or a change in patient appetite, you know, what do we need to see to kind of move forward? And how are the new product offerings kind of helping us to also move forward from that? Yeah. I think we're seeing some really good underlying signs of vitality. Like in Q3, we had mid-single-digit bunion procedure volume growth. That was great to see despite you know relatively flat revenue growth if you exclude our stock distributor stocking order we had in the quarter. That was encouraging, and we continue to see that volume increasing as we go through October and into Q4. Yeah. I know that there's a little bit of an ASP dynamic that's kind of offsetting that growth, right? So maybe just trying to understand, you know, at what point do we reach the when do the curves cross? So So to start moving beyond that headwind and, maybe walk us through that. Because mid-single-digit growth is very encouraging, but. Yes, it is. And we're learning through Q4. We're going to need to get through this quarter and see how this mix shift occurs. The newer procedures and products are at a lower average selling price than our Lapiplasty. So that's putting that dampening on it that I mentioned that we continue to see during Q3 and into early Q4. So we're going to need to see that play out. But, you know, today we have 20% of our current customer base that's adopted one or more of our new technologies. So we're seeing traction with our existing base of surgeons. It's just now we want to train these surgeons, get them more up to speed on our new products, and get more of them using one, two, or three of our new technologies into their practice so we can go from that 25% to 50% of their practice over time or more. That's what we're focused on doing. Yeah. Can we talk about utilization maybe between those the newer physicians that are adopting versus existing accounts that are now getting new products? Like what are we seeing from a difference in growth within these two, you know, subsegments of your user base? We're seeing a couple of things. We've got the existing surgeons that are adopting new procedures, which is great to see. We're also seeing new surgeons come on board to Treace Medical because the podiatrists traditionally is a Lapidus fusion company, and they weren't really that much into Lapidus fusion. Now we have these new bunion technologies that are more appealing to them. So we are bringing on some of those into the fold. They're adopting our new products, and we're finding some of them are actually adopting our legacy Lapiplasty and Adductoplasty products too. They're just not adopting those at a rate that's fast enough to make up for the softness on the other side with Lapiplasty right now. Got it. When you think about a high-volume account, what does that look like from a growth perspective and maybe early feedback that you're hearing from these accounts that have high utilization? It's still a little too early to tell. Okay. We're watching the mix shift in these procedures. And we certainly know today we have surgeon groups that are doing more volume with us than they were before. But we need to let this play out another quarter. Q3 was our first quarter of having this full portfolio fully available. And we learned something there, and we're learning more in Q4. And we'll have better details around that as we go forward. Got it. Maybe just at a high level, like what are surgeons saying today that they're using new products? You know, what are we hearing from a benefit perspective? And I think another dynamic that's interesting is it seems like from our checks, like training is a little bit easier too with the new product offering. So if we could talk about that and what that's contributing to growth as well. Yeah. We've had very strong demand for our Bunion Masters training events. This is where the surgeons get introduced to not only our existing but the new products as well, and the response of these products is absolutely fantastic. Surgeons are recognizing how easy they are to use relative to traditional minimally invasive osteotomy solutions. Traditional minimally invasive osteotomy solutions can take 40-50 cases to get up to speed with. We've got systems that they can go do in a lab and go do a couple or three or four cases and be up the learning curve and comfortable doing it in their practice. So the response we're getting from surgeons and the uptake we're getting on these new products is great. It just needs to happen faster so that we can overcome the ASP difference between a Lapiplasty case and these new products. What drives that, you know, the timeframe or, you know, how do we get over the barriers that are still existent today, you know, from a market perspective and then from a Treace perspective? I think from a market perspective, you know, we continue to train these surgeons and get them using these new products. We reinforce our sales team and continue to build upon that. And then we also launch additional products that can tap other adjacencies and add procedural volume. We've got a couple of nice new products coming out next year. We've got a new compression screw system that's going to give our sales reps a more fortified portfolio around the surgeons. And then we have Lapiplasty Lightning and new forms of our SpeedPlate technology that will continue to feed and fuel that growth around that surgeon as a customer. Got it. When you think about the competitive moat for Treace and you have all these great innovations coming to market next year, you know, how do we think about Treace versus competition today and how is the sales force kind of utilizing that, when they're on the ground? Yeah. It's, we obviously have a pretty strong patent position broad and deep in our Lapiplasty technology. We continue to file patents and on our other technologies. We are enforcing our patents. We've been actively doing that out