Good morning, all, and welcome. My name is Fawzi Kawash, and I'll be moderating today's session. It is my pleasure to introduce Eric Green, President, CEO, and Board Chair, Bob McMahon, CFO, and John Sweeney, VP of IR, of West to the J.P. Morgan Conference. Without further ado, I'll hand it over to Eric.
All right, Fawzi, thank you so much for the introduction, and thank you for the invitation for the J.P. Morgan Conference. Happy New Year to everybody, and it's a great start to 2026. Before I get started into the West discussion, I want to just reference the Safe Harbor statement that's found on this presentation, also found at our website at westpharma.com. I want to talk a little bit about West. It's a phenomenal story over several decades to where we are today, but more importantly, where we're going. If you think of it from an investment portfolio perspective, we are the global leader in the injectable medicine space with what we provide each and every day.
We have developed a significant moat around the business that has given us competitive advantage to continue to drive performance, particularly around our proprietary solutions, our reputation and quality, reliability, and scale on a global basis. We have an attractive business model that drives long-term construct growth of 7%-9% organic growth and also margin expansion. The majority of that expansion is driven by mix shift, which I'll explain shortly. But the underlying drivers of that growth are really evolving around our high-value product components. It's been driven by really three key areas: the rising of biologics and biosimilars, our participation on those molecules, the development of GLP-1 injectables in the marketplace, and also there's increasing regulatory requirements, such as Annex 1 in Europe, that positions West very well to be able to support our customers with unique solutions, existing molecules in the marketplace.
The fourth area is around the management team. It has a success track record, and we recently strengthened with key additions to the organization, which we'll touch on, and lastly, but also very important, is we have a very strong balance sheet and cash generation with this business model, so overall, a very healthy business model that's unique in this space, and it has given us the opportunity to continue to be the number one player in the injectable medicine arena. Let me get into greater details in each of those areas. First of all, what we do: we have a portfolio that's pretty robust. We produce over 41 billion components a year, of which it's broken out into the high-value products and standard components. These are the typical elastomer components that you'll find in primary containment, whether it's a stopper, a prefilled syringe, or a cartridge.
And we are participating with the elastomer components on those drug molecules. And that's the majority of our business. Secondly, we also participate in high-value drug delivery devices. These are the areas of administration systems that you'll find in a hospital setting for a vial-to-bag or a vial-transfer device for healthcare professionals. We also have containment systems driven by our Crystal Zenith through our partnership with Daikyo in Japan. It's a 50+ year partnership that allows us to contain some of the most complex biologic molecules that are being developed as we speak. And also, we have a wearable platform of multiple different products, whether it's an auto injector or an on-body injectable device that is in the marketplace today. The third area of our business is contract manufacturing.
This is where our customers bring us their IP around an auto injector or a multi-purpose pen to be able to design, scale, and mass manufacturing on behalf of our customer, and we have this business located strategically in Europe and the United States, so from a perspective, a portfolio perspective, it's pretty broad. It's pretty, and it's servicing basically a very diverse group of customers: small, medium, large, global customers across the globe in the areas of generics, in the areas of small molecule, and obviously in the areas of large molecule, both biologics and biosimilars. Just look at the top 30 pharmaceutical companies in the marketplace. We're working, serving those top 30 customers on an ongoing basis, and how does that translate from a market perspective? Our elastomer components are on roughly about 75% of the injectable drugs that are in-market commercialized today.
We aim to continue to strive for that level of performance. At the end of the day, our focus is aligned with our customers. We are focused on patient outcome and the highest quality, best service, reliability to be able to support our customers in the market long-term. If you think about, as I mentioned before, we are the number one player in this space with $3 billion of revenue approximately. That was in 2024, and about 20% of operating margin. We have 25 manufacturing facilities that are able to produce the 41 billion components per year. If I want to translate that to the number of patients that we touch, it's approximately 100 million patients a day. And so when you think about quality, you think about the culture and the purpose of the 10,000 team members we have across the globe.
That is our focus: to support our customers and be able to provide high-quality products to our customers, to our customers, and ultimately to the patients. The portfolio that we serve is quite diverse from a geographic point of view, from a product portfolio point of view, and also market. If you think about geographically, we're really well positioned to be able to support our customers in the markets where they're servicing the end patients, and you think about our $3 billion of revenue, in 2025, we estimated the gross tariff impact on West is roughly $20 million.
