Qiagen N.V. (QGEN) Earnings Call Transcript & Summary

Great. Welcome to the JPMorgan Healthcare Conference, everybody. My name is Casey Woodring from the Life Science Tools and Diagnostics team. I'm pleased to be joined by Thierry Bernard, CEO of QIAGEN. This will be the standard 40-minute session. We'll do a corporate presentation and Q&A afterwards. Thierry, all yours.

Thank you so much, and good morning, everybody. A very happy New Year. I do apologize that I'm standing between you and your lunch, but I think it's always better than presenting after lunch anyway. So I'm very pleased to present and discuss with you the most recent progresses and achievement of QIAGEN in '25. QIAGEN, a company that continues to systematically deliver on our commitments, not only for growth but also profitability, product development, but also a company that continues to invest to fuel that growth and enhance that performance. You are probably aware that normally QIAGEN doesn't disclose earnings Q4 or full year at JPMorgan, but if I do not say anything today you can imagine that you feel good or we feel good about our Q4 and full year 2025. I won't go line by line in all the slides. I mean, I'd rather have a discussion with you after the presentation. But for those that are less familiar with QIAGEN, a very quick reminder. For the last 40 years, this company has been developing and focusing on molecular solutions from PCR -- digital PCR and next-generation sequencing for thousands of customers all over the world in research, academia, clinical, forensic, biotech, pharma, agri business and more. As of today, 55 or 5,700 QIAGENers, we call them QIAGENers are delivering $2 billion worth of differentiated solutions to more than 500,000 customers all over the world. And we do that in a typical razor -- razor blade business model where 90% of our revenues are made of predictable recurring consumables. One of the first highlights of QIAGEN in my view, is that it's a very balanced company. And when I say balanced, I mean ideally balancing applications between life science application, clinical application, ideally balanced also geographically. More than 50% of our revenues are made -- are coming from the Americas, but significant also revenues from Europe, Middle East and Africa and also from emerging countries and Asia Pacific. Balanced but also focused and especially for the last 7 years. If I insisted so much in those presentation at JPMorgan and elsewhere on focus, it is very logical. It is because QIAGEN is a mid-cap. The mid-cap main challenge is critical mass. And in my view, when you are a mid-cap, you need to make sure that what you invest in research and development will allow you to take between the #1 and the #3 position where you invest. And that's the sense of what we call the pillars of growth at QIAGEN. But we do that with a very, very unique situation. We leverage the leadership that QIAGEN has in Sample technology, which is the very first step in every biology workflow to then take leadership positions into downstream applications such as digital PCR, clinical applications, syndromic testing, tuberculosis or bioinformatics. That focus is really fundamental. You know what is common, for example, between Natera or Guardant Health or the FBI in the U.S. or the French Police at the Lou recently, they all use QIAGEN Sample tech. Another anecdote is that 2 years ago, 3 years ago. I was invited in Cambridge in the U.K. to give a presentation in front of 400 PhDs from all over the world on the future of life science and diagnostics, 400 PhDs. Those are our customers of tomorrow. I started my presentation asking a question, who in this room knows QIAGEN and uses QIAGEN? I had 400 hands raised. This is uncomparable. That leadership in Sample technology allows you then to take more share of wallet in where we want to focus, once again, clinical applications, syndromic, latent TB, digital PCR, bioinformatics for a total addressable market, which is rather large. We believe that our total addressable market is around $12 billion. Balanced, focused and an unwavering commitment to profitable growth. And to exemplify that, I come back to what we committed to you in our last Capital Market Day in June 2024 in New York. It was very simple. We said this is a growth company, 7% CAGR to 2028. We are on our way to execute on that. And we said that those pillars of growth would achieve $2 billion revenues out of a total of $2.6 billion revenues by 2028. We are on our way to execute on that. 31% EBIT margin. Given our recent performance and the incredible operational efficiency effort that we are driving, we put a commitment of 250 basis points of improvement here. We believe that, that number -- that target of 31% can be exceeded. We are just observing the market, volatility of the international market, our own market before coming back to you with the new numbers, but stay tuned for 2026. And last but not least, $1 billion -- at least $1 billion returned to our shareholders, absent of significant M&A, we have already exceeded that, and you have seen that QIAGEN did another $500 million share buyback very recently. I know that I said that at JPM, we do not give earnings results or guidance for 2026, but let me give you some colors about what we achieved and how we progress in 2025 and then how we address 2026. First