there, but you know, our big advantage and our best defense is a really strong offense, and it's our rapid innovation. We don't pick a lot of products to get involved in. We pick a few, but the few we pick, we design them really, really well so that surgeons will really appreciate them. And then we spend time training them properly on them so they feel confident with them. And we send in the clinical specialist for their first cases, and then they're handed off to a sales rep that's highly experienced in these products. So what we're known for is really caring about the surgeon's experience and outcomes once they embrace our products. And I think if we continue to do that and be faster and better, that's going to play well for us long term. Got it. Thinking about your guidance for next quarter, just thinking about as we head into 2026, I know I'm not asking for guidance. I would love if you could give it to us today. But just the run rate in terms of a market perspective, you know, how should we be thinking about what upside to 2026 could look like or maybe the drivers and tailwinds of potential upside to where the street is in terms of numbers today? Maybe I'll start and John could add a little bit to it. I think it's a great question. We talked a little bit about it last week on our call that as we were watching and observing this nice uptake on our new products, we did have case volume increases. That's what drives the underlying business. I think that is strong. We're very encouraged by that. Some of that momentum that we saw in third quarter is. It's early days in Q4, but we saw that same momentum coming into Q4 and in some respects even increasing. We want to feel that. We believe that our surgeons are, in fact, adopting these new products. And we're also just like John said, we're bringing in new surgeons that really hadn't been focused on Treace Medical as their solution to bunion products. So we're bringing in new surgeons. We're providing new products to our existing surgeon base. And so we need to get through this quarter as we learn about this mixed dynamic. But at least what we view is very fundamental momentum in the overall penetration. And maybe for a short period of time, we're going to have this penetration growth rate outpace our revenue growth rate because of this mix shift. And we're selling some new products at lower prices. Yeah. So right now we're not really talking about 2026. It's we've had, you know, the full complement of all of our expanded portfolio really started in July. So we're, you know, four or five months into it. We're learning a lot in Q3. We're learning a lot more in Q4. This is our largest volume quarter out of every year is in Q4. So we'll be a lot more informed as we come out of the quarter. And then when we have the fourth quarter earnings call, we'll be better prepared to talk about how we see the dynamics in 2026. Understood. I want to maybe pick apart that penetration dynamic in the total addressable market. You know, how is that shifting in terms of the TAM with these new product offerings and maybe give us a refresher on what the total addressable market is and penetration today and where it can go? Yeah. We've talked about the 1.1 million, you know, symptomatic surgical candidates as the base and 450,000 procedures being performed, a $5 billion US TAM, 2.3 on the procedures. We're going to be learning. We're not saying the TAM has shifted at this point in time. We based that off of an average $5,000 selling price, at a certain point in time, and we're going to see how this mix shifts. If we need to update the TAM based on that as we go into next year, we will, but for now, we, you know, we see it pretty stable. It's a big market. These patients aren't going away. You know, they have a chance to decide if they want to have their surgery within a given year or wait till the next year, and try to delay it a little bit, and we saw some of that this year, and it was surprisingly chronic throughout the year, and it lingered into Q4 as well, and it was one of the reasons that, you know, we had to take our number down, so the market's still there. The patient base is still there. 4.5 million Americans, we estimate, still seek medical attention for their bunion pain every year. 450,000, we estimate, are getting surgery. But the market's not going away. We view Lapidus as about 30% of that overall market, and our penetration in that market is pretty strong. We're probably the lead share player in the Lapidus market, single company player. So Lapidus has strong preferences from some surgeons, and there are defined indications where every surgeon needs to continue to do a Lapidus. And that's why we're going to continue to invest with Lapiplasty Lightning and other innovations in that space. It's where we started from. We're the lead innovator there, and we're going to continue to address that market. Yeah. I mean, I think it's interesting, you know, the patients are still there, right? And so what are you seeing from, like, is it a delay because of financial incentives? Like in this era of the big beautiful bill, you know, are people just kind of wait and see? Do physicians have a backlog? You know, trying to understand the appetite here and how that shifts. Yeah. You know, what we saw this year was surgeons were telling us their patients are moving their scheduling. They're not wanting to have their surgery, you know, earlier in the year, and they were pushing out. Usually that means they compress up really hard into Q4, but as we got into September, where we would normally see a lift, we didn't see the lift we were looking for, and as we got into October, we didn't see a typical lift in October, and you know, we think that tells us that patients were continuing to defer into Q4, and that was not an expectation that we had. We did a large cohort survey of surgeons, and they were telling