Good morning, everyone, and thank you for joining Mirion’s earnings call announcing financial results for the fourth quarter and full year ended December 31, 2021. My name is Alex Gaddy, Vice President of Finance and Investor Relations at Mirion, and I will be moderating today's event. A few housekeeping items before we get started. I would like to remind you that the discussions during this presentation will include forward-looking statements, and actual results may differ materially from those projected in the forward-looking statements. The factors that could cause actual results to differ are discussed in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q that we file from time to time with the SEC under the caption Risk Factors and in Mirion’s other filings with the SEC. As a reminder, quarterly references within today's discussion are related to the fourth quarter ended December 31, 2021, unless otherwise stated. The discussions during this call will also include certain financial measures that were not prepared in accordance with Generally Accepted Accounting Principles. Reconciliation of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the appendix of this presentation for this conference call. Please note that today's prepared remarks will be followed by a Q&A session. Our earnings presentation and transcript will be published today and can be found on Mirion's IR website at ir.mirion.com. Joining me on the call today are Larry Kingsley, Chairman of the Board; Tom Logan, Founding, Chief Executive Officer; and Brian Schopfer, Chief Financial Officer. Now, I will turn it over to our Chairman of the Board, Larry Kingsley.

Thank you, Alex, and good morning, everyone. We appreciate your interest in Mirion, and we're pleased to announce our earnings results for our fourth quarter and full year 2021, as well as to share our expectations for the business for fiscal year 2022. Before I turn the call over to Tom, I'd like to take a few moments to highlight some of the key takeaways from ‘21 and to share my thoughts on the company heading into ‘22. As Mirion continues to evolve and develop its public company journey, there is a lot to be excited about going forward. All of the same themes that I highlighted in our call in November remain intact, and I want to reiterate how well positioned Mirion is to capitalize on what we believe is a favorable macro environment across the company's diversified product portfolio. I’d like to leave you with three key takeaways from my portion of this morning's call. First, the company overcame a variety of challenges during the fourth quarter and still delivered solid results. Between the surge of the Omicron variant, the state of the global supply chain, labor supply headwinds, and the company-wide effort needed to become a public company, Mirion was able to grow its business and advance many of its key strategic initiatives. Second, the company-specific and macro growth opportunities across the product portfolio are proving sustainable. This includes supportive trends in both the industrial and medical segments and a healthy M&A pipeline, exemplified by the recent CIRS acquisition. Third, and probably most importantly, the team at Mirion has a strong history and is adapting well to the needs and requirements of being a public company as we all expected. Tom Logan has an outstanding reputation for delivering meaningful returns for investors over the course of nearly two decades, and I am more confident than ever in his ability to guide the talented team at Mirion into what I believe is a promising future for the company. After successfully taking Mirion public, Tom can once again return his focus to what he does best: running his business and executing on meaningful growth opportunities. It's important for me to reiterate just how unique Mirion’s story is. This is a solid company with resilient underlying markets and a diverse and differentiated product portfolio with high barriers to entry. Mirion has leading positions within its chosen markets, and I'm excited to see what the company is able to accomplish as it continues to deliver on its strategic priorities going forward. In partnership with Tom, I believe that there is a strong opportunity for operating margin expansion as Mirion develops and enhances its ability to gain on pricing and cost efficiencies. The consistent execution of the Mirion operating system will create returns, and Mirion’s strength in that area is particularly noteworthy. We are pleased with how Mirion is performing as a new public company, especially given the environment and operational challenges all companies are facing at the moment. With that, I'll turn the call over to Tom, who will walk us through the market and the business performance in some detail.

