Everybody, Travis Steed. First presentation of the afternoon. Welcoming Stryker up, we have Spencer Stiles, President and Chief Operating Officer, Jason Beach, Vice President, and Group Chief Financial Officer. What's the division? Make sure I got the name right.
MedSurg and Neurotech.
MedSurg and Neurotech. Okay. Nick Mead, Vice President of Investor Relation, probably one of your first fireside chats.
Right.
Well, thanks, everybody, for joining us. Spencer, maybe first question for you. You know, as you kind of moved into the Chief Operating Officer role, and, you know, I'd say probably have more influence on the Stryker strategy going forward. You know, what do you think kind of changes? What are you doing differently, you know, just kind of bigger picture strategy-wise for Stryker as you have more influence?
Super. First off, Travis, thanks for including us. It's been great, and appreciate the question and the time today with everyone. High level, nothing really will change. We still love our strategy about leading our markets with innovation, M&A, our specialized businesses that we run. That will still be foundational to our growth strategy in the future, and our expectations will continue to lead at the high end of med tech and perform at the high end of med tech. Not a lot of day in and day out change. There's always things we're looking at, some more portfolio management, some of our prioritization, our geographies on a regional basis, but a lot more of the same of how we win in the marketplace.
Okay. That's helpful. Going into the cyber attack, maybe first of all, you know, what did you learn kind of as an organization?
Yeah
Come out stronger on the other side?
Well, it's been an interesting first part of the year in stepping into this new job. You know, I took over as January 1st, we've had all kinds of fun. We've had rotation out of med tech. We've had a cyber incident. It's it's off to a wild start, but it's been really interesting to go through our cyber incident. I don't wish it upon anybody. It was pretty significant, and it teaches you a lot about an organization, your response. In good Stryker fashion, our resilience has been incredible. A testament both to our customers and our employees all over the world that sort of rallied behind this cause of getting our business back up and running.
We were sort of out of manufacturing for a couple weeks, on and off with some customers just for a handful of days, and then fully operational, as we call it, on April 1st. You know, thinking back, maybe a couple of things we've learned. One is the empathy from our customers and our customers' trust in us and really the gratitude they showed and the support where they stood by us through this, saying, "How can we help? This is an attack on healthcare. How can we ensure that we're, you know, making sure we've got the right systems and protections in place?" I think it's a good lesson for all of us just to think about ensuring we have the right investment and contingency plans if things happen like this.
Second again is just on the resiliency of our workforce and how we run our business in terms of goal setting, annualized targets, our high expectations we have for ourselves. If you're walking the hallways at Stryker today or you're at a hospital, some of the Stryker sales professionals, and you ask them, "How's it going?" They're like, "We're back to doing what we do best, winning in the marketplace, competing for our business, taking care of our customers." I credit the organization really being focused around the customer throughout this entire event. That was probably, you know, the most important learning. If this happens to anyone else, keep that as your true north, and the rest of it you can sort of figure out. We're back up and running and really proud of where we're at today.
Good. Helpful. I guess when you think about the gap in Q1 from, you know, what you were expecting versus what you reported, I assume share was mostly, you know, kept share, so probably didn't lose a lot of share. Correct me if I'm wrong. Does all that revenue come back over the course of 2026?
Generally, we think of this all as a 2026 matter. It'll phase over Q2, Q3, and Q4, depending on the business and the cycles that we have. As we kicked off January and February, our plans were in place. You know, we just reaffirmed our full year guide on our earnings call. We feel confident in that, mainly due to the incentive programs we have and the look that we have into our business in terms of the demand from the customer, both on the consumables and, you know, implants and on the capital. Generally, we remain very confident in that full year outlook and sort of the outlook that we have for the organization.
Did you put special incentives in place?
We did it different than even in COVID. When we were in COVID, it happened to all of us, we had sales professionals asking, "Hey, are you gonna change something in the incentives? Are you gonna change our expectations?" We haven't done any of that this time. Another reason we have confidence in our full year and the outlook. We haven't needed to. There hasn't been a request, and our sales professionals and our service organizations, they're back to doing what they do each and every day with the expectation of delivering on their commitments.
Can you help us understand on the procedure side, there was a little bit of the revenue recognition timing, and then just like how long it takes to get procedures rescheduled?
Yeah
How much can come in Q2 versus the second half?
