Good afternoon, everybody, and thank you so much for joining us. My name is Nathan Feather, and I am Morgan Stanley's small and mid-cap internet analyst. I'm excited to be joined this afternoon by Heather Stark, WeightWatchers CFO, and Rémi Cossart, head of WeightWatchers Clinic. Thank you both so much for joining us. Thanks, Patrick. Thank you. Now, before we begin, quick housekeeping item: for important disclosures, please see the Morgan Stanley Research Disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative. With that, let's begin. So, Heather, for people that may be unfamiliar with the story, you know, can you give an overview of the WeightWatchers' business across the core and clinical? Absolutely. So, WeightWatchers, for those of you who don't know us, from the past, we've been around for over 60 years now, and we have been, in the business of behavioral weight management for some time and really providing a service at the intersection of human accountability, coming together in communities, and, working on people's weight together, let's say, through coming together in communities. And really accelerated by COVID, we have pivoted to being a much more digital-focused or digital-first company. So we took what was really going on in real-life experiences in WeightWatchers and moved them much more digitally. And about a year and a half ago, we had a new CEO join us, Sima Sistani, and she comes from a background of digitizing communities. And this was a great opportunity for us to basically rethink, renovate WeightWatchers as we think about it. We really leaned in. We simplified our product offering. We did a lot of work to right-size our cost base and right-size the products that we were offering, in general, simplified and streamlined all around the organization. Then into our world came the clinical side of the conversation, and I'm sure we'll talk much more about that in the conversation of today. But you know, we took the opportunity a year ago this week. We announced the acquisition of Sequence, and Rémi is actually one of the co-founders of Sequence and just a great new addition to our team this past year. Yeah, since this time last year, we added the clinical offering to WeightWatchers and now can meet people wherever they are on their weight health journey, in the spectrum of offerings that we have, from behavioral to behavioral plus clinical. Yeah, the rest is history, as they say. Yeah, absolutely. So, Rémi, great to turn to you and be helpful, I think, if you could walk through your background, you know, why you started Sequence and the opportunity you now see about a year in after the WeightWatchers acquisition. Sure, yeah. Yeah, to Heather's point, it's fun looking back on just a year. But rolling back on the original, my own background, so I come from a tech background. I started a previous company, and it was focused on using technology to drive efficiency for e-commerce companies, particularly in customer support, built on the previous generation of machine learning models. Not the GPTs that everyone's very excited about now, but the previous generation of machine learning models. And we ended up selling the company to Google. I joined Google, bringing the technology in there. And while I was there, you know, I had a desire to start another company, in particular in healthcare, for frankly, heavily from personal reasons. So I grew up with chronic migraines. I still have them to this day. And through that process, just really felt from a firsthand experience all the ways healthcare can be broken and also the importance of nutrition and exercise can lead towards healthier outcomes, avoiding other health conditions. And that really stuck with me. And so, one of the issues that came out of that, though, was I realized, you know, while the patient experience was really broken fundamentally and healthcare wasn't supporting patients in ways that allowed them to feel like that they're at the center of the system, the issue existed on the healthcare provider side, too, fundamentally. From a provider perspective, you know, many healthcare providers get into the industry with, you know, a real desire to help patients, and instead, they find themselves mired in what we call, you know, the minutiae, the minutiae of healthcare, of, you know, a lot of paperwork and spending less time providing care. So the core concept behind Weekend Health and our program, our key program, was called Sequence, and all of that was acquired by WeightWatchers. But the core idea originally was to help solve those problems that I saw and really put the patient at the center and build a technology platform which really combined the best of the skills that providers, healthcare providers, need to provide care to patients but then allow patients to be able to access that care. So really putting those two together and building that healthcare platform in a way that is scalable, fundamentally. That was the core idea. We actually got started relatively recently in the grand scheme of things, you know, put against certainly the WeightWatchers' 60-year history. It's kind of almost a tale of the other story where we got started in the end of 2021, relatively young company but really focused on technology. I come from that background, as I mentioned, and so does my co-founder, also an engineer and our CTO. And so that was the core concept behind the system we built. And we saw, you know, huge success in our scaling, growing primarily from organic, the vast majority from organic growth. And so if we can get into more about, you know, the opportunities there, but that's the background. Okay. That's very helpful. I wanna kind of blend those two together. Given the strategy evolution you've seen at WeightWatchers and the combination of these two businesses, what's