of all, as I said, we feel very good about our guidance for the year between 5% and 6% core growth CER and $2.38 of EPS. But what is also interesting is that not only are we delivering to you on sales growth, on profitability, but also on operational execution across all our dimensions at QIAGEN. In other words, everything we told you that we would launch is perfectly on time, on spec and on budget. A few examples. In Sample technology, we are currently launching 3 new instruments. I'll come back to that. You have seen also that we have closed recently the acquisition of Parse Bioscience, and this is going to enhance, obviously, our market penetration for Sample technology. QuantiFERON continues with a double-digit growth. It's 160 million of tests sold since we launched QuantiFERON. And we still have a significant market to convert of skin test. 50% of the market is still to be converted. We still have a lot to do here. QIAcuity is still a double-digit, also growth profile, digital PCR. This is probably in the history of Life Science and Diagnostics, the fastest-growing installed base, more than 3,000 instruments since we launched QIAcuity. This is quite unprecedented. And we continue to improve the menu in oncology, in cell and gene therapy. QIAstat-Dx syndromic testing, we are definitely a very solid #2, more than 5,000 placements, double-digit growth once again in 2025. Last but not least, QDI continues to be a leader in bioinformatics. We call that QIAGEN Digital Insight. And you have seen as well that we are reinforcing, enhancing our leadership here with the integration of Genoox. I'll come back to that. We are a company investing in research and development. On average, every year, QIAGEN spends 9% to 10% of our revenues on research and development. We believe in that. But we want, obviously, profitable research and development. And let me give you some details about how we see investment by main pillars of growth. In Sample tech, it's very simple. As I said, investment into automation, 3 new system and focus on high-value application. Everybody says or sees Sample technology as a kind of slow-growing market, mature market. This is true, but this is not where we focus. Where we focus is where the market is growing very quickly. And what is this? Liquid biopsy, once again, Natera, Guardant Health, minimal residual diseases, microbiome testing. Here, QIAGEN is growing at much more than double digit, and we continue to do that. In QuantiFERON, it is all going to be about making the current workflow even easier to use, enhancing complete proprietary automation and investing into AI to make the test better. In other words, we are already #1 in QuantiFERON, but that doesn't mean that we become arrogant or complacent. We continue to invest into that product because we believe that we still have a significant potential for growth, and we will achieve our target that we gave you in New York a year ago -- a bit more than a year ago, $600 million revenues for QuantiFERON by [ 2028 ]. QIAcuity, it's all about expanding the menu, focusing on gene expression because if you really want digital PCR to become a technology of choice, this is on gene expression that we are going to prove our case. And this is where we are investing. QIAstat, solid #2 in syndromic testing. It's all about menu. We just submitted our new panel direct identification of positive blood culture to the FDA and the IVDR in Europe. We continue to develop our complicated UTI and pneumonia panels and obviously, continuing to grow our installed base. Last but not least, QDI will all be about adding more AI capabilities to our software and obviously completing the integration of Franklin, the platform Genoox. R&D is basically invested in 2 main axis, automation and menu. We believe in automation in this company. Why? First of all, because this is what the market wants. Also because laboratory technicians, whether in research or in clinical are becoming older and older. So we need to make sure that we allow our customers, the labs to become less and less technician dependent. Automation helps them to do that. Second, because our own customers are also under financial pressure and only the combination of automation and AI will help them mastering that financial pressure. A few examples. I said that QIAcuity was probably digital PCR, the fastest-growing installed base in the history in Life Science and Diagnostics, and I mean that. We continue to enhance that solution, partnership with Hamilton to create a seamless workflow from preparation to the run of digital PCR. In Sample tech, where we are already leaders, 3 new instruments are coming to the market already. First, QIAsymphony Connect, the successor of QIAsymphony, the flagship system in Sample tech all over the world. It's already being installed as we speak in major customers. QIAsprint Connect will mark the entry of QIAGEN Sample tech into very high-volume Sample tech. It's going to be launched in Q2 of '26, perfectly on time. We are already receiving purchase orders for this system. And towards the end of the year, a very interesting bet, but a smart bet QIAmini, allowing researchers to have a very benchtop small, affordable platform on their bench and stop pipeting and pipetting and pipeting with the quality of QIAGEN Sample tech chemistry. Once you have instrumentation and