My name is Craig Hettenbach. I cover the healthcare technology space at Morgan Stanley. Very pleased to have CFO Brent Bowman with Veeva with us this morning, so welcome. Thank you. Happy to be here. Ooh, very loud. Just for disclosures, I would point you to the morganstanley.com/researchdisclosures. So with that, fresh off of earnings last week, I figured we'd start with the current demand environment. And if I take a step back, the life sciences space has seen some headwinds in the last couple of years, and you kind of framed the environment as no better, no worse in the last 90 days. So would love to get a sense, even if it's just between commercial and R&D, some things you're seeing in the business. Yeah, over the last 90 days, we saw a continuation of what we felt over the past year. So specifically, a little bit of protracted deal reviews, additional deal scrutiny, and the like. A little particularly more so on the services side of the business. But we thought it was prudent. That's all factored into our guidance that we assume that it's not going to get better nor worse. So that's what we assumed in our guidance. I think importantly, we serve a very large and growing industry, the life science industry. And as Peter mentioned, that he's sensing more optimism broadly across the industry, really around the science. So seeing a year ago to today, additional optimism. So that bodes well for the industry. It bodes well for Veeva over the mid and long term. So we feel really good about that. Now, it doesn't automatically translate into a tailwind to financials, but it will be a tailwind at some point in the future. So feel really good about that. And regarding R&D versus commercial, your specific question, it tends to impact the macro a little bit more on the R&D, but more on the SMB, emerging biotech side. And that's a relatively small percentage of our business. It's about 4%. But overall, we feel really good about the market we're serving and our competitive position. Gotcha. When we think about emerging biotech, I mean, there's green shoots and at least some optimism around funding and science. What are some things you're watching for potential inflection at some point for that customer segment? Yeah, so on the emerging biotech, as I said, it's a smaller portion of our business, about 4%. Over the past year, we saw a few more companies struggle a bit, going out of business and some M&A. But we're looking for the inflection of additional funding to drive additional demand, and that will impact our ability to serve them specifically on the R&D side. So we haven't factored that in for the current year, but we're looking forward to that tailwind. Great. I want to touch on just the TAM. At the investor day, you reclassified to $20 billion+. And you also had some interesting disclosure. Top five products are 60% of the subscription, 40 products, 40%. So very long tail there. And what I'd love to dig into is just what part of the market you're most underpenetrated today. Yeah, really excited about the opportunity. So $20 billion TAM, we're about 15% penetrated overall. On the R&D side, we're only about 10% penetrated. So the R&D is about a $13 billion opportunity, with clinical being the largest portion of that. Being a multi-product company, we have more than 50 applications. So I'm excited about a lot of the applications. If you look at what's contributing to revenue today, in the most significant way, it's our products we launched 10 years ago. It's our documentation products, like our eTMF product and clinical Quality Docs in quality, and then RIM submissions. So excited about everything else in front of that. So things like clinical data, our electronic data capture, it's our largest single application that we have. And we've had a number of wins recently on that. So real excited about the opportunity to monetize that as we look forward. The quality suite is very large, QA, QC, things like our LIMS, Laboratory Information Management System products. So really excited about that. Safety is another area. So what you're hearing from me is broad swath of products, becoming the technology foundation for drug development, connecting clinical to regulatory to quality manufacturing to pharmacovigilance on the safety side. So really excited about that. Cutting across now over to the data and commercial side of the business, our data cloud business, we have a very clear strategy. And we have just launched a number of products in our Compass suite. So very early there, but big opportunity. And we're embarking on our Vault CRM migration transition, so making really good progress there. And that will allow us to sell additional products in the future, like Marketing Automation, patient CRM, and Service Center. You can sense by what I just described how broad the opportunity is. Yeah, that's great. We'll certainly come back and dig deeper into some of those from a growth perspective. I did want to spend some time on just the Vault CRM migration and just starting with kind of how the company thought this was the right move in terms of moving customers over. Yeah, so we had to make a decision. We had a renewal coming up, 2025 renewal with our current platform provider. And our decision was looking out 2030 and saying what's best for the industry and our customers, and what's best for Veeva. And the decision was owning and controlling the platform and the application was really important. And why is that? That gives us the flexibility to innovate where we think there is an important need or gap for the marketplace. So that's the basis of the decision. And now you kind of fast forward, we're executing extremely well. We already have a customer live. We're GAing our product, our Vault CRM