Hello everyone and welcome to PubMatic 's First Quarter 2021 Earnings Call. My name is Kara and I will be your operator today. Before I hand the call over to the PubMatic team, I'd like to go over a few housekeeping notes. As a reminder, this webinar is being recorded. [Operator Instructions]. Thank you for your attendance today. And I will now turn the call over to Stacy Cummins with Blueshirt Group.

Thank you, operator and good afternoon, everyone. Thank you for joining us on PubMatic's earnings call for the first quarter ended March 31, 2021. Joining me on the call today are Rajeev Goel, Co-Founder and CEO and Steve Pantelick, CFO. Today's prepared remarks have been recorded after which Rajeev and Steve will host live Q&A. A copy of our press release can be found on our website at investorspubmatic.com. Before we start, I would like to remind participants that during this call management will make forward looking statements including without limitation statements regarding our future performance, growth strategy, and financial outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. These forward looking statements are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. You can find more information about these risks, uncertainties and other factors in our annual report on form 10-K for the year ended December 31, 2020, which is on file with the Securities and Exchange Commission and is available at investorspubmatic.com. Additional information will be set forth in our quarterly report on form 10-Q for the quarter ended March 31, 2021. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. All information discussed today is as of May 13, 2021 and we do not intend and undertake no obligation to update any forward looking statement whether as a result of new information, future developments or otherwise, except as may be required by law. In addition, today's discussion will include references to certain non-GAAP financial measures. These non-GAAP measures are presented for supplemental informational purposes only and should be considered a substitute for financial information presented in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measures is available in our press release. And with that, I will now turn the call over to Rajeev.

Thank you and welcome everyone. We delivered another quarter of strong results with performance on both the top and bottom lines above guidance driven by multiple growth drivers, continued rapid innovation on our platform and a distinct business model that addresses the large and rapidly growing digital advertising market. We had a great quarter as we continue to increase our market share. Revenue in the quarter grew 54% year-over-year, totaling $43.6 million. Net income in the quarter was $4.9 million or 11% profit margin and adjusted EBITDA was $14.5 million or 33% EBITDA margin. Looking ahead, we believe we are well poised to continue gaining market share as a result of two primary factors; the multiple organic growth drivers we have in place across our business, as well as the economic reopening in the U.S. and in other markets around the world. Consequently, we are raising our guidance for the full year. We now expect revenue growth of approximately 33% year-over-year and adjusted EBITDA margin of approximately 28%. Underpinning our outstanding results is our owned and operated cloud infrastructure built specifically for digital advertising. This infrastructure driven approach serves as a flywheel that allows us to grow top line revenue, leverage our largely fixed cost structure to drive profitability and reinvest in innovation for our customers to again drive top line revenue. Let me further explain. Digital advertising is unique in its real time and data intensive nature. This has never been more true with the rapid increase in impressions caused by header bidding and the rapid growth in media consumption driven by the pandemic, particularly in mobile, video and CTV. We believe that an infrastructure driven approach to digital advertising creates outsized value. Being the best at efficiently collecting and analyzing data requires controlling all layers of the infrastructure…

Thank you Rajeev, and welcome everyone. As you see from our reported numbers PubMatic achieved outstanding financial results with first quarter revenue and adjusted EBITDA above guidance, growing significantly compared to the prior year and importantly, growing organically faster than the market. At the same time we continue to invest for future growth. We are expanding our solutions across platforms and formats, adding new customers, increasing the capacity of our infrastructure and expanding our engineering and go to market teams. We believe these investments give us a powerful network effect with more visibility and scale, driving increased revenues from existing customers and operating a highly profitable platform that benefits our customers and us. Revenue in the first quarter was $43.6 million, an increase of 54% over Q1 last year. Net income was $4.9 million, an increase of 444% over the prior year and adjusted EBITDA was $14.5 million, 183% higher than Q1, 2020. These top and bottom line results reflect the strength of our platform and high profit flow through embedded in our business model. Before we jump into the quarterly financials, I'll recap the five key financial drivers that we believe will drive the long term success of our business. First, we have one of the few scale global businesses in our highly fragmented industry that offers an omni-channel solution for publishers and buyers. Our specialized cloud infrastructure and [local cloud] market presence is geographically distributed in all major ad markets apart from China. This framework allows us to continue expanding across the world with existing and new customers both effectively and efficiently. Second, the combination of our usage based model and our ability to retain or grow revenues from existing customers provides a high degree of revenue stickiness and corresponding visibility. Third, we have built a business that…

Thank you, Steve. [Operator Instructions] Your first question comes from Brent Thill at Jefferies. You're on the line.