automation, obviously, on the market, you need to fuel that with the appropriate menu. Sample tech, as I said, will all be around investing into added value consumables. Again, focused liquid biopsy, think minimal residual disease, think oncology, think microbiome testing. QuantiFERON, as I said, it's moving our chemistry towards higher volume and investing into AI. Stay tuned. We'll tell you more during 2026. QIAcuity, focused on gene expression and QIAstat continue to invest into new panels, both in Europe, in the U.S. or in the rest of the world. We grow organically, but we also grow through smart acquisition. What do I mean by smart acquisition for a company like QIAGEN? It's very simple. QIAGEN focuses on actionable bolt-on acquisitions, one that are completely synergistic with our current portfolio. I told you that we are obsessed with focus. We are not going to spread the company thin again with acquisition. The rule of the game here, the obsession is make sure that with that new product, we can increase our share of wallet without having to invest into more sales force, more marketing effort, synergistic. Second, directly accretive to our sales growth profiles. Three, financially accretive in a reasonable time frame. And for me, reasonable time frame means less than 2 or 3 years. And a couple of examples for this. You have seen the closing of the Parse Bioscience acquisition in December. Single cell is a very natural extension of our positioning in Sample technology. In addition to that, single cell is extremely synergistic in its application with our bioinformatics portfolio. This is why we decided to acquire Parse, but we did it also because among competition on that market, Parse was extremely differentiated, and I will insist on 2 things: instrument-free solution and an unprecedented uncomparable capability to address a very large number of sales that no competition at the moment on the market can do. Second example is the acquisition and the closing of Genoox during the summer of 2025. Genoox ideally complete our portfolio -- existing portfolio on bioinformatics. In addition to that, with increased AI and the best-in-class user interface as well. Growing company, profitable company and a company that embraces AI because we see AI as a key asset to increase operational efficiency. We embrace AI, but we do not embrace AI for the last 2 or 3 years. This company is investing in AI for more than 15 years, thanks because of our presence in bioinformatics, where we combine manual data curation and large language programmation system to create AI-based software. But we also invest in AI across all our dimensions as a company. Sales and marketing, this is obvious. But at QIAGEN already between 65% and 70% of our sales are digital, but not only sales and marketing, think research and development, example, AI-based enzyme developed solutions. Think manufacturing, where in QIAGEN, you have full lines of manufacturing with cameras all over the lines that are basically creating algorithm of pictures to detect before they happen, potential failure during the manufacturing process. This is clearly impacting, for example, our scrapping performance. Think also regulatory. Anytime you are in the clinical world, you need to do post-market surveillance. We have completely digitized that step. Growth, profitable growth, solid P&L, all this contributes obviously to a very, very solid balance sheet that we clearly want to leverage to continue basically to fuel growth and increase returns to shareholders. I spoke about it. The main ways for us to return and to optimize that balance sheet is, one, organic investment, 9% to 10% into profitable R&D; bolt-on targeted smart M&A, I defined the criteria before; active share repurchase program. We just gave another example in January with $500 million returned to shareholders. And since 2025, sorry, introduction of the dividend policy. And as we said to the market, it's going to be a recurring and progressive dividend payment. All this from our current position of being not really leveraged company to move to a more active, at least leverage situation of around 2x net debt-to-EBITDA structure. So as a conclusion, how do we address or how do we enter with what kind of mindset and ambition are we entering 2026? First, our obsession to deliver quarter after quarter. If you give -- if we give you the numbers that I have alluded to in -- for 2025, that will be the 25th quarter in a row in that volatile environment where QIAGEN has achieved or exceeded sales guideline and EPS guideline. So that focus on execution quarter, what we say is what we execute, but also focusing our portfolio, extracting value from our 2 most recent acquisitions and continue and enhance that very disciplined capital allocation to create growth and also return to shareholders. As a conclusion, this is a very solid company. We are growing faster than the market. We leverage an already very compelling P&L to continue to increase profitability. And we continue to increase talent to our Board, for example, or to our QIAGENers. In short, we are perfectly on our way to execute on what we committed to you 2 years ago in New York, 7% sales growth rate, at least I insist again, 31% EBIT margin. Again, that number will change and at least $1 billion of capital returns to our shareholders. Thank you.