product, in April. We'll have full functionality by the end of the calendar year. So all that work we've done over the past 15 years with Veeva CRM, we will have that in Vault CRM by the end of the year. We have 3 top 20 commitments to migrate from Veeva CRM to Vault CRM. And we had Bayer and GSK on stage with us at our summit a few months ago, and I think GSK said it best because they were asked, "Why are you doing this? Why are you making this commitment?" And they said, "It's a solved problem. It's a complex problem, and it's solved. It's not a commodity. Why would I do anything else?" So we feel good about the momentum. We feel good about the execution. And we're talking to all of the top 50 enterprise customers, and those are all progressing really well. Got it. On the heels of the three early adopters, how do you think more broadly about just the shape of the migrations because this is on a multi-year basis? I think it'll follow a traditional bell curve. You're always going to have your cohorts of early adopters, and you're going to have your laggards, and you're going to have everybody in the middle. So the expectation is the sweet spot of the migration time frame will be calendar 2026, 2027, 2028 is how I would think about it. So we're focused on making these migrations as efficient and effective as we can. We're focused on building tooling that will allow that to happen. And we're working with some of the early announced customers in their environments, testing out our tooling such that it's ready for prime time when we need it, starting in calendar 2025. Got it. On the call last week, you talked about some increased investment in services. Can you maybe just touch on that in terms of the feedback you're getting from customers and what you're trying to do to kind of help them along? Yeah, so we made a subtle announcement that we felt it's right to share in the investments that our customers are making with the migration to Vault CRM. These are customers that don't just have Vault CRM or have Veeva CRM. They have a number of applications. So looking at the long-term relationship, looking at how strategic these customers are, we felt it was right to share in some of the upfront investments. And the analogy I would use is as you're prepping for a migration, you're moving your house. You have your garage you need to clean up. You have your closet you need to clean up. So we're going to help them with some of that pre-planning and that cleanup work that they're doing. Got it. What do you think have been some of the shortcomings of the competitors that have really failed to make any dent? And certainly, IQVIA is most public. But just what are some of the things where it has entrenched your position in the market? I think it's underappreciated how hard it is to build an industry-specific CRM for life sciences. I mean, think about it has to meet the regulations of Japan and Brazil and Germany, which are all different. It has to meet the needs of the state of Ohio, which is different than the state of New York. How you handle samples, how you share content in a highly regulated way, it's deep. It's hard. And I think what you've seen, we had a competitor who tried to build on top of Force, and it didn't work out so well because it was hard. We lost a couple of customers. And guess what? They came back to Veeva because they lost time. They lost time and efficiency in that move. So I think that's underappreciated how deep and complex the application is. Got it. That competitor had healthcare domain expertise but struggled with software. You also have someone like Salesforce that's interested in this and has more software versus healthcare. Would you compare and contrast in terms of different approaches? Yeah, I don't want to get into the specifics of the competitors, but you have one that was an enterprise software company. So it's hard to do enterprise software that's not at your foundation. And you have another company that is predominantly a horizontal provider, and this is very deep specific industry requirements. So both different and have unique challenges. Okay. I want to switch gears just to the add-on modules, which has been an important growth driver in CRM, and just current state of where penetration is for email, Engage, PromoMats. Yeah, so we did try to break this down a bit on our earnings call we had. It feels like it was a month ago, but it was actually last week. I know the feeling. So we called it the CRM suite of products, which I want to make sure we're aligned on the definition of that. So that's Core CRM and the add-ons, what you described as approved email, Engage, Align, closed-loop marketing. We said that that business is going to be stable over the next couple of years. So not a big growth driver, but stable until we get through the Vault CRM migrations, and then we'll expect that to uptick again with the expansion of additional add-ons and things like marketing cloud and the like. The piece that's growing very nicely is the other commercial business. So we said it's growing at about 15% in our guide for fiscal year 2025. And what are the drivers within that? So things like our Crossix marketing analytics business is a nice growth driver. Our Link Key People, so think about key opinion leaders, what they're doing, what they're saying, where they're going. That product is contributing nicely. And then still our PromoMats, promotional material content products, is growing nicely. So that portion of the commercial business is a nice driver right now for growth. Got it. Then Investor Day, you highlighted Marketing Automation as a new product. Can you just talk about what you're maybe looking to do in that market versus other offerings in that space? Yeah, I