Thank you everyone for joining us for this session of the BofA Healthcare Conference. I'm Michael Cherny, the healthcare tech distribution analyst at BofA. Much more importantly, with us we have Hims & Hers Chief Financial Officer, Yemi Okupe, making his first BofA conference appearance. Thank you for joining us. We also have Alice Lopatto from IR in the audience, who if anyone has any questions, she can help you out. Yemi didn't bring any slides, which I appreciate 'cause I didn't want any. Maybe just to kick things off, you reported results Monday night, and the ability for me to set my watch to your beat and raises has been pretty consistent over the last couple years.
Maybe you just wanna start with some highlights of the quarter and what really stood out to you that led to out-performance and also obviously pretty strong guidance rates to start the year.
Yeah, no, absolutely. I think that really, you know, 2023 is a reflection of continuing to execute across each of the pillars that we've kind of spoken, you know, through previously. I think that we're very excited by the way that how we started the year. When you think around just even setting aside the financial performance, you know, and the record level subscriber growth that we saw, so we added 169,000 net new subscribers in the quarter, which is one of the highest quarters ever. I think just looking at, you know, how the teams are executing across so many different dimensions and what's to come through the remainder of the year, really is what got us excited to be able to raise the outlook.
When you think around things that we've rolled out across the quarter, such as starting to diversify the way that we speak to our consumers, particularly like using Hers as an example, the Kristen Bell and multi-category campaigns that we've really seen be able to start to accelerate mental health, starting to innovate on our products, where, you know, previously throughout last year, we talked around how we were setting the foundation for the future of what we believe is health and wellness, which is around offering personalized products through the launch of the Hard Mints. I think that what we're seeing is so many things come together across our pillars, building a trusted brand, enabling technology to better connect consumers and providers, offering personalized solutions, and driving high clinical excellence.
We're seeing all of those things come together. I think we're very excited by the pipeline of what we have for the remainder of the year on each of those fronts. That's what gave us the conviction to take some of the strong performance that we saw in Q1 of this year and roll that forward in the form of a much stronger outlook for the remainder of the year.
It's a great start. You made some interesting comments on the call about giving some differences between some of your older product lines versus newer product lines.
Mm-hmm.
The fact that both are accelerating at a pretty healthy clip.
Mm-hmm.
Maybe give us a little more details on what you're seeing under the hood there and that dynamic of both your new cool stuff, but also the old tried and true really continuing to contribute.
Yeah, sure. I think on the newer front around, you know, some of the newer Hers offerings, you know, such as mental health, I think what we've been able to do there is take the learnings that we've seen, that fundamentally drove success on the Hims platform and incorporate those earlier. Through having diversified messages and multiple touch points with users across their journey, we're seeing, you know, continued growth in several categories that are scaling, north of 100%. I think what was a surprise, you know, for us this quarter is that we knew personalization was important to users.
What we've started to do now with 1 million users across the platform is they're providing feedback to us around what are the elements that are important to them, what are also potential elements for why they may stay on the platform or potentially get off. We've responded to that, and we've started to offer personalized solutions across some of our longer tenured offerings, such as we continue to offer it in men's health, specifically hair loss. We rolled out the ED Hard Mints in men's sexual health in Q1. We've just seen a rapid uptick in the adoption of the personalized products, where in the categories that we've launched them in that have been out for, you know, a couple quarters, the vast majority of users are opting to select the more personalized products on the plan.
As a result of that, you know, we, you know, have made the, you know, the choice and the decision to continue to lean into that. Across the year, we will continue to roll out that to a broader set of categories. This quarter, we expect to bring, you know, similar types of personalized treatments to the Hers hair loss category.
That brings up an interesting dynamic. One of the questions I know we've talked about in the past and comes up a lot is Hims & Hers role in the broader pharmacy market.
Yep.
Pharmacy the ability to get prescription drugs, especially generic prescription drugs, is not new. Yet you've brought a all-encompassing, full suite, kinda- compact transaction to make it easier, convenient, faster, whatever terms you wanna use with conditions that are chronic almost entirely in nature. You have that repeatability and that retention side? How much more is stuff like this personalization, especially for your existing base, continue to change where you sit versus the potential for one of the large traditional pharmacies to try and take some share?