Yes, we took steps to mitigate those tariffs, but more importantly, the reason why we're able to keep that number where it's at is because we are manufacturing in-market for most of our customers, and we have the capability to tech transfer from one region to the next to be able to enable our customers to grow. The portfolio, specifically around high-value components, if you think about, again, as mentioned about the elastomer components, HVP components is roughly in the third quarter of 2025 is 48%. That continues to grow. It's our largest part of our portfolio. It's a fast-growing, it is in our long-term construct. It is our fastest-growing part of the portfolio, and it's actually the most profitable. And you think of from an end-market perspective, the biologics, we are at the 40% level. And only five years ago, we were at 25%.
We all know the factors behind that. The new molecules are being introduced in the marketplace, both the innovators and biologics, but also the biosimilars. Again, a very diverse portfolio. We're very well positioned to be able to support our customers on a global basis. More excitingly, we're able to support our customers on the most complex molecules that are being developed for the next generation of therapeutics. The macro trends that favor West are quite remarkable. When you think about the injectable market space, it is a fast-growing element within healthcare. A subsegment of the injectable medicine space, I would say, is the biologics and the biosimilars, and that is also on the rise.
If you just think about the number of new approvals that are going through the FDA with BLAs, it is on the rise compared to other types of molecules, whether small or ANDAs with generics. The pharmaceutical companies that we support, their spend has increased, but you think about the injectable medicine space, it's actually the fastest-growing part of the portfolio, double digits, and I mentioned earlier about the complexity of new therapeutics that are coming into the market. Our high-value product portfolio, particularly the higher-end, such as NovaPure, is very well positioned to support our customers when they think about the primary containment needs on those new molecules. Another macro trend that is occurring is the regulatory trends continue to, and the quality expectations continue to elevate.
And we're very well positioned to support that with our new products that we're launching, the new processes we're putting in our manufacturing facilities. We are constantly challenging ourselves to drive higher quality to be able to meet the new regulatory requirements that are being introduced across the globe to be able to increase safety and quality for end patients. And we're also very well positioned, as mentioned before, when pharmaceutical companies are looking to onshore to the United States. If you think about our portfolio of manufacturing facilities, we can support that growth with existing assets and with a controllable amount of spend needed to continue to grow those facilities. So a number of many macro trends that are supporting West's future growth for a number of years to come. What's unique about this business is that there is a durability and resiliency of the business model.
There are going to be peaks and troughs that did occur. If you think about the COVID vaccine time period where we were brought in to be able to support the elastomer components on basically every dose that has been delivered and seals also across the globe. If I go left to right on here, what's really unique about the business model is that when we work with our drug customers, they're identifying what is the optimal primary packaging solution for that drug molecule that they want to get approved and launch in the marketplace. Once our technical teams work together and decide on the right formulation, the right configuration, then our product is written in the Drug Master File. That is, our IP at West is written into the drug application with the FDA.
Once approved, we're now on that molecule for the duration of the molecule, so it's a great opportunity for us to win early in the pipeline and see the benefits for long term. There's increasing compliance, and also our customers are looking at ways to reduce risk, and that's why our high-value product components business has historically grown considerably over 10% the last five years, a number of years, and we expect that to continue to be high- single to low- double digits going forward. That's our belief in the market. There's powerful growth accelerators happening today that we're able to respond to. You think of biologics, think about GLP-1s, you think about the regulatory changes in Europe with Annex 1, and the capacity expansions required to support those growth and how we invested supports that growth driver that we're currently seeing and will see going forward.
Interesting, we look at our business model. These are long recurring revenue streams for existing molecules in the marketplace for a number of years. It is for the duration of the drug in the market, and that ultimately gives us sustainable growth when you think about market and margin expansion through a mixed shift effect with high-value products and allows us to look at platforms and new product approaches through innovation to continue to sustain that growth for many years to come. Let's go deeper into a couple of the areas. Number one is biologics. We know our position. We participate in over 90% of the new approvals of biologics that were in 2025. This is about 40% of our revenues, as I mentioned, and it does require the most complex part of our portfolio that we continue to expand and grow.