think I would take it up a level and say, what are we doing in commercial overall? So it's more than just a Core CRM. We're looking to create a unified set of applications, including Marketing Automation, Service Center, and patient CRM, all in a single database, which is very different today. Today, you have your Marketing Automation separate from your CRM. So think a bit like HubSpot. That's kind of the direction and approach we're taking here. So it's a different approach, very focused on the needs of life science. And we have some work to do, but we feel really good about the opportunity and the strategy that we have in place. We think it's the right strategy to drive true value to the industry. Got it. Just coming back to Crossix, you mentioned that's part of the 15% growth in the part of commercial that's growing nicely. There's a lot of digital platforms out there. Just wanted to dig in a bit in terms of what you think separates Crossix from other offerings in the marketplace. Yeah, Crossix is a data and analytics platform really helping marketing organizations assess their spend, really, that's at the highest level. So we have two major pieces to this. One is the measurement and optimization piece. So it's really getting deeply into return on investment analysis for their campaigns and their spend. So that's been a nice growth area for us over the last couple of years, and we expect that to continue. A secondary piece of this is audience targeting. It's a little bit more discretionary, a little bit more variable, but still a focus area for us. And what's different is Crossix has some deep technology IP that helps us do this at a deeper level. So it's a nice business. And by the way, Crossix, which we purchased four years ago, we purchased it for its business itself, but we also purchased it with the foresight that it's going to be the foundation of our Compass products. So Compass, the foundation of it is based on the Crossix technology. That's a great segue because I want to dig into Compass. But just before we do, when we think about Crossix specifically, how do you think about kind of a multi-year growth trajectory of that type of business? Yeah, Crossix was the one business that was. Oh, sorry about that. So the question is for Crossix, the multi-year growth trajectory. Yeah, so Crossix was an area that was impacted by the macro probably the most when marketing spend was more tight in calendar 2022. What we've seen is a bit of strong execution and additional growth contribution in fiscal 2024, and we expect that to continue in the fiscal 2025. So we see that as a nice growth driver as we look forward in our commercial space. Got it. So moving over to Compass, how important is you have the full suite available now, right, in terms of driving that growth? And importantly, what you're doing to differentiate from IQVIA, can we just talk about kind of where you're at in that business and how it might look like over the next couple of years? Yeah, this has been a journey. This is a hard space. There's an incumbent that's been doing this for decades and controls most of the market. So we launched our longitudinal patient offering about a year ago. It's in the marketplace. But to truly compete, we also needed Prescriber and National projected data. So we're really pleased that we announced Prescriber National in January. So what that means is we have the full suite of data applications to be able to compete with IQVIA. So we feel really good about that. So how we're going about that and why we think we're going to win is it's a simple formula: better data and better delivery. So why do we think we're going to have better data? So we're taking a technological approach to this. We have a multi-vendor sourcing strategy. Some of the technology that we acquired from Crossix, excuse me, allows us to match data prior to it being de-identified, which is different than what others are doing in the marketplace. Then we can pull it across in a privacy-safe way. We have a multi-source strategy. We're using technology. We think that's going to provide better fidelity of the data. That's better data. I talk about better delivery. We're going to give you the full therapeutic area data set. We're not going to sell it by the slice, and it becomes really hard and confusing for the customer. Also, the data is going to be refreshed on a daily basis. Versus what's in the marketplace, it's not refreshed on a daily basis. Better data, better delivery. We feel really good about all the work the product team has done. We have some early wins with top 20s at a brand level. How this will likely play out, it's going to take time. It's not like you're going to go swap out your data assets you've had in place for decades. For the top 50, it'll be at a brand level. And the simple analogy is it'll be a bake-off. We'll come in with our data set. Competition will come in with their data set. The best data wins. You win one brand, then you do another brand. You win two brands. You win three brands. At a certain point, there'll be a tipping point. And then you have the opportunity to do a displacement. But this will take time. This is immaterial revenue today. As you look out 2026, 2027, 2028 through 2030, we expect this to be a material contributor to our financials. Great. Can we dovetail this into just AI and your strategy there, like how important data could be over the longer term? Is AI a topic? I know. We should have got to it earlier. So that's my idea. But let's talk about AI. So our approach to AI is we're taking a data focus around this. So two really pieces to the equation. One is we sell high-quality data. This is our data cloud. And this is connected data at a deep and foundational level. So