You know, I think it's, you know, an immense opportunity ahead for us. I think that one of the differentiating factors for Hims & Hers has been the fact that we put consumers, you know, first and foremost. What that means is even in terms of how we, in the early days, orchestrated the brand in the earlier days, also listening to the direct response of what were some of the pain points, whether it was lack of education, stigma, around some of the conditions or accessibility and approachability, remove those barriers. I think a lot of the success of the company has been in direct response to doing that better and better for consumers.
Given the fact that we've also built the proprietary, you know, EMR technology stack, you know, that enables providers and consumers to engage, that was also built on the feedback from providers that we got. What we are now seeing is, as we've responded to consumer feedback, it's not as if we're designing products in ecosystem. We use a variety of medical experts, many of which we, you know, augmented the medical advisory board this quarter.
Pair that with the feedback that we're getting from users around what are some of the additional friction points that they're suffering today, whether it's, they would like to see A certain type of impact, whether in the case of Hard Mints, it was the ability to have long-acting and fast-acting paired together, or even if it's concerned with a given formulation where there are a subset of users that potentially, you know, cannot or do not have the desire to take a pill every day. Reacting to, you know, the feedback from our users, we've seen an immense amount of success thus far, but we really only think that we're scratching the surface. Maybe the signal of that is even just seeing some of the most longer tenured category offerings on the platform accelerate on what was already a pretty strong growth base.
What's the type of regulatory complexity that gets introduced with personalized products? It's one of those things where the ease of use with traditional just generic pills is easy to, easy to source, easy to dispense. How much more have you introduced now with this personalized approach? Maybe talk about some of the risk mitigation efforts, the investments you've made-
Yeah.
to make sure that there's no issues?
Yeah. It's a really great question. We, you know, do ensure that we are using FDA-approved ingredients. I think also the affiliated pharmacies that these products are produced out of undergo a vast array of different regulations. Each one of those facilities is subject to inspections and is regulated by state and federal institutions. I think in addition to, you know, listening to the feedback from consumers, what we also do is we have a set of internal doctors that are led by Dr. Patrick Carroll, Chief Medical Officer, as well as, you know, also augment that with a medical advisory board. Oftentimes what we're doing is, you know, not necessarily, you know, anything that is completely new and unheard of.
We're able to talk to many of the leading specialists across the country, pick their brains around what are some of the things, you know, that they're seeing, pair that with the consumer feedback that we're getting from over 1 million plus subscribers, and then have a combination that is safe, effective, and quite frankly, in our opinion, more desirable because it's in direct response to what the consumer is telling us.
Along those lines, and the 1 million+ members is, you know, a really strong number, especially given you're still a fairly new company. You spent a lot of time talking about retention and the 85%+ retention. Maybe can you just redefine what exactly that means to have 85% plus retention and how much that evolves too, as you especially build out stuff like multi-month orders?
Yeah, absolutely. Another great question. I think what we define long-term retention as is those are the users that have been or have had a sub-subscription on the platform for at least two years. The revenue that we collect from those users, you know, is in all of our allocation models. We look for that number to be well north of 80%-85%. I think what we, you know, see when you look at some of the primary reasons why users churn off of the platform, you know, setting aside external life events and things of the sort, the conditions are all chronic in nature. Oftentimes what we see is early on to a given treatment plan, adherence, oftentimes can be a challenge.
That can come from a host of reasons and that oftentimes for some of the medications, it could take several months for the effects to show up. Despite the best level setting that you can do with the user, at times, like if you don't see the results in three weeks, I think we as a society have grown to become impatient and expect immediate results. I think when you're able to get a user to commit up front to multiple months, whether that's 90 days or six months, the overall willingness to, you know. They don't see the results in three weeks, which generally you wouldn't expect for certain categories like hair loss or skin.
There's constant interaction with their providers to just give more time to get them on the appropriate treatment plan or even just give the time for the results to show up. I think as a result of that, we are seeing the platform become, you know, stickier. I think when you also pair that with the personalization of products, a platform and providers, you know, that are continuously getting more efficient and engaged with the patients, that becomes a powerful combination where we do see immense amount of opportunity for further improvements to retention in the future.
You brought up a great point, which is that provider interaction. Typically, when I think of Hims, I think you have your first virtual visit, and you get prescribed. These are, I think, typically conditions that can be prescribed. Then I'm not really sure what happens there in terms of that interaction beyond the prescribing side.
Yeah.