You think about the injectable reason why it's so attractive. As you think about the growth of the biologics approval process, it's far greater than the other small molecules recently, and over 85% are injectable medicines. Again, this is one of the key drivers of our growth for high-value product components for both biologics and biosimilars. Just to reiterate, the biosimilars and the biologics product will use the same configuration and same economics for West working with our customers. The second area is around GLP-1s. How do we participate? How does West participate? We participate on the elastomers, whether it's in a vial configuration with a stopper, if it's in an auto injector, it's a plunger, and we also participate with a multi-purpose dose delivery device that would be a plunger and also a lined seal that we provide at the end of the cartridge.
We also, from our contract manufacturing business, we do participate in partnership with our customers in taking their IP and scaling up to do mass manufacturing of auto injectors and pens, both in Europe and the United States. So we, in both parts of our business, both segments of our business, we are able to support this growing market and to be able to support our customers as they expand in new markets and also with new patients adopting the GLP-1s. These are multi-year commitments with our customers, and we are able to leverage, particularly in the elastomer business, the investments we made during COVID in our high-value product plants to produce the products that are used, high-value HVP products used with the COVID vaccines. Those assets are fungible for biologics and also for the GLP-1s that we are supporting our customers with.
Our elastomer business, our participation in GLP-1s with elastomers is roughly 9% of our total business, and our contract manufacturing business represents about 8% of our total business. That should give you context of where we are with the GLP-1s. It's part of our portfolio. It's not the only part of our portfolio, but we're very pleased to be able to support our customers on this growth that we anticipate going forward. The third area I want to touch on briefly is the Annex 1 regulations. This is a multi-year opportunity. If you think about the 41 billion components we produce every year, you take contract manufacturing out of the equation, proprietary products is roughly around 35 billion components a year, of which 25% of those units are high-value products. About 70%+, 70%-75% of the revenues are high-value products.
On the flip side, 75% of the volume we produce in our facilities is standard products. And again, about 25% of the revenues. So therefore, there's 6 billion components that we fill, working with our customers, of molecules in the marketplace today, commercialized molecules that have been in market for a number of years that are using our elastomer components, specific formulations that we're able to support our customers on the documentation and start raising the quality expectations to be able to meet the new Annex 1 regulations that came in play at the end of 2023 that now includes the primary packaging with elastomer and glass. So our position to support our customers with elastomer is to be able to continue on this journey. It's multi-year effect.
About 6 billion units today of the 26 billion that we produce. 25 billion or 26 billion we produce in standard. As our customers adopt for the European market, we'll see how that evolves from a more global perspective. This does drive revenue enhancement through ASP increases. Obviously, HVP has a higher ASP and a higher margin. Therefore, we're seeing that benefit in our organization. In 2025, in the first three quarters, we talked about 200 basis point growth on the entire business is contributed to Annex 1. This does strengthen the customer relationship. We will continue to drive this forward for, as I mentioned, multiple years. Lastly, I want to talk about the growth strategy around investments that we've made. We've made significant investments in proprietary for a number of years, particularly around the COVID time period.
Following that, we made material investments in contract manufacturing to support the growth and specific contracts with customers that we're very pleased to be able to support with in both auto injectors and multi-purpose pens, both in the United States and in Europe. Those assets are in the rise of utilization. We're ramping up in those facilities, and we're also able to start not just producing the device, but now we're moving into drug handling, not fill finish, but drug handling, assembling the final packaging of the cartridge into the device to support our customers. As we think about going forward, we're very well positioned on the growth drivers we talked about, the biologics, GLP-1s, and Annex 1s in our elastomer business by leveraging these five high-value product plants that we have both in Europe, U.S., and also in Asia and Singapore.
Our capacity utilization right now is roughly around 60% on average. Now, in the United States, it's less than that. In Europe, it's higher than that. So as we think about onshoring in the U.S., we think about growth across the HVP platform. We have the capacity to continue to grow. That's why you'll hear more from Bob about our capital deployment. We believe, firm in our belief, that we should be able to get our CapEx back to the 6%-8% of sales going forward starting in 2026. Again, very well positioned for growth, and we're geographically spread to be able to support our customers in any market they want to support. If you look at the portfolio from a size and revenue contribution, as I mentioned, HVP components is the largest element of 48% of our business, double-digit growth.