Good afternoon, guys. Thanks so much. Maybe one for Rajeev, and then follow-up for Steve. Rajeev just on the overall demand environment is obviously really robust, and I think many are asking the durability and the sustainability, what we're seeing and what you're seeing and signs that that you think this is more durable than just a quick flashback?

Sure, yes. Absolutely. I think we see multiple signs in terms of the durability of our model as well as the durability of spend growth and therefore our revenue. So we called out a number of reopening verticals that are growing on our platform like food and drink, style and fashion, automotive. There are other verticals that have not yet accelerated that are tied to the reopening. We expect those to start to accelerate. And then at the same time, all of the verticals that grew very rapidly last year during the pandemic those continue to be strong. And I think that really signifies that consumer behavior has shifted quite a bit from offline activities to online activities. And we do think there's been a significant pull forward or shift in that consumer behavior that will stick. And so that's what we're seeing in the macro environment. And then I think where we have positioned our business is really to benefit from all of these trends. So I think what we've shown is that we have a very diversified omni-channel business. And so whether the consumer is at home watching a connected TV device or on a laptop, or they're out and about on a mobile device, or now maybe going back to the office, we're able to be in front of that consumer on the websites and media that they're consuming as reopening happens as guidance shifts, like we just heard from today from the CDC. And so I think we're going to be in a strong position to be with that consumer where they're consuming media and then bring advertiser spend to the platform as a result.

Great. Real quick for Steve. Just good first half expense control and EBITDA growth, but I think we all completely understand behavior, more expense coming back into the model, given the return. Is there anything else in terms of big investments we should consider on that, will come back that that will impact EBITDA in the second half of the year.

The investments that we do anticipate are already factored into the guidance that I've given. But to reinforce the points that I mean we see tremendous growth opportunities. So we continue to invest in people particularly in technology and go to market folks around the world in specialized areas like CTV. So we are absolutely focused on investing in growth is number one and that is for people and then also as I indicated continued capacity expansion and with respect to sort of the reopening costs, people going back into offices, we'd assumed a normalization in the second half a year. So I currently don't anticipate any surprises.

Thank you.

Thanks, Brent.

Your next question comes from Justin Patterson at KeyBanc. Justin, you're on the line.

Thank you very much. I hope you're all healthy and well. Rajeev, could you talk about discussions you've had with advertisers and publishers? And just how those have crawled around both the iOS changes and the privacy sandbox proposals? Is this something that's influencing the pace of change in the industry and helping with both adoption of identity hub and audience on core? And then for Steve, how should we think about the returns around the CapEx investments and the opportunities to grow impressions ahead? Thanks so much.

Yes. Absolutely. Hey, Justin, thanks for the question. So I would say there is a, broadly speaking, there is a degree of iteration and experimentation across the ecosystem as the whole industry transitions from anonymous tracking, whether it was the third party cookie, or the Apple IDFA towards different set of solutions. And I think what's clear is that there will not be a one size fits all kind of single solution. And so what we are doing with publishers and buyers whether it's advertisers or agencies, as you mentioned, is really to position ourselves to be at the forefront of innovation and be leading the conversation in the industry, and innovating with our customers and with our partners. And so the way that we have approached that, and we've been investing here for two or three years now, in anticipation of this change coming, is to build out a portfolio of solutions. And I think you see the strength of that in the metric that we shared that the majority of revenue on our platform now has alternative identifiers. I think what's particularly exciting about that is these alternative identifiers are in many cases better or more granular than the past identifiers, the anonymous identifiers and they also include consumer consent. So the consumer is aware of what's happening, and they have a choice to make in that process. And so I think what we're going to find is that the open Internet will take share, as we come through this transition. And our goal is to make sure that PubMatic, in particular, continues to grow its market share.

