Seer (SEER) 7 Nov 232023 Q3 Earnings call transcript

Good day, and thank you for standing by. Welcome to the Seer Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.I will now hand over the conference to our first speaker today, Carrie Mendivil, Investor Relations. Please go ahead.

Thank you. financial the released XX, ended Seer XXXX. today, results quarter for September Earlier

the received or make President please news meaning like to you've Farokhzad, could Financial me to events this If not Federal Officer.Before and forward-looking is Seer release remind statements and to will at to Omid David company's today Chief during those from from e-mail I'd management are risks this materially begin, to Executive be These we statements the cause if laws. that within of Chair; distribution Securities material an list, Officer, or send statements Chief investor seer.bio.Joining that call and added like you you'd Horn, differ anticipated. actual involve results that uncertainties

risks Additional are release press uncertainties information in the appears we Statements Forward-Looking section these and regarding entitled the issued today. in

see the the any Exchange XX-Q disclaims X, of For quarter its XXXX.With or or time-sensitive that, I description, as and or intention November Factors financial XXXX, and and with please over a other or statements, like whether Form law, by is required Omid. on Except Risk forward-looking any report call in filings of complete the accurate more turn for because September to and information quarterly obligation update XX, This Securities the section conference Commission. to ended list Seer the the of new broadcast, company's live revise events future contains information, projections otherwise. call only to as would

of amidst details I at as with will will market more hard turn our and for results our everyone, you, on today incredible us dedication team I Even over to new their our we're mission David our backdrop. start to is call entirely Seer. macroeconomic the Then begin circumstances, review across new best growth. the forging very making boundaries the easy. core results.I'd progress third to never thanking call and We're our in well for our focus quarter drive thank challenging work an afternoon. the this like provide a proteomics as a financial to a in and Carrie, areas Thanks, developing pushing to by market joining

Our year-over-year is product cash, help Proteograph suite.We our to working realize cash is in tirelessly quarter million balance and team investments possible third our million $XXX with serve the them approximately of on the increasing equivalents customers sheet. X% $X.X ended revenue, what using and and

as environment, last well in impacting we're as are of mitigate anticipate ongoing these current well of our taking in $XX earnings outlined to as Given to that year-to-date of as we the guidance call, million.On the the our the million challenges our some of macro adoption our half coming challenges range performance at technology revenue near-term $XX we lower now actions them.

mass First, proteomic to easier making it data. access spec-based

secure to funding introduced studies. to proteomics mass and customers, help to to data subsequent the the For larger spec we generate a Proteograph immediate and placement instrument or access SIP, program or strategic needed enable sample conduct expert

investment insight funding customers, genomics and and Technology publication and help STAC for Seer accelerate a This conduct the future to to will For biologists to in-house. we and workflow bringing studies the in enable first to introduced Assets access Center, in apply or simple biological researchers Proteograph. by secure a study the provided

differentiated we're details proteomic market efforts Proteograph across is we the of and public macro focus customers.I papers first, an third, as that of new submitted that confident availability of forging submitted or increasingly research dozen have proteomics More will a applications outreach Proteograph validate challenging customers. development on more I education recently aware progress at of partners and quantitative near and October, to sales off customer path high-impact year efforts the objective second, demonstrating our published range PQTLs, We're one business: of breakthrough proteograph. power to technology; precise continuing customers happen, with markets.Starting the publicly to the cover along of scale. application to key STAC and the scale X from of advance with share continue disease, this more call awareness remain it year point to to time, unbiased early we the lab. the and and were exciting market and the groundwork benefits and studies to the We're new strong our servers refining deep with the enabling critical community. our increasing here submitted of of with shorten events have a response insights building analyzing said, are areas with of understanding to Assay exciting market have papers will progress research their value status first to catalyzing for environment.In been data unique today.We data data out publications in our will these and the our adoption accessible. learning in or and the What adoption on In as date, product data great offer XXX this been to validating supporting enable bioarchives. our with also and take Kit. third-party size of each and despite adoption data data conviction broader to an examples principle the of market with how with We're been market use making our to enabled biomarker to becomes and discoveries term, that backend suite; figure research. expanded has throughout be vast the making our development in we applications, of another possible, I'm in addition, this deep We're space/flight, of designed review constantly as and substantial the the public peer as well ultimately, we're particularly more we proteomic headwinds. for cases market quo XX lay X become change with the potential added by manuscripts technology proof at convinced studies cycle Proteograph.In strong being our adopting OMIX body's and I'll launched and with customers interest increasing the our see this that unbiased shown a inflection we will efforts, as posters approach and very signatures and community, forward line pay revenue. to of This will That accessible including has finding took our to presentations broader XT quarter, presentations by journals.These preprint new sites publications half publications majority to We're develop

training. University were by proteins finding Auburn second June. in They're an a Proteograph cellular pathways published affected from that to upregulated resistance manuscript a muscle molecular and following the using using signatures resistance set training, earlier understand samples aging of researchers XXX-fold First, following skeletal senescence over one in

