Hi, everybody. Thanks so much for joining us today. I'm Elizabeth Anderson. I'm Evercore's Healthcare Services Analyst. I'm very pleased to be joined today by Aaron Alt, CFO of Cardinal Health, as well as Matt Sims, who's going to read to us the disclosures.
Great. Thanks for hosting us today, Elizabeth. It's great to be here. Before we begin, let me remind that we will be making forward-looking statements today, which are subject to risks and uncertainties that could cause our actual results to differ materially from those projected or implied. For a description of these factors, please review our SEC filings, which can be found on our Investor Relations website at irc.cardinalhealth.com.
All right. Awesome. Thanks so much for joining us. So maybe just to kick it off, one of the things that I think has held up very well this year is sort of core utilization, right? So if we think about sort of the drivers of the core pharma guide, how do we think about utilization and sort of the underlying trends within that across the different sort of drug categories?
Elizabeth, thank you for having us here today. We're delighted to be here to talk about our business on behalf of our entire team and Jason in particular. We were pleased recently to have a strong Q1, driven in no small part by the very utilization you referenced, and I'll talk to some of the details in a second. As a result of that Q1, we actually raised our financial guide for the year and provided some more context, which I know we're going to cover today.
But I also do want to reference, for those that aren't following the story as close, we also, following our earnings announcement, announced two significant acquisitions, which I expect we'll touch on: the acquisition of GI Alliance, which for us will be a multi-specialty platform as we move further into our strategic focus there, as well as the acquisition of ADSG, which is a CGM distributor, which will fit nicely into our overall business, but back to your original question about underlying demand, we were really pleased as we came into our first fiscal quarter to see strong underlying utilization and demand in brand, with positive mix benefits in generics, where we had consistent market dynamics, how we managed our overall profit pool with strong volumes within consumer health, within specialty, and within just the core pharma distribution business, and that was driven by people taking care of the health.
That was driven by a strong prescription demand environment overall. And when you have strong volumes and good mix, that leads to good things from an overall profitability perspective. Now, many were surprised by our profitability within our pharma business in Q1, having had a significant customer transition between Q4 and Q1. The fact that we delivered 16% profit growth was certainly notable in the context of a departure of a $40 billion customer. And so we were really pleased by that. Supporting the demand, in addition to the demand profile that we had in the quarter, we also had strong execution from a business optimization perspective, from a cost optimization perspective. The team had a plan. They got on it. They executed it in Q1.
And Debbie Weitzman and her team can take a lot of credit and should take a lot of credit for really supporting the rest of our customers to enable that volume while taking cost out of the business. Specialty Networks, one of our acquisitions from earlier this year, also contributed to the overall profitability. And just all in, while we were managing a complex situation, we were very pleased with the utilization and the profitability results in the first quarter.
Got it. And it sounds like, from what you're saying, that's something you expect to sort of trend throughout the rest of the fiscal year. Maybe there's always some seasonality around January and sort of prescription starts. But how do we think about that flowing in terms of anything to call out as we think about the rest of your fiscal year?
I appreciate the question. We raised our guide in our fiscal Q1. What had been, notwithstanding the Optum transition, a profit growth of 1%-3%. We raised our profit guide for pharma to our long-term rate of 4%-6% for the year as well. It's reflective of the strong growth in Q1. It's also reflective of the fact, though, that we have a lot going on, and there are some timing impacts within the portfolio overall. If you're familiar with our story, you know in our fiscal second quarter calendar, Q4 last year, we had a significant benefit from the COVID-19 vaccines. That peaked in our fiscal Q2 last year. That was pulled forward into Q1 this past year. So part of what was driving the demand, part of what was driving the financial results, was that pull forward of that COVID-19 volume.
As we think about the year, while we've called 4%-6% for the full year, I do want to be reflective of the fact that we are working through the Optum transition for the entire year. It was not a one-quarter event. We won't lap that until we get to the end of the fiscal year. We have the COVID vaccine shift from Q2 into Q1, meaning that we've guided Q2 to be slightly down versus last year overall. We've not assumed the same level of continued robust demand over the course of the year. If that comes, great. We're glad they accept it. But we are otherwise sticking with our knitting. Now, from an overall perspective, I will point out that Q3 for us is usually the highest dollar profit quarter for us, because that's when we see the benefit of some of the branded inflation as we carry forward. But we're looking forward to a good year consistent with the updated guidance.