And just with respect to your question around return on investment on our capacity expansion. Now, we've been managing our own and operating infrastructure for close to a decade. And so we've become very proficient at managing through the initial outlay, tying it to the opportunity that we see and then finding ways to optimize it. And as a reminder our gross margin has averaged over a nine year period 70% or higher. And so it's a function of focus. And then, of course ensuring that we are always taking a very close look at the demand side and the supply side, ensuring that we're the capacity in place. And so historically we typically see return on our investment over the course of succeeding three to four quarters, and I don't see that really changing. One change that I indicated in my comments was that we are doing some advanced purchasing to counteract any potential effect from chip shortages. So our growth is not constrained. And that will have a short term impact on gross margin. But I expect that to normalize relatively quickly as our top line gross.

Thank you very much.

Your next question comes from Andrew Boone at JMP. Andrew, you're online.

Thanks for taking the question, guys. So two please. I think you said SPO deals doubled from a year ago, and can you just dive into what you attribute that increase of SPO to an I guess, kind of looking forward, what inning are we in as we think about SPO kind of looking at? And then I'll ask a second one after this.

Sure. Just to repeat the metric. We nearly doubled to almost doubled the share of spent on our platform coming from supply path optimization deals, SPO deals in Q1 of ‘21, compared to Q1 of ‘20. And so the drivers of these are I think across the ecosystem, there is a desire for the ecosystem to be more efficient and more transparent. And I think what we have focused on for several years now is really to position PubMatic to be the SSP of choice for the buy side of the ecosystem. Because if we can do that we can generate more revenue for our publisher customers. And so we've really focused our platform on doing that. It starts with our infrastructure advantage owning and operating our own infrastructure. And Steve highlighted some of the ways that we make that very efficient. But that efficiency allows us to be very transparent with buyers. And buyers, of course, are craving transparency, because there has been a history in this industry of arbitrage or opacity. And so we can go to the buyers and say, hey, look we can show you all of the things that you want to understand about where your media spend is going and how those budgets are being allocated. Second because of that efficiency, we're also able to make our partners more efficient. So the buyers that we work with we're able to make their systems more efficient, because of the efficiency of our platform what inventory, we choose what parameters we decide to send to the buyers. And then lastly, we have a global omni-channel platform, which means we're able to meet the needs of many, many buyers across a variety of ad formats and geographies. And so I think all of those things combined, make us a very compelling choice for agencies and for advertisers to consolidate spend on. So to the second part of your question, I think we're pretty early still in this trend. So I could see over the next several years getting to maybe the majority of spent on our platform, or half of the spend on our platform, being through these supply [indiscernible] optimization agreements.

And then I just wanted to go back to Justin's question on kind of 50% plus of revenue now from alternative IDs. Can you talk about kind of the benefit to CPMs there? Steve, I think the guide kind of implies, kind of mid teens kind of decline in CPMs I think about 60% impression growth. And then secondly, how does that get to 100% kind of before 2022 in the deprecation of cookies, like, is that a realistic goal or how do we think about full coverage?

Well, there is a couple questions there. But let me first of all on some of your model questions on the impact for the whole year. So we anticipate adding significantly more than 60% impressions and so I really don't see any significant degradation to CPMs. It's an evolving picture depending on when capacity comes online. So I'm feeling very positive about the status of CPMs and with respect to the rate at which identity comes into play it really is a function of the overall ecosystem adopting the core principles. And the reality is I think publishers in the open Internet recognize the significant upside. And we have multiple case studies and examples where when you bring an identity to the open Internet, CPMs absolutely go up. Sonet net, I'm not concerned about CPMs. In fact, it's really been quite stable for the first quarter, our CPM sits here relative to last year, and I would expect the normal cycle to unfold. One other point that you didn't ask, but I'll add with respect to inflation, inflation does affect CPMs, because we have a usage based model, we will be able to participate in that scenario.

And Andrew, on the other part of your question. So we've reached that point where the majority of revenue has alternative identifiers and that rate is growing pretty rapidly. I don't see it as our needing to get to 100% we will of course, continue to push that higher towards that. But the reason is that advertisers will go to where the opportunity, the ROI lies. And so if the majority of revenue has these alternative identifiers and we can hopefully lead the industry in this area then I expect advertisers to shift their ad budgets to those impressions that have these identifiers. And that's pretty similar to what we saw with GDPR in Europe a couple of years ago where not all impressions were consented out of the gate. And so those impressions that were very quickly got bidded up and started to accumulate the lion's share of advertising budgets.