Yeah. We've described sort of three buckets of how we're sort of capturing the couple of weeks that the cyber incident impacted us. First was revenue recognition, the smallest portion. A lot of that is in Q2. We break it down to the other two, the capital businesses, which is some made to order production, just building back up. We've implemented third shifts, weekend shifts, some additional lines there. The other bucket is on the procedural side, both on the consumables and implantables. Interestingly, on the timing, one might think that if your procedure's delayed, a total knee, for example, you know, on March 22nd, you can reschedule it for April 10th. Not so fast. Hospitals are fully optimized. At least they believe they are in their scheduling criteria. You're dealing with the hospital schedule. Next is the doctor's schedule.
They might only work Tuesdays and Thursdays in surgery. They're fully booked up for X amount of time. You have personal, the patient's schedule as well. You're bringing those three things together as you re-put these surgeries on the schedule and on the books. We've seen some of that in Q2, some of that in Q3, and some of that in Q4. It sort of spreads throughout the full year. Interestingly, something like a total knee, although not ideal, you can live with that pain. You know, it hurts, but you can push that out a couple of months as needed and still get that procedure done.
Then this kind of spreads kind of evenly over Q2, Q3, and Q4?
It spreads variously depending on how we're seeing things. A little bit it depends on the business, and if you capture all three of those, you'll see some different aspects. We're back-end loaded anyway. We weren't our original plans based off new product introductions, so we'll see that second half of the year accelerate growth, so we're comfortable with that. We again, feel really good about the full year.
On the capital side, just when you think about manufacturing and production, how much of that is the impact on the capital side versus kind of shipping?
It's a portion of it, but we're getting caught up. Maybe Nick, you can comment here. Nick comes from our beloved medical business, where we make beds, and Nick, maybe you can comment just what we've done at medical.
Sure, yes. Spencer mentioned the additional shifts that we put in place. This is just one example of many across the company, but for our ProCuity bed, we have since activated our teams, hired a third shift. We're in the process of training that third shift now. By the end of the quarter, they'll be producing finished goods that will start flowing through in the back half of the year.
Travis, throughout all that, we've seen the order book continue to grow and build. Our backlog continues to go up, we've continued to have that customer continuity through the entire time.
Are you gonna have enough production to kind of meet all the demand from this group?
We think so. Yeah, we feel really confident. You know, credit to our operations team. You know, over the last handful of years, we've really invested in our competency there as we think about our manufacturing strategy and manufacturing footprint, our best cost sites, our supply chain resiliency, our procurement. All of that is a much stronger organization today in Stryker and gives us confidence in our outlook for the full year.
Why can't capital kind of pick back up in Q2 more, and why is the capital kind of pushed more into the second half on the recovery there?
That's sort of how the plans were. Some of that is production, that we're building up some of that capability right now. When you think about even adding more capacity, you have to hire these people, you have to train them. They have to make sure they build the extra lines. Some of that's built in. That's why it drips into Q3 and Q4 as well.
Okay. One question we've gotten a lot is why did you guys just continue to reiterate the full year guide despite the cyber attack?
Yes. You're asking are we-
That's why. Yeah, yeah. No, why? Why did you have the confidence or why did you decide to reiterate the full year guide versus to say, "Hey, we'll have a full year-
I see what you mean. Yeah. Couple reasons. One, we have line of sight to it. We understand this is the opportunity for it. The second, that confidence in those in those plans for the sales professionals, their incentives, their quotas, their goals, their targets for the year, they still have those all in place. We don't wanna come off that at all. We believe that's our expectation, and we have plenty of opportunity and the timing of this. This took place not in a great time in the quarter, the back end of the quarter, but it was still in the front side of the year. There's a lot of the year left in front of us to ensure that we're putting all the right plans in place and we can capture back all that business.
You gave a range obviously for your guidance as you always do, and the full confidence in the high end of the range.
Today we give ourselves that entire range. We'll keep you posted as we learn more throughout the year. That's part of the reason why we reiterated our guide in that range, knowing that we'll learn as we go throughout the year.
Okay, okay.
Travis, maybe just one other thing I'll add there just in terms of why do you reiterate coming off an event like the cyber event. I mean, the reality is, as we've said, right, while material to the first quarter, we see it immaterial on the full year, right? As Spencer said, as you stack up all the pluses and minuses when it comes into thinking about the full year, feel really good about the full year guide, which is obviously why we reiterated.
