Introducing UnitedHealth Group. United is the largest health insurance company in the U.S., the largest physician company, the third largest PBM. I'll stop it there. And today for the panel, we have Andrew Witty, who's the CEO, John Rex, President and CFO, Brian Thompson, who's the CEO of UnitedHealthcare, the health plan business. We also have Zack Sopcak from Investor Relations, who's gonna start off with some forward-looking statements. Just take a moment to remind you that today's presentations will include forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. These risks and uncertainties can be found in the cautionary statements in our SEC filings posted on our website. Thanks, Kevin. All right, great. So I guess, you know, every year I go into your Investor Day, and I always say: How long can a $400 billion revenue company keep growing EPS 13%-16%? And since we're in Vegas, to put it in betting terms, you know, at some point, you have to take the under on being able to grow 13%-16%. So when you think about keeping that growth rate going, like, what are the two or three things that investors need to kind of believe or understand to see that pathway to 13%-16%? Yeah, well, listen, Kevin, first, thanks so much for the opportunity this morning. I think first and foremost on that list is management and board commitment to that as a goal. I mean, you know, just everything starts from ambition, right? In terms of, we fully believe we are capable of developing plans and strategies in the short, medium, long term to be able to support that, just as we have in the past. More specifically, if you look at where we stand today, over the last 10 years, I would say we've built a maturity across a number of our different business areas, which are only really just beginning to kind of get into gear in terms of performance. And I think about value-based care as probably the most obvious example of that. It's taken a long time for the various components that we believe are important to help deliver great value, value-based care, meaning high quality, lower cost, better physician experience, better patient experience. Actually getting to a capability where you can do that on a repeatable basis, year in, year out, kind of a little bit, a little bit regardless of what's going on in the outside world. You know, we—you obviously, you adjust for the outside world, but it doesn't disturb your ability to continue to drive that capability forward, I think, has been a hallmark of the last couple of years in particular. You know, that, that, that's kind of capability is only just really getting to a scale of maturation, which, which I think has a ton of runway still on it, enormous runway still on it, actually. Then you look around the rest of the businesses, and Brian will speak very clearly, I think, about the strengths in all three of the big UHC businesses and the platforms. As you start to see that, combine them with some of the other ancillary organizations, strong growth in PBM and elsewhere. What we see across the group is a portfolio of businesses that are individually strong. They all come together to support and move toward what we believe is a fundamentally better way of delivering care for folks across the country. And then on top of that, I think the next decade is gonna be about how you engage consumers in healthcare. As you think about consumerization of this marketplace, and the need for businesses to move from what have historically been, you know, more, you know, more kind of arm's length or B2B or, you know, a little bit less engaged with the patient as a consumer, a little bit less engaged with the healthy individual prior to being a patient, those are all great opportunities for us to modernize and strengthen going forward. You know, those two elements of value-based care, powered by a shift towards being a number one choice in healthcare consumer, those are really gonna be the things that drive us forward. Okay, I think that the market has a little bit shorter term focus, particularly on MA, and cost. Can you just give an update on kind of what you're seeing there within the trend, specifically on MA, how that's developing relative to kind of what you saw maybe a month or so ago? BT will give you a good run on that in a second. But, I mean, I think the bottom line is, things are playing out very much the way we anticipated as we put together the bids for last year. For 2024, I mean, I think everybody knows we saw, we recognized shifts in medical costs, in Q2 of last year. We saw that in time for us to be able to price appropriately for this year. That's played through, the year's played through very much in line with what we'd have expected from a medical trend perspective. You'll see that in terms of the performance of the organization. And we continue to see MA being a very, very strong value proposition for seniors choosing how they wanna get their care delivered and financed going forward. So we continue to be very strong supporters of this program. We don't see anything particularly different this year from what we planned in the bid. Obviously, the V28 rate notice was a significant set of signals, but we took the time to plan what we believe is the right three-year response strategy for that. We're in year one of the three-year response strategy. It's playing out the way we anticipated, and we'll continue to prosecute that plan. And, Brian, maybe you give a- Sure. more detail on that. Yeah, I think had you asked me, would I step into the shoes of where we could be right now? Had you asked me that a year ago, I would definitely take that opportunity. It's playing out. We're one year in. The things that we had planned for look like we had hoped they