All right. Thank you, guys.

Thank you.

Your next question comes from Andrew Marok at Raymond James. Andrew, you're on the line.

Hi, guys, thanks for taking my question. You've talked a bit about some of your investments that you've been planning to make. I guess, can you give us a little sense of kind of the prioritization of some of those investments? And with the reopening strength kind of coming back is there any alteration to your thought on your go to market strategy or any particular pockets that you wanted to lean into on that?

Yes, Steve will take the first part, yes I can take the second.

Sure. Thanks. So in terms of the prioritization absolutely growing the size of our technology team in India, is priority, adding select go to market professionals around the globe, driving our identity solution, driving the CTV business. And then of course the normal support functions around the globe and well, as we added about 40 people in the first quarter and we anticipate to add people throughout the course of the year. So people that are going to help us take advantage of the significant growth options ahead of us is sort of priority number one. Priority number two is to keep on increasing capacity of our infrastructure. In the first quarter, we almost we've nearly doubled, the number of impressions we had, versus last year 18 trillion that we processed. We expect to keep on expanding that through the course this year. We're going to have front end loaded a bit because of the potential exposure around chip shortages. So it's really those two areas that we're going to focus on, focused on growth, because we have a very profitable business model, last year was our ninth straight year of adjustment to profitability. We're confident that we're going to be able to grow profitably.

Andrew the second part of your question, I think one of the big shifts will really be around people making or employees, or team members making a mental adjustment to being back in the office and in entertainment with clients engaging with clients in person. So I think we've all gotten very used to the Zoom approach to conducting meetings. And I think that will be a mental shift that will take some time. Now in terms of the buy side and the sell side. On the sell side, I don't see a shift in terms of the publishers that we're going after either who they are or the channels that they're in mobile, CTV, etc. On the buy side, I think there will be an expansion of verticals which is already underway to go after some of the reopening verticals that have been dormant for maybe the last 12 to 14 months. Travel would be a good example of that, or food and drink, where we will be more active in terms of engaging with advertisers around supply path optimization. I think the key benefit here is that structurally we have a global platform. We're an omni channel platform. And so there are no significant structural changes that we need to make because I think we'll continue to be very present with where wherever the consumers are and then wherever the advertisers want to put ads in front of those consumers.

Great, thank you.

Your next question comes from Jason Helfstein at Oppenheimer.

Thanks, guys. I have two questions. So one, how are you thinking about servicing CTV publishers as they try to move more spending into a digital upfront and kind of the idea of private marketplace you just because that is still where the bulk of the money is and so how do you try to capture that? And then secondly how many preferred SSP deals would be practical for a large global agency? So you highlighted GroupM, should they have one deal like that? Should they have three? Just how do you think about that? Thank you.

Yes. Absolutely. So with respect to let me start on your CTV question in the upfront. So we're seeing strong growth in our CTV business in both private marketplace deals as well as open market spending which we're very excited about. Now, I would say that we view ourselves really as pioneering the future of CTV building the foundation for where the market is headed not necessarily where it is today. And I think we would all probably agree that the industry is still very early in the transition of TV from linear to digital. Like the majority of TV spend is still linear, although it's transitioning rapidly. And today, the lion's share of digital ad spending is on insertion orders or fixed price PMP deals. And this is what's driving transactions in the upfront. And I would expect to see more data driven decisions being made in the future whether it's audience targeting, or its CPM and pricing decisions. And so we are starting to see the transition to a bid environment emerge. And we're firmly pushing the industry in this direction with our own technology and our own approach. And even Roku commented on this in their earnings call last week, where they mentioned that they see the market evolving to include a spectrum of advertiser prices managed in an auction environment and I think that's something that we've really been saying from the beginning. So I think this approach may be a little bit slower to evolve, but we see it as ultimately being a bigger opportunity. In the long run you can start to see that in our results with the spend growing sequentially 55% from Q4 of [‘20], to Q1 of 21. Now on the other part of your question around how many preferred SSPs an agency might have. So I think where we are with supply path optimization is that agencies are moving from having several dozen SSPs that they may be spending across not by design, but just kind of by happenstance or by accident. So that could be anywhere from two or three dozen to I've seen situations where agencies are spending on 50-60 platforms globally to typically a single digit number and that number can be anywhere from three to seven SSPs somewhere in that kind of ballpark. I think it doesn't make sense does not make sense for an agency to consolidate down to one single SSP that would probably create a level of supply chain risks that they don't want to take on. And I think there are some variations, enough variations between some of the major SSPs that that's unlikely, but I think to really get the benefits around efficiency, innovation, and transparency it does mean moving down to a couple of SSPs and that's how we see most of these agencies evolving.