When you think about, you typically build in, you know, some cushion on the full year guide. Is this using some of that cushion for the full year, or are you kind of back fully in your whole plan?
I think right now in the, where we're at in the year, we're still working through that to understand what upside or any downside that might be in that guide for the full year.
Okay. That's helpful. I think the Street shook out at like 8.9% for Q2 on the revenue side. Is that kind of how you're seeing the?
You know.
Quotes of the year?
We don't guide for the quarter. I would tell you that our plans as we think about Q2 coming even out of the incident, but even on the full year basis, we're right on track where we thought we'd be in Q2, and we're holding pretty strong, and we're kind of sort of halfway through and feel really good about what our expectations were for Q2.
Just maybe just one thing to add there to Spencer's point. We don't guide to the quarter. I think some of the messaging that Spencer's already talked about the rev rec, the procedures, the capital, I think the Street has definitely listened in terms of how that phased approach is across the year. Feel good about where consensus is for Q2.
Okay. Anything else that is on the cyber security and cadence of the year on this topic that has come up today that you wanted to highlight?
You know, just, you know, massive bit of gratitude to our organization and the customers for helping us get through this. Maybe as we've studied best practices and benchmarking, Stryker did what it did. It performed extremely well. This recovery effort for the scale and scope of the wipe as it's called, was sort of best in class. We're really proud of that, and we're chipping away at making sure we take care of our customers.
Okay. One, one kind of some macro stuff. You know, ACA utilizations, people are kind of worried about, you know, is there an impact on procedures. Are you seeing anything? How, what are you exposed to there?
We're really not. You know, starting in January and February before the cyber, we saw the volumes that we expected. Didn't see a lot of change. If you think of our portfolio and all the different products we sell, we have a great mix of products on a consumable, implantable. All different type of coverage from commercial pay to Medicare, Medicaid, and we really haven't seen a lot of shift at all in the volumes other than what we expected originally in terms of the outlook for the year, and that's still on track.
Kind of call the utilization environment fairly stable?
Fairly stable as far as we've seen across our business, yes.
Okay.
On the cost and the inflation side, you know, there's been some inflation worries as well.
We've contemplated it throughout the year. Maybe a benefit, as I've described throughout some of our meetings this morning of the cyber event, is we probably put a few controls in place a little earlier than the rest of the industry since this happened to us, you know, in the early part of March. We slowed down some of our transactional costs, you know, travel, hiring, things like this, just to be thoughtful, not knowing exactly where the cyber was going to go. As we hear more and more noise about the inflation, we're keeping track of it. Fluid environment, we're watching it, but we haven't seen anything material to our business yet one way or the other. The other things we're, we still have our controls on is on price.
Some of our businesses where we have price capabilities, we're making sure we're thinking about those and bringing those into the discussions with our customers. We feel pretty good about our place right now, but we're monitoring the situation like everyone else.
On the inflation side, where is your kind of exposures? You know, all the resins, how much computer chips?
Yeah, I think.
Yeah
I describe it more on the supply chain of the chips. That exposure's still immaterial in our entire supply chain, less than 1%, and even a smaller portion are the memory chips that you're hearing some of the demand. Even on the pricing side of those, or the increase in the cost, it's not quite the same increase like it was back in 2022 in the supply chain crisis. It's a little different, and we have some other things in our business that are favorable, that is offsetting some of that in our discipline around the manufacturing excellence I talked about and some other things.
When you think about 2022 versus now, or if inflation does, like, this gets worse, or do you think you can respond faster or better than you did in 2022, and why?
You bet. Mentioning back to this competency we've built in our supply chain, our procurement, our strategic thinking about this, ensuring we have line of sight, we think we can respond a lot faster. We're still gonna prioritize customers and taking care of the customers, much like we did in 2022. Right now we don't feel there's any exposure to our outlook that we've provided to the street.
Pricing strategy, anything you'd call out on pricing?
Yeah, the competency. You know, a modest improvement is how we described it at the beginning of the year, still on track for that. More of that comes from our MedSurg side of the business, where we have a little more price control based off the product type and the portfolio we have there. A little less in the orthopaedic side. Orthopaedics has been stable. You know, Mako really helps with that. Mako's a closed system, as you know, so that gives us some price protection and still provides a world-class clinical outcome. We feel pretty good about where we're at with price. The last thing I'd say on price is, I think you've heard about our journey over the years of building this organization, our Customer Solutions, which helps with our contracting across our entire portfolio, partnering with customers.