What is the role of the provider for that individual that's already made their order, be it single month, multi-month, someone who's even been there for two years? How often are they interacting with your medical professionals?
It varies by user and it also varies by category. I think that what the subscription provides is the access and the ability to do that. I think, you know, for, you know, treatments, you know, that can be more standardized, and like, once the user finds the form factor, you know, that they do want, then I think the provider interaction is really up to the user. For other types of categories, you know, that are a little bit more, you know, complex, you know, such as mental health, where you're having to titrate, you know, dosages and find the specific medication that works, the interaction with the provider is heavy.
I think that there's a lot of comfort from our users of just understanding that the provider is there if they have a question, and whether that's if they want to switch formulations, try something new. Generally, what we do see is before a user switches a formulation, even if it's just a different form factor, such as when we roll out the Hard Mints, they're usually wanting to engage and have the provider ask a host of questions. Having a subscription service that provides you with the ability to do that, the ability to have your treatment plan show up door to door, I think we're really seeing start and continue to resonate with consumers.
Just on, stay on mental health for a second. You know, mental health drugs through mail obviously got a lot of scrutiny for called bad actors. What's changed about your business, and what have customers come to look to you to do given some of the changing landscapes of the competitive environment, substitute environment, whatever you wanna call some of the other players that are ceasing to exist?
Absolutely. I think, you know, first and foremost, at the forefront of our strategy is again, just going back to the strategic pillars, the trusted brand is so important. Even if something was necessarily legal, it doesn't necessarily mean that we would go and do it. We've always been very thoughtful around the choices that we've made on the platform. In the men's health category, you know, there were several players that opted to offer controlled substances on the platform, you know, that fundamentally led to abuse in certain areas. We have never offered controlled substances on the platform. We continue not to do so. That necessarily wasn't because, you know, if you rewind back a year ago, it wasn't illegal.
I think we just felt that to provide the level of clinical excellence that we want to provide on our platform, which is so critical and such a critical ingredient of establishing that trusted brand, we couldn't really identify a way to do that we felt comfortable with. As a result, we opted away from that. We got a ton of questions around why we weren't doing that and why we made that choice. I think as you fast-forward and look at today, you know, I think it further has reinforced trust for the consumers that are already on our platform. It's also reinforced trust for the providers on our platform that, you know, if they were to slip on the Hims platform, we're able to avoid some of the negative impacts that happen to providers there.
I think as a result, that has enabled us to draw a greater share of new users when you compound it with some of the other strategic elements that we have, such as the celebrity ambassadors and the broader-based awareness campaigns.
May you just walk us through the strategic mentality behind the celebrity ambassadors?
Yep.
Within healthcare, it's not something that we tend to be used to evaluating in terms of the role of a Kristen Bell or Rob Gronkowski .
Sure.
In terms of driving value. What is the organizational approach towards going through finding the right person for the right category?
Yeah. I think what we generally look to is someone that can genuinely talk to the condition and that's someone that consumers will, you know, inherently resonate. Like, we want the message, you know, to come across as, you know, something that consumers can relate to. I think that, you know, again, that what we look for there is this person, you know, genuine? Do they have the credibility to speak around this condition? Importantly, do they have a story that would resonate with consumers? Through hearing the stories of, you know, oftentimes people that you look at and you think that they're absolutely perfect or why would they suffer with this, we have found that that's made it more approachable to start the dialogue.
As a result of that, through having those key components, we've seen a lot of success, and we expect to continue to look to roll more of those out in the future.
What do you use as your own internal measures of return to make sure that.
Yep.
You're putting this person out there that actually is turning into the volume, the subscribers that you want?
Absolutely. I think we look at a few things. We look at, I mean, you know, just the overall lift in, you know, brand awareness that we're getting. I think oftentimes, you know, we are able to look at the traffic patterns as we roll out campaigns. For some of the more digital-oriented media, the direct tracking on that is there. You know, at times it's not hard to attribute everything, you know, to a given individual, but through conservative measurement and assumption, we're able to basically do ROI measurement and figure out how many eyeballs has this resulted in, how much brand awareness has this resulted in, how many new subscribers in attribution model do we think that this, you know, given individual has brought us.
Going back and speaking with consumers around what resonated as well. Having that feedback loop and then doing the financial measurement, 'cause we do wanna ensure that these are accretive as well, is what we generally look to ensure that the celebrities that we bring on are adding value.