Thank you for that, Thierry. Maybe we can kick off the Q&A. In 3Q and intra-quarter to end the year, you've talked about 2026 revenue growth around 5% to 7%, inclusive of Parse. Curious just on the organic piece, what's your updated view on the underlying end market growth rate for the industry in 2026 and walk through maybe some of the puts and takes there, particularly across academic and government and pharma and biotech? Any thoughts there?

So it's not that I want to correct you, Casey, but I didn't say 5%, including Parse. I said if the market normalizes and capital expenses in labs are returning to a more normal level, I even believe that we can do much better than 5%. I think that 5% to 7% is perfectly achievable together with Parse. Parse, for those who have not read our release in Q3 should bring around $40 million revenues in 2026. We feel that the market is entering '26 in a better shape than '25, clearly. We have more visibility on funding. I speak for research and academia. If you remember, 6 months ago, many people were thinking the NIH budget will be slashed by 30%, 40%. We never believe in that, by the way. If you follow our transcript, we said we need to keep a cooler head. It's going to be much more moderate. I expect the NIH budget to be flattish, even potentially grow a bit. So this is better, no doubt. I think some recent decisions around also reimbursement are favorable. So betting on a mid-single-digit growth overall for the market is reasonable. The key question is when is a more dynamic capital expense environment will come back to in the labs. I don't see it for the first part of the year. I believe that despite a better environment, many labs are still cautious. They want to wait and see. But we bet on an improvement of capital expense in the second half of the year.

Okay. That's helpful. Maybe we can dig into some of the pillars of growth. Maybe starting with dPCR. You ended 2025 with over 3,200 QIAcuity placements. Can you just walk us through the competitive landscape in the dPCR market as you see it today and what the outlook looks like for '26 just in terms of placements and consumables as you think about some of the new assay offerings you've talked about and coupled with the kind of more cautious capital spending environment that you just touched on?

Yes, that's a fair question. I mean we believe digital PCR is by far the fastest PCR market. It's a growing market. It's probably between 15% to 20% market growth and it's basically based on research and academia application. We haven't seen really the growth in clinical. It's going to come. So it's an upside for us, first of all. Second, if you look at the market competition, you have 4 established players at least in the Western world, obviously, the founder of that market, Bio-Rad. You have Thermo Fisher and Roche has launched a solution. But I believe that from a focus standpoint, you have really 2 main players, Bio-Rad and QIAGEN. And if I look at the dynamic and if I read also what our colleagues from Bio-Rad are saying, we are growing and they are not growing. And I mentioned the unprecedented growth of our installed base. But in addition to that, every year, we add at least hundreds of new assays for life science application. We started from traditional application. We expanded to biopharma, QC control, cell and gene therapy. I mean labs now have a full set of options of [indiscernible] with our solution. In addition to that, we launched a diagnostic solution for digital PCR, and we are offering digital PCR to our pharma partners for companion diagnostic. As a result, we are currently the only company offering companion diagnostic solution on PCR -- on digital PCR and on NGS as well. And this is very growing. I said something which is fundamental for me. This market, digital PCR is probably already around $1 billion to $1.5 billion total addressable market. It's still smaller than qPCR. qPCR market is probably around $3 billion. If you want to change that paradigm, you need to make sure that your digital PCR solution will be able to address the main market in qPCR, which is gene expression. And this is why I insist so much in the presentation that strategically, this is where our focus here. This is our investment in chemistry. And this is -- I don't want to say too much today, the investment behind our second generation of digital PCR instrumentation, the conversion of gene expression.

That's helpful. Can you talk more about the QIAcuity and Hamilton launch that you talked about here a little bit during the presentation? What was the genesis of that collaboration? What are the economics of the partnership? Maybe any kind of top line impact that you foresee in '26 and beyond call out.

The economics are very simple. I mean, basically, they developed a solution with us. We partner, and -- but there is no share of revenues or I mean, it's basically part of our workflow. We just want to make sure that from a very simple solution to use, because as you remember, QIAcuity is basically sampling result our box. We want to make it even more seamless, especially in the pre-analytical phase of the run for our customers. That's the rationale behind that collaboration. It doesn't change our perspective of growth. We always said that digital PCR at QIAGEN will be double digit. It's basically making the life of our customers simpler. And by definition, it will improve the stickiness of those customers to QIAGEN.

