Good day, and thank you for standing by. Welcome to the Owens & Minor Fourth Quarter and Full Year 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Jackie Marcus, Investor Relations. Please go ahead.

Thank you, operator. Hello, everyone. Welcome to the Owens & Minor fourth quarter and full year 2024 earnings call. Our comments on the call will be focused on the financial results for the fourth quarter and full year 2024, as well as our outlook for 2025, all of which are included in today's press release. The press release, along with the supplemental slides, is posted on the Investor Relations section of our website. Please note that during this call, we will make forward-looking statements that reflect our current views of Owens & Minor about our business, financial performance, and future events. The matters addressed in these statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected or implied here today. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for that. However, there can be no assurance that our expectations, beliefs, and projections will result or be achieved. Please refer to our SEC filings for a full description of these risks and uncertainties, including the risk factors section of our annual report on Form 10-K and with quarterly reports on Form 10-Q. Any forward-looking statements that we make on this call and in our earnings press release are as of today, and we undertake no obligation to update these statements as a result of new information or future events, except to the extent required by applicable law. In our discussion today, we will refer to non-GAAP financial measures and believe they might help investors to better understand our performance or business trends. Information about these measures and reconciliations to the most comparable GAAP financial measures are included in our press release. Today, I am joined by Edward Pesicka, Owens & Minor's President and Chief Executive Officer, and Jonathan Leon, the company's Chief Financial Officer. I will now turn the call over to Edward.

Thank you, Jackie. Good morning, everyone, and thank you for joining us on the call today. 2024 was an important year for Owens & Minor, and I am pleased with the progress that we have made against the strategy we outlined at our Investor Day in December of 2023. As a reminder, we committed to optimizing our products and health care services segment, leveraging our leading Patient Direct platform, and building balance sheet flexibility through deleveraging. Within Products & Health Care Services, we continue to see momentum in the broadening of our product portfolio, developing a streamlined and efficient manufacturing footprint, and enhancing our distribution capabilities. Within Patient Direct, we continue to leverage our footprint and broad product offering to support home-based care for millions of patients with chronic conditions. Those capabilities, combined with the positive demographic trends and expanding home treatment options, leave us very bullish on the future of this business. Finally, we repaid $647 million of debt over the last two years, which helps provide the financial flexibility to pursue the acquisition of Rotech, which we believe will drive long-term shareholder value. As we mentioned in our press release published this morning, we have been actively engaged in robust discussions regarding the potential sale of our Products & Health Care Services segment and are already well along in the process. Over the past few years, we have focused our capital reinvestment on the higher growth, higher margin Patient Direct segment. Accordingly, over the past eighteen months, we have considered many strategic options while continuing to work to enhance the Products & Health Care Services segment.