us, and this was done in October, that year to date through October, the average of that group thought their procedure volumes were down 7%. We did a similar survey earlier in the year, and they talked about more optimism, so more optimism going forward, but more reality when they look back, so I think there's something there with consumer sentiment this year. It's been protracted. There's been a lot of anxiety on the consumer, and I think that plays into, along with higher deductible insurance plans, I think that plays into how patients are deciding to have their surgery. For an elective deferrable bunion procedure, we track that patient demographic. It's a very narrow defined patient demographic. And so, what other companies are foot and ankle broadly, or, you know, orthopedics broadly, don't necessarily apply to that demographic. Understood. Yeah. And want to think about, you know, parsing out, outside of these headwinds, you know, some of the positive tailwinds into next year. And so I think about the new product offerings and a more comprehensive toolkit for your sales rep. Another thing that's, you know, a common trend across med tech right now is the shift to ASC. So understanding how that could potentially impact your business and what that could mean from a growth perspective. Understanding that there might be some, you know, delay from a patient sentiment perspective. But, you know, should that normalize, you know, what does that impact look like for you guys? Yeah. We're, you know, bunions are elective day surgery. They're not inpatient. So we do surgeries in the hospital outpatient setting, and we do them in the ASCs. Our product configuration is actually really well designed for the ASC. We have sterile implant kits and very small low-cost instrumentation trays, and that works very well. We have a menu of different price point fixation kits and systems, so we can accommodate to different needs there. And, you know, last but not least, the reimbursement in the ASC for the Lapidus fusion code basically doubled in the ASC setting as of January 1st. So we were asked, is that going to be a big tailwind for you guys? Are you going to see a big strong uptake in Lapiplasty because of that? We were reluctant to give it too much bullishness at the time. But I think the big win is for the patient because going to a hospital is a little different feel than going to some of these ASCs that feel a little bit more like a spa and warm and comfortable for the patient. So I think the big win is for the patient to be able to get a Lapiplasty procedure there and, you know, more potential to use, you know, better technology in that ASC. Do you have a percentage of, you know, how many procedures are being done in an ASC setting today? We haven't broken that out, but we have said the major more than the majority is the hospital outpatient. Now, there are some, you know, hospital-owned freestanding centers. Some are ASCs that are hospital majority owned. And then there's just the pure private ASCs. So. Do you, from a sales rep perspective, you know, is there a different approach to the ASC setting versus a traditional hospital setting? Or is there anything on that side that you guys are doing to kind of drive adoption in that setting? We're definitely. We have strategies to continue to move the ball forward in the ASC, definitely. I think most companies do these days, and we continue to work that. We haven't seen a difference in our sales reps per se, but our national accounts team and others that work with them, you know, they're equipped and working on those. A lot of the strategy with the sales rep is to be really close to the surgeons, and surgeons commonly are performing these cases at one, two, three, four, or more facilities. To the extent, you know, they appreciate and understand all the value that our products are offering, it's kind of independent of the facility where they're doing the surgery. You know, we believe that those relationships and our products' performance will just have that surgeon bring a Treace rep kind of to wherever they happen to go. It may be more in the ASC setting. We haven't seen a dramatic change in that. We've always had some in the ASC. We've had, like John said, more in the hospital setting. But we just want to be that one-stop shop. If it's going to be a bunion case, tell me where the procedure is going to be performed, and we'll be there ready for you. Got it. Yeah. From a sales force perspective, do you guys feel like you're at a place, you know, confident that this is a sales force that will get you to the growth that you're looking for? Is there expansion on the horizon? Just trying to think about, you know, where we are at sales rep capacity today. Yeah. We're always, we're always looking for opportunities there, Priya. And I think the thing we have noticed is since we came out with this broader platform of best-in-class bunion technologies, we've been getting a lot of inbound calls from highly experienced, you foot and ankle sales reps from other companies across the space. And they see the opportunity here. They know Treace is known for excellence in bunion surgery, and they see the breadth opening up. It's not just one product anymore. And so, you know, we're talking to them, and some we're able to bring on, some we're not. And we'll keep doing so. That sounds, I mean, should I foot and ankle sales rep? No, but that sounds great. We can help you with that desire if that's your goal. We can help you. Maybe a few for you, Mark, just thinking about the new product offering and contribution to margin. You know, what should we be looking for, you know, over the next years as it becomes more of a percentage of what you're selling? Yeah. I think history would show that even as we've been introducing these new products, they're really at the same gross margin level. So they're very healthy