Maybe shifting over to Diagnostics, one on QuantiFERON. What's the latest expectation from a new competition perspective in the TB market? It doesn't seem like you're expecting a competitive launch in the U.S. anytime soon, but potentially in Europe in the near term. So just maybe walk through your latest expectations on the competitive side and maybe why QuantiFERON has a competitive edge.

I'm not speaking on behalf of competition. So we said the same for the last 3 years. We always believe that, first of all, we have always been faced with competitors in this market, whether technology-wise, like skin test, but other companies, Oxford Immunotec that then became Revvity. And so we are used to competition. Second, I mean, unlike many #1 on the market, we systematically continue to invest not only in technology, partnership, DiaSorin, partnership with Tecan, partnership with Hamilton to defend our position. And I know that every year, the market says, when is it going to stop your double digit and every market -- every year, we delivered on a double digit. Why? Because we have such an important skin test market to convert. So I'm not [indiscernible] any kind of competition. When we gave you a guidance in our Capital Market Day, we said $600 million revenues for QuantiFERON by '28, which implies a CAGR '24, '28 of 7% that shows you coming from double digit that we are already factoring the arrival of newcomers. Then after those newcomers have to prove their case, when are they going to launch, what kind of product, which kind of differentiation. It's not going to -- we made sure that it's not going to be easy to take customers from QIAGEN. Let's put it that way. But we respect competition.

Maybe turning to QIAstat. Can you just provide us with what the lay of the land looks like in the syndromic hospital testing market today? How do you see this market growing in 2026? What's the penetration look like? What are the key drivers of growth moving forward?

Yes. I said in the presentation that the mid-cap needs to focus, invest where we can be #1 to #3. On syndromic testing, I always said QIAstat will be a solid #2. Never said #1, it would have been aspirational. We achieved that. QIAstat is now the #2 player in syndromic. And I think that situation between the #1 and us will continue for some time. We still continue to have a very quick growth of our installed base. You have seen 5,200 system. We continue to expand our menu approval, especially in the U.S. We are launching new panel, BCID this year, but the one that I really believe in, it's complicated UTI because this fits into a significant unmet medical need and no other competition will have it. So this is for 2027, unfortunately, but I believe in that. So I think we gave you a target of $200 million revenues by '28 for QIAstat when we were in our Capital Market Day. This is probably one of the pillars of growth where I believe we have upside.

Maybe as a follow-up on QIAstat. You saw strong momentum to end the year in placements, ending the year with over 5,200 instruments globally on the QIAstat side. Just any expectation for placements in '26 now that you're going to be integrating the QIAstat-Dx Rise into the fold? And how should we think about benefits from the consumables piece on the higher throughput platform on QIAstat?

So there is no reason we should do less than 2025, first reaction. The more we are entering some new markets, obviously, the better. QIAstat Rise, the higher throughput is now or will have a complete menu in the U.S. as well. So that will help. Again, that just consolidates the double-digit growth profile of syndromic testing for us, and we believe in that, and we are going to achieve that in '26 as well. That's what I can say at the moment. But once again, what is important here is to continue to develop menu. The platform is good. The instrument is very good. There is no doubt about that. Many customers are adopting QIAstat. It's basically filling those platforms with menu. This is why BCID in '26, [ CAUTI ] in '27 are so important. But I have no concern with a double-digit growth profile for QIAstat for the coming years.

Maybe turning to Sample tech. QIAGEN has a number of new Sample tech products launching in 2026. Maybe can you just walk around -- walk through the potential contribution to the top line from some of those new product launches and how you're factoring those into the 2028 target of $750 million or above in CER revenue?