would look, so consistent with our expectations, and planning for another year. You know, I've been in this business now 20 years, and I've been doing the benefits for MA for 11 of them, and have had many unknowns to deal with, ins and outs, each and every year. Last year, we were dealing with some emerging trend that we responsibly got into our bids, and it's playing out exactly like we had thought. From this distance right now, not dealing with the same level of unknowns, a lot more confident, recognizing a strategy now one year in, playing it for year 2, and really comfortable with what we'll put into the marketplace for next year, pleased with how we're performing and what the opportunities are on the horizon for '25 and '26. This is being about being disciplined and thoughtful, what I call, and being fit and ready for 2027. And that's how we've looked at it from the very beginning. Yeah, I mean, I guess it's interesting because you were the first company to kind of flag that there was a cost trend issue, so it kind of makes sense that you caught it more in your pricing for this year. But we've consistently seen other companies still kind of lag and, you know, even more recently, just kind of take up their MLR guidance. I mean, as you see some of your competitors see these issues, and you turn around and you kind of kick the tires again, I mean, like, is there something to kind of explain where there seems to be a dichotomy between what you're seeing and what they're seeing? I don't know that I can make any comments on competitor positions and posture. I can only comment on what we're seeing. And again, it's thus far consistent with what we had expected. I'm always respectful of what I don't yet know, but from this distance, feel good about our supplemental benefits, feel good about where trend is playing out. We've talked before about outpatient being higher last year. We made a bet that it would remain high, and that was perhaps a conservative assumption at the time, proved to be a very good one. It is consistent with what we had expected, and the other elements of trend are largely playing out as we had thought. And again, as you get farther away from COVID, things start to stabilize, as I kinda compare year-over-year. Last year, we were dealing with capacity and what does return to normal look like? We're a whole year departed from that now. So I, so I believe there's a level of consistency and normalcy, perhaps, in our planning as we look forward this year, that just wasn't there a year ago. So I would say, comparatively, I feel more confident in the unknowns than I did a year ago. You know, so you guys seem to be ahead of the track. I guess from a margin perspective, you guys are saying you're at the higher end of your longer-term margin target in MA, is that... I think what we said just is, we continue to stay in the same margin targets- Yeah. -we've had for MA over the long term. We really haven't changed our outlook for that. Okay, so everyone else around you has to reprice for margin on top of the rate pressure that they're seeing, but you don't have to reprice for margin. So it seems like you're in a pretty good spot. Actually, today, this morning, CVS said they could lose 10% membership, and they'd be fine with that. Humana said they could be down 5% membership. Like, what does that mean for you guys? I mean, you guys, are you guys gonna be up 20% membership next year? And if so, are there problems with that? I can see the market starting to get freaked out about 20% membership. But I think, I think part of the reason Humana has a problem is because they grew high teens last year. CVS has a problem because they grew 20% this year. If you grow 20% next year, would that be a bad thing, or can you manage that? How does that work? I think, I think the key for us, and, and it comes back to the way we've laid out, really, all the way from February of last year, is we're looking to plot a course through, you know, relative, you know, a notch up in external volatility through things like V28, IRA implications, and those sorts of things. We're, we're trying to plot what is a fundamentally sustainable pathway through all of that change, and, and you've seen that this year, I think, so far. You know, right now, as, as Brian just suggested, we continue to expect that to play out very much in line with our, our original plans. As year 2 and 3, which were really conceived a year ago, you know, we're refining those, but we're not making huge changes to our plans for the next couple of years, as we try and navigate through. But I think the thing we don't want is unsustainable ups and downs in our performance in any particular regard. We wanna be absolutely rock solid driving through this period, because at the other side of 2026, 2027 is a decade phenomenal market opportunity, and we want to be in the strongest possible position across all the key metrics. So of course, we wanna continue to be, you know, a leader in this marketplace, but we also want to be able to invest in it for sustainable, improved outcomes for patients. So, you know, for us, honestly, Kevin, this is a, at some level, it might be a, not the most exciting statement you're gonna hear, but you should just expect more of the same from us, right? In terms of what we're doing. We laid out a game plan last year in the fall. We're executing it. We feel good about it. We're obviously watching how others are moving around. There's a lot to take into consideration, not just trend, but V28, Part D. You know, I'll back this team every day of the week, on making the right calls to deliver sustainable performance through that, and, that's what we're doing. I guess, though, to, to kind of put a point