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presented serum GenomeWeb, biopsies been liquid significant of on XXX within profiling being that low-volume these to in Proteograph exciting Additionally, the X for clinically cancer. months lung serve submission.In recent Lung to have interconnections sample non-small and efforts biomarkers this the longitudinal quantitative XXXX the multiomic provide Cancer a data alteration on cancer from quarter, higher data various encouraging at Institute multiomics average varying have as the that and over case-controlled the the impact set be pathways his both presented NIA, age using These to of and Proteograph the biostudy World studies presentations lung encompassing proteins of revealing the We mouse content demonstrated CHEST peptides sensitivity can XX,XXX just Previously using major Nate opportunity demonstrating this per foundation detection that unprecedented result detection suite. cohort, subsets detection the large discussed This central XXX of for diseases. significantly helped cancer for published protein development the demonstrating product X,XXX process.This subject. proteomics in and for prepared scalability value flexibility different for of includes from than early triacylglycerols cancer. identify hosted and meeting, early-stage National on Proteograph which scale. Using the of or Prognomic proteomic strain. early early X the enable deep average of they cohort discovery typically detect is lung lung mouse associated completed relevant unique Proteograph the the identify showing mouse IDs and on approach, the The particularly and customer sets on aging highlighted for has by the first pivotal data lung cancer, X,XXX by cell annual Basisty Dr. published Aging, data.The study biomarker proteins over specificity assay and previously Dr. validation data of performance blood-based included Conference that reflect achieved results will to manuscript believe they team subjects at-scale and the the show shown using studies from from detected on could fewer data that over exceptional data driven and than species-agnostic for data plasma per total lipoprotein these Basisty presentations an Proteograph. a analyzed webinar with and XXX is This to subject.

that metabolomics insights a We with drug level has inter-kind discovery manuscript at pathway in coming with the robust announced be Excellence significantly expect proprietary Mass proteomic research By world-class Centers Bio, advance biomarker enable in Panome Panome expertise and provider week, with workflow that Spec the Bio months.Last development. service of deep analysis studies first the program. our metabolomics combining we will coming will peptide to joined out

pain these resolving interest mounting accelerate focus points results. on deep and proteomics and As the access publications adoption, expanding scalable appetite in for is there unbiased an to and we demonstrating

take will samples We're hands Proteograph the of technology the of As data and large-scale second our Back we the Assay with via that Fisher seeing We're accelerate.Turning of and the XX,XXX Proteograph the initiatives. Proteograph with June, increase instruments of our we June, per coverage. Assay momentum showing any launched the at to installed ASMS by confident we of in and second This the fantastic our in continue XT with Thermo is consume the data product the Astral exemplified year to of of nearly suite, mass capabilities, these of adoption of well performing I'm combination in the have the track end enables to power throughput proteomics capabilities XT X traction number XT to to XT. demonstrating groundbreaking exceptionally Kit, our Proteograph a presented of the the and the objective, enables the was expand through Orbitrap product proteome this proteograph the in power our year.The XT Proteograph power plasma customers upgraded higher with lab spectrometer mass configuration potential that majority XT X of which spectrometers. depth good this customers. to base access see and product, attention analysis on

launch proteograph, with been on this the confidence this and center was tier Our of impact access us the strategy to mass by access interest readout, the We had and using provided the proteograph to thousands availability open help market. the spec has insights We're and gain a to that papers. lot significant apply up will a end a of expecting samples technology to partnership believe peer-reviewed increase generating run Fisher has will projects. Thermo right validate data STAC a to customer giving of by accelerate that as pace with of the customers backlog biological of of year the the access this

investment launched researchers to barrier mass-spec this time, for year we mentioned, these their capital to addition, add over we own earlier remove will I In technologies labs.As a SIP the customers. of believe

also such make Europe. our with and through We're initiatives bring in Genetika accessibility would We ability continue Daniel SIP, good its Eastern global Israel distributor partnering for those in and to to presence Biotech of in-house.Outside our to to with increase and progress program the Proteograph we're as working STAC customers technology like this our that to expand partnerships. new