Thank you, Larry. Before I dive in, let me echo Larry’s sentiments about the strength and relevance of our relationship. It’s incredibly valuable to me to have an ally and a strategic sparring partner with the domain experience, the relationship capital, and the reputations that Larry brings to the table. I’d also like to thank each of my 2,600 colleagues across the globe who have gone above and beyond to help us become a public company, drive our strategic initiatives, and endure an incredibly challenging operating environment. The work you do is paramount in keeping people and the environment safe and healthy. I'm thrilled that we were able to successfully enter the public arena, but candidly I’d have to say that I'm excited to get back into running the business full-time. We have a lot to look forward to, and we're very well positioned to execute in 2022. Now, beginning with slide four of the deck, I’d like to take a few minutes to highlight our view on the various markets in which we operate and show our outlook for this upcoming year. I'll begin with the medical segment, which accounted for 34% of our total company revenue in 2021. We're expecting to deliver high single-digit growth in 2022 and are maintaining a positive outlook across Dosimetry, Nuclear Medicine, and Radiation Therapy quality assurance. I’d like to reiterate our goal for medical to exceed more than half of our total company revenue over the longer-term planning horizon. In occupational Dosimetry, we operate in a stable market and employ a subscription-based business model with high volumes of recurring revenue. We maintain a positive outlook on this space and expect growth to be supported by converting existing customers to our innovative digital Instadose platform in addition to gaining market share in international markets. In Nuclear Medicine, we are encouraged by many factors supporting this space, including favorable demographic trends, improving supply chain for medical isotopes, and the exciting growth of Theranostics applications. While we’ve experienced some acute short-term supply chain challenges in this space, demand for our products remains extremely robust, and I'm confident that by the end of the first half, order fulfillment will be back on track. Finally, the radiation therapy business continues to enjoy strong demand fundamentals based upon clinician preference for independent quality assurance solutions and improving post-pandemic demand dynamics. We are confident in our new product pipeline heading into calendar year 2022, and are particularly excited about the launch of the first cloud-based version of our industry-leading quality assurance workflow software platform, SunCHECK. Turning now to the industrial segment, we continue to expect mid-single-digit growth in 2022. We are highly encouraged by the positive sentiment in the nuclear power end markets, especially with regard to nuclear's role in supporting the global decarbonization movement. We expect to see positive tailwinds from life extensions, demographically driven replacement cycles, strong government subsidies, and high natural gas prices. In the new build space, we anticipate activity to continue increasing as carbon emission reduction continues to take center stage in the global environmental push. I'm also happy to report that we had major new build awards in China and Brazil during the fourth quarter, which continue to solidify our medium and longer-term outlook. In my nearly two decades in role as CEO, candidly I've never seen better conditions in the nuclear industry. The installed base is healthy, new build activity is accelerating, and decommissioning opportunities are solid. Regarding the lab and research space, we’ve benefited from a relatively strong market aided by stricter environmental regulations and stable government funding. We're expecting continued stability and consistent growth going forward, supported by our new product pipeline. Let's now turn to our December results shown on slide five of the earnings presentation. I'd like to begin by noting the fact that we completed our acquisition of CIRS in December and look forward to fully integrating the company into our operating model and realizing the benefits we identified during diligence. For the quarter, we delivered 2.7% organic revenue growth compared to the same calendar period in 2020. Looking at the full year, we achieved 3.6% organic revenue growth. As I mentioned earlier, our Nuclear Medicine business has been constrained by supply chain dynamics, primarily component availability, which has negatively affected growth in the quarter and in the year. We've been working hard to qualify additional suppliers and engage in creative agreements to offset these shortages. I'm optimistic that we're nearing the end of this difficult period. We had healthy order intake for the quarter, including the large orders that I mentioned earlier. Backlog at the end of the year was almost $750 million and continues to solidify our medium to longer-term outlook. I'm very proud of our sales teams who have been working incredibly hard across the globe, and the health of our backlog is the clearest reflection of their efforts. In addition to the challenging supply chain environment, we’ve been assertive with pricing actions to counter the growing inflationary trends that have dominated recent headlines. Given the prominence of our backlog flow-through to the P&L, it’s important to note that there is an implicit lag before price actions are reflected in our financial performance. Executed actions today are expected to deliver at least 200 basis points of pricing growth skewed toward the back half of 2022, outstripping the expected impact of inflation. Before I turn it over to Brian for a deeper dive into our financial performance, I'd like to run through our expectations for 2022 quickly. As a reminder, we have converted our fiscal year from a June 30 to a December 31 year-end, and guidance will reflect the 12 months ended December 31, 2022. Reported adjusted revenue growth is expected to be between 5.5% and 7.5%, with organic growth of 5% to 7%. Adjusted EBITDA margins are targeted between 24% and 25%, and this includes 100 to 200 basis points of expansion if we exclude the impact of public company G&A costs. There are three key areas of focus for our team as we execute our 2022 operating plan. First, is commercial and pricing excellence. In addition to already executed actions, we are implementing an enhanced set of value-based pricing tools. Second, is our continued investment in strategic cost-saving initiatives. Most notably, we've implemented a streamlined operating model, which we expect will reduce complexity over time, and the company continues to optimize its industrial footprint and integrate newly acquired assets. Finally, the combination of new pricing tools plus operating initiatives that are already underway should ensure strong operating leverage for the year. We have a lot to look forward to across the enterprise; we're very encouraged by the trends we see in our order books and in the underlying markets. So with that, let me now pass the baton over to our Chief Financial Officer, Brian Schopfer, who will discuss our financial performance and 2022 outlook in more detail.