The actions we have taken on realigning Products & Health Care Services—

—has made it a stronger entity and well-positioned for future growth. We are excited and encouraged by the strong interest in the Products & Health Care Services business and ongoing conversations we are having in the process. In addition, the press release published this morning also mentioned that our Board of Directors has authorized the share repurchase program of up to $100 million. Jonathan will provide more detail later during his prepared comments. Regarding our planned acquisition of Rotech, we are awaiting a final decision from the regulators, and we remain diligent in our planning process as we expect to close in the first half of 2025. We remain incredibly excited by the prospect of a united future together. It is our plan to leverage the existing Apria platform we acquired nearly three years ago to improve service while delivering synergies through the optimization of our operations and interface with our customers. To the extent possible, we have been using the past few months to further understand the synergy opportunities and create the ability to expedite synergies post-close. Based on what we already know and the work we have done to date, we now believe that our previously discussed cost synergy projections are conservative in both terms of value and time. Before I discuss our performance in 2024 and our goals for 2025, I want to take a moment to commend our teammates at Owens & Minor. We saw many difficult and heartbreaking situations in 2024 and earlier this year, including the record-setting hurricanes and historic flooding in the southeast, the significant winter storms across the Midwest and northeast, and the devastating fires in Los Angeles. Facing these extraordinary circumstances, our teammates ensured that our customers and patients received the critical and vital medical supplies they needed. I am incredibly proud of the team that we have assembled at Owens & Minor and that our teammates embody our core belief that life takes care. Now moving on to 2024. While we focused on our long-term strategy, we also delivered mid-single-digit top-line growth and 13% growth in adjusted EPS while continuing to reinvest in the business to drive greater operational efficiencies, improve customer experience, expand our technology offering, and set ourselves up for long-term sustainable growth. Starting with Patient Direct, our Patient Direct business outpaced market growth with mid-single-digit growth for the quarter and for the year. In addition, it delivered over $13 million of incremental operating income year over year while making significant progress with revenue cycle management and our sleep journey program, which helped deliver strong sleep supply growth for the year and the fourth quarter. The addition of sales teammates also helped us deliver double-digit growth in many of our smaller categories. Finally, our investments in technology continued as we launched Byram Connect, a digital health coach to help manage diabetes. Overall, significant progress was made in 2024, but we still have ample opportunity for advancement as well as improvement across all of our therapy categories, and we remain excited about the future of Patient Direct. So now moving on to our Products & Health Care Services segment. Our Products & Health Care Services segment for the full year and quarter continued to show solid same-store sales growth in our medical distribution division, partially offset by lower glove pricing. Next, I want to recognize that the P&HS team continues to make significant progress in capturing savings and subsequently reinvesting those dollars into driving even more efficiencies and improving our operations. During 2024, we have advanced our proprietary product portfolio, made progress with DC automation, continued with the construction of new distribution centers, and began the consolidation of our fitting footprint. Overall, we made great progress related to our long-term strategy to optimize our P&HS segment. As I look ahead into 2025, the team and I are keenly focused on these areas. One, we will focus on expanding our free cash flow to strengthen our balance sheet, invest in our business, and support our stock as needed should it continue to be undervalued. Two, we will continue to be disciplined while driving profitable growth. Three, we will continue to take all steps to gain clearance from regulators, and upon approval, we will quickly begin the integration of Rotech into the Patient Direct segment. And finally, we will work through the process related to our Products & Health Care Services segment. As I look forward, I am excited to build upon the progress we made in 2024 to advance our long-term strategy that we outlined at Investor Day in December of 2023. With that, I will turn it over to Jonathan to discuss our financial performance in 2024 and financial guidance for 2025 in more detail.