Thank you.

Your next question comes from Shweta at Evercore. Shweta you're on the line.

Great. Thank you. Let me [indiscernible] please. A follow up on the GroupM partnership. So what does it mean for your business where you say GroupM, you are a partner for them. So what does that mean? How meaningful is this partnership for you? And then second, is could you remind us what SPO contracts usually include? I know, there are some volume discounts. But what else do contracts typically include? And then actually third, if I may please, how big is travel for you? So you hopefully see a recovery, you're not the only one I know, Trade Desk also commented on it? How impactful it be? How impactful is the recovery going to be for you? Thanks.

Sure, maybe I can take the first two and then Steve can comment on the travel vertical. So in terms of what does it mean for GroupM, what it means is that we've entered into a partnership with them, where we are innovating for them so building certain technology capabilities that they need to better plan, better execute, streamline delivery of advertising and we are giving them levels of transparency, data and reporting insights and efficiency that they could not gain through their normal work with many different SSPs. And then what that means for us is that we see significant growth in volume of spend on our platform, which, in practical terms means we're growing the share of spend that we have from GroupM and as we do that, then publishers want to work even more with us because they know that we're a source of the budgets this significant budgets, of course, that GroupM has. Now it's important to note that we've entered into this agreement with them. It does take time to execute and ramp up the rollout of this type of agreement. We have to engage with GroupM and their team members in a variety of different markets around the world. So in different countries in Europe, in the U.S. and Asia and so that takes time and that's team member to team member between our local team members and GroupMs. So these agreements can take several quarters to sign and then I would say similar timeframe to start to ramp up. Now typically speaking what do these contracts include to your second question. They can include volume based commercial agreements. So things like volume based pricing arrangements. They can include transparency clauses in terms of data that we'll make available. And they can also include custom technology features that we commit to build for a particular buyer. So those would be the main categories of things that a typical deal can include and some deals will include some or all of those components and other deals will include others.

With respect to your questions [straight] on the travel vertical, the way that we look at it is that it's actually a net positive for the company because it's been relatively nascent, over the last nine months to 12 months as it has been for most overall as a proportion of the total ad spending. It's in the single digits. But having said that one thing that I want to emphasize regarding our ad verticals is that we have quite a degree of diversity of spending across all verticals. So we really do get to participate in many facets of the reopening. And of course continued growth in the leading sectors like shopping and technology, etc. And overall the top six or seven advertisers we have represent about 60 plus percent. So very nice, diverse portfolio that we have. And I expect travel to become a bigger part of the business over time.

Thanks Rajeev. Thanks Steve.

Thank you, Shweta.

And your next question comes from Vasily at Cannonball Research. You are on the line.

Good afternoon, congratulations on good results. The question I had, can you hear me?

Yes. We can.

Okay. Sorry. The question I had was about connected TV. We see some players being demand constraints, some inventory constraints, supply constraints. So I was wondering, as you're growing your connected TV business, where are you on that spectrum? And how are you going to grow out of this imbalances I guess? What the plan is?

Yes. I can take that. So our CTV business, just like any of the other ad formats that we transact in digital video, mobile web display, mobile app display and video, etc. They're all really marketplace businesses built around an auction platform. So we have a sell side, and we have a buy side. And so key to our scaling of any of these formats is to build both in parallel. And so we're now monetizing CTV inventory from overheating publishers as of the end of Q1 and we continue to grow the advertiser base we shared the case study in the prepared remarks earlier as a demonstration of the power of the auction model and the auction approach. So I think unlike others, given we have an auction based platform, we don't see the types of kind of temporary constraints that others might see. What would happen in our platform is that buyers would simply bid up the inventory if there was a short term supply constraint and because of our usage based model, we would benefit from that, just as the publisher would benefit in terms of greater revenue. And we've seen that in practice I recall, many years ago, when Michael Jackson passed, for instance, it was a record day for maybe two years on the PubMatic platform in terms of volume, but there was so much media consumption around that event. And what it demonstrated is that an auction environment is really the right approach to maximizing the benefit for both the buyer and the seller. And that's why, as I said earlier that's where we're focused, because we think that's where the bigger opportunity lies long term.