Thank you, Tom. I'd like to get started by thanking our team for their hard work and dedication to help us close out our first year-end as a public company. I'd also like to thank the investors and analysts on the line for taking the time to get to know our business. We appreciate your time and look forward to continuing the relationship that we have established thus far. And with that, let's turn to slide seven and take a deeper look at our results for the fourth quarter. As Tom noted, our team delivered a solid performance with total revenue growth of 20% and adjusted EBITDA growth of 17%, each compared with the same calendar period from the previous year. Total company organic revenue grew by 2.7%, primarily due to the performance of our industrial business, offset by the Nuclear Medicine challenges that Tom mentioned. Our total sales in the quarter were $180.9 million, with adjusted EBITDA of $44.8 million. Adjusted gross margin expanded by 300 basis points to 51% for the quarter, while adjusted EBITDA margin declined slightly by 70 basis points to 24.7%. Adjusted gross margin expansion was driven by our medical segment contributing to a higher percentage of Mirion's total company revenue. This expansion is offset further down the P&L by higher operating expenses associated with recent acquisitions in the medical segment, continued growth focused R&D investment, and corporate expenses related to public company requirements. Looking at our performance for the calendar year, we delivered adjusted revenue growth of 32% with 3.6% organic revenue growth and adjusted EBITDA growth of 29% year-over-year in 2021. Our adjusted gross margin increased by 280 basis points to 51%, but adjusted EBITDA margin decreased by 60 basis points to 24.2% compared to the last year. The adjusted EBITDA margin was impacted by operating expenses related to going public and the acquisition of Biodex diluted margins. Next, let's turn over to slide eight and nine to take a look at our quarterly and calendar year results by segment, starting on slide eight with the medical segment. Adjusted revenue was up 91%, and organic revenue was relatively flat. As a reminder, organic growth has a limited contribution from the Sun Nuclear acquisition executed in December of 2020. Our organic growth in this segment was mainly impacted by supply chain issues we saw within our Nuclear Medicine business. The adjusted EBITDA margin for the Medical Segment was 32.4%, an 80 basis point decline from the same period last year, primarily driven by the dilutive impact of recent medical acquisitions as expected. We continue to prioritize the integration of these acquisitions and expect our margin profile to improve as these efforts advance in the coming quarters. Turning to slide nine, the industrial segment reported adjusted revenue growth of 1.1%, with organic revenue growing 3.3% from the same period last year. Industrial adjusted EBITDA was up 1.4% compared to the same period last year. Adjusted EBITDA margin remained flat due to mix, strengthening U.S. dollar, and inflation impacts. I'd also like to highlight some key items looking at our capital structure and current liquidity profile. Slide 10 of our earnings deck shows that we had $84 million of cash on hand and $166 million of available equity, which includes our undrawn revolver of $82 million. Our CIRS acquisition resulted in a net use of cash in the quarter totaling $54 million and nominally increased our net leverage after closure. Adjusted free cash flow was positive for the six-month period ending December 31, 2021, compared to the prior year. Higher adjusted EBITDA and solid net working capital performance contributed to the positive change. Finally, turning to slide 11 to go through some more details on our full year 2022 guidance. As Tom explained earlier, we've issued reported adjusted revenue guidance of 5.5% to 7.5%. Organic growth is expected between 5% and 7%. FX for the year is expected to negatively impact reported revenues by approximately 1.5%, and lastly, CIRS should deliver 2% in organic growth. The adjusted EBITDA target range is $175 million to $185 million for the calendar year 2022, and adjusted EBITDA margin is expected to be between 24% and 25%. We're targeting 100 to 200 basis points of adjusted EBITDA margin expansion, excluding the impacts of public company G&A costs. We expect approximately $11.5 million in incremental public company G&A cost for the year, which will result in an estimated 150 basis points adjusted EBITDA margin reduction. Adjusted EPS outlook for the year is expected between $0.45 and $0.50 per share, and adjusted free cash flow is projected to be positive $90 million to $110 million. To help with modeling considerations, we are utilizing our outstanding share count as of December 31, 2021 to establish guidance, expect our effective tax rate to be 24% to 26%, and are assuming a U.S. dollar to Euro FX conversion rate of $1.13. And with that, let me turn things back over to Tom to close us out.