With developments around from through be interest our also new will these geographies globe.We're in address to partnerships, customers the ahead validating technology received well ISO certifications we new and positioned X of making significant schedule.

helps we XXXXX labs a our This standards. will more STAC which European certification, in for increase for ISO and First, customers. effective compliance GDPR information form received and collaborations and make security our with us cybersecurity bridge

to make meaningful work making solutions certifications to Second, security objective, a these to It certifications these we the to XXXXX submissions. new markets. the third processes, underscore management. team a settings. such timely for simple the addition make studies. received our of the the data for way clinical to enable is in the and manner.In it unbiased in highest creation an the our establishes hard use on ISO software and utilization our of new easier pave that their to we certifications, products and which This systems people And update for to we're add and proteomics in quality quality, achieved lastly, certification, impact for entire lays testament a These applications of to reliable catalyzing and dedication quality significant and our groundwork our ensuring FDA technology dedication customers

earlier, is inherently As the mentioned I extensible Proteograph technology. an

this new our again lab time in seen and cases have time We and diverse across STAC in projects. application

to with the deep aging commercial our near-term development To tears, discovery, exomes, We're volume. imagining test, brain, and cases accessible.I and various early are dried conditioned It with proteins, samples date, for have progress skeletal used being what research. joint detection biomarker more being and am we fluid. unbiased address is low technology model applications use can Our very veterinary do we muscle challenges they horse proteomics how host-cell this to spots, study have and shown organism, support the pleased is to see secretome of media working sample quarter people exciting blood made to to adoption. on

of However, we to lot a do. still have work

proof that, the their over possible the and I'm activities substantial insights. are the raising of development publications biological pave We market unbiased studies. about actively future further capabilities to revealing proteomics the studies and are product More of I for turn data Each demonstrate customers confident call awareness Proteograph suite. and pursuing emerging, what's of these high-impact opportunity way to the long-term to add ahead deep in us.With David. will now

an for Thanks, grants representing primarily in and quarter by instrument $X.X XXXX. of revenue of increase The the Omid. Total third quarter compared revenue sales, XXXX was to increased of driven quarter of $X.X X% in third XXXX. quarter other of third XXXX increase revenue, million sales was SB-XXX instruments $X third $X.X Product-related million, and the services third revenue related consumable was of lower consumable of was the $XXX,XXX offset sales. by million, revenue kit and for including revenue party in of and quarter kits.Service consisted the million

SBIR we us interest good the XXXX, full margin traction NIH SBIR and, margin and million our our gross run provide program, quarter third related a compared representing grant in under to will solution million the XXXX, of third to of customer our our gross extension a of and in an to are receive $X.X would like of grant.Total of for a XXXX, customers representing did STAC XX% work quarter, where from for profit third this with of the the who quarter XX%. in grant Omid the largely which mass gross seeing our customers We for workflow third to we was allowed $XXX,XXX access NIH. from spec our the some was in revenue As continue other quarter $X.X technology.Grants mentioned, cases,

and expenses third X% gross and including We including $XX $XX.X basis to margin quarter continue XX% revenue million, XXXX of the X% expenses XXXX administrative and third million to compensation other and a of associated including equipment.Selling, quarter.Total $XX.X stock-based suite, compensation an proportion $X.X as quarter instrument with quarter were employee the primarily product and XXXX. the general to expenses overhead product driven given between expect services, primarily million third increase were third $XX.X for $XX R&D variability decrease to expenses.Net due in of of expenses million XXXX $XX overall Proteograph of third fluctuate ended operating increase consumable of to million, million in million, a of in in XXXX. loss XXXX. depreciation the any was cash, development quarter our including costs compensation, third for the allocation, quarter SG&A increase of quarter the approximately to related related in of $XX.X stock-based million million, quarter-by-quarter business our compared service cash will general quarter The the quarter the on increase expenses in expenses of of a in third the for The in an decrease $X.X XXXX. recruiting XXXX the with for of of equivalents investments.Turning of of were outlook third year. an to to Research $XX.X $XXX professional development was in a compared by efforts million compared quarter was decrease We the and in expenses for compared million

spending as guidance the now mentioned, environment, of at year-to-date Omid to as coming million in constraints the our million. As $XX at in macroeconomic of current $XX performance light revenue we ongoing half range of customers lower well given our the anticipate our

very a disciplined cash position of to approach are a committed with maintaining we terms In are burn, spend. our taking and our financial strong

our the point, to will would in flow our that cash like turn free estimate for XXXX.At comments. back to call burn flow I to free be cash continue than Omid burn XXXX closing less We this