We build pricing and discussions like this in those contracts, and so we have a lot more consistent approach with our customers, and an opportunity there if things change, to pass along some of that cost to our customers as well.
On the margin impact of the cybersecurity, how is that impacting margins? How much is excluded in non-GAAP versus included in the numbers we use?
Yeah, there's certainly some element, as you know, that went non-GAAP. There's also elements like loss absorption that's running through the adjusted P&L, right? I think we'll probably get to tariffs here, but I'll just deal with it here really quickly.
Give them a preview.
That's right. If you rewind the clock on tariffs to January, right, we said it was roughly $400 million in the guide. As you know, since then, IEEPA, as an example, has been invalidated, that's obviously created where you had called it a 15% baseline tariff, now down to 10%. That's created some good news to the guide, if you will, that is offsetting then some of these, I'll call them pressures, that came into the business as a result of the cyber event.
Yeah.
How do we think about the timing of all that over the course of Q2, Q3, and Q4?
A big portion of it already happened behind us in Q1, there's in terms of the cost pressure side of the cyber event. There's a little bit from an absorption side that'll trickle through over the balance of the year. Tariffs, I mean, you know, obviously it's extremely fluid. You know, the 10%'s in place today. We'll see what happens as we go throughout the year.
Do you get refunds on the tariffs?
That's the other piece, public, set up by the federal government, right? There is a refund process that we're obviously participating in as well.
When do those hit, at a certain quarter?
We haven't obviously disclosed amount or timing, but I would expect it to be over the course of the year.
Okay. Then kinda when you look forward, like assume there's not a major change in tariffs, just, like, looking to 2027, is it a headwind, a tailwind? You know, how, any kind of puts and takes in 2027?
Well, there's a lot to talk about for 2027. We'll talk about that in January of next year. Probably won't say a lot at this point about 2027.
All right. Fair. The margin 150 basis points over the LRP, though. Can you kind of walk through, you know, how that, is there, when some years bigger or less, or kind of how to think about that? Because I think that was over a CAGR, and some of the drivers behind that.
You want to talk about the supply chain stuff?
You can go ahead.
Yeah, sure. To your point, obviously we've said 150 basis points plus over the next three years. We've effectively held our guide this year as it relates to margin expansion. We've talked about a variety of things, I think at our Investor Day, in terms of operational excellence, I would call, that would play into that. There's certainly a level of OpEx leverage that we continue to get with our plans in a high-growth company, right? There's leverage that you get throughout the P&L and that plays into the margin expansion goals over the next three years.
Okay. That's helpful. On the capital backlog, I mean, some of the hospitals talk about compressed budgets and worries about, you know, ACAs and stuff like that. It sounds like your capital backlog is really strong.
Yeah.
Like, just no signs of that slowing?
No signs of it slowing at the moment. We've, you know, been really grateful for the customers' continuity with us and continuing to show their demand. The orders continue to outpace the shipments that we had over the last couple months, which is great to see. We're building that backlog. We're adding this additional production capability. Right now, we've seen a relatively healthy CapEx environment.
Is it like six months visibility that you have in the backlog?
You bet. It sort of depends by business. We have various cycles. Our communications business is an outlier. Sometimes it's even longer for new hospital builds, things like this. Some can be a couple weeks up to a few months.
Okay.
Yeah.
Mako, if like I recall, you're putting up record Mako.
Record-breaking.
Yeah.
That's right.
What's going on in Mako?
Joke. We joke about it and say that at some point we just have to say this is how we do it at Stryker. We like saying it's record-breaking still. We did have another really strong quarter. You know, I point us back to in the pandemic when we were really aggressive in our strategy of getting more Mako into the market and in particular, our focus on teaching institutions. This has led to more of the standard of care. More and more people, as they enter into their practices, are asking to have this technology in their capability set, either at their hospital or surgery center. We're just seeing this ongoing demand and growth across Mako, which is very favorable for our implant business as well.
You'll also know, Travis, we added the Mako RPS, which is the smaller footprint handheld with some robotic technology and a smart power tool. Still our premium products Mako, but this fills a nice opportunity in the market, and that's all competitive-focused right now as well. That's been a really nice addition, and we launched it at AAOS, and it's hit the ground running right now.