the synergy that you see between the clinic and the core? And then how do you feel the WeightWatchers brand has really translated to the weight loss medication space? How did I start with, like, our choice to get into it? When we think about WeightWatchers, we have always gone where there's the intersection between consumer interest and science. Everything we do is rooted in science. And going back a year and a half plus ago, our consumer insights team and our scientific advisory board, you know, just saw such compelling evidence of the efficacy of the medications that are part of this clinical offering, but also just very high consumer interest. So it was something we had to look at getting into, obvious opportunity for us. So as we started looking at it, we looked at build or buy, leaned towards buy for speed, speed to entrance. And we looked at over 30 companies in the space, like basically everyone who was anything in this space already at that time. Sequence rose to the top very dramatically relative to everybody we looked at in the space and I think still do, for several key reasons. Rémi touched on several of these in leading through the background. But the technology that they had built, and we see that as just the way that we could actually scale this thing. So you know, machine learning, the things you talked about there in your technical terms, those were the things that were going to allow us to scale this. Great consumer experience, that was allowing them to grow organically. They spent almost nothing on marketing until the time we acquired them, and grew through organic word of mouth, which suggests, like, great consumer experience, great clinician experience, great platform, that people wanted to be on. This was in a space where everybody else was spending these, like, the wild cost to acquire that we were seeing and everybody else that we looked at was quite different in all of the competition. Then when you look at WeightWatchers being the acquirer in this situation, we were bringing to the table 4 million current subscribers, a 20 million lapsed member database plus millions of others that know us and have used us at some point along the way. But all of this played out into a great opportunity for us to get into. Yeah, okay, great. Now, Rémi, the overall obesity medication space, it's clearly been going quite quickly. How do you see the market opportunity here, and what is really the clinic business and Sequence addressing? Yeah. So I, I think for the, the space as a whole, it's worth thinking about it as on a continuum. And to, to build on what Heather was just talking about, you know, the behavior program serves really well across that entire continuum. So the way we think of the market for on the clinic side in particular is really supporting the existing behavior change across that continuum, too. Right now, the, the GLP-1 space, as you mentioned, you know, it's a very exciting space. It's growing very rapidly. We see about, projected about 50% of folks struggling with obesity by the year 2030, and a larger portion when you count folks who are overweight but with a weight-related comorbidity, which is the FDA indication for the GLP-1. So it's, it's a really large market and growing quickly. And so we see that as a, you know, a real opportunity, but we also view there being opportunity across that whole spectrum. The clinic offers services that can support members throughout their journey. And so we don't really view the journey or the weight spectrum as being fixed in time. Or you see actually members, there's times when they're struggling with weight, and we have programs to support them, you know, on that side if they're higher obesity and have weight comorbidities all the way towards, if they've made progress and they wanna be on the behavior program with some limited clinical support. And then, of course, simply just the behavior program alone. So we view all of those as working together, and this is something that Sima recently talked about on the earnings call around this expansion, this opportunity to really help members across the whole spectrum based off of where they are at that moment in time on their journey. Okay, great. Now, interested to hear focusing on the WW Clinic business specifically, what do you see as the really one or two key differentiators that have allowed you to get the initial traction? And then on the flip side, where are the kind of one or two pinch points that you're looking to really, help improve over the course of 2024? Yeah, so in terms of the key differentiators, Heather touched on this a little bit before, but I think one of the big ones is the ability to scale. At the end of the day, you know, this is a business which is operational in nature, and there's a number of components which need to scale. And I talked about that in part on the motivation. It turns out that a lot of those administrative aspects of work, not only are they bad for, you know, the clinician's experience or the healthcare provider's experience, but they're also just plain old inefficient. And so, driving where possible the ability to scale and drive efficiency, you know, that's an important part. And I think it's something that we've done, that others haven't been able to replicate. So I think that's a key component. That yields a few advantages. Like I mentioned, there's the ability to scale, of course, but we also see that on the side of the healthcare providers, recruiting healthcare providers. At the end of the day, we are, you know, a two-sided marketplace at some level. And our ability to attract talent on the healthcare provider side is also a point of differentiation, and allows us to grow more rapidly and bring the best providers there. So that's, you know, that's really unique. And on the patient