our data attributes that we have in Compass versus Link versus OpenData versus Pulse, we want to make sure they're the same. So consistency across. And we think this will drive efficiency and agility within our customer base. And we think this will be a good foundational starting point for AI for our customers. So that's one piece of it. The second piece to it is our direct data API. If you think about our customers, they create a lot of transactional data in our Core CRM. So we want to make sure our customers can access this in a very efficient, effective way. So we've created this direct data API that allows data to be extracted at a much higher velocity rate than what's in the marketplace. And we also think this will help from an AI perspective. So we're focused on getting the data right, the integrity of the data, the foundation of the data. Will we do some applications broader across our portfolio? Yeah, we will. We've done a few in the past. We have an eTMF bot in our clinical operations space. We have a regulatory bot in the regulatory space. And we'll do those as we see a use case that makes sense. But our focus is to enable AI through our data. Great. All right. Let's switch gears to R&D. The guidance for this year is around 20%-21%, kind of normalized growth. If I look at clinical trials, they've been growing around 10%. So you're well above that. And we'd love to touch on just the breadth of the business and the influence of market share gains that's helping to drive the growth in R&D. Yeah, so R&D is a very exciting area. So this is the largest part of our addressable TAM, our total addressable market. It's about $13 billion. And we're only about 10% penetrated in this area. A broad swath of products. We talked about being the technology foundation for drug development, as I mentioned earlier, all in the Vault platform connecting clinical ops, clinical data to regulatory, to quality, to safety. I mean, you have a choice as a life science company. You can buy into this unified approach, best point solution, all connected, or you can buy point solutions and try to stitch them together. So that's a choice. And I think that customers are speaking, and you saw a number of announcements of top 20 wins in our Q4 quarter broadly across our portfolio and broadly across our customer base. Clinical data is a very large portion, probably our single largest opportunity. Very excited about the breadth of the portfolio, the opportunity, and our execution. Got it. And then there's some newer applications if I think about RTSM, ePRO, safety. How should investors think about that just layering onto the growth over the next number of years? Yeah, it's a good question. So we use the analogy, and a number of you probably have heard this before, is planting the seeds for growth. So what's contributing today in a material way to our revenue are those seeds we planted a decade ago, our documentation products. So then you kind of fast forward and you look out. Some of our largest applications that we have on the market are still very early. So you mentioned RTSM, so randomization and trial supply management. Think about how do you mix placebos with medicines, and how do you get that to patients in an appropriate way? If you do that wrong, there's real problems, right? So we're early in that space, but it's a big opportunity. We have the right products, so I feel really good about that. And then you mentioned ePRO, which is electronic patient reported outcomes. So this is where our vision of connecting the sites, the sponsors, and the patient in a very efficient, effective way. So early days there, but the product is in really good shape. So those will be growth drivers as we look further out in time. Safety is another area, very complex area. If you get safety wrong, there's health risk involved in that. So we have two top 20s in that space. Still early days. We have a global top 20 globally live. So we've proven that our software is ready for prime time there, and that early adopter cycle can start kicking in and that reference selling. Great. And EDC, you announced two more wins last week so that brings eight of the top 20. Can we touch on just the ramping style of these wins, what that means from a visibility perspective, and similar thing like they start on some trials and expand? How How do things look like in the coming years? Yeah, so couldn't be happier in EDC. So as you mentioned, we have 8 of the top 20. So let me explain what that means. So that's 8 top 20 customers committing to starting all new clinical trials on Veeva's EDC software. So really important. 5 of those 8, we've had wins in the last 12 months. That is at a pace where we haven't seen before. So 5 top 20 wins in a 12-month window. So really executing well. Now, these are structured typically for your enterprise customers as predefined multi-year ramping ELAs. So they'll start out small in year 1, and then they'll ramp year 2, 3, 4. It's usually 4 to 5 years before you get to terminal value. So those wins, those 5 over the last 12 months, have not meaningfully contributed to our financials at this point, but they will as you look out and they ramp in the future. I guess maybe to add, why are we winning? It's a simple formula, but it's hard to execute. We have a better product. Why can I say that? A couple of things that you would want to measure if you think about an EDC offering is how quickly can you get a trial up and running? We can get a trial up and running in half the time of the existing competition in the market. Another important piece is there's often amendments to a trial. So then how do you process those amendments? We can process those amendments live in our application without taking it down, where