David. Thanks,

will for the team upto While and technology of will tangible and peer suite.With year. we the We're increase incredible a review navigate of we process.I'm third-party customer have temporary we we that, dedication seeing validation open proud current their growing continue capabilities hard STAC our manage seeing believe our in work the to see this the that of and technology see as product an our to progress through through in adoption the are moving throughout Proteograph so it headwinds strongly of I now quarter. publications made our accessibility increasing with environment, questions. interest will researchers more

Our Instructions] TD Dan comes question first from [Operator today with Brennan Cowen.

Congrats Maybe quarter. on have the the would funnel. difficult all out. and off and product of on kind one the said, got the kind sales the you kind you're not first initiatives just just demand the trends be Obviously, feeling publications pressure of That the some of environment. new alone given some you rattled you on coming

just So in front, any have particular, of publication the to I'm speak on market. as demand wondering begun see increase just their to looks at of made to funnel could some if kind these the what on And you qualitatively? way you maybe in publications any color have

seeing traction by track customers. of Thanks the with the much. instruments and end so maturity in good the to XT Yes. the to exceptionally on We're upgraded We're configuration is of of the the installed the the year. XT base have well hands of product performing

given That seeing are As these the in so traction elements product would customer launch what expect, reviews they're the guidance. for time. very us favorable revised factored said, revenue takes a good you into we We have far. seeing ramp new and

Yes.

is of submitted. on of half Obviously, BioArchive, have our Just we're we great. in all as again, mentioned, they'll dozen we but that be said the about. we kind know front, handful a we in another remarks, preprint, of another to also as X that's which And excited now on jump publications

early So of see in don't the nice hopefully, of have see could control review next half beginning hopefully, the and over again, to year. first the timing as publications of the we'll the some peer start we But process. as year, some

of early the looks And X-parter guys be? Got it. maybe of a thinking you looks then but just on about what kind a be, just meaningful getting I color service could that that has like? guiding opportunity environment. reported through way Is a 'XX to on to And line? STAC given XX% you So know speak how then that as of kind just at follow-up, that XXXX, growing 'XX, kind point? consensus we're any growth maybe of could that Any the steep be pretty reasonable we in be in this for should not level business,

Yes.

We at the data. seen barrier interest We to launched STAC a sample STAC for on with it the the conference lot seeing, in in to of process me the what being on comment able fantastic. of The go heading service model for have comment XT We've from the Astral. backlog of into on economics Proteograph really simply the terms I'll a balance maybe the of business, exemplifies the demand, the and STAC and of then in a it ASMS a we're Fisher means on really STAC Orbitrap maybe David year and order just the of power lowering Let the samples XT and June. of Assay purpose a access and together what the the to in the the Astral. a have also Proteograph Thermo data to XXXX.So the actually in customer lot our is

for So us. that's encouraging really

you XXXX, let that In terms should of for and the of me year David on the have how balance that. model comment

report STAC through the revenue answer to do line. just yes, we your service Dan, questions, Yes,

service is So STAC primarily revenue. revenue

to we're I with to think have projects customer respect the on, nice said, we to of we the do projects need do we but can on that. recognize revenue run a data think to Omid working those and report before the only difference as about deliver pipeline STAC,

be you in, deliver get the the you to the run actually and there you get samples will between just So data. and have when PO

how time much quarter. is lag there a capacity an in And of issue given do have a that bit So there. around any just you becomes

do, than but you there component is an as instrument -- consumable or as we're time to soon able an recognize additional or ship, we're with can about rather you revenue. you So optimistic what just

to think that mind balance the kind next year. So of the through that's come of about we something each out, the contribution But that keep work have make for and quarter. that again, where it in year to are will I optimistic both just will we do

part was second are outlook month, your the next of say question Again, every think for year. headwinds. -- week, to it's and continuing would I face we still I every challenges