Okay. With that being said, let's turn to category expansion. I mean, this is something that in part celebrity expansion, part of just other organic growth or inorganic growth with Apostrophe. Walk through the timeline and the process from an idea being on a whiteboard saying, we should be in category X, to you announcing that you're now in category X.
Yep. I think the short answer is it, you know, it's gonna vary. I think that we'll provide a little bit of insight into like kind of what does that, what does that overall process look like. Depending on the level of complexity, you know, the time-frame, you know, can vary pretty significantly across categories. I think the first and foremost is we look at number one, does a category fit the traditional characteristics where we've demonstrated success? Is it typically chronic in nature? Is it emotionally resonant? Then do we feel that we have a unique way to provide some type of value to consumers across that category? The next is like, you know, we wanna ensure that we're able to bring a clinically safe solution to consumers to a given category.
The reason why you see, you know, even in the early days of the Hims & Hers platform, we've had a panel of medical advisors and internal doctors that we hire. We then start to go and speak to the specialists around what are they currently seeing in the market? What are the pros and cons? What are some of the areas, you know, that we would need to consider, you know, as we, you know, think around, how we would potentially, you know, enter that category? Then we start to, you know, then model out what is the true, you know, potential of the business look like once we've identified a clinically safe way to do it, and then start to test, you know, usually in smaller, small audiences, and then do the real full rollout.
That's a pretty extensive process, that's one of the reasons why, you know, we're not gonna be the type of organization that goes and launches five new categories in a year. Like, fundamentally, I think that, you know, our confidence and our ability to do that in a safe and effective way, I think, you know, we feel it would create more of a distraction. What we generally, you know, can, you know, support is, in a thoughtful way and ability to go, you know, launch up to one to two categories, you know, per year, to, you know, being at the higher end and maximum, just because we want to ensure that we have the full ability to go through and do the full diligence on that process that I kind of walked through.
Got it. That obviously brings up the question of weight loss and GLP-1. It's, I think, dominating every market discussion across a whole litany of companies, at this conference in the market. You have a peer that has built out its own full population health-oriented pitch of managed weight loss with also the GLP-1 drugs.
Mm-hmm.
How do you think about that as a category? I was not trying to get ahead of myself, but it. check a lot of the boxes you mentioned on high touch model resonates from an emotional perspective, somewhere where hims theoretically could very much add value. One piece that you didn't mention is part of that, but you're typically all generic drugs.
Yeah.
This is a branded class.
Absolutely.
How much does that factor into the dynamics, especially since it is still a very new and, you know, kind of in vogue class growing in the market?
Yeah, I don't think that, you know, branded drugs are necessarily off limits, you know, for us per se. I do think when we look at the weight management category, we're very much excited by it, and we do see ourselves playing in it in some form or fashion. I think because of the discipline execution that we've had historically, we've not necessarily always had the need to be first. I think that weight management is such a broad category that's not going away. It is more important for us to enter that category in a thoughtful way with a solution, you know, that we have confidence in, via a mechanism that is durable. I think we're very much in the early days.
There's a ton of excitement around the, you know, current GLP-1 drugs, you know, that are in the, you know, in the market. I think again, weight management is a category that we are excited by, and we're, you know, thinking through a multitude of ways to do it, and we've sent some signals in that in terms of the advisors that we've brought on and the messages that we've given. I think that we want to ensure that what we do produce into the market is differentiated. It's a durable model that consumers are gonna want to be on and can be on if they choose to do so. We're continuing to monitor what's currently out there. We're also continuing to do our own diligence around what is the best approach for us to offer it.
We're confident that we will be in it at some point, but we're gonna take our time and be very thoughtful. I think that the reason why the company's been able to execute with the way that, in the way that it has been a result of, you know, really having that consumer trust. I think, you know, I'll also be, you know, honest as well, I think also having a platform, you know, particularly the online business that's close to doubling every year, affords us the flexibility to be very thoughtful from a growth perspective around what do we go after one.
I guess just along those lines, whether it's weight management or some other category- are there any bottlenecks that you run into as you expand those categories? I mean, one I could think of would be if you're in a category, you need specialist docs.
Mm-hmm.
Is recruiting those doctors to get on the platform something that ever becomes a bottleneck? Or is there anything else that I'm missing in terms of other than just being measured and how you approach the category?