Thank you, Brian. Before we open things up for questions, I'm going to leave you with just a few closing thoughts. Firstly, 2021 was a huge year for Mirion as we became a public company. It was a huge lift, a huge resource dedication internally, and we're very pleased with the results, but candidly again, I'm very much looking forward to focusing on the business again as we journey through 2022. Secondly, our end markets are healthy; and finally, we're confident in our strategy. So I'd like to close by thanking my colleagues on the Mirion team, and let me turn it back over to you, Alex.

Thank you, Tom. That concludes our prepared remarks for today. We will now open things up for Q&A. With that, I’ll turn it back over to the operator to get things started.

Thank you very much. One moment please while we poll for questions. We have a question from the line of Joe Ritchie with Goldman Sachs. Please go ahead.

Hi! Good morning Larry, Tom, Brian and Alex. Great to join you today, and I appreciate all the details.

Thank you, Joe.

Thank you, Joe.

So before I get going, I have Ronny Scardino on my team as well and I think we are going to tag team some questions here. So maybe I'll just kick it off and then can turn it over to Ronny; we’ll just go back and forth. But the first question I have is really look, you're two quarters in as a public company. We recognize that also kind of happens to coincide with probably the worst supply chain backdrop that most of us have ever seen. But the question though really relates to organic growth and the confidence you have in achieving that 5% to 7% long-term target, and what's embedded into your 2022 guide, given that we haven't seen it quite yet in the first couple of quarters. Maybe let's start there.

Yes Joe, this is Tom. I would tell you that we remain very confident in the 5% to 7% growth that we guided throughout the going public process, which would include both the PIPE raise and the official de-stacking. The rationale behind that is if you look at the market conditions that we've addressed across the reporting segments. Firstly, in the industrial segment, which is dominated by commercial nuclear power, again, I cannot understate the quality of the underlying dynamics right now in the nuclear industry. As I noted in the prepared comments, I've been in this role for more than 18 years and as we look across the key elements of the nuclear power industry, which we define as the installed base dynamics, new build activity, and decommissioning activity, we see tremendous strength in each of those areas, supported by continued focus on decarbonizing the global economy, changes in alternative energy supply dynamics, most significantly the significant increase year-over-year in natural gas pricing, and beyond that, the tremendous new build activity that in many respects is driven by regional energy security needs overall. And so the combination of these factors makes the nuclear industry very attractive to us, and as noted, we're seeing that in our order intake, and we're seeing that in our backlog. As we look across the other sectors of industrial, which include life sciences or lab space, the military and defense space, and other industrial applications, for the reasons cited we're seeing strength not only in the current year, but as we look ahead we expect to see sustained strength. Finally, on the medical segment, the dynamics again are consistent with what we've guided previously. On the radiotherapy side, we are seeing strong demand, not only driven by the growth globally of radiotherapy clinics, but also driven by the new product pipeline that we've been very focused on, which will continue to yield exciting results as we look ahead. We talked a little bit about the Nuclear Medicine space and expressed some level of disappointment regarding supply chain constraints in the current quarter and over the six-month reporting period. To be clear, this is a space where the demand is very strong. Our backlog is at record levels. We have merely been constrained in terms of shipping product based on subcomponent availability, and as I noted, we’re working very hard to clear that away. Our longer-term outlook remains very positive for this space. Lastly, in our occupational Dosimetry market again as noted, we're very bullish about the technological platform that we've developed and call Instadose, and the leveraging ability of that digital platform across the global market. So all of these factors contribute to strong underlying market growth, and beyond that, when you look at the things that we are doing as a company to gain scale and sophistication to improve our market coverage, to narrow areas, we are even noting that we tend to be the number one player in the majority of our product categories. In some cases, our share position is a bit uneven, and we're working hard to close those gaps overall, and a combination of those factors along with enhanced focus on pricing strategies and a very strong new product pipeline will support that range of growth that we've guided throughout.

Joe, this is Brian, just two minor other things. One is, I would emphasize that just in our organic growth numbers, there's very little from Sun. And Sun definitely grows high single digits, as we've talked about before, so I would put that into the mix too. And the second thing I would mention is, our first quarter will be our toughest comp as we go through the year. The quarter we went through, you know obviously this processed off a double-digit comp, so that's going to be the hardest comp as we think about it, and I think we've laid all of that out in the materials that we provided this morning as well.