Thanks, Ed, and good morning, everyone. I will start with a review of our fourth quarter financial results and cover some of the key drivers and trends from last year, and then dive into our outlook for 2025 in greater detail. Please note that during my remarks on today's call, I will discuss only non-GAAP financial measures. All GAAP to non-GAAP financial reconciliation can be found with the press release filed earlier this morning. With that, let's turn to fourth quarter results. Our revenue for the quarter was $2.7 billion, up 1.5% compared to the prior year. The Products & Health Care Services segment grew 0.5% overall compared to the fourth quarter of 2023. There was one more selling day this year compared to last year's fourth quarter, which accounted for the segment's growth. While same-store sales in the medical distribution division were offset by global oil prices and the knock-on effects of the IV fluid shortages during the quarter. The IV fluid shortage impacted procedure volume and subsequently our sales volume to some of our distribution customers. Patient Direct revenue grew by 5% compared to the fourth quarter of 2023. Sleep supplies and diabetes once again demonstrated strong growth. As discussed in previous quarters, home respiratory therapies such as NIV and oxygen declined on a year-over-year basis. We expect these third-party categories to return to growth during 2025, and we saw encouraging signs toward this turnaround late in the fourth quarter. Gross profit in the fourth quarter was $580 million or 21.5% of net revenue. Margin was essentially flat with last year's fourth quarter and expanded by 93 basis points compared to the third quarter of 2024 and benefited from a $10 million LIFO credit as inventory levels were meaningfully lower at December 31st compared to September 30th. Our distribution, selling, and administrative expenses for the quarter were 18.3% of revenue at $493 million, up from $457 million in last year's fourth quarter when DS&A was 17.2% of revenue. The increase in DS&A was primarily due to increases in teammate benefit expenses and higher workers' compensation costs. Adjusted operating income was $95 million in the fourth quarter, an $11 million increase compared to the third quarter and $15 million less than the fourth quarter of 2023. The year-over-year change in adjusted operating income can be attributed to modest revenue growth, which was offset by higher DS&A expense. Interest expense for the fourth quarter was just under $36 million, down about $1.2 million compared to the prior year's fourth quarter. This change was driven by our continuing debt reduction and was partially offset by less interest income earned versus the prior fourth quarter. Our adjusted effective tax rate was 26.5%, largely unchanged from 26.8% in the fourth quarter of 2023. Adjusted net income for the quarter was $43 million or $0.55 per share, compared to $54 million or $0.69 per share last year. Adjusted EBITDA was $138 million versus the $170 million reported during the fourth quarter of 2023. As previously disclosed earlier this month, we recorded a $305 million net of tax goodwill impairment charge in the fourth quarter. This non-cash charge was primarily related to adverse financial market changes during the quarter and, to a far lesser extent, anticipated future changes in a capitation contract at the Apria division. We do not expect the assumed contract pricing change, including the financial projections that were used in the impairment analysis, to have a significant impact on 2025 results. And more importantly, nothing about our positive outlook for Apria's prospects has changed because of this. We generated $71 million of operating cash flow in the fourth quarter, primarily driven by changes in working capital. As often happens, our working capital management yielded better cash flow throughout the quarter than was represented on the last day of the quarter, which allowed us to reduce debt by $31 million. For the full year, debt was reduced by $244 million, and we have paid down $647 million in debt over the last two years, demonstrating the cash flow capabilities of the business and our commitment to reducing leverage. Now with the wrapping up of 2024 and the start of the new year, we will provide guidance for the full year 2025. As a reminder, our guidance does not include any impact of the Rotech acquisition, which we still expect to close in the first half of 2025. Also, our guidance shared here today does not include any potential sale of our Products & Health Care Services segment and does not include any potential impact from future share repurchase activity. So with that, for the full year 2025, we expect revenue to be in a range of $10.85 billion to $11.15 billion, yielding a midpoint of an even $11.0 billion. Most of the growth will come from mid-single-digit percentage growth in our Patient Direct segment. Adjusted EBITDA is expected to be in the range of $560 million to $590 million, with a $575 million midpoint, representing approximately 10% growth over 2024. Adjusted EPS has a guidance range of $1.60 to $1.85 per share, with a midpoint of $1.73, representing approximately 13% growth. As we think about cash flow in 2025, we expect to see marked improvement from last year. We expect to have at least $200 million available for further debt reduction in 2025. We believe this is a reasonable expectation as it would be the result of the $575 million midpoint of our adjusted EBITDA guidance minus the midpoint of our gross CapEx guidance of $260 million and interest expense of $140 million, as well as less cash expected to be spent on items included in exit, realignment, and acquisition-related charges. Those items just detailed provide approximately $125 million of cash flow, and we believe another $100 million can be taken out of working capital, a task we have demonstrated in the past that we can achieve. So the year-over-year cash flow improvement is expected to largely come from the adjusted EBITDA growth included in our 2025 guidance, the expected lower cash spend on items included in exit and realignment and acquisition-related charges, and the anticipated improvements in working capital management. We will remain diligent in our efforts to reduce debt levels and intend to use free cash flow to do so. There's no change to our goal of maintaining debt to EBITDA leverage between two and three times, and after the close of the Rotech acquisition, we will work quickly to bring down incremental debt levels. As Ed mentioned, our Board of Directors has authorized a share repurchase program of up to $100 million. We will prudently match between using cash flow for debt reduction, which remains our leading objective, and share repurchase activity. However, with Owens & Minor shares currently so undervalued, especially so in the last few weeks, we believe share repurchase is a very sound use of cash flow. When thinking about how our full-year guidance will trend over the course of the year, and as is increasingly typical given the nature of our business, we expect at least 70% of the earnings and cash flow to occur in the last two quarters of the year, with the fourth quarter being the strongest. We also expect the usual pattern of our first quarter being the lowest earning quarter, and as we often see, we expect to be a net borrower during the first quarter. As a reminder, our guidance information and other key modeling assumptions were filed this morning under Form 8-K and reside on the investor relations section of our website. I will now turn the call back to the operator for questions.

Thank you. If you would like to ask a question, please press the appropriate key on your phone.

Good morning, guys. Thanks for taking my question, and thanks for all the details. I guess, why don't we start first with Rotech? Because I think, when the deck came out, the 8-K came out, I think people were a little bit alarmed to see some of the trends at Rotech. And I just want to ask you, knowing what you know now versus knowing what you knew when the deal was announced, is there anything surprising in the Rotech results over the last year or so? I appreciate, Ed, you making the comment that there's cost synergies that could be greater than the $50 million and could come sooner. When I just look at the margins of that business and the growth of that business, is there anything there that's surprising or different at all?