I think it's, Yeah, I wouldn't say that we necessarily hit any bottlenecks. I think it's really around being just fundamentally thoughtful. At times we may move, you know, in a more measured way, but we view that the long-term value of that accrues. I think also as a result of that, the trust works on both sides of the marketplace, right? If we're able to build a trusted brand, historically, we've traditionally engaged directly with the consumers. I think again, just using the mental health and the controlled substances as an example, you know, you rewind back at 12-18 months ago, that was a popular topic that was generating a lot of excitement. A lot of companies were seeing a lot of growth around it.
I think they're being very thoughtful and even opting to forgo the growth that could have come with that, and avoid doing that. That also enabled trust with providers. We see, you know, our ability to recruit providers both in the form of the unique tech-technology that we provide them that makes them more efficient and their lives easier, as well as the trust that we've established with both the provider and consumer community, as one that doesn't necessarily create a challenge with going out and recruiting, providers.
I wanna spend a little time on the long-term guidance, the 2025 targets that you put out on the fourth year earnings call, 'cause I don't think anyone was really expecting you to.
Yeah.
you did, and obviously was comfortably above consensus expectations. Maybe give a sense on the comfort factor you had in building to those numbers. Now too, that you increased your guidance by, I think it was $100 million in revenue. I apologize-
Yeah
...is getting a little fuzzy at the end of the day. That gets you a heck of a lot closer to $1.2 billion, you know, in terms of that bridge walk through the stepping stones you get to as part of that build to $1.2 billion.
Yeah. I think first and foremost, I think that the way that the guidance was positioned for 2025, I think it's important to, you know, just anchor around. We set that as, you know, at least number. All the numbers are more floors versus ceilings. Those targets were at least $1.2 billion of revenue by 2025 and at least $100 million of EBITDA. I think what gave us the conviction in that is when we looked at the pipeline of current products that we have and some of the aspects on the Hims side around personalization and what we're seeing there, we have the conviction that we continue to scale the current categories that we're in.
Traditionally, we also, you know, saw a very strong pipeline on the Hers side, and the categories that we're already in to continue to scale those and through enabling a similar playbook, to what we've seen on the Hims side, and taking those learnings and applying them to Hers. We see a ton of potential, and we're very much in the early innings, for Hers. I think that we, you know, do expect, you know, clearly over the next, two years to enter additional categories. There's so much white space, you know, that we can have. Embedded in the guidance, though, is the effect of needing to go into a new category as more de minimis in nature.
We view that as really setting the foundation for in a post-2025 world, how do we continue to have strong growth, continue to have the platform scale. The newer categories that we expect to come in over the coming years will be more for that. Even the orientation around scaling Hers and continuing to innovate on the core categories that we're in today, which we're very much in the early innings of the TAM we feel, I think will enable us to get to those targets.
Even using those numbers as a floor, which is perfectly fine with me, that still also gives you a pretty nice uptick in EBITDA margins. You know, you now have your first two quarters of EBITDA positive.
Mm-hmm.
How do you think about the growth versus investment trade-off that builds bridges that 25 number? I guess second question, throw it all in once.
Yeah.
What does that mean from a cash flow generation perspective alongside that $100 million of EBITDA?
I think just, you know, what I'd point to there is the capital allocation framework, you know, that we have in place looks at, you know, a few things. You know, first and foremost, we're gonna go after things that are high degree of MVP, and we feel will generate ROI returns on the platform. We've also opted to invest in is, and this is what we're benefiting from today, is setting the foundation for as you see the platform continuing to scale, the benefits in the form of leverage directly accrue. When you look at something like rewind, you know, several years ago, and you look at the affiliated pharmacies, you know, that are on the Hims & Hers platform at the moment, that did require investment.
When you look at the efficiency that we're having now around being able to offer personalized products, but then also now moving towards a world where, in the most recent quarter, north of 60% of the products were fulfilled via affiliated pharmacies, that's the type of investment that has more of a longer-term orientation that we're benefiting from now but was years in the making. We view, you know, the concept in 2023 around the same thing. We see an opportunity to capture broader awareness across a multitude of our categories for users early in their journey. We see an ability to bring forward the pipeline for personalized products that are clearly resonating with the users. Embedded in our guidance is the, you know, appetite to, you know, take those as well as having the flexibility to do so.