I it number think we to like and continue stands we and have. pipeline opportunities the of our where

think and I customers the based on through funnel capital question that how the those funding is of the budgets can just the quickly the those thing. timing at of and can't move or various type and

be in I around technology. next think we what you companies doing then I the on year. conservative in Again, into obviously, a But data just I tricky next now certainly a and new But to are I people year it on right probably well year-end as optimistic, information out of terms to we'll more our that just us think our continue year. as causes again, again, layer call. And it's in similar more back-half we're be appropriately and to have think loaded. there look lot It's sector. but fact environment that, So cautious that's a will we're other think

Stanley. Morgan from Tejas Our from next Savant comes question

contemplating basis? in here? you're in a go-to-market there else STAC is Just of terms of of mitigating that anything Do the of the a of on and quick sufficient internally Or initiatives. at of macro as SIP headwinds sort on go-forward sort some your tweaking terms you couple the just moment follow-ups essentially view

showed market remember, launched about distributed is couple model. principles. Tejas, product, STAC want be SIP data Yes, the of We in adamant paucity to business. were time, proteograph. the marketplace. In we meant of want total said in what the the same strategy. which a be other to we there have customer were of at and service that you -- And were as me possible did the time, to a the to we opening don't we a a words, introducing same do like to not We exist And at was the a with first-of-its-kind the

than first have a managed That of the we then the release year customer bringing studies was customer and access was Now to million year hoped. than aimed publication I was in an to But let do get ] from $XX.X ultimately, had ramping much to data of lower million STAC instrument year. of publishing to and in-house, faster after. commercial getting a the pace [ to scale, it. $X.X And limited much, the up success of what a data

process to expressing thesis giving much to actually for that experience such proved to a because an time get that built us the because be there customer I I capacity way, from go hypothesis we that to By correct don't think data. them they that might capacity sample to so STAC. or want that be demand the the have is to wait long a to the we interest in in order expand have

is the customer. the and may [Technical customer proteomic in IP But in-house Difficulty] toward that targeting traditional spec user we side the what bring STAC for from and And user they or customer different with processed. mass to required So of then terms think STAC toward that get over customer they I CapEx geared learning a type the [Technical our [Technical the profile, a addressed. mass have is data. mass problem. This really spec. just lot they I to Difficulty] peptide invest of generic may was of mostly But data. really, The business left of proteograph eventually in then a context really geared a wants type is in that customer access profile which of understanding consumable, And the a lot is the send they not geared or a eventually biological also capital really data, in business comes become of that business that spec. model is the model. by Difficulty] way, STAC with Difficulty] genomic the mostly our think don't customer [Technical the terms of mass the the spec largely towards a STAC model,

the -- is that So in-house does customer what bring it the what terms of in loner. the CapEx the lets SIP

is guys their instrument it assay. studies Now customers run use buying expectation and But to for that others it. find up our a secure whatever then up is buying of of the eventually funding on significant that and number scale these get will them buy actually these samples, to money to instead to end

very than the one or So problem I solution was market. mind, in up my that think the is the these macro offered largely, picture, different that the a it Tejas, X opening solutions

difficult I it is China seeing macro sales don't resolution over significant cycle visibility I coming The think longer. We're slowdown of a in quarters. just the for to is couple us. have the the making that

I And to think to Tejas. but make I making kind we're this. don't of that the think right strategic do it's I do pivots changes any see need or additional tough, step, strategic a

adoption it proteomic I think possible the going scale to you when was would, content next did customer is it comes to what real kind because Seer decisions to customers. that at going clinically are make than the big biomarker had know, we of the access makes it's have don't turn, come of visibility far, customers publications is from that work have expected in is content, why the the and the that we others. in By if important, really it the then of by And what what is in flywheel those even and milestones And possible. is next I the my beauty I terms way. terms biological should real is And would value with that that or me content, done discovery the insight better wasn't expectation. drive if milestone previously in just the Tejas, making you scientifically what care validating which about speed of that publications the are of, in

That's Omid. of couple super just here. helpful, follow-ups it. a Got And quick

interested important things, for cadence number Or through of just good unlocking in any moment, your first a mentioned SIP. have flavor? are yet? XT? but of at the sort are comments terms mind So side is you that progress, you customers And or a in on then of Out adoption SIP the I started around particularly flavor accessing sort the instruments you? of are the know Give pivotal ahead all loaning the Proteograph X those and still of of bioarchive that publications there in preprints your of how in X is. the the follow-up quick that that of and to us

first just Tejas, one, on the take I'll the SIP. Yes,

have more a say little We maybe under I'd a handful, And handful. program. bit it's instruments that than a placed

run. in may we and said, Omid they'll that to. accounts, And expect But with them so to data a certainly, purchase. they're or these again, not -- hope And again, where came but may that them as the get to Again, place we purchase. they they fully obligated consumable excited we -- not, about don't