side, that same platform allows us to provide a higher level of quality of care. And so back to the other point Heather mentioned, you know, that shows up in our ability to grow organically, the word of mouth, you know, these sort of components, you only really see when you have this sort of it's almost like a magical flywheel where you're the platform provides support, allows you to bring in clinicians who are efficient but then also excited to work on the platform, and that in turn results in a better member experience. And they spread the word and drive more membership. So you see that flywheel, and we've certainly seen it throughout, you know, prior to the acquisition and then onward. So that's really exciting. To your second point around the opportunities to, you know, to grow and expand, you know, there's a few different ways to look at this, but I think this dovetails neatly into some of that project expansion stuff that Sima was talking about before. You know, there's a few different components here. So, you know, one opportunity for us in terms of expansion is taking some of those clinical services and allowing our members to access them throughout the spectrum of care. So this is things like dietitian support even when not on a GLP-1 medication. This is also using our wide formulary. So I mentioned this in terms of your, you know, the advantages. Another unique aspect is, while GLP-1s are, you know, a key part of this market, the reality is that the set of clinical interventions, even on a medical perspective, are broader than just GLP-1s. And while there's a lot of excitement on the GLP-1 side, we, we shouldn't forget that wider formulary to other, other medications which are effective. And so those can be appropriate for other folks, as well as I mentioned, the dietitian support and certain metabolic testing which can also be, you know, accessible for our members across the spectrum. That's on the expansion of care. Then there's two other key components I'll touch on briefly. One is on expanding how folks pay and access the program. A lot of the services we provide are, at the end of the day, insurance billable. Working with insurance, you know, which is a much more traditional approach to healthcare, you know, that's a big opportunity which, while it'll take some time, I think we'll start to see unlock in the road ahead. And the other is accessing through working with employers and payers, so the B2B side. And that's another area where, you know, this is a longer-term structure that we're taking approach that we're taking. But we'll see, I think, you know, fruits of that work start to bear out over the future. So those are some of the things we're focused on going forward. Okay. That's great. I wanna dig a little bit more into the flywheel. I think that was really shown during 4Q with subs up nearly 50% quarter-over-quarter, taking share in the market. You know, can you talk through what led to that recent traction and to what extent did the rebrand to WW Clinic and the launch of the in-app experience help propel that momentum? Yeah. I mean, zooming out a second, I think the reality is we've seen that rapid growth since the inception of the Sequence program. I mean, like I mentioned, talking 2021 isn't that long ago in the grand arc of growth. So that's, you know, I think the flywheel I mentioned has played a role throughout the period. Certainly, we saw it in Q4, but I think, you know, we've seen that since the beginning, really. In terms of the rebrand and the in-app experience, you know, those certainly played a role. We saw, you know, really exciting uptake from about 50% of lapsed members to Clinic, or 50% of our uptake was from lapsed members and another 20% from active members. So, you know, what you're seeing there is almost another sort of flywheel, not to reuse that concept, but we see WeightWatchers members really excited by the opportunities with the clinic offering and attaching to it. And so you see that from the in-app, as well as from lapsed members. In terms of, you know, how much of that comes from the single event, the actual launch, you know, I think we'll see a lot of lasting benefits going forward. Certainly, we're continuing to see elements of that, and that's really, I think, a really exciting and supporting aspect of the core thesis that our members on the WeightWatchers, across the membership base, both existing and lapsed, are really interested in what the clinic provides. So, you know, it's a really exciting moment for us all. Well, really exciting stuff. And I think one thing that, has made it a little bit more difficult is the tight GLP-1 supply. And so can you talk to the impact you're seeing in the business today in terms of conversion and retention, especially, you know, in terms of people getting access to the intro doses? And then, do you have the opportunity to ramp the clinic side of the business faster to the extent that supply starts coming online a little faster? Yeah, it's a good question. Certainly, shortages have been a big talk of the industry for some time now. You know, I think there's a few things here. One, as I mentioned, we have this wide formulary, so it's not entirely based off of GLP-1s. But certainly, we've our goal has been to grow in a manner that allows us to still deliver good value for our members and a good experience. And so shortages certainly play a role in that. And that prevents us from growing at some level. And as a result, you know, over the period, you know, we've kept marketing at a level that's been matched with the supply. And so that has had some impact there. Though I think what you'll also see is that retention ends up having a or sorry, GLP-1s has a big impact on retention. At the end of the day, the most common reason someone will churn off of the