Hey. Good morning, Kevin. It's John. The answer to the question is no. There's no surprises in what we've seen. But I think people, a lot of people forget that for all of us, 2024 versus 2023 saw a significant impact of the 75/25 legislation leaving. That had an impact on all of us. I think it's been stated that Rotech has a little bit more exposure than we do to government reimbursement, so maybe a greater impact there. But I would say overall, and now that we've got a little more clarity, we have a really active, healthy dialogue with the Rotech team. We know how their year's ending up, and no surprises whatsoever. It's very consistent with our deal model.

Okay. That's helpful. If I can ask a follow-up on the free cash flow. I appreciate that the $200 million expected that you can redeploy back for debt repayment. You also have a $100 million share repurchase. Should we be thinking about those in conjunction, like, how should we think about that $100 million of buyback? Is that the priority first, or is it something over the course of time? And should we just assume the $175 to $200 million of free cash flow goes to pay down debt and the buyback is more opportunistic? Just help me understand how you're thinking about deploying that capital this year.

Yeah. So, two points. I think the first primary objective of the business is to continue to pay down debt. That's extremely important. But in the same sense, should the stock continue to be meaningfully undervalued, we would be opportunistic on that also throughout the year. I think that's the way to think about it.

Okay. Thanks. I'll go back and keep. Thanks.

The next question comes from Michael Cherny with Leerink Partners. Your line is open.

Good morning. Thank you for taking the question. Maybe if we can just start on Patient Direct and some of the underlying trends, John, you talked about mid-single-digit growth expectations on an organic basis over the course of the year. Can you parse that out a little bit in terms of what you expect to see on roughly speaking, volume versus price versus market share gains? I want to try and get a sense of where you see this business evolving and continuing to position itself given your commentary about outgrowing the market in 4Q and the rest of 2024.

Maybe I'll start and then John can add some commentary to it. Look, I thought the Patient Direct business had a really strong year. If I think about it, we had mid-single-digit growth in the business for the entire year as well as the fourth quarter. Not only that, we actually increased full year operating income by over $13 million. If I think about some of the areas where we've had some pretty good success, we've had really nice success continuing with growth in diabetes as well as in sleep supplies. Another area I touched on a little bit in my comments was we did add some resources, and in some of the smaller categories, we saw close to double-digit growth in those smaller categories where we've added resources. The one area where we're still underperforming is in home respiratory, specifically NIV and oxygen. It's an area where we're going to continue to focus in 2025 and look to make that a growth category for us, which then can help lift the entire business as a whole from an organic standpoint. But I think our mid-single-digit growth for the year as well as the quarter was relatively strong compared to the market. We see strong pockets where investments we've made are starting to pay off, like the sleep journey and the additional sales resources we've added. John, do you want to add any more?

The only thing I would add, Mike, is broad strokes on the industry: the demographic tailwinds are very strong for us in the entire space. Regardless of the therapies that keep coming out, we still see very good demand for our supplies and services. There is plenty of share yet to be gained across these categories for years to come, and the demographic tailwinds are overwhelmingly positive for us.

Appreciate that. And maybe a follow-up to Kevin's question regarding capital deployment and the buyback. Very much appreciate the dynamic of instituting a new buyback given the recent performance of the stock. That being said, you obviously talked about the beginning of the year being a use of cash component, assuming, as you've said, that the Rotech deal closes, you'll be taking on a meaningful amount of debt near term as you work to pay that down. How should we think about the cadence potential, knowing it's not in guidance, of the buyback against your cash flow needs, and why is $100 million the right number given where you see the dislocation of the stock currently?

From a cadence perspective, I think we think about it this way: we all believe the stock is significantly undervalued. We didn't see a better return on investment than buying back our own shares. Q1 tends to be a net borrowing quarter for us, and being a little more of a net borrower during Q1 doesn't bother us that much. We're confident in cash flow as we move through the year. Also keep in mind, rules around buybacks and our average daily trading volume limit how quickly we could execute. But we want to be aggressive if the stock remains oversold. Regarding why $100 million, given the current market cap and where shares trade today, $100 million is a meaningful amount. If we get to $100 million and the stock isn't where we think it should be, the board will revisit and consider additional actions.