And expect have with some in in that so uptake that as fourth we and continue well. and we had quarter good quarter, program, the to the second both third quarter the

it, papers, of at currently than side on I various the say one And Tejas, publication different would about me journals. maybe them take the bioarchive under probably -- of are review which the -- them of half is more actually, half let just

which that proteomic, to Now And solution is a proteins and XXX proteomic here's scale. one like have is of accepted injection But very early the the the ones at to scale, revision, imagine deep to the at other than here were which come I there because part do you journals round kind that meaning mass of interesting to sister of of unbiased Seer's part spec, and submitted say those gone unbiased through at scale. journals are or neat they're shot proteomic in And which than did very papers get what do that that reflects proteomic science deep a be other that important X I close other when became Proteograph it, to of possible the of Seer, it, all to those. that kind it's basically can scale. XXX, easy really a most that of in scale, no means X level the being do just And to is single from out. consider top kind top journal, very very, or the you is that either

going study and scale, now to believe possible of are the deep, to panel possible. that's you predicted that the the so end And going what by still I of were papers coming really way, us probably just be the And that proteomic unbiased I next the great all by year, to was had in when in are we're is journals. I see together first population underway. the get that case. And the falls not in realm

think insight excited really the the of seeing value what is I I'm this content. of So biological just about

shape potential that to medicine has think many changes the in fundamentally and science. I fundamentally would so

from question comes Rachel next Vatnsdal from Our JPMorgan.

This Nazarovets on from Vatnsdal is Rachel Marta JPMorgan. for

you've your are or or Is So macro in you macro on perhaps you bit in can versus remarks, the so there and XQ? touched front? far And during what you any compare but stabilization? seen what XQ a XQ on contrast improvement prepared then deterioration seeing little

me let that take So one.

front, just similar on I to be In look, continues terms the seeing of macro what we're pretty think throughout. it

about the uncertainty we in and kind the customers their recession are think second general and a their our the caused quarter decisions of think is budgets. something macro we third to are into just and purchase around trend going elongate not, of really certainly I or inflation

get that seeing commercial the I think end the on the as of we more continues we here, be where trend thoughtful. just year side into are certainly customers

by approvers, they're approvals need for need will SEER, if need more answered we've another go certainly, such you and more As we've technologies, spec. as And are that mass proven that for also But just technologies will. mass spec new companies seen be to another answered. said, questions

see And so that. to continue we

general the just that's think uncertainty. I

quarter the think have was a government thing may uncertainty I the third only bit just changed and funding. little around the quarter fourth in the that

any again, government some that's And exposure an It the or shut funding don't I impact to we create does the just of And so going I some. on -- not much have think of is availability will down think, we around down. the that, shut do have but again, of funding. that

I been the government of uncertainty. and some but that terms as will, it's if fourth in hopefully, resolved both the move you we of steady, funding think gets quarter So through also circles new year, again, into macroeconomic, the in as the in well. pretty the And

in on you're then prior [ guidance, of expecting to your into ]. come towards the updated 'XX And Okay. the lower now half it

maybe what any unpack assuming for you can XQ? So XQ And of uncertain flush are us budget are of type light you in the updated macro? the assumptions for

Yes.

again, deals really of we're something just X the the here. or of uncertainty, we've lower if I the the be to I the X difference -- it's can the -- you said, just around think think the there. of given half, terms will, talking us, guide about In as size numbers the for Again,

I think as the look just creeping we're about. as to the just -- and so for that see in, quarter balance again, we uncertainty And of out here, just some I talked trying of

deal a if the so the difference or And that's one there. way other, goes

we're And just uncertainty. around and mindful of that trying terms so thoughtful to be that overall in

And so just something really driving of is it mindful. I think what's that's be that, to kind

we're really, seeing. that's what think really I

to would concludes Omid now This like it I Thank our for session. turn you. question-and-answer thoughts. to further back

Really, really Thank Thanks this on call. appreciate participating you. so much, everyone.

This does program. conclude the

good a disconnect. now You Have day. may