clinic program is because they're not able to get access to the medication because of shortages or other, you know, other similar reasons. So at the end of the day, what you'll see, I think, is as shortages return, you know, we'll be able to match that on the growth side, but also we'll see improvements on the retention side, too. So I think you'll see it across. Okay. Now, I wanna shift over to the core behavioral side. Now, you've continued to see expanding adoption of longer commitment period plans, 75% of subs on a 10-month or longer plan, you know, kind of quarter to date. That has increased the sub base and our base and retention, but pressured our comp, at least in the short run. You know, how should investors get conviction that driving subs to those plans is similar or superior LTV to CAC and not simply discounting to try to get the sub number? Yeah, good question and, one that we think a lot about. When we think about bringing subscribers in, we are optimizing for LTV to CAC. So let me talk first about ARPU 'cause I think there's some, some understanding that I can help convey, there. When we look at ARPU, and we've guided that we expect it to be down mid-single digits, year-over-year. And there's some, some key drivers to that. So I'll walk you through them. First, we came into 2024 with more subscribers in commitment. So when a subscriber comes to us, they will commit to a certain duration at a certain price for that commitment period. And then when that commitment period ends, they will convert over into a recur bill price. So if I use the example of our most commonly used, long-term commitment plan, someone is paying $10 a month for 10 months, and then at the end of the 10th month, they convert over into $23. By having more people coming into the year that are in commitment versus in recur bill as a proportion year-over-year, that pressures down ARPU in the short term. And as well, we think, you know, our consumers are showing us some price sensitivity. Our consumers are actually choosing to subscribe to us for longer durations. So this time last year, they were subscribing on average at five months at a time. So months under commitment were on average five months this time last year. In the fourth quarter, it was 8.6 months. So people are choosing to subscribe for longer, which then also puts pressure on that ARPU rate year over year and pushes out the time that they turn to recur bill. So we're seeing consumer choice dictate that a bit. Then if we flip over into sort of line of sight to when that should turn positive 'cause that's an important indicator to give investors confidence, it's on the horizon. I don't expect it to happen this year based on the trajectory of what we came into the year with and what we expect to acquire in new consumers through the year. But I would say it's on the horizon, but not by the end of 2024 that it turns positive. Importantly, to give you conviction that we're doing the right thing with how we're bringing subscribers in, if we look at LTV to CAC, we are optimizing for LTV to CAC when we look at what to spend and how to spend. LTV year-over-year has stabilized. So when we look at, you know, this time last year in 2023, we were seeing some LTV compression year-over-year. But now we're seeing stability in that, and we expect it to be stable through 2024. But I wanted to point out that as we think about how we're pricing these commitment plans and as people are choosing to come in and the price sensitivity that I talked about, there are instances where we are giving up points of LTV, but we're doing it to grow the whole thing together. Less focus on the LTV per subscriber coming in and more focus on getting the most LTV acquired that we can. Let's get the biggest pool of subscribers we can get, and the biggest pool of LTV, that turns into, you know, turning revenue positive year-over-year. If I go back to the 10 for 10 example that I started with, a 10-month subscriber paying 10 month $10 a month has a slightly lower LTV than does what used to be our most common offering, which was six months at 50% off. So if the base price is $23, they're paying roughly $11.50 for those six months. They actually had a slightly higher LTV, but the $10 for 10 months plan converts 10% better than does the six-month plan. Like, that's significant. We end up with more subscribers and, in aggregate, more LTV. So the right decision, and I hope, giving conviction to our investors that we're making the right calls on these. So trajectory for ARPU returning to positive and LTV is stable, and we're making the right decisions. Okay. Well, and I think building on that, you know, it is a little difficult to blend the shifting revenue timing given the longer-term plan. So is there anything you can share in terms of that total LTV bucket that you talked about and how that's changed on a year-over-year basis versus last year? The total LTV bucket? Well, I would say it's stabilized. When we look at the subscribers coming in, we do have shift between workshop and digital and clinical. Clinical subscribers, obviously, have a significantly higher value to them. It's at a higher price point, obviously. Yeah, we are seeing continued downshift in the workshop value that's being contributed with fewer consumers choosing workshop. We are offsetting quite a bit of that with the digital subscribers as well. Okay. Great. Now, moving on to how we should think about core subscriber growth, at least over the short term. So you are guiding for that to decelerate a little bit from 4Q to 1Q, or from 4Q to 1Q. Can you talk through the elements that are driving that step back? And I guess, what gives you confidence that the subtrends could inflect as we head through the year, at least specifically on the core? Yeah. So, quite a few things going on