I just mentioned all the key drivers. HVP delivery devices is 12%. There was an announcement on Monday. I'll talk about it in a moment, but without SmartDose 3.5, it's about 8%. The growth of that unit is roughly around mid-single digit. The standard packaging I mentioned is a significant amount of volume, but from a revenue perspective, about 20%. The growth rate is low- single digit. Some of that is due to, obviously, moving up to high-value products where we want to go with that portfolio, but also that is more legacy product in the marketplace. Then the balance of 20% is our contract manufacturing. Again, long term, we believe that's a mid-single digit grower for the organization.
From a profit point of view, it is very clear the high-value product components, 48% of the revenues in Q3 of 2025, greater than 70% of our gross profit, so again, our focus of investments, our focus on go-to-market is disproportionately towards the HVP components going forward. This is another depiction of how HVP components have evolved over time. In 2019, we were at about 42% of our business. We mentioned in Q3 of last year, 2025, is 48%, and we believe that will continue to grow for the number of years ahead of us. Again, multi-year opportunity, and in the volume perspective, it's only a quarter of what we produce today, and this is the driver of the mixed shift effect. When we talk about mixed shift each and every quarter, this is the driver of that growth moving forward.
I do have to. I would like to comment about the team. There's a number of new faces on this executive team that I'm very proud has joined the organization. I believe we have had a great run for a number of years at West, and I think we're embarking on another opportunity ahead of us. If you think about one of the transitions we did earlier this year is that we moved from functional global leadership that we've had for about eight years, very effective when we were much smaller as an organization, but we have transitioned about a year ago to the operating unit structure that has allowed us to create two businesses, proprietary segment and contract manufacturing segment.
What this allows us to do is drive more P&L down into the organization, into operating units, subsets within proprietary as an example, accountability of leadership, speed, velocity to be able to respond to our customers and be more specific around innovation and R&D investments that actually accelerate benefit to our customers and payback for return on to the company. A couple of names I'll just mention here that you're going to meet Bob. Many of you actually do know Bob McMahon. He came from Agilent, a great company. And also, he joined a great company also and has been a great partner for the last five months. But he's been able to really relook at our financials and how we engage, obviously, with the market, but also how do we think about the investment thesis for West going forward, more to come from him.
I do want to comment that Aileen Ruff-Patry is our Contract Manufacturing Leader, doing a fantastic job, and also Shane Campbell, who has 20+ year veteran at DuPont, who brings that discipline running businesses to West and is on the ground running. Obviously, on the innovation side, I'm very excited that Devesh Mathur has joined the organization, has deep material science, coating technology, and device manufacturing experience with a number of companies. He's bringing that capability, innovation pipeline development to our company from an enterprise perspective, but more importantly, aligning and having our operating units more focused on where we get the best return on our investments. So more to come. Great team. I don't have enough time to go through everybody, but I'm very proud of where we are.
All that accumulates into what I believe is a really compelling story of what we believe long term of 7%-9% organic growth on the top line with all the factors I spoke of earlier. With the mixed shift effect, very comfortable with a 100+ basis points of operating margin expansion, a majority of that is going to be in the gross margin area. This will drive attractive double-digit growth for EPS. We have a very disciplined capital allocation that Bob, new to the organization, is relooking at our approach, and I'll talk about that in the next slide here. So we do have strong cash generation. We have a disciplined capital allocation process that I will speak to. So the operating cash flow, the first nine months of last year grew roughly 9%.
And if you think about the free cash flow, because the CapEx, we're bringing it down somewhat in 2025, but going forward, you see the free cash flow grow around 54% the first three, nine months of last year. So we do believe that the levers around higher growing businesses, higher profitability, lower CapEx into the market will drive improving free cash flow going forward. As I mentioned, we have a strong balance sheet with a net cash position. We're going to continue to invest in organic growth disproportionately in our high-value product components business. Again, CapEx is roughly around 68% going forward. The cash flow far exceeds capital expenditure requirements. We do believe there's some attractive capital deployment in the pipeline.
Again, being very disciplined on accretive to where we are today, but more importantly, able to provide more capabilities to our customers around our high-value product portfolio. And obviously, looking at how we can continue to drive return capital to our shareholders. And if I want to spend one moment on the SmartDose transaction that was communicated Monday morning, this is a, it was less than 4% of our sales. We reached an agreement with AbbVie. We'll be transferring the IP and the manufacturing capabilities to them. It's a dedicated facility, so it's a very easy transition. Great customer. We're really excited about what they're doing with the product today in market with one of their drug molecules. And it's a very good win-win situation for our customer.