on that, that type of growth, I mean, I guess there's different ways you grow. If you grow too fast because you mispriced, that's one thing. If you grow too fast because everyone else is pulling back, that's potentially something else. But is there something inherent, inherently wrong? Like, if we see a 15% growth number or a 20% growth number, is there a number that where you start to say, "This is too much operationally, it impacts, you know, Stars," or, like, you know, the ability to manage well against those things, or I mean, just- Again, Brian should go deeper, but, you know, my view is all about sustainability, right? So... And whatever makes growth unsustainable, and you've seen a little bit of that this year in different parts of the marketplace, that's not great. I mean, it's a kind of pyrrhic victory, removed uh, right? You win, and then you lose, and that's not the business we're in. We're in a position to try and be sustainable, make sure we're constantly strengthening the capability of the company, constantly delivering for patients in this regard, the best possible outcome year in, year out. We want them to feel good about the stability of the promise that they get from us. I do think there are, there are elements where too much growth is a bad thing, but it, it's because it drives instability of your ongoing performance. That's why. You know, right now, I think trying to pin the tail on the donkey of who gets what next year, I'm not sure there's much mileage in that, honestly. Yeah, and I'll add to that quickly. For me, our strategy's been the same for years. Growth will be an outcome of responsible product positioning that we hope seniors want sustainably for a long period of time. And if we do that right, there shouldn't be a level of growth that we're concerned about. And our second mantra is, make sure that you're dealing with the headwinds that are in front of you and not those that potentially you create that are behind you. And in this environment, those are difficult things to manage but feel very good about where we're at here through year 1. So we'll put product in the marketplace, where growth will be an outcome of responsible positioning. I guess it's pretty safe to assume, given the growth you're looking for this year, you're gonna accelerate growth next year. Like, it's just really interesting to me that the valuation that you're trading at right now doesn't seem to be factoring in, you know, that 2025 should be a much better growth year than what 2024 is from a membership perspective. Well, we haven't, we haven't seen any other product designs yet, right? So it's hard to make that call until you actually see product design in the marketplace that we can comp up against our product design. So I think it's at this point, until you actually see those designs that are going in, I think it's hard for us to really... We, we can, we can have a point of view on where we think they're gonna be, but until those are out there. Right. Don't really know. And then can you just talk a little bit about the, capitation, capitation business? MA, it feels like you're getting 85% of what the market is doing, and half the market appears to be struggling. And so how does that impact your ability to generate margins and value-based care in 2024? It feels like it's a tailwind in 2025 and 2026 as they reprice, but in 2024, how are you managing that? You're looking for margin improvement in, in Optum Health. Yeah, and as you saw in Q1, we started off well this year in Optum Health. And again, you know, obviously, we're absorbing, and we're dealing with the impact of V28 in that, and the way it flows into that business as much as it flows into Brian's business. And yet you're continuing to see strengthening and strong performance of that organization. And I think, again, it's a case of, you know, a little bit where I started the conversation, really, Kevin. You know, you're seeing the benefits of maturation, of what, what is a, you know, pretty important combination of different capabilities, which have, over the years, been brought together to allow us to manage both in the clinic and at home, a risk in a way which allows us to deliver great care for people. It delivers, at a physician experience, less burnout, better quality of care, lower cost, and it delivers a return for the shareholder, which is in line with the kind of expectations that we've always laid out. And much as there's been a lot of new entry into that marketplace in the last few years, I... You know, Optum Health is kind of the overnight success that took 15 years to build. And there is, there is just a truth to that. It's been a long, it's been a long journey, with, with varying, you know, steps along the way, some of which were home, home runs, some of which were missteps and had to be recalibrated. But over time, I think the company has figured out how to make those different elements, super effective for all of the stakeholders I just described, and that's shining through. And, and, you know, we're seeing... You know, I, I think, honestly, you, you're gonna see very strong extension of multi-payer capability of Optum Health in the next few years. I think you're gonna see it continue to grow extremely robustly, because it's delivering something that very few others, if anybody else, can deliver in the marketplace. And we're very, you know, we're super excited about that. It's why value-based care is our driving strategic focus for the whole corporation, alongside a deep commitment to be the best we can be for consumers. Because we do genuinely, genuinely think it transforms healthcare. It makes it better for individuals. We think it's a good deal for payers. We think it's a great