the norm is you have to take your application down. You have to port it over to another database. And so those two elements right there are very critical, and the customers are speaking because we have now, like I said, 8 of the top 20, and we do expect to be the market leader in this space. Got it. And so you mentioned some of the things that are resonating. If I think about companies like Medidata and Oracle in this space, are you seeing much change in the competitive landscape? It looks like you're moving the ball forward, but just how are competitors behaving in this market? Yeah, it's hard when you have an architecture that's been in place for so many years to try to pivot. So we have not seen any technological counter to what we're doing in the space. And I think it's reflected in the market share that we're winning. Got it. I do want to switch gears and just talk about industry regulation. There's a lot of attention on the Inflation Reduction Act. And just I know it's early. There's still back and forth between the government and pharma companies. But just anything you hear in your engagements with customers in terms of things that they're doing in their business as they prepare for that? Yeah, it's still early, but what we're hearing is you're hearing life sciences companies trying to evaluate their development priorities. Do they do small molecule? Do they do large molecule? What are the trade-offs in making those decisions? And we're working, obviously, with our customers around that. Now, one thing that we've seen historically, there's always been new regulations. So having a new regulation isn't a new thing. But what we've seen historically, it's been neutral to positive to Veeva over time, historically. That doesn't mean it's always the rule, but historically, on average, that's been the case. And why is that? Because with new regulations, you have new processes and new requirements, and you use technology to help with that. And we're a big technology provider. So we see that as, like I said, on average, neutral to positive. So time will tell on this one. It's a bit early. Okay. So let's switch gears to margins. I think that was one of the highlights of the report last week. You got a margins well above the street to 39% this fiscal year. You also have a floor target of 35%. So what are some of the things that are driving your margin expansion in this fiscal year? Yeah, really pleased with the execution. I think it comes down to a few basic things. We have a very consistent operating model that has been in place for every product that we launch. It starts with its basics, but it's really important that you execute. So clear and correct target markets, focus on product excellence, focus on getting customers live and happy, and then the reference selling model kicks in. So that operating model, we get leverage out of, and we'll continue to get leverage out of that operating model. The other piece is the power of Vault, the power of the Vault platform, building incremental applications on that. Each application we build, we get a little bit more efficiency out of that. Then I would say just discipline-focused hiring. If you look at the last few years, we've hired, and we're going to continue to hire, but we're focused on discipline. So those are some of the contributors to our op margin at 39%. So we feel good about it. There's more leverage in the model, but what will make trade-off decisions, whether we reinvest that leverage or at a future point in time. Okay. One of the things the company talked about is just implementation excellence. Just curious how that came about. I know sometimes there's things already happening at companies, and now you kind of talk about it. Just what are some of the key drivers of that and what it means? Yeah, implementation excellence is something that we newly announced that we've been thinking about. The thought behind it is how do we make these implementations as efficient and as fast and cost-effective as we can? How we're going about that is having product and our services team work extremely close together to ensure that our products are optimized for delivering and customer success. Why do we think that's important? Well, obviously, it's clear why it's important to the customer, right? They can implement it more efficiently and at a quicker pace. But from Veeva's perspective, it'll allow, we believe, customers to adopt our products more quickly as well. So it allows that flywheel to pick up as well. It's a new effort that we're focused in on, and it'll take some time, and we're working on that this year. Got it. You mentioned disciplined spending. You kind of zigzagged in the last few years, right? A lot of companies were laying people off, and you were hiring at a really nice pace and have slowed that recently. How are you thinking about that in terms of the staffing levels and what the implications are for the business? Yeah, no, you're right. So if you go back a couple of years, a number of companies were doing layoffs and doing hiring freezes. We consciously were double-downing on hiring for growth and the opportunity in front of us. We saw the market was right to get an advantage. And we feel that in difficult times, really good companies get stronger. So we focused on hiring. So you're right. We added about 1,000 net heads in a couple to 2 preceding years. And now you fast forward where we are, you've seen it moderate a bit the last 2 quarters, our hiring. And that's because we looked at all the hiring we've done, and we're like, we have really good people. We have the capability. We have the capacity to execute on our goals that we have in front of us. Now, that doesn't mean that we're not going to continue to hire