How do you think about your robotic portfolio in ortho as some of the other competitors launch newer products in different kind of different directions and bigger portfolios?
The focus is still really on that clinical outcome, can we provide this consistent, safe, and effective intervention with the enabling technology with Mako? The answer is yes, and yes. That's part of what makes Mako so attractive. The surgeon that's operating at 8:00 A.M in the morning is every bit as good and accurate and perfect in that case as they are at 8:00 P.M at night. They can do that over and over, and extends longevity in how they provide their care as well. We really like our position in the marketplace with Mako. We continue to win competitive situations when it comes up. Really it's that focus still on that clinical outcome for those patients.
I think you've been in robotics 12 years in orthopedics.
Yeah
If I remember correctly. How hard is it to run a robotics program in ortho? Like we know in other areas robotics is tough.
In ortho it's tough. They're thirsty. It takes a lot of dedicated R&D investment. I would even argue, looking back, it's a little easier to say. For some of those early years there, as we focus in on the knee application, we actually moved some of the investment off the implants and put it solely on the robotics. You probably starved a little bit the implants. We worked our way back. Now you're seeing the benefit of that. Things like Triathlon , MSI, Insignia in the hip, these are areas that we've caught back up on, we have a more balanced portfolio. They're really difficult. They're demanding. You have to invest both in the hardware platform capability as well as in the applications.
Once you build that competency, it's really hard to catch up with it because it's sort of embedded in how you operate it and deliver your solution.
I guess on the implant side, we've heard some competitors getting more aggressive on price and trying to take accounts. Are you seeing that in the market? How are you responding?
I would say no different than it normally is in a competitive environment. We haven't seen anything specifically. Orthopedics has been a very competitive space for a long, long time, and price is one factor that goes into the purchasing decision, but not the only one. There's oftentimes we might win when we're actually charging more, but it's due to the service and the technology and other things that we provide in that scenario. We haven't seen anything of note. We've had some of these same questions, but nothing that I would point to that we've seen any change in the pricing strategy.
Okay. You established the new Ortho Tech business. What's the strategy behind that? Like, why?
We call it Ortho Tech. This is the combination of our Mako organization, which we called MET, and our orthopedic instruments. Think of traditional heavy-duty power tools and the personal protection, Flyte helmet systems, our T5. We put those together all under our orthopedics umbrella. It was really important to bring the power of our power tools. We're developing the Mako RPS with Mako at the same table. We wanted those leaders talking, thinking about how do we show up to the customer, understanding the customer's needs, meeting them where they're at. We brought those together, and we actually think it's another great strategic differentiator for us. World category-leading power tools, world category-leading personal protection, world leading category-leading enabling technology in Mako and Mako RPS.
Okay. That's all full.
You think about the kind of the pipeline at Stryker, kind of growth, a lot of it's in MedSurg probably, but you've talked about cameras and stuff like that. What's kind of the pipeline here at Stryker that's gonna kinda keep growing above your markets?
Yeah. We're really proud of the innovation cycles that we have in our business, the new product flow that's continuing to come, as well as the M&A we've done over the last few years. It creates organic growth for us year in and year out, some of that's exposed us to new markets. We have winners across all those different portions of our portfolio. I'll highlight a couple. Think, for example, something like in our neurosurgical business, fast-growing, brain surgery business, Sonopet iQ. That's a next generation ultrasonic aspirator helping the remove of tumors from brain surgery. That second gen's coming out, best in class product, category leader. We have an example like this across all of our different businesses. IVS, one of our fastest-growing, benefiting from the Vocera acquisition we did in 2025.
That's the mild procedure bringing phenomenal growth to the business. In orthopedics, GOLD, the hinge still is bringing a lot of new growth. Pangea recently cleared in Europe in trauma. Perform Humeral in our upper extremities business. These are all new technologies that continue to drive and outperform the markets in their growth rates.
You guys been pretty visible on saying M&A is a big strategy this year. Your balance sheet's in a really healthy place. Like how should we think about M&A for Stryker in 2026?