there as well. So in terms of going into the first quarter, and how we've guided for the whole year on both subscribers and marketing spend, we guided that we expect to hold marketing spend flat year-over-year. But we're doing that while marketing effectively two new business lines. Clinic, we didn't have in Q1 last year, but it was something we were just starting to spend into, through the course of when we owned the clinic side of the business through last year. So yeah, really shifting into spending some on clinical, but also B2B, which is a big expansion area and an area of focus for us this year and into next year, is going to take marketing spend. So that would have us downshifting a bit on our behavioral spend. So we are spending less in the first quarter on marketing or like performance marketing for our core behavioral business. And that would be in part what would be driving our expectations and how we've shared the expectation from 4Q into 1Q for the behavioral. And also, same as last year, we've re-seasonalized the business with how we're spending and when we're spending. But also, as Sima shared on the call last week, we and I think the world are experiencing less of a focus on like a resolution season. So I think that has also played into what we're seeing in the first quarter. But in terms of how we've guided for the full year, we do expect stability to some growth in that core membership. Part of that is the read-through of commitment plans and the timing that people are choosing to commit to subscribing and staying with us, so. Okay. Well, switching over a little bit to the expense side, and I wanna dig in a touch more in the marketing expense piece of that. You know, marketing flat year-over-year, how are you thinking about balancing that between core, clinical, and B2B? And then are you managing to the same ROI threshold there, or how are you kind of trying to figure out the best way to allocate those dollars, especially given the two lines that are ramping a little more quickly than the core? Yeah, thanks. We have an obvious priority to grow clinical. This is a new space. It's new for everybody, like, to win the space. So I don't think I would hold a constant ROI between different lines of business. But I would say that we are taking that same approach of LTV/CAC. So we want to be spending efficiently and effectively and making every dollar count to the best it can. We really leaned into having a different marketing approach in 2023, and we're carrying that through into 2024. That marketing approach is, like, true performance marketing focused on LTV/CAC. We think about every dollar spent, and are we spending it in the right geography, on the right day, on the right channel? Now we add to that, let's market clinic as well and B2B. So, yeah, really staying focused on LTV/CAC, but with a priority of growing clinical, as supply returns in the space, and focusing on that. And importantly, marketing into B2B. We haven't really done that in the past because our historical B2B business was a perks-based business. We've now got a WeightWatchers Pathways, which is an evolved B2B business for us and is meant to bring the full suite of offering to employers to support their entire employee base. And that's gonna take marketing as well, which is really a ramp-up for 2025 and beyond, so. Well. An investment into the future. Certainly. So two more on my end, and then happy to open it up for some audience Q&A if anybody has any questions. So first off, managing cash is clearly a priority for the business. You know, with the full year 2024 EBITDA scaled to around $160 million at the midpoint, can you bridge the expectation to 2024 for cash flow generation and what you're expecting in terms of cash, you know, user generation through the year? Yeah. So from a cash perspective, we came into the year with $109 million of cash, and we feel comfortable with our cash position and our perspective of where we're going with cash, for the balance of the year and into next year. From a, to directly answer your question, though, there's a few moving parts to that. So first, there's a bit of noise in EBITDA around our changed approach to capitalized labor. That was nearing $10 million, that you know would have gone to the balance sheet and is now going to P&L. So that would be taken into consideration in your bridge. But that's also reading through in lower depreciation as well. It and I think the other key factor that you would include in bridging that is the fact that last year we had significant restructuring cash outlays. We had a 2023 restructuring plan, as I, I spoke about, the getting our, our cost base right. We did significant restructuring of our field business and, and exiting, some retail leases and so forth and getting that cost structure right. Also our G&A, we did significant restructuring there. There was actually $45 million of cash payments associated with that restructuring in 2023. If I'm bridging that to what you then expect for 2024, we have a further $20 million of cash outlay that has already been expensed as part of the 2023 plan, but that cash outlay comes in 2024. I'm thinking there's one more part of cash to bridge this for you, and I'm forgetting the last piece. Okay. Well, no worries. Well, another common question we've been getting and, I think a point of investor concern has been the liquidity profile. And with your debt now trading, you know, around 50% discount to par, how do you feel about your liquidity position at the moment? And over the medium term, what are the key steps you'd like to take to reduce leverage? Yeah. So as you know, as I said, we are thinking about cash, and there's my final point, was that we were modestly cash flow positive last year and expect to improve that slightly in 2024. So sorry. That