The next question comes from John Stansell with JPMorgan. Your line is open.

Great. Thanks for taking my question. Just want to quickly touch on tariffs, appreciate the commentary changes by the day. But is there anything you can just help size, impact essentially from Mexico-based tariffs? Thank you.

So, first, tariffs for us aren't as significant as they may be for other players in the industry. As tariffs come in and increase our product costs, we will have to pass those on to customers because in our P&HS segment, margin profiles are tight, and those are costs we will need to pass on. The vast majority of our products are not made in China, which had the highest tariff increases last year, including on gloves and facial protection, so that is not a material impact to us. We do make some products in Southeast Asia, the U.S., Mexico, and Honduras. Our Mexican footprint is in the low single digits of what we make in products sold through our P&HS segment. It's a fluid situation, but our exposure to Mexico-based tariffs is relatively small.

To add color, our Mexican facilities and what comes back into the U.S. is about 1.5% of the total revenue of the P&HS segment, so that's a very small exposure.

Great. And if I can just slide one more in. It looks like SG&A is roughly flat as a percent of sales for 2025 based on the guidance with gross margins and adjusted EBITDA stepping up relatively proportionally. Is there anything you should call out about how you're thinking about investment and kind of our SG&A spend for next year?

From an SG&A standpoint, we'll continue to look at ways to optimize it and take costs out while not impacting service to our customers. That's how we've thought about it going into 2025.

The next question comes from Daniel Grosslight with Citigroup. Your line is open.

Hi. Sorry about that. Thanks for taking the question, guys. Just a high-level one on the P&HS sale process. Completely get that you're redeploying capital to higher margin, higher growth Patient Direct. But I'm curious why now is the right time to do this? And then as we think about a few years down the line, are you going to be 100% dedicated to Patient Direct, or are there other areas you may look to deploy capital into?

Why now comes down to receiving multiple inbound interests in the P&HS asset. We engaged advisers and our board and decided to broaden the process. We thought it important to disclose that this is in process as we move forward because we've reached a stage with significant inbound interest and a broader process that expanded interest. We wanted to be transparent so we could have open dialogue with customers, suppliers, and teammates and move the process forward and reach a decision quickly rather than slow-walking it.

And then as you think about where you deploy capital next, more so in the medium term: will you be dedicated 100% to Patient Direct, or are you thinking about other areas of potentially getting into?

In the near term, should the transaction happen with our P&HS segment, we will continue to focus on paying down debt. If the Rotech deal closes, we'll focus on integrating and optimizing Patient Direct and paying down incremental debt. Our longer-term strategy, as we disclosed in December 2023, is that we expect the Patient Direct business by 2028 to be a $5 billion revenue business through both organic growth and acquisitions. Whether we expand into other areas beyond that remains to be determined.

Got it. And then on your commentary around the $50 million of cost synergy from the Rotech deal being conservative in year three: I'm curious if there's going to be any pull forward of that to years one and two, and if there's any change in how you're thinking about accretion from the deal in year one and year two. I think previously, you said it was neutral in year one and $0.15 accretive in year two. Any change in how you're thinking about that?

We used the delay since the announcement to further understand how the two businesses can work together. During that period, we did additional work that gave us confidence there are additional synergies and that the speed to capture them should be faster. Some work that would have been done post-close was done in advance, which is why we think the original $50 million by the end of year three is conservative. In year one, there will still be some decisions to make that may not accelerate synergies in the first three to six months, but in the back half of the first full year, we should start to see them. Once we get regulatory approval, we'll provide updated timing and dollar estimates for synergies and the impact on the overall financials.

Once again, ladies and gentlemen, your next question comes from Eric Coldwell with Baird. Your line is open.

Thanks very much. First one on the Apria capitated contract. John, I heard you say that you don't expect it to have an overly material impact on 2025. So my question is, is that because the pricing change happens later in the year, so it's more of a 2026 impact? Or just that the pricing change anticipated or maybe it's already in effect is just not that material in aggregate? I'm just hoping to get more details on that as well as any discussion you can provide on the size of that contract or how much capitated revenue you have in Patient Direct today overall, what the mix is?