Yes, no, that's great. I appreciate the answer, Tom. And then Brian, it was great to see that all the segment-level details that you guys gave on a quarterly basis in the presentation. You know Tom, I want to follow up on a comment that you made in your prepared comments about nuclear because it's an area that we get a lot of questions on. You said that you've never seen a better point in time than in your history in the space than you're seeing today with the nuclear industry, and I'm just curious how you square that with the growth expectations and if you could provide color beyond 2022 on the different parts of your business, whether it's decommissioning, new builds, or the installed business.

Sure. So Joe, to address the overall situation, if you look at our total nuclear power-related business, it represents about 38% to 39% of our total revenue and we can further subdivide that element into three component pieces. The installed base typically accounts for about three-quarters of our nuclear power-related revenue. New build or new construction activity is typically between 15% to 20% of our revenue, while decommissioning activity, which is relatively nascent, represents the remainder. If you look at the installed base over the last couple of decades, some dynamics within the installed base of nuclear power have posed challenges where, for example, in the U.S., about 93 operating nuclear power plants saw around 30% of them economically challenged and potentially facing shutdown situations due to increased competition from combined cycle gas turbine plants and heavily subsidized wind and solar power. Fast forward to today, if you look at the installed base and use this as a proxy — though regionally different conditions apply — there have been significant subsidies offered to the operators of nuclear power stations at both state and federal levels. In the most recent infrastructure legislation, there's about $6 billion of operational subsidies for nuclear power plants intended to keep them open and profitable. If you look at macro market conditions, the key driver of relative economics between combined cycle gas turbine power plants and nuclear power is the price of gas, which has more than doubled year-over-year and is expected to remain high for an extended period. The net effect of this is that the operators have more confidence in the economic viability of nuclear power plants, therefore, they tend to run at higher capacity factors and spend more capital. We expect to see that capital spent predominantly in the peak outage seasons. Furthermore, the potential for further life extensions on existing units adds to the encouraging perspective. When we look at new build activity, while we do not expect significant new build activity in the U.S., considerable activity is occurring elsewhere globally, particularly in Europe and the Pacific Rim. We're optimistic about this segment being one of the fastest-growing areas for our overall business. Finally, regarding decommissioning, which is driven by the maturity of the existing plants built in the 70s and 80s, many of these will soon reach the point where they must be decommissioned, providing a predictable decommissioning profile over time. Overall, I'm optimistic about the demand dynamics and our ability to evolve and augment our solutions across the industry. There will be richer opportunities to exploit these factors.

That makes sense. I think Ronny’s got a quick question, a follow-up for Brian.

Yeah, thanks guys. Ronny Scardino here, and I'll just chime in next. So Brian, you talk about 1Q being the toughest comp. So I just want to understand the lumpiness of growth and whether we should really expect in the business, whether there's any seasonality. Basically, I’m just trying to understand how much growth in any one quarter should deviate from that long-term growth framework, and specifically whether 1Q growth will be negative.

Yeah, so like I said, I think the first quarter's our toughest comp, right, double digits. I think where we sit today is that we think it will be a flattish quarter more than anything else. As you look at the rest of the year, I expect decent growth in all three quarters. We have much easier Q2 and Q3 comps as we've now disclosed, and I think that it's fairly balanced after the first quarter. The other thing I would mention is, as you think about our change from a fiscal year to a calendar year, we do think we will see slight movement in revenue from our historical June quarter to the September quarter. I think this is a positive thing for the company and will balance our planned workload, etc. As for seasonality, a general rule of thumb would be 20% in the first quarter, 30% in the second, 20% in the third, and 30% in the fourth is generally about what we expect from a revenue perspective.

Got it. No, that is helpful. I guess maybe just switching to incrementals quickly, I think the guide indicates mid-20s type incrementals, which seems conservative in light of the long-term goal, which I think has doubled that on an incremental basis. So my first question is, how do you still feel about that long-term incremental target and what is laying down margin specifically in 2022?

So just stepping back, let’s talk about 2022 for a second. It’s mainly just digesting our public company costs. What we found is that it’s a little more expensive to be public than we thought, due to some uncontrollable costs like insurance. So as you think about the incrementals from 2021 to 2022, it’s driven mainly by public company costs and a little bit of mix shift. From what we can tell, we’re okay with it in light of the priority on achieving our long-term target of 30% margins, which Tom, Larry, and I are focused on.

Yeah, that's helpful. And just remind us, I know there was a discussion at one point about allocating corporate costs more into the segments. Did that occur with this additional data that you’ve given, or is that something we could expect in the next few quarters?