was my final thought on your cash question. From a liquidity perspective and leverage perspective, you know, obviously, coming into the year with the cash on hand that we have, I'd also remind everybody that we've got a revolver that we could access for short-term cash use, and we've got really favorable credit agreements that don't come due till 2028 or 2029. We've got ample time to turn this business around, and I you know, I get we're working on a turnaround and managing through that. But I wanted to pause for a moment and say there've been rumors that I typically wouldn't respond to rumors or answer speculation questions, but rumors of us working with operational restructuring firms. I just wanna remind everybody of the considerable restructuring work that we have done. We have undertaken a lot of good work through 2023 and into 2024 to get the cost base of this business right, to get the structure of the business right. We've centralized. We've gotten the workshop margins back to where they should be. We are posting record high gross margins. We've guided to a new record high gross margin this year. We are turning the business to subscriber growth, subscriber revenue growth, to record high gross margins and to bottom line growth. We don't actually have a need to be working with one of these firms. So I just wanted to put that out there. And yeah, we are committed to working on our leverage. It's not a number that would make me feel comfortable to stay at, obviously. And turning the business around and improving our bottom line performance is the first step in managing that leverage number. So we are well on our way. Very helpful. Now, any questions from the audience? Question on. Ray Yousefi from Serengeti Asset Management. Just thinking about LTV. Comparing, I know that clinical is relatively new, but I'm wondering if you have a sense on what you think the bookends should be for the theoretical LTV for that client segment. How does that compare relative to core, at least on what you think it should be based on how people are using it now and the GLPs, etc., how long all that lasts? Thanks for the question, Ray. I think that it's going to be an evolving metric over time. I think a lot of what is reading through into our current LTV is constrained a bit by supply. And as that rebounds, recovers, whatever word you'd like to use to describe the trajectory there, we're going to see expanding LTV. The biggest churn factor, as Rémi pointed out, is supply. So, you know, we've got an average retention right now in about the 5.5-month range. And we know that people that come in and sign up and can't get supply are those that churn out and those that get supply. And on they go on their journey are staying with us for longer durations. So as this end fixes, we will see the other expand and with that, LTV. If there wasn't supply shortages, do you think this is a multi-year type of journey for the people that are using the clinical product, like over 12 months, or is it really hard to tell? I think that. I mean, that's up to the clinician and the consumer to decide together. That's not for us to decide for them. And we're in the business of providing care to them while they're on that journey. Yeah. Thank you. I think one thing I'd add is to that spectrum I talked about before. I think what we'll see more of going forward too is more folks moving across that spectrum too. So the lens of, you know, kind of turning off of the program won't look quite the way it currently looks today. And that's something we, you know, we're working on actively. And so I think we'll see a more episodic, you know, kind of experience and also people self-moving across that spectrum. The other thing, just to emphasize what Heather said, it is a fairly bifurcated retention right now based off of. Whether or not they end up getting access to the medication or not. And so, what another area that we're working on is making sure that those on the, you know, that's called the short end of that bifurcation are getting a much better experience. And that's an area of work that'll both be helped by supply, but also, there's a lot of product work we're doing from a member experience perspective there too. Again, if we pull this to the length of time, a lot of that clinic experience is it's just a couple years old. So there's a lot of, I think, work there that we can do to drive that experience for both the folks on the long end of the retention as well as those who are not able to get access to the medication. Helpful. Thank you. Sure. All right. Great. Time for one more. Anybody else? There's another one? Okay. Great. Well, let me end it with a quick one. You know, Heather, Rémi, what are the one or two things that you think investors most underappreciate or misunderstand about the story? I can touch on one right off the bat. I know one area I think that doesn't get, it's hard to appreciate, I think, from the outside. It's just the role that technology does play in, in this space. You know, I think we, we tend to gloss that over, but the, the level of complexity of that operations I think there, there's a real reason why, with the Sequence prior to the acquisition, we were able to scale so rapidly and actually, at point of acquisition, effectively more cash on hand than we had raised in, in venture funding. And that I think that's, that's a real testament to the platform we've built. And I think we're seeing that play out today. And I think that's an element that shows up in a lot of places. I, I mentioned the efficiency, but also the member experience. I think we'll see that continue to play out in the months and years ahead. Great. Well, we'll leave it there, Rémi, Heather. Thank you so much both for joining us. And hope. Thank you. Everybody has a good one. All right. Thanks.