gross margins. We anticipate seeing that. We've been in the high 70% gross margins. We anticipate being there. That's our goal. That's our objective. Even with introducing these new products, and often what happens is when you begin introducing them, you just don't have the economies to scale initially. So, you know, third quarter, we still have very comparable gross margins as second quarter, and we're anticipating a slight increase in the gross margin as we come into the fourth quarter as well. So over time, we've got some great people at the company that are looking for opportunities to decrease the costs. That's always part of our DNA is to ensure that we're getting improved costs in our products and cost reductions. And so we'll continue to look for that. And as we have more economies of scale, that we'll be able to ensure that we have these strong gross margins going forward. So these new products are not a headwind to us from a gross margin perspective. Okay. When you think about, you know, as you start to scale, you know, what could the potential contribution look like? Or what's maybe a peak goal gross margin that we could look forward to? So I think we haven't given a lot of information about that, but we believe that we can and should be in the high 70% gross margin range. And these new products are in no way a headwind to that. So we continue to have very innovative products. They're complementary where we design them to have strong gross margins, and that's going to continue to be our plan and outlook going forward. And until if there are some changes, we don't see them yet, but that's the objective. I got it. I think you guys mentioned on last week that the new guidance includes cash burn reduction, and can you just talk about some of those, you know, operational levers that you're pulling to kind of reduce the cost there and how to think about that going forward as well? Yeah. So I think there's a couple of things. One is, we've talked about this year that we've been really focused on the strength of our balance sheet, reducing cash burn, and we've done that. So we've talked about having a reduction of about 45% or so, using 45% less cash this year versus last year. And so we've been very proud about that. We think that's the right trend and trajectory. And so throughout the company, we've continued to look, especially this year, for ways to reduce costs throughout the organization. We actually reported a restructuring charge in Q3, meaning that we've taken some steps in the third quarter to ensure that our costs are better aligned. We've taken some steps in the fourth quarter, and we'll continue to look for levers to do that. We're focused on driving the top line in all the ways that John has talked about here with our new product portfolio and the sales reps, all that commercial organization. We're looking for improved profitability, and we're looking for ways to reduce that cash usage as well in 2026. Yeah. Just thinking about paths to profitability, you know, of course, it'll come as you start to grow the top line. But, you know, as we parse through the balance, the remainder of the P&L, just thinking about what gets us there and what you would characterize as maybe most important to get towards profitability. I think the first and foremost is we're looking to drive the top line. We're looking to penetrate into the market and to get stronger relationships with our surgeon customers with this broader portfolio. So I think that's our primary focus: strengthen Lapiplasty, add these new systems. Secondly, there are ways that we can improve profitability. And so we've started to do that. I think we've made a lot of progress this year compared to last year from an EBITDA perspective, from a cash burn perspective. And there are more levers that we will take and utilize as we go into 2026. So I think that's the way we're thinking about it: drive the top line, improve that profitability throughout the middle of the P&L. That ultimately is going to reduce the amount of cash that will be required this year or next year, 2026. Got it. When we think about capital allocation priorities, just maybe give us a quick little refresh on, you know, debt pay down versus other opportunities and things like that. So we've got a great relationship with a lender that we have. We entered into that debt facility back in 2022. We've got a term loan. We've got a revolver. We haven't drawn on anything since 2022. And you know, we'll continue to think about the strength of the balance sheet as we think about that capital allocation. But you know, we've talked about last week, and we continue to say that we have strength in the balance sheet right now to continue to drive the top line and do what we need to do as a company. So we'll continue to evaluate our opportunities along the way, but we feel good about the strength of the balance sheet right now. And then I might pivot back for a second and think about, you know, where we are from a market penetration perspective today and thinking about clinical data that sometimes is helpful in driving broader market penetration across all of healthcare, right? Thoughts there on, you know, is that something that you think is priority in terms of spend going forward to just help drive awareness and adoption? Or is there other areas that you think should be a focus to help drive further penetration? We've invested pretty heavily in our ALIGN3D study to demonstrate the effectiveness and patient outcomes with Lapiplasty. We just reported four- and five-year results on that study. The results speak for themselves. It's a great procedure, and it has great outcomes. Our newer systems, it is in our DNA to provide clinical outcomes support for them. We think it's the right thing to do for the patients, for the doctors, and for the company to continue to invest in those. But the big spend, big investment