Yeah, I think you'll see us come back out in the first half of the year with some more on that. We did have a couple of million dollars move from corporate to the industrial segment in our planning; it didn't happen in the fourth quarter. So there was a little bit of noise in that; we'll see that in the 2022 numbers, but any broader reallocation will come back around in the first half. I want to keep it clean here.

Yes, I mean we'd be remiss if we didn't ask you guys questions about M&A. Clearly, it’s top of mind for investors, really to drive both top line growth and also margin expansion. So I guess maybe my first question is, in the near term, is the focus still on M&A, or is deleveraging the balance sheet more of a priority today?

This is Tom. What I would say is that they are both important. Firstly, regarding M&A, if you look at our track record in sourcing attractive deals that are strategically coherent, securing the purchase at attractive pre-synergy multiples, and ultimately integrating, we've done well in those areas. It’s been a very important contributor to the overall growth of the business, not just over the last five years, but throughout our longer-term history. That will continue to be the case, and I think the expectation that we put out there, 5% to 10% of inorganic growth, continues to be sustainable. A few things to note: if you look at the contribution of CIRS, that will add about 2% of additional growth to calendar year 2022 topline. Our expectation is that over the intermediate to longer term, we will deliberately seek to deleverage the company. Our historical target is to bring leverage down into the 3x to 3.5x range overall, and we understand that there’s investor desire and expectation that we bring it down as we move ahead. However, when you look at our free cash flow generation, we are about $100 million. Based on reasonable assumptions regarding entry multiples, EBITDA margins, immediate synergies, we remain comfortable that we can add inorganic growth as guided, with nominal deleveraging in the near term.

That’s super helpful. And just to clarify a point you just made, Tom, regarding cash flow, is the assumption that you'll be funding deals with cash and can still deliver via cash or are you also contemplating using equity to do deals?

I would tell you that we don't have any immediate plans to use equity to fund deals, but we believe that with a combination of cash as well as proportionately lower incremental leverage there is a pathway for us to operate within the envelope we’ve defined while managing nominal deleveraging overall.

Got it, okay. And then just a couple of other quick clarifications. I want to be cognizant of your time as well, so I appreciate all the questions on the call today, but just a few questions that we've gotten from investors as well. The first one is a comment you made earlier around price outstripping inflation, specifically 2 points back half of the year. I guess just to clarify that, is that 2 points ahead of inflation or 2 points excluding inflation? Just trying to understand how you're thinking about the framework for 2022.

So that's 2 points of only price growth, net inflation is not included in that. The way I would also think about that is from a sequencing standpoint: price costs will be negative in the first quarter, neutral in the second quarter, and then we gain a bit in the back half of the year. I would tell you that our assumption is not a huge uplift on margin from pricing costs, there is some, but it's not a big number.

Okay, yep, that makes sense. A couple of investors asked us about Russia and Ukraine and whether you have any general thoughts around the situation that is unfolding there and how that could impact your business.

If we think about our exposure to Russia and Ukraine, it's mainly Russia. We have about $10 million of direct business into Russia. We are partnering on some Russian-backed or Russian technology reactors being built in Huntington, Finland, etc., and our expectation is we may see a little bit of cash potentially get pushed to the right, but we're not expecting a P&L impact at this time. That's how we're thinking about it internally and we continue to watch what's obviously an evolving situation.

Got it great. And then just a last question, because we saw it come out with your filings today regarding the COO departure. Any color around that? Was this always a position that you intended to eliminate? Any thoughts around it would be helpful.

Yeah, the expectation was that as we moved beyond the public exit, we would see an evolution of our operating model where the key business units or two segment leaders would report directly to me. This has been the case through most of our history where the operating unit heads have reported directly to me. As we prepared to exit the other company, we created the COO position to manage operations directly while I could focus on exit processes and other strategic matters. Now that that's behind us, it allows us to revert to the historical model with more direct interactions between me and the unit leaders. The departure, as indicated in our SEC filing, was decided just a few days ago and is separate from the strategic operational changes mentioned.

That makes sense. Tom, Larry, Brian, and Alex, thanks for your time today.

Thank you, Joe. Thank you, Ronny.

Thank you. Ladies and gentlemen, we have reached the end of the question-and-answer session, and I'd like to turn the call back to Thomas Logan for closing remarks. Over to you, sir.

Ladies and gentlemen, this is our first public earnings call, and we're delighted that you had the opportunity to listen in and participate today. Again, I’d close by saying that we feel good about where we are as a business, confident in our strategy, and the overall market conditions ahead of us. We look forward to updating you on our progress next quarter. Thank you for your time and attention.

Thank you. Ladies and gentlemen, this concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.