Great. No, that makes sense. And one thing under your leadership at Cardinal, the company's been very focused about sort of thinking through the cost structure, optimizing the costs on a continued basis. If we think about that cost simplification program that you guys have been talking about this year, where are we in that journey? I know, I understand it's like a continuous journey that you never arrive at that station, so to speak. But sort of what are the types of things that you're taking a look at now versus when we think about when this first started, when you first joined?
Yeah. The effort started long before me. Jason has been very focused on it as well from his leadership position, and we describe it not as cost optimization, but rather as simplification, in the context of our goal is to ensure that we are able to serve our customers regardless of the business that we're in, and so as we think about how do we ensure that we're providing that great customer service, we have what we need, where we need it, when they want it at the right price, right? We are very focused on how do we take complexity of our business, how do we keep our costs low so that, reflective of the low-margin business that we're in, we can compete every day as we carry forward, and so as you pointed out, we are on a continual journey in that respect.
That journey got a lot more aggressive during our Q4 last year when we received the decision about Optum from their transition away. And the good news is that the team had built up the bone structure to be able to immediately execute on further simplification ideas, not just within pharma, but within our corporate operation, within the broader operations, so that we were able to take the complexity out.
We were able to better service our remaining customers to drive the significant revenue growth with our remaining customers in the first quarter, while also optimizing that cost structure. And that is goodness that will not go away from quarter to quarter. And as part of our impact program, we continue to look for further cost mitigation and simplification opportunities in support of pharma and in support of GMPD and in support of the three businesses that are our growth businesses that roll up as other.
Got it. Maybe turning, as you pointed out, we will talk about GI Alliance this year.
I couldn't wait. Sorry.
Yeah, there you go. That's good. No, it's good foreshadowing. As we think about this business, right, you obviously disclosed sort of the revenue and sort of general EBITDA characteristics of the business. How do we think about the growth profile of that business and sort of the profitability going forward? I think maybe it helps to start off a little bit strategically about how it fits in the portfolio and how that platform sort of fits in with some of the other specialty acquisitions you have been doing and sort of where those synergies lie.
Sure. What I'd like you to take away is our announced acquisition of GIA, which has not yet closed, is us continuing to do what we said we were going to do. If you go back to our Investor Day in June of 2023, Jason got on stage and highlighted the fact that while we had a bigger specialty business than Wall Street realized, it was an area where we were intending to double down both through organic growth and, indeed, for the right deal through inorganic opportunities to really continue our penetration of a higher margin, higher growth part of the overall portfolio. And we've done that in a number of ways. Certainly, at that same time, we did announce our organic move into building our capability set in oncology with the launch of Navista.
We spent and continue to spend time building the technology, building the data infrastructure, building the team, really building the back office opportunities such that we could provide services and distribution to the community oncologists. We're really running our play in oncology, not the other guys' play from an oncology perspective. That was an organic build until recently. I'll come back to that in a second. At the same time, we began to assess inorganic opportunities really across the space. Yes, we were looking at what was happening to be available, but we were more focused on what are we after and what can we go get versus waiting for a banker to call us and say, "Okay, something is for sale." We were very purposeful in attacking our strategic intent from an inorganic perspective.
And the results on the inorganic perspective was first that, having spent a lot of time looking at opportunities in the space, we were able to sign a transaction to acquire Integrated Oncology Network, which is a really nice fit with the Navista platform that we had already built. The technology fits well together, the MSO capabilities that ION brings to the table, the revenue cycle management efforts, the back office support, right? Those two businesses will fit very nicely together. And I'm pleased to report that yesterday we closed on that transaction. So now that team is focused on really driving aggressively our relevancy in the oncology space, acknowledging that I say relevancy and not primacy because we are as focused, or perhaps even more focused in the other ologies as we are in the oncology space, which leads me to the conversation around what else we've been doing.
You're all aware that we acquired the Specialty Networks and GPO Plus several months ago. That was our first acquisition in the specialty space. That was a purposeful acquisition. It was a proprietary transaction where we identified a specialty asset in urology, gastroenterology, and rheumatology, which was high tech, which brought a significant GPO presence and customer exposure to us. We already knew the business well. It brought us a leadership team. It brought us PPS Analytics. It created an ecosystem all the way from the clinician up through the manufacturer and in between, and it was the first step in a broader strategic inorganic play where we knew we'd be looking to add MSO-like assets to the overall play, which then fast forward to GIA, which is the most recent specialty acquisition we've announced, roughly $2 billion in revenue, high single-digit, low double-digit margin rates as well.