item is kind of behind us, and these are a little more spend light that we have going forward. One thing we've always done and we're kind of known for is direct-to-consumer advertising and making sure we get the word out to patients, make the patients aware that there are new bunion treatments and new options for them. We'll continue to modify our approach there and do it in a more efficient and effective way going forward, but still having that as a component to maybe help with the commercial execution. Just maybe in the last five minutes here, I do want to ask, you know, when we think about where the stock is today, just maybe trying to understand maybe some of the disconnects versus share price today and what you think the fundamental growth story of Treace is, just to make sure, you know, we talk about where you think we all know probably where we want it to be, but to just think what the biggest disconnect between, you know, the street and investors versus your view today. It was a disappointing quarter. So I can absolutely understand, you know, why we are where we are. And we are going to do things about this. Like we said, we're going to get the ramp up going with these new products and get the volumes going and get the top line reestablished. We're going to continue to build on our execution, on our commercial channel. And then, as Mark said, we're going to do the right things on the P&L to make sure we've got the right profile going forward. But we'll have to let things develop over time and see where that stock price can go. It's. We've got to prove some things. And if we do that well, then that'll move along with it. Yeah. I guess in that vein, when you think about the next 12 to 18 months, like what are the most exciting opportunities or what, you know, what you guys are most excited about for the Treace story? I think the most exciting thing is this new portfolio we have, this broader portfolio. These products work so well, and they're getting such a positive reaction from surgeons. Our sales reps' enthusiasm is way up. We're seeing the volume growth at really nice levels and continuing there. And we're just getting started with getting into our 3,100 customers and then the opportunity to bring on more new customers and have them use our legacy Lapiplasty and Adductoplasty products too, and then continuing to launch new additional opportunities to drive more procedure volumes, more adjacent procedure growth, and letting the sales force develop along with that and driving it forward. It's a really exciting time despite the, you know, the numbers and the feeling on the street at the doctor level and the sales force level, the commercial team level is very high right now. So I think that's what's got us most excited, that we're going to see a real transformation here in Treace Medical from being a one product technology company to playing across a broader range in a very high volume segment of the market and continuing to, you know, drive increased adoption, increased penetration, and grow that share so we can become the biggest procedure share player in the bunion space. Yeah. I did just get a question from the line talking about, you know, topic du jour over the last few months has been AI and leveraging of AI in healthcare, and I don't know if you guys have any thoughts on, you know, broader market implementations of AI that could be a benefit to Treace or anything internally that, you know, you guys are working on. One thing we are doing, and we didn't talk about this technology today, but we have a technology called IntelliGuide, and this is patient-specific instrumentation. So we take a patient CT scan, run it through software manipulations, which incorporate AI, and it kicks out basically a diagnostic pre-op plan for that surgeon that they can see what three-dimensional changes they're going to make in all the bones and then produce an actual cutting guide that is specific to that patient that the doctor can use in surgery and put it on, make their cuts, pull the bones together, and everything's corrected, you know, the way they want to. We're using AI there, and we have another project that's going to be an app-based X-ray tool for doctors that lets them calculate the angles and measurements that they need to make to plan their surgery. And that's another area we're using it. Mark, operationally, I think we're not a real AI-heavy company operationally, but for the patients and the surgeon solutions, it's really those that we can have a patient-specific diagnostic plan and cut guides instrumentation specifically for them developed through this software. I think that's largely where we're focused, as well as providing over time tools to surgeons that can support their decisions in how to treat patients. So it's really those two things that we're doing for the surgeon base and for ultimately our patients so that they can have great outcomes. That's super cool. And I have 10 seconds left, but in terms of incorporation and workflow, like, is this something that's easy to implement? It is. It's easy to implement on the internal R&D side, but also workflow for the surgeon. This cuts steps. This saves time. They can do complex midfoot reconstructions that they were intimidated by. They can do complex bunion fixes and reconstructions that are intimidating, saving steps, saving time, and increasing the accuracy. And if you're a patient who doesn't want something that's personalized to them? Yeah. We think there's tremendous opportunity with that technology going ahead. We're the only company, at this point in time that I'm aware of that has a, you know, a midfoot correction and a bunion correction, patient-specific solution. That's pretty exciting. That's incredible. Sounds very exciting. Well, we went a little bit over, but thank you both so much for being here and for a great conversation today. Thanks, Priya.