Obviously, we work with them on a number of fronts, but this particular one, we decided it was a two-prong approach, drive down costs. The team is doing a great job on driving costs out of the system, and automation is coming online. But as we think about long term, the limitation of the market to a customer, we felt it's best to divert our focus and attention in other parts of the portfolio versus on SmartDose 0.3, 0.5. More will come in our February 12th call on how that feeds into our guidance. And lastly, I just want to reiterate, phenomenal, great business. Long term, macro trends support the growth. Number one player in the marketplace. We have a pretty robust strategic moat around the business that we will continue to expand and build upon.
We do believe in the 7%-9% organic growth and margin expansion, long-term business model. Great team in place. I'm excited about the future for this team. And we have a strong balance sheet and cash generation. So on that note, thank you very much. We'll transition to Q&A. And again, thanks for your time.
Great. Thanks, Eric. So firstly, West has an attractive business model. Why do you think that West can return to its long-term growth rate of 7%-9% organic revenue growth and margin expansion?
Do you want to?
You. Sure. First of all, it's great to be here and really excited to be part of the West management team, really helping lead the next chapter of growth for the company. As Eric showed, we've got a lot of, I'd say, powerful secular growth drivers that I think we are uniquely positioned to win in. If you look at, first, I would talk about kind of the biologics. As Eric mentioned, the number of biologics that are in the clinical pipeline today are greater than they've ever been. And if you think about our participation rate, we talked about a really strong market share position of 70%-75% across the entire market. But in biologics, we actually have 90% participation rate.
So as more biologics come to the marketplace, not only are they the higher value products, which helps drive that mixed shift, but you also have a higher participation rate for West. And I think that speaks to our consistency around reliability, scale, and ability to partner with our customers across the globe. I also think Annex 1 is a powerful growth driver that will really help drive 200 basis points of growth going forward. And as we think about the increased requirements from a regulatory perspective, we expect to see more and more companies adopt the high-value products. And actually tied into the onshoring phenomenon that we expect to see here in the U.S., with Annex 1, those products are being moved to high-value products.
As those products then move back to the U.S., there's an opportunity, I think, for us to take those high-value products and move them into the U.S. so that there's actually resiliency in the supply chain. And so that, and then coupled with pricing opportunities as well as GLP-1s. I know there's, I'm sure we'll get into some questions about GLP-1s. I'd rather be part of the GLP-1 phenomenon. We think it's durable than not. And if you think about not only the existing products that are on the market today, but the pipeline of opportunities there as well, we're well positioned to continue to grow that business going forward.
Excellent. Great. And a highlight from the third quarter was the HVP components were up 13.3% on an organic basis. Can you tell me a little bit about what drove that performance and how do we anticipate this business to trend in the fourth quarter?
Yeah. The HVP components business, as we mentioned earlier, we believe it's a high- single- to low- double-digit growth. And the key drivers of HVP components today have been around GLP-1s as one of the key drivers, also continuation of new launches of biologics and biosimilars in the marketplace. And we're seeing the uptake of Annex 1. We originally said when we begin 2025, roughly 100-150 basis points. I think in third quarter, we mentioned it's roughly around 200 basis points, so a little bit stronger than we anticipated. So if you look at all those three factors, that's what's driving that performance. And these are long-term growth trends that we are feeling really comfortable. And we do have the capability to continue to grow with our customers as the markets expand.
Yeah. Just to add one thing, I think if we look at that 13%, one of the things that's really very comforting and gives me optimism for the future is if you look at ex-GLP-1, our core business in HVPs continued to grow. Obviously, we were dealing with some destocking as well as the rest of the marketplace. And last year, we've largely passed that or we're behind that now. And we actually have seen that in our business with improved performance in our HVP business, ex-GLP-1s, improving growth rates throughout the course of 2025. And we expect that to continue into 2026.
Great. And if we go to GLP-1s, GLP-1's elastomer business grew from 6% of revenues in 3Q24 to 9% of revenues in 3Q25. That's up about 50%. Do you see growth continuing for GLP-1s in the future?