outcome for physicians and care providers. And you're seeing, I think, this year, continued evidence of that. It was. I thought it was interesting how you were talking about, you know, multi-payer, well, multi-payer within MA, but I guess multi-payer also within commercial and Medicaid, seems to be the next kind of leg to that growth. Is the opportunity there as strong as it is within MA? You know, it feels like MA is the place where it is most mature, but it feels like there's reasons for that. Maybe there's risk adjustment, there's individually sold products where you can maybe steer people into narrower networks. And so, is the opportunity in commercial and Medicaid really robust? Is it only half of those markets because it only applies to certain populations? How do you think about where that is going? Yeah, it's a good question. So there's no doubt, I think the MA opportunity is more uniform. But there are clearly geographies, and there are clearly concentrations of commercial, commercially insured lives, where there is real viability, and you see that across our book. We have a very substantial commercial capitated book of business, but it's, but it is more geographically dispersed and a little bit, obviously, reflective of employers and their interests. And of course, over time, it ebbs and flows a little bit with the willingness of folks to be part of a managed program as opposed to having more individual choice. And that does ebb and flow a bit with kind of employment market dynamics and those sorts of things. I think in the long run, it fee... You know, I'd say over the next 5-10 years, this is a marketplace opportunity which is really substantial for us. And coming on the side, if you will, or behind the MA risk capability development that obviously we've built and continue to build, it's something which we think is extremely extremely logical, right? In terms of an extension of our capabilities. And leverages a lot of the ways of thinking about how to manage folks and manage people throughout their life in terms of trying to prevent illness, not just get fixated on symptoms, trying to make sure we're getting issues resolved quickly, not just managing volume. Those are all elements which are common across all of these different sorts of capitated risk models. I think it just comes... It's a little bit more patchy, and it's a little behind, but it's coming, and we're gonna continue to lean into that. Is there, is there something about your model that allows you to be successful? Because to your point, like, it seems there's a lot of money being thrown in this space 4 or 5 years ago, when money was free. And the last few years, it seems like most companies kind of pulled back on this. You guys seem to be talking about earning stable margins, improving margins this year relative to last year. You know, is there something about the model, the vertical integration aspect of it? Does that help? Like, why are you able to kind of keep investing? You're like, you're out there buying another large practice in the middle of all this stuff, when everyone else seems to be pulling back. So it's just interesting. Is there something that you would point to that differentiates you in the market? I don't think it's anything to do with vertical. I think it's much more to do with horizontal, right? So it's the fact that we have a lot of complementary capabilities and skills that we're building up across Optum, which is allowing us to help and support patients on their journey and help and create capabilities for physicians, which are very useful. And so it's more that kind of blending of capabilities so that ambulatory care can be just a lot more capable of, you know, getting ahead of illness, managing those folks, giving them the best possible outcome. And I think we're just at a different stage in the life cycle to almost everybody else who's tried to play in this space, and thank goodness, right? Because we're in a position where we have scale, maturity. We've tried different things. We've probably learned some lessons on the way. We've got a kind of resilience, I think, playing through it, and we've got an organization which is capable of navigating some of the twists and turns that come along in terms of things like reimbursement and the like. And you'll see that. You know, I'm very pleased with the responsiveness of Optum leadership, in particular, in the way in which they've dealt with V28. And you know, they've leant into that in a very forceful way in terms of how they think about managing their business. That's what's allowed us to continue to strengthen our economic return for the shareholder, despite some of the obvious funding pressures that everybody can see. I think that's differentiated us from a lot of other people in the market. If you had seen—if some of these entities we were starting to work with 15 years ago, if those had been independent companies sitting out there for everyone to have to admire and look at, they—Andrew mentioned, they, it wasn't like they were all home runs in those early years. There were a lot of learnings this company had to go through over that period of time. What works, what doesn't work. Right. We had the opportunity to experiment with almost every model you can imagine and try different ones, see what worked, what was effective, how did it work in our company? And it wasn't always just one. There may have been a few that worked, but I tell you, Kevin, if you had looked at some of those results 15 years ago, you wouldn't have been impressed, probably. But we were at a stage where we could do that. It was small enough. They weren't sitting out there for everyone to admire also in the light of day also. So it was something