Appreciate the question. Stepping back, outside of this contract we have very few capitated contracts. Overall in the industry, capitation is a smaller portion of the market. This is a large capitated contract, and we take a disciplined approach to contract negotiations. We examine service level requirements, where deleveraging points are, and how to structure a fair and reasonable capitated arrangement. We had current volume and trending data, which gives us the ability to structure a fair contract. Historically, another vendor won a capitated contract and later the service wasn't where it needed to be; that contract was reopened and reverted to fee-for-service with us regaining business. Given the discipline we apply to bidding and servicing contracts, and the ability to see current volumes and trends, we feel confident in managing this contract. With that, John can add on the 2025 impact.

We're two months into the year under the current contract with the existing pricing. This is a large contract, and switching costs are high; it takes a lot of time to switch. Capitation contracts of this size have dedicated resources, so our ability to flex and support the customer is well-known. We feel good about our 2025 modeling. Whether the pricing changes or should we lose the contract, we believe we can take costs out and manage the impact effectively in 2025.

Fair enough. And then on the two segments for 2025 continuing ops guidance here. Can you give us any framework on what you're thinking for top line and EBITDA performance across the two segments? Any loose ballpark on growth and margin profile?

Using the midpoint of revenue guidance, most of the growth will come from Patient Direct. We expected medical distribution sales to be muted going forward, although we had a nice surprise in 2024. From an EBITDA perspective, you'll see some margin improvement in both segments, but not a significant margin expansion—perhaps a little margin lift in both P&HS and Patient Direct, with the bulk of consolidated growth coming from Patient Direct.

And I know the way you treat LIFO charges and credits has an impact on reported EBITDA. I think there was a $10 million credit this quarter, if I'm remembering?

It was about a $10 million credit in the fourth quarter. For the year it was basically flat, up to about a $1 million charge. We are expecting a relatively small LIFO charge in 2025.

Okay. Can I keep going?

Sure. You got the mic.

Would you be willing to share last twelve month adjusted EBITDA on the P&HS segment? We've tried to ballpark an estimate, but there are uncertainties between what's reported in filings versus press releases and allocations of certain expenses. So I'm curious if you could give us your framework of what LTM EBITDA was in P&HS.

A reasonable framework is that P&HS represents between 20% and 25% of consolidated EBITDA.

Okay. And then last one for me for now: you're willing to talk about how your debt financing roadshow went, what you're anticipating for debt cost on Rotech. Has that changed from the expectations set in July of last year?

One benefit of this morning's release is getting information into the market and enabling more efficient conversations with debt investors. Premarketing went very well and received good receptivity. As we begin to market in the weeks ahead, we'll remain open to different structures and expect a cost of debt broadly in line with our earlier model assumptions. We'll remain flexible.

The next question comes from Allen Lutz with Bank of America. Your line is open.

Good morning, and thanks for taking the questions. John, you mentioned some encouraging signs in the fourth quarter around NIV and oxygen. Can you unpack that a little bit? What are you seeing or what did you see in Q4 and early 2025? And what needs to happen to get those categories back to growth?

We saw starts in both non-invasive ventilation and oxygen begin to pick up late in the fourth quarter. Reimbursement requirements changed dramatically post-pandemic and we were a bit slow to adjust at the start. Others in the space had similar issues. It took time to get ourselves up to speed, but we're in a good spot now to begin capturing that growth. These categories have very high gross margins, and we built some of that improvement into our 2025 expectations. The more we accelerate growth in those categories, the more upside there will be for us.

Thanks for that. And then last question from me: lower glove pricing has obviously been a focal point. Where are we in that cycle today, and what's embedded in the guide for glove pricing in 2025?

At a macro level, glove prices declined and that impacted top line despite our operating model realignment and cost reductions. Recently, we've started to see prices move the other direction, in part driven by tariffs that are increasing input costs. We've somewhat leveled out at lower prices, and depending on input costs and tariffs going forward, there may be opportunities to adjust pricing.

This concludes the question and answer session. I'll turn the call to Ed Pesicka for closing remarks.

First of all, I want to thank everyone for joining on the call today. I also want to thank our teammates for an incredible 2024. Some great accomplishments. I'm excited as we look forward into 2025. 2025 is going to be an exciting year for our organization. I look forward to sharing our progress with everyone later in the spring. So thank you, everyone.

This concludes today's conference call. Thank you for joining. You may now disconnect.