Remains, you know, our number one use of cash, our top priority. We love our pipeline. Interesting environment, maybe a benefit of some of the rotation out is valuation shifts. It just gives you another sort of portion of your thinking as you think of some of the companies and where they sit right now in the marketplace. We've been active. You know, we just closed on AVS, an extension in our peripheral vascular and Stryker PV business, and AVS giving us an IVL technology. We're really excited about that, but that's more of that will be on our horizon. A variety of tuck-ins, adjacencies. The same adjacencies we've been talking about from HIT to neuromodulation. We do keep track of the STR space, soft tissue robotics, and sort of track that.
It's not a must-do, but obviously has significant growth, and we have, you know, some synergies that position appropriately. Women's health, urology, there's just a lot of really great markets still for us to grow our business in, that we have some competency that we think we can bring the Stryker strategies to that outperform and grow.
When you think about healthcare IT, like, there's a lot of opaque areas in that market.
Right.
Can you help us understand, like, which direction you wanna go in?
Sure
In that market?
Yeah. We call it SmartCare or the smart hospital. It's the bedrock. It's the combination of both Vocera and care.ai, so you're bringing workflow technology and ambient visualization together, really helping drive greater efficiencies, predictability, safety, take the burden off the care providers. One of our great differentiators is taking a platform like that that lives within the hospital and tying it to the operating room. You know, our real estate in the operating room is second to none. When you think of you walk in an operating room, the lights, the table, all the products around it's all Stryker. We wanna connect that ecosystem to those platforms into the SmartCare and smart hospital, really defining and differentiating, sharing that data and providing that information for better care.
On soft tissue robotics, you said it's not a must-have. How much is it a want?
Nice to have.
Nice to have, yeah.
Look, it's a fascinating market. There's a big incumbent there that's had a significant track record of success, so you have to be really thoughtful about if you were to get in it, how you position a technology, what niche does it solve, what problem does it solve. Is there some connectivity or synergy that comes from being in Stryker? It's something we monitor, but again, it's not a must-have. It's something that we think that we know pieces of that market well, and we'll continue to stay close to it and watch for if there's an opportunity or not.
I mean, I feel like Stryker's been saying seven, eight, nine, 10 years that you've been looking at 50 + companies in that market.
Yeah.
Is there a point where you have to make a decision, yes or no, in this market?
I don't think there's ever a point in some of these. Innovation's a beautiful thing. There'll be new technologies, new differentiation. There are more winners than losers in that set that you just mentioned there for sure. We're keeping track of that. Again, I don't wanna say that if you don't do something now, there could be something else in three or four years that makes a lot of sense.
When you think about all the kind of categories that you laid out, I think there were five, six categories that, you know, I'm thinking about from M&A perspective, which of those are kind of must-haves?
Well, I don't think any of them are must-haves. They're all adding additional value to our portfolio we have today. This HIT space we're in it. The cardiovascular space, which we just did this deal, we really like that. You know, there's great pathology there, large population sets that have need, and there's amazing innovation. That's one we're gonna continue to stay close to and build additional competency in that space. You know, as I think about neuromodulation, a lot of different technologies out there, a lot of opportunities. That'd be another space that I think we prioritize that would be a great fit within our portfolio.
Is it more about kinda call point, the selling cycle of these assets, or is it more about where the kinda TAM and market growth and opportunity longer term? How do you kinda evaluate it?
A few things. We start with that call point. Is there a problem that we can help solve with a customer that we know well or a customer that we're connected to? Next priority is culture. Is it the right fit? Is it built the right way? Ethics. Is there an economic model? Third, does it drive value? Is there an opportunity to grow the business in the TAM? Does it increase your WAMGR over time? These type of things. You don't wanna do a deal just solely on that. It has to fit these other buckets of fit and customer first.
You're seeing in your pipeline of deals that you look at kinda valuations and sellers being more realistic on valuations?
Some. Some for sure. It's amazing, I still talk to some that aren't, and I have to remind them of look at the public markets right now in med tech. Yeah, I think there are some for sure that the valuations have shifted, and it creates maybe an opportunity for a different discussion.
Okay. I don't know, Jason, Spencer, anything else that you wanted to end with or we didn't touch on?
No, just really appreciate you having us today. We're again grateful for all the support through the cyber incident, and we look forward to an impactful rest of the year.
Great. I promise I have to get you out on time, so we're good.
Thanks so much.
Take care.
Thank you.
Appreciate it.
Thank you. Thanks, everyone.