that we could work on, we could invest, and we could take a 10-year view on it in terms of how we were going to progress in advance. We weren't having to respond to a quarter. We were responding to a 10-year view. So it's just a- Yes ... as Andrew said, just a different situation. And it's actually, if you look back, and John might be, he's gonna kick me in a minute, but quite a few of the things John bought actually ended up being brilliant for reasons other than the reasons we bought them. And I think that's okay. And I think it's more than okay, because what it shows, I think, inside Optum and inside United, is an ability to... Even if we thought we were doing something, it wasn't quite right or the circumstances changed, the ability to operate a Rubik's Cube inside United is pretty cool, right? In terms of, okay, it's not quite what we saw or maybe something else changed, which made it not quite as exciting as it was the day we did the deal, but we can figure out a way to use this to add value some other way in the organization. There are lots of examples of that in the history of the company. And, and that kind of relentless innovation of how you bring in new capabilities and people, very often, very often, alongside the kind of mature substance of the company, and between the two, you start to accelerate growth. And that's why you see about a third of our growth historically has come from inorganic sources. But, but what's really happening is the acquisitions come in and then are used to kind of turbocharge something. Now, oftentimes, not quite the way people thought when they wrote the business case, but that doesn't mean it's not gonna get accessed. And it's a super interesting element of the culture of the company, the way in which these acquisitions and any capabilities that come into the group get kind of rotated until they work. And then I guess going back to the V28 for a minute. I guess, Brian, when we were at your Investor Day a few months ago, you kinda talked about how, you know, because depending on how United—you think about United, there might be seven businesses, and two of them were hit by V28. Mm-hmm. United decided, we're not saying you two businesses figure this out. Exactly. You guys said, "We're, we're taking this as a whole." So year 1, I think, was supposed to be about SG&A- Yeah ... because that's what you could pull first, and then year 2 and 3 were more about medical management. Can you just talk about, like, where we are in the year- Sure ... 2, 3, what leverage you're pulling, how we should expect the P&L to kind of look as a result? Because, Because, like, again, we were kind of surprised when we saw the guidance, like, "Oh, wait, G&A is so much lower than we thought. MLR is so much higher than we thought." You guys knew that all ahead. So I guess- Yeah ... we look at '25, '26, how should we be thinking about these options? Similarly, I don't look at it as SG&A in year 1. I might say that the elements of SG&A change over time, but responsibly, it's our job as a company to bear the brunt of this through our own productivity and creativity, first and foremost. While these are a cut to reimbursement, we want to do the best we can as an enterprise, not just in MA, not just in Optum Health, to reduce that pressure as much as we can, and that comes through our own creativity on, on, our productivity. What's changed, perhaps, is in year 1, maybe it felt a little more like what I will call traditional productivity.... But whether we're lucky or it's coincidental, we've been on quite a journey around step function changes in our back office as well. Whether that's AI, ML, whether that's just productivity through modernization of things that we could have done a long time ago, but are just getting to, it has a multiyear tail. So we've planned this out over three years. Each one of the years has got productivity coming from it, from our SG&A. So, it's balanced in terms of pressure on benefits, pressure on productivity, but it's shared. And as you pointed out, our PBM, our commercial business, everybody is responsibly looking at their cost structures in ways that I hope they always did. But candidly, this was a catalyst for us to think perhaps more urgently and differently than maybe we have in the past. So while I'd like to say productivity's always been a part of our equation to drive greater value, it has certainly been accelerated. And through year 1, we're right where we thought we would be, maybe a little bit ahead, and still feel very good about what we have left to harvest in years 2 and 3, and hopefully beyond. So, contributing as we had thought, but don't think that our SG&A productivity stops. I'm hopeful that it continues to contribute year after year, and that we can continue to bear some of the brunt of this, so these reimbursements don't just show up on the doorstep of benefits directly for the seniors we support. And maybe just to add some flavor to that a little bit. If you look at the way in which AI is beginning to impact our ability to manage the cost base over the next five years, extraordinary. And so, you know, as you start to look at the ramp of those use cases on a business of the scale of United, and you know, you can imagine—Well, I mean, it's obvious to everybody that United has, under the hood, a lot of complexity. There's a lot of transaction activity and variety of business models that operate. As you start to look at the ways in which AI allow us to really modernize a lot of that in, you know, light years faster than we could ever have conceived of previously, that starts to drive a tremendous new lever on SG&A at an extremely timely moment in terms of how to compete in the marketplace. And so, you