because we are. We expect to add net heads during the course of the year, but we're going to do that in a focused, disciplined way. Got it. I have a few more questions to get through, but I do want to offer the opportunity for investors in the audience. If you have a question, you can raise your hand. They'll bring you a mic. Do you mind going back to the question on AI? It sounds like you're taking the approach of really enabling, cleaning up the data, letting customers get the data so they can then build AI applications on top. I guess, why not take more of a role in determining where there's value-add applications to be written with AI yourself? Yeah, so our focus is really, I mean, we're a company of focus. So we think it all starts at the foundational layer, which is the dataset. And we have a unique dataset relative to the industry. So that's our focus. And we think over time, we may play a larger role in those applications that can be built on top of the data. But for now, that's our focus. I think you guys have been very consistent on capital allocation with the focus on M&A. I think across the software landscape, you've really been one of the better acquirers. In your history as a public company, you've done less than $600 million of deals, and you have $4 billion on the balance sheet, and you're going to do over $1 billion in free cash flow. Given the really strict requirements, why not look for other uses of that capital? Yeah, so we do have those discussions. So it's a frequent discussion point we have around capital allocation. We feel that the right thing to do today is to focus on that growth. And that is focus on M&A. And you're right. The largest acquisition we've done is Crossix, with a $400 million-$500 million single acquisition. And doesn't mean that we won't take a different approach in the future, but today, that's our focus on M&A. And when that changes, we'll be sure to communicate that out. And I assure you we're having those conversations around what's the right use at leadership and at the board level. Okay. Thank you for the discussion and for the extra color across the divisions. Time is money, time to market speed. You've approached the business across so many different priority sets, business areas, commercial versus clinicals versus marketing, etc. As the product line now has become that much more comprehensive across the organizations, you've got some big customers live now deep into the clinical process. Where are you in being able to present to the life sciences industry that overall time to market, cost to market savings, up and down a clinical priority set or a clinical to commercial priority set, right? They can see the ROI at their functional areas, but if you look now across your capability set, what can you say to those customers in terms of, "This is now what we offer, and this is the collective economic value that we can provide"? Make sense? Yeah, no, it does make sense. I think it depends on at what level you're talking at a customer level. At the C-suite higher levels, clearly they see the power and the efficiency broadly across their different disciplines within the life science. It's clear. It's clear the time savings they get. Each customer is going to be a little bit different, so there's not a magic formula that you could say you get X% or $X, but it's sizable. It's a sizable efficiency gain. As you work down through the organization, it gets a little bit more siloed because then you're focused on point solutions. We have the conversations at both levels. At that. You know, five deals in a year. Sure. It's pretty. It's significant. Exactly. So what was that? It was. Very striking or that aha moment in your experience? I mean, I think it was really how quickly, how much better the technology is. When they looked at the technology and they say, "I can get a trial up and running in half the time," they can calculate the math on the significant dollars that means to the company. So it was really that simple. And to get five commitments in that short a window of time is really compelling, and it's a statement of the momentum we have. Yeah, thank you. As we wrap here, I just want to come back for a second just to capital allocation and M&A. I think one of the sticking points, private company valuations have been high. I know they're coming down. So if you can just touch on that. And then the second thing is just size and scope. You mentioned Crossix, $500 million. Is there a range of potential deals that you would pursue? Yeah, first thing is we're a very disciplined company. So we're going to be thoughtful in our approach to M&A. And I think Peter laid out the framework on the call talking about first threshold is around products, the product fit, the product strategy. Is it complementary, or are we looking for an adjacent market that can accelerate growth? The other piece of the equation that I think we haven't done a lot of acquisitions, but I would say we've been successful in almost all of those because we think deeply about the people and the culture fit because you have to integrate these companies. You have to keep them going. You integrate them, but you want to do it in a successful way and maintain the leadership. And most of the acquisitions we've done, those leaders are still in place and are leading big portions of our company. As far as size and scale, we're not going to be, I guess we'll be flexible in size and scale if it makes sense. The bar gets higher, the bigger the acquisition. So we're going to cast a wide net, and we'll be disciplined in our approach. Okay. I think we'll wrap there. So Brent, thank you so much for your time, and thanks to the investors for good questions as well. Thank you so much. Thank you.