Yeah. Not at that pace. I mean, we obviously are able to respond to our customers' needs on the demand, and it was probably a little more than we originally anticipated, but we're able to respond to support them on the elastomer side of the business. We do believe it's a strong, it's a double-digit grower of the market and will continue to support them, but at the 50%, the last large numbers is a little more difficult to continue at that clip, and as the market expands, there's probably been other factors that will come in that our customers are driving and will support them, so if prices change, if it becomes access to the drug is more available to a bigger population of patients, we'll be able to support them because we are focused on volume.
And so, yes, it will be still a double-digit growth for us at West, but not at the 50% clip.
Yeah. Maybe just to build on what Eric was talking about, when we think about this, obviously, we believe we're still in the very early innings of GLP-1 and the adoption. And I think probably there's been a fair amount of discussion in other rooms about that, and there's probably some confirmation of that as well. If we think about what's happening in that marketplace, not only is there a rush to kind of lower cost, lower price for consumers to actually increase access, certainly here in the U.S. with the administration agreements with the two large players there, you're also seeing more indications being investigated and interrogated throughout the clinical piece. And then you have the opportunities in biosimilars around the world in certain markets. And so we think that the opportunity to kind of expand the pie and continue to grow with our customers here is pretty strong.
How will the introduction of the oral format of GLP-1s impact your GLP-1s HVP revenues going forward?
Yeah. As you know, we don't participate in orals. So as we look at it, we've been pretty open about how we've been looking at the market of GLP-1s going forward. We've been modeling for our own investment thesis around 30%, but we'll let our customers bring those numbers to the table. But we think it's, as I said about the different pricing and the injectable side, we also think that the orals will definitely open up new markets and new geographies. So we don't believe it's going to be cannibalizing, but we do believe it will, from our vantage point, it will be growing the market as a whole. And again, we're very well positioned on the injectable space, and that's where we're going to continue to focus.
What are you seeing with regard to destocking? Is destocking now over?
Yeah. It's pretty much over. We're always going to have a straggler here and there due to working capital by our customers periodically. But in general, yes, destocking is over.
Great. And the big news this week is that you're selling the SmartDose business. What was the thought process behind that decision?
Do you want to go with that?
Yeah. You know, I think we were very open about kind of looking at a two-pronged approach there. One is we needed to get the cost down. I think the team has done a good job of doing that throughout the course of 2025. But we also were looking at, hey, are we the right owners for this asset long term? And I think the team is very proud of what they've been able to accomplish over the last several years in really helping support drugs on market that way with that technology. But when we looked at the opportunities going forward, we felt that we have better opportunities, didn't hit our profitability thresholds, and we think that AbbVie is a better owner long term than we are.
We think that we can then redeploy kind of the time and resources that it's been taking to drive that business and the cost down to higher growth opportunities, such as our HVP components as an example. So while we were making progress and will continue to make progress in reducing the costs, we've got a good relationship with AbbVie, and we felt that that was a win-win for both us as well as AbbVie and most importantly, for patients to continue to have this product on market and drive, I think, additional not only opportunities for us to redeploy those resources into faster growing opportunities for our shareholders.
Great.
Great. Maybe one last question before I leave you with some closing remarks. What is your capital deployment strategy?
No, you know, it's one of the things that I think really attracted me to this company is it's a great business with a durable recurring revenue stream that generates a significant amount of cash. We've been over-investing in capital to take advantage of some of that growth for the future, certainly with COVID investments. As you saw with free cash flow growing much faster than our operating cash flow, getting that CapEx back to kind of the 6%-8% range, it gives us an opportunity to deploy our capital to continue to grow the business. Certainly, first off is organic growth, continuing to invest disproportionately in our high-value business. But then with that, I think we're looking at opportunities where we can actually augment our high-value, our core business with potentially new technologies. So looking at both organically and inorganically.
But then at the end of the day, we're also looking to deploy in a more systematic approach returns to shareholders . Expect to hear more as we continue to dive in and throughout the course of this year.
That's quite awesome. Eric, any closing remarks?
Yeah. First of all, thank you again for the invitation. Very productive discussions we've had with the investment community. We're excited about our future at West. We talked about the macro trends. We're very well positioned. We're the key player in the marketplace, critical with our customers. We know we have to earn it every day, and we will continue to do so. But I'm really pleased on where we're going. We have the right team. And I believe there's more to come. So thank you very much, and have a good day.
Thanks, everyone.