know, I'm 100% with Brian in terms of, you know, we've made, I think, very good progress this year on SG&A across the business. We have very robust plans on further management of that over the next few years. And then I think we have an AI turbocharger, which is just kicking in as we speak, and just that just ramps up over the next five years. Suddenly, SG&A for the company becomes much more important than it ever has done in terms of its contribution to earnings power as an organization. And, you know, that's a really important new element to the way in which we're thinking about the business. It's hard to think of a sector that has more use cases- Yeah. for this than the sector that we operate in. Yeah. That could benefit more in terms of the types of data and information that exist in this sector, the qualitative, quantitative, all those elements of it, and how you pull those together. There are few like that. Yeah. I think, and then few where, to this point, there had been, you know, less ability to impact it- Yeah in a really methodical way. I mean, all of you in financial services and those elements, you know, those kind of industries have been in these zones for a long time, but much more structured data sets. Very, very different than where we operate. And tell you, just the proliferation of use cases in the company that we see accelerating out every quarter is actually really inspiring. Okay. And then, I guess, can you talk a little bit about Change? And I guess, first off, claims visibility, where do you say things are now? And secondly, I think you guys have said that it's a headwind this year to earnings. You expect to get that back to normal. So does that mean next year should get a couple percent tailwind to earnings growth? Like, should we think about 13-16 plus two, or does it not quite work out that way? Well, let me, let me just make a couple of comments, and maybe Brian, talk about claims visibility from a UHC perspective and then, John, you know, maybe take the last part of that. So listen, I mean, overall, overwhelmingly, Change functionality is back, and has been for now a while. So the key then is obviously making sure we get clients reconnected and volume flowing back through that. And that's a two-way deal. You need a submitter to connect and a payer to connect. So our progress is going well, has been going on for the last several weeks. We're seeing a nice, continued ramp up, where we feel very good about our ability to get back for 2025. Obviously, you know, there'll be a recovery during this year. I think we'd be back better. It's gonna be a stronger company. It's gonna be a much more modern company. And I think it will, I think it will, be an outstanding competitor in its marketplace, in its rebuilt form. And don't underestimate how much of a rebuild we've executed on this. This isn't just, oh, you know, we got hit, and it took us a couple of weeks to restart the car. We rebuilt the car. This is a completely different proposition in terms of strength in the marketplace, and feel good about that from that perspective. And overall, our sense overall is the marketplace. With the... You know, there are, there are still a small number of very small providers who struggle to reconnect into the systems for all sorts of legacy reasons, but overwhelmingly, the marketplace is back to normal. Brian, maybe just comment on UHC specifically. Yeah, I would just say claim flow is back to normal. Obviously, we snapped the line at the end of the first quarter, made some assumptions that I think were responsible with respect to claims that we hadn't received. We've paced one more month through now, and it's playing out as we had thought and expect a really clean second quarter in terms of visibility. And we'll just continue to be judicious in how we look at that. That's clearly understanding, is there the possibility for any lag out there? And so that would. I expect that to take a little bit to work through the system. Wanna make sure that we get all our teams into a position where they are, you know, where they're feeling that we're fully there. What Brian's seeing in his claim flow indicates that, but I would expect a judicious view as we look out over here in the next- Yeah ... couple, the next few quarters in terms of how we approach that, be respectful of the, what, what we may not know, so. Fair. All right. Maybe just the last question. Obviously, a lot of scrutiny on M&A and healthcare today. I mean, how do you think about that growth algorithm, 13-16? There's always that 3%-5% for capital deployment. I mean, how confident are you that you're gonna have plenty of opportunities to execute against that 3%-5%? John? There are plenty of opportunities. There are plenty of opportunities. More opportunities this year than three years ago, I would say, in terms of the marketplace. Look, it's... There was a period where if you were to ask me that question, 2021, 2022, where I would have told you the valuations were a little out of whack. It takes a while for people to reset. As you see things reset in the marketplace, and certainly there's kind of a better understanding of where these, where they should be right now. The variety, I think what's most interesting is the variety of opportunities. And when I mean variety, I mean that on multidimensional variety, right? Just very interesting, very interesting, capabilities, things that really span across the entire company, actually. And I'm, I'm kind of... It's actually pretty exciting when we look at what's out there and the opportunities that we have, and probably one of the better outlooks I've seen in quite a while. All right. Great. That's all we have time for. Thank you very much. Great. Thank you.