We've not yet closed on that transaction, but what we love about it is it's more than 900 physicians in the nation's leading gastroenterology MSO. They've got an efficient, scaled platform driving the back office, driving revenue cycle management, driving physician recruitment, which does already touch areas outside of gastroenterology. We're acquiring it not just for the GI penetration, but rather because it is a platform that we can already see the path to driving a broader specialty focus for that team under the leadership of Jim Weber and the team that he's got in place. So we are really excited to get that deal closed and, again, to enable their efforts with Specialty Networks, to enable their efforts with the distribution and contracting expertise that we have across the broader whole to be able to drive continued penetration in other specialty areas within our portfolio.
Got it. And on the MSO side, are there sort of things that are leverageable across the different ologies or the way that sort of the workflows and things work about we should think about those as sort of maybe more distinct entities with, obviously, as you point out, some of the sourcing benefits and things across that you can still leverage?
Yeah. Traditionally, as private equity has been aggregating ologies, they have focused largely on one ology versus another with the theory that things are different, and what I'm here to tell you is that while there are unique elements of each therapeutic area which need to be respected, there is more alike than different, particularly as you're looking at revenue cycle management, as you're looking at technology, as you're looking at PPS, our ability to deploy PPS Analytics into additional therapeutic areas, and so we're excited about the opportunity that comes from putting GIA from a capability perspective together with Specialty Networks. You may have noticed that Specialty Networks also had a gastroenterology presence even before we acquired GI Alliance. It's also in urology and rheumatology, other areas where we have investments.
And so there's a broader play there from a specialty focus, which is not to say that ION and GIA will be coming together. We are being respectful of those channels. But we do believe there is synergy from a capability perspective as you look at recruiting, as you look at the IT functions, revenue cycle management, some of the data and analytics, certainly some of the medical studies efforts that we're looking to leverage as we carry forward.
Got it. And maybe sort of a similar question on ADSG. If we're talking about sort of getting more into CGM and some of the other things you've talked about on that, how does that sort of work with your core, the sort of core other parts of the specialty franchise? I think that would be helpful to understand that maybe in a little more detail.
Let me zoom out for a second. If you go back to the JPMorgan conference almost a year ago, we announced a resegmentation of our business where we changed the accounting structure to pull Nuclear out of pharma and to pull the At-Home business and the OptiFreight business out of our then medical segment, and we were intentional in doing that because we had identified those three assets as higher margin, potentially higher growth businesses that we wanted to certainly shine a spotlight on internally, but also shine a spotlight on externally because with visibility and focus comes attention, and certainly with investments comes progress, and those three businesses each report individually into Jason Hollar, and we have, again, done what we said we were going to do.
At the same time, we commented that we were going to invest organically in those three businesses, which we have, and that we would be open to investing inorganically for the right asset at the right time. And the first asset that came along that we found very attractive is the ADS or ADSG business because there is an overlap between their strategy of direct-to-patient service in the CGM and diabetes care space with what we currently offer within our At-Home business. They have a different mix than we do. We are more commercially oriented. They are more government payer than we are. We like the diversity that brings to our overall portfolio. It'll add $1 billion or 25% of revenue to our At-Home business, allowing us to achieve additional scale. And that's important because you think about how these businesses work together.
They're bringing significant customer acquisition capabilities to us. They're bringing additional payer mix to us. But we're also able to take their entire business and put it on top of our existing operations. It will use 2% of our capacity and will add $1 billion of revenue to our space without additional acquisition, without additional investment in our operational capacity. And so that is a recipe for synergy value creation. We're quite excited about that as well. We're going to continue to invest in our growth businesses, the At-Home , the OptiFreight, and the Nuclear space, and are looking for great things from that team as we carry forward.
Got it. No, that makes sense. As we think about sort of the opportunities, you've obviously done a couple of acquisitions now in these different ologies over the last year or so. How do you think about the go-forward situation? Is this sort of one where you now sort of digest and work on some of those synergies and sort of organic revenue opportunities? Do you still see it as a market that's sort of ripe for consolidation? How do you kind of think about things now, given where you were versus obviously a year ago or so?