And the quick follow up if I may. So in terms of the CTV inventories, are you more skewed towards linear inventory from the MVPDs or AVODs? Where are you?

We are focused on the VM MVPDs as well as I would say high quality audiences or high quality channel. For instance we cited AV space in our S1 document from late last year. So I think we're going after really the tier one and the tier two segments of channels broadcasters and apps in the CTV and OTT space.

Thank you very much. Thank you.

And your last question comes from Matt Swanson at RBC. Matt, you are on the line.

Hey Matt, you might be on mute.

You can also press Star 9 to unmute.

Okay. We got you now Matt.

Yes. I've learned nothing over the last year and a half in the pandemic. Thank you for taking my questions. I apologize for that. Speaking of pandemic, Steve, could you talk a little bit about the recovery and more on like a geo by geo and vertical by vertical basis what we've learned through these kind of early stages of recovery that could be applied to some geos and verticals that haven't recovered as quickly?

Sure. What we saw in the first quarter was a lot of the beaten down verticals like travel, style and fashion, home and gardening, all of those starting to come back pretty nicely. And I had mentioned in my comments that nearly all the ad verticals that we participate in nearly 20 often were on a year-over-year basis group 50% or more. So it really is a situation where it's not just the stalwarts, like shopping and technology that continue to perform well, but many of these others that are starting to [indiscernible] and improve. And we saw that steadily through the first quarter. And I fully expect that to continue as we go forward. Now, from a geographic perspective, the terrific news from our side is that we are seeing growth in every major region even in APAC and strong results in EMEA, etc. And I think the way to frame out what we are experiencing is that as an omni-channel company with what I call a very robust existing customer base as a reminder our net dollar base retention was 130%, for the trailing 12 months. So we have the, [indiscernible] of our existing customers, we have the applicability of mobile and video formats, in a pandemic emerging world. And we have the benefit of SPL deals coming on board. So we really are firing on all cylinders as a company. And we don't anticipate that necessarily slowing down.

Thank you. If I could add just one more quick one for Rajeev and it's based around the CTV opportunity and kind of thinking about the fact that all of your competitors also see these [PAM] growth rates. So how do you leverage one, the advantage of being independent versus some of the competitors in that space? And then to Steve's point about investing in the space how do you build competitive moats and differentiation early on to kind of make sure you maintain that position that we've talked about?

Sure, yes. I think by virtue of being independent, it means that we're un-conflicted in terms of serving the needs of our customers. And I referenced earlier one of the challenges in the industry has been capacity arbitrage things like that. I hear agencies all the time that one of the reasons they engage in things like supply chain optimization with us, is that we don't own media. We have no incentive to put spend from an advertiser on one impression versus another, we treat them all equally, and we're willing to be very transparent about that. So I think independence helps to a very significant degree when you're thinking about branding budgets, in particular that are flowing through CTV and so the metrics on how to measure the return are not, they're not the same, they're not as clear as they might be in performance based advertising. And so buyers want to know that the technology partners that they're working with are unconflicted, and really are looking out for their interests. And so I think that's really where the independence piece comes into to our benefit. And then in terms of the competitive moat, I think where our moat lies today and we'll continue to like is really in our infrastructure driven approach where we're able to innovate extremely rapidly because we own all layers of the infrastructure stack. So we're shipping code across our global platform on a daily basis. We're making our platform more efficient, more transparent and driving superior value outcomes because we own all of that infrastructure. And so that is really what drives a competitive moat over the course of days, weeks, months and quarters, as we continue to innovate and build strong reputation in the industry. And I think the metric that Steve just shared, obviously the 130% net dollar base retention is I think a great metric around how we're performing in that regard.

Thank you.

And this concludes the Q&A portion of our call today. I'll now turn the call back over to Rajeev for closing remarks.

Thank you. Well, I want to thank you all for joining today. We're very excited about our market share expansion and the number and magnitude of growth opportunities ahead of us. Steve and I look forward to connecting with many of you in the coming days. Thank you all.