So first of all, investing in automation in Sample tech at QIAGEN is not new. If you look at our R&D priorities since 2020, we converted QIAcube to QIAcube Connect, more automation. We converted EZ1 into EZ2. And now we are launching those 3 new systems. One is an update of an existing system, flagship in Sample tech. You go to every lab, they use QIAsymphony. It's QIAsymphony Connect, very key for liquid biopsy application. QIAmini and QIAsprint will allow QIAGEN to get into new untapped market for us. QIAsprint because high volume, we are not there. There is one main competitor, and that competitor has not upgraded its solution for some years. So we believe that we have a significant potential here. And I'm very pleased to see that even before we launch, just by visiting our headquarter and our R&D laboratories, we already received purchase orders from pharma companies and biotechs. So this one, I believe. QIAmini is not opening a full new market because part of this market will come from our presence on manual Sample tech, but it's going to, again, offer an added value solution to a significant volume of customers, small labs, mainly in academia and research. So long story short, I believe that '25 will be flattish, as we said in our Q3 transcript. Those new investments will allow us to push Sample tech towards 3% growth in the coming years. 3% growth will allow us to achieve $750 million revenues. And what you shouldn't forget is that the profitability profile of our Sample tech business is extremely high. So this is a very good 3% growth. In addition to that, customer loyalty is very high as well. To lose a customer in Sample tech, you really need to do some basic mistakes. So it's customer loyalty, loyalty of profitability. So it's a good investment for the company.

You talked about MRD and therapy selection testing as a key growth driver in Sample tech. But these customers are also pretty price sensitive and under pressure to reach profitability themselves. So how should we think about pricing dynamics in Sample tech and also competitive dynamics there with cheaper options?

You need to be smart. I mean it's obvious that in Sample tech, where you are a leader or where we are a leader, we have more pricing power, for example, than in other fields where we are more challengers. But that would be fully to try to take advantage of that pricing power to basically take the risk of potentially losing customers because we need to always understand that our customers are also under pricing pressure. So it's a question of negotiation. It's a question of negotiation. We always explain that QIAGEN every year passes price increase. On average, I believe that in terms of basis point, the net-net impact of price increase for a company like QIAGEN should be at least 100 basis points per year, and we continue to stick to that. Last year, we were even more aggressive because not only did we pass price increases, but we also factored tariff increases. This year, we are, as we speak, passing again, but we also carefully negotiate when there is a risk of by being too greedy, you're losing your customers. There is no way we can open the door for competition because of stupid pricing negotiation.

Okay. That's helpful. Maybe one on Parse. Can you just talk about the instrument-free approach there and how they work around not requiring any capital purchase? And then also, do you see Parse as a better fit for pharma or academic and government?

Both, both because for pharma, that will be obvious because of the number of cells that you can actually process. So this is why we are very confident. Instrument free, it's very basically attractive for many customers because they don't have the capital expense investment. They don't have to go through their administrative ordering process. But Parse is smart as well. They know that there will be some needs for instruments. So they already develop an instrument-based solution. And Parse has also what we call a GigaLab -- GigaLab where customers can send their samples and it's going to be processed by -- so they will be basically addressing any kind of market needs. But what is good is that when you have instrument free, you can democratize access to the technology because it's so simple to order it. That's also why we believe in this acquisition.

Okay. Last couple of minutes here. Just turning to capital allocation. How should we think about your M&A strategy moving forward once you reach the leverage target of around 2 turns, as you indicated during the presentation? Would you look to do something incrementally larger? Would you look to go outside areas outside of the 5 pillars of growth? Maybe just walk through how you're thinking about M&A.

Well, it's management responsibility to look and analyze any kind of opportunity that could create shareholder value, big or large and obviously, stakeholder value as well. But the focus of this company is definitely bolt-on. And this is also what the market is expecting, I believe. And when I say bolt-on, again, I insist, it has to be synergistic. So no agent sent. I don't believe in that because it's spreading the company thin again, and this is not a risk that we want for QIAGEN. We want to continue to focus. Second, criteria, accretive to top line immediately and reasonably -- and accretive financially in a reasonable time frame. Those are the criteria. There are companies. It's a lot of negotiation. You can imagine that we have a pipeline, which is much bigger than just closing 2 acquisitions in a year. But I'm here to create value for our investors and not to reward the investors of the company we are targeting. So there are always tough negotiation on valuation, obviously.

Maybe last 30 seconds here. When you look across the business, what are you most excited for in 2026?

First of all, that the market is coming back probably in the second half of the year on capital expense because we have invested and it's time to also upgrade the installed base. Second, digital PCR is really continuing to grow. And Third, 3 new system in Sample tech. This is unprecedented. And last, stay tuned. I don't want to say too much, but what we are trying to do in AI and QuantiFERON can be extremely, extremely game changing. So stay tuned.

Okay. Well, it looks like we have to end it there. Thank you very much.

Thank you so much.

Thank you, everybody, for joining. Have a great rest of your conference.