It's a great question. And one thing that remains unchanged, notwithstanding our progress against the existing business, notwithstanding the acquisitions we've announced in the last year, is our loyalty to our disciplined capital allocation framework, right? The first highest priority for us is our organic investment in the business. And we are making every investment we think appropriate that we can. We certainly did during fiscal 2024. We will during fiscal 2025 and carrying forward because we believe that's the highest return on the dollars that we have available to invest. Following that, we've also said that we remain committed to protecting our investment grade rating. We have doubled down and committed to that again, even following announcing four acquisitions in one year.
The great news is we have the financial flexibility to be able to do four acquisitions in one year and maintain our investment grade rating. I'll leave it to you all to look at what the rating agencies had to say around our commitments around that. The third element of our disciplined capital allocation philosophy is, of course, return of capital to shareholders. We had, before the acquisitions, committed to, during fiscal 2025, buying back $750 million of shares and growing our dividend. Pre-acquisitions, we had completed $375 million of the share repurchase during the year. We committed, as part of the acquisition announcements, to complete the $750 million in fiscal year 2025 as well. That's also a positive sign. Many companies do acquisitions and then have to dial back their share repurchase aspirations. That's not what we've done. We've reaffirmed what we intend to do in fiscal 2025.
We'll talk more about the long-term algorithm after we get the deals closed and are offering further updates on our guidance during our Q2 earnings call at the end of January and certainly at our Investor Day , which we also announced will be in June of this coming year. We're continuing to do what we said we were going to do. Now, will there be further growth opportunities for us? Possibly. We were very purposeful in talking about the fact that GIA, in particular, that is a growth platform for us. There is goodness. There is goodness in organic growth coming from that platform. It may well be that there's goodness that will come from further inorganic growth. Jim Weber and his team have a history of doing smart tuck-in acquisitions as well.
And part of our commitment to them and our commitment to the deal is to enable their support. But everything we do is going to be consistent with our disciplined capital allocation philosophy of invest organically, protect that investment grade balance sheet, return capital to shareholders, look at good M&A that's accretive, and then go back to the top and cycle down again.
Got it. No, that makes sense and as we think about the different, I think that some of the move on your part and some of your others in the space into other ologies surprised some investors this year, I think, who had been more focused on oncology maybe. If we think about sort of the spectrum of different ologies, are there any other ones that sort of stand out that you don't have a presence in that might be kind of interesting, either on sort of a market attractiveness basis or the specifics of the way that the practices are structured? Or do you think sort of like, okay, now we have this. This gives us plenty of runway to go with these ones for time. There's nothing that jumps off the page from that front, I guess.
We have voted with our actions so far, I would say.
Yeah, for sure.
Certainly with Navista and the investment in ION, we continue to work to make ourselves relevant and impactful in support of the community oncologist and the oncology space, and we'll continue to drive progress there. In the other ologies, as I've said, we've acquired GIA as a multi-specialty platform. We are being careful to not overcommit publicly relative to where our focus areas are from a multi-specialty perspective there. There's opportunity in a lot of different places. Given what we've done with Specialty Networks and things we've said around the GIA acquisition, certainly there is opportunity for us in rheumatology, where we've made investments already, urology, where we've made investments, neurology, some of the therapeutic areas around that, but we're looking at the therapeutic areas on a what can we do in support of the practitioner really across the board, leveraging the platforms that we acquired. And we'll look at them on a case-by-case basis. But back with that thesis where we think there's opportunity, leveraging capabilities really across therapeutic areas.
Got it. Okay, that's helpful. Maybe switching over to GMPD more broadly. Obviously, there have been a number of things that have gone on in that business over time and obviously tons of progress so far with a few headwinds still buffeting the business. How do we think about the potential? I think one of the things that's come up recently is obviously potential tariff impact on that business with the incoming administration. Can you talk to us about how you're thinking about the potential tariff impact, understanding that there's no specific policy in place yet, but sort of maybe how to think about the puts and takes conceptually and sort of any other levers that you can pull if that were to come to pass?
Yeah. You're right. There's a lot of unknowns out there right now. We take comfort from a couple of things. The first is that we believe we're well situated on a bipartisan basis to talk to both political parties and the branches of the government around what makes sense from a tariff perspective. We had some success with that in Trump one, certainly in the Biden administration as we move into the new Trump administration as well. Our belief is that we have the size and scale and seat at the table where we can help to influence what the policy looks like there. It is a factual matter that during Trump one, certain medical products were actually excluded from the tariffs.