What you saw like last year is we were still investing in marketing, but the leverage that we got on the business, given the recurring nature of the business, was eight points in the year. If you kind of take the points in 2025, we still have a lot of flexibility to get there and that, you know, we're assuming that from where we're at today, it'd be roughly five points, you know, of expansion kind of at the floors of those points. We are solid in our conviction to do that. I think that, you know, there are gonna be periods of time where we do have CapEx investment.
Over kind of the long, long term, though, you see EBITDA, you know, track pretty closely to what our cash flow less our investment in capital expenditures looks like. You know, we do expect over time, you know, the two to converge, but there would be some lumpiness in between as we really start to lean into some of the areas that we that I mentioned before.
I want to turn back to the competitive environment, just because there are a number of other virtual-enabled pharmacies, from new startup companies and then also stuff like the Optum Store.
Yep.
I guess maybe a very simplistic question from a competitive perspective, what worries you and Andrew most?
I think that, you know, there's not a competitor out there, you know, that we, you know, we worry about. When you look at the breadth of offering that we have on the platform today across the number of categories, being able to speak to the Hims & Hers audience in a unique way, also just being able to execute across that full flywheel ecosystem that we mentioned. You know, I struggle to kind of identify one competitor that's doing all of those things. I think also the TAM in the space is so incredibly large, you know, that I think that we have the confidence that if we continue to execute the way that we are across those pillars, we will be in a leadership position.
I think given that healthcare is one of the largest verticals in the U.S., it would be a bit naive to believe that we're gonna be the only player in this space. I think what keeps, you know, myself and Andrew more at night is I think thus far the reason behind why the company's successful is we've been able to do the right things in the right order at the right time. I think the vigor that you get, there's so many different opportunities that I'm not really concerned around what is the next opportunity that we're gonna go get or where is growth gonna come from.
Increasingly, where a lot of the time goes when we do the annual planning processes, having the debates across the executive team for what do we view is going to be the right move to do next, having the discipline to not do too many things at once. I think that as we, you know, continue to hopefully exhibit success on that front, I think being able to, you know, really have the internal compass to, you know, continue to basically execute and dial on the things that matter, I think is really gonna be what differentiates us. That's a focus of, you know, Andrew and myself, you know, to fundamentally ensure that the organization is focused on delivering against the mission of making consumers feel great.
I think this will be probably last question. I hate to end it on a downer question.
Yeah.
I'm gonna go there anyways. Hims & Hers wasn't around during the last recession, so we don't have proof points on how the business evolves during a recession. How are you framing whether we go into a recession or recession-like conditions over the next year and a half? How are you framing the up-down risk weightings for your business and the potential changes in customer behavior in the event that macro conditions worsen?
Yeah. I think that we, you know, we consistently stress test the model, and what I would, you know, just kind of, you know, caution around that is when you know, look at the course of the company's history is we are relatively young. You know, there were moments definitely in 2020 where the world looked very different and the consumer behavior got choppy for a variety of different companies. Hims & Hers grew through that period of time. You know, in more of the post-pandemic world where many telehealth companies saw a rapid tick during the pandemic but then rapidly decelerated, we continued to grow through that time. Even last year, there were certain points where a lot of consumer oriented brands were having to pull back because the consumer, there was talk around the consumer getting weaker.
We continued to see record growth, you know, during those times. I think that there's a few underlying reasons behind that. One is I think that we are, you know, fundamentally adding value to consumer in a ways that, you know, is fundamentally differentiated from what's out there. The, you know, second element is increasingly the consumer prototype that's coming to our platform is pretty diverse. We have different age demographics, income demographics, geographic conditions, you know, and so forth. Lastly, I think that we're serving some of the most emotionally resonant consistent conditions to consumers. How you look every day, how you feel every day, how you engage with your partner.
I think fundamentally what we've observed thus far is even in, you know, the company's short history, some of the, you know, murkiest moments from a macroeconomic perspective, consumers have still come to our platform record levels. If anything, given the strong unit economic advantage, advantages that we're seeing and continuing to grow on our platform, we view our ability to operate in any environment, but there's also upsides where we can capture opportunities in a recessionary environment as well.
Well, appreciate that. We hit those red lights, so we're gonna wrap it there. Yemi, thank you so much for being here. thanks everyone for joining us.
Thanks a lot, Mike.