Now, that's not a commitment as to what Trump two will look like, but I think there's a precedent there from what President Trump has done in the past that may be helpful as we carry forward. So we're going to actively engage with them on what makes sense to ensure that Americans have access to the healthcare they want in an efficient way, but also reflective of the innovation that's in the overall industry. It's also a practical reality that we are better prepared for tariffs than we've ever been. As you think about our stories or think about the evolution that Steve Mason and the GMPD team have been on in the last couple of years, it has been realigning our supply chain, creating resiliency, creating flexibility, creating optionality within the supply chain, both that which we distribute, but importantly, that which we manufacture or source.
I'll come back to that in a second, and at the same time, working on addressing our contractual structure such that if there is an impact to our cost structure, we're able to pass it along. I mean, the practical reality is we're in a relatively low-margin business and our industry, our company, we shouldn't be stuck holding the bag for increased costs, whatever that looks like, and so if we can't address it upstream from a supply chain or manufacturing perspective, we'll have to address it downstream from passing the cost under a consumer, but our hope is that with the resiliency and with the flexibility that the team has created in recent years, that we'll be able to do more in that respect. If you're okay, I want to highlight a couple of things we've done recently to be able to do that.
I talk to the GMPD portfolio all the time and a couple of data points, which are I think perhaps important to know. On a revenue basis, Cardinal Health Brand is about a third of the GMPD portfolio. Less than 10% of that Cardinal Health Brand product on a revenue basis, again, is sourced out of China, and we have no own manufacturing in China, and so take that. That's the level of exposure perhaps we don't have from a tariff perspective on China. Again, on a revenue basis, about half of our Cardinal Health Brand product is produced in North America. Canada is not terribly material from a production perspective for us in that way, so really, it's a U.S. and Mexico production, so we're paying attention to tariffs across countries, of course, as you would expect us to do.
But we are also pleased with the flexibility that the team has been able to create and start to create within our manufacturing and supply chain operations such that we are better able now to move production, either owned production or indeed sourced production within jurisdictions to help to optimize our overall portfolio. And I'm going to cite something that was actually an expense to us in Q1. You will have heard me say that we had about $17 million of expense in Q1 tied to our creation of or our standing up of production of domestic syringes in the U.S., right? That was a place we saw it coming. We had the capability and the capacity.
And so we actually stood up production in two of our sites in the U.S. to be able to meet that market need and not have to worry about the tariff structure that might be coming because we were creating that flexibility. That's an example of how our GMPD team is thinking strategically through how does resiliency and flexibility help us to better compete in the marketplace and be prepared for tariffs if and when they come.
Got it. And maybe expanding a little bit on what you were just saying and sort of moving that sort of margin commentary beyond tariffs. Where do you see sort of as we go through the rest of 2025, the biggest opportunities in GMPD from a margin perspective?
Look, we're going to continue to do what we've said we've been doing all along. The first medical improvement plan, now the GMPD improvement plan, it had three real components. One was inflation mitigation, mitigating the inflation that came from COVID-19 and the shutdown of the global supply chain. We were at about 100% of that at the end of our last fiscal year. And so now our mission is how do we continue to mitigate incremental inflation that comes down the path? And we feel like we're in a good place to be able to do that. That's really the first element of the plan. Second element of the plan is really continuing to grow that Cardinal Health Brand portfolio. We've called 3%-5% revenue growth for Cardinal Health Brand in our fiscal year 2025. And we've said that's something that grows with time.
And that's important to us because the Cardinal Health Brand portfolio, because it's our own brand portfolio, it is at a higher margin rate than a product that we're sourcing from others from a national brand perspective. And so continuing to invest in that business and continue to see that growth is an important part of hitting not just the updated guide of 140-175 for GMPD for this year for us, but hitting that $300 million goal, which we have not backed away from from a fiscal year 2026 perspective. And then the third one is an important element of it. It's not us paying lip service. It's what the team is doing every day. And it goes back to what I said earlier. How do we continue to simplify and take cost out of the portfolio?
Our supply chain resiliency and flexibility, those are important elements, but they're also the simplicity that comes with that helps to create cost opportunity. How do we continue to optimize our sales function? How do we continue to optimize the corporate functions? All of those are things that are on the table that we continue to work at quarter after quarter. And so when I'm asked the question of, well, if something goes awry, what are you going to do? The answer is we're doing all those things now already because this is a complex business that we're in a multi-year restructuring on.
We continue to optimize the business and drive good progress against that, which is why we were able to deliver a $240 million profit swing from 2023 to 2024, going from down 150 to up 90, and why we continue to have confidence for this year that we'll deliver on the guidance of 140 to 175, notwithstanding some of the health and welfare costs that we saw in Q1 and why we're not backing away from that $300 million in fiscal 2026.
Got it. Okay, that makes sense. Maybe switching to the other segment. I know we have a couple of minutes left. Obviously, the 25 guide has pointed to sort of 10% AOI growth, right, ex some of the deals that you've done, which is sort of the high end of that longer-term guidance for the segment. If we think about sort of what's driving outperformance or things towards the higher end there, what do we think are sort of the drivers? What's going a little better than expected? Are there sort of any industry shifts that are helping to push that along? If you could unpack that a little bit, that would be helpful.
Sure. To start with, I want to just observe that we really like the three businesses that are in other for us: OptiFreight, Nuclear Precision Health, and the At-Home business. We raised their visibility to hold ourselves accountable to drive the profit growth within those businesses, to drive the revenue growth within those businesses. And we believe that all three of them are on trend and something that at a higher margin rate can help us to drive the overall profit growth for the overall enterprise. And so we are all in on those three businesses and driving the performance. That said, they are three very different businesses, which have three very different sets of investment needs, whether it's technology or distribution nodes or the acquisitions we've done for at home, if you will.
We believe that notwithstanding the fact that we are leaning in and we are investing in different ways in all three businesses: Theranostics within NPHS, distribution nodes, and now acquisitions within At-Home technology within OptiFreight. We do believe that they are on trend. We're seeing higher revenue growth opportunities for them, which is why we were comfortable calling the top end of our long-term guide for the other business for fiscal 2025 at the 10% profit growth. Each business has different seasonality. Each business has different needs. We did call out one Q2 impact for the Nuclear business I should probably reference, which is we called out that there is an international supply chain disruption on molybdenum-99. Please don't ask me to spell that. I couldn't do it if I tried. But the good news is.
You can say it.
Yeah, well, I said it with style, I think. But the point is that we called that would have an impact, a timing impact in Q2 for OptiFreight, but it would be made up in the rest of the year. And indeed, the industry shortage of Molybdenum-99 has played out as we expected.
That's great. In the last couple of minutes, you have obviously talked about the Investor Day that's coming up in 2025 in June. What is it that you hope to convey to investors at that point?
Yeah. If Matt were answering that question, he would say, "Save the surprises for Investor Day ." I have a different philosophy, which is don't surprise any of you ever. And so what our update is going to be is that we are going to talk about both what have we done consistent with what we laid out in our Investor Day in June of 2023, and where to from here, right? There's been a lot of change. There's been a lot of success and a lot of change since we were talking at our last Investor Day. And so we're going to deconstruct our portfolio again. We're going to talk about the drivers within each of our businesses. We're going to talk about the impact of our acquisitions. We're going to talk about our commitment to our disciplined capital allocation philosophy.
We're going to talk about what comes from that from a where we're investing, what you can expect of us from a shareholder return perspective. And we're going to talk about the three-year period as we carry forward. If we're loyal to what we did last year, which is really me saying we're going to be loyal to what we said what we did last year, we'll also talk about an update to our guidance for fiscal 2025 at that time. We'll be a couple of weeks away from the end of our year, so we won't have certainty, but we'll certainly talk of that and we'll provide a preview of our guidance for fiscal year 2026 in addition to talking about the long term while also highlighting the benefit of some of the acquisitions that we've done. So we think it's going to be an exciting day. There's going to be a hefty agenda of items for us to cover, and hope that you all listen in or attend.
That's great. And maybe in the last minute, what do you think there is in Cardinal? What is it about Cardinal that you think investors don't understand the most?
We are working very hard to tell you what we're going to do to go do it, to report back and turn around and do it again, and with that, we think having done that now for several quarters, Jason and Steve and Debbie and others and I are continuing to focus on how do we take the surprises out of it? How do we be clear on our strategy? How do we execute against that strategy? And how do we just rinse and repeat that every quarter? If you take nothing else away from our most recent quarters, that's what we want you to understand is that we're going to tell you what we're going to do. We're going to go do it and we'll come back and we'll report back and then we'll go do it again, and we think that's how we help to create value. We think that's how we help to inspire confidence that the Cardinal management team is on it. We have a great company with a great team with great assets. And our goal is to create shareholder value for everyone.
That's great. Well, I think it's good to end